Venrock Adviser, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Venrock Adviser, LLC reported 27 stock positions worth $2.0 billion. Its top holding was Apogee Therapeutics (APGE) at 31.7% of the portfolio, followed by Oruka Therapeutics (ORKA, 6.2%) and Viridian Therapeutics (VRDN, 6.0%). Compared with Q3 2025, it opened 1 new position, sold out of 7, added to 7 and reduced 4. The biggest buy was Spyre Therapeutics (SYRE, shares +37%) and the biggest sale an exit from Metsera (MTSR).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001615982
- Portfolio Value
- $2.0B (Q4 2025)
- SEC Filing
- 0001615982-26-000005 ↗ filed Feb 17, 2026
Holdings Value
Holdings 27 stocks · $2.0B
| APGE Apogee Therapeutics Inc. | 31.67% | 8,493,321 | $641.1M | No change |
| ORKA Oruka Therapeutics Inc. | 6.21% | 4,148,428 | $125.7M | No change |
| VRDN Viridian Therapeutics Inc. | 5.97% | 3,882,709 | $120.8M | No change |
| SYRE Spyre Therapeutics Inc. | 5.96% | 3,685,448 | $120.7M | Add +37.2% |
| KALV Kalvista Pharmaceuticals Inc. | 5.37% | 6,728,985 | $108.7M | No change |
| OCUL Ocular Therapeutix Inc. | 4.39% | 7,315,547 | $88.8M | Reduce -44.4% |
| SVRA Savara Inc. | 4.09% | 13,740,375 | $82.9M | Add +8.3% |
| COGT Cogent Biosciences Inc. | 3.51% | 2,000,000 | $71.0M | Reduce -50.0% |
| ERAS Erasca Inc. | 3.28% | 17,857,083 | $66.4M | No change |
| CTMX Cytomx Therapeutics Inc. | 3.27% | 15,561,500 | $66.3M | No change |
| MAZE Maze Therapeutics Inc. | 3.17% | 1,548,569 | $64.2M | Add +25.8% |
| JBIO Jade Biosciences Inc. | 2.45% | 3,220,364 | $49.7M | No change |
| ELVN Enliven Therapeutics Inc. | 2.45% | 3,226,331 | $49.7M | No change |
| ORIC Oric Pharmaceuticals Inc. | 2.29% | 5,676,230 | $46.4M | Reduce -14.0% |
| ENGN Engene Holdings Inc. | 2.13% | 4,771,414 | $43.1M | Reduce -5.5% |
| DYN Dyne Therapeutics Inc. | 2.10% | 2,173,913 | $42.5M | No change |
| DNTH Dianthus Therapeutics Inc. | 2.04% | 1,000,000 | $41.2M | Add +4.1% |
| UPB Upstream Bio Inc. | 1.57% | 1,169,298 | $31.7M | No change |
| HELP Cybin Inc. | 1.55% | 3,840,250 | $31.4M | New |
| ZURA Zura Bio Ltd. | 1.38% | 5,345,115 | $28.0M | Add +15.4% |
| VOR Vor Biopharma Inc. | 1.26% | 1,943,766 | $25.4M | Add +288.8% |
| CBIO Crescent Biopharma Inc. | 1.25% | 2,133,576 | $25.3M | Add +53.7% |
| SEPN Septerna Inc. | 0.84% | 610,808 | $17.0M | No change |
| SRZN Surrozen Inc. | 0.71% | 632,931 | $14.3M | No change |
| CGEM Cullinan Therapeutics Inc. | 0.71% | 1,379,965 | $14.3M | No change |
| ARTV Artiva Biotherapeutics Inc. | 0.34% | 1,609,569 | $6.9M | No change |
| CASIF Casi Pharmaceuticals Inc. | 0.04% | 987,259 | $839K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| MTSR Metsera Inc. | Sold out | 0.00% | −11.05 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −5.10 |
| OCUL Ocular Therapeutix Inc. | Reduce -44.4% | 4.39% | −4.27 |
| ABVX Abivax SA-ADR | Sold out | 0.00% | −2.76 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -14.0% | 2.29% | −2.16 |
| ATXS Astria Therapeutics Inc. | Sold out | 0.00% | −1.01 |
| PHVS Pharvaris NV | Sold out | 0.00% | −0.95 |
| FRNM Freenome Inc. | Sold out | 0.00% | −0.45 |
| TENX Tenax Therapeutics Inc. | Sold out | 0.00% | −0.19 |
| ENGN Engene Holdings Inc. | Reduce -5.5% | 2.13% | +0.19 |
| COGT Cogent Biosciences Inc. | Reduce -50.0% | 3.51% | +0.28 |
Portfolio Buys Q3 2025 → Q4 2025
| SYRE Spyre Therapeutics Inc. | Add +37.2% | 5.96% | +3.43 |
| HELP Cybin Inc. | New | 1.55% | +1.55 |
| SVRA Savara Inc. | Add +8.3% | 4.09% | +1.54 |
| MAZE Maze Therapeutics Inc. | Add +25.8% | 3.17% | +1.37 |
| CBIO Crescent Biopharma Inc. | Add +53.7% | 1.25% | +0.32 |
| ZURA Zura Bio Ltd. | Add +15.4% | 1.38% | +0.25 |
| DNTH Dianthus Therapeutics Inc. | Add +4.1% | 2.04% | −0.09 |
| VOR Vor Biopharma Inc. | Add +288.8% | 1.26% | −0.12 |
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 |