Vivo Capital, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Vivo Capital, LLC reported 47 stock positions worth $1.5 billion. Its top holding was Terns Pharmaceuticals (TERN) at 14.0% of the portfolio, followed by Cidara Therapeutics (CDTX, 13.7%) and Praxis Precision Medicines I (PRAX, 6.3%). Compared with Q3 2025, it opened 7 new positions, sold out of 7, added to 4 and reduced 9. The biggest buy was Praxis Precision Medicines I (PRAX, shares +65%) and the biggest sale an exit from Verona Pharma (VRNA).

Most Recent 13F
Q2 2026
Location
Palo Alto, CA
CIK
0001674712
Portfolio Value
$1.5B (Q4 2025)
SEC Filing
0001213900-26-016236 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $1.5B $1.5B Q4 2025 Q1 2026: $1.2B Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 47 stocks · $1.5B
TERN Terns Pharmaceuticals Inc. 13.96% 5,346,928 $216.0M Reduce -22.5%
CDTX Cidara Therapeutics Inc. 13.66% 956,670 $211.3M Reduce -27.1%
PRAX Praxis Precision Medicines I 6.27% 328,895 $96.9M Add +65.4%
COGT Cogent Biosciences Inc. 5.51% 2,398,993 $85.2M Reduce -14.0%
TRVI Trevi Therapeutics Inc. 4.12% 5,094,668 $63.8M No change
AVDL Avadel Pharmaceuticals Ltd. 3.74% 2,684,109 $57.8M No change
CMPX Compass Therapeutics Inc. 3.31% 9,545,466 $51.3M No change
DYN Dyne Therapeutics Inc. 3.31% 2,614,960 $51.1M No change
ABVX Abivax SA-ADR 3.13% 359,305 $48.5M No change
DBVT DBV Technologies SA-Spon ADR 3.05% 2,461,626 $47.2M Add +133.4%
SABS Sab Biotherapeutics Inc. 2.76% 11,420,000 $42.7M No change
SLNO Soleno Therapeutics Inc. 2.68% 894,909 $41.4M Reduce -60.7%
DRUG Bright Minds Biosciences Inc. 2.53% 501,617 $39.1M No change
SVA Sinovac Biotech Ltd. 2.47% 5,903,000 $38.2M No change
GERN Geron Corp. 2.32% 27,225,292 $35.9M No change
ERAS Erasca Inc. 2.23% 9,273,428 $34.5M No change
ZBIO Zenas Biopharma Inc. 2.00% 853,495 $31.0M Reduce -27.9%
VRDN Viridian Therapeutics Inc. 1.98% 982,576 $30.6M No change
ACRS Aclaris Therapeutics Inc. 1.73% 8,888,888 $26.8M No change
CAMP CAMP4 Therapeutics Corp. 1.68% 4,246,568 $26.0M Add +8.3%
TNGX Tango Therapeutics Inc. 1.23% 2,154,780 $19.1M Add +177.4%
ANRO Alto Neuroscience Inc. 1.19% 1,035,551 $18.4M New
LBRX LB Pharmaceuticals Inc. 1.15% 800,000 $17.8M No change
NERV Minerva Neurosciences Inc. 1.12% 4,322,747 $17.4M New
ORIC Oric Pharmaceuticals Inc. 1.12% 2,118,384 $17.3M Reduce -32.3%
CRVS Corvus Pharmaceuticals Inc. 1.11% 2,234,566 $17.2M No change
OLMA Olema Pharmaceuticals Inc. 1.09% 671,843 $16.8M Reduce -55.4%
PEPG Pepgen Inc. 0.98% 2,325,000 $15.1M No change
DSGN Design Therapeutics Inc. 0.98% 1,612,903 $15.1M New
DNTH Dianthus Therapeutics Inc. 0.94% 353,998 $14.6M No change
MLTX Moonlake Immunotherapeutics 0.85% 1,000,000 $13.2M New
CTMX Cytomx Therapeutics Inc. 0.79% 2,884,615 $12.3M No change
UNCY Unicycive Therapeutics Inc. 0.67% 1,789,916 $10.3M No change
EPRX Eupraxia Pharmaceuticals Inc. 0.66% 1,350,000 $10.2M No change
ABEO Abeona Therapeutics Inc. 0.63% 1,842,751 $9.7M No change
VSTM Verastem Inc. 0.55% 1,106,524 $8.5M Reduce -58.2%
SLN Silence Therapeutics PLC-ADR 0.43% 1,105,454 $6.7M No change
MNPR Monopar Therapeutics Inc. 0.38% 90,500 $5.9M No change
SRZN Surrozen Inc. 0.38% 260,000 $5.9M No change
PALI Palisade Bio Inc. 0.35% 2,293,578 $5.4M New
SERA Sera Prognostics Inc. Class A 0.31% 1,650,440 $4.9M No change
TIL Instil Bio Inc. 0.21% 292,743 $3.2M No change
KTTA Pasithea Therapeutics Corp. 0.18% 2,100,000 $2.7M New
TENX Tenax Therapeutics Inc. 0.16% 208,333 $2.5M No change
ENGENE HOLDINGS INC 0.05% 285,046 $844K New
BOLT Bolt Biotherapeutics Inc. 0.03% 72,414 $396K Reduce -58.9%
DTIL Precision Biosciences Inc. 0.00% 4,675 $19K No change

Portfolio Sells Q3 2025 → Q4 2025
VRNA Verona Pharma Ltd. Sold out 0.00% −11.97
SLNO Soleno Therapeutics Inc. Reduce -60.7% 2.68% −9.71
TRML Tourmaline Bio Inc. Sold out 0.00% −2.28
ORIC Oric Pharmaceuticals Inc. Reduce -32.3% 1.12% −1.90
AKRO Akero Therapeutics Inc. Sold out 0.00% −1.66
RZLT Rezolute Inc. Sold out 0.00% −1.60
VSTM Verastem Inc. Reduce -58.2% 0.55% −1.33
ATXS Astria Therapeutics Inc. Sold out 0.00% −0.91
DCTH Delcath Systems Inc. Sold out 0.00% −0.49
ETNB 89BIO Inc. Sold out 0.00% −0.45
ZBIO Zenas Biopharma Inc. Reduce -27.9% 2.00% −0.11
OLMA Olema Pharmaceuticals Inc. Reduce -55.4% 1.09% −0.10
BOLT Bolt Biotherapeutics Inc. Reduce -58.9% 0.03% −0.05
COGT Cogent Biosciences Inc. Reduce -14.0% 5.51% +2.29
CDTX Cidara Therapeutics Inc. Reduce -27.1% 13.66% +3.55
TERN Terns Pharmaceuticals Inc. Reduce -22.5% 13.96% +9.80

Portfolio Buys Q3 2025 → Q4 2025
PRAX Praxis Precision Medicines I Add +65.4% 6.27% +5.42
DBVT DBV Technologies SA-Spon ADR Add +133.4% 3.05% +2.20
ANRO Alto Neuroscience Inc. New 1.19% +1.19
NERV Minerva Neurosciences Inc. New 1.12% +1.12
DSGN Design Therapeutics Inc. New 0.98% +0.98
MLTX Moonlake Immunotherapeutics New 0.85% +0.85
CAMP CAMP4 Therapeutics Corp. Add +8.3% 1.68% +0.74
TNGX Tango Therapeutics Inc. Add +177.4% 1.23% +0.71
PALI Palisade Bio Inc. New 0.35% +0.35
KTTA Pasithea Therapeutics Corp. New 0.18% +0.18
ENGENE HOLDINGS INC New 0.05% +0.05

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