13F HOLDINGS REPORT
ADAR1 Capital Management, LLC
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001940272-25-000008
Total Value
$1.06B
Positions
220
Other Managers
0
Confidential Omitted
No
Holdings (220)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | ABIVAX SA | AAVXF | 1,350,826 | $114.7M | 10.77% |
| 2 | KEROS THERAPEUTICS INC | KROS | 5,389,264 | $85.3M | 8.01% |
| 3 | PROTAGONIST THERAPEUTICS INC | PTGX | 989,182 | $65.7M | 6.17% |
| 4 | ROIVANT SCIENCES LTD | ROIV | 3,347,501 | $50.6M | 4.76% |
| 5 | EA SERIES TRUST | 02072L565 | 337,125 | $38.4M | 3.61% |
| 6 | SPDR S&P 500 ETF TR | SPY | 54,684 | $36.4M | 3.42% |
| 7 | IMMUNOVANT INC | IMVT | 2,241,753 | $36.1M | 3.39% |
| 8 | 89BIO INC | 282559103 | 2,113,153 | $31.1M | 2.92% |
| 9 | SPDR S&P 500 ETF TR | SPY | 45,500 | $30.3M | 2.85% |
| 10 | ZAI LAB LTD | ZLAB | 868,780 | $29.4M | 2.77% |
| 11 | CYTOKINETICS INC | CYTK | 518,921 | $28.5M | 2.68% |
| 12 | SEPTERNA INC | SEPN | 1,176,491 | $22.1M | 2.08% |
| 13 | PROTHENA CORP PLC | PRTA | 1,469,098 | $14.3M | 1.35% |
| 14 | BRIDGEBIO PHARMA INC | BBIO | 273,414 | $14.2M | 1.33% |
| 15 | ARBUTUS BIOPHARMA CORP | ABUS | 2,903,226 | $13.2M | 1.24% |
| 16 | RAPT THERAPEUTICS INC | 75382E208 | 507,771 | $13.1M | 1.23% |
| 17 | CYTOMX THERAPEUTICS INC | CTMX | 4,045,414 | $12.9M | 1.21% |
| 18 | SPDR SERIES TRUST | 78468R663 | 135,585 | $12.4M | 1.17% |
| 19 | AMYLYX PHARMACEUTICALS INC | AMLX | 866,202 | $11.8M | 1.11% |
| 20 | UNIQURE NV | QURE | 200,000 | $11.7M | 1.10% |
| 21 | BIOAGE LABS INC | BIOA | 1,880,073 | $11.1M | 1.04% |
| 22 | MONOPAR THERAPEUTICS INC | MNPR | 129,999 | $10.6M | 1.00% |
| 23 | CRINETICS PHARMACEUTICALS IN | CRNX | 248,368 | $10.3M | 0.97% |
| 24 | LEXEO THERAPEUTICS INC | LXEO | 1,531,953 | $10.2M | 0.96% |
| 25 | CG ONCOLOGY INC | CGON | 248,917 | $10.0M | 0.94% |
| 26 | TAYSHA GENE THERAPIES INC | TSHA | 2,835,680 | $9.3M | 0.87% |
| 27 | REGENERON PHARMACEUTICALS | REGN | 15,700 | $8.8M | 0.83% |
| 28 | IONIS PHARMACEUTICALS INC | IONS | 133,818 | $8.8M | 0.82% |
| 29 | JANUX THERAPEUTICS INC | JANX | 351,032 | $8.6M | 0.81% |
| 30 | INHIBIKASE THERAPEUTICS INC | IKT | 5,247,603 | $8.5M | 0.80% |
| 31 | INVIVYD INC | IVVD | 7,370,987 | $8.1M | 0.76% |
| 32 | METSERA INC | 59267L107 | 152,521 | $8.0M | 0.75% |
| 33 | EQUILLIUM INC | EQ | 5,559,988 | $8.0M | 0.75% |
| 34 | PERCEPTIVE CAP SOLUTIONS COR | G70077105 | 750,000 | $7.9M | 0.74% |
