Velan Capital Investment Management LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Velan Capital Investment Management LP reported 45 stock positions worth $115.9 million. Its top holding was Jasper Therapeutics (JSPR) at 26.5% of the portfolio, followed by Praxis Precision Medicines I (PRAX, 19.9%) and Heron Therapeutics (HRTX, 9.2%). Compared with Q3 2024, it opened 32 new positions, sold out of 4, added to 4 and reduced 2. The biggest buy was Protara Therapeutic (TARA, shares +175%) and the biggest sale Context Therapeutics (CNTX, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- ALPHARETTA, GA
- CIK
- 0001848809
- Portfolio Value
- $115.9M (Q4 2024)
- SEC Filing
- 0001848809-25-000001 ↗ filed Feb 14, 2025
Holdings Value
Holdings 45 stocks · $115.9M
| JSPR Jasper Therapeutics Inc. | 26.45% | 1,433,828 | $30.7M | No change |
| PRAX Praxis Precision Medicines I | 19.92% | 300,000 | $23.1M | Reduce -14.4% |
| HRTX Heron Therapeutics Inc. | 9.22% | 6,986,744 | $10.7M | No change |
| TRML Tourmaline Bio Inc. | 7.42% | 423,795 | $8.6M | Add +28.0% |
| TARA Protara Therapeutic Inc. | 7.19% | 1,579,000 | $8.3M | Add +175.1% |
| SWTX Springworks Therapeutics Inc. | 5.78% | 185,520 | $6.7M | New |
| RZLT Rezolute Inc. | 3.38% | 800,000 | $3.9M | No change |
| LQDA Liquidia Corp. | 3.04% | 300,000 | $3.5M | No change |
| ZVRA Zevra Therapeutics Inc. | 2.16% | 300,000 | $2.5M | Add +50.0% |
| NSPR Inspiremd Inc. | 2.05% | 904,029 | $2.4M | No change |
| VRNA Verona Pharma Ltd. | 2.00% | 50,000 | $2.3M | New |
| REPL Replimune Group Inc. | 1.90% | 181,367 | $2.2M | New |
| NRIX Nurix Therapeutics Inc. | 1.59% | 97,889 | $1.8M | New |
| CATX Perspective Therapeutics Inc. | 1.38% | 500,000 | $1.6M | New |
| ELDN Eledon Pharmaceuticals Inc. | 1.15% | 323,973 | $1.3M | New |
| KURA Kura Oncology Inc. | 1.13% | 150,000 | $1.3M | New |
| COLL Collegium Pharmaceutical Inc. | 0.71% | 28,685 | $822K | New |
| AVTX Avalo Therapeutics Inc. | 0.71% | 109,972 | $817K | New |
| CRBP Corbus Pharmaceuticals Holdi | 0.58% | 56,700 | $669K | Add +13.4% |
| TENX Tenax Therapeutics Inc. | 0.45% | 83,333 | $516K | No change |
| KPRX Kiora Pharmaceuticals Inc. | 0.35% | 122,223 | $403K | No change |
| GERN Geron Corp. | 0.15% | 49,000 | $173K | New |
| WVE Wave Life Sciences Ltd. | 0.14% | 13,000 | $161K | New |
| RGLS Regulus Therapeutics Inc. | 0.10% | 70,000 | $111K | New |
| PRQR Proqr Therapeutics NV | 0.09% | 40,500 | $107K | New |
| ALEC Alector Inc. | 0.09% | 55,000 | $104K | New |
| CNTX Context Therapeutics Inc. | 0.08% | 90,000 | $95K | Reduce -93.0% |
| TERN Terns Pharmaceuticals Inc. | 0.08% | 17,000 | $94K | New |
| VTYX Ventyx Biosciences Inc. | 0.07% | 35,000 | $77K | New |
| ENTA Enanta Pharmaceuticals Inc. | 0.06% | 13,000 | $75K | New |
| LRMR Larimar Therapeutics Inc. | 0.06% | 18,000 | $70K | New |
| GOSS Gossamer Bio Inc. | 0.06% | 75,000 | $68K | New |
| ACRS Aclaris Therapeutics Inc. | 0.06% | 27,000 | $67K | New |
| OVID Ovid Therapeutics Inc. | 0.06% | 70,000 | $65K | New |
| FDMT 4D Molecular Therapeutics Inc. | 0.05% | 10,000 | $56K | New |
| STRO Sutro Biopharma Inc. Com SHS | 0.05% | 30,000 | $55K | New |
| PMVP PMV Pharmaceuticals Inc. | 0.05% | 35,000 | $53K | New |
