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Vivo Capital, LLC

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13F filer, CIK 1674712, Palo Alto, CA

Vivo Capital, LLC reported $1,547,066,991 across 47 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 60.06% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001213900-26-016236

Period
2025-12-31
Reported value
$1.55B
Holdings
47
Top 10 weight
60.06%
New
7
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PRAXadded+130,000$38.3M
DBVTadded+1,407,120$27M
ANROnew+1,035,551$18.4M
NERVnew+4,322,747$17.4M
DSGNnew+1,612,903$15.1M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
VERONA PHARMA PLCexited-1,393,432-$149M
CDTXreduced-354,755-$78.4M
SLNOreduced-1,383,294-$64M
TERNreduced-1,548,818-$62.6M
Tourmaline Bio Incexited-591,882-$28.3M

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 0001213900-26-016236, largest first. % of portfolio is the value over $1,547,066,991, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,895,746 shares; 2024Q4: 6,895,746 shares; 2025Q1: 6,895,746 shares; 2025Q2: 6,895,746 shares; 2025Q3: 6,895,746 shares; 2025Q4: 5,346,928 shares 5,346,928$216M13.96%-1,548,818Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 670,600 shares; 2025Q1: 684,276 shares; 2025Q2: 1,311,425 shares; 2025Q3: 1,311,425 shares; 2025Q4: 956,670 shares 956,670$211M13.66%-354,755Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly 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: 167,600 shares; 2025Q3: 198,895 shares; 2025Q4: 328,895 shares 328,895$96.9M6.27%+130,000Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,122,471 shares; 2024Q4: 1,122,471 shares; 2025Q1: 1,122,471 shares; 2025Q2: 1,122,471 shares; 2025Q3: 2,789,137 shares; 2025Q4: 2,398,993 shares 2,398,993$85.2M5.51%-390,144Timeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,612,903 shares; 2024Q4: 3,487,903 shares; 2025Q1: 3,487,903 shares; 2025Q2: 4,487,903 shares; 2025Q3: 5,094,668 shares; 2025Q4: 5,094,668 shares 5,094,668$63.8M4.12%0Timeline
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,684,109 shares; 2024Q4: 2,684,109 shares; 2025Q1: 2,684,109 shares; 2025Q2: 2,684,109 shares; 2025Q3: 2,684,109 shares; 2025Q4: 2,684,109 shares 2,684,109$57.8M3.74%0
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,556,023 shares; 2024Q4: 3,556,023 shares; 2025Q1: 3,556,023 shares; 2025Q2: 6,043,466 shares; 2025Q3: 9,545,466 shares; 2025Q4: 9,545,466 shares 9,545,466$51.3M3.31%0Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,114,960 shares; 2024Q4: 1,114,960 shares; 2025Q1: 1,114,960 shares; 2025Q2: 1,114,960 shares; 2025Q3: 2,614,960 shares; 2025Q4: 2,614,960 shares 2,614,960$51.1M3.31%0Timeline
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: 359,305 shares; 2025Q4: 359,305 shares 359,305$48.5M3.13%0Timeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 32,020 shares; 2025Q1: not reported; 2025Q2: 1,054,506 shares; 2025Q3: 1,054,506 shares; 2025Q4: 2,461,626 shares 2,461,626$47.2M3.05%+1,407,120Timeline
SABSSAB BIOTHERAPEUTICS 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: 11,420,000 shares; 2025Q4: 11,420,000 shares 11,420,000$42.7M2.76%0Timeline
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,291,851 shares; 2024Q4: 6,291,851 shares; 2025Q1: 4,458,294 shares; 2025Q2: 3,958,294 shares; 2025Q3: 2,278,203 shares; 2025Q4: 894,909 shares 894,909$41.4M2.68%-1,383,294Timeline