| 35 | UNIQURE NV | QURE | 133,316 | $7.8M | 0.73% |
| 36 | VAXCYTE INC | PCVX | 213,064 | $7.7M | 0.72% |
| 37 | REZOLUTE INC | RZLT | 815,975 | $7.7M | 0.72% |
| 38 | XENON PHARMACEUTICALS INC | XENE | 189,098 | $7.6M | 0.71% |
| 39 | ASCENDIS PHARMA A/S | ASND | 36,345 | $7.2M | 0.68% |
| 40 | SAVARA INC | SVRA | 1,988,288 | $7.1M | 0.67% |
| 41 | SAREPTA THERAPEUTICS INC | SRPT | 349,807 | $6.7M | 0.63% |
| 42 | REVOLUTION MEDICINES INC | RVMDW | 139,136 | $6.5M | 0.61% |
| 43 | AA MISSION ACQUISITION CORP | YCY-WT | 578,359 | $6.1M | 0.57% |
| 44 | BRIDGEBIO ONCOLOGY THERAPEUT | BBOT | 501,228 | $5.8M | 0.55% |
| 45 | VERONA PHARMA PLC | 925050106 | 51,450 | $5.5M | 0.52% |
| 46 | OAKTREE ACQUISITION CORP III | OACCW | 516,482 | $5.5M | 0.51% |
| 47 | TEVA PHARMACEUTICAL INDS LTD | 881624209 | 267,816 | $5.4M | 0.51% |
| 48 | RHYTHM PHARMACEUTICALS INC | RYTM | 49,571 | $5.0M | 0.47% |
| 49 | ATAI LIFE SCIENCES NV | N0731H103 | 913,242 | $4.8M | 0.45% |
| 50 | UNITED THERAPEUTICS CORP DEL | UTHR | 11,200 | $4.7M | 0.44% |
| 51 | VIKING THERAPEUTICS INC | VKTX | 175,919 | $4.6M | 0.43% |
| 52 | BRIDGEBIO PHARMA INC | BBIO | 45,000 | $4.4M | 0.42% |
| 53 | AA MISSION ACQUISITION CORP | YCY-WT | 405,089 | $4.3M | 0.40% |
| 54 | REPLIMUNE GROUP INC | REPL | 978,894 | $4.1M | 0.39% |
| 55 | NEKTAR THERAPEUTICS | NKTR | 72,007 | $4.1M | 0.38% |
| 56 | SPDR SERIES TRUST | 78464A870 | 40,000 | $4.0M | 0.38% |
| 57 | ESTABLISHMENT LABS HLDGS INC | ESTA | 90,688 | $3.7M | 0.35% |
| 58 | SANOFI SA | SNYNF | 74,212 | $3.5M | 0.33% |
| 59 | KRYSTAL BIOTECH INC | KRYS | 18,523 | $3.3M | 0.31% |
| 60 | NEWAMSTERDAM PHARMA COMPANY | NAMSW | 114,359 | $3.3M | 0.31% |
| 61 | FULCRUM THERAPEUTICS INC | FULC | 341,612 | $3.1M | 0.30% |
| 62 | MERUS N V | N5749R100 | 33,313 | $3.1M | 0.29% |
| 63 | MINERALYS THERAPEUTICS INC | MLYS | 78,238 | $3.0M | 0.28% |
| 64 | KINIKSA PHARMACEUTICALS INTL | G52694109 | 75,187 | $2.9M | 0.27% |
| 65 | CELLDEX THERAPEUTICS INC NEW | CLDX | 109,442 | $2.8M | 0.27% |
| 66 | ZURA BIO LTD | ZURA | 652,154 | $2.8M | 0.27% |
| 67 | BRIDGEBIO PHARMA INC | BBIO | 20,000 | $2.8M | 0.26% |
| 68 | VERTEX PHARMACEUTICALS INC | VRTX | 7,000 | $2.7M | 0.26% |
| 69 | ARCELLX INC | ACLX | 31,484 | $2.6M | 0.24% |
| 70 | BIOGEN INC | BIIB | 18,000 | $2.5M | 0.24% |
| 71 | DELCATH SYS INC | DCTH | 224,385 | $2.4M | 0.23% |
| 72 | AVIDITY BIOSCIENCES INC | 05370A108 | 53,656 | $2.3M | 0.22% |
