Velan Capital Investment Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Velan Capital Investment Management LP reported 49 stock positions worth $99.9 million. Its top holding was Heron Therapeutics (HRTX) at 14.5% of the portfolio, followed by Verona Pharma (VRNA, 9.0%) and Jasper Therapeutics (JSPR, 8.0%). Compared with Q1 2025, it opened 9 new positions, sold out of 7, added to 16 and reduced 5. The biggest buy was a new position in Cidara Therapeutics (CDTX) and the biggest sale an exit from Acelyrin (SLRN).
- Most Recent 13F
- Q2 2026
- Location
- ALPHARETTA, GA
- CIK
- 0001848809
- Portfolio Value
- $99.9M (Q2 2025)
- SEC Filing
- 0001848809-25-000005 ↗ filed Aug 14, 2025
Holdings Value
Holdings 49 stocks · $99.9M
| HRTX Heron Therapeutics Inc. | 14.47% | 6,986,744 | $14.5M | No change |
| VRNA Verona Pharma Ltd. | 8.99% | 95,000 | $9.0M | No change |
| JSPR Jasper Therapeutics Inc. | 7.96% | 1,433,828 | $8.0M | No change |
| TARA Protara Therapeutic Inc. | 6.48% | 2,139,000 | $6.5M | Add +28.3% |
| ZVRA Zevra Therapeutics Inc. | 6.30% | 715,000 | $6.3M | Add +7.5% |
| TRML Tourmaline Bio Inc. | 6.30% | 393,889 | $6.3M | Reduce -13.5% |
| PRAX Praxis Precision Medicines I | 6.28% | 149,334 | $6.3M | Reduce -19.3% |
| CDTX Cidara Therapeutics Inc. | 4.87% | 100,000 | $4.9M | New |
| ALMS Alumis Inc. | 4.87% | 1,620,846 | $4.9M | New |
| ARVN Arvinas Inc. | 3.68% | 500,000 | $3.7M | New |
| SCPH Scpharmaceuticals Inc. | 3.50% | 917,668 | $3.5M | No change |
| RZLT Rezolute Inc. | 3.35% | 750,000 | $3.3M | Add +87.5% |
| LQDA Liquidia Corp. | 2.98% | 239,260 | $3.0M | Reduce -20.3% |
| MLYS Mineralys Therapeutics Inc. | 2.36% | 174,600 | $2.4M | Add +15.9% |
| STRO Sutro Biopharma Inc. Com SHS | 2.19% | 3,060,000 | $2.2M | Add +197.1% |
| NSPR Inspiremd Inc. | 2.05% | 904,029 | $2.1M | No change |
| CATX Perspective Therapeutics Inc. | 1.72% | 500,000 | $1.7M | No change |
| REPL Replimune Group Inc. | 1.70% | 183,083 | $1.7M | Add +0.6% |
| TELA Tela Bio Inc. | 1.45% | 747,410 | $1.4M | No change |
| EDSA Edesa Biotech Inc. | 1.40% | 687,500 | $1.4M | No change |
| VRDN Viridian Therapeutics Inc. | 1.21% | 86,500 | $1.2M | New |
| UPB Upstream Bio Inc. | 1.18% | 107,000 | $1.2M | No change |
| ELDN Eledon Pharmaceuticals Inc. | 0.92% | 338,973 | $919K | Add +4.6% |
| AVTX Avalo Therapeutics Inc. | 0.77% | 154,972 | $773K | Add +38.4% |
| TENX Tenax Therapeutics Inc. | 0.48% | 83,333 | $480K | No change |
| CRBP Corbus Pharmaceuticals Holdi | 0.41% | 59,000 | $407K | No change |
| KPRX Kiora Pharmaceuticals Inc. | 0.35% | 122,223 | $352K | No change |
| PTGX Protagonist Therapeutics Inc. | 0.20% | 3,700 | $204K | New |
| CTMX Cytomx Therapeutics Inc. | 0.17% | 75,000 | $170K | No change |
| NRIX Nurix Therapeutics Inc. | 0.11% | 10,000 | $114K | New |
| GERN Geron Corp. | 0.10% | 70,000 | $99K | Reduce -89.3% |
| WVE Wave Life Sciences Ltd. | 0.10% | 15,000 | $98K | Add +15.4% |
| LRMR Larimar Therapeutics Inc. | 0.10% | 33,000 | $95K | Add +17.9% |
| GOSS Gossamer Bio Inc. | 0.09% | 75,000 | $92K | No change |
| PRQR Proqr Therapeutics NV | 0.09% | 45,000 | $92K | No change |
| VTYX Ventyx Biosciences Inc. | 0.09% | 40,000 | $86K | No change |
| ERAS Erasca Inc. | 0.08% | 65,000 | $83K | Add +30.0% |
| ALEC Alector Inc. | 0.08% | 55,000 | $77K | No change |
| TERN Terns Pharmaceuticals Inc. | 0.07% | 20,000 | $75K | Add +17.6% |
| DSGN Design Therapeutics Inc. | 0.07% | 20,000 | $67K | Add +42.9% |
| CNTX Context Therapeutics Inc. | 0.07% | 100,000 | $66K | Add +11.1% |
| OVID Ovid Therapeutics Inc. | 0.05% | 160,000 | $53K | Add +65.0% |
| IMMX Immix Biopharma Inc. | 0.05% | 25,000 | $52K | New |
| VYNE THERAPEUTICS INC | 0.05% | 30,000 | $50K | New |
| ACRS Aclaris Therapeutics Inc. | 0.05% | 32,700 | $46K | Reduce -6.6% |
| FDMT 4D Molecular Therapeutics Inc. | 0.04% | 12,000 | $45K | No change |
| PYXS Pyxis Oncology Inc. | 0.04% | 40,000 | $44K | New |
| PMVP PMV Pharmaceuticals Inc. | 0.04% | 35,000 | $37K | No change |
| NXTC Nextcure Inc. | 0.02% | 45,000 | $21K | Add +80.0% |
Options reported separately and not counted above: NEKTAR THERAPEUTICS calls ($1.3M).
