Velan Capital Investment Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Velan Capital Investment Management LP reported 47 stock positions worth $97.2 million. Its top holding was Heron Therapeutics (HRTX) at 15.8% of the portfolio, followed by Acelyrin (SLRN, 8.6%) and Springworks Therapeutics (SWTX, 8.4%). Compared with Q4 2024, it opened 10 new positions, sold out of 8, added to 17 and reduced 2. The biggest buy was a new position in Acelyrin (SLRN) and the biggest sale Praxis Precision Medicines I (PRAX, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- ALPHARETTA, GA
- CIK
- 0001848809
- Portfolio Value
- $97.2M (Q1 2025)
- SEC Filing
- 0000938552-25-000003 ↗ filed May 15, 2025
Holdings Value
Holdings 47 stocks · $97.2M
| HRTX Heron Therapeutics Inc. | 15.81% | 6,986,744 | $15.4M | No change |
| SLRN Acelyrin Inc. | 8.56% | 3,366,945 | $8.3M | New |
| SWTX Springworks Therapeutics Inc. | 8.42% | 185,520 | $8.2M | No change |
| TARA Protara Therapeutic Inc. | 7.31% | 1,667,800 | $7.1M | Add +5.6% |
| PRAX Praxis Precision Medicines I | 7.21% | 185,000 | $7.0M | Reduce -38.3% |
| TRML Tourmaline Bio Inc. | 7.13% | 455,412 | $6.9M | Add +7.5% |
| JSPR Jasper Therapeutics Inc. | 6.34% | 1,433,828 | $6.2M | No change |
| VRNA Verona Pharma Ltd. | 6.20% | 95,000 | $6.0M | Add +90.0% |
| ZVRA Zevra Therapeutics Inc. | 5.12% | 665,000 | $5.0M | Add +121.7% |
| LQDA Liquidia Corp. | 4.55% | 300,000 | $4.4M | No change |
| NSPR Inspiremd Inc. | 2.50% | 904,029 | $2.4M | No change |
| SCPH Scpharmaceuticals Inc. | 2.48% | 917,668 | $2.4M | New |
| MLYS Mineralys Therapeutics Inc. | 2.46% | 150,600 | $2.4M | New |
| REPL Replimune Group Inc. | 1.83% | 182,083 | $1.8M | Add +0.4% |
| EDSA Edesa Biotech Inc. | 1.73% | 687,500 | $1.7M | New |
| TIL Instil Bio Inc. | 1.23% | 69,000 | $1.2M | New |
| RZLT Rezolute Inc. | 1.19% | 400,000 | $1.2M | Reduce -50.0% |
| ELDN Eledon Pharmaceuticals Inc. | 1.13% | 323,973 | $1.1M | No change |
| CATX Perspective Therapeutics Inc. | 1.10% | 500,000 | $1.1M | No change |
| GERN Geron Corp. | 1.07% | 655,000 | $1.0M | Add +1236.7% |
| IMNM Immunome Inc. | 1.06% | 153,500 | $1.0M | New |
| TELA Tela Bio Inc. | 0.94% | 747,410 | $912K | New |
| AVTX Avalo Therapeutics Inc. | 0.92% | 111,972 | $897K | Add +1.8% |
| STRO Sutro Biopharma Inc. Com SHS | 0.69% | 1,030,000 | $670K | Add +3333.3% |
| UPB Upstream Bio Inc. | 0.67% | 107,000 | $655K | New |
| TENX Tenax Therapeutics Inc. | 0.56% | 83,333 | $546K | No change |
| KPRX Kiora Pharmaceuticals Inc. | 0.38% | 122,223 | $368K | No change |
| CRBP Corbus Pharmaceuticals Holdi | 0.32% | 59,000 | $313K | Add +4.1% |
| RGLS Regulus Therapeutics Inc. | 0.14% | 80,000 | $140K | Add +14.3% |
| WVE Wave Life Sciences Ltd. | 0.11% | 13,000 | $105K | No change |
| GOSS Gossamer Bio Inc. | 0.08% | 75,000 | $83K | No change |
| ERAS Erasca Inc. | 0.07% | 50,000 | $69K | New |
| ALEC Alector Inc. | 0.07% | 55,000 | $68K | No change |
| LRMR Larimar Therapeutics Inc. | 0.06% | 28,000 | $60K | Add +55.6% |
| PRQR Proqr Therapeutics NV | 0.06% | 45,000 | $60K | Add +11.1% |
