Vivo Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Vivo Capital, LLC reported 47 stock positions worth $1.2 billion. Its top holding was Soleno Therapeutics (SLNO) at 12.4% of the portfolio, followed by Verona Pharma (VRNA, 12.0%) and Cidara Therapeutics (CDTX, 10.1%). Compared with Q2 2025, it opened 8 new positions, sold out of 3, added to 10 and reduced 2. The biggest buy was a new position in Abivax SA-ADR (ABVX) and the biggest sale Soleno Therapeutics (SLNO, shares −42%).

Most Recent 13F
Q2 2026
Location
Palo Alto, CA
CIK
0001674712
Portfolio Value
$1.2B (Q3 2025)
SEC Filing
0001213900-25-110767 ↗ filed Nov 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 Q2 2025 Q3 2025: $1.2B $1.2B Q3 2025 Q4 2025: $1.5B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 47 stocks · $1.2B
SLNO Soleno Therapeutics Inc. 12.39% 2,278,203 $154.0M Reduce -42.4%
VRNA Verona Pharma Ltd. 11.97% 1,393,432 $148.7M No change
CDTX Cidara Therapeutics Inc. 10.11% 1,311,425 $125.6M No change
TERN Terns Pharmaceuticals Inc. 4.17% 6,895,746 $51.8M No change
TRVI Trevi Therapeutics Inc. 3.75% 5,094,668 $46.6M Add +13.5%
AVDL Avadel Pharmaceuticals Ltd. 3.30% 2,684,109 $41.0M No change
COGT Cogent Biosciences Inc. 3.22% 2,789,137 $40.1M Add +148.5%
SVA Sinovac Biotech Ltd. 3.07% 5,903,000 $38.2M No change
ORIC Oric Pharmaceuticals Inc. 3.02% 3,126,604 $37.5M No change
GERN Geron Corp. 3.00% 27,225,292 $37.3M No change
CMPX Compass Therapeutics Inc. 2.69% 9,545,466 $33.4M Add +58.0%
DYN Dyne Therapeutics Inc. 2.66% 2,614,960 $33.1M Add +134.5%
ABVX Abivax SA-ADR 2.45% 359,305 $30.5M New
DRUG Bright Minds Biosciences Inc. 2.45% 501,617 $30.4M Add +99.4%
TRML Tourmaline Bio Inc. 2.28% 591,882 $28.3M No change
ZBIO Zenas Biopharma Inc. 2.11% 1,183,260 $26.3M No change
VSTM Verastem Inc. 1.88% 2,644,985 $23.4M Add +71.9%
SABS Sab Biotherapeutics Inc. 1.85% 11,420,000 $23.0M New
VRDN Viridian Therapeutics Inc. 1.71% 982,576 $21.2M No change
AKRO Akero Therapeutics Inc. 1.66% 434,689 $20.6M No change
ERAS Erasca Inc. 1.63% 9,273,428 $20.2M Add +37.3%
RZLT Rezolute Inc. 1.60% 2,112,432 $19.9M No change
ACRS Aclaris Therapeutics Inc. 1.36% 8,888,888 $16.9M No change
CRVS Corvus Pharmaceuticals Inc. 1.33% 2,234,566 $16.5M No change
OLMA Olema Pharmaceuticals Inc. 1.19% 1,505,862 $14.7M No change
DNTH Dianthus Therapeutics Inc. 1.12% 353,998 $13.9M New
LBRX LB Pharmaceuticals Inc. 1.02% 800,000 $12.6M New
CAMP CAMP4 Therapeutics Corp. 0.95% 3,921,568 $11.8M New
ATXS Astria Therapeutics Inc. 0.91% 1,552,685 $11.3M No change
PEPG Pepgen Inc. 0.86% 2,325,000 $10.7M New
DBVT DBV Technologies SA-Spon ADR 0.85% 1,054,506 $10.5M No change
PRAX Praxis Precision Medicines I 0.85% 198,895 $10.5M Add +18.7%
ABEO Abeona Therapeutics Inc. 0.78% 1,842,751 $9.7M No change
CTMX Cytomx Therapeutics Inc. 0.74% 2,884,615 $9.2M Reduce -50.0%
EPRX Eupraxia Pharmaceuticals Inc. 0.64% 1,350,000 $8.0M New
UNCY Unicycive Therapeutics Inc. 0.63% 1,789,916 $7.8M Add +57.4%
MNPR Monopar Therapeutics Inc. 0.59% 90,500 $7.4M New
TNGX Tango Therapeutics Inc. 0.53% 776,699 $6.5M Add +29.4%
DCTH Delcath Systems Inc. 0.49% 569,526 $6.1M No change
SLN Silence Therapeutics PLC-ADR 0.46% 1,105,454 $5.7M No change
ETNB 89BIO Inc. 0.45% 376,804 $5.5M No change
TIL Instil Bio Inc. 0.42% 292,743 $5.2M No change
SERA Sera Prognostics Inc. Class A 0.41% 1,650,440 $5.1M No change
SRZN Surrozen Inc. 0.27% 260,000 $3.4M No change
TENX Tenax Therapeutics Inc. 0.13% 208,333 $1.6M No change
BOLT Bolt Biotherapeutics Inc. 0.08% 176,064 $937K No change
DTIL Precision Biosciences Inc. 0.00% 4,675 $26K No change

Portfolio Sells Q2 2025 → Q3 2025
SLNO Soleno Therapeutics Inc. Reduce -42.4% 12.39% −21.55
CMPS Compass Pathways PLC Sold out 0.00% −0.96
IOBTQ Io Biotech Inc. Sold out 0.00% −0.88
CELC Celcuity Inc. Sold out 0.00% −0.83
CTMX Cytomx Therapeutics Inc. Reduce -50.0% 0.74% −0.60

Portfolio Buys Q2 2025 → Q3 2025
ABVX Abivax SA-ADR New 2.45% +2.45
COGT Cogent Biosciences Inc. Add +148.5% 3.22% +2.40
SABS Sab Biotherapeutics Inc. New 1.85% +1.85
DRUG Bright Minds Biosciences Inc. Add +99.4% 2.45% +1.78
DYN Dyne Therapeutics Inc. Add +134.5% 2.66% +1.58
TRVI Trevi Therapeutics Inc. Add +13.5% 3.75% +1.24
VSTM Verastem Inc. Add +71.9% 1.88% +1.23
DNTH Dianthus Therapeutics Inc. New 1.12% +1.12
CMPX Compass Therapeutics Inc. Add +58.0% 2.69% +1.08
LBRX LB Pharmaceuticals Inc. New 1.02% +1.02
CAMP CAMP4 Therapeutics Corp. New 0.95% +0.95
PEPG Pepgen Inc. New 0.86% +0.86
ERAS Erasca Inc. Add +37.3% 1.63% +0.75
EPRX Eupraxia Pharmaceuticals Inc. New 0.64% +0.64
MNPR Monopar Therapeutics Inc. New 0.59% +0.59
TNGX Tango Therapeutics Inc. Add +29.4% 0.53% +0.21
PRAX Praxis Precision Medicines I Add +18.7% 0.85% +0.13
UNCY Unicycive Therapeutics Inc. Add +57.4% 0.63% +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