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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 $172,378,588 across 46 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 71.18% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001848809-26-000001

Period
2025-12-31
Reported value
$172M
Holdings
46
Top 10 weight
71.18%
New
9
Sold out
12

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MPLTnew+522,305$9.17M
EVMNnew+506,754$8.68M
ESPRnew+1,210,000$4.48M
VRCAnew+471,559$3.92M
TARAadded+695,652$3.71M

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
PRAXreduced-32,024-$9.44M
ZOOZexited-2,000,000-$4.28M
ALMSexited-946,683-$3.78M
SUTRO BIOPHARMA INCexited-3,120,000-$2.71M
QUREexited-32,000-$1.87M

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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001848809-26-000001, largest first. % of portfolio is the value over $171,896,568, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,666 shares; 2024Q4: 300,000 shares; 2025Q1: 185,000 shares; 2025Q2: 149,334 shares; 2025Q3: 132,805 shares; 2025Q4: 100,781 shares 100,781$29.7M17.28%-32,024Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 100,000 shares; 2025Q3: 108,404 shares; 2025Q4: 108,404 shares 108,404$23.9M13.93%0Timeline
TARAPROTARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,834,652 shares 2,834,652$15.1M8.79%+695,652Timeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 8,753,290 shares 8,753,290$11.4M6.62%0Timeline
MPLTMAPLIGHT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 522,305 shares 522,305$9.17M5.34%newTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 64,389 shares; 2025Q4: 67,000 shares 67,000$9.04M5.26%+2,611Timeline
EVMNEVOMMUNE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 506,754 shares 506,754$8.68M5.05%newTimeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 150,600 shares; 2025Q2: 174,600 shares; 2025Q3: 175,600 shares; 2025Q4: 151,000 shares 151,000$5.48M3.19%-24,600Timeline
LNTHLANTHEUS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 73,545 shares; 2025Q4: 74,687 shares 74,687$4.97M2.89%+1,142Timeline
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,668,395 shares 2,668,395$4.88M2.84%0Timeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 109,972 shares; 2025Q1: 111,972 shares; 2025Q2: 154,972 shares; 2025Q3: 263,642 shares; 2025Q4: 263,642 shares 263,642$4.79M2.79%0Timeline
ESPRESPERION THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,210,000 shares 1,210,000$4.48M2.6%newTimeline
VRCAVERRICA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 471,559 shares 471,559$3.92M2.28%newTimeline
NSPRINSPIREMD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,143,698 shares 2,143,698$3.82M2.22%0Timeline
RAPTRAPT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 79,977 shares; 2025Q4: 108,000 shares 108,000$3.66M2.13%+28,023Timeline
STROSUTRO BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 312,000 shares 312,000$3.61M2.1%newTimeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 17,000 shares; 2025Q1: 17,000 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares; 2025Q4: 70,000 shares 70,000$2.83M1.65%+50,000Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 130,000 shares; 2025Q4: 130,000 shares 130,000$2.73M1.59%0Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 86,500 shares; 2025Q3: 86,500 shares; 2025Q4: 86,500 shares 86,500$2.69M1.57%0Timeline
EPRXEUPRAXIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 352,000 shares; 2025Q4: 352,000 shares 352,000$2.66M1.55%0Timeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 205,000 shares; 2025Q4: 205,000 shares 205,000$2.57M1.49%0Timeline
PROFPROFOUND MED CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 285,710 shares 285,710$2.25M1.31%newTimeline
KZIAKAZIA THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 300,000 shares 300,000$2.07M1.2%newTimeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800,000 shares; 2024Q4: 800,000 shares; 2025Q1: 400,000 shares; 2025Q2: 750,000 shares; 2025Q3: 750,000 shares; 2025Q4: 750,000 shares 750,000$1.77M1.03%0Timeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,333 shares; 2024Q4: 83,333 shares; 2025Q1: 83,333 shares; 2025Q2: 83,333 shares; 2025Q3: 83,333 shares; 2025Q4: 83,333 shares 83,333$1.02M0.59%0Timeline