| CNTX Context Therapeutics Inc. | 0.06% | 90,000 | $55K | No change |
| DSGN Design Therapeutics Inc. | 0.06% | 14,000 | $54K | New |
| ACRS Aclaris Therapeutics Inc. | 0.06% | 35,000 | $54K | Add +29.6% |
| CTMX Cytomx Therapeutics Inc. | 0.05% | 75,000 | $48K | Add +114.3% |
| TERN Terns Pharmaceuticals Inc. | 0.05% | 17,000 | $47K | No change |
| VTYX Ventyx Biosciences Inc. | 0.05% | 40,000 | $46K | Add +14.3% |
| FDMT 4D Molecular Therapeutics Inc. | 0.04% | 12,000 | $39K | Add +20.0% |
| PMVP PMV Pharmaceuticals Inc. | 0.04% | 35,000 | $38K | No change |
| OVID Ovid Therapeutics Inc. | 0.03% | 97,000 | $30K | Add +38.6% |
| KRON Kronos Bio Inc. | 0.03% | 35,000 | $29K | No change |
| NXTC Nextcure Inc. | 0.01% | 25,000 | $12K | No change |
| ELEV Elevation Oncology Inc. | 0.01% | 45,000 | $12K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| PRAX Praxis Precision Medicines I | Reduce -38.3% | 7.21% | −12.72 |
| RZLT Rezolute Inc. | Reduce -50.0% | 1.19% | −2.19 |
| NRIX Nurix Therapeutics Inc. | Sold out | 0.00% | −1.59 |
| KURA Kura Oncology Inc. | Sold out | 0.00% | −1.13 |
| COLL Collegium Pharmaceutical Inc. | Sold out | 0.00% | −0.71 |
| ENTA Enanta Pharmaceuticals Inc. | Sold out | 0.00% | −0.06 |
| FIBROGEN INC | Sold out | 0.00% | −0.04 |
| KPTI Karyopharm Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| BOLT Bolt Biotherapeutics Inc. | Sold out | 0.00% | −0.02 |
| COCP Cocrystal Pharma Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| SLRN Acelyrin Inc. | New | 8.56% | +8.56 |
| VRNA Verona Pharma Ltd. | Add +90.0% | 6.20% | +4.20 |
| ZVRA Zevra Therapeutics Inc. | Add +121.7% | 5.12% | +2.96 |
| SCPH Scpharmaceuticals Inc. | New | 2.48% | +2.48 |
| MLYS Mineralys Therapeutics Inc. | New | 2.46% | +2.46 |
| EDSA Edesa Biotech Inc. | New | 1.73% | +1.73 |
| TIL Instil Bio Inc. | New | 1.23% | +1.23 |
| IMNM Immunome Inc. | New | 1.06% | +1.06 |
| TELA Tela Bio Inc. | New | 0.94% | +0.94 |
| GERN Geron Corp. | Add +1236.7% | 1.07% | +0.92 |
| UPB Upstream Bio Inc. | New | 0.67% | +0.67 |
| STRO Sutro Biopharma Inc. Com SHS | Add +3333.3% | 0.69% | +0.64 |
| AVTX Avalo Therapeutics Inc. | Add +1.8% | 0.92% | +0.22 |
| TARA Protara Therapeutic Inc. | Add +5.6% | 7.31% | +0.11 |
| ERAS Erasca Inc. | New | 0.07% | +0.07 |
| DSGN Design Therapeutics Inc. | New | 0.06% | +0.06 |
| RGLS Regulus Therapeutics Inc. | Add +14.3% | 0.14% | +0.05 |
| CTMX Cytomx Therapeutics Inc. | Add +114.3% | 0.05% | +0.02 |
| LRMR Larimar Therapeutics Inc. | Add +55.6% | 0.06% | +0.00 |
| ACRS Aclaris Therapeutics Inc. | Add +29.6% | 0.06% | −0.00 |
| FDMT 4D Molecular Therapeutics Inc. | Add +20.0% | 0.04% | −0.01 |
| VTYX Ventyx Biosciences Inc. | Add +14.3% | 0.05% | −0.02 |
| OVID Ovid Therapeutics Inc. | Add +38.6% | 0.03% | −0.03 |
| PRQR Proqr Therapeutics NV | Add +11.1% | 0.06% | −0.03 |
| REPL Replimune Group Inc. | Add +0.4% | 1.83% | −0.07 |
| CRBP Corbus Pharmaceuticals Holdi | Add +4.1% | 0.32% | −0.26 |
| TRML Tourmaline Bio Inc. | Add +7.5% | 7.13% | −0.29 |
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 |