Q4 2025 · 13F-HR
ADAR1 Capital Management, LLCholdings as filed
Filed 2026-02-17 · accession 0001940272-26-000002
$1.38B
Reported value
270
Positions
2025-12-31
Period end
The Brief · ADAR1 Capital Management, LLC · Q4 2025
AI · grounded in 13F
ADAR1 Capital Management, LLC established a new position in ABIVAX SA valued at $177.6M. The fund also initiated new stakes in PROTAGONIST THERAPEUTICS INC for $91.6M and ROIVANT SCIENCES LTD for $74.4M. Additional new positions include IMVT at $63.1M and AVIDITY BIOSCIENCES INC at $39.4M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 00370M103 | ABVX | ABIVAX SA | $177.6M | 12.9% | 1,317,329 | Common | SOLE |
| 74366E102 | PTGX | PROTAGONIST THERAPEUTICS INC | $91.6M | 6.63% | 1,049,168 | Common | SOLE |
| G76279101 | ROIV | ROIVANT SCIENCES LTD | $74.4M | 5.39% | 3,428,962 | Common | SOLE |
| 45258J102 | IMVT | IMMUNOVANT INC | $63.1M | 4.57% | 2,480,968 | Common | SOLE |
| 05370A108 | RNAGBP | AVIDITY BIOSCIENCES INC | $39.4M | 2.85% | 546,534 | Common | SOLE |
| 02072L565 | BOXX | EA SERIES TRUST | $38.8M | 2.81% | 337,125 | Common | SOLE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $37.3M | 2.70% | 54,684 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $34.3M | 2.49% | 540,166 | Common | SOLE |
| 81734D104 | SEPN | SEPTERNA INC | $32.3M | 2.34% | 1,157,611 | Common | SOLE |
| 03879J100 | ABUS | ARBUTUS BIOPHARMA CORP | $26.0M | 1.89% | 5,415,109 | Common | SOLE |
| G70077105 | PCSC | PERCEPTIVE CAP SOLUTIONS COR | $25.5M | 1.85% | 1,956,720 | Common | SOLE |
| 98887Q104 | ZLAB | ZAI LAB LTD | $22.0M | 1.59% | 1,246,520 | Common | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $21.9M | 1.58% | 541,615 | Common | SOLE |
| 23284F105 | CTMX | CYTOMX THERAPEUTICS INC | $17.8M | 1.29% | 4,182,769 | Common | SOLE |
| 15117B202 | CLDX | CELLDEX THERAPEUTICS INC NEW | $17.6M | 1.27% | 646,767 | Common | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $17.3M | 1.25% | 509,679 | Common | SOLE |
| 45719W205 | IKT | INHIBIKASE THERAPEUTICS INC | $16.5M | 1.20% | 8,063,949 | Common | SOLE |
| 10806X102 | BBIO | BRIDGEBIO PHARMA INC | $16.3M | 1.18% | 213,414 | Common | SOLE |
| 61023L207 | MNPR | MONOPAR THERAPEUTICS INC | $15.3M | 1.11% | 233,908 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $14.6M | 1.05% | 315,642 | Common | SOLE |
| 22663K107 | CRNX | CRINETICS PHARMACEUTICALS IN | $14.4M | 1.04% | 309,368 | Common | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $14.2M | 1.03% | 1,253,749 | Common | SOLE |
| G72800108 | PRTA | PROTHENA CORP PLC | $13.9M | 1.01% | 1,457,764 | Common | SOLE |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $13.8M | 1.00% | 1,393,161 | Common | SOLE |
| 877619106 | TSHA | TAYSHA GENE THERAPIES INC | $13.7M | 0.99% | 2,495,809 | Common | SOLE |
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $13.2M | 0.95% | 59,677 | Common | SOLE |
| 46124U107 | IVA | INVENTIVA SA | $12.6M | 0.91% | 2,709,846 | Common | SOLE |
