SILVERARC CAPITAL MANAGEMENT LLC's Q2 2025 13F: 12 new positions, 22 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 57 reported positions · accession 0001420506-25-002146
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | VERONA PHARMA PLC (VRNA) | 7.2% | 6.9% | −0.3 pts | −188K sh | −34% |
| Reduced | NUVALENT INC (NUVL) | 6.5% | 3.7% | −2.8 pts | −203K sh | −46% |
| New | CG ONCOLOGY INC (CGON) | — | 2.9% | +2.9 pts | +541K sh | new |
| New | SCHOLAR ROCK HLDG CORP (SRRK) | — | 2.5% | +2.5 pts | +341K sh | new |
| Exited | DISC MEDICINE INC (IRON) | 2.5% | — | −2.5 pts | −236K sh | −100% |
| Increased | NEUROCRINE BIOSCIENCES INC (NBIX) | 1.7% | 4.2% | +2.5 pts | +90,386 sh | +125% |
| New | VAXCYTE INC (PCVX) | — | 1.9% | +1.9 pts | +288K sh | new |
| Increased | UROGEN PHARMA LTD (URGN) | 3.2% | 5.7% | +2.5 pts | +641K sh | +46% |
| Exited | WAVE LIFE SCIENCES LTD (WVE) | 1.8% | — | −1.8 pts | −1.05M sh | −100% |
| Reduced | SYNDAX PHARMACEUTICALS INC (SNDX) | 3.4% | 0.8% | −2.6 pts | −906K sh | −69% |
| New | PFIZER INC (PFE) | — | 1.7% | +1.7 pts | +344K sh | new |
| Exited | TRAVERE THERAPEUTICS INC (TVTX) | 1.5% | — | −1.5 pts | −409K sh | −100% |
| Reduced | INSMED INC (INSM) | 5.1% | 5.1% | 0.0 pts | −72,306 sh | −22% |
| Exited | GILEAD SCIENCES INC (GILD) | 1.5% | — | −1.5 pts | −62,029 sh | −100% |
| Reduced | PRAXIS PRECISION MEDICINES I (PRAX) | 1.3% | 0.1% | −1.2 pts | −156K sh | −94% |
| Reduced | ERASCA INC (ERAS) | 2.1% | 0.7% | −1.4 pts | −4.8M sh | −65% |
| New | ABEONA THERAPEUTICS INC (ABEO) | — | 1.1% | +1.1 pts | +918K sh | new |
| Increased | 89BIO INC (ETNB) | 2.3% | 4.1% | +1.8 pts | +527K sh | +35% |
| New | CIDARA THERAPEUTICS INC (CDTX) | — | 1.0% | +1.0 pts | +104K sh | new |
| Reduced | VERACYTE INC (VCYT) | 3.9% | 2.5% | −1.4 pts | −185K sh | −29% |
| Exited | TARSUS PHARMACEUTICALS INC (TARS) | 0.9% | — | −0.9 pts | −81,331 sh | −100% |
| Exited | ALKERMES PLC (ALKS) | 0.9% | — | −0.9 pts | −125K sh | −100% |
| Exited | OCULAR THERAPEUTIX INC (OCUL) | 0.8% | — | −0.8 pts | −552K sh | −100% |
| Increased | RHYTHM PHARMACEUTICALS INC (RYTM) | 3.7% | 5.2% | +1.4 pts | +63,167 sh | +19% |
| Exited | BRIDGEBIO PHARMA INC (BBIO) | 0.8% | — | −0.8 pts | −111K sh | −100% |
| Exited | KURA ONCOLOGY INC (KURA) | 0.8% | — | −0.8 pts | −581K sh | −100% |
| New | MOONLAKE IMMUNOTHERAPEUTICS (MLTX) | — | 0.8% | +0.8 pts | +82,023 sh | new |
| Reduced | MERUS N V (MRUS) | 7.1% | 8.0% | +0.9 pts | −69,049 sh | −9% |
| Exited | MADRIGAL PHARMACEUTICALS INC (MDGL) | 0.7% | — | −0.7 pts | −10,344 sh | −100% |
| Exited | BLUEPRINT MEDICINES CORP (BPMC) | 0.7% | — | −0.7 pts | −37,345 sh | −100% |
| Exited | LIQUIDIA CORPORATION (LQDA) | 0.7% | — | −0.7 pts | −214K sh | −100% |
| Increased | SOLENO THERAPEUTICS INC (SLNO) | 2.5% | 3.5% | +1.0 pts | +38,174 sh | +23% |
| Exited | PTC THERAPEUTICS INC (PTCT) | 0.6% | — | −0.6 pts | −60,389 sh | −100% |
| Reduced | MINERALYS THERAPEUTICS INC (MLYS) | 1.1% | 0.3% | −0.8 pts | −223K sh | −66% |
