CIK: 0001848809
Total reported value
$159.6M
Reporting period: 2026-03-31 · Number of holdings: 50
Velan Capital Investment Management LP disclosed 50 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $159.6M and a quarterly turnover rate of 65.8%.
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Velan Capital Investment Management LP's disclosed holdings carry a Herfindahl concentration index of 0.079 — mathematically equivalent to about 13 equally-sized positions, well below its 50 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 1.72), 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 0% 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.
Add STRO
+64.2% $9.1M
Add TENX
+600.0% $8.3M
Add IMMX
+2014.3% $6.6M
Add PRAX
0.0% $2.8M
Trim MLYS
-92.7% -$5.2M
Trim HRTX
0.0% -$4.4M
Showing top 49 holdings (of 50 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | PRAX | Praxis Precision Medicines I | Stock-Other | 20.34% | +3.11% | — | |
| 2 | TARA | Protara Therapeutic INC | Stock-Other | 9.25% | +0.49% | — | |
| 3 | STRO | Sutro Biopharma INC | Stock-Other | 7.99% | +5.90% | +64.15% | |
| 4 | EVMN | Evommune INC | Stock-Other | 6.43% | +1.40% | -11.94% | |
| 5 | MPLT | Maplight Therapeutics INC | Stock-Other | 6.28% | +0.96% | -5.63% | |
| 6 | TENX | Tenax Therapeutics INC | Stock-Other | 5.84% | +5.25% | +600.00% | |
| 7 | ABVX | Abivax Sa-adr | Stock-Other | 5.37% | +0.13% | +14.93% | |
| 8 | HRTX | Heron Therapeutics INC | Stock-Other | 4.39% | -2.21% | — | |
| 9 | IMMX | Immix Biopharma INC | Stock-Other | 4.22% | +4.11% | +2014.29% | |
| 10 | ESPR | Esperion Therapeutics INC | Stock-Other | 2.95% | +0.35% | +42.15% | |
| 11 | EDSA | Edesa Biotech INC | Stock-Other | 2.71% | +2.14% | +20.36% | |
| 12 | AVR | Anteris Technologies Global | Stock-Other | 2.43% | +2.43% | NEW | |
| 13 | NSPR | Inspiremd INC | Stock-Other | 2.14% | -0.07% | -2.05% | |
| 14 | XNCR | Xencor INC | Stock-Other | 1.89% | +1.89% | NEW | |
| 15 | AVTX | Avalo Therapeutics INC | Stock-Other | 1.73% | -1.05% | -29.78% | |
| 16 | EPRX | Eupraxia Pharmaceuticals INC | Stock-Other | 1.60% | +0.06% | — | |
| 17 | CTMX | Cytomx Therapeutics INC | Stock-Other | 1.59% | +1.39% | +575.00% | |
| 18 | VRCA | Verrica Pharmaceuticals INC | Stock-Other | 1.56% | -0.71% | — | |
| 19 | JSPR | Jasper Therapeutics INC | Stock-Other | 1.46% | -1.37% | — | |
| 20 | RZLT | Rezolute INC | Stock-Other | 1.43% | +0.40% | — | |
| 21 | LYEL | Lyell Immunopharma INC | Stock-Other | 1.28% | +1.28% | NEW | |
| 22 | PROF | Profound Medical CORP | Stock-Other | 1.16% | -0.14% | — | |
| 23 | VRDN | Viridian Therapeutics INC | Stock-Other | 1.12% | -0.44% | +5.34% | |
| 24 | RCKT | Rocket Pharmaceuticals INC | Stock-Other | 0.66% | +0.66% | NEW | |
| 25 | KZIA | Kazia Therapeutics-spon Adr | Stock-Other | 0.63% | -0.57% | -54.90% | |
| 26 | ✓ | Nasus Pharma LTD | Stock-Other | 0.50% | +0.50% | NEW | |
| 27 | QNRX | Quoin Pharmaceuticals Lt-adr | Stock-Other | 0.35% | +0.35% | NEW | |
