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SILVERARC CAPITAL MANAGEMENT, LLC

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13F filer, CIK 1816307, BOSTON, MA

SILVERARC CAPITAL MANAGEMENT, LLC reported $741,600,759 across 82 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-12. Its ten largest share positions make up 46.73% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-25-003142

Period
2025-09-30
Reported value
$742M
Holdings
82
Top 10 weight
46.73%
New
37
Sold out
20

Part of the filer group SILVERARC CAPITAL MANAGEMENT, LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ABVXnew+539,704$45.8M
DNTHadded+579,160$22.8M
RNAMadded+434,633$18.9M
GUTSadded+10,397,410$16.5M
QUREadded+252,435$14.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MERUS N Vexited-741,972-$39M
VERONA PHARMA PLCexited-358,297-$33.9M
NBIXexited-162,969-$20.5M
89BIO INCexited-2,037,087-$20M
SLNOexited-204,591-$17.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001420506-25-003142, largest first. % of portfolio is the value over $690,726,077, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 461,660 shares; 2024Q4: 285,120 shares; 2025Q1: 210,901 shares; 2025Q2: not reported; 2025Q3: 539,704 shares 539,704$45.8M6.63%newTimeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 255,578 shares; 2024Q4: 273,896 shares; 2025Q1: 337,605 shares; 2025Q2: 400,772 shares; 2025Q3: 369,996 shares 369,996$37.4M5.41%-30,776Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 475,555 shares; 2024Q4: 543,651 shares; 2025Q1: 411,312 shares; 2025Q2: 410,000 shares; 2025Q3: 844,633 shares 844,633$36.8M5.33%+434,633Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 371,441 shares; 2024Q4: 400,014 shares; 2025Q1: 439,018 shares; 2025Q2: 235,583 shares; 2025Q3: 372,300 shares 372,300$32.2M4.66%+136,717Timeline
URGNUROGEN PHARMA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 901,129 shares; 2024Q4: 1,120,473 shares; 2025Q1: 1,381,158 shares; 2025Q2: 2,022,482 shares; 2025Q3: 1,577,283 shares 1,577,283$31.5M4.56%-445,199Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 639,840 shares; 2024Q4: 739,563 shares; 2025Q1: 719,992 shares; 2025Q2: 713,811 shares; 2025Q3: 643,636 shares 643,636$30.6M4.42%-70,175Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 347,695 shares; 2024Q4: 372,230 shares; 2025Q1: 321,366 shares; 2025Q2: 249,060 shares; 2025Q3: 206,648 shares 206,648$29.8M4.31%-42,412Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 190,334 shares; 2025Q2: 95,806 shares; 2025Q3: 674,966 shares 674,966$26.6M3.85%+579,160Timeline
QUREUNIQURE NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,000 shares; 2025Q1: 203,400 shares; 2025Q2: 202,565 shares; 2025Q3: 455,000 shares 455,000$26.6M3.84%+252,435Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 541,034 shares; 2025Q3: 638,346 shares 638,346$25.7M3.72%+97,312Timeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,099,490 shares; 2024Q4: 1,178,300 shares; 2025Q1: 2,060,240 shares; 2025Q2: 1,800,829 shares; 2025Q3: 1,948,808 shares 1,948,808$23.4M3.39%+147,979Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 103,943 shares; 2025Q3: 220,902 shares 220,902$21.2M3.06%+116,959Timeline
GUTSFRACTYL HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,666 shares; 2024Q4: 176,922 shares; 2025Q1: 237,448 shares; 2025Q2: 202,590 shares; 2025Q3: 10,600,000 shares 10,600,000$16.9M2.44%+10,397,410Timeline
KALVKALVISTA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 574,558 shares; 2024Q4: 612,173 shares; 2025Q1: 1,698,984 shares; 2025Q2: 1,832,171 shares; 2025Q3: 1,363,378 shares 1,363,378$16.6M2.4%-468,793Timeline