EDSAEDESA BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 687,500 shares; 2025Q2: 687,500 shares; 2025Q3: 687,500 shares; 2025Q4: 687,500 shares 687,500$976K0.57%0Timeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,500 shares; 2025Q4: 6,500 shares 6,500$432K0.25%0Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 40,000 shares; 2025Q2: 40,000 shares; 2025Q3: 40,000 shares; 2025Q4: 40,000 shares 40,000$361K0.21%0Timeline
CTMXCYTOMX THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 80,000 shares; 2025Q4: 80,000 shares 80,000$341K0.2%0Timeline
PTGXPROTAGONIST THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,700 shares; 2025Q3: 3,700 shares; 2025Q4: 3,700 shares 3,700$323K0.19%0Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 97,889 shares; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 16,000 shares; 2025Q4: 16,000 shares 16,000$304K0.18%0Timeline
OVIDOVID THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 70,000 shares; 2025Q1: 97,000 shares; 2025Q2: 160,000 shares; 2025Q3: 160,000 shares; 2025Q4: 160,000 shares 160,000$261K0.15%0Timeline
GOSSGOSSAMER BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 70,000 shares; 2025Q4: 70,000 shares 70,000$217K0.13%0Timeline
IMNMIMMUNOME INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 153,500 shares; 2025Q2: not reported; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$215K0.12%0Timeline
DSGNDESIGN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 14,000 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares; 2025Q4: 20,000 shares 20,000$188K0.11%0Timeline
IMMXIMMIX BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 25,000 shares; 2025Q3: 35,000 shares; 2025Q4: 35,000 shares 35,000$183K0.11%0Timeline
CNTXCONTEXT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 100,000 shares 100,000$147K0.09%0Timeline
REPLREPLIMUNE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 181,367 shares; 2025Q1: 182,083 shares; 2025Q2: 183,083 shares; 2025Q3: 20,000 shares; 2025Q4: 15,000 shares 15,000$146K0.08%-5,000Timeline
LRMRLARIMAR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 18,000 shares; 2025Q1: 28,000 shares; 2025Q2: 33,000 shares; 2025Q3: 33,000 shares; 2025Q4: 33,000 shares 33,000$126K0.07%0Timeline
XLOXilio Therapeutics Inc.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 170,000 shares 170,000$109K0.06%newTimeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 56,700 shares; 2025Q1: 59,000 shares; 2025Q2: 59,000 shares; 2025Q3: 61,000 shares; 2025Q4: 13,000 shares 13,000$106K0.06%-48,000Timeline
PRQRPROQR THRAPEUTICS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 40,500 shares; 2025Q1: 45,000 shares; 2025Q2: 45,000 shares; 2025Q3: 45,000 shares; 2025Q4: 45,000 shares 45,000$90.9K0.05%0Timeline
DTILPRECISION BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 20,000 shares; 2025Q4: 20,000 shares 20,000$83.2K0.05%0Timeline
PYXSPYXIS ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 40,000 shares; 2025Q3: 55,000 shares; 2025Q4: 40,000 shares 40,000$46K0.03%-15,000Timeline
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares; 2025Q2: 35,000 shares; 2025Q3: 35,000 shares; 2025Q4: 35,000 shares 35,000$43.8K0.03%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
TREVI THERAPEUTICS INCTREVI THERAPEUTICS INC COMcall38,500$482Knew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
ZOOZZOOZ STRATEGY LTD2,000,000$4.28Mshares
ALMSALUMIS INC946,683$3.78Mshares
SUTRO BIOPHARMA INCSUTRO BIOPHARMA INC3,120,000$2.71Mshares
QUREUNIQURE NV32,000$1.87Mshares
TELATELA BIO INC747,410$1.11Mshares
ELDNELEDON PHARMACEUTICALS INC346,973$899Kshares
Tourmaline Bio IncTourmaline Bio Inc5,800$277Kshares
ALECALECTOR INC55,000$163Kshares
ERASERASCA INC65,000$142Kshares
WVEWAVE LIFE SCIENCES LTD15,000$110Kshares
GERNGERON CORP80,000$110Kshares
ACRSACLARIS THERAPEUTICS INC32,700$62.1Kshares

How Q4 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 0001848809-26-000001 base2026-02-13acceptance time not in the bulk data set