ADAR1 Capital Management, LLC Q4 2025 Filing

Filed February 17, 2026

Portfolio Value

$1.4B

Holdings

256

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (256 positions)

#	Stock	Shares	Value	% Portfolio	Type
201	JBIOJADE BIOSCIENCES INC	21,000	$324K	0.02%
202	SGRYSURGERY PARTNERS INC	20,000	$309K	0.02%
203	JDJD.COM INC	10,000	$287K	0.02%
204	PCAPPROCAP ACQUISITION CORP	26,940	$275K	0.02%
205	DRUGBRIGHT MINDS BIOSCIENCES INC	3,500	$273K	0.02%
206	IDXXIDEXX LABS INC	400	$270K	0.02%
207	SPROSPERO THERAPEUTICS INC	113,839	$265K	0.02%
208	IMMXIMMIX BIOPHARMA INC	50,000	$261K	0.02%
209	CATXPERSPECTIVE THERAPEUTICS INC	95,193	$261K	0.02%
210	JSPRJASPER THERAPEUTICS INC	140,000	$256K	0.02%
211	SNDXSYNDAX PHARMACEUTICALS INC	12,000	$252K	0.02%
212	OGNORGANON & CO	35,000	$250K	0.02%
213	ANNXANNEXON INC	48,000	$240K	0.02%
214	PEPGPEPGEN INC	36,842	$239K	0.02%
215	EOLSEVOLUS INC	35,859	$238K	0.02%
216	SP4PACHIEVE LIFE SCIENCES INC	47,800	$237K	0.02%
217	RAREULTRAGENYX PHARMACEUTICAL IN	10,000	$230K	0.02%	Call
218	BCAXBICARA THERAPEUTICS INC	13,705	$230K	0.02%
219	RXSTRXSIGHT INC	21,803	$227K	0.02%
220	MISTMILESTONE PHARMACEUTICALS IN	100,100	$202K	0.01%
221	WHWKWHITEHAWK THERAPEUTICS INC	77,593	$187K	0.01%
222	TRAWTRAWS PHARMA INC	154,431	$174K	0.01%
223	KALVKALVISTA PHARMACEUTICALS INC	10,000	$161K	0.01%
224	OTLKOUTLOOK THERAPEUTICS INC	100,000	$158K	0.01%	Put
225	RLMDRELMADA THERAPEUTICS INC	30,866	$149K	0.01%
226	VYNEVYNE THERAPEUTICS INC	253,791	$147K	0.01%
227	SLNSILENCE THERAPEUTICS PLC	23,643	$143K	0.01%
228	RXRXRECURSION PHARMACEUTICALS IN	35,000	$143K	0.01%
229	VYGRVOYAGER THERAPEUTICS INC	35,000	$137K	0.01%
230	ZONECLEANCORE SOLUTIONS INC	521,980	$135K	0.01%
231	CMMBCHEMOMAB THERAPEUTICS LTD	80,000	$132K	0.01%
232	PMVPPMV PHARMACEUTICALS INC	101,008	$126K	0.01%
233	GBIOGENERATION BIO CO	22,144	$125K	0.01%
234	NEUPNEUPHORIA THERAPEUTICS INC	30,000	$116K	0.01%
235	CLOVCLOVER HEALTH INVESTMENTS CO	48,300	$113K	0.01%
236	ZNTLZENTALIS PHARMACEUTICALS INC	80,000	$108K	0.01%
237	BCABBIOATLA INC	183,107	$103K	0.01%
238	SABSSAB BIOTHERAPEUTICS INC	26,344	$98K	0.01%
239	STISOLIDION TECHNOLOGY INC	13,500	$95K	0.01%	Call
240	KYNBFIBROGEN INC	10,469	$91K	0.01%
241	RZLTREZOLUTE INC	38,679	$91K	0.01%
242	PLRXPLIANT THERAPEUTICS INC	73,819	$90K	0.01%
243	NMRANEUMORA THERAPEUTICS INC.	50,600	$90K	0.01%
244	LITSLITE STRATEGY INC	67,292	$88K	0.01%
245	IRDOPUS GENETICS INC	40,000	$80K	0.01%
246	KALAKALA BIO INC	141,480	$78K	0.01%
247	VERUVERU INC	35,000	$74K	0.01%
248	QTTBQ32 BIO INC	20,000	$66K	0.00%
249	MREOMEREO BIOPHARMA GROUP PLC	150,000	$62K	0.00%
250	BMEABIOMEA FUSION INC	43,420	$53K	0.00%
251	ASPCRA SPAC III ACQUISITION CORP	215,000	$40K	0.00%
252	ATYRATYR PHARMA INC	50,685	$39K	0.00%
253	IVFINVO FERTILITY INC.	26,722	$20K	0.00%
254	PRQRPROQR THRAPEUTICS N V	10,000	$20K	0.00%
255	IOBTIO BIOTECH INC	24,964	$15K	0.00%
256	CHRSCOHERUS ONCOLOGY INC	10,366	$14K	0.00%

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