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Velan Capital Investment Management LP

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13F filer, CIK 1848809, ALPHARETTA, GA

Velan Capital Investment Management LP reported $101,235,881 across 50 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 70.22% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001848809-25-000005

Period
2025-06-30
Reported value
$101M
Holdings
50
Top 10 weight
70.22%
New
10
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CDTXnew+100,000$4.87M
ALMSnew+1,620,846$4.86M
ARVNnew+500,000$3.68M
RZLTadded+350,000$1.56M
SUTRO BIOPHARMA INCadded+2,030,000$1.45M

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
ACELYRIN INCexited-3,366,945-$8.32M
SPRINGWORKS THERAPEUTICS INCexited-185,520-$8.19M
PRAXreduced-35,666-$1.5M
TILexited-69,000-$1.2M
IMNMexited-153,500-$1.03M

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, Q2 2025

Share positions as resolved from 13F-HR 0001848809-25-000005, largest first. % of portfolio is the value over $99,943,881, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,986,744 shares; 2024Q4: 6,986,744 shares; 2025Q1: 6,986,744 shares; 2025Q2: 6,986,744 shares 6,986,744$14.5M14.47%0Timeline
VERONA PHARMA PLCVERONA PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 50,000 shares; 2025Q1: 95,000 shares; 2025Q2: 95,000 shares 95,000$8.99M8.99%0
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,433,828 shares; 2024Q4: 1,433,828 shares; 2025Q1: 1,433,828 shares; 2025Q2: 1,433,828 shares 1,433,828$7.96M7.96%0Timeline
TARAPROTARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 574,000 shares; 2024Q4: 1,579,000 shares; 2025Q1: 1,667,800 shares; 2025Q2: 2,139,000 shares 2,139,000$6.48M6.48%+471,200Timeline
ZVRAZEVRA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: 300,000 shares; 2025Q1: 665,000 shares; 2025Q2: 715,000 shares 715,000$6.3M6.3%+50,000Timeline
Tourmaline Bio IncTourmaline Bio IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 331,190 shares; 2024Q4: 423,795 shares; 2025Q1: 455,412 shares; 2025Q2: 393,889 shares 393,889$6.3M6.3%-61,523
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,666 shares; 2024Q4: 300,000 shares; 2025Q1: 185,000 shares; 2025Q2: 149,334 shares 149,334$6.28M6.28%-35,666Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 100,000 shares 100,000$4.87M4.87%newTimeline
ALMSALUMIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,620,846 shares 1,620,846$4.86M4.87%newTimeline
ARVNARVINAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500,000 shares 500,000$3.68M3.68%newTimeline
SCPHARMACEUTICALS INCSCPHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 517,668 shares; 2024Q4: not reported; 2025Q1: 917,668 shares; 2025Q2: 917,668 shares 917,668$3.5M3.5%0
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800,000 shares; 2024Q4: 800,000 shares; 2025Q1: 400,000 shares; 2025Q2: 750,000 shares 750,000$3.35M3.35%+350,000Timeline
LQDALIQUIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 300,000 shares; 2025Q1: 300,000 shares; 2025Q2: 239,260 shares 239,260$2.98M2.98%-60,740Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 150,600 shares; 2025Q2: 174,600 shares 174,600$2.36M2.36%+24,000Timeline
SUTRO BIOPHARMA INCSUTRO BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 30,000 shares; 2025Q1: 1,030,000 shares; 2025Q2: 3,060,000 shares 3,060,000$2.18M2.19%+2,030,000
NSPRINSPIREMD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 904,029 shares; 2024Q4: 904,029 shares; 2025Q1: 904,029 shares; 2025Q2: 904,029 shares 904,029$2.05M2.05%0Timeline
CATXPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares 500,000$1.72M1.72%0Timeline
REPLREPLIMUNE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 181,367 shares; 2025Q1: 182,083 shares; 2025Q2: 183,083 shares 183,083$1.7M1.7%+1,000Timeline
TELATELA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 747,410 shares; 2024Q4: not reported; 2025Q1: 747,410 shares; 2025Q2: 747,410 shares 747,410$1.45M1.45%0Timeline
