Vivo Capital, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Vivo Capital, LLC reported 43 stock positions worth $1.2 billion. Its top holding was Soleno Therapeutics (SLNO) at 26.3% of the portfolio, followed by Geron (GERN, 10.2%) and Harmony Biosciences (HRMY, 8.6%). Compared with Q2 2024, it opened 5 new positions, sold out of 4, added to 3 and reduced 8. The biggest buy was a new position in Avadel Pharmaceuticals (AVDL) and the biggest sale an exit from Avadel Pharmaceuticals plc (AVDL).

Most Recent 13F
Q2 2026
Location
Palo Alto, CA
CIK
0001674712
Portfolio Value
$1.2B (Q3 2024)
SEC Filing
0001213900-24-097589 ↗ filed Nov 13, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.2B $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 43 stocks · $1.2B
SLNO Soleno Therapeutics Inc. 26.29% 6,291,851 $317.7M Reduce -14.0%
GERN Geron Corp. 10.23% 27,225,292 $123.6M No change
HRMY Harmony Biosciences Holdings 8.63% 2,606,247 $104.2M No change
VRNA Verona Pharma Ltd. 8.45% 3,549,758 $102.1M No change
SVA Sinovac Biotech Ltd. 6.32% 11,800,000 $76.3M No change
TERN Terns Pharmaceuticals Inc. 4.76% 6,895,746 $57.5M Add +11.5%
TIL Instil Bio Inc. 3.48% 624,339 $42.0M No change
DYN Dyne Therapeutics Inc. 3.31% 1,114,960 $40.0M Reduce -31.8%
VRDN Viridian Therapeutics Inc. 3.16% 1,678,207 $38.2M No change
AVDL Avadel Pharmaceuticals Ltd. 2.91% 2,684,109 $35.2M New
SLN Silence Therapeutics PLC-ADR 1.66% 1,105,454 $20.1M No change
ZBIO Zenas Biopharma Inc. 1.66% 1,183,260 $20.0M New
ERAS Erasca Inc. 1.53% 6,756,756 $18.4M No change
OLMA Olema Pharmaceuticals Inc. 1.49% 1,505,862 $18.0M Reduce -19.6%
ATXS Astria Therapeutics Inc. 1.41% 1,552,685 $17.1M Reduce -33.3%
TRML Tourmaline Bio Inc. 1.26% 591,882 $15.2M No change
RZLT Rezolute Inc. 1.12% 2,797,704 $13.6M No change
ORIC Oric Pharmaceuticals Inc. 1.08% 1,277,818 $13.1M Add +0.6%
SERA Sera Prognostics Inc. Class A 1.07% 1,650,440 $12.9M No change
COGT Cogent Biosciences Inc. 1.00% 1,122,471 $12.1M Reduce -50.0%
ABEO Abeona Therapeutics Inc. 0.96% 1,842,751 $11.6M No change
CMPS Compass Pathways PLC 0.84% 1,608,000 $10.1M No change
CELC Celcuity Inc. 0.75% 610,500 $9.1M No change
DCTH Delcath Systems Inc. 0.75% 997,005 $9.0M Reduce -40.2%
CRVS Corvus Pharmaceuticals Inc. 0.65% 1,497,268 $7.9M New
RGLS Regulus Therapeutics Inc. 0.65% 5,000,000 $7.8M No change
ALXO Alx Oncology Holdings Inc. 0.61% 4,034,522 $7.3M Reduce -4.4%
CMPX Compass Therapeutics Inc. 0.54% 3,556,023 $6.5M No change
IOBTQ Io Biotech Inc. 0.54% 6,173,439 $6.5M No change
ADVM Adverum Biotechnologies Inc. 0.48% 833,333 $5.8M No change
TRVI Trevi Therapeutics Inc. 0.45% 1,612,903 $5.4M New
VSTM Verastem Inc. 0.38% 1,538,461 $4.6M No change
ENGN Engene Holdings Inc. 0.37% 678,705 $4.5M No change
CRBP Corbus Pharmaceuticals Holdi 0.28% 166,794 $3.4M No change
BOLT Bolt Biotherapeutics Inc. 0.19% 3,521,291 $2.3M No change
ALLK Allakos LLC 0.16% 2,956,110 $1.9M Reduce -1.1%
UNICYCIVE THERAPEUTICS INC 0.15% 4,470,152 $1.8M Add +28.8%
ALGS Aligos Therapeutics Inc. 0.10% 141,879 $1.2M No change
CDXS Codexis Inc. 0.10% 388,144 $1.2M No change
DBV TECHNOLOGIES S A 0.08% 1,354,437 $948K No change
QTTB Q32 Bio Inc. 0.08% 20,559 $917K No change
TENX Tenax Therapeutics Inc. 0.06% 208,333 $721K New
DTIL Precision Biosciences Inc. 0.00% 4,675 $42K No change

Portfolio Sells Q2 2024 → Q3 2024
AVDL Avadel Pharmaceuticals plc Sold out 0.00% −5.16
DYN Dyne Therapeutics Inc. Reduce -31.8% 3.31% −2.02
ALXO Alx Oncology Holdings Inc. Reduce -4.4% 0.61% −1.74
TARS Tarsus Pharmaceuticals Inc. Sold out 0.00% −1.42
SLNO Soleno Therapeutics Inc. Reduce -14.0% 26.29% −1.29
ZLAB Zai Lab Ltd.-ADR Sold out 0.00% −0.85
COGT Cogent Biosciences Inc. Reduce -50.0% 1.00% −0.74
DCTH Delcath Systems Inc. Reduce -40.2% 0.75% −0.54
ATXS Astria Therapeutics Inc. Reduce -33.3% 1.41% −0.54
OLMA Olema Pharmaceuticals Inc. Reduce -19.6% 1.49% −0.38
ALLK Allakos LLC Reduce -1.1% 0.16% −0.12
WHWK Whitehawk Therapeutics Inc. Sold out 0.00% −0.07

Portfolio Buys Q2 2024 → Q3 2024
AVDL Avadel Pharmaceuticals Ltd. New 2.91% +2.91
ZBIO Zenas Biopharma Inc. New 1.66% +1.66
TERN Terns Pharmaceuticals Inc. Add +11.5% 4.76% +0.87
CRVS Corvus Pharmaceuticals Inc. New 0.65% +0.65
TRVI Trevi Therapeutics Inc. New 0.45% +0.45
ORIC Oric Pharmaceuticals Inc. Add +0.6% 1.08% +0.25
TENX Tenax Therapeutics Inc. New 0.06% +0.06
UNICYCIVE THERAPEUTICS INC Add +28.8% 0.15% −0.01

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