CIK: 0001940272
Total reported value
$1.7B
Reporting period: 2026-03-31 · Number of holdings: 311
ADAR1 Capital Management, LLC disclosed 311 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.7B and a quarterly turnover rate of 55.5%.
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ADAR1 Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.025 — mathematically equivalent to about 39 equally-sized positions, well below its 311 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.58), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 2% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim ABVX
+9.2% -$17.5M
Add DNLI
+3490.9% $35.1M
Add 430
+105.8% $36.9M
Add CRNX
+268.3% $27.0M
Add INSP
+2601.3% $19.5M
Trim ABUS
-42.1% -$11.9M
Showing top 200 holdings (of 311 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ABVX | Abivax Sa-adr | Stock-Other | 9.43% | -3.62% | +9.16% | |
| 2 | PTGX | Protagonist Therapeutics INC | Stock-Other | 6.17% | -0.56% | -5.25% | |
| 3 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 5.36% | -0.10% | -4.17% | |
| 4 | IMVT | Immunovant INC | Stock-Other | 3.92% | — | +7.98% | |
| 5 | 430 | Terns Pharmaceuticals INC | Stock-Other | 3.46% | +1.85% | +105.81% | |
| 6 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 2.91% | +0.17% | +38.87% | |
| 7 | CYTK | Cytokinetics INC | Stock-Healthcare | 2.45% | -0.07% | +17.10% | |
| 8 | CRNX | Crinetics Pharmaceuticals In | Stock-Other | 2.44% | +1.38% | +268.28% | |
| 9 | BOXX | Alpha Architect 1-3 Mnth Box | ETF-Other | 2.31% | — | — | |
| 10 | DNLI | Denali Therapeutics INC | Stock-Other | 2.12% | +2.06% | +3490.94% | |
| 11 | BEAM | Beam Therapeutics INC | Stock-Other | 2.03% | +2.03% | NEW | |
| 12 | ZLAB | Zai Lab Ltd-adr | Stock-Other | 1.58% | -0.03% | +14.35% | |
| 13 | SEPN | Septerna INC | Stock-Other | 1.54% | -0.83% | -5.86% | |
| 14 | VIR | Vir Biotechnology INC | Stock-Other | 1.45% | +1.45% | NEW | |
| 15 | DBVT | Dbv Technologies Sa-spon Adr | Stock-Other | 1.25% | +1.25% | NEW | |
| 16 | AVR | Anteris Technologies Global | Stock-Other | 1.24% | +0.79% | +205.88% | |
| 17 | INSP | Inspire Medical Systems INC | Stock-Healthcare | 1.23% | +1.13% | +2601.31% | |
| 18 | SRRK | Scholar Rock Holding CORP | Stock-Other | 1.18% | +0.95% | +485.25% | |
| 19 | RYTM | Rhythm Pharmaceuticals INC | Stock-Other | 1.08% | +0.68% | +311.79% | |
| 20 | SYRE | Spyre Therapeutics INC | Stock-Other | 1.00% | +0.92% | +893.58% | |
| 21 | CTMX | Cytomx Therapeutics INC | Stock-Other | 0.94% | — | -20.37% | |
| 22 | PRTA | Prothena Corporation plc | Stock-Other | 0.90% | — | +8.48% | |
| 23 | SNY | Sanofi-adr | Stock-Healthcare | 0.90% | +0.67% | +399.32% | |
| 24 | PCVX | Vaxcyte INC | Stock-Other | 0.89% | — | -17.90% | |
| 25 | MNPR | Monopar Therapeutics INC | Stock-Other | 0.85% | — | +12.98% | |
| 26 | ABUS | Arbutus Biopharma CORP | Stock-Other | 0.83% | -1.08% | -42.14% | |
| 27 | AMLX | Amylyx Pharmaceuticals INC | Stock-Other | 0.82% | — | +12.38% | |