EDSAEDESA BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 687,500 shares; 2025Q2: 687,500 shares 687,500$1.4M1.4%0Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 86,500 shares 86,500$1.21M1.21%newTimeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 107,000 shares; 2025Q2: 107,000 shares 107,000$1.17M1.18%0Timeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 323,973 shares; 2025Q1: 323,973 shares; 2025Q2: 338,973 shares 338,973$919K0.92%+15,000Timeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 109,972 shares; 2025Q1: 111,972 shares; 2025Q2: 154,972 shares 154,972$773K0.77%+43,000Timeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,333 shares; 2024Q4: 83,333 shares; 2025Q1: 83,333 shares; 2025Q2: 83,333 shares 83,333$480K0.48%0Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 56,700 shares; 2025Q1: 59,000 shares; 2025Q2: 59,000 shares 59,000$407K0.41%0Timeline
KPRXKIORA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 122,223 shares; 2024Q4: 122,223 shares; 2025Q1: 122,223 shares; 2025Q2: 122,223 shares 122,223$352K0.35%0Timeline
PTGXPROTAGONIST THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,700 shares 3,700$204K0.2%newTimeline
CTMXCYTOMX THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares 75,000$170K0.17%0Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 97,889 shares; 2025Q1: not reported; 2025Q2: 10,000 shares 10,000$114K0.11%newTimeline
GERNGERON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 49,000 shares; 2025Q1: 655,000 shares; 2025Q2: 70,000 shares 70,000$98.7K0.1%-585,000Timeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 13,000 shares; 2025Q1: 13,000 shares; 2025Q2: 15,000 shares 15,000$97.5K0.1%+2,000Timeline
LRMRLARIMAR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 18,000 shares; 2025Q1: 28,000 shares; 2025Q2: 33,000 shares 33,000$95.4K0.1%+5,000Timeline
GOSSGOSSAMER BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares 75,000$92.2K0.09%0Timeline
PRQRPROQR THRAPEUTICS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 40,500 shares; 2025Q1: 45,000 shares; 2025Q2: 45,000 shares 45,000$91.8K0.09%0Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 40,000 shares; 2025Q2: 40,000 shares 40,000$85.6K0.09%0Timeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares; 2025Q2: 65,000 shares 65,000$82.5K0.08%+15,000Timeline
ALECALECTOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 55,000 shares; 2025Q1: 55,000 shares; 2025Q2: 55,000 shares 55,000$77K0.08%0Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 17,000 shares; 2025Q1: 17,000 shares; 2025Q2: 20,000 shares 20,000$74.6K0.07%+3,000Timeline
DSGNDESIGN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 14,000 shares; 2025Q2: 20,000 shares 20,000$67.4K0.07%+6,000Timeline
CNTXCONTEXT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,290,323 shares; 2024Q4: 90,000 shares; 2025Q1: 90,000 shares; 2025Q2: 100,000 shares 100,000$65.5K0.07%+10,000Timeline
OVIDOVID THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 70,000 shares; 2025Q1: 97,000 shares; 2025Q2: 160,000 shares 160,000$52.8K0.05%+63,000Timeline
IMMXIMMIX BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 25,000 shares 25,000$51.8K0.05%newTimeline
VYNEVYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 30,000 shares 30,000$49.5K0.05%newTimeline
ACRSACLARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 27,000 shares; 2025Q1: 35,000 shares; 2025Q2: 32,700 shares 32,700$46.4K0.05%-2,300Timeline
FDMT4D MOLECULAR THERAPEUTICS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,000 shares; 2025Q1: 12,000 shares; 2025Q2: 12,000 shares 12,000$44.5K0.04%0Timeline
PYXSPYXIS ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 40,000 shares 40,000$44K0.04%newTimeline
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares; 2025Q2: 35,000 shares 35,000$37.1K0.04%0Timeline
NEXTCURE INCNEXTCURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 25,000 shares; 2025Q1: 25,000 shares; 2025Q2: 45,000 shares 45,000$20.7K0.02%+20,000

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
NEKTAR THERAPEUTICSNEKTAR THERAPEUTICS COM NEWcall50,000$1.29Mnew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
ACELYRIN INCACELYRIN INC3,366,945$8.32Mshares
SPRINGWORKS THERAPEUTICS INCSPRINGWORKS THERAPEUTICS INC185,520$8.19Mshares
TILINSTIL BIO INC69,000$1.2Mshares
IMNMIMMUNOME INC153,500$1.03Mshares
REGULUS THERAPEUTICS INCREGULUS THERAPEUTICS INC80,000$140Kshares
KRONOS BIO INCKRONOS BIO INC35,000$28.9Kshares
ELEVATION ONCOLOGY INC COMELEVATION ONCOLOGY INC COM45,000$11.7Kshares

How Q2 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 0001848809-25-000005 base2025-08-14acceptance time not in the bulk data set