| G31249108 | ESTA | ESTABLISHMENT LABS HLDGS INC | $12.5M | 0.90% | 171,422 | Common | SOLE |
| 78468R663 | BIL | SPDR SERIES TRUST | $12.4M | 0.90% | 135,585 | Common | SOLE |
| 76029N106 | REPL | REPLIMUNE GROUP INC | $12.1M | 0.87% | 1,241,322 | Common | SOLE |
| 462222100 | IONS | IONIS PHARMACEUTICALS INC | $11.6M | 0.84% | 147,130 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $11.6M | 0.84% | 145,079 | Common | SOLE |
| 03237H101 | AMLX | AMYLYX PHARMACEUTICALS INC | $10.8M | 0.78% | 890,356 | Common | SOLE |
| 156944100 | CGON | CG ONCOLOGY INC | $10.7M | 0.78% | 258,139 | Common | SOLE |
| 879369106 | TFX | TELEFLEX INCORPORATED | $9.8M | 0.71% | 80,627 | Common | SOLE |
| 00534A102 | IVVD | INVIVYD INC | $9.6M | 0.70% | 3,899,397 | Common | SOLE |
| 75886F107 | REGN | REGENERON PHARMACEUTICALS | $9.3M | 0.67% | 12,051 | Common | SOLE |
| 98420N105 | XENE | XENON PHARMACEUTICALS INC | $9.1M | 0.66% | 203,969 | Common | SOLE |
| 29446K106 | EQ | EQUILLIUM INC | $8.7M | 0.63% | 5,608,078 | Common | SOLE |
| 805111101 | SVRA | SAVARA INC | $8.5M | 0.61% | 1,405,452 | Common | SOLE |
| 578784100 | MAZE | MAZE THERAPEUTICS INC | $7.4M | 0.54% | 179,532 | Common | SOLE |
| 881624209 | TEVA | TEVA PHARMACEUTICAL INDS LTD | $7.4M | 0.53% | 235,971 | Common | SOLE |
| G2545C104 | CBIO | CRESCENT BIOPHARMA INC. | $7.2M | 0.52% | 606,000 | Common | SOLE |
| 690469101 | OVID | OVID THERAPEUTICS INC | $7.0M | 0.51% | 4,285,000 | Common | SOLE |
| 464287655 | IWM | ISHARES TR | $6.8M | 0.49% | 27,500 | PUT | SOLE |
| 07782B104 | BLTE | BELITE BIO INC | $6.4M | 0.46% | 39,839 | Common | SOLE |
| 92532F100 | VRTX | VERTEX PHARMACEUTICALS INC | $6.2M | 0.45% | 13,716 | Common | SOLE |
| 10922N103 | BHF | BRIGHTHOUSE FINL INC | $6.2M | 0.45% | 95,523 | Common | SOLE |
| 03675P102 | AVR | ANTERIS TECHNOLOGIES GLOBAL | $6.2M | 0.45% | 1,238,777 | Common | SOLE |
| G1000R101 | AAM | AA MISSION ACQUISITION CORP | $6.2M | 0.45% | 578,359 | Common | SOLE |
| 74365U107 | TARA | PROTARA THERAPEUTICS INC | $6.1M | 0.44% | 1,136,799 | Common | SOLE |
| 235851102 | DHR | DANAHER CORPORATION | $5.9M | 0.42% | 25,600 | Common | SOLE |
| 28658R106 | CLYM | CLIMB BIO INC | $5.7M | 0.41% | 1,432,475 | Common | SOLE |
| N90064101 | QURE | UNIQURE NV | $5.6M | 0.41% | 235,155 | Common | SOLE |
| 76243J105 | RYTM | RHYTHM PHARMACEUTICALS INC | $5.5M | 0.40% | 51,349 | Common | SOLE |
| G6717R120 | OACCU | OAKTREE ACQUISITION CORP III | $5.5M | 0.40% | 516,482 | Common | SOLE |
| 04351P101 | ASNDUSD | ASCENDIS PHARMA A/S | $5.4M | 0.39% | 25,314 | Common | SOLE |
| 00847X104 | AGIO | AGIOS PHARMACEUTICALS INC | $5.1M | 0.37% | 188,000 | Common | SOLE |
| 85209E208 | SPRB | SPRUCE BIOSCIENCES INC | $5.1M | 0.37% | 58,000 | Common | SOLE |
| 603170101 | MLYS | MINERALYS THERAPEUTICS INC | $4.9M | 0.36% | 136,231 | Common | SOLE |
| 501147102 | KRYS | KRYSTAL BIOTECH INC | $4.9M | 0.36% | 20,014 | Common | SOLE |
| 696389402 | PALI | PALISADE BIO INC | $4.7M | 0.34% | 2,004,845 | Common | SOLE |