| 28 | CLDX | Celldex Therapeutics INC | Stock-Other | 0.80% | — | -33.85% | |
| 29 | TSHA | Taysha Gene Therapies INC | Stock-Other | 0.78% | — | +19.38% | |
| 30 | XENE | Xenon Pharmaceuticals INC | Stock-Other | 0.78% | — | +12.22% | |
| 31 | STRO | Sutro Biopharma INC | Stock-Other | 0.77% | +0.71% | +681.85% | |
| 32 | RVMD | Revolution Medicines INC | Stock-Healthcare | 0.77% | — | -7.71% | |
| 33 | ELVN | Enliven Therapeutics INC | Stock-Other | 0.76% | +0.73% | +998.47% | |
| 34 | REPL | Replimune Group INC | Stock-Other | 0.76% | — | +32.90% | |
| 35 | CGON | Cg Oncology INC | Stock-Other | 0.74% | — | -28.06% | |
| 36 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 0.73% | — | — | |
| 37 | ✓ | Establishment Labs Hldgs INC | Stock-Other | 0.71% | — | +24.53% | |
| 38 | IVA | Inventiva SA - Adr | Stock-Other | 0.71% | — | -19.76% | |
| 39 | IONS | Ionis Pharmaceuticals INC | Stock-Healthcare | 0.71% | — | +8.98% | |
| 40 | NKTR | Nektar Therapeutics | Stock-Other | 0.68% | +0.46% | +123.86% | |
| 41 | IKT | Inhibikase Therapeutics INC | Stock-Other | 0.65% | -0.56% | -18.07% | |
| 42 | SPRY | Ars Pharmaceuticals INC | Stock-Other | 0.64% | +0.32% | +268.41% | |
| 43 | ✓ | Helix Acquisition CORP Iii | Stock-Other | 0.61% | +0.61% | NEW | |
| 44 | OVID | Ovid Therapeutics INC | Stock-Other | 0.59% | — | +6.05% | |
| 45 | OKUR | Onkure Therapeutics Inc-a | Stock-Other | 0.59% | +0.37% | +140.09% | |
| 46 | REGN | Regeneron Pharmaceuticals | Stock-Healthcare | 0.55% | — | +0.85% | |
| 47 | MLTX | Moonlake Immunotherapeutics | Stock-Other | 0.52% | +0.52% | NEW | |
| 48 | LXEO | Lexeo Therapeutics INC | Stock-Other | 0.50% | -0.52% | +5.33% | |
| 49 | IRD | Opus Genetics INC | Stock-Other | 0.50% | +0.49% | +4522.51% | |
| 50 | TEVA | Teva Pharmaceutical-sp Adr | Stock-Healthcare | 0.48% | — | +13.74% |
Performance for Q3 2026
+21.1%
Performance Last 4 Quarters
+26.3%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 311 | $1.7B | 55 | |
| 2025-12-31 | 270 | $1.4B | 68 | |
| 2025-09-30 | 220 | $1.1B | 92 | |
| 2025-06-30 | 210 | $652.1M | 0 | |
| 2025-03-31 | 202 | $538.7M | 0 | |
| 2024-12-31 | 214 | $500.4M | 0 | |
| 2024-09-30 | 278 | $614.9M | 0 | |
| 2024-06-30 | 266 | $529.7M | 0 | |
| 2024-03-31 | 261 | $440.8M | 0 | |
| 2023-12-31 | 170 | $279.8M | 0 |
ADAR1 Capital Management, LLC's most significant position changes for 2026-03-31: Sold out: Avidity Biosciences INC (RNAGBP); New buy: Beam Therapeutics INC (BEAM); New buy: Vir Biotechnology INC (VIR); New buy: Dbv Technologies Sa-spon Adr (DBVT); Sold out: Rapt Therapeutics INC (RAPT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | DNLI | Denali Therapeutics INC | +2.1% | +3490.94% | Add |
| 2 | 430 | Terns Pharmaceuticals INC | +1.9% | +105.81% | Add |
| 3 | CRNX | Crinetics Pharmaceuticals In | +1.4% | +268.28% | Add |
| 4 | INSP | Inspire Medical Systems INC | +1.1% | +2601.31% | Add |
| 5 | SRRK | Scholar Rock Holding CORP | +1% | +485.25% | Add |
