ADAR1 Capital Management, LLC Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$1.4T
Holdings
256
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (256 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | ABVXABIVAX SA | 1,317,329 | $177.6B | 12.86% | |
| 2 | PTGXPROTAGONIST THERAPEUTICS INC | 1,049,168 | $91.6B | 6.63% | |
| 3 | ROIVROIVANT SCIENCES LTD | 3,428,962 | $74.4B | 5.39% | |
| 4 | IMVTIMMUNOVANT INC | 2,480,968 | $63.1B | 4.57% | |
| 5 | RNAAVIDITY BIOSCIENCES INC | 546,534 | $39.4B | 2.85% | |
| 6 | BOXXEA SERIES TRUST | 337,125 | $38.8B | 2.81% | |
| 7 | SPYSPDR S&P 500 ETF TR | 54,684 | $37.3B | 2.70% | |
| 8 | CYTKCYTOKINETICS INC | 540,166 | $34.3B | 2.49% | |
| 9 | SEPNSEPTERNA INC | 1,157,611 | $32.3B | 2.34% | |
| 10 | I9DNARBUTUS BIOPHARMA CORP | 5,415,109 | $26.0B | 1.89% | |
| 11 | —PERCEPTIVE CAP SOLUTIONS COR | 1,956,720 | $25.5B | 1.85% | |
| 12 | ZLABZAI LAB LTD | 1,246,520 | $22.0B | 1.59% | |
| 13 | TERNTERNS PHARMACEUTICALS INC | 541,615 | $21.9B | 1.58% | |
| 14 | CTMXCYTOMX THERAPEUTICS INC | 4,282,769 | $18.2B | 1.32% | Call |
| 15 | TCE2CELLDEX THERAPEUTICS INC NEW | 646,767 | $17.6B | 1.27% | |
| 16 | RAPTRAPT THERAPEUTICS INC | 509,679 | $17.3B | 1.25% | |
| 17 | IKTINHIBIKASE THERAPEUTICS INC | 8,063,949 | $16.5B | 1.20% | |
| 18 | BBIOBRIDGEBIO PHARMA INC | 213,414 | $16.3B | 1.18% | |
| 19 | MNPRMONOPAR THERAPEUTICS INC | 233,908 | $15.3B | 1.11% | |
| 20 | FULCFULCRUM THERAPEUTICS INC | 1,318,749 | $14.9B | 1.08% | Call |
| 21 | PCVXVAXCYTE INC | 315,642 | $14.6B | 1.05% | |
| 22 | CRNXCRINETICS PHARMACEUTICALS IN | 309,368 | $14.4B | 1.04% | |
| 23 | PRTAPROTHENA CORP PLC | 1,457,764 | $13.9B | 1.01% | |
| 24 | LXEOLEXEO THERAPEUTICS INC | 1,393,161 | $13.8B | 1.00% | |
| 25 | TSHATAYSHA GENE THERAPIES INC | 2,495,809 | $13.7B | 0.99% | |
| 26 | CDTXCIDARA THERAPEUTICS INC | 59,677 | $13.2B | 0.95% | |
| 27 | IVAINVENTIVA SA | 2,709,846 | $12.6B | 0.91% | |
| 28 | ESTAESTABLISHMENT LABS HLDGS INC | 171,422 | $12.5B | 0.90% | |
| 29 | BILSPDR SERIES TRUST | 135,585 | $12.4B | 0.90% | |
| 30 | REPLREPLIMUNE GROUP INC | 1,266,322 | $12.3B | 0.89% | Call |
| 31 | ISIIONIS PHARMACEUTICALS INC | 147,130 | $11.6B | 0.84% | |
| 32 | RVMDREVOLUTION MEDICINES INC | 145,079 | $11.6B | 0.84% | |
| 33 | AMLXAMYLYX PHARMACEUTICALS INC | 890,356 | $10.8B | 0.78% | |
| 34 | CGONCG ONCOLOGY INC | 258,139 | $10.7B | 0.78% | |
| 35 | YCYAA MISSION ACQUISITION CORP | 983,448 | $10.5B | 0.76% | Call |
| 36 | TFXTELEFLEX INCORPORATED | 80,627 | $9.8B | 0.71% | |
| 37 | IWMISHARES TR | 39,570 | $9.7B | 0.71% | Put |
| 38 | IVVDINVIVYD INC | 3,899,397 | $9.6B | 0.70% | |
| 39 | REGNREGENERON PHARMACEUTICALS | 12,051 | $9.3B | 0.67% | |
| 40 | XENEXENON PHARMACEUTICALS INC | 203,969 | $9.1B | 0.66% | |
| 41 | EQEQUILLIUM INC | 5,608,078 | $8.7B | 0.63% | |
| 42 | YB4PSAVARA INC | 1,405,452 | $8.5B | 0.61% | |
| 43 | MAZEMAZE THERAPEUTICS INC | 179,532 | $7.4B | 0.54% | |
| 44 | TEVATEVA PHARMACEUTICAL INDS LTD | 235,971 | $7.4B | 0.53% | |
| 45 | CBIOCRESCENT BIOPHARMA INC. | 606,000 | $7.2B | 0.52% | |
| 46 | OVIDOVID THERAPEUTICS INC | 4,285,000 | $7.0B | 0.51% | |
| 47 | BLTEBELITE BIO INC | 39,839 | $6.4B | 0.46% | |
| 48 | QUREUNIQURE NV | 265,155 | $6.3B | 0.46% | Call |