| 73 | MADRIGAL PHARMACEUTICALS INC | MDGL | 4,895 | $2.2M | 0.21% |
| 74 | A SPAC III ACQUISITION CORP | G0544A103 | 215,000 | $2.2M | 0.21% |
| 75 | MASIMO CORP | MASI | 15,000 | $2.2M | 0.21% |
| 76 | VIRIDIAN THERAPEUTICS INC | VRDN | 101,704 | $2.2M | 0.21% |
| 77 | SUMMIT THERAPEUTICS INC | SMMT | 102,969 | $2.1M | 0.20% |
| 78 | CIDARA THERAPEUTICS INC | 171757206 | 21,522 | $2.1M | 0.19% |
| 79 | REGENXBIO INC | RGNX | 205,409 | $2.0M | 0.19% |
| 80 | KORRO BIO INC | KRRO | 40,235 | $1.9M | 0.18% |
| 81 | ROCKET PHARMACEUTICALS INC | RCKTW | 575,800 | $1.9M | 0.18% |
| 82 | OMNIAB INC | OABIW | 1,090,628 | $1.7M | 0.16% |
| 83 | ARROWHEAD PHARMACEUTICALS IN | ARWR | 49,800 | $1.7M | 0.16% |
| 84 | SOLENO THERAPEUTICS INC | SLNO | 25,230 | $1.7M | 0.16% |
| 85 | DYNAVAX TECHNOLOGIES CORP | 268158201 | 170,000 | $1.7M | 0.16% |
| 86 | ALKERMES PLC | ALKS | 56,200 | $1.7M | 0.16% |
| 87 | MONTE ROSA THERAPEUTICS INC | GLUE | 215,752 | $1.6M | 0.15% |
| 88 | MERCK & CO INC | MRK | 18,540 | $1.6M | 0.15% |
| 89 | COHEN CIRCLE ACQUISIT CORP I | COHN | 150,000 | $1.5M | 0.14% |
| 90 | ACUMEN PHARMACEUTICALS INC | ABOS | 891,183 | $1.5M | 0.14% |
| 91 | XENCOR INC | XNCR | 128,865 | $1.5M | 0.14% |
| 92 | AGIOS PHARMACEUTICALS INC | AGIO | 37,000 | $1.5M | 0.14% |
| 93 | WW INTL INC | 98262P200 | 52,450 | $1.4M | 0.13% |
| 94 | ASTRIA THERAPEUTICS INC | 04635X102 | 193,934 | $1.4M | 0.13% |
| 95 | CENTESSA PHARMACEUTICALS PLC | CNTA | 53,666 | $1.3M | 0.12% |
| 96 | QUINCE THERAPEUTICS INC | QNCX | 775,034 | $1.3M | 0.12% |
| 97 | PFIZER INC | PFE | 44,400 | $1.1M | 0.11% |
| 98 | MOONLAKE IMMUNOTHERAPEUTICS | MLTX | 151,495 | $1.1M | 0.10% |
| 99 | GRACE THERAPEUTICS INC | GRCE | 350,450 | $1.0M | 0.10% |
| 100 | NUVALENT INC | NUVL | 11,842 | $1.0M | 0.10% |
| 101 | BEST SPAC I ACQUISITION CORP | BSAAU | 100,000 | $1.0M | 0.10% |
| 102 | ELECTRONIC ARTS INC | EA | 4,936 | $995,591 | 0.09% |
| 103 | BIONTECH SE | BNTX | 10,000 | $986,200 | 0.09% |
| 104 | CONTINEUM THERAPEUTICS INC | CTNM | 77,961 | $916,042 | 0.09% |
| 105 | ANTERIS TECHNOLOGIES GLOBAL | AVR | 197,615 | $889,268 | 0.08% |
| 106 | TECTONIC THERAPEUTIC INC | TECX | 56,007 | $878,750 | 0.08% |
| 107 | WAVE LIFE SCIENCES LTD | WVE | 119,067 | $871,570 | 0.08% |
| 108 | KEEN VISION ACQUISITION CORP | KVACW | 75,000 | $863,258 | 0.08% |
| 109 | PHARVARIS N V | PHVS | 34,124 | $851,394 | 0.08% |
| 110 | UROGEN PHARMA LTD | URGN | 40,000 | $798,000 | 0.07% |
