Vivo Capital, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Vivo Capital, LLC reported 40 stock positions worth $892.6 million. Its top holding was Soleno Therapeutics (SLNO) at 31.7% of the portfolio, followed by Verona Pharma (VRNA, 11.9%) and Geron (GERN, 10.8%). Compared with Q3 2024, it opened 3 new positions, sold out of 6, added to 4 and reduced 4. The biggest buy was a new position in Aclaris Therapeutics (ACRS) and the biggest sale an exit from Harmony Biosciences (HRMY).

Most Recent 13F
Q2 2026
Location
Palo Alto, CA
CIK
0001674712
Portfolio Value
$892.6M (Q4 2024)
SEC Filing
0001213900-25-013306 ↗ filed Feb 13, 2025

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 Q3 2024 Q4 2024: $892.6M $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 40 stocks · $892.6M
SLNO Soleno Therapeutics Inc. 31.68% 6,291,851 $282.8M No change
VRNA Verona Pharma Ltd. 11.88% 2,283,975 $106.1M Reduce -35.7%
GERN Geron Corp. 10.80% 27,225,292 $96.4M No change
TERN Terns Pharmaceuticals Inc. 4.28% 6,895,746 $38.2M No change
AVDL Avadel Pharmaceuticals Ltd. 3.16% 2,684,109 $28.2M No change
DYN Dyne Therapeutics Inc. 2.94% 1,114,960 $26.3M No change
ACRS Aclaris Therapeutics Inc. 2.47% 8,888,888 $22.0M New
DCTH Delcath Systems Inc. 2.30% 1,708,579 $20.6M Add +71.4%
VRDN Viridian Therapeutics Inc. 2.11% 982,576 $18.8M Reduce -41.5%
CDTX Cidara Therapeutics Inc. 2.02% 670,600 $18.0M New
ERAS Erasca Inc. 1.90% 6,756,756 $17.0M No change
TRVI Trevi Therapeutics Inc. 1.61% 3,487,903 $14.4M Add +116.3%
ATXS Astria Therapeutics Inc. 1.56% 1,552,685 $13.9M No change
RZLT Rezolute Inc. 1.54% 2,797,704 $13.7M No change
SERA Sera Prognostics Inc. Class A 1.51% 1,650,440 $13.4M No change
TRML Tourmaline Bio Inc. 1.34% 591,882 $12.0M No change
CRVS Corvus Pharmaceuticals Inc. 1.34% 2,234,566 $12.0M Add +49.2%
TIL Instil Bio Inc. 1.25% 585,485 $11.2M Reduce -6.2%
ORIC Oric Pharmaceuticals Inc. 1.16% 1,277,818 $10.3M No change
ABEO Abeona Therapeutics Inc. 1.15% 1,842,751 $10.3M No change
ZBIO Zenas Biopharma Inc. 1.09% 1,183,260 $9.7M No change
DRUG Bright Minds Biosciences Inc. 1.02% 251,572 $9.1M New
OLMA Olema Pharmaceuticals Inc. 0.98% 1,505,862 $8.8M No change
COGT Cogent Biosciences Inc. 0.98% 1,122,471 $8.8M No change
CELC Celcuity Inc. 0.90% 610,500 $8.0M No change
VSTM Verastem Inc. 0.89% 1,538,461 $8.0M No change
UNICYCIVE THERAPEUTICS INC 0.89% 9,970,152 $7.9M Add +123.0%
RGLS Regulus Therapeutics Inc. 0.89% 5,000,000 $7.9M No change
SLN Silence Therapeutics PLC-ADR 0.85% 1,105,454 $7.6M No change
CMPS Compass Pathways PLC 0.68% 1,608,000 $6.1M No change
IOBTQ Io Biotech Inc. 0.64% 6,173,439 $5.7M No change
ALGS Aligos Therapeutics Inc. 0.63% 141,879 $5.7M No change
CMPX Compass Therapeutics Inc. 0.58% 3,556,023 $5.2M No change
ALLK Allakos LLC 0.40% 2,956,110 $3.6M No change
CRBP Corbus Pharmaceuticals Holdi 0.22% 166,794 $2.0M No change
BOLT Bolt Biotherapeutics Inc. 0.21% 3,521,291 $1.9M No change
TENX Tenax Therapeutics Inc. 0.14% 208,333 $1.3M No change
DBVT DBV Technologies SA-Spon ADR 0.01% 32,020 $99K Reduce -88.2%
QTTB Q32 Bio Inc. 0.01% 20,559 $71K No change
DTIL Precision Biosciences Inc. 0.00% 4,675 $18K No change

Portfolio Sells Q3 2024 → Q4 2024
HRMY Harmony Biosciences Holdings Sold out 0.00% −8.63
SVA Sinovac Biotech Ltd. Sold out 0.00% −6.32
TIL Instil Bio Inc. Reduce -6.2% 1.25% −2.23
VRDN Viridian Therapeutics Inc. Reduce -41.5% 2.11% −1.05
ALXO Alx Oncology Holdings Inc. Sold out 0.00% −0.61
ADVM Adverum Biotechnologies Inc. Sold out 0.00% −0.48
ENGN Engene Holdings Inc. Sold out 0.00% −0.37
CDXS Codexis Inc. Sold out 0.00% −0.10
DBVT DBV Technologies SA-Spon ADR Reduce -88.2% 0.01% −0.07
VRNA Verona Pharma Ltd. Reduce -35.7% 11.88% +3.43

Portfolio Buys Q3 2024 → Q4 2024
ACRS Aclaris Therapeutics Inc. New 2.47% +2.47
CDTX Cidara Therapeutics Inc. New 2.02% +2.02
DCTH Delcath Systems Inc. Add +71.4% 2.30% +1.56
TRVI Trevi Therapeutics Inc. Add +116.3% 1.61% +1.16
DRUG Bright Minds Biosciences Inc. New 1.02% +1.02
UNICYCIVE THERAPEUTICS INC Add +123.0% 0.89% +0.74
CRVS Corvus Pharmaceuticals Inc. Add +49.2% 1.34% +0.69

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