| G1000R101 | AAM | AA MISSION ACQUISITION CORP | $4.3M | 0.31% | 405,089 | CALL | SOLE |
| 82835W108 | SPRY | ARS PHARMACEUTICALS INC | $4.3M | 0.31% | 369,569 | Common | SOLE |
| 09062X103 | BIIB | BIOGEN INC | $4.3M | 0.31% | 24,300 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA COMPANY | $4.2M | 0.30% | 118,623 | Common | SOLE |
| G0273J101 | AEXA | AMERICAN EXCEPTIONALISM ACQU | $4.1M | 0.29% | 357,539 | Common | SOLE |
| 04280A100 | ARWR | ARROWHEAD PHARMACEUTICALS IN | $3.9M | 0.28% | 58,200 | Common | SOLE |
| N0731H103 | ATAI | ATAI BECKLEY NV | $3.7M | 0.27% | 913,242 | Common | SOLE |
| 221015100 | CRVS | CORVUS PHARMACEUTICALS INC | $3.6M | 0.26% | 465,875 | Common | SOLE |
| 47103J105 | JANX | JANUX THERAPEUTICS INC | $3.4M | 0.25% | 245,452 | Common | SOLE |
| 61225M102 | GLUE | MONTE ROSA THERAPEUTICS INC | $3.4M | 0.24% | 215,752 | Common | SOLE |
| G29687103 | AVDL | AVADEL PHARMACEUTICALS PLC | $3.2M | 0.23% | 150,532 | Common | SOLE |
| 21217B100 | CTNM | CONTINEUM THERAPEUTICS INC | $3.2M | 0.23% | 278,961 | Common | SOLE |
| 30054Y107 | EVMN | EVOMMUNE INC | $3.2M | 0.23% | 184,062 | Common | SOLE |
| 35168W103 | GUTS | FRACTYL HEALTH INC | $3.1M | 0.23% | 1,428,571 | CALL | SOLE |
| 80105N105 | SNY | SANOFI SA | $3.1M | 0.22% | 63,474 | Common | SOLE |
| 80706P103 | SRRK | SCHOLAR ROCK HLDG CORP | $3.1M | 0.22% | 69,589 | Common | SOLE |
| 640268306 | NKTR | NEKTAR THERAPEUTICS | $3.0M | 0.22% | 72,031 | Common | SOLE |
| 464287655 | IWM | ISHARES TR | $3.0M | 0.22% | 12,070 | Common | SOLE |
| G9TY5A101 | ZURA | ZURA BIO LTD | $2.9M | 0.21% | 562,065 | Common | SOLE |
| 68277Q105 | OKUR | ONKURE THERAPEUTICS INC | $2.9M | 0.21% | 1,014,158 | Common | SOLE |
| M96088105 | URGN | UROGEN PHARMA LTD | $2.9M | 0.21% | 125,375 | Common | SOLE |
| 04746L203 | LONA | ATHIRA PHARMA INC | $2.9M | 0.21% | 393,701 | Common | SOLE |
| 107924102 | BBOT | BRIDGEBIO ONCOLOGY THERAPEUT | $2.8M | 0.21% | 226,248 | Common | SOLE |
| 28617K101 | ELDN | ELEDON PHARMACEUTICALS INC | $2.8M | 0.20% | 1,821,812 | Common | SOLE |
| 29286M105 | — | ENGENE HOLDINGS INC | $2.7M | 0.20% | 303,686 | Common | SOLE |
| 268158201 | DVAX | DYNAVAX TECHNOLOGIES CORP | $2.6M | 0.19% | 170,000 | Common | SOLE |
| 45773H409 | INO | INOVIO PHARMACEUTICALS INC | $2.6M | 0.19% | 1,485,008 | Common | SOLE |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $2.4M | 0.17% | 77,198 | Common | SOLE |
| N69605108 | PHVS | PHARVARIS N V | $2.4M | 0.17% | 85,528 | Common | SOLE |
| 21833P301 | CRBP | CORBUS PHARMACEUTICALS HLDGS | $2.3M | 0.17% | 286,781 | Common | SOLE |
| 04635X102 | CATBUSD | ASTRIA THERAPEUTICS INC | $2.3M | 0.16% | 173,557 | Common | SOLE |
| 24661P807 | DCTH | DELCATH SYS INC | $2.3M | 0.16% | 224,385 | Common | SOLE |
| 28036F105 | EWTX | EDGEWISE THERAPEUTICS INC | $2.3M | 0.16% | 90,999 | Common | SOLE |
| 00439U104 | GRCE | GRACE THERAPEUTICS INC | $2.2M | 0.16% | 641,988 | Common | SOLE |
| 75901B107 | RGNX | REGENXBIO INC | $2.1M | 0.15% | 144,848 | Common | SOLE |
