Vivo Capital, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 22, 2024), Vivo Capital, LLC reported 42 stock positions worth $1.3 billion. Its top holding was Soleno Therapeutics (SLNO) at 28.3% of the portfolio, followed by Geron (GERN, 7.1%) and Harmony Biosciences (HRMY, 6.9%). Compared with Q4 2023, it opened 4 new positions, sold out of 9, added to 5 and reduced 7. The biggest buy was a new position in Sinovac Biotech (SVA) and the biggest sale an exit from Gracell Biotechnologies-ADR (GRCL).

Most Recent 13F
Q2 2026
Location
Palo Alto, CA
CIK
0001674712
Portfolio Value
$1.3B (Q1 2024)
SEC Filing
0001213900-24-034979 ↗ filed Apr 22, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.3B $1.3B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $892.6M Q4 2024 Q1 2025: $755.1M Q1 2025 Q2 2025: $977.1M Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.5B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 42 stocks · $1.3B

SLNO Soleno Therapeutics Inc. 28.31% 8,418,093 $360.3M No change
GERN Geron Corp. 7.06% 27,225,292 $89.8M Add +12.8%
HRMY Harmony Biosciences Holdings 6.88% 2,606,247 $87.5M No change
SVA Sinovac Biotech Ltd. 6.00% 11,800,000 $76.3M New
AVDL Avadel Pharmaceuticals plc 5.27% 3,972,099 $67.1M Reduce -3.0%
VRNA Verona Pharma Ltd. 4.56% 3,610,177 $58.1M Reduce -15.1%
ALXO Alx Oncology Holdings Inc. 3.70% 4,220,048 $47.1M No change
DYN Dyne Therapeutics Inc. 3.65% 1,635,136 $46.4M Add +58.0%
TERN Terns Pharmaceuticals Inc. 3.43% 6,657,992 $43.7M No change
ATXS Astria Therapeutics Inc. 2.58% 2,329,027 $32.8M Reduce -6.2%
VRDN Viridian Therapeutics Inc. 2.31% 1,678,207 $29.4M No change
SLN Silence Therapeutics PLC-ADR 1.88% 1,105,454 $23.9M Add +116.7%
OLMA Olema Pharmaceuticals Inc. 1.67% 1,873,704 $21.2M No change
ADVM Adverum Biotechnologies Inc. 1.67% 1,500,000 $21.2M New
ALPN Alpine Immune Sciences Inc. 1.63% 520,505 $20.8M Reduce -36.5%
TARS Tarsus Pharmaceuticals Inc. 1.62% 565,550 $20.6M Reduce -68.3%
VSTM Verastem Inc. 1.43% 1,538,461 $18.2M No change
CRNX Crinetics Pharmaceuticals Inc. 1.29% 350,000 $16.4M No change
COGT Cogent Biosciences Inc. 1.19% 2,244,941 $15.1M No change
SERA Sera Prognostics Inc. Class A 1.18% 1,650,440 $15.0M No change
RGLS Regulus Therapeutics Inc. 1.13% 5,000,000 $14.4M New
TRML Tourmaline Bio Inc. 1.07% 591,882 $13.6M No change
CMPS Compass Pathways PLC 1.05% 1,608,000 $13.4M No change
ORIC Oric Pharmaceuticals Inc. 0.92% 849,681 $11.7M No change
ENGN Engene Holdings Inc. 0.90% 678,705 $11.5M No change
GTH Genetron Holdings Ltd.-ADR 0.86% 2,708,056 $10.9M No change
IOBTQ Io Biotech Inc. 0.84% 6,173,439 $10.7M No change
SVRA Savara Inc. 0.82% 2,088,323 $10.4M No change
ZLAB Zai Lab Ltd.-ADR 0.67% 531,198 $8.5M Add +29.0%
DCTH Delcath Systems Inc. 0.62% 1,666,746 $8.0M Add +94.9%
RZLT Rezolute Inc. 0.56% 2,797,704 $7.1M Reduce -13.7%
CMPX Compass Therapeutics Inc. 0.55% 3,556,023 $7.0M No change
TIL Instil Bio Inc. 0.53% 624,338 $6.7M Reduce 0.0%
QTTB Q32 Bio Inc. 0.50% 370,068 $6.3M New
BOLT Bolt Biotherapeutics Inc. 0.39% 3,521,291 $4.9M No change
UNICYCIVE THERAPEUTICS INC 0.38% 3,470,152 $4.8M No change
ALLK Allakos LLC 0.30% 2,988,000 $3.8M No change
ALGS Aligos Therapeutics Inc. 0.27% 3,547,030 $3.5M No change
DBV TECHNOLOGIES S A 0.16% 2,708,875 $2.0M No change
CDXS Codexis Inc. 0.11% 388,144 $1.4M No change
WHWK Whitehawk Therapeutics Inc. filed as AADI BIOSCIENCE INC 0.09% 509,572 $1.2M No change
DTIL Precision Biosciences Inc. 0.01% 4,675 $63K No change