DRUGBRIGHT MINDS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 251,572 shares; 2025Q1: 251,572 shares; 2025Q2: 251,572 shares; 2025Q3: 501,617 shares; 2025Q4: 501,617 shares 501,617$39.1M2.53%0Timeline
SVASINOVAC BIOTECH LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,800,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,903,000 shares; 2025Q3: 5,903,000 shares; 2025Q4: 5,903,000 shares 5,903,000$38.2M2.47%0Timeline
GERNGERON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,225,292 shares; 2024Q4: 27,225,292 shares; 2025Q1: 27,225,292 shares; 2025Q2: 27,225,292 shares; 2025Q3: 27,225,292 shares; 2025Q4: 27,225,292 shares 27,225,292$35.9M2.32%0Timeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,756,756 shares; 2024Q4: 6,756,756 shares; 2025Q1: 6,756,756 shares; 2025Q2: 6,756,756 shares; 2025Q3: 9,273,428 shares; 2025Q4: 9,273,428 shares 9,273,428$34.5M2.23%0Timeline
ZBIOZENAS BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,183,260 shares; 2024Q4: 1,183,260 shares; 2025Q1: 1,183,260 shares; 2025Q2: 1,183,260 shares; 2025Q3: 1,183,260 shares; 2025Q4: 853,495 shares 853,495$31M2%-329,765Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,678,207 shares; 2024Q4: 982,576 shares; 2025Q1: 982,576 shares; 2025Q2: 982,576 shares; 2025Q3: 982,576 shares; 2025Q4: 982,576 shares 982,576$30.6M1.98%0Timeline
ACRSACLARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 8,888,888 shares; 2025Q1: 8,888,888 shares; 2025Q2: 8,888,888 shares; 2025Q3: 8,888,888 shares; 2025Q4: 8,888,888 shares 8,888,888$26.8M1.73%0Timeline
CAMPCAMP4 THERAPEUTICS 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: 3,921,568 shares; 2025Q4: 4,246,568 shares 4,246,568$26M1.68%+325,000Timeline
TNGXTANGO 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: 600,000 shares; 2025Q3: 776,699 shares; 2025Q4: 2,154,780 shares 2,154,780$19.1M1.23%+1,378,081Timeline
ANROALTO NEUROSCIENCE 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: 1,035,551 shares 1,035,551$18.4M1.19%newTimeline
LBRXLB 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: 800,000 shares; 2025Q4: 800,000 shares 800,000$17.8M1.15%0Timeline
NERVMINERVA NEUROSCIENCES 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: 4,322,747 shares 4,322,747$17.4M1.12%newTimeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,277,818 shares; 2024Q4: 1,277,818 shares; 2025Q1: 2,080,450 shares; 2025Q2: 3,126,604 shares; 2025Q3: 3,126,604 shares; 2025Q4: 2,118,384 shares 2,118,384$17.3M1.12%-1,008,220Timeline
CRVSCORVUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,497,268 shares; 2024Q4: 2,234,566 shares; 2025Q1: 2,234,566 shares; 2025Q2: 2,234,566 shares; 2025Q3: 2,234,566 shares; 2025Q4: 2,234,566 shares 2,234,566$17.2M1.11%0Timeline
OLMAOLEMA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,505,862 shares; 2024Q4: 1,505,862 shares; 2025Q1: 1,505,862 shares; 2025Q2: 1,505,862 shares; 2025Q3: 1,505,862 shares; 2025Q4: 671,843 shares 671,843$16.8M1.09%-834,019Timeline
PEPGPEPGEN 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: 2,325,000 shares; 2025Q4: 2,325,000 shares 2,325,000$15.1M0.98%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: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,612,903 shares 1,612,903$15.1M0.98%newTimeline
DNTHDIANTHUS 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: 353,998 shares; 2025Q4: 353,998 shares 353,998$14.6M0.94%0Timeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly 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: 1,000,000 shares 1,000,000$13.2M0.85%newTimeline