| 03940C100 | ACLXGBX | ARCELLX INC | $2.1M | 0.15% | 31,484 | Common | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $2.0M | 0.15% | 81,399 | Common | SOLE |
| 574795100 | MASI | MASIMO CORP | $2.0M | 0.14% | 15,000 | Common | SOLE |
| 23256X407 | HELP | CYBIN INC | $2.0M | 0.14% | 238,390 | Common | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $1.9M | 0.14% | 41,830 | Common | SOLE |
| 00509G209 | ABOS | ACUMEN PHARMACEUTICALS INC | $1.9M | 0.14% | 891,183 | Common | SOLE |
| 00461U105 | ACRS | ACLARIS THERAPEUTICS INC | $1.8M | 0.13% | 613,986 | Common | SOLE |
| 717081103 | PFE | PFIZER INC | $1.8M | 0.13% | 72,400 | Common | SOLE |
| 09077V100 | BIOA | BIOAGE LABS INC | $1.8M | 0.13% | 135,560 | Common | SOLE |
| G01767105 | ALKS | ALKERMES PLC | $1.8M | 0.13% | 63,700 | Common | SOLE |
| 379577208 | GMED | GLOBUS MED INC | $1.8M | 0.13% | 20,100 | Common | SOLE |
| 014442107 | ALEC | ALECTOR INC | $1.7M | 0.13% | 1,108,000 | Common | SOLE |
| 77313F106 | RCKT | ROCKET PHARMACEUTICALS INC | $1.7M | 0.12% | 475,800 | Common | SOLE |
| 98262P200 | WW | WW INTL INC | $1.7M | 0.12% | 57,100 | Common | SOLE |
| 03843E104 | AQST | AQUESTIVE THERAPEUTICS INC | $1.6M | 0.12% | 254,000 | PUT | SOLE |
| 86627T108 | SMMT | SUMMIT THERAPEUTICS INC | $1.6M | 0.12% | 91,869 | Common | SOLE |
| G2254C105 | CCIIU | COHEN CIRCLE ACQUISIT CORP I | $1.6M | 0.11% | 150,000 | Common | SOLE |
| 868459108 | SUPN | SUPERNUS PHARMACEUTICALS INC | $1.5M | 0.11% | 29,742 | Common | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $1.4M | 0.10% | 463,200 | PUT | SOLE |
| 457730109 | INSP | INSPIRE MED SYS INC | $1.4M | 0.10% | 15,000 | Common | SOLE |
| 67080M103 | NRIX | NURIX THERAPEUTICS INC | $1.4M | 0.10% | 72,070 | Common | SOLE |
| G50871105 | JAZZ | JAZZ PHARMACEUTICALS PLC | $1.4M | 0.10% | 8,000 | Common | SOLE |
| 68218J103 | OABI | OMNIAB INC | $1.3M | 0.09% | 702,190 | Common | SOLE |
| 682143102 | OMER | OMEROS CORP | $1.3M | 0.09% | 75,000 | PUT | SOLE |
| 87583X109 | TNGX | TANGO THERAPEUTICS INC | $1.2M | 0.09% | 140,021 | Common | SOLE |
| 00534B100 | ADGM | ADAGIO MED HLDGS INC | $1.2M | 0.09% | 1,159,614 | Common | SOLE |
| G52694109 | KNSA | KINIKSA PHARMACEUTICALS INTL | $1.2M | 0.09% | 28,728 | Common | SOLE |
| 00773J202 | SYRE | SPYRE THERAPEUTICS INC | $1.1M | 0.08% | 34,051 | Common | SOLE |
| 007002207 | ACET | ADICET BIO INC | $1.1M | 0.08% | 128,646 | Common | SOLE |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $1.1M | 0.08% | 20,000 | Common | SOLE |
| 87990A106 | TNYA | TENAYA THERAPEUTICS INC | $1.1M | 0.08% | 1,505,300 | Common | SOLE |
| G1069P137 | BSAAU | BEST SPAC I ACQUISITION CORP | $1.0M | 0.07% | 100,000 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $1.0M | 0.07% | 9,640 | Common | SOLE |
| G2130T108 | INFQ | CHURCHILL CAP CORP X | $1.0M | 0.07% | 64,887 | Common | SOLE |
| 285512109 | EA | ELECTRONIC ARTS INC | $1.0M | 0.07% | 4,936 | Common | SOLE |
| 58155Q103 | MCK | MCKESSON CORP | $984,348 | 0.07% | 1,200 | Common | SOLE |