Portfolio Sells Q1 2025 → Q2 2025
| SLRN Acelyrin Inc. | Sold out | 0.00% | −8.56 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −8.42 |
| LQDA Liquidia Corp. | Reduce -20.3% | 2.98% | −1.57 |
| TIL Instil Bio Inc. | Sold out | 0.00% | −1.23 |
| IMNM Immunome Inc. | Sold out | 0.00% | −1.06 |
| GERN Geron Corp. | Reduce -89.3% | 0.10% | −0.97 |
| PRAX Praxis Precision Medicines I | Reduce -19.3% | 6.28% | −0.92 |
| TRML Tourmaline Bio Inc. | Reduce -13.5% | 6.30% | −0.82 |
| RGLS Regulus Therapeutics Inc. | Sold out | 0.00% | −0.14 |
| KRON Kronos Bio Inc. | Sold out | 0.00% | −0.03 |
| ELEV Elevation Oncology Inc. | Sold out | 0.00% | −0.01 |
| ACRS Aclaris Therapeutics Inc. | Reduce -6.6% | 0.05% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| CDTX Cidara Therapeutics Inc. | New | 4.87% | +4.87 |
| ALMS Alumis Inc. | New | 4.87% | +4.87 |
| ARVN Arvinas Inc. | New | 3.68% | +3.68 |
| RZLT Rezolute Inc. | Add +87.5% | 3.35% | +2.15 |
| STRO Sutro Biopharma Inc. Com SHS | Add +197.1% | 2.19% | +1.50 |
| VRDN Viridian Therapeutics Inc. | New | 1.21% | +1.21 |
| ZVRA Zevra Therapeutics Inc. | Add +7.5% | 6.30% | +1.18 |
| PTGX Protagonist Therapeutics Inc. | New | 0.20% | +0.20 |
| NRIX Nurix Therapeutics Inc. | New | 0.11% | +0.11 |
| IMMX Immix Biopharma Inc. | New | 0.05% | +0.05 |
| VYNE THERAPEUTICS INC | New | 0.05% | +0.05 |
| PYXS Pyxis Oncology Inc. | New | 0.04% | +0.04 |
| LRMR Larimar Therapeutics Inc. | Add +17.9% | 0.10% | +0.03 |
| TERN Terns Pharmaceuticals Inc. | Add +17.6% | 0.07% | +0.03 |
| OVID Ovid Therapeutics Inc. | Add +65.0% | 0.05% | +0.02 |
| ERAS Erasca Inc. | Add +30.0% | 0.08% | +0.01 |
| DSGN Design Therapeutics Inc. | Add +42.9% | 0.07% | +0.01 |
| CNTX Context Therapeutics Inc. | Add +11.1% | 0.07% | +0.01 |
| NXTC Nextcure Inc. | Add +80.0% | 0.02% | +0.01 |
| WVE Wave Life Sciences Ltd. | Add +15.4% | 0.10% | −0.01 |
| MLYS Mineralys Therapeutics Inc. | Add +15.9% | 2.36% | −0.10 |
| REPL Replimune Group Inc. | Add +0.6% | 1.70% | −0.12 |
| AVTX Avalo Therapeutics Inc. | Add +38.4% | 0.77% | −0.15 |
| ELDN Eledon Pharmaceuticals Inc. | Add +4.6% | 0.92% | −0.21 |
| TARA Protara Therapeutic Inc. | Add +28.3% | 6.48% | −0.82 |
Options Activity Q1 2025 → Q2 2025
| NEKTAR THERAPEUTICS | call | New | 50,000 | $1.3M |
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 |