13F HOLDINGS REPORT
VR Adviser, LLC
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001615982-26-000005
Total Value
$2.02B
Positions
27
Other Managers
0
Confidential Omitted
No
Holdings (27)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | APOGEE THERAPEUTICS INC | APGE | 8,493,321 | $641.1M | 31.67% |
| 2 | ORUKA THERAPEUTICS INC | ORKA | 4,148,428 | $125.7M | 6.21% |
| 3 | VIRIDIAN THERAPEUTICS INC | VRDN | 3,882,709 | $120.8M | 5.97% |
| 4 | SPYRE THERAPEUTICS INC | SYRE | 3,685,448 | $120.7M | 5.96% |
| 5 | KALVISTA PHARMACEUTICALS INC | KALV | 6,728,985 | $108.7M | 5.37% |
| 6 | OCULAR THERAPEUTIX INC | OCUL | 7,315,547 | $88.8M | 4.39% |
| 7 | SAVARA INC | SVRA | 13,740,375 | $82.9M | 4.09% |
| 8 | COGENT BIOSCIENCES INC | COGT | 2,000,000 | $71.0M | 3.51% |
| 9 | ERASCA INC | ERAS | 17,857,083 | $66.4M | 3.28% |
| 10 | CYTOMX THERAPEUTICS INC | CTMX | 15,561,500 | $66.3M | 3.27% |
| 11 | MAZE THERAPEUTICS INC | MAZE | 1,548,569 | $64.2M | 3.17% |
| 12 | JADE BIOSCIENCES INC | JBIO | 3,220,364 | $49.7M | 2.45% |
| 13 | ENLIVEN THERAPEUTICS INC | ELVN | 3,226,331 | $49.7M | 2.45% |
| 14 | ORIC PHARMACEUTICALS INC | ORIC | 5,676,230 | $46.4M | 2.29% |
| 15 | ENGENE HOLDINGS INC | ENGNW | 4,771,414 | $43.1M | 2.13% |
| 16 | DYNE THERAPEUTICS INC | DYN | 2,173,913 | $42.5M | 2.10% |
| 17 | DIANTHUS THERAPEUTICS INC | DNTH | 1,000,000 | $41.2M | 2.04% |
| 18 | UPSTREAM BIO INC | UPB | 1,169,298 | $31.7M | 1.57% |
| 19 | CYBIN INC | HELP | 3,840,250 | $31.4M | 1.55% |
| 20 | ZURA BIO LTD | ZURA | 5,345,115 | $28.0M | 1.38% |
| 21 | VOR BIOPHARMA INC | VOR | 1,943,766 | $25.4M | 1.26% |
| 22 | CRESCENT BIOPHARMA INC. | CBIO | 2,133,576 | $25.3M | 1.25% |
| 23 | SEPTERNA INC | SEPN | 610,808 | $17.0M | 0.84% |
| 24 | SURROZEN INC | SRZNW | 632,931 | $14.3M | 0.71% |
| 25 | CULLINAN THERAPEUTICS INC | CGEM | 1,379,965 | $14.3M | 0.71% |
| 26 | ARTIVA BIOTHERAPEUTICS INC | ARTV | 1,609,569 | $6.9M | 0.34% |
| 27 | CASI PHARMACEUTICALS INC | CASIF | 987,259 | $839,170 | 0.04% |