Live Markets
Wednesday, July 29, 2026·George Town, KY·29°·Partly Cloudy
Markets Open · NYSE·Newsletter·Masthead·
VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT (Amended)

ADAR1 Capital Management, LLC

Quarter ended Q4 2025 · Filed February 18, 2026 · Accession 0001940272-26-000003

Total Value
$1.36B
Positions
270
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (270)

#IssuerTicker / CUSIPSharesValue% of Filing
1ABIVAX SAAAVXF1,317,329$177.6M13.05%
2PROTAGONIST THERAPEUTICS INCPTGX1,049,168$91.6M6.73%
3ROIVANT SCIENCES LTDROIV3,428,962$74.4M5.46%
4IMMUNOVANT INCIMVT2,480,968$63.1M4.63%
5AVIDITY BIOSCIENCES INC05370A108546,534$39.4M2.90%
6EA SERIES TRUST02072L565337,125$38.8M2.85%
7SPDR S&P 500 ETF TRSPY54,684$37.3M2.74%
8CYTOKINETICS INCCYTK540,166$34.3M2.52%
9SEPTERNA INCSEPN1,157,611$32.3M2.37%
10ARBUTUS BIOPHARMA CORPABUS5,415,109$26.0M1.91%
11ZAI LAB LTDZLAB1,246,520$22.0M1.61%
12TERNS PHARMACEUTICALS INCTERN541,615$21.9M1.61%
13CYTOMX THERAPEUTICS INCCTMX4,182,769$17.8M1.31%
14CELLDEX THERAPEUTICS INC NEWCLDX646,767$17.6M1.29%
15RAPT THERAPEUTICS INC75382E208509,679$17.3M1.27%
16INHIBIKASE THERAPEUTICS INCIKT8,063,949$16.5M1.21%
17BRIDGEBIO PHARMA INCBBIO213,414$16.3M1.20%
18MONOPAR THERAPEUTICS INCMNPR233,908$15.3M1.12%
19VAXCYTE INCPCVX315,642$14.6M1.07%
20CRINETICS PHARMACEUTICALS INCRNX309,368$14.4M1.06%
21FULCRUM THERAPEUTICS INCFULC1,253,749$14.2M1.04%
22PROTHENA CORP PLCPRTA1,457,764$13.9M1.02%
23LEXEO THERAPEUTICS INCLXEO1,393,161$13.8M1.02%
24TAYSHA GENE THERAPIES INCTSHA2,495,809$13.7M1.01%
25CIDARA THERAPEUTICS INC17175720659,677$13.2M0.97%
26INVENTIVA SAIVEVF2,709,846$12.6M0.93%
27ESTABLISHMENT LABS HLDGS INCESTA171,422$12.5M0.92%
28SPDR SERIES TRUST78468R663135,585$12.4M0.91%
29REPLIMUNE GROUP INCREPL1,241,322$12.1M0.89%
30IONIS PHARMACEUTICALS INCIONS147,130$11.6M0.85%
31REVOLUTION MEDICINES INCRVMDW145,079$11.6M0.85%
32AMYLYX PHARMACEUTICALS INCAMLX890,356$10.8M0.79%
33CG ONCOLOGY INCCGON258,139$10.7M0.79%
34TELEFLEX INCORPORATEDTFX80,627$9.8M0.72%
35INVIVYD INCIVVD3,899,397$9.6M0.71%
36REGENERON PHARMACEUTICALSREGN12,051$9.3M0.68%
37XENON PHARMACEUTICALS INCXENE203,969$9.1M0.67%
38EQUILLIUM INCEQ5,608,078$8.7M0.64%
39SAVARA INCSVRA1,405,452$8.5M0.62%
40MAZE THERAPEUTICS INCMAZE179,532$7.4M0.55%
41TEVA PHARMACEUTICAL INDS LTD881624209235,971$7.4M0.54%