| 152309100 | CNTA | CENTESSA PHARMACEUTICALS PLC | $964,536 | 0.07% | 38,566 | Common | SOLE |
| 09075V102 | BNTX | BIONTECH SE | $952,000 | 0.07% | 10,000 | Common | SOLE |
| M96088105 | URGN | UROGEN PHARMA LTD | $936,800 | 0.07% | 40,000 | CALL | SOLE |
| 92686J106 | VKTX | VIKING THERAPEUTICS INC | $932,059 | 0.07% | 26,494 | Common | SOLE |
| 91307C102 | UTHR | UNITED THERAPEUTICS CORP DEL | $925,775 | 0.07% | 1,900 | Common | SOLE |
| 729640102 | PLYM | PLYMOUTH INDL REIT INC | $898,502 | 0.07% | 41,065 | Common | SOLE |
| G52443119 | KVAC | KEEN VISION ACQUISITION CORP | $881,250 | 0.06% | 75,000 | CALL | SOLE |
| 35104E100 | FDMT | 4D MOLECULAR THERAPEUTICS IN | $875,340 | 0.06% | 116,712 | Common | SOLE |
| 24823R105 | DNLI | DENALI THERAPEUTICS INC | $860,435 | 0.06% | 52,116 | Common | SOLE |
| 98401F105 | XNCR | XENCOR INC | $859,886 | 0.06% | 56,165 | Common | SOLE |
| 53635D202 | LQDA | LIQUIDIA CORPORATION | $845,005 | 0.06% | 24,500 | PUT | SOLE |
| 482929106 | KLRS | KALARIS THERAPEUTICS INC | $844,000 | 0.06% | 100,000 | Common | SOLE |
| 74907L409 | QNRX | QUOIN PHARMACEUTICALS LTD | $840,259 | 0.06% | 58,230 | Common | SOLE |
| 26818M108 | DYN | DYNE THERAPEUTICS INC | $834,703 | 0.06% | 42,674 | Common | SOLE |
| 046353108 | AZNN | ASTRAZENECA PLC | $827,370 | 0.06% | 9,000 | Common | SOLE |
| 375558103 | GILD | GILEAD SCIENCES INC | $818,185 | 0.06% | 6,666 | Common | SOLE |
| 05352A100 | AVTR | AVANTOR INC | $802,200 | 0.06% | 70,000 | Common | SOLE |
| 015271109 | ARE | ALEXANDRIA REAL ESTATE EQ IN | $797,722 | 0.06% | 16,300 | Common | SOLE |
| 745848101 | LUNG | PULMONX CORP | $785,456 | 0.06% | 355,410 | Common | SOLE |
| 451033708 | IBIO | IBIO INC | $782,675 | 0.06% | 405,531 | Common | SOLE |
| 88032L605 | TENX | TENAX THERAPEUTICS INC | $776,174 | 0.06% | 63,673 | Common | SOLE |
| 869367201 | STRO | SUTRO BIOPHARMA INC | $776,081 | 0.06% | 67,077 | Common | SOLE |
| 09061G101 | BMRN | BIOMARIN PHARMACEUTICAL INC | $766,647 | 0.06% | 12,900 | Common | SOLE |
| 20454B104 | CMPX | COMPASS THERAPEUTICS INC | $746,430 | 0.05% | 139,000 | Common | SOLE |
| 92337R101 | VERA | VERA THERAPEUTICS INC | $746,079 | 0.05% | 14,733 | Common | SOLE |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $738,698 | 0.05% | 117,440 | Common | SOLE |
| 92332V107 | VTYXUSD | VENTYX BIOSCIENCES INC | $736,848 | 0.05% | 81,600 | Common | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $735,150 | 0.05% | 65,000 | CALL | SOLE |
| N90064101 | QURE | UNIQURE NV | $717,900 | 0.05% | 30,000 | CALL | SOLE |
| 40131M109 | GH | GUARDANT HEALTH INC | $714,980 | 0.05% | 7,000 | Common | SOLE |
| 71722W107 | PHAT | PHATHOM PHARMACEUTICALS INC | $711,711 | 0.05% | 42,900 | Common | SOLE |
| 517125100 | LRMR | LARIMAR THERAPEUTICS INC | $707,475 | 0.05% | 185,689 | Common | SOLE |
| 45166A102 | IDYA | IDEAYA BIOSCIENCES INC | $691,400 | 0.05% | 20,000 | Common | SOLE |
| 04335A105 | ARVN | ARVINAS INC | $688,959 | 0.05% | 58,091 | Common | SOLE |