| 6 | SYRE | Spyre Therapeutics INC | +0.9% | +893.58% | Add |
| 7 | AVR | Anteris Technologies Global | +0.8% | +205.88% | Add |
| 8 | ELVN | Enliven Therapeutics INC | +0.7% | +998.47% | Add |
| 9 | STRO | Sutro Biopharma INC | +0.7% | +681.85% | Add |
| 10 | RYTM | Rhythm Pharmaceuticals INC | +0.7% | +311.79% | Add |
| 11 | SNY | Sanofi-adr | +0.7% | +399.32% | Add |
| 12 | IRD | Opus Genetics INC | +0.5% | +4522.51% | Add |
| 13 | NKTR | Nektar Therapeutics | +0.5% | +123.86% | Add |
| 14 | OKUR | Onkure Therapeutics Inc-a | +0.4% | +140.09% | Add |
| 15 | VKTX | Viking Therapeutics INC | +0.4% | +759.50% | Add |
| 16 | SPRY | Ars Pharmaceuticals INC | +0.3% | +268.41% | Add |
| 17 | SRPT | Sarepta Therapeutics INC | +0.3% | +807.84% | Add |
| 18 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.2% | +38.87% | Add |
| 19 | ZLAB | Zai Lab Ltd-adr | 0% | +14.35% | Add |
| 20 | CYTK | Cytokinetics INC | -0.1% | +17.10% | Add |
| 21 | ROIV | Roivant Sciences Ltd. | -0.1% | -4.17% | Trim |
| 22 | IVVD | Invivyd INC | -0.4% | -1.97% | Trim |
| 23 | MAZE | Maze Therapeutics INC | -0.5% | -72.10% | Trim |
| 24 | ✓ | Crescent Biopharma INC. | -0.5% | -91.70% | Trim |
| 25 | LXEO | Lexeo Therapeutics INC | -0.5% | +5.33% | Add |
| 26 | PTGX | Protagonist Therapeutics INC | -0.6% | -5.25% | Trim |
| 27 | IKT | Inhibikase Therapeutics INC | -0.6% | -18.07% | Trim |
| 28 | TFX | Teleflex INC | -0.6% | -73.72% | Trim |
| 29 | BBIO | Bridgebio Pharma INC | -0.8% | -55.82% | Trim |
| 30 | SEPN | Septerna INC | -0.8% | -5.86% | Trim |
| 31 | FULC | Fulcrum Therapeutics INC | -1% | -90.10% | Trim |
| 32 | ABUS | Arbutus Biopharma CORP | -1.1% | -42.14% | Trim |
| 33 | ABVX | Abivax Sa-adr | -3.6% | +9.16% | Add |
| 34 | RNAGBP | Avidity Biosciences INC | — | EXIT | Sold out |
| 35 | BEAM | Beam Therapeutics INC | — | NEW | New buy |
| 36 | VIR | Vir Biotechnology INC | — | NEW | New buy |
| 37 | DBVT | Dbv Technologies Sa-spon Adr | — | NEW | New buy |
| 38 | RAPT | Rapt Therapeutics INC | — | EXIT | Sold out |
| 39 | CDTX | Cidara Therapeutics INC | — | EXIT | Sold out |
| 40 | YCY-UN | AA Mission Acquisition Corp. II | — | EXIT | Sold out |
| 41 | ✓ | Helix Acquisition CORP Iii | — | NEW | New buy |
| 42 | MLTX | Moonlake Immunotherapeutics | — | NEW | New buy |
| 43 | MPLT | Maplight Therapeutics INC | — | NEW | New buy |
| 44 | DMRA | Damora Therapeutics INC | — | NEW | New buy |
| 45 | PRME | Prime Medicine INC | — | NEW | New buy |
| 46 | KRRO | Korro Bio INC | — | NEW | New buy |
| 47 | INSM | Insmed INC | — | NEW | New buy |
| 48 | BBIO 2.25 02-01-29 | Bridgebio Pharma INC | — | NEW | New buy |
| 49 | ✓ | Bhav Acquisition CORP | — | NEW | New buy |
| 50 | BBIO 1.75 03-01-31 | Bridgebio Pharma INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-18 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-18 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
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