Venrock Adviser, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Venrock Adviser, LLC reported 33 stock positions worth $1.8 billion. Its top holding was Apogee Therapeutics (APGE) at 19.0% of the portfolio, followed by Metsera (MTSR, 11.0%) and Ocular Therapeutix (OCUL, 8.7%). Compared with Q2 2025, it opened 2 new positions, added to 6 and reduced 6. The biggest buy was Cidara Therapeutics (CDTX, shares +48%) and the biggest sale Enliven Therapeutics (ELVN, shares −20%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001615982
- Portfolio Value
- $1.8B (Q3 2025)
- SEC Filing
- 0001615982-25-000006 ↗ filed Nov 14, 2025
Holdings Value
Holdings 33 stocks · $1.8B
| APGE Apogee Therapeutics Inc. | 18.99% | 8,493,321 | $337.4M | No change |
| MTSR Metsera Inc. | 11.05% | 3,750,662 | $196.3M | No change |
| OCUL Ocular Therapeutix Inc. | 8.66% | 13,161,462 | $153.9M | Add +3.1% |
| CDTX Cidara Therapeutics Inc. | 5.10% | 946,788 | $90.7M | Add +48.1% |
| VRDN Viridian Therapeutics Inc. | 4.72% | 3,882,709 | $83.8M | No change |
| KALV Kalvista Pharmaceuticals Inc. | 4.61% | 6,728,985 | $82.0M | No change |
| ORKA Oruka Therapeutics Inc. | 4.49% | 4,148,428 | $79.8M | No change |
| ORIC Oric Pharmaceuticals Inc. | 4.46% | 6,596,885 | $79.2M | No change |
| ELVN Enliven Therapeutics Inc. | 3.72% | 3,226,331 | $66.0M | Reduce -19.9% |
| COGT Cogent Biosciences Inc. | 3.23% | 4,000,000 | $57.4M | Reduce -15.9% |
| CTMX Cytomx Therapeutics Inc. | 2.79% | 15,561,500 | $49.6M | Add +11.4% |
| ABVX Abivax SA-ADR | 2.76% | 576,729 | $49.0M | Reduce -57.1% |
| SVRA Savara Inc. | 2.55% | 12,681,043 | $45.3M | Add +42.7% |
| SYRE Spyre Therapeutics Inc. | 2.53% | 2,685,448 | $45.0M | No change |
| ERAS Erasca Inc. | 2.19% | 17,857,083 | $38.9M | No change |
| DNTH Dianthus Therapeutics Inc. | 2.13% | 960,803 | $37.8M | Reduce -3.9% |
| ENGN Engene Holdings Inc. | 1.94% | 5,046,414 | $34.5M | No change |
| MAZE Maze Therapeutics Inc. | 1.80% | 1,230,769 | $31.9M | New |
| JBIO Jade Biosciences Inc. | 1.56% | 3,220,364 | $27.8M | No change |
| DYN Dyne Therapeutics Inc. | 1.55% | 2,173,913 | $27.5M | No change |
| VOR Vor Biopharma Inc. | 1.37% | 499,966 | $24.4M | New |
| UPB Upstream Bio Inc. | 1.24% | 1,169,298 | $22.0M | Reduce -49.1% |
| ZURA Zura Bio Ltd. | 1.13% | 4,631,216 | $20.1M | No change |
| ATXS Astria Therapeutics Inc. | 1.01% | 2,457,348 | $17.9M | No change |
| PHVS Pharvaris NV | 0.95% | 674,599 | $16.8M | Reduce -67.0% |
| CBIO Crescent Biopharma Inc. | 0.93% | 1,387,864 | $16.5M | No change |
| SEPN Septerna Inc. | 0.65% | 610,808 | $11.5M | Add +13.0% |
| CGEM Cullinan Therapeutics Inc. | 0.46% | 1,379,965 | $8.2M | No change |
| SRZN Surrozen Inc. | 0.46% | 632,931 | $8.2M | No change |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.45% | 750,000 | $8.0M | No change |
| ARTV Artiva Biotherapeutics Inc. | 0.26% | 1,609,569 | $4.6M | No change |
| TENX Tenax Therapeutics Inc. | 0.19% | 437,708 | $3.3M | Add +344.1% |
| CASIF Casi Pharmaceuticals Inc. | 0.09% | 987,259 | $1.6M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| ELVN Enliven Therapeutics Inc. | Reduce -19.9% | 3.72% | −2.34 |
| PHVS Pharvaris NV | Reduce -67.0% | 0.95% | −1.75 |
| UPB Upstream Bio Inc. | Reduce -49.1% | 1.24% | −0.65 |
| COGT Cogent Biosciences Inc. | Reduce -15.9% | 3.23% | +0.67 |
| DNTH Dianthus Therapeutics Inc. | Reduce -3.9% | 2.13% | +0.73 |
| ABVX Abivax SA-ADR | Reduce -57.1% | 2.76% | +1.98 |
Portfolio Buys Q2 2025 → Q3 2025
| CDTX Cidara Therapeutics Inc. | Add +48.1% | 5.10% | +2.77 |
| MAZE Maze Therapeutics Inc. | New | 1.80% | +1.80 |
| VOR Vor Biopharma Inc. | New | 1.37% | +1.37 |
| SVRA Savara Inc. | Add +42.7% | 2.55% | +1.03 |
| CTMX Cytomx Therapeutics Inc. | Add +11.4% | 2.79% | +0.42 |
| SEPN Septerna Inc. | Add +13.0% | 0.65% | +0.22 |
| TENX Tenax Therapeutics Inc. | Add +344.1% | 0.19% | +0.14 |
| OCUL Ocular Therapeutix Inc. | Add +3.1% | 8.66% | −0.22 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 33 | $3.3B | APGE, ORKA, ERAS, SYRE, DNTH |
| Q1 2026 | 33 | $2.7B | APGE, ERAS, ORKA, SYRE, KALV |
| Q4 2025 | 27 | $2.0B | APGE, ORKA, VRDN, SYRE, KALV |
| Q3 2025 | 33 | $1.8B | APGE, MTSR, OCUL, CDTX, VRDN |
| Q2 2025 | 31 | $1.3B | APGE, OCUL, MTSR, ELVN, KALV |
| Q1 2025 | 37 | $1.2B | APGE, MTSR, OCUL, ELVN, KALV |
| Q4 2024 | 37 | $1.5B | APGE, OCUL, ELVN, PRAX, VRDN |
| Q3 2024 | 38 | $1.9B | APGE, OCUL, ELVN, VRDN, APLT |
| Q2 2024 | 35 | $1.6B | APGE, ELVN, FDMT, OCUL, DYN |
| Q1 2024 | 38 | $2.1B | APGE, FDMT, OCUL, SYRE, MRUS |