| 49 | VRTXVERTEX PHARMACEUTICALS INC | 13,716 | $6.2B | 0.45% | |
| 50 | BHFBRIGHTHOUSE FINL INC | 95,523 | $6.2B | 0.45% | |
| 51 | AVRANTERIS TECHNOLOGIES GLOBAL | 1,238,777 | $6.2B | 0.45% | |
| 52 | TARAPROTARA THERAPEUTICS INC | 1,136,799 | $6.1B | 0.44% | |
| 53 | DHRDANAHER CORPORATION | 25,600 | $5.9B | 0.42% | |
| 54 | CLYMCLIMB BIO INC | 1,432,475 | $5.7B | 0.41% | |
| 55 | RYTMRHYTHM PHARMACEUTICALS INC | 51,349 | $5.5B | 0.40% | |
| 56 | OACCOAKTREE ACQUISITION CORP III | 516,482 | $5.5B | 0.40% | |
| 57 | ASNDASCENDIS PHARMA A/S | 25,314 | $5.4B | 0.39% | |
| 58 | AGIOAGIOS PHARMACEUTICALS INC | 188,000 | $5.1B | 0.37% | |
| 59 | SPRBSPRUCE BIOSCIENCES INC | 58,000 | $5.1B | 0.37% | |
| 60 | MLYSMINERALYS THERAPEUTICS INC | 136,231 | $4.9B | 0.36% | |
| 61 | KRYSKRYSTAL BIOTECH INC | 20,014 | $4.9B | 0.36% | |
| 62 | PALIPALISADE BIO INC | 2,004,845 | $4.7B | 0.34% | |
| 63 | SPRYARS PHARMACEUTICALS INC | 369,569 | $4.3B | 0.31% | |
| 64 | BIIBBIOGEN INC | 24,300 | $4.3B | 0.31% | |
| 65 | NAMSNEWAMSTERDAM PHARMA COMPANY | 118,623 | $4.2B | 0.30% | |
| 66 | AEXAAMERICAN EXCEPTIONALISM ACQU | 357,539 | $4.1B | 0.29% | |
| 67 | URGNUROGEN PHARMA LTD | 165,375 | $3.9B | 0.28% | Call |
| 68 | ARWRARROWHEAD PHARMACEUTICALS IN | 58,200 | $3.9B | 0.28% | |
| 69 | ATAIATAI BECKLEY NV | 913,242 | $3.7B | 0.27% | |
| 70 | CRVSCORVUS PHARMACEUTICALS INC | 465,875 | $3.6B | 0.26% | |
| 71 | JANXJANUX THERAPEUTICS INC | 245,452 | $3.4B | 0.25% | |
| 72 | GLUEMONTE ROSA THERAPEUTICS INC | 215,752 | $3.4B | 0.24% | |
| 73 | AVDLAVADEL PHARMACEUTICALS PLC | 150,532 | $3.2B | 0.23% | |
| 74 | CTNMCONTINEUM THERAPEUTICS INC | 278,961 | $3.2B | 0.23% | |
| 75 | EVMNEVOMMUNE INC | 184,062 | $3.2B | 0.23% | |
| 76 | GUTSFRACTYL HEALTH INC | 1,428,571 | $3.1B | 0.23% | Call |
| 77 | SNYSANOFI SA | 63,474 | $3.1B | 0.22% | |
| 78 | SRRKSCHOLAR ROCK HLDG CORP | 69,589 | $3.1B | 0.22% | |
| 79 | NKTRNEKTAR THERAPEUTICS | 72,031 | $3.0B | 0.22% | |
| 80 | ZURAZURA BIO LTD | 562,065 | $2.9B | 0.21% | |
| 81 | OKURONKURE THERAPEUTICS INC | 1,014,158 | $2.9B | 0.21% | |
| 82 | LONAATHIRA PHARMA INC | 393,701 | $2.9B | 0.21% | |
| 83 | BBOTBRIDGEBIO ONCOLOGY THERAPEUT | 226,248 | $2.8B | 0.21% | |
| 84 | ELDNELEDON PHARMACEUTICALS INC | 1,821,812 | $2.8B | 0.20% | |
| 85 | ENGNENGENE HOLDINGS INC | 303,686 | $2.7B | 0.20% | |
| 86 | INOINOVIO PHARMACEUTICALS INC | 1,560,508 | $2.7B | 0.20% | Call |
| 87 | DVAXDYNAVAX TECHNOLOGIES CORP | 170,000 | $2.6B | 0.19% | |
| 88 | VRDNVIRIDIAN THERAPEUTICS INC | 77,198 | $2.4B | 0.17% | |
| 89 | PHVSPHARVARIS N V | 85,528 | $2.4B | 0.17% | |
| 90 | CRBPCORBUS PHARMACEUTICALS HLDGS | 286,781 | $2.3B | 0.17% | |
| 91 | CATBUSDASTRIA THERAPEUTICS INC | 173,557 | $2.3B | 0.16% | |
| 92 | DCTHDELCATH SYS INC | 224,385 | $2.3B | 0.16% | |
| 93 | EWTXEDGEWISE THERAPEUTICS INC | 90,999 | $2.3B | 0.16% | |
| 94 | GRCEGRACE THERAPEUTICS INC | 641,988 | $2.2B | 0.16% | |
| 95 | GOSSGOSSAMER BIO INC | 710,831 | $2.2B | 0.16% | Put |
| 96 | RGNXREGENXBIO INC | 144,848 | $2.1B | 0.15% | |
| 97 | ACLXARCELLX INC | 31,484 | $2.1B | 0.15% | |
| 98 | OLMAOLEMA PHARMACEUTICALS INC | 81,399 | $2.0B | 0.15% | |
| 99 | 3M4MASIMO CORP | 15,000 | $1.9B | 0.14% | |
| 100 | HELPCYBIN INC | 238,390 | $1.9B | 0.14% |
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