KODKODIAK SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 441,807 shares; 2025Q2: 401,540 shares; 2025Q3: 1,000,000 shares 1,000,000$16.4M2.37%+598,460Timeline
GOSSGOSSAMER BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,645,352 shares; 2024Q4: 6,171,847 shares; 2025Q1: 6,320,684 shares; 2025Q2: 5,146,782 shares; 2025Q3: 4,779,082 shares 4,779,082$12.6M1.82%-367,700Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,221,362 shares; 2024Q4: 921,137 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 815,075 shares 815,075$11.7M1.69%newTimeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 211,000 shares 211,000$11.6M1.68%newTimeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,500 shares; 2024Q4: 40,788 shares; 2025Q1: not reported; 2025Q2: 287,796 shares; 2025Q3: 314,339 shares 314,339$11.3M1.64%+26,543Timeline
BIIBBIOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,940 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 80,419 shares 80,419$11.3M1.63%newTimeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,000 shares; 2024Q4: 51,491 shares; 2025Q1: 75,751 shares; 2025Q2: 86,552 shares; 2025Q3: 53,554 shares 53,554$10.6M1.54%-32,998Timeline
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 874,869 shares; 2025Q2: 1,249,781 shares; 2025Q3: 2,833,988 shares 2,833,988$9.92M1.44%+1,584,207Timeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 700,000 shares 700,000$9.51M1.38%newTimeline
VSTMVERASTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,042,757 shares 1,042,757$9.21M1.33%newTimeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 720,922 shares 720,922$9.16M1.33%newTimeline
OLMAOLEMA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 455,082 shares; 2024Q4: 233,281 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 933,541 shares 933,541$9.14M1.32%newTimeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 145,000 shares; 2024Q4: 264,560 shares; 2025Q1: 205,962 shares; 2025Q2: 198,441 shares; 2025Q3: 348,922 shares 348,922$9.03M1.31%+150,481Timeline
SRRKSCHOLAR ROCK HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 183,243 shares; 2025Q1: not reported; 2025Q2: 341,010 shares; 2025Q3: 233,920 shares 233,920$8.71M1.26%-107,090Timeline
VCYTVERACYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 470,565 shares; 2024Q4: 503,281 shares; 2025Q1: 633,832 shares; 2025Q2: 448,495 shares; 2025Q3: 235,791 shares 235,791$8.09M1.17%-212,704Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 378,746 shares; 2024Q4: 1,230,400 shares; 2025Q1: 1,309,224 shares; 2025Q2: 402,964 shares; 2025Q3: 463,708 shares 463,708$7.13M1.03%+60,744Timeline
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 203,946 shares 203,946$6.06M0.88%newTimeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 259,509 shares 259,509$5.6M0.81%newTimeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 124,871 shares; 2025Q2: not reported; 2025Q3: 180,513 shares 180,513$5.42M0.78%newTimeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 482,575 shares; 2024Q4: 734,234 shares; 2025Q1: 530,000 shares; 2025Q2: 539,587 shares; 2025Q3: 588,789 shares 588,789$5.39M0.78%+49,202Timeline
BBOTBRIDGEBIO ONCOLOGY THERAPEUTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 457,414 shares 457,414$5.3M0.77%newTimeline
ABEOABEONA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 917,898 shares; 2025Q3: 994,754 shares 994,754$5.25M0.76%+76,856Timeline
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 778,611 shares 778,611$5.17M0.75%newTimeline
