VELAN CAPITAL INVESTMENT MANAGEMENT LP
Q4 2025 Form 13-F
ALPHARETTA, GEORGIA
CIK 0001848809
· Institutional investment manager
$172.4M Reported Value Total
Reported value
$172.4M
Quarter over quarter
+55.1%
Holdings
45
Top-10 concentration
71.0%
Key People
Named on the latest Form 13-F filing — not necessarily an owner
Alyssa Romano
Chief Financial Officer
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13F Metrics
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 13, 2026 |
| Form | 13F-HR |
| Reported value | $172.4M |
| Positions | 45 |
| Change in reported value | +61.9% |
| New positions | 8 |
| Exited positions | 12 |
| Position turnover | 35.1% |
| Top-10 concentration | 71.0% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
50 | $164.2M |
|
Q1 2026 13F
Filed May 15, 2026
|
49 | $159.6M |
|
Q4 2025 13F
Filed Feb 13, 2026
|
45 | $172.4M |
|
Q3 2025 13F
Filed Nov 14, 2025
|
49 | $106.5M |
|
Q2 2025 13F
Filed Aug 14, 2025
|
49 | $101.2M |
|
Q1 2025 13F
Filed May 15, 2025
|
47 | $97.2M |
|
Q4 2024 13F
Filed Feb 14, 2025
|
45 | $115.9M |
|
Q3 2024 13F
Filed Nov 14, 2024
|
17 | $106.9M |
|
Q2 2024 13F
Filed Aug 14, 2024
|
17 | $174.6M |
|
Q1 2024 13F
Filed May 14, 2024
|
19 | $220.2M |
|
Q4 2023 13F
Filed Feb 14, 2024
|
19 | $171.3M |
|
Q3 2023 13F
Filed Nov 13, 2023
|
27 | $124.0M |
|
Q2 2023 13F
Filed Aug 11, 2023
|
29 | $107.7M |
|
Q1 2023 13F
Filed May 15, 2023
|
30 | $117.3M |
|
Q4 2022 13F
Filed Feb 13, 2023
|
27 | $113.2M |
|
Q3 2022 13F
Filed Nov 14, 2022
|
23 | $100.8M |
|
Q2 2022 13F
Filed Aug 15, 2022
|
22 | $98.6M |
|
Q1 2022 13F
Filed May 16, 2022
|
23 | $107.8M |
|
Q4 2021 13F
Filed Feb 14, 2022
|
25 | $128.9M |
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | PRAX PRAXIS PRECISION MEDICINES I | $29.7M | 17.23% |
| 2 | CDTX CIDARA THERAPEUTICS INC | $23.9M | 13.89% |
| 3 | TARA PROTARA THERAPEUTICS INC | $15.1M | 8.76% |
| 4 | HRTX HERON THERAPEUTICS INC | $11.4M | 6.6% |
| 5 | MPLT MAPLIGHT THERAPEUTICS INC | $9.2M | 5.32% |
| 6 | ABVX ABIVAX SA | $9.0M | 5.24% |
| 7 | EVMN EVOMMUNE INC | $8.7M | 5.03% |
| 8 | MLYS MINERALYS THERAPEUTICS INC | $5.5M | 3.18% |
| 9 | LNTH LANTHEUS HLDGS INC | $5.0M | 2.88% |
| 10 | JSPR JASPER THERAPEUTICS INC | $4.9M | 2.83% |
| 11 | AVTX AVALO THERAPEUTICS INC | $4.8M | 2.78% |
| 12 | ESPR ESPERION THERAPEUTICS INC NE | $4.5M | 2.6% |
| 13 | VRCA VERRICA PHARMACEUTICALS INC | $3.9M | 2.27% |
| 14 | NSPR INSPIREMD INC | $3.8M | 2.21% |
| 15 | RAPT RAPT THERAPEUTICS INC | $3.7M | 2.12% |
| 16 | STRO SUTRO BIOPHARMA INC | $3.6M | 2.09% |
| 17 | TERN TERNS PHARMACEUTICALS INC | $2.8M | 1.64% |
| 18 | SNDX SYNDAX PHARMACEUTICALS INC | $2.7M | 1.58% |
| 19 | VRDN VIRIDIAN THERAPEUTICS INC | $2.7M | 1.56% |
| 20 | EPRX EUPRAXIA PHARMACEUTICALS INC | $2.7M | 1.54% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.