| Reduced | CENTESSA PHARMACEUTICALS PLC (CNTA) | 0.7% | 0.0% | −0.7 pts | −228K sh | −98% |
| Increased | METSERA INC (MTSR) | 0.6% | 1.2% | +0.6 pts | +94,822 sh | +84% |
| Reduced | ORIC PHARMACEUTICALS INC (ORIC) | 2.4% | 3.7% | +1.3 pts | −259K sh | −13% |
| Increased | AARDVARK THERAPEUTICS INC (AARD) | 0.2% | 0.8% | +0.6 pts | +167K sh | +140% |
| Increased | ASCENDIS PHARMA A/S (ASND) | 2.5% | 3.1% | +0.6 pts | +10,801 sh | +14% |
| New | ORUKA THERAPEUTICS INC (ORKA) | — | 0.4% | +0.4 pts | +165K sh | new |
| Reduced | DIANTHUS THERAPEUTICS INC (DNTH) | 0.7% | 0.4% | −0.4 pts | −94,528 sh | −50% |
| New | TOURMALINE BIO INC (TRML) | — | 0.4% | +0.4 pts | +109K sh | new |
| Exited | SOLID BIOSCIENCES INC (SLDB) | 0.3% | — | −0.3 pts | −452K sh | −100% |
| Increased | KALVISTA PHARMACEUTICALS INC (KALV) | 4.1% | 4.2% | +0.1 pts | +133K sh | +8% |
| Reduced | GOSSAMER BIO INC (GOSS) | 1.5% | 1.3% | −0.2 pts | −1.17M sh | −19% |
| Exited | C4 THERAPEUTICS INC (CCCC) | 0.3% | — | −0.3 pts | −882K sh | −100% |
| Exited | KALA BIO INC (KALA) | 0.3% | — | −0.3 pts | −246K sh | −100% |
| Exited | UNICYCIVE THERAPEUTICS INC (UNCY) | 0.3% | — | −0.3 pts | −2.41M sh | −100% |
| Exited | ABIVAX SA (ABVX) | 0.3% | — | −0.3 pts | −211K sh | −100% |
| Increased | SIONNA THERAPEUTICS INC (SION) | 0.2% | 0.7% | +0.4 pts | +71,877 sh | +63% |
The 50 largest of 76 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 55.0% of the equity book
Changes in the top 10 this quarter: NBIX entered · ETNB entered · ORIC entered · NUVL left · VCYT left · SNDX left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | MERUS N V (MRUS) | 7.1% | 8.0% | |
| 2 | AKERO THERAPEUTICS INC (AKRO) | 6.1% | 7.8% | |
| 3 | VERONA PHARMA PLC (VRNA) | 7.2% | 6.9% | |
| 4 | UROGEN PHARMA LTD (URGN) | 3.2% | 5.7% | |
| 5 | RHYTHM PHARMACEUTICALS INC (RYTM) | 3.7% | 5.2% | |
| 6 | INSMED INC (INSM) | 5.1% | 5.1% | |
| 7 | KALVISTA PHARMACEUTICALS INC (KALV) | 4.1% | 4.2% | |
| 8 | NEUROCRINE BIOSCIENCES INC (NBIX) | 1.7% | 4.2% | Entered the top 10 |
| 9 | 89BIO INC (ETNB) | 2.3% | 4.1% | Entered the top 10 |
| 10 | ORIC PHARMACEUTICALS INC (ORIC) | 2.4% | 3.7% | Entered the top 10 |
| — | NUVALENT INC (NUVL) | 6.5% | 3.7% | Left the top 10 |
| — | VERACYTE INC (VCYT) | 3.9% | 2.5% | Left the top 10 |
| — | SYNDAX PHARMACEUTICALS INC (SNDX) | 3.4% | 0.8% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| New | MERUS N V (MRUS) | Call | 0 | 383K | $20.1M |
| New | SPDR SERIES TRUST (BIL) | Call | 0 | 200K | $16.6M |
| New | NUVALENT INC (NUVL) | Call | 0 | 100K | $7.65M |
| Reduced | AKERO THERAPEUTICS INC (AKRO) | Call | 181K | 25,000 | $1.33M |
| New | COGENT COMMUNICATIONS HLDGS (CCOI) | Call | 0 | 500K | $3.59M |
| Exited | SOLENO THERAPEUTICS INC (SLNO) | Put | 42,500 | 0 | $0 |
| New | HIMS & HERS HEALTH INC (HIMS) | Put | 0 | 50,000 | $2.49M |
| New | CAPRICOR THERAPEUTICS INC (CAPR) | Put | 0 | 145K | $1.44M |
| New | SYNDAX PHARMACEUTICALS INC (SNDX) | Call | 0 | 50,000 | $468K |