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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 $106,465,070 across 49 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 68.17% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001848809-25-000008

Period
2025-09-30
Reported value
$106M
Holdings
49
Top 10 weight
68.17%
New
11
Sold out
12

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ABVXnew+64,389$5.47M
ZOOZnew+2,000,000$4.28M
LNTHnew+73,545$3.77M
NSPRadded+1,239,669$2.99M
JSPRadded+1,234,567$2.87M

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
Tourmaline Bio Increduced-388,089-$18.6M
VERONA PHARMA PLCexited-95,000-$8.99M
ZVRAexited-715,000-$6.3M
ARVNexited-500,000-$3.68M
SCPHARMACEUTICALS INCexited-917,668-$3.5M

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 0001848809-25-000008, largest first. % of portfolio is the value over $106,465,070, 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; 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; 2025Q3: 8,753,290 shares 8,753,290$11M10.36%+1,766,546Timeline
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: 100,000 shares; 2025Q3: 108,404 shares 108,404$10.4M9.75%+8,404Timeline
TARAPROTARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,139,000 shares 2,139,000$9.3M8.74%0Timeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800,000 shares; 2024Q4: 800,000 shares; 2025Q1: 400,000 shares; 2025Q2: 750,000 shares; 2025Q3: 750,000 shares 750,000$7.05M6.62%0Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,666 shares; 2024Q4: 300,000 shares; 2025Q1: 185,000 shares; 2025Q2: 149,334 shares; 2025Q3: 132,805 shares 132,805$7.04M6.61%-16,529Timeline
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: 150,600 shares; 2025Q2: 174,600 shares; 2025Q3: 175,600 shares 175,600$6.66M6.25%+1,000Timeline
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,668,395 shares 2,668,395$6.21M5.83%+1,234,567Timeline
ABVXABIVAX SAQuarterly 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: 64,389 shares 64,389$5.47M5.13%newTimeline
NSPRINSPIREMD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 904,029 shares; 2024Q4: 904,029 shares; 2025Q1: 904,029 shares; 2025Q2: 904,029 shares; 2025Q3: 2,143,698 shares 2,143,698$5.17M4.85%+1,239,669Timeline
ZOOZZOOZ STRATEGY 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: 2,000,000 shares 2,000,000$4.28M4.02%newTimeline
ALMSALUMIS 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: 1,620,846 shares; 2025Q3: 946,683 shares 946,683$3.78M3.55%-674,163Timeline
LNTHLANTHEUS HLDGS 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: 73,545 shares 73,545$3.77M3.54%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: 109,972 shares; 2025Q1: 111,972 shares; 2025Q2: 154,972 shares; 2025Q3: 263,642 shares 263,642$3.35M3.15%+108,670Timeline
SUTRO BIOPHARMA INCSUTRO BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 30,000 shares; 2025Q1: 1,030,000 shares; 2025Q2: 3,060,000 shares; 2025Q3: 3,120,000 shares 3,120,000$2.71M2.54%+60,000
EPRXEUPRAXIA 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: 352,000 shares 352,000$2.08M1.95%newTimeline
RAPTRAPT 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: 79,977 shares 79,977$2.06M1.94%newTimeline
SNDXSYNDAX 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: 130,000 shares 130,000$2M1.88%newTimeline
TRVITREVI 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: 205,000 shares 205,000$1.88M1.76%newTimeline
QUREUNIQURE NVQuarterly 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: 32,000 shares 32,000$1.87M1.75%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: not reported; 2025Q1: not reported; 2025Q2: 86,500 shares; 2025Q3: 86,500 shares 86,500$1.87M1.75%0Timeline
EDSAEDESA BIOTECH 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: 687,500 shares; 2025Q2: 687,500 shares; 2025Q3: 687,500 shares 687,500$1.7M1.6%0Timeline
TELATELA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 747,410 shares; 2024Q4: not reported; 2025Q1: 747,410 shares; 2025Q2: 747,410 shares; 2025Q3: 747,410 shares 747,410$1.11M1.05%0Timeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 323,973 shares; 2025Q1: 323,973 shares; 2025Q2: 338,973 shares; 2025Q3: 346,973 shares 346,973$899K0.84%+8,000Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 56,700 shares; 2025Q1: 59,000 shares; 2025Q2: 59,000 shares; 2025Q3: 61,000 shares 61,000$772K0.72%+2,000Timeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,333 shares; 2024Q4: 83,333 shares; 2025Q1: 83,333 shares; 2025Q2: 83,333 shares; 2025Q3: 83,333 shares 83,333$634K0.6%0Timeline