| 28 | ARWR | Arrowhead Pharmaceuticals In | Stock-Healthcare | 0.26% | — | — | |
| 29 | PTGX | Protagonist Therapeutics INC | Stock-Other | 0.24% | +0.05% | — | |
| 30 | OVID | Ovid Therapeutics INC | Stock-Other | 0.22% | +0.07% | — | |
| 31 | MLYS | Mineralys Therapeutics INC | Stock-Other | 0.19% | -2.99% | -92.72% | |
| 32 | CNTX | Context Therapeutics INC | Stock-Other | 0.16% | +0.07% | — | |
| 33 | NRIX | Nurix Therapeutics INC | Stock-Other | 0.16% | -0.02% | — | |
| 34 | CRBP | Corbus Pharmaceuticals Holdi | Stock-Other | 0.15% | +0.09% | +100.00% | |
| 35 | SNDX | Syndax Pharmaceuticals INC | Stock-Other | 0.15% | -1.43% | -92.31% | |
| 36 | DTIL | Precision Biosciences INC | Stock-Other | 0.14% | +0.09% | +100.00% | |
| 37 | IMNM | Immunome INC | Stock-Other | 0.14% | — | — | |
| 38 | DSGN | Design Therapeutics INC | Stock-Other | 0.13% | — | — | |
| 39 | ARTV | Artiva Biotherapeutics INC | Stock-Other | 0.10% | +0.10% | NEW | |
| 40 | NMRA | Neumora Therapeutics INC | Stock-Other | 0.10% | +0.10% | NEW | |
| 41 | REPL | Replimune Group INC | Stock-Other | 0.10% | — | +33.33% | |
| 42 | LRMR | Larimar Therapeutics INC | Stock-Other | 0.09% | — | — | |
| 43 | XLO | Xilio Therapeutics INC | Stock-Other | 0.08% | +0.08% | NEW | |
| 44 | KLRS | Kalaris Therapeutics INC | Stock-Other | 0.07% | +0.07% | NEW | |
| 45 | PMVP | Pmv Pharmaceuticals INC | Stock-Other | 0.06% | — | +108.57% | |
| 46 | MGNX | Macrogenics INC | Stock-Other | 0.05% | +0.05% | NEW | |
| 47 | KPTI | Karyopharm Therapeutics INC | Stock-Other | 0.05% | +0.05% | NEW | |
| 48 | ✓ | Proqr Thrapeutics N V | Stock-Other | 0.05% | — | — | |
| 49 | GOSS | Gossamer Bio INC | Stock-Other | 0.01% | -0.12% | — |
Performance for Q3 2026
+1.7%
Performance Last 4 Quarters
+41%
Based on 60% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 50 | $159.6M | 66 | |
| 2025-12-31 | 48 | $172.4M | 85 | |
| 2025-09-30 | 51 | $106.5M | 100 | |
| 2025-06-30 | 53 | $101.2M | 0 | |
| 2025-03-31 | 49 | $97.2M | 0 | |
| 2024-12-31 | 47 | $115.9M | 0 | |
| 2024-09-30 | 20 | $106.9M | 0 | |
| 2024-06-30 | 18 | $174.6M | 0 | |
| 2024-03-31 | 22 | $220.2M | 0 | |
| 2023-12-31 | 21 | $171.3M | 0 | |
| 2023-09-30 | 30 | $124.0M | 0 | |
| 2023-06-30 | 32 | $107.7M | 0 | |
| 2023-03-31 | 31 | $117.3M | 0 | |
| 2022-12-31 | 28 | $113.2M | 0 | |
| 2022-09-30 | 24 | $100.8M | 0 | |
| 2022-06-30 | 24 | $98.6M | 0 | |
| 2022-03-31 | 23 | $107.8M | 0 | |
| 2021-12-31 | 27 | $128.9M | 0 |
Velan Capital Investment Management LP's most significant position changes for 2026-03-31: Sold out: Cidara Therapeutics INC (CDTX); Sold out: Lantheus Holdings INC (LNTH); New buy: Anteris Technologies Global (AVR); Sold out: Rapt Therapeutics INC (RAPT); New buy: Xencor INC (XNCR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | STRO | Sutro Biopharma INC | +5.9% | +64.15% | Add |
| 2 | TENX | Tenax Therapeutics INC | +5.3% | +600.00% | Add |
| 3 | IMMX | Immix Biopharma INC | +4.1% | +2014.29% | Add |
| 4 | PRAX | Praxis Precision Medicines I | +3.1% | — | Unchanged |