Portfolio Sells Q4 2023 → Q1 2024

GRCL Gracell Biotechnologies-ADR Sold out 0.00% −7.85
VRNA Verona Pharma Ltd. Reduce -15.1% 4.56% −2.35
ICVX Icosavax Inc. Sold out 0.00% −2.20
TARS Tarsus Pharmaceuticals Inc. Reduce -68.3% 1.62% −1.34
APGE Apogee Therapeutics Inc. Sold out 0.00% −0.92
KALV Kalvista Pharmaceuticals Inc. Sold out 0.00% −0.86
PHVS Pharvaris NV Sold out 0.00% −0.65
RYZB Rayzebio Inc. Sold out 0.00% −0.56
IOVA Iovance Biotherapeutics Inc. Sold out 0.00% −0.44
ARWR Arrowhead Pharmaceuticals Inc. Sold out 0.00% −0.34
HOMOLOGY MEDICINES INC Sold out 0.00% −0.02
TIL Instil Bio Inc. Reduce 0.0% 0.53% +0.14
RZLT Rezolute Inc. Reduce -13.7% 0.56% +0.30
ALPN Alpine Immune Sciences Inc. Reduce -36.5% 1.63% +0.36
AVDL Avadel Pharmaceuticals plc Reduce -3.0% 5.27% +0.54
ATXS Astria Therapeutics Inc. Reduce -6.2% 2.58% +1.01

Portfolio Buys Q4 2023 → Q1 2024

SVA Sinovac Biotech Ltd. New 6.00% +6.00
GERN Geron Corp. Add +12.8% 7.06% +2.89
DYN Dyne Therapeutics Inc. Add +58.0% 3.65% +2.52
ADVM Adverum Biotechnologies Inc. New 1.67% +1.67
SLN Silence Therapeutics PLC-ADR Add +116.7% 1.88% +1.15
RGLS Regulus Therapeutics Inc. New 1.13% +1.13
QTTB Q32 Bio Inc. New 0.50% +0.50
DCTH Delcath Systems Inc. Add +94.9% 0.62% +0.33
ZLAB Zai Lab Ltd.-ADR Add +29.0% 0.67% −0.25

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 47$1.1BTRVI, PRAX, ERAS, AVBP, ABVX
Q1 2026Amended 46$1.2BERAS, PRAX, TERN, TRVI, DBVT
Q4 2025 47$1.5BTERN, CDTX, PRAX, COGT, TRVI
Q3 2025 47$1.2BSLNO, VRNA, CDTX, TERN, TRVI
Q2 2025 42$977.1MSLNO, VRNA, CDTX, GERN, SVA
Q1 2025 40$755.1MSLNO, VRNA, GERN, TRVI, AVDL
Q4 2024 40$892.6MSLNO, VRNA, GERN, TERN, AVDL
Q3 2024 43$1.2BSLNO, GERN, HRMY, VRNA, SVA
Q2 2024 42$1.1BSLNO, GERN, HRMY, SVA, DYN
Q1 2024 42$1.3BSLNO, GERN, HRMY, SVA, AVDL