| 111 | ELI LILLY & CO | LLY | 1,000 | $763,000 | 0.07% |
| 112 | LARIMAR THERAPEUTICS INC | LRMR | 235,689 | $761,275 | 0.07% |
| 113 | SCHOLAR ROCK HLDG CORP | SRRK | 20,087 | $748,040 | 0.07% |
| 114 | DENALI THERAPEUTICS INC | DNLI | 51,516 | $748,012 | 0.07% |
| 115 | ACLARIS THERAPEUTICS INC | ACRS | 373,682 | $709,996 | 0.07% |
| 116 | LITE STRATEGY INC | LITS | 292,397 | $707,601 | 0.07% |
| 117 | ARVINAS INC | ARVN | 82,591 | $703,675 | 0.07% |
| 118 | UROGEN PHARMA LTD | URGN | 35,000 | $698,250 | 0.07% |
| 119 | FULCRUM THERAPEUTICS INC | FULC | 75,000 | $690,000 | 0.06% |
| 120 | SUPERNUS PHARMACEUTICALS INC | SUPN | 14,418 | $689,036 | 0.06% |
| 121 | DAYFORCE INC | 15677J108 | 10,000 | $688,900 | 0.06% |
| 122 | MAZE THERAPEUTICS INC | MAZE | 26,045 | $675,347 | 0.06% |
| 123 | EDGEWISE THERAPEUTICS INC | EWTX | 40,000 | $648,800 | 0.06% |
| 124 | ALIBABA GROUP HLDG LTD | BBAAY | 3,578 | $639,496 | 0.06% |
| 125 | GERON CORP | GERN | 456,176 | $624,961 | 0.06% |
| 126 | ARS PHARMACEUTICALS INC | SPRY | 59,230 | $595,262 | 0.06% |
| 127 | SPYRE THERAPEUTICS INC | SYRE | 34,051 | $570,695 | 0.05% |
| 128 | GOSSAMER BIO INC | GOSS | 212,531 | $558,957 | 0.05% |
| 129 | AMERICAN EXCEPTIONALISM ACQU | AEXA | 50,000 | $546,500 | 0.05% |
| 130 | IDEAYA BIOSCIENCES INC | IDYA | 20,000 | $544,200 | 0.05% |
| 131 | LENZ THERAPEUTICS INC | LENZ | 11,619 | $541,213 | 0.05% |
| 132 | NEUROGENE INC | NGNE | 30,633 | $530,870 | 0.05% |
| 133 | BRIGHTHOUSE FINL INC | 10922N103 | 10,000 | $530,800 | 0.05% |
| 134 | GLOBA TERRA ACQUISITION COR | GTERW | 50,000 | $508,500 | 0.05% |
| 135 | PHATHOM PHARMACEUTICALS INC | PHAT | 42,900 | $504,933 | 0.05% |
| 136 | WISDOMTREE TR | WT | 10,000 | $502,700 | 0.05% |
| 137 | KEZAR LIFE SCIENCES INC | KZR | 124,967 | $487,371 | 0.05% |
| 138 | KURA ONCOLOGY INC | KURA | 55,000 | $486,750 | 0.05% |
| 139 | ASSEMBLY BIOSCIENCES INC | ASMB | 18,947 | $485,043 | 0.05% |
| 140 | DYNE THERAPEUTICS INC | DYN | 37,663 | $476,437 | 0.04% |
| 141 | KIORA PHARMACEUTICALS INC | KPHMW | 167,941 | $466,876 | 0.04% |
| 142 | APELLIS PHARMACEUTICALS INC | APLS | 20,000 | $452,600 | 0.04% |
| 143 | INSPIRE MED SYS INC | 457730109 | 6,000 | $445,200 | 0.04% |
| 144 | NOVOCURE LTD | NVCR | 34,000 | $439,280 | 0.04% |
| 145 | INTELLIGENT BIO SOLUTIONS IN | 36151G600 | 426,433 | $434,962 | 0.04% |
| 146 | SURGERY PARTNERS INC | SGRY | 20,000 | $432,800 | 0.04% |
| 147 | STRUCTURE THERAPEUTICS INC | GPCR | 15,200 | $425,600 | 0.04% |
