Velan Capital Investment Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Velan Capital Investment Management LP reported 49 stock positions worth $106.5 million. Its top holding was Heron Therapeutics (HRTX) at 10.4% of the portfolio, followed by Cidara Therapeutics (CDTX, 9.8%) and Protara Therapeutic (TARA, 8.7%). Compared with Q2 2025, it opened 11 new positions, sold out of 11, added to 14 and reduced 5. The biggest buy was a new position in Abivax SA-ADR (ABVX) and the biggest sale an exit from Verona Pharma (VRNA).
- Most Recent 13F
- Q2 2026
- Location
- ALPHARETTA, GA
- CIK
- 0001848809
- Portfolio Value
- $106.5M (Q3 2025)
- SEC Filing
- 0001848809-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 49 stocks · $106.5M
| HRTX Heron Therapeutics Inc. | 10.36% | 8,753,290 | $11.0M | Add +25.3% |
| CDTX Cidara Therapeutics Inc. | 9.75% | 108,404 | $10.4M | Add +8.4% |
| TARA Protara Therapeutic Inc. | 8.74% | 2,139,000 | $9.3M | No change |
| RZLT Rezolute Inc. | 6.62% | 750,000 | $7.0M | No change |
| PRAX Praxis Precision Medicines I | 6.61% | 132,805 | $7.0M | Reduce -11.1% |
| MLYS Mineralys Therapeutics Inc. | 6.25% | 175,600 | $6.7M | Add +0.6% |
| JSPR Jasper Therapeutics Inc. | 5.83% | 2,668,395 | $6.2M | Add +86.1% |
| ABVX Abivax SA-ADR | 5.13% | 64,389 | $5.5M | New |
| NSPR Inspiremd Inc. | 4.85% | 2,143,698 | $5.2M | Add +137.1% |
| ZZPWF Zooz Power Ltd. filed as ZOOZ PWR LTD | 4.02% | 2,000,000 | $4.3M | New |
| ALMS Alumis Inc. | 3.55% | 946,683 | $3.8M | Reduce -41.6% |
| LNTH Lantheus Holdings Inc. | 3.54% | 73,545 | $3.8M | New |
| AVTX Avalo Therapeutics Inc. | 3.15% | 263,642 | $3.4M | Add +70.1% |
| STRO Sutro Biopharma Inc. Com SHS | 2.54% | 3,120,000 | $2.7M | Add +2.0% |
| EPRX Eupraxia Pharmaceuticals Inc. | 1.95% | 352,000 | $2.1M | New |
| RAPT Rapt Therapeutics Inc. | 1.94% | 79,977 | $2.1M | New |
| SNDX Syndax Pharmaceuticals Inc. | 1.88% | 130,000 | $2.0M | New |
| TRVI Trevi Therapeutics Inc. | 1.76% | 205,000 | $1.9M | New |
| QURE Uniqure NV | 1.75% | 32,000 | $1.9M | New |
| VRDN Viridian Therapeutics Inc. | 1.75% | 86,500 | $1.9M | No change |
| EDSA Edesa Biotech Inc. | 1.59% | 687,500 | $1.7M | No change |
| TELA Tela Bio Inc. | 1.05% | 747,410 | $1.1M | No change |
| ELDN Eledon Pharmaceuticals Inc. | 0.84% | 346,973 | $899K | Add +2.4% |
| CRBP Corbus Pharmaceuticals Holdi | 0.72% | 61,000 | $772K | Add +3.4% |
| TENX Tenax Therapeutics Inc. | 0.60% | 83,333 | $634K | No change |
| TRML Tourmaline Bio Inc. | 0.26% | 5,800 | $277K | Reduce -98.5% |
| CTMX Cytomx Therapeutics Inc. | 0.24% | 80,000 | $255K | Add +6.7% |
| PTGX Protagonist Therapeutics Inc. | 0.23% | 3,700 | $246K | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.21% | 6,500 | $224K | New |
| OVID Ovid Therapeutics Inc. | 0.20% | 160,000 | $208K | No change |
| GOSS Gossamer Bio Inc. | 0.17% | 70,000 | $184K | Reduce -6.7% |
| ALEC Alector Inc. | 0.15% | 55,000 | $163K | No change |
| DSGN Design Therapeutics Inc. | 0.14% | 20,000 | $151K | No change |
| TERN Terns Pharmaceuticals Inc. | 0.14% | 20,000 | $150K | No change |
| NRIX Nurix Therapeutics Inc. | 0.14% | 16,000 | $148K | Add +60.0% |
| ERAS Erasca Inc. | 0.13% | 65,000 | $142K | No change |
| VTYX Ventyx Biosciences Inc. | 0.12% | 40,000 | $124K | No change |
| PYXS Pyxis Oncology Inc. | 0.11% | 55,000 | $122K | Add +37.5% |
