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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 $159,645,269 across 49 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-15. Its ten largest share positions make up 73.06% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001848809-26-000002

Period
2026-03-31
Reported value
$160M
Holdings
49
Top 10 weight
73.06%
New
12
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TENXadded+500,000$8M
IMMXadded+705,000$6.42M
STROadded+200,160$4.99M
AVRnew+700,000$3.88M
XNCRnew+250,000$3.02M

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
CDTXexited-108,404-$23.9M
LNTHexited-74,687-$4.97M
MLYSreduced-140,000-$3.79M
RAPTexited-108,000-$3.66M
TERNexited-70,000-$2.83M

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, Q1 2026

Share positions as resolved from 13F-HR 0001848809-26-000002, largest first. % of portfolio is the value over $159,645,269, 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; 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; 2026Q1: 100,781 shares 100,781$32.5M20.34%0Timeline
TARAPROTARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,834,652 shares 2,834,652$14.8M9.25%0Timeline
STROSUTRO BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 312,000 shares; 2026Q1: 512,160 shares 512,160$12.8M7.99%+200,160Timeline
EVMNEVOMMUNE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 506,754 shares; 2026Q1: 446,255 shares 446,255$10.3M6.43%-60,499Timeline
MPLTMAPLIGHT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 522,305 shares; 2026Q1: 492,893 shares 492,893$10M6.28%-29,412Timeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 583,333 shares 583,333$9.33M5.84%+500,000Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 64,389 shares; 2025Q4: 67,000 shares; 2026Q1: 77,000 shares 77,000$8.57M5.37%+10,000Timeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 8,753,290 shares 8,753,290$7M4.39%0Timeline
IMMXIMMIX BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 25,000 shares; 2025Q3: 35,000 shares; 2025Q4: 35,000 shares; 2026Q1: 740,000 shares 740,000$6.74M4.22%+705,000Timeline
ESPRESPERION THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,210,000 shares; 2026Q1: 1,720,000 shares 1,720,000$4.71M2.95%+510,000Timeline
EDSAEDESA BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 687,500 shares; 2025Q2: 687,500 shares; 2025Q3: 687,500 shares; 2025Q4: 687,500 shares; 2026Q1: 827,500 shares 827,500$4.33M2.71%+140,000Timeline
AVRANTERIS TECHNOLOGIES GLOBALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 700,000 shares 700,000$3.88M2.43%newTimeline
NSPRINSPIREMD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,099,652 shares 2,099,652$3.42M2.14%-44,046Timeline
XNCRXENCOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 250,000 shares 250,000$3.02M1.89%newTimeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 185,122 shares 185,122$2.76M1.73%-78,520Timeline
EPRXEUPRAXIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 352,000 shares; 2025Q4: 352,000 shares; 2026Q1: 352,000 shares 352,000$2.55M1.6%0Timeline
CTMXCYTOMX THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 540,000 shares 540,000$2.54M1.59%+460,000Timeline
VRCAVERRICA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 471,559 shares; 2026Q1: 471,559 shares 471,559$2.49M1.56%0Timeline
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,668,395 shares 2,668,395$2.34M1.46%0Timeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 750,000 shares 750,000$2.29M1.43%0Timeline
LYELLYELL IMMUNOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 102,000 shares 102,000$2.05M1.28%newTimeline
PROFPROFOUND MED CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 285,710 shares; 2026Q1: 285,710 shares 285,710$1.85M1.16%0Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 86,500 shares; 2025Q3: 86,500 shares; 2025Q4: 86,500 shares; 2026Q1: 91,123 shares 91,123$1.78M1.12%+4,623Timeline
RCKTROCKET PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 294,643 shares 294,643$1.05M0.66%newTimeline
KZIAKAZIA THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 300,000 shares; 2026Q1: 135,315 shares 135,315$1.01M0.63%-164,685Timeline
NSRXNASUS PHARMA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 359,390 shares 359,390$798K0.5%newTimeline
QNRXQUOIN PHARMACEUTICALS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 84,849 shares 84,849$560K0.35%newTimeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,500 shares; 2025Q4: 6,500 shares; 2026Q1: 6,500 shares 6,500$408K0.26%0Timeline
PTGXPROTAGONIST THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,700 shares; 2025Q3: 3,700 shares; 2025Q4: 3,700 shares; 2026Q1: 3,700 shares 3,700$390K0.24%0Timeline
OVIDOVID THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 160,000 shares 160,000$355K0.22%0Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 150,600 shares; 2025Q2: 174,600 shares; 2025Q3: 175,600 shares; 2025Q4: 151,000 shares; 2026Q1: 11,000 shares 11,000$298K0.19%-140,000Timeline
CNTXCONTEXT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 100,000 shares 100,000$262K0.16%0Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 97,889 shares; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 16,000 shares; 2025Q4: 16,000 shares; 2026Q1: 16,000 shares 16,000$248K0.16%0Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 26,000 shares 26,000$244K0.15%+13,000Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 130,000 shares; 2025Q4: 130,000 shares; 2026Q1: 10,000 shares 10,000$234K0.15%-120,000Timeline
DTILPRECISION BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 20,000 shares; 2025Q4: 20,000 shares; 2026Q1: 40,000 shares 40,000$220K0.14%+20,000Timeline
IMNMIMMUNOME INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 153,500 shares; 2025Q2: not reported; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares; 2026Q1: 10,000 shares 10,000$219K0.14%0Timeline
DSGNDESIGN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 14,000 shares; 2025Q2: 20,000 shares; 2025Q3: 20,000 shares; 2025Q4: 20,000 shares; 2026Q1: 20,000 shares 20,000$213K0.13%0Timeline
ARTVARTIVA BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 25,000 shares 25,000$161K0.1%newTimeline
NMRANEUMORA THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 80,000 shares 80,000$156K0.1%newTimeline
REPLREPLIMUNE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 20,000 shares 20,000$153K0.1%+5,000Timeline
LRMRLARIMAR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 33,000 shares 33,000$148K0.09%0Timeline
XLOXILIO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 14,285 shares 14,285$120K0.08%newTimeline
KLRSKALARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 18,000 shares 18,000$104K0.07%newTimeline
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 73,000 shares 73,000$90.5K0.06%+38,000Timeline
MGNXMACROGENICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 30,000 shares 30,000$86.7K0.05%newTimeline
KPTIKARYOPHARM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 15,000 shares 15,000$83.5K0.05%newTimeline
PRQRPROQR THRAPEUTICS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 45,000 shares 45,000$72.9K0.05%0Timeline
GOSSGOSSAMER BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 70,000 shares 70,000$23K0.01%0Timeline

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
CDTXCIDARA THERAPEUTICS INC108,404$23.9Mshares
LNTHLANTHEUS HLDGS INC74,687$4.97Mshares
RAPTRAPT THERAPEUTICS INC108,000$3.66Mshares
TERNTERNS PHARMACEUTICALS INC70,000$2.83Mshares
TRVITREVI THERAPEUTICS INC205,000$2.57Mshares
TREVI THERAPEUTICS INCTREVI THERAPEUTICS INC38,500$482Kcall
VTYXVENTYX BIOSCIENCES INC40,000$361Kshares
XLOXilio Therapeutics Inc.170,000$109Kshares
PYXSPYXIS ONCOLOGY INC40,000$46Kshares

How Q1 2026 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 0001848809-26-000002 base2026-05-15acceptance time not in the bulk data set