| 148 | AVALO THERAPEUTICS INC | AVTX | 32,393 | $411,715 | 0.04% |
| 149 | TENAX THERAPEUTICS INC | TENX | 53,428 | $406,587 | 0.04% |
| 150 | VISTAGEN THERAPEUTICS INC | VTGN | 113,062 | $401,370 | 0.04% |
| 151 | ORUKA THERAPEUTICS INC | ORKA | 20,840 | $400,753 | 0.04% |
| 152 | NOVOCURE LTD | NVCR | 30,000 | $387,600 | 0.04% |
| 153 | BIOHAVEN LTD | BHVN | 25,000 | $375,250 | 0.04% |
| 154 | GUARDANT HEALTH INC | GH | 6,000 | $374,880 | 0.04% |
| 155 | BIOHAVEN LTD | BHVN | 24,341 | $365,358 | 0.03% |
| 156 | OLEMA PHARMACEUTICALS INC | OLMA | 36,200 | $354,398 | 0.03% |
| 157 | JD.COM INC | JDCMF | 10,000 | $349,800 | 0.03% |
| 158 | PULMONX CORP | LUNG | 214,497 | $347,485 | 0.03% |
| 159 | CONTEXT THERAPEUTICS INC | CNTX | 351,094 | $340,140 | 0.03% |
| 160 | JAZZ PHARMACEUTICALS PLC | JAZZ | 2,500 | $329,500 | 0.03% |
| 161 | AVANTOR INC | AVTR | 25,000 | $312,000 | 0.03% |
| 162 | AGRICULTURE & NAT SOL ACQ CO | G0131Y100 | 27,062 | $295,517 | 0.03% |
| 163 | AKERO THERAPEUTICS INC | 00973Y108 | 6,143 | $291,670 | 0.03% |
| 164 | NURIX THERAPEUTICS INC | NRIX | 31,200 | $288,288 | 0.03% |
| 165 | PROCAP ACQUISITION CORP | PCAPW | 26,940 | $282,870 | 0.03% |
| 166 | HARMONY BIOSCIENCES HLDGS IN | HRMY | 10,245 | $282,352 | 0.03% |
| 167 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 9,000 | $270,720 | 0.03% |
| 168 | CLIMB BIO INC | CLYM | 133,530 | $268,395 | 0.03% |
| 169 | BIOMARIN PHARMACEUTICAL INC | BMRN | 4,900 | $265,384 | 0.02% |
| 170 | VENTYX BIOSCIENCES INC | 92332V107 | 81,600 | $253,776 | 0.02% |
| 171 | DYNE THERAPEUTICS INC | DYN | 20,000 | $253,000 | 0.02% |
| 172 | OLEMA PHARMACEUTICALS INC | OLMA | 25,000 | $244,750 | 0.02% |
| 173 | ALUMIS INC | ALMS | 61,291 | $244,551 | 0.02% |
| 174 | CASSAVA SCIENCES INC | 14817C107 | 81,000 | $235,710 | 0.02% |
| 175 | THERAPEUTICSMD INC | TXMD | 209,210 | $224,901 | 0.02% |
| 176 | KALA BIO INC | KALA | 141,995 | $217,252 | 0.02% |
| 177 | SPERO THERAPEUTICS INC | SPRO | 115,539 | $217,213 | 0.02% |
| 178 | BICARA THERAPEUTICS INC | BCAX | 13,705 | $216,402 | 0.02% |
| 179 | INFLARX NV | IFRX | 159,479 | $213,702 | 0.02% |
| 180 | REPLIMUNE GROUP INC | REPL | 50,000 | $209,500 | 0.02% |
| 181 | DAY ONE BIOPHARMACEUTICALS I | DAWN | 28,023 | $197,562 | 0.02% |
| 182 | CYBIN INC | HELP | 33,278 | $196,007 | 0.02% |
| 183 | COMPASS THERAPEUTICS INC | CMPX | 50,000 | $175,000 | 0.02% |