| FIBROGEN INC | 0.04% | 80,000 | $42K | New |
| CTMX Cytomx Therapeutics Inc. | 0.03% | 35,000 | $36K | New |
| KRON Kronos Bio Inc. | 0.03% | 35,000 | $33K | New |
| KPTI Karyopharm Therapeutics Inc. | 0.02% | 40,000 | $27K | New |
| BOLT Bolt Biotherapeutics Inc. | 0.02% | 50,000 | $27K | New |
| ELEV Elevation Oncology Inc. | 0.02% | 45,000 | $25K | New |
| COCP Cocrystal Pharma Inc. | 0.02% | 10,000 | $20K | New |
| NXTC Nextcure Inc. | 0.02% | 25,000 | $19K | New |
Portfolio Sells Q3 2024 → Q4 2024
Portfolio Buys Q3 2024 → Q4 2024
| TARA Protara Therapeutic Inc. | Add +175.1% | 7.19% | +6.05 |
| SWTX Springworks Therapeutics Inc. | New | 5.78% | +5.78 |
| VRNA Verona Pharma Ltd. | New | 2.00% | +2.00 |
| REPL Replimune Group Inc. | New | 1.90% | +1.90 |
| NRIX Nurix Therapeutics Inc. | New | 1.59% | +1.59 |
| CATX Perspective Therapeutics Inc. | New | 1.38% | +1.38 |
| ELDN Eledon Pharmaceuticals Inc. | New | 1.15% | +1.15 |
| KURA Kura Oncology Inc. | New | 1.13% | +1.13 |
| COLL Collegium Pharmaceutical Inc. | New | 0.71% | +0.71 |
| AVTX Avalo Therapeutics Inc. | New | 0.71% | +0.71 |
| ZVRA Zevra Therapeutics Inc. | Add +50.0% | 2.16% | +0.65 |
| GERN Geron Corp. | New | 0.15% | +0.15 |
| WVE Wave Life Sciences Ltd. | New | 0.14% | +0.14 |
| RGLS Regulus Therapeutics Inc. | New | 0.10% | +0.10 |
| PRQR Proqr Therapeutics NV | New | 0.09% | +0.09 |
| ALEC Alector Inc. | New | 0.09% | +0.09 |
| TERN Terns Pharmaceuticals Inc. | New | 0.08% | +0.08 |
| VTYX Ventyx Biosciences Inc. | New | 0.07% | +0.07 |
| ENTA Enanta Pharmaceuticals Inc. | New | 0.06% | +0.06 |
| LRMR Larimar Therapeutics Inc. | New | 0.06% | +0.06 |
| GOSS Gossamer Bio Inc. | New | 0.06% | +0.06 |
| ACRS Aclaris Therapeutics Inc. | New | 0.06% | +0.06 |
| OVID Ovid Therapeutics Inc. | New | 0.06% | +0.06 |
| FDMT 4D Molecular Therapeutics Inc. | New | 0.05% | +0.05 |
| STRO Sutro Biopharma Inc. Com SHS | New | 0.05% | +0.05 |
| PMVP PMV Pharmaceuticals Inc. | New | 0.05% | +0.05 |
| FIBROGEN INC | New | 0.04% | +0.04 |
| CTMX Cytomx Therapeutics Inc. | New | 0.03% | +0.03 |
| KRON Kronos Bio Inc. | New | 0.03% | +0.03 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.02% | +0.02 |
| BOLT Bolt Biotherapeutics Inc. | New | 0.02% | +0.02 |
| ELEV Elevation Oncology Inc. | New | 0.02% | +0.02 |
| COCP Cocrystal Pharma Inc. | New | 0.02% | +0.02 |
| NXTC Nextcure Inc. | New | 0.02% | +0.02 |
| CRBP Corbus Pharmaceuticals Holdi | Add +13.4% | 0.58% | −0.54 |
| TRML Tourmaline Bio Inc. | Add +28.0% | 7.42% | −1.83 |
Options Activity Q3 2024 → Q4 2024
| XBI SS SPDR S&P Biotech ETF | call | Sold out | 150,000 | $14.8Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 50 | $163.2M | PRAX, MPLT, STRO, IMMX, TARA |
| Q1 2026 | 49 | $159.6M | PRAX, TARA, STRO, EVMN, MPLT |
| Q4 2025 | 45 | $171.9M | PRAX, CDTX, TARA, HRTX, MPLT |
| Q3 2025 | 49 | $106.5M | HRTX, CDTX, TARA, RZLT, PRAX |
| Q2 2025 | 49 | $99.9M | HRTX, VRNA, JSPR, TARA, ZVRA |
| Q1 2025 | 47 | $97.2M | HRTX, SLRN, SWTX, TARA, PRAX |
| Q4 2024 | 45 | $115.9M | JSPR, PRAX, HRTX, TRML, TARA |
| Q3 2024 | 17 | $92.1M | JSPR, PRAX, HRTX, TRML, RZLT |
| Q2 2024 | 17 | $174.6M | ALIM, JSPR, HRTX, PRAX, TRML |
| Q1 2024 | 19 | $184.9M | ALIM, JSPR, PRAX, HRTX, ADMA |