| 670703107 | NUVL | NUVALENT INC | $688,237 | 0.05% | 6,842 | Common | SOLE |
| 045396207 | ASMB | ASSEMBLY BIOSCIENCES INC | $671,595 | 0.05% | 19,747 | Common | SOLE |
| 34986A104 | FWRD | FORWARD AIR CORP | $665,875 | 0.05% | 26,635 | Common | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $658,846 | 0.05% | 212,531 | Common | SOLE |
| 29251M106 | ENTA | ENANTA PHARMACEUTICALS INC | $652,200 | 0.05% | 41,357 | Common | SOLE |
| 687604108 | ORKA | ORUKA THERAPEUTICS INC | $631,660 | 0.05% | 20,840 | Common | SOLE |
| 64135M105 | NGNE | NEUROGENE INC | $631,040 | 0.05% | 30,633 | Common | SOLE |
| 878972108 | TECX | TECTONIC THERAPEUTIC INC | $625,946 | 0.05% | 30,007 | Common | SOLE |
| 803607100 | SRPT | SAREPTA THERAPEUTICS INC | $621,196 | 0.04% | 28,866 | Common | SOLE |
| 46120E602 | ISRG | INTUITIVE SURGICAL INC | $577,687 | 0.04% | 1,020 | Common | SOLE |
| 501976104 | KYTX | KYVERNA THERAPEUTICS INC | $539,823 | 0.04% | 57,428 | Common | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $524,463 | 0.04% | 3,578 | Common | SOLE |
| 558868105 | MDGL | MADRIGAL PHARMACEUTICALS INC | $521,194 | 0.04% | 895 | Common | SOLE |
| 230031106 | CGEM | CULLINAN THERAPEUTICS INC | $517,500 | 0.04% | 50,000 | Common | SOLE |
| 21077P108 | CNTX | CONTEXT THERAPEUTICS INC | $516,108 | 0.04% | 351,094 | Common | SOLE |
| G3933N108 | GTERU | GLOBA TERRA ACQUISITION COR | $514,000 | 0.04% | 50,000 | Common | SOLE |
| 97717Y527 | USFR | WISDOMTREE TR | $503,200 | 0.04% | 10,000 | Common | SOLE |
| 03753U106 | APLSUSD | APELLIS PHARMACEUTICALS INC | $502,400 | 0.04% | 20,000 | Common | SOLE |
| 632307104 | NTRA | NATERA INC | $491,856 | 0.04% | 2,147 | Common | SOLE |
| 101137107 | BSX | BOSTON SCIENTIFIC CORP | $476,750 | 0.03% | 5,000 | Common | SOLE |
| 29337E102 | ELVN | ENLIVEN THERAPEUTICS INC | $462,000 | 0.03% | 30,000 | Common | SOLE |
| 28414H103 | ELAN | ELANCO ANIMAL HEALTH INC | $452,600 | 0.03% | 20,000 | Common | SOLE |
| M8001Q126 | PYPD | POLYPID LTD | $451,143 | 0.03% | 103,950 | Common | SOLE |
| 374163103 | GERN | GERON CORP | $443,752 | 0.03% | 336,176 | Common | SOLE |
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $442,110 | 0.03% | 1,500 | Common | SOLE |
| G6674U108 | NVCR | NOVOCURE LTD | $439,620 | 0.03% | 34,000 | Common | SOLE |
| 21874A106 | CORZ | CORE SCIENTIFIC INC NEW | $436,800 | 0.03% | 30,000 | Common | SOLE |
| 682143102 | OMER | OMEROS CORP | $429,375 | 0.03% | 25,000 | Common | SOLE |
| 23284F105 | CTMX | CYTOMX THERAPEUTICS INC | $426,000 | 0.03% | 100,000 | CALL | SOLE |
| 50127T109 | KURA | KURA ONCOLOGY INC | $415,600 | 0.03% | 40,000 | Common | SOLE |
| 92840H400 | VTGN | VISTAGEN THERAPEUTICS INC | $412,744 | 0.03% | 623,575 | Common | SOLE |
| G1110E107 | BHVN | BIOHAVEN LTD | $386,987 | 0.03% | 34,277 | Common | SOLE |
| 492327101 | KROS | KEROS THERAPEUTICS INC | $383,806 | 0.03% | 18,851 | Common | SOLE |
| 48576U205 | KPTI | KARYOPHARM THERAPEUTICS INC | $368,000 | 0.03% | 50,000 | Common | SOLE |
| 68752L100 | KIDS | ORTHOPEDIATRICS CORP | $352,447 | 0.03% | 19,845 | Common | SOLE |
