Velan Capital Investment Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Velan Capital Investment Management LP reported 45 stock positions worth $171.9 million. Its top holding was Praxis Precision Medicines I (PRAX) at 17.3% of the portfolio, followed by Cidara Therapeutics (CDTX, 13.9%) and Protara Therapeutic (TARA, 8.8%). Compared with Q3 2025, it opened 7 new positions, sold out of 11, added to 5 and reduced 5. The biggest buy was a new position in Maplight Therapeutics (MPLT) and the biggest sale an exit from Zooz Power (ZZPWF).
- Most Recent 13F
- Q2 2026
- Location
- ALPHARETTA, GA
- CIK
- 0001848809
- Portfolio Value
- $171.9M (Q4 2025)
- SEC Filing
- 0001848809-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 45 stocks · $171.9M
| PRAX Praxis Precision Medicines I | 17.28% | 100,781 | $29.7M | Reduce -24.1% |
| CDTX Cidara Therapeutics Inc. | 13.93% | 108,404 | $23.9M | No change |
| TARA Protara Therapeutic Inc. | 8.79% | 2,834,652 | $15.1M | Add +32.5% |
| HRTX Heron Therapeutics Inc. | 6.62% | 8,753,290 | $11.4M | No change |
| MPLT Maplight Therapeutics Inc. | 5.34% | 522,305 | $9.2M | New |
| ABVX Abivax SA-ADR | 5.26% | 67,000 | $9.0M | Add +4.1% |
| EVMN Evommune Inc. | 5.05% | 506,754 | $8.7M | New |
| MLYS Mineralys Therapeutics Inc. | 3.19% | 151,000 | $5.5M | Reduce -14.0% |
| LNTH Lantheus Holdings Inc. | 2.89% | 74,687 | $5.0M | Add +1.6% |
| JSPR Jasper Therapeutics Inc. | 2.84% | 2,668,395 | $4.9M | No change |
| AVTX Avalo Therapeutics Inc. | 2.79% | 263,642 | $4.8M | No change |
| ESPR Esperion Therapeutics Inc. | 2.60% | 1,210,000 | $4.5M | New |
| VRCA Verrica Pharmaceuticals Inc. | 2.28% | 471,559 | $3.9M | New |
| NSPR Inspiremd Inc. | 2.22% | 2,143,698 | $3.8M | No change |
| RAPT Rapt Therapeutics Inc. | 2.13% | 108,000 | $3.7M | Add +35.0% |
| STRO Sutro Biopharma Inc. | 2.10% | 312,000 | $3.6M | No change |
| TERN Terns Pharmaceuticals Inc. | 1.65% | 70,000 | $2.8M | Add +250.0% |
| SNDX Syndax Pharmaceuticals Inc. | 1.59% | 130,000 | $2.7M | No change |
| VRDN Viridian Therapeutics Inc. | 1.57% | 86,500 | $2.7M | No change |
| EPRX Eupraxia Pharmaceuticals Inc. | 1.55% | 352,000 | $2.7M | No change |
| TRVI Trevi Therapeutics Inc. | 1.49% | 205,000 | $2.6M | No change |
| PROF Profound Medical Corp. | 1.31% | 285,710 | $2.2M | New |
| KZIA Kazia Therapeutics-Spon ADR | 1.20% | 300,000 | $2.1M | New |
| RZLT Rezolute Inc. | 1.03% | 750,000 | $1.8M | No change |
| TENX Tenax Therapeutics Inc. | 0.59% | 83,333 | $1.0M | No change |
| EDSA Edesa Biotech Inc. | 0.57% | 687,500 | $976K | No change |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.25% | 6,500 | $432K | No change |
| VTYX Ventyx Biosciences Inc. | 0.21% | 40,000 | $361K | No change |
| CTMX Cytomx Therapeutics Inc. | 0.20% | 80,000 | $341K | No change |
| PTGX Protagonist Therapeutics Inc. | 0.19% | 3,700 | $323K | No change |
| NRIX Nurix Therapeutics Inc. | 0.18% | 16,000 | $304K | No change |
