Vivo Capital, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Vivo Capital, LLC reported 40 stock positions worth $755.1 million. Its top holding was Soleno Therapeutics (SLNO) at 42.2% of the portfolio, followed by Verona Pharma (VRNA, 12.1%) and Geron (GERN, 5.7%). Compared with Q4 2024, it opened 3 new positions, sold out of 3, added to 4 and reduced 7. The biggest buy was a new position in Akero Therapeutics (AKRO) and the biggest sale Delcath Systems (DCTH, shares −56%).

Most Recent 13F
Q2 2026
Location
Palo Alto, CA
CIK
0001674712
Portfolio Value
$755.1M (Q1 2025)
SEC Filing
0001213900-25-041737 ↗ filed May 12, 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 Q4 2024 Q1 2025: $755.1M $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 · $755.1M
SLNO Soleno Therapeutics Inc. 42.19% 4,458,294 $318.5M Reduce -29.1%
VRNA Verona Pharma Ltd. 12.10% 1,438,785 $91.3M Reduce -37.0%
GERN Geron Corp. 5.73% 27,225,292 $43.3M No change
TRVI Trevi Therapeutics Inc. 2.91% 3,487,903 $21.9M No change
AVDL Avadel Pharmaceuticals Ltd. 2.78% 2,684,109 $21.0M No change
TERN Terns Pharmaceuticals Inc. 2.52% 6,895,746 $19.0M No change
CDTX Cidara Therapeutics Inc. 1.95% 684,276 $14.7M Add +2.0%
ACRS Aclaris Therapeutics Inc. 1.80% 8,888,888 $13.6M No change
VRDN Viridian Therapeutics Inc. 1.75% 982,576 $13.2M No change
DYN Dyne Therapeutics Inc. 1.54% 1,114,960 $11.7M No change
ORIC Oric Pharmaceuticals Inc. 1.54% 2,080,450 $11.6M Add +62.8%
TIL Instil Bio Inc. 1.35% 585,485 $10.2M No change
CMPS Compass Pathways PLC 1.27% 3,362,385 $9.6M Add +109.1%
DCTH Delcath Systems Inc. 1.26% 750,195 $9.5M Reduce -56.1%
ZBIO Zenas Biopharma Inc. 1.24% 1,183,260 $9.3M No change
VSTM Verastem Inc. 1.23% 1,538,461 $9.3M No change
ERAS Erasca Inc. 1.23% 6,756,756 $9.3M No change
DRUG Bright Minds Biosciences Inc. 1.20% 251,572 $9.1M No change
TRML Tourmaline Bio Inc. 1.19% 591,882 $9.0M No change
ABEO Abeona Therapeutics Inc. 1.16% 1,842,751 $8.8M No change
ATXS Astria Therapeutics Inc. 1.10% 1,552,685 $8.3M No change
AKRO Akero Therapeutics Inc. 1.08% 201,168 $8.1M New
CRVS Corvus Pharmaceuticals Inc. 0.94% 2,234,566 $7.1M No change
CMPX Compass Therapeutics Inc. 0.89% 3,556,023 $6.8M No change
IOBTQ Io Biotech Inc. 0.89% 6,173,439 $6.7M No change
COGT Cogent Biosciences Inc. 0.89% 1,122,471 $6.7M No change
UNICYCIVE THERAPEUTICS INC 0.87% 11,370,152 $6.5M Add +14.0%
CELC Celcuity Inc. 0.82% 610,500 $6.2M No change
RZLT Rezolute Inc. 0.81% 2,112,432 $6.1M Reduce -24.5%
SERA Sera Prognostics Inc. Class A 0.80% 1,650,440 $6.1M No change
OLMA Olema Pharmaceuticals Inc. 0.75% 1,505,862 $5.7M No change
RGLS Regulus Therapeutics Inc. 0.62% 2,696,426 $4.7M Reduce -46.1%
SLN Silence Therapeutics PLC-ADR 0.41% 1,105,454 $3.1M No change
SRZN Surrozen Inc. 0.40% 260,000 $3.0M New
ETNB 89BIO Inc. 0.36% 376,804 $2.7M New
BOLT Bolt Biotherapeutics Inc. 0.19% 3,521,291 $1.4M No change
TENX Tenax Therapeutics Inc. 0.18% 208,333 $1.4M No change
ALLK Allakos LLC 0.02% 765,500 $174K Reduce -74.1%
ALGS Aligos Therapeutics Inc. 0.01% 10,199 $84K Reduce -92.8%
DTIL Precision Biosciences Inc. 0.00% 4,675 $22K No change

Portfolio Sells Q4 2024 → Q1 2025
DCTH Delcath Systems Inc. Reduce -56.1% 1.26% −1.04
RZLT Rezolute Inc. Reduce -24.5% 0.81% −0.72
ALGS Aligos Therapeutics Inc. Reduce -92.8% 0.01% −0.62
ALLK Allakos LLC Reduce -74.1% 0.02% −0.38
RGLS Regulus Therapeutics Inc. Reduce -46.1% 0.62% −0.26
CRBP Corbus Pharmaceuticals Holdi Sold out 0.00% −0.22
DBVT DBV Technologies SA-Spon ADR Sold out 0.00% −0.01
QTTB Q32 Bio Inc. Sold out 0.00% −0.01
VRNA Verona Pharma Ltd. Reduce -37.0% 12.10% +0.22
SLNO Soleno Therapeutics Inc. Reduce -29.1% 42.19% +10.50

Portfolio Buys Q4 2024 → Q1 2025
AKRO Akero Therapeutics Inc. New 1.08% +1.08
CMPS Compass Pathways PLC Add +109.1% 1.27% +0.59
SRZN Surrozen Inc. New 0.40% +0.40
ORIC Oric Pharmaceuticals Inc. Add +62.8% 1.54% +0.38
ETNB 89BIO Inc. New 0.36% +0.36
UNICYCIVE THERAPEUTICS INC Add +14.0% 0.87% −0.02
CDTX Cidara Therapeutics Inc. Add +2.0% 1.95% −0.07

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