Velan Capital Investment Management LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Velan Capital Investment Management LP reported 49 stock positions worth $159.6 million. Its top holding was Praxis Precision Medicines I (PRAX) at 20.3% of the portfolio, followed by Protara Therapeutic (TARA, 9.3%) and Sutro Biopharma (STRO, 8.0%). Compared with Q4 2025, it opened 11 new positions, sold out of 7, added to 13 and reduced 7. The biggest buy was Sutro Biopharma (STRO, shares +64%) and the biggest sale an exit from Cidara Therapeutics (CDTX).
- Most Recent 13F
- Q2 2026
- Location
- ALPHARETTA, GA
- CIK
- 0001848809
- Portfolio Value
- $159.6M (Q1 2026)
- SEC Filing
- 0001848809-26-000002 ↗ filed May 15, 2026
Holdings Value
Holdings 49 stocks · $159.6M
| PRAX Praxis Precision Medicines I | 20.34% | 100,781 | $32.5M | No change |
| TARA Protara Therapeutic Inc. | 9.25% | 2,834,652 | $14.8M | No change |
| STRO Sutro Biopharma Inc. | 7.99% | 512,160 | $12.8M | Add +64.2% |
| EVMN Evommune Inc. | 6.43% | 446,255 | $10.3M | Reduce -11.9% |
| MPLT Maplight Therapeutics Inc. | 6.28% | 492,893 | $10.0M | Reduce -5.6% |
| TENX Tenax Therapeutics Inc. | 5.84% | 583,333 | $9.3M | Add +600.0% |
| ABVX Abivax SA-ADR | 5.37% | 77,000 | $8.6M | Add +14.9% |
| HRTX Heron Therapeutics Inc. | 4.39% | 8,753,290 | $7.0M | No change |
| IMMX Immix Biopharma Inc. | 4.22% | 740,000 | $6.7M | Add +2014.3% |
| ESPR Esperion Therapeutics Inc. | 2.95% | 1,720,000 | $4.7M | Add +42.1% |
| EDSA Edesa Biotech Inc. | 2.71% | 827,500 | $4.3M | Add +20.4% |
| AVR Anteris Technologies Global | 2.43% | 700,000 | $3.9M | New |
| NSPR Inspiremd Inc. | 2.14% | 2,099,652 | $3.4M | Reduce -2.0% |
| XNCR Xencor Inc. | 1.89% | 250,000 | $3.0M | New |
| AVTX Avalo Therapeutics Inc. | 1.73% | 185,122 | $2.8M | Reduce -29.8% |
| EPRX Eupraxia Pharmaceuticals Inc. | 1.60% | 352,000 | $2.5M | No change |
| CTMX Cytomx Therapeutics Inc. | 1.59% | 540,000 | $2.5M | Add +575.0% |
| VRCA Verrica Pharmaceuticals Inc. | 1.56% | 471,559 | $2.5M | No change |
| JSPR Jasper Therapeutics Inc. | 1.46% | 2,668,395 | $2.3M | No change |
| RZLT Rezolute Inc. | 1.43% | 750,000 | $2.3M | No change |
| LYEL Lyell Immunopharma Inc. | 1.28% | 102,000 | $2.0M | New |
| PROF Profound Medical Corp. | 1.16% | 285,710 | $1.9M | No change |
| VRDN Viridian Therapeutics Inc. | 1.12% | 91,123 | $1.8M | Add +5.3% |
| RCKT Rocket Pharmaceuticals Inc. | 0.66% | 294,643 | $1.1M | New |
| KZIA Kazia Therapeutics-Spon ADR | 0.63% | 135,315 | $1.0M | Reduce -54.9% |
| NSRX Nasus Pharma Ltd. | 0.50% | 359,390 | $798K | New |
| QNRX Quoin Pharmaceuticals LT-ADR | 0.35% | 84,849 | $560K | New |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.26% | 6,500 | $408K | No change |
| PTGX Protagonist Therapeutics Inc. | 0.24% | 3,700 | $390K | No change |
| OVID Ovid Therapeutics Inc. | 0.22% | 160,000 | $355K | No change |
| MLYS Mineralys Therapeutics Inc. | 0.19% | 11,000 | $298K | Reduce -92.7% |
| CNTX Context Therapeutics Inc. | 0.16% | 100,000 | $262K | No change |
| NRIX Nurix Therapeutics Inc. | 0.16% | 16,000 | $248K | No change |
| CRBP Corbus Pharmaceuticals Holdi | 0.15% | 26,000 | $244K | Add +100.0% |
| SNDX Syndax Pharmaceuticals Inc. | 0.15% | 10,000 | $234K | Reduce -92.3% |
| DTIL Precision Biosciences Inc. | 0.14% | 40,000 | $220K | Add +100.0% |