Tourmaline Bio IncTourmaline Bio IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 331,190 shares; 2024Q4: 423,795 shares; 2025Q1: 455,412 shares; 2025Q2: 393,889 shares; 2025Q3: 5,800 shares 5,800$277K0.26%-388,089
CTMXCYTOMX THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 80,000 shares 80,000$255K0.24%+5,000Timeline
PTGXPROTAGONIST 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: 3,700 shares; 2025Q3: 3,700 shares 3,700$246K0.23%0Timeline
ARWRARROWHEAD 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: 6,500 shares 6,500$224K0.21%newTimeline
OVIDOVID THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 70,000 shares; 2025Q1: 97,000 shares; 2025Q2: 160,000 shares; 2025Q3: 160,000 shares 160,000$208K0.2%0Timeline
GOSSGOSSAMER BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 70,000 shares 70,000$184K0.17%-5,000Timeline
ALECALECTOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 55,000 shares; 2025Q1: 55,000 shares; 2025Q2: 55,000 shares; 2025Q3: 55,000 shares 55,000$163K0.15%0Timeline
DSGNDESIGN 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: 14,000 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares 20,000$151K0.14%0Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 17,000 shares; 2025Q1: 17,000 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares 20,000$150K0.14%0Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 97,889 shares; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 16,000 shares 16,000$148K0.14%+6,000Timeline
ERASERASCA 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: 50,000 shares; 2025Q2: 65,000 shares; 2025Q3: 65,000 shares 65,000$142K0.13%0Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 40,000 shares; 2025Q2: 40,000 shares; 2025Q3: 40,000 shares 40,000$124K0.12%0Timeline
PYXSPYXIS 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: 40,000 shares; 2025Q3: 55,000 shares 55,000$122K0.11%+15,000Timeline
IMNMIMMUNOME 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: 153,500 shares; 2025Q2: not reported; 2025Q3: 10,000 shares 10,000$117K0.11%newTimeline
DTILPRECISION 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: 20,000 shares 20,000$110K0.1%newTimeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 13,000 shares; 2025Q1: 13,000 shares; 2025Q2: 15,000 shares; 2025Q3: 15,000 shares 15,000$110K0.1%0Timeline
GERNGERON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 49,000 shares; 2025Q1: 655,000 shares; 2025Q2: 70,000 shares; 2025Q3: 80,000 shares 80,000$110K0.1%+10,000Timeline
LRMRLARIMAR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 18,000 shares; 2025Q1: 28,000 shares; 2025Q2: 33,000 shares; 2025Q3: 33,000 shares 33,000$107K0.1%0Timeline
CNTXCONTEXT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,290,323 shares; 2024Q4: 90,000 shares; 2025Q1: 90,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares 100,000$96.9K0.09%0Timeline
PRQRPROQR THRAPEUTICS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 40,500 shares; 2025Q1: 45,000 shares; 2025Q2: 45,000 shares; 2025Q3: 45,000 shares 45,000$95.8K0.09%0Timeline
REPLREPLIMUNE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 181,367 shares; 2025Q1: 182,083 shares; 2025Q2: 183,083 shares; 2025Q3: 20,000 shares 20,000$83.8K0.08%-163,083Timeline
IMMXIMMIX 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: not reported; 2025Q2: 25,000 shares; 2025Q3: 35,000 shares 35,000$73.2K0.07%+10,000Timeline
ACRSACLARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 27,000 shares; 2025Q1: 35,000 shares; 2025Q2: 32,700 shares; 2025Q3: 32,700 shares 32,700$62.1K0.06%0Timeline
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares; 2025Q2: 35,000 shares; 2025Q3: 35,000 shares 35,000$49K0.05%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
VERONA PHARMA PLCVERONA PHARMA PLC95,000$8.99Mshares
ZVRAZEVRA THERAPEUTICS INC715,000$6.3Mshares
ARVNARVINAS INC500,000$3.68Mshares
SCPHARMACEUTICALS INCSCPHARMACEUTICALS INC917,668$3.5Mshares
LQDALIQUIDIA CORPORATION239,260$2.98Mshares
CATXPERSPECTIVE THERAPEUTICS INC500,000$1.72Mshares
NEKTAR THERAPEUTICSNEKTAR THERAPEUTICS50,000$1.29Mcall
UPBUPSTREAM BIO INC107,000$1.17Mshares
KPRXKIORA PHARMACEUTICALS INC122,223$352Kshares
VYNEVYNE THERAPEUTICS INC30,000$49.5Kshares
FDMT4D MOLECULAR THERAPEUTICS IN12,000$44.5Kshares
NEXTCURE INCNEXTCURE INC45,000$20.7Kshares

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 0001848809-25-000008 base2025-11-14acceptance time not in the bulk data set