CTMXCYTOMX 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: 5,769,230 shares; 2025Q3: 2,884,615 shares; 2025Q4: 2,884,615 shares 2,884,615$12.3M0.79%0Timeline
UNCYUNICYCIVE 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: 1,137,015 shares; 2025Q3: 1,789,916 shares; 2025Q4: 1,789,916 shares 1,789,916$10.3M0.67%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: 1,350,000 shares; 2025Q4: 1,350,000 shares 1,350,000$10.2M0.66%0Timeline
ABEOABEONA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,842,751 shares; 2024Q4: 1,842,751 shares; 2025Q1: 1,842,751 shares; 2025Q2: 1,842,751 shares; 2025Q3: 1,842,751 shares; 2025Q4: 1,842,751 shares 1,842,751$9.71M0.63%0Timeline
VSTMVERASTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,538,461 shares; 2024Q4: 1,538,461 shares; 2025Q1: 1,538,461 shares; 2025Q2: 1,538,461 shares; 2025Q3: 2,644,985 shares; 2025Q4: 1,106,524 shares 1,106,524$8.54M0.55%-1,538,461Timeline
SLNSILENCE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,105,454 shares; 2024Q4: 1,105,454 shares; 2025Q1: 1,105,454 shares; 2025Q2: 1,105,454 shares; 2025Q3: 1,105,454 shares; 2025Q4: 1,105,454 shares 1,105,454$6.72M0.43%0Timeline
MNPRMONOPAR 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: 90,500 shares; 2025Q4: 90,500 shares 90,500$5.91M0.38%0Timeline
SRZNSURROZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 260,000 shares; 2025Q2: 260,000 shares; 2025Q3: 260,000 shares; 2025Q4: 260,000 shares 260,000$5.88M0.38%0Timeline
PALIPALISADE BIO 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: 2,293,578 shares 2,293,578$5.39M0.35%newTimeline
SERASERA PROGNOSTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,650,440 shares; 2024Q4: 1,650,440 shares; 2025Q1: 1,650,440 shares; 2025Q2: 1,650,440 shares; 2025Q3: 1,650,440 shares; 2025Q4: 1,650,440 shares 1,650,440$4.87M0.31%0Timeline
TILINSTIL BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 624,339 shares; 2024Q4: 585,485 shares; 2025Q1: 585,485 shares; 2025Q2: 292,743 shares; 2025Q3: 292,743 shares; 2025Q4: 292,743 shares 292,743$3.22M0.21%0Timeline
KTTAPASITHEA THERAPEUTICS 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: 2,100,000 shares 2,100,000$2.71M0.18%newTimeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 208,333 shares; 2024Q4: 208,333 shares; 2025Q1: 208,333 shares; 2025Q2: 208,333 shares; 2025Q3: 208,333 shares; 2025Q4: 208,333 shares 208,333$2.54M0.16%0Timeline
ENGNWENGENE HOLDINGS 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: 285,046 shares 285,046$844K0.05%newTimeline
BOLTBOLT BIOTHERAPEUTICS 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: 176,064 shares; 2025Q3: 176,064 shares; 2025Q4: 72,414 shares 72,414$396K0.03%-103,650Timeline
DTILPRECISION BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,675 shares; 2024Q4: 4,675 shares; 2025Q1: 4,675 shares; 2025Q2: 4,675 shares; 2025Q3: 4,675 shares; 2025Q4: 4,675 shares 4,675$19.4K<0.01%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
VERONA PHARMA PLCVERONA PHARMA PLC1,393,432$149Mshares
Tourmaline Bio IncTourmaline Bio Inc591,882$28.3Mshares
AKROAKERO THERAPEUTICS INC434,689$20.6Mshares
RZLTREZOLUTE INC2,112,432$19.9Mshares
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INC1,552,685$11.3Mshares
DCTHDELCATH SYS INC569,526$6.12Mshares
89BIO INC89BIO INC376,804$5.54Mshares

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 0001213900-26-016236 base2026-02-13acceptance time not in the bulk data set