| IMNM Immunome Inc. | 0.11% | 10,000 | $117K | New |
| DTIL Precision Biosciences Inc. | 0.10% | 20,000 | $110K | New |
| WVE Wave Life Sciences Ltd. | 0.10% | 15,000 | $110K | No change |
| GERN Geron Corp. | 0.10% | 80,000 | $110K | Add +14.3% |
| LRMR Larimar Therapeutics Inc. | 0.10% | 33,000 | $107K | No change |
| CNTX Context Therapeutics Inc. | 0.09% | 100,000 | $97K | No change |
| PRQR Proqr Therapeutics NV | 0.09% | 45,000 | $96K | No change |
| REPL Replimune Group Inc. | 0.08% | 20,000 | $84K | Reduce -89.1% |
| IMMX Immix Biopharma Inc. | 0.07% | 35,000 | $73K | Add +40.0% |
| ACRS Aclaris Therapeutics Inc. | 0.06% | 32,700 | $62K | No change |
| PMVP PMV Pharmaceuticals Inc. | 0.05% | 35,000 | $49K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −8.99 |
| ZVRA Zevra Therapeutics Inc. | Sold out | 0.00% | −6.30 |
| TRML Tourmaline Bio Inc. | Reduce -98.5% | 0.26% | −6.04 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −3.68 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −3.50 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −2.98 |
| CATX Perspective Therapeutics Inc. | Sold out | 0.00% | −1.72 |
| REPL Replimune Group Inc. | Reduce -89.1% | 0.08% | −1.62 |
| ALMS Alumis Inc. | Reduce -41.6% | 3.55% | −1.32 |
| UPB Upstream Bio Inc. | Sold out | 0.00% | −1.18 |
| KPRX Kiora Pharmaceuticals Inc. | Sold out | 0.00% | −0.35 |
| VYNE THERAPEUTICS INC | Sold out | 0.00% | −0.05 |
| FDMT 4D Molecular Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| NXTC Nextcure Inc. | Sold out | 0.00% | −0.02 |
| GOSS Gossamer Bio Inc. | Reduce -6.7% | 0.17% | +0.08 |
| PRAX Praxis Precision Medicines I | Reduce -11.1% | 6.61% | +0.33 |
Portfolio Buys Q2 2025 → Q3 2025
| ABVX Abivax SA-ADR | New | 5.13% | +5.13 |
| CDTX Cidara Therapeutics Inc. | Add +8.4% | 9.75% | +4.88 |
| ZZPWF Zooz Power Ltd. | New | 4.02% | +4.02 |
| MLYS Mineralys Therapeutics Inc. | Add +0.6% | 6.25% | +3.89 |
| LNTH Lantheus Holdings Inc. | New | 3.54% | +3.54 |
| NSPR Inspiremd Inc. | Add +137.1% | 4.85% | +2.80 |
| AVTX Avalo Therapeutics Inc. | Add +70.1% | 3.15% | +2.37 |
| EPRX Eupraxia Pharmaceuticals Inc. | New | 1.95% | +1.95 |
| RAPT Rapt Therapeutics Inc. | New | 1.94% | +1.94 |
| SNDX Syndax Pharmaceuticals Inc. | New | 1.88% | +1.88 |
| TRVI Trevi Therapeutics Inc. | New | 1.76% | +1.76 |
| QURE Uniqure NV | New | 1.75% | +1.75 |
| STRO Sutro Biopharma Inc. Com SHS | Add +2.0% | 2.54% | +0.36 |
| CRBP Corbus Pharmaceuticals Holdi | Add +3.4% | 0.72% | +0.32 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.21% | +0.21 |
| IMNM Immunome Inc. | New | 0.11% | +0.11 |
| DTIL Precision Biosciences Inc. | New | 0.10% | +0.10 |
| PYXS Pyxis Oncology Inc. | Add +37.5% | 0.11% | +0.07 |
| CTMX Cytomx Therapeutics Inc. | Add +6.7% | 0.24% | +0.07 |
| NRIX Nurix Therapeutics Inc. | Add +60.0% | 0.14% | +0.02 |
| IMMX Immix Biopharma Inc. | Add +40.0% | 0.07% | +0.02 |
| GERN Geron Corp. | Add +14.3% | 0.10% | +0.00 |
| ELDN Eledon Pharmaceuticals Inc. | Add +2.4% | 0.84% | −0.07 |
| JSPR Jasper Therapeutics Inc. | Add +86.1% | 5.83% | −2.13 |
| HRTX Heron Therapeutics Inc. | Add +25.3% | 10.36% | −4.11 |
Options Activity Q2 2025 → Q3 2025
| NEKTAR THERAPEUTICS | call | Sold out | 50,000 | $1.3Mbefore 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 |