| 09058V103 | BCRX | BIOCRYST PHARMACEUTICALS INC | $351,000 | 0.03% | 45,000 | Common | SOLE |
| 05156V102 | AUPH | AURINIA PHARMACEUTICALS INC | $350,900 | 0.03% | 22,000 | Common | SOLE |
| 15677J108 | DAY | DAYFORCE INC | $345,800 | 0.03% | 5,000 | Common | SOLE |
| 88338N206 | TXMD | THERAPEUTICSMD INC | $341,012 | 0.02% | 209,210 | Common | SOLE |
| 49721T507 | KPRX | KIORA PHARMACEUTICALS INC | $330,844 | 0.02% | 167,941 | Common | SOLE |
| 008064206 | JBIO | JADE BIOSCIENCES INC | $324,030 | 0.02% | 21,000 | Common | SOLE |
| 86881A100 | SGRY | SURGERY PARTNERS INC | $309,000 | 0.02% | 20,000 | Common | SOLE |
| 47215P106 | JD | JD.COM INC | $287,000 | 0.02% | 10,000 | Common | SOLE |
| G7257A113 | PCAPU | PROCAP ACQUISITION CORP | $275,866 | 0.02% | 26,940 | Common | SOLE |
| 10919W405 | DRUG | BRIGHT MINDS BIOSCIENCES INC | $273,140 | 0.02% | 3,500 | Common | SOLE |
| 45168D104 | IDXX | IDEXX LABS INC | $270,612 | 0.02% | 400 | Common | SOLE |
| 22053A107 | — | QUINCE THERAPEUTICS INC | $268,000 | 0.02% | 80,000 | PUT | SOLE |
| 84833T103 | SPRO | SPERO THERAPEUTICS INC | $265,245 | 0.02% | 113,839 | Common | SOLE |
| 46489V302 | CATX | PERSPECTIVE THERAPEUTICS INC | $261,781 | 0.02% | 95,193 | Common | SOLE |
| 45258H106 | IMMX | IMMIX BIOPHARMA INC | $261,500 | 0.02% | 50,000 | Common | SOLE |
| 471871202 | JSPR | JASPER THERAPEUTICS INC | $256,200 | 0.02% | 140,000 | Common | SOLE |
| 87164F105 | SNDX | SYNDAX PHARMACEUTICALS INC | $252,120 | 0.02% | 12,000 | Common | SOLE |
| 68622V106 | OGN | ORGANON & CO | $250,950 | 0.02% | 35,000 | Common | SOLE |
| 76029N106 | REPL | REPLIMUNE GROUP INC | $243,000 | 0.02% | 25,000 | CALL | SOLE |
| 03589W102 | ANNX | ANNEXON INC | $240,960 | 0.02% | 48,000 | Common | SOLE |
| 713317105 | PEPG | PEPGEN INC | $239,841 | 0.02% | 36,842 | Common | SOLE |
| 30052C107 | EOLS | EVOLUS INC | $238,462 | 0.02% | 35,859 | Common | SOLE |
| 004468500 | ACHV | ACHIEVE LIFE SCIENCES INC | $237,566 | 0.02% | 47,800 | Common | SOLE |
| 055477103 | BCAX | BICARA THERAPEUTICS INC | $230,655 | 0.02% | 13,705 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $230,000 | 0.02% | 10,000 | CALL | SOLE |
| 78349D107 | RXST | RXSIGHT INC | $227,187 | 0.02% | 21,803 | Common | SOLE |
| 59935V107 | MIST | MILESTONE PHARMACEUTICALS IN | $202,202 | 0.01% | 100,100 | Common | SOLE |
| 26818M108 | DYN | DYNE THERAPEUTICS INC | $195,600 | 0.01% | 10,000 | CALL | SOLE |
| 00032Q104 | WHWK | WHITEHAWK THERAPEUTICS INC | $187,775 | 0.01% | 77,593 | Common | SOLE |
| 68232V884 | TRAW | TRAWS PHARMA INC | $174,507 | 0.01% | 154,431 | Common | SOLE |
| 483497103 | KALV | KALVISTA PHARMACEUTICALS INC | $161,500 | 0.01% | 10,000 | Common | SOLE |
| 69012T305 | OTLK | OUTLOOK THERAPEUTICS INC | $158,000 | 0.01% | 100,000 | PUT | SOLE |
| 75955J402 | RLMD | RELMADA THERAPEUTICS INC | $149,083 | 0.01% | 30,866 | Common | SOLE |
| 92941V308 | VYNE | VYNE THERAPEUTICS INC | $147,224 | 0.01% | 253,791 | Common | SOLE |
