Venrock Adviser, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Venrock Adviser, LLC reported 37 stock positions worth $1.2 billion. Its top holding was Apogee Therapeutics (APGE) at 27.0% of the portfolio, followed by Metsera (MTSR, 8.7%) and Ocular Therapeutix (OCUL, 8.0%). Compared with Q4 2024, it opened 4 new positions, sold out of 4, added to 4 and reduced 7. The biggest buy was a new position in Metsera (MTSR) and the biggest sale an exit from Merus (MRUS).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001615982
Portfolio Value
$1.2B (Q1 2025)
SEC Filing
0001415889-25-013093 ↗ filed May 15, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.1B Q1 2024 Q2 2024: $1.6B Q2 2024 Q3 2024: $1.9B Q3 2024 Q4 2024: $1.5B Q4 2024 Q1 2025: $1.2B $1.2B Q1 2025 Q2 2025: $1.3B Q2 2025 Q3 2025: $1.8B Q3 2025 Q4 2025: $2.0B Q4 2025 Q1 2026: $2.7B Q1 2026 Q2 2026: $3.3B Q2 2026

Holdings 37 stocks · $1.2B

APGE Apogee Therapeutics Inc. 27.00% 8,493,321 $317.3M No change
MTSR Metsera Inc. 8.69% 3,750,662 $102.1M New
OCUL Ocular Therapeutix Inc. 7.96% 12,762,462 $93.5M No change
ELVN Enliven Therapeutics Inc. 6.74% 4,026,331 $79.2M No change
KALV Kalvista Pharmaceuticals Inc. 6.58% 6,703,985 $77.4M Add +7.3%
VRDN Viridian Therapeutics Inc. 4.45% 3,882,709 $52.3M No change
PHVS Pharvaris NV 4.16% 3,112,720 $48.9M Reduce -3.3%
SYRE Spyre Therapeutics Inc. 3.69% 2,685,448 $43.3M No change
ORKA Oruka Therapeutics Inc. 3.62% 4,148,428 $42.6M Add +26.3%
PRAX Praxis Precision Medicines I 3.19% 989,985 $37.5M No change
COGT Cogent Biosciences Inc. 2.90% 5,684,411 $34.0M No change
DNTH Dianthus Therapeutics Inc. 2.69% 1,744,373 $31.6M No change
DYN Dyne Therapeutics Inc. 1.93% 2,173,913 $22.7M No change
CDTX Cidara Therapeutics Inc. 1.93% 1,051,518 $22.6M Add +37.3%
ENGN Engene Holdings Inc. 1.92% 5,046,414 $22.6M No change
ERAS Erasca Inc. 1.89% 16,216,216 $22.2M No change
ORIC Oric Pharmaceuticals Inc. 1.51% 3,182,527 $17.8M Reduce -27.6%
UPB Upstream Bio Inc. 1.20% 2,295,319 $14.0M No change
ATXS Astria Therapeutics Inc. 1.12% 2,457,348 $13.1M No change
CGEM Cullinan Therapeutics Inc. 0.89% 1,379,965 $10.4M No change
SLDB Solid Biosciences Inc. 0.78% 2,481,400 $9.2M New
SVRA Savara Inc. 0.77% 3,257,639 $9.0M New
ABVX Abivax SA-ADR 0.72% 1,345,780 $8.4M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.66% 750,000 $7.7M No change
SRZN Surrozen Inc. 0.63% 632,931 $7.4M New
ZURA Zura Bio Ltd. 0.55% 5,023,166 $6.5M Add +148.3%
ARTV Artiva Biotherapeutics Inc. 0.41% 1,609,569 $4.8M No change
TRVI Trevi Therapeutics Inc. 0.33% 615,506 $3.9M Reduce -51.4%
APLT Applied Therapeutics Inc. 0.23% 5,567,709 $2.7M Reduce -44.3%
FDMT 4D Molecular Therapeutics Inc. 0.19% 677,600 $2.2M Reduce -77.0%
CASIF Casi Pharmaceuticals Inc. 0.18% 987,259 $2.1M No change
TENX Tenax Therapeutics Inc. 0.12% 208,333 $1.4M No change
MERSANA THERAPEUTICS INC 0.10% 3,574,325 $1.2M Reduce -65.2%
IPSC Century Therapeutics Inc. 0.10% 2,498,069 $1.2M Reduce -36.9%
TNYA Tenaya Therapeutics Inc. 0.08% 1,555,556 $887K No change
GLYCOMIMETICS INC 0.05% 3,000,000 $630K No change
TIL Instil Bio Inc. 0.05% 33,177 $576K No change

Portfolio Sells Q4 2024 → Q1 2025

MRUS Merus NV Sold out 0.00% −1.71
FDMT 4D Molecular Therapeutics Inc. Reduce -77.0% 0.19% −0.94
ORIC Oric Pharmaceuticals Inc. Reduce -27.6% 1.51% −0.92
MERSANA THERAPEUTICS INC Reduce -65.2% 0.10% −0.90
AQST Aquestive Therapeutics Inc. Sold out 0.00% −0.64
TERN Terns Pharmaceuticals Inc. Sold out 0.00% −0.41
TSHA Taysha Gene Therapies Inc. Sold out 0.00% −0.38
APLT Applied Therapeutics Inc. Reduce -44.3% 0.23% −0.36
IPSC Century Therapeutics Inc. Reduce -36.9% 0.10% −0.17
PHVS Pharvaris NV Reduce -3.3% 4.16% −0.08
TRVI Trevi Therapeutics Inc. Reduce -51.4% 0.33% −0.03

Portfolio Buys Q4 2024 → Q1 2025

MTSR Metsera Inc. New 8.69% +8.69
KALV Kalvista Pharmaceuticals Inc. Add +7.3% 6.58% +2.95
SLDB Solid Biosciences Inc. New 0.78% +0.78
SVRA Savara Inc. New 0.77% +0.77
SRZN Surrozen Inc. New 0.63% +0.63
CDTX Cidara Therapeutics Inc. Add +37.3% 1.93% +0.51
ZURA Zura Bio Ltd. Add +148.3% 0.55% +0.20
ORKA Oruka Therapeutics Inc. Add +26.3% 3.62% −0.75

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 33$3.3BAPGE, ORKA, ERAS, SYRE, DNTH
Q1 2026 33$2.7BAPGE, ERAS, ORKA, SYRE, KALV
Q4 2025 27$2.0BAPGE, ORKA, VRDN, SYRE, KALV
Q3 2025 33$1.8BAPGE, MTSR, OCUL, CDTX, VRDN
Q2 2025 31$1.3BAPGE, OCUL, MTSR, ELVN, KALV
Q1 2025 37$1.2BAPGE, MTSR, OCUL, ELVN, KALV
Q4 2024 37$1.5BAPGE, OCUL, ELVN, PRAX, VRDN
Q3 2024 38$1.9BAPGE, OCUL, ELVN, VRDN, APLT
Q2 2024 35$1.6BAPGE, ELVN, FDMT, OCUL, DYN
Q1 2024 38$2.1BAPGE, FDMT, OCUL, SYRE, MRUS