| IMNM Immunome Inc. | 0.14% | 10,000 | $219K | No change |
| DSGN Design Therapeutics Inc. | 0.13% | 20,000 | $213K | No change |
| ARTV Artiva Biotherapeutics Inc. | 0.10% | 25,000 | $161K | New |
| NMRA Neumora Therapeutics Inc. | 0.10% | 80,000 | $156K | New |
| REPL Replimune Group Inc. | 0.10% | 20,000 | $153K | Add +33.3% |
| LRMR Larimar Therapeutics Inc. | 0.09% | 33,000 | $149K | No change |
| XLO Xilio Therapeutics Inc. | 0.08% | 14,285 | $120K | Add +17.6% |
| KLRS Kalaris Therapeutics Inc. | 0.07% | 18,000 | $104K | New |
| PMVP PMV Pharmaceuticals Inc. | 0.06% | 73,000 | $91K | Add +108.6% |
| MGNX Macrogenics Inc. | 0.05% | 30,000 | $87K | New |
| KPTI Karyopharm Therapeutics Inc. | 0.05% | 15,000 | $84K | New |
| PRQR Proqr Therapeutics NV | 0.05% | 45,000 | $73K | No change |
| GOSS Gossamer Bio Inc. | 0.01% | 70,000 | $23K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −13.93 |
| MLYS Mineralys Therapeutics Inc. | Reduce -92.7% | 0.19% | −3.00 |
| LNTH Lantheus Holdings Inc. | Sold out | 0.00% | −2.89 |
| RAPT Rapt Therapeutics Inc. | Sold out | 0.00% | −2.13 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −1.65 |
| TRVI Trevi Therapeutics Inc. | Sold out | 0.00% | −1.49 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -92.3% | 0.15% | −1.44 |
| AVTX Avalo Therapeutics Inc. | Reduce -29.8% | 1.73% | −1.05 |
| KZIA Kazia Therapeutics-Spon ADR | Reduce -54.9% | 0.63% | −0.57 |
| VTYX Ventyx Biosciences Inc. | Sold out | 0.00% | −0.21 |
| NSPR Inspiremd Inc. | Reduce -2.0% | 2.14% | −0.08 |
| PYXS Pyxis Oncology Inc. | Sold out | 0.00% | −0.03 |
| MPLT Maplight Therapeutics Inc. | Reduce -5.6% | 6.28% | +0.94 |
| EVMN Evommune Inc. | Reduce -11.9% | 6.43% | +1.38 |
Portfolio Buys Q4 2025 → Q1 2026
| STRO Sutro Biopharma Inc. | Add +64.2% | 7.99% | +5.89 |
| TENX Tenax Therapeutics Inc. | Add +600.0% | 5.84% | +5.25 |
| IMMX Immix Biopharma Inc. | Add +2014.3% | 4.22% | +4.12 |
| AVR Anteris Technologies Global | New | 2.43% | +2.43 |
| EDSA Edesa Biotech Inc. | Add +20.4% | 2.71% | +2.14 |
| XNCR Xencor Inc. | New | 1.89% | +1.89 |
| CTMX Cytomx Therapeutics Inc. | Add +575.0% | 1.59% | +1.39 |
| LYEL Lyell Immunopharma Inc. | New | 1.28% | +1.28 |
| RCKT Rocket Pharmaceuticals Inc. | New | 0.66% | +0.66 |
| NSRX Nasus Pharma Ltd. | New | 0.50% | +0.50 |
| QNRX Quoin Pharmaceuticals LT-ADR | New | 0.35% | +0.35 |
| ESPR Esperion Therapeutics Inc. | Add +42.1% | 2.95% | +0.35 |
| ABVX Abivax SA-ADR | Add +14.9% | 5.37% | +0.11 |
| ARTV Artiva Biotherapeutics Inc. | New | 0.10% | +0.10 |
| NMRA Neumora Therapeutics Inc. | New | 0.10% | +0.10 |
| CRBP Corbus Pharmaceuticals Holdi | Add +100.0% | 0.15% | +0.09 |
| DTIL Precision Biosciences Inc. | Add +100.0% | 0.14% | +0.09 |
| KLRS Kalaris Therapeutics Inc. | New | 0.07% | +0.07 |
| MGNX Macrogenics Inc. | New | 0.05% | +0.05 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.05% | +0.05 |
| PMVP PMV Pharmaceuticals Inc. | Add +108.6% | 0.06% | +0.03 |
| XLO Xilio Therapeutics Inc. | Add +17.6% | 0.08% | +0.01 |
| REPL Replimune Group Inc. | Add +33.3% | 0.10% | +0.01 |
| VRDN Viridian Therapeutics Inc. | Add +5.3% | 1.12% | −0.45 |
Options Activity Q4 2025 → Q1 2026
| TREVI THERAPEUTICS INC | call | Sold out | 38,500 | $482Kbefore 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 |