| 22053A107 | — | QUINCE THERAPEUTICS INC | $143,755 | 0.01% | 42,912 | Common | SOLE |
| 82686Q101 | SLN | SILENCE THERAPEUTICS PLC | $143,749 | 0.01% | 23,643 | Common | SOLE |
| 75629V104 | RXRX | RECURSION PHARMACEUTICALS IN | $143,150 | 0.01% | 35,000 | Common | SOLE |
| 92915B106 | VYGR | VOYAGER THERAPEUTICS INC | $137,550 | 0.01% | 35,000 | Common | SOLE |
| 184492106 | ZONE | CLEANCORE SOLUTIONS INC | $135,715 | 0.01% | 521,980 | Common | SOLE |
| 16385C203 | CMMB | CHEMOMAB THERAPEUTICS LTD | $132,000 | 0.01% | 80,000 | Common | SOLE |
| 45773H409 | INO | INOVIO PHARMACEUTICALS INC | $131,370 | 0.01% | 75,500 | CALL | SOLE |
| 69353Y103 | PMVP | PMV PHARMACEUTICALS INC | $126,260 | 0.01% | 101,008 | Common | SOLE |
| 37148K209 | — | GENERATION BIO CO | $125,778 | 0.01% | 22,144 | Common | SOLE |
| 64136E102 | NEUP | NEUPHORIA THERAPEUTICS INC | $116,400 | 0.01% | 30,000 | Common | SOLE |
| 18914F103 | CLOV | CLOVER HEALTH INVESTMENTS CO | $113,505 | 0.01% | 48,300 | Common | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $108,810 | 0.01% | 35,100 | CALL | SOLE |
| 98943L107 | ZNTL | ZENTALIS PHARMACEUTICALS INC | $108,000 | 0.01% | 80,000 | Common | SOLE |
| 09077B104 | BCABGBP | BIOATLA INC | $103,950 | 0.01% | 183,107 | Common | SOLE |
| 78397T202 | SABS | SAB BIOTHERAPEUTICS INC | $98,527 | 0.01% | 26,344 | Common | SOLE |
| 834212201 | STI | SOLIDION TECHNOLOGY INC | $95,715 | 0.01% | 13,500 | CALL | SOLE |
| 31572Q881 | KYNB | FIBROGEN INC | $91,918 | 0.01% | 10,469 | Common | SOLE |
| 76200L309 | RZLT | REZOLUTE INC | $91,282 | 0.01% | 38,679 | Common | SOLE |
| 640979100 | NMRA | NEUMORA THERAPEUTICS INC. | $90,574 | 0.01% | 50,600 | Common | SOLE |
| 729139105 | PLRX | PLIANT THERAPEUTICS INC | $90,059 | 0.01% | 73,819 | Common | SOLE |
| 55279B301 | LITS | LITE STRATEGY INC | $88,825 | 0.01% | 67,292 | Common | SOLE |
| 67577R102 | IRD | OPUS GENETICS INC | $80,400 | 0.01% | 40,000 | Common | SOLE |
| 92840H400 | VTGN | VISTAGEN THERAPEUTICS INC | $79,428 | 0.01% | 120,000 | PUT | SOLE |
| 483119202 | KALAEUR | KALA BIO INC | $78,649 | 0.01% | 141,480 | Common | SOLE |
| 92536C202 | VERU | VERU INC | $74,900 | 0.01% | 35,000 | Common | SOLE |
| 746964105 | QTTB | Q32 BIO INC | $66,400 | 0.00% | 20,000 | Common | SOLE |
| 589492107 | MREO | MEREO BIOPHARMA GROUP PLC | $62,505 | 0.00% | 150,000 | Common | SOLE |
| 09077A106 | BMEA | BIOMEA FUSION INC | $53,841 | 0.00% | 43,420 | Common | SOLE |
| G0544A145 | ASPCR | A SPAC III ACQUISITION CORP | $40,850 | 0.00% | 215,000 | Common | SOLE |
| 002120202 | ATYR | ATYR PHARMA INC | $39,691 | 0.00% | 50,685 | Common | SOLE |
| N71542109 | PRQR | PROQR THRAPEUTICS N V | $20,200 | 0.00% | 10,000 | Common | SOLE |
| 44984F807 | — | INVO FERTILITY INC. | $20,111 | 0.00% | 26,722 | Common | SOLE |
| 449778109 | IOBTQ | IO BIOTECH INC | $15,201 | 0.00% | 24,964 | Common | SOLE |
| 19249H103 | CHRS | COHERUS ONCOLOGY INC | $14,720 | 0.00% | 10,366 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.