| 184 | RECURSION PHARMACEUTICALS IN | RXRX | 35,000 | $170,800 | 0.02% |
| 185 | PEPGEN INC | PEPG | 36,842 | $170,210 | 0.02% |
| 186 | KARYOPHARM THERAPEUTICS INC | KPTI | 25,000 | $163,500 | 0.02% |
| 187 | VOYAGER THERAPEUTICS INC | VYGR | 35,000 | $163,450 | 0.02% |
| 188 | PROTARA THERAPEUTICS INC | TARA | 35,223 | $153,220 | 0.01% |
| 189 | ACHIEVE LIFE SCIENCES INC | ACHV | 47,800 | $150,570 | 0.01% |
| 190 | CLOVER HEALTH INVESTMENTS CO | CLOV | 48,300 | $147,798 | 0.01% |
| 191 | 4D MOLECULAR THERAPEUTICS IN | FDMT | 16,712 | $145,227 | 0.01% |
| 192 | PMV PHARMACEUTICALS INC | PMVP | 101,008 | $141,411 | 0.01% |
| 193 | GENERATION BIO CO | 37148K209 | 22,144 | $135,521 | 0.01% |
| 194 | CORBUS PHARMACEUTICALS HLDGS | CRBP | 10,200 | $129,030 | 0.01% |
| 195 | ATYR PHARMA INC | ATYR | 175,000 | $126,245 | 0.01% |
| 196 | MOONLAKE IMMUNOTHERAPEUTICS | MLTX | 17,000 | $121,890 | 0.01% |
| 197 | KALVISTA PHARMACEUTICALS INC | KALV | 10,000 | $121,800 | 0.01% |
| 198 | IOVANCE BIOTHERAPEUTICS INC | IOVA | 50,000 | $108,500 | 0.01% |
| 199 | ORGANON & CO | OGN | 10,000 | $106,800 | 0.01% |
| 200 | GOSSAMER BIO INC | GOSS | 40,000 | $105,200 | 0.01% |
| 201 | SILENCE THERAPEUTICS PLC | SLNCF | 18,643 | $96,757 | 0.01% |
| 202 | ZENTALIS PHARMACEUTICALS INC | ZNTL | 50,000 | $75,500 | 0.01% |
| 203 | TERNS PHARMACEUTICALS INC | TERN | 10,000 | $75,100 | 0.01% |
| 204 | ATYR PHARMA INC | ATYR | 100,000 | $72,140 | 0.01% |
| 205 | ATYR PHARMA INC | ATYR | 97,500 | $70,337 | 0.01% |
| 206 | SOLIDION TECHNOLOGY INC | STI | 13,500 | $62,640 | 0.01% |
| 207 | ATYR PHARMA INC | ATYR | 84,800 | $61,175 | 0.01% |
| 208 | A SPAC III ACQUISITION CORP | G0544A145 | 215,000 | $40,979 | 0.00% |
| 209 | BIOMX INC | PHGE | 77,656 | $40,769 | 0.00% |
| 210 | GOSSAMER BIO INC | GOSS | 15,100 | $39,713 | 0.00% |
| 211 | SAB BIOTHERAPEUTICS INC | SABSW | 15,000 | $30,150 | 0.00% |
| 212 | MINERVA NEUROSCIENCES INC | NERV | 12,406 | $26,115 | 0.00% |
| 213 | MURAL ONCOLOGY PUB LTD CO | G63365103 | 11,855 | $24,540 | 0.00% |
| 214 | IBIO INC | IBIO | 27,000 | $22,351 | 0.00% |
| 215 | PROQR THRAPEUTICS N V | N71542109 | 10,000 | $21,300 | 0.00% |
| 216 | FRACTYL HEALTH INC | GUTS | 13,097 | $20,824 | 0.00% |
| 217 | ATYR PHARMA INC | ATYR | 25,000 | $18,035 | 0.00% |
| 218 | COHERUS ONCOLOGY INC | CHRS | 10,366 | $17,000 | 0.00% |
| 219 | OVID THERAPEUTICS INC | OVID | 12,846 | $16,700 | 0.00% |
| 220 | LEAP THERAPEUTICS INC | CYPH | 25,830 | $11,727 | 0.00% |