Vivo Capital, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Vivo Capital, LLC reported 42 stock positions worth $977.1 million. Its top holding was Soleno Therapeutics (SLNO) at 33.9% of the portfolio, followed by Verona Pharma (VRNA, 13.5%) and Cidara Therapeutics (CDTX, 6.5%). Compared with Q1 2025, it opened 5 new positions, sold out of 3, added to 5 and reduced 4. The biggest buy was Cidara Therapeutics (CDTX, shares +92%) and the biggest sale Soleno Therapeutics (SLNO, shares −11%).

Most Recent 13F
Q2 2026
Location
Palo Alto, CA
CIK
0001674712
Portfolio Value
$977.1M (Q2 2025)
SEC Filing
0001213900-25-075901 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $977.1M $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 · $977.1M
SLNO Soleno Therapeutics Inc. 33.94% 3,958,294 $331.6M Reduce -11.2%
VRNA Verona Pharma Ltd. 13.49% 1,393,432 $131.8M Reduce -3.1%
CDTX Cidara Therapeutics Inc. 6.54% 1,311,425 $63.9M Add +91.7%
GERN Geron Corp. 3.93% 27,225,292 $38.4M No change
SVA Sinovac Biotech Ltd. 3.91% 5,903,000 $38.2M New
ORIC Oric Pharmaceuticals Inc. 3.25% 3,126,604 $31.7M Add +50.3%
TERN Terns Pharmaceuticals Inc. 2.63% 6,895,746 $25.7M No change
TRVI Trevi Therapeutics Inc. 2.51% 4,487,903 $24.5M Add +28.7%
AVDL Avadel Pharmaceuticals Ltd. 2.43% 2,684,109 $23.8M No change
AKRO Akero Therapeutics Inc. 2.37% 434,689 $23.2M Add +116.1%
CMPX Compass Therapeutics Inc. 1.61% 6,043,466 $15.7M Add +70.0%
VRDN Viridian Therapeutics Inc. 1.41% 982,576 $13.7M No change
CTMX Cytomx Therapeutics Inc. 1.34% 5,769,230 $13.1M New
ACRS Aclaris Therapeutics Inc. 1.29% 8,888,888 $12.6M No change
ZBIO Zenas Biopharma Inc. 1.17% 1,183,260 $11.5M No change
DYN Dyne Therapeutics Inc. 1.09% 1,114,960 $10.6M No change
ABEO Abeona Therapeutics Inc. 1.07% 1,842,751 $10.5M No change
DBVT DBV Technologies SA-Spon ADR 0.99% 1,054,506 $9.7M New
TRML Tourmaline Bio Inc. 0.97% 591,882 $9.5M No change
RZLT Rezolute Inc. 0.96% 2,112,432 $9.4M No change
CMPS Compass Pathways PLC 0.96% 3,362,385 $9.4M No change
CRVS Corvus Pharmaceuticals Inc. 0.91% 2,234,566 $8.9M No change
ERAS Erasca Inc. 0.88% 6,756,756 $8.6M No change
IOBTQ Io Biotech Inc. 0.88% 6,173,439 $8.6M No change
ATXS Astria Therapeutics Inc. 0.85% 1,552,685 $8.3M No change
CELC Celcuity Inc. 0.83% 610,500 $8.2M No change
COGT Cogent Biosciences Inc. 0.82% 1,122,471 $8.1M No change
DCTH Delcath Systems Inc. 0.79% 569,526 $7.7M Reduce -24.1%
PRAX Praxis Precision Medicines I 0.72% 167,600 $7.0M New
DRUG Bright Minds Biosciences Inc. 0.67% 251,572 $6.6M No change
OLMA Olema Pharmaceuticals Inc. 0.66% 1,505,862 $6.4M No change
SLN Silence Therapeutics PLC-ADR 0.66% 1,105,454 $6.4M No change
VSTM Verastem Inc. 0.65% 1,538,461 $6.4M No change
TIL Instil Bio Inc. 0.62% 292,743 $6.1M Reduce -50.0%
UNCY Unicycive Therapeutics Inc. 0.56% 1,137,015 $5.4M No change
SERA Sera Prognostics Inc. Class A 0.47% 1,650,440 $4.6M No change
ETNB 89BIO Inc. 0.38% 376,804 $3.7M No change
TNGX Tango Therapeutics Inc. 0.31% 600,000 $3.1M New
SRZN Surrozen Inc. 0.24% 260,000 $2.3M No change
TENX Tenax Therapeutics Inc. 0.12% 208,333 $1.2M No change
BOLT Bolt Biotherapeutics Inc. 0.10% 176,064 $986K No change
DTIL Precision Biosciences Inc. 0.00% 4,675 $20K No change

Portfolio Sells Q1 2025 → Q2 2025
SLNO Soleno Therapeutics Inc. Reduce -11.2% 33.94% −8.25
TIL Instil Bio Inc. Reduce -50.0% 0.62% −0.72
RGLS Regulus Therapeutics Inc. Sold out 0.00% −0.62
DCTH Delcath Systems Inc. Reduce -24.1% 0.79% −0.47
ALLK Allakos LLC Sold out 0.00% −0.02
ALGS Aligos Therapeutics Inc. Sold out 0.00% −0.01
VRNA Verona Pharma Ltd. Reduce -3.1% 13.49% +1.39

Portfolio Buys Q1 2025 → Q2 2025
CDTX Cidara Therapeutics Inc. Add +91.7% 6.54% +4.59
SVA Sinovac Biotech Ltd. New 3.91% +3.91
ORIC Oric Pharmaceuticals Inc. Add +50.3% 3.25% +1.71
CTMX Cytomx Therapeutics Inc. New 1.34% +1.34
AKRO Akero Therapeutics Inc. Add +116.1% 2.37% +1.30
DBVT DBV Technologies SA-Spon ADR New 0.99% +0.99
PRAX Praxis Precision Medicines I New 0.72% +0.72
CMPX Compass Therapeutics Inc. Add +70.0% 1.61% +0.71
TNGX Tango Therapeutics Inc. New 0.31% +0.31
TRVI Trevi Therapeutics Inc. Add +28.7% 2.51% −0.39

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