13F HOLDINGS REPORT
Velan Capital Investment Management LP
Quarter ended Q4 2025 · Filed February 13, 2026 · Accession 0001848809-26-000001
Total Value
$172.4M
Positions
48
Other Managers
0
Confidential Omitted
No
Holdings (48)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | PRAXIS PRECISION MEDICINES I | PRAX | 100,781 | $29.7M | 17.23% |
| 2 | CIDARA THERAPEUTICS INC | 171757206 | 108,404 | $23.9M | 13.89% |
| 3 | PROTARA THERAPEUTICS INC | TARA | 2,834,652 | $15.1M | 8.76% |
| 4 | HERON THERAPEUTICS INC | HRTX | 8,753,290 | $11.4M | 6.60% |
| 5 | ABIVAX SA | AAVXF | 67,000 | $9.0M | 5.24% |
| 6 | EVOMMUNE INC | EVMN | 506,754 | $8.7M | 5.03% |
| 7 | MAPLIGHT THERAPEUTICS INC | MPLT | 492,893 | $8.7M | 5.02% |
| 8 | MINERALYS THERAPEUTICS INC | MLYS | 151,000 | $5.5M | 3.18% |
| 9 | LANTHEUS HLDGS INC | LNTH | 74,687 | $5.0M | 2.88% |
| 10 | AVALO THERAPEUTICS INC | AVTX | 263,642 | $4.8M | 2.78% |
| 11 | ESPERION THERAPEUTICS INC NE | ESPR | 1,210,000 | $4.5M | 2.60% |
| 12 | JASPER THERAPEUTICS INC | JSPRW | 2,423,067 | $4.4M | 2.57% |
| 13 | VERRICA PHARMACEUTICALS INC | VRCA | 471,559 | $3.9M | 2.27% |
| 14 | INSPIREMD INC | NSPR | 2,143,698 | $3.8M | 2.21% |
| 15 | RAPT THERAPEUTICS INC | 75382E208 | 108,000 | $3.7M | 2.12% |
| 16 | SUTRO BIOPHARMA INC | STRO | 312,000 | $3.6M | 2.09% |
| 17 | TERNS PHARMACEUTICALS INC | TERN | 70,000 | $2.8M | 1.64% |
| 18 | SYNDAX PHARMACEUTICALS INC | SNDX | 130,000 | $2.7M | 1.58% |
| 19 | VIRIDIAN THERAPEUTICS INC | VRDN | 86,500 | $2.7M | 1.56% |
| 20 | EUPRAXIA PHARMACEUTICALS INC | EPRX | 352,000 | $2.7M | 1.54% |
| 21 | TREVI THERAPEUTICS INC | TRVI | 205,000 | $2.6M | 1.49% |
| 22 | PROFOUND MED CORP | PROF | 285,710 | $2.2M | 1.30% |
| 23 | KAZIA THERAPEUTICS LTD | KZIA | 300,000 | $2.1M | 1.20% |
| 24 | REZOLUTE INC | RZLT | 750,000 | $1.8M | 1.03% |
| 25 | TENAX THERAPEUTICS INC | TENX | 83,333 | $1.0M | 0.59% |
| 26 | EDESA BIOTECH INC | EDSA | 687,500 | $976,250 | 0.57% |
| 27 | MAPLIGHT THERAPEUTICS INC | MPLT | 29,412 | $516,622 | 0.30% |
| 28 | TREVI THERAPEUTICS INC | TRVI | 38,500 | $482,020 | 0.28% |
| 29 | JASPER THERAPEUTICS INC | JSPRW | 245,328 | $448,950 | 0.26% |
| 30 | ARROWHEAD PHARMACEUTICALS IN | ARWR | 6,500 | $431,535 | 0.25% |
| 31 | VENTYX BIOSCIENCES INC | 92332V107 | 40,000 | $361,200 | 0.21% |
| 32 | CYTOMX THERAPEUTICS INC | CTMX | 80,000 | $340,800 | 0.20% |
| 33 | PROTAGONIST THERAPEUTICS INC | PTGX | 3,700 | $323,158 | 0.19% |
| 34 | NURIX THERAPEUTICS INC | NRIX | 16,000 | $303,520 | 0.18% |
| 35 | OVID THERAPEUTICS INC | OVID | 160,000 | $260,800 | 0.15% |
| 36 | GOSSAMER BIO INC | GOSS | 70,000 | $217,000 | 0.13% |
| 37 | IMMUNOME INC | IMNM | 10,000 | $214,800 | 0.12% |
| 38 | DESIGN THERAPEUTICS INC | DSGN | 20,000 | $187,600 | 0.11% |
| 39 | IMMIX BIOPHARMA INC | IMMX | 35,000 | $183,050 | 0.11% |
| 40 | CONTEXT THERAPEUTICS INC | CNTX | 100,000 | $147,000 | 0.09% |
| 41 | REPLIMUNE GROUP INC | REPL | 15,000 | $145,800 | 0.08% |
| 42 | LARIMAR THERAPEUTICS INC | LRMR | 33,000 | $125,730 | 0.07% |
| 43 | XILIO THERAPEUTICS INC | XLO | 170,000 | $108,834 | 0.06% |
| 44 | CORBUS PHARMACEUTICALS HLDGS | CRBP | 13,000 | $105,820 | 0.06% |
| 45 | PROQR THRAPEUTICS N V | N71542109 | 45,000 | $90,900 | 0.05% |
| 46 | PRECISION BIOSCIENCES INC | DTIL | 20,000 | $83,200 | 0.05% |
| 47 | PYXIS ONCOLOGY INC | PYXS | 40,000 | $46,000 | 0.03% |
| 48 | PMV PHARMACEUTICALS INC | PMVP | 35,000 | $43,750 | 0.03% |