| 5 | EDSA | Edesa Biotech INC | +2.1% | +20.36% | Add |
| 6 | EVMN | Evommune INC | +1.4% | -11.94% | Trim |
| 7 | CTMX | Cytomx Therapeutics INC | +1.4% | +575.00% | Add |
| 8 | MPLT | Maplight Therapeutics INC | +1% | -5.63% | Trim |
| 9 | TARA | Protara Therapeutic INC | +0.5% | — | Unchanged |
| 10 | RZLT | Rezolute INC | +0.4% | — | Unchanged |
| 11 | ESPR | Esperion Therapeutics INC | +0.4% | +42.15% | Add |
| 12 | ABVX | Abivax Sa-adr | +0.1% | +14.93% | Add |
| 13 | CRBP | Corbus Pharmaceuticals Holdi | +0.1% | +100.00% | Add |
| 14 | DTIL | Precision Biosciences INC | +0.1% | +100.00% | Add |
| 15 | CNTX | Context Therapeutics INC | +0.1% | — | Unchanged |
| 16 | OVID | Ovid Therapeutics INC | +0.1% | — | Unchanged |
| 17 | EPRX | Eupraxia Pharmaceuticals INC | +0.1% | — | Unchanged |
| 18 | PTGX | Protagonist Therapeutics INC | +0.1% | — | Unchanged |
| 19 | NRIX | Nurix Therapeutics INC | 0% | — | Unchanged |
| 20 | NSPR | Inspiremd INC | -0.1% | -2.05% | Trim |
| 21 | GOSS | Gossamer Bio INC | -0.1% | — | Unchanged |
| 22 | PROF | Profound Medical CORP | -0.1% | — | Unchanged |
| 23 | VRDN | Viridian Therapeutics INC | -0.4% | +5.34% | Add |
| 24 | KZIA | Kazia Therapeutics-spon Adr | -0.6% | -54.90% | Trim |
| 25 | VRCA | Verrica Pharmaceuticals INC | -0.7% | — | Unchanged |
| 26 | AVTX | Avalo Therapeutics INC | -1.1% | -29.78% | Trim |
| 27 | JSPR | Jasper Therapeutics INC | -1.4% | — | Unchanged |
| 28 | SNDX | Syndax Pharmaceuticals INC | -1.4% | -92.31% | Trim |
| 29 | HRTX | Heron Therapeutics INC | -2.2% | — | Unchanged |
| 30 | MLYS | Mineralys Therapeutics INC | -3% | -92.72% | Trim |
| 31 | CDTX | Cidara Therapeutics INC | — | EXIT | Sold out |
| 32 | LNTH | Lantheus Holdings INC | — | EXIT | Sold out |
| 33 | AVR | Anteris Technologies Global | — | NEW | New buy |
| 34 | RAPT | Rapt Therapeutics INC | — | EXIT | Sold out |
| 35 | XNCR | Xencor INC | — | NEW | New buy |
| 36 | 430 | Terns Pharmaceuticals INC | — | EXIT | Sold out |
| 37 | TRVI | Trevi Therapeutics INC | — | EXIT | Sold out |
| 38 | LYEL | Lyell Immunopharma INC | — | NEW | New buy |
| 39 | RCKT | Rocket Pharmaceuticals INC | — | NEW | New buy |
| 40 | ✓ | Nasus Pharma LTD | — | NEW | New buy |
| 41 | QNRX | Quoin Pharmaceuticals Lt-adr | — | NEW | New buy |
| 42 | ✓ | Trevi Therapeutics INC | — | EXIT | Sold out |
| 43 | VTYXUSD | Ventyx Biosciences INC | — | EXIT | Sold out |
| 44 | ARTV | Artiva Biotherapeutics INC | — | NEW | New buy |
| 45 | NMRA | Neumora Therapeutics INC | — | NEW | New buy |
| 46 | XLO | Xilio Therapeutics INC | — | NEW | New buy |
| 47 | ✓ | Xilio Therapeutics INC | — | EXIT | Sold out |
| 48 | KLRS | Kalaris Therapeutics INC | — | NEW | New buy |
| 49 | MGNX | Macrogenics INC | — | NEW | New buy |
| 50 | KPTI | Karyopharm Therapeutics INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 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 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
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