| OVID Ovid Therapeutics Inc. | 0.15% | 160,000 | $261K | No change |
| GOSS Gossamer Bio Inc. | 0.13% | 70,000 | $217K | No change |
| IMNM Immunome Inc. | 0.13% | 10,000 | $215K | No change |
| DSGN Design Therapeutics Inc. | 0.11% | 20,000 | $188K | No change |
| IMMX Immix Biopharma Inc. | 0.11% | 35,000 | $183K | No change |
| CNTX Context Therapeutics Inc. | 0.09% | 100,000 | $147K | No change |
| REPL Replimune Group Inc. | 0.08% | 15,000 | $146K | Reduce -25.0% |
| LRMR Larimar Therapeutics Inc. | 0.07% | 33,000 | $126K | No change |
| XLO Xilio Therapeutics Inc. | 0.06% | 170,000 | $109K | New |
| CRBP Corbus Pharmaceuticals Holdi | 0.06% | 13,000 | $106K | Reduce -78.7% |
| PRQR Proqr Therapeutics NV | 0.05% | 45,000 | $91K | No change |
| DTIL Precision Biosciences Inc. | 0.05% | 20,000 | $83K | No change |
| PYXS Pyxis Oncology Inc. | 0.03% | 40,000 | $46K | Reduce -27.3% |
| PMVP PMV Pharmaceuticals Inc. | 0.03% | 35,000 | $44K | No change |
Options reported separately and not counted above: TREVI THERAPEUTICS INC calls ($482K).
Portfolio Sells Q3 2025 → Q4 2025
| ZZPWF Zooz Power Ltd. | Sold out | 0.00% | −4.02 |
| ALMS Alumis Inc. | Sold out | 0.00% | −3.55 |
| MLYS Mineralys Therapeutics Inc. | Reduce -14.0% | 3.19% | −3.07 |
| QURE Uniqure NV | Sold out | 0.00% | −1.75 |
| TELA Tela Bio Inc. | Sold out | 0.00% | −1.05 |
| ELDN Eledon Pharmaceuticals Inc. | Sold out | 0.00% | −0.84 |
| CRBP Corbus Pharmaceuticals Holdi | Reduce -78.7% | 0.06% | −0.66 |
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −0.26 |
| ALEC Alector Inc. | Sold out | 0.00% | −0.15 |
| ERAS Erasca Inc. | Sold out | 0.00% | −0.13 |
| WVE Wave Life Sciences Ltd. | Sold out | 0.00% | −0.10 |
| GERN Geron Corp. | Sold out | 0.00% | −0.10 |
| PYXS Pyxis Oncology Inc. | Reduce -27.3% | 0.03% | −0.09 |
| ACRS Aclaris Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| REPL Replimune Group Inc. | Reduce -25.0% | 0.08% | +0.01 |
| PRAX Praxis Precision Medicines I | Reduce -24.1% | 17.28% | +10.67 |
Portfolio Buys Q3 2025 → Q4 2025
| MPLT Maplight Therapeutics Inc. | New | 5.34% | +5.34 |
| EVMN Evommune Inc. | New | 5.05% | +5.05 |
| ESPR Esperion Therapeutics Inc. | New | 2.60% | +2.60 |
| VRCA Verrica Pharmaceuticals Inc. | New | 2.28% | +2.28 |
| TERN Terns Pharmaceuticals Inc. | Add +250.0% | 1.65% | +1.50 |
| PROF Profound Medical Corp. | New | 1.31% | +1.31 |
| KZIA Kazia Therapeutics-Spon ADR | New | 1.20% | +1.20 |
| RAPT Rapt Therapeutics Inc. | Add +35.0% | 2.13% | +0.19 |
| ABVX Abivax SA-ADR | Add +4.1% | 5.26% | +0.12 |
| XLO Xilio Therapeutics Inc. | New | 0.06% | +0.06 |
| TARA Protara Therapeutic Inc. | Add +32.5% | 8.79% | +0.05 |
| LNTH Lantheus Holdings Inc. | Add +1.6% | 2.89% | −0.65 |
Options Activity Q3 2025 → Q4 2025
| TREVI THERAPEUTICS INC | call | New | 38,500 | $482K |
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 |