Velan Capital Investment Management LP's Q4 2025 13F: 7 new positions, 11 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 13, 2026 · 45 reported positions · accession 0001848809-26-000001
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | PRAXIS PRECISION MEDICINES I (PRAX) | 6.6% | 17.3% | +10.7 pts | −32,024 sh | −24% |
| New | MAPLIGHT THERAPEUTICS INC (MPLT) | — | 5.3% | +5.3 pts | +522K sh | new |
| New | EVOMMUNE INC (EVMN) | — | 5.0% | +5.0 pts | +507K sh | new |
| Exited | ZOOZ PWR LTD (ZOOZ) | 4.0% | — | −4.0 pts | −2M sh | −100% |
| Exited | ALUMIS INC (ALMS) | 3.5% | — | −3.5 pts | −947K sh | −100% |
| New | ESPERION THERAPEUTICS INC NE (ESPR) | — | 2.6% | +2.6 pts | +1.21M sh | new |
| New | VERRICA PHARMACEUTICALS INC (VRCA) | — | 2.3% | +2.3 pts | +472K sh | new |
| Increased | PROTARA THERAPEUTICS INC (TARA) | 8.7% | 8.8% | 0.0 pts | +696K sh | +33% |
| Exited | UNIQURE NV (QURE) | 1.8% | — | −1.8 pts | −32,000 sh | −100% |
| New | PROFOUND MED CORP (PROF) | — | 1.3% | +1.3 pts | +286K sh | new |
| New | KAZIA THERAPEUTICS LTD (KZIA) | — | 1.2% | +1.2 pts | +300K sh | new |
| Increased | TERNS PHARMACEUTICALS INC (TERN) | 0.1% | 1.6% | +1.5 pts | +50,000 sh | +250% |
| Exited | TELA BIO INC (TELA) | 1.0% | — | −1.0 pts | −747K sh | −100% |
| Exited | ELEDON PHARMACEUTICALS INC (ELDN) | 0.8% | — | −0.8 pts | −347K sh | −100% |
| Increased | RAPT THERAPEUTICS INC (RAPT) | 1.9% | 2.1% | +0.2 pts | +28,023 sh | +35% |
| Reduced | MINERALYS THERAPEUTICS INC (MLYS) | 6.3% | 3.2% | −3.1 pts | −24,600 sh | −14% |
| Exited | TOURMALINE BIO INC (TRML) | 0.3% | — | −0.3 pts | −5,800 sh | −100% |
| Reduced | CORBUS PHARMACEUTICALS HLDGS (CRBP) | 0.7% | 0.1% | −0.7 pts | −48,000 sh | −79% |
| Increased | ABIVAX SA (ABVX) | 5.1% | 5.3% | +0.1 pts | +2,611 sh | +4% |
| Exited | ALECTOR INC (ALEC) | 0.2% | — | −0.2 pts | −55,000 sh | −100% |
| Exited | ERASCA INC (ERAS) | 0.1% | — | −0.1 pts | −65,000 sh | −100% |
| Exited | WAVE LIFE SCIENCES LTD (WVE) | 0.1% | — | −0.1 pts | −15,000 sh | −100% |
| Exited | GERON CORP (GERN) | 0.1% | — | −0.1 pts | −80,000 sh | −100% |
| New | XILIO THERAPEUTICS INC (XLO) | — | 0.1% | +0.1 pts | +170K sh | new |
| Exited | ACLARIS THERAPEUTICS INC (ACRS) | 0.1% | — | −0.1 pts | −32,700 sh | −100% |
| Increased | LANTHEUS HLDGS INC (LNTH) | 3.5% | 2.9% | −0.7 pts | +1,142 sh | +2% |
| Reduced | REPLIMUNE GROUP INC (REPL) | 0.1% | 0.1% | 0.0 pts | −5,000 sh | −25% |
| Reduced | PYXIS ONCOLOGY INC (PYXS) | 0.1% | 0.0% | −0.1 pts | −15,000 sh | −27% |
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
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- SUTRO BIOPHARMA INC (STRO): 869367102 → 869367201, 3.12M → 312K shares (share count change consistent with a stock split)
Top 10 positions — 71.2% of the equity book
Changes in the top 10 this quarter: MPLT entered · EVMN entered · LNTH entered · RZLT left · NSPR left · ZOOZ left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | PRAXIS PRECISION MEDICINES I (PRAX) | 6.6% | 17.3% | |
| 2 | CIDARA THERAPEUTICS INC (CDTX) | 9.8% | 13.9% | |
| 3 | PROTARA THERAPEUTICS INC (TARA) | 8.7% | 8.8% | |
| 4 | HERON THERAPEUTICS INC (HRTX) | 10.4% | 6.6% | |
| 5 | MAPLIGHT THERAPEUTICS INC (MPLT) | 0.0% | 5.3% | Entered the top 10 |
| 6 | ABIVAX SA (ABVX) | 5.1% | 5.3% | |
| 7 | EVOMMUNE INC (EVMN) | 0.0% | 5.0% | Entered the top 10 |
| 8 | MINERALYS THERAPEUTICS INC (MLYS) | 6.3% | 3.2% | |
| 9 | LANTHEUS HLDGS INC (LNTH) | 3.5% | 2.9% | Entered the top 10 |
| 10 | JASPER THERAPEUTICS INC (JSPR) | 5.8% | 2.8% | |
| — | REZOLUTE INC (RZLT) | 6.6% | 1.0% | Left the top 10 |
| — | INSPIREMD INC (NSPR) | 4.9% | 2.2% | Left the top 10 |
| — | ZOOZ PWR LTD (ZOOZ) | 4.0% | 0.0% | 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 | TREVI THERAPEUTICS INC (TRVI) | Call | 0 | 38,500 | $482K |