GLUEMONTE ROSA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 694,942 shares 694,942$5.15M0.75%newTimeline
CGENCOMPUGEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,501,113 shares; 2024Q4: 1,624,377 shares; 2025Q1: 2,895,430 shares; 2025Q2: 3,033,879 shares; 2025Q3: 3,311,165 shares 3,311,165$4.87M0.7%+277,286Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 183,903 shares 183,903$4.59M0.66%newTimeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 88,686 shares 88,686$4.38M0.63%newTimeline
CERSCERUS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,495,329 shares; 2024Q4: 1,587,228 shares; 2025Q1: 2,456,537 shares; 2025Q2: 2,488,291 shares; 2025Q3: 2,715,786 shares 2,715,786$4.32M0.63%+227,495Timeline
CCCCC4 THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,147,891 shares; 2024Q4: 1,221,131 shares; 2025Q1: 882,300 shares; 2025Q2: not reported; 2025Q3: 1,897,383 shares 1,897,383$4.21M0.61%newTimeline
TELATELA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,124,928 shares; 2024Q4: 3,065,649 shares; 2025Q1: 2,771,288 shares; 2025Q2: 2,779,795 shares; 2025Q3: 2,782,923 shares 2,782,923$4.15M0.6%+3,128Timeline
AARDAARDVARK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 119,496 shares; 2025Q2: 286,807 shares; 2025Q3: 306,912 shares 306,912$4.08M0.59%+20,105Timeline
BCAXBICARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 250,606 shares 250,606$3.96M0.57%newTimeline
BNTCBENITEC BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,000 shares; 2025Q2: 253,234 shares; 2025Q3: 276,267 shares 276,267$3.88M0.56%+23,033Timeline
KNSAKINIKSA PHARMACEUTICALS INTLQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 88,215 shares; 2025Q2: 75,959 shares; 2025Q3: 88,910 shares 88,910$3.45M0.5%+12,951Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 744,592 shares; 2024Q4: 598,952 shares; 2025Q1: 232,758 shares; 2025Q2: 5,000 shares; 2025Q3: 141,238 shares 141,238$3.43M0.5%+136,238Timeline
EYPTEYEPOINT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 121,274 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 230,837 shares 230,837$3.29M0.48%newTimeline
SIONSIONNA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 114,138 shares; 2025Q2: 186,015 shares; 2025Q3: 108,801 shares 108,801$3.2M0.46%-77,214Timeline
ZURAZURA BIO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 720,452 shares 720,452$3.12M0.45%newTimeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 338,354 shares; 2025Q2: 115,282 shares; 2025Q3: 80,000 shares 80,000$3.03M0.44%-35,282Timeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,946,488 shares; 2024Q4: 7,543,901 shares; 2025Q1: 7,367,996 shares; 2025Q2: 2,569,591 shares; 2025Q3: 1,368,075 shares 1,368,075$2.98M0.43%-1,201,516Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 67,045 shares; 2024Q4: 72,516 shares; 2025Q1: 166,074 shares; 2025Q2: 10,000 shares; 2025Q3: 51,210 shares 51,210$2.71M0.39%+41,210Timeline
ELUTELUTIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,645,808 shares; 2024Q4: 1,782,271 shares; 2025Q1: 2,670,056 shares; 2025Q2: 2,761,684 shares; 2025Q3: 2,850,987 shares 2,850,987$2.54M0.37%+89,303Timeline
DCTHDELCATH SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 155,325 shares; 2025Q1: 191,470 shares; 2025Q2: 103,026 shares; 2025Q3: 203,386 shares 203,386$2.19M0.32%+100,360Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares 50,000$2.08M0.3%newTimeline
CAMPCAMP4 THERAPEUTICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 653,594 shares 653,594$1.96M0.28%newTimeline
CTNMCONTINEUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 166,161 shares 166,161$1.95M0.28%newTimeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares 100,000$1.26M0.18%newTimeline
LBRXLB PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 70,000 shares 70,000$1.11M0.16%newTimeline
MERSANA THERAPEUTICS INCMERSANA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 133,636 shares 133,636$1.04M0.15%new
RADXRADIOPHARM THERANOSTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 187,406 shares; 2025Q1: 187,406 shares; 2025Q2: 187,406 shares; 2025Q3: 187,406 shares 187,406$1.03M0.15%0Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares 50,000$806K0.12%newTimeline
MODDMODULAR MED INC COM NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,440,000 shares; 2024Q4: 1,272,015 shares; 2025Q1: 958,881 shares; 2025Q2: 710,363 shares; 2025Q3: 639,531 shares 639,531$448K0.06%-70,832Timeline
BDSXBIODESIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 49,607 shares 49,607$375K0.05%newTimeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 15,000 shares 15,000$262K0.04%newTimeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 10,675 shares 10,675$219K0.03%+675Timeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 82,023 shares; 2025Q3: 30,000 shares 30,000$215K0.03%-52,023Timeline
ARCTARCTURUS THERAPEUTICS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,445 shares 3,445$63.5K0.01%newTimeline
NKTRNEKTAR THERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 346 shares; 2025Q3: 365 shares 365$20.8K<0.01%+19Timeline
RCKTWROCKET PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,828 shares; 2024Q4: 104,828 shares; 2025Q1: 104,828 shares; 2025Q2: 104,828 shares; 2025Q3: 104,828 shares 104,828$4.11K<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
UNITED THERAPEUTICS CORP DELUNITED THERAPEUTICS CORP DEL PUTput59,900$25.1Mnew
ULTRAGENYX PHARMACEUTICAL INULTRAGENYX PHARMACEUTICAL IN CALLcall528,200$15.9Mnew
COGENT BIOSCIENCES INCCOGENT BIOSCIENCES INC CALLcall360,000$5.17Mnew
CAPRICOR THERAPEUTICS INCCAPRICOR THERAPEUTICS INC COM NEWput144,700$1.04M0
ATYR PHARMA INCATYR PHARMA INC COM NEWput1,250,000$901Knew
ARCTURUS THERAPEUTICS HLDGSARCTURUS THERAPEUTICS HLDGS COMput42,000$774Knew
SYNDAX PHARMACEUTICALS INCSYNDAX PHARMACEUTICALS INC COMcall50,000$770K0
ULTRAGENYX PHARMACEUTICAL INULTRAGENYX PHARMACEUTICAL IN COMput25,000$752Knew
MOONLAKE IMMUNOTHERAPEUTICSMOONLAKE IMMUNOTHERAPEUTICS CLASS A ORDcall65,000$466Knew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
MERUS N VMERUS N V741,972$39Mshares
VERONA PHARMA PLCVERONA PHARMA PLC358,297$33.9Mshares
NBIXNEUROCRINE BIOSCIENCES INC162,969$20.5Mshares
MERUS N VMERUS N V382,500$20.1Mcall
89BIO INC89BIO INC2,037,087$20Mshares
SLNOSOLENO THERAPEUTICS INC204,591$17.1Mshares
SPDR SERIES TRUSTSPDR SERIES TRUST200,000$16.6Mcall
PFEPFIZER INC344,338$8.35Mshares
NUVALENT INCNUVALENT INC100,200$7.65Mcall
HELIX ACQUISITION CORP IIHELIX ACQUISITION CORP II613,393$6.51Mshares
MTSRMETSERA INC207,581$5.91Mshares
GPCRSTRUCTURE THERAPEUTICS INC175,636$3.64Mshares
COGENT COMM HOLDINGS INCCOGENT COMM HOLDINGS INC500,000$3.59Mcall
HIMS & HERS HEALTH INCHIMS & HERS HEALTH INC50,000$2.49Mput
ORKAORUKA THERAPEUTICS INC165,389$1.85Mshares
Tourmaline Bio IncTourmaline Bio Inc109,257$1.75Mshares
AKERO THERAPEUTICS INCAKERO THERAPEUTICS INC25,000$1.33Mcall
Mersana Therapeutics IncMersana Therapeutics Inc3,128,421$926Kshares
BIODESIX INCBIODESIX INC1,070,367$302Kshares
SGMTSAGIMET BIOSCIENCES INC37,539$286Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001420506-25-003142 base2025-11-12acceptance time not in the bulk data set