42CRESCENT BIOPHARMA INC.CBIO606,000$7.2M0.53%
43OVID THERAPEUTICS INCOVID4,285,000$7.0M0.51%
44ISHARES TR46428765527,500$6.8M0.50%
45BELITE BIO INCBLTE39,839$6.4M0.47%
46VERTEX PHARMACEUTICALS INCVRTX13,716$6.2M0.46%
47BRIGHTHOUSE FINL INC10922N10395,523$6.2M0.45%
48ANTERIS TECHNOLOGIES GLOBALAVR1,238,777$6.2M0.45%
49AA MISSION ACQUISITION CORPYCY-WT578,359$6.2M0.45%
50PROTARA THERAPEUTICS INCTARA1,136,799$6.1M0.45%
51PERCEPTIVE CAP SOLUTIONS CORG70077105456,720$6.0M0.44%
52DANAHER CORPORATION23585110225,600$5.9M0.43%
53CLIMB BIO INCCLYM1,432,475$5.7M0.42%
54UNIQURE NVQURE235,155$5.6M0.41%
55RHYTHM PHARMACEUTICALS INCRYTM51,349$5.5M0.40%
56OAKTREE ACQUISITION CORP IIIOACCW516,482$5.5M0.40%
57ASCENDIS PHARMA A/SASND25,314$5.4M0.40%
58AGIOS PHARMACEUTICALS INCAGIO188,000$5.1M0.38%
59SPRUCE BIOSCIENCES INCSPRB58,000$5.1M0.37%
60MINERALYS THERAPEUTICS INCMLYS136,231$4.9M0.36%
61KRYSTAL BIOTECH INCKRYS20,014$4.9M0.36%
62PALISADE BIO INCPALI2,004,845$4.7M0.35%
63AA MISSION ACQUISITION CORPYCY-WT405,089$4.3M0.32%
64ARS PHARMACEUTICALS INCSPRY369,569$4.3M0.32%
65BIOGEN INCBIIB24,300$4.3M0.31%
66NEWAMSTERDAM PHARMA COMPANYNAMSW118,623$4.2M0.31%
67AMERICAN EXCEPTIONALISM ACQUAEXA357,539$4.1M0.30%
68ARROWHEAD PHARMACEUTICALS INARWR58,200$3.9M0.28%
69ATAI BECKLEY NVN0731H103913,242$3.7M0.27%
70CORVUS PHARMACEUTICALS INCCRVS465,875$3.6M0.26%
71JANUX THERAPEUTICS INCJANX245,452$3.4M0.25%
72MONTE ROSA THERAPEUTICS INCGLUE215,752$3.4M0.25%
73AVADEL PHARMACEUTICALS PLCG29687103150,532$3.2M0.24%
74CONTINEUM THERAPEUTICS INCCTNM278,961$3.2M0.23%
75EVOMMUNE INCEVMN184,062$3.2M0.23%
76FRACTYL HEALTH INCGUTS1,428,571$3.1M0.23%
77SANOFI SASNYNF63,474$3.1M0.23%
78SCHOLAR ROCK HLDG CORPSRRK69,589$3.1M0.23%
79NEKTAR THERAPEUTICSNKTR72,031$3.0M0.22%
80ISHARES TR46428765512,070$3.0M0.22%
81ZURA BIO LTDZURA562,065$2.9M0.22%
82ONKURE THERAPEUTICS INCOKUR1,014,158$2.9M0.22%
83UROGEN PHARMA LTDURGN125,375$2.9M0.22%
84ATHIRA PHARMA INC04746L203393,701$2.9M0.21%
85BRIDGEBIO ONCOLOGY THERAPEUTBBOT226,248$2.8M0.21%
86ELEDON PHARMACEUTICALS INCELDN1,821,812$2.8M0.20%
87ENGENE HOLDINGS INCENGNW303,686$2.7M0.20%
88DYNAVAX TECHNOLOGIES CORP268158201170,000$2.6M0.19%
89INOVIO PHARMACEUTICALS INCINO1,485,008$2.6M0.19%
90VIRIDIAN THERAPEUTICS INCVRDN77,198$2.4M0.18%
91PHARVARIS N VPHVS85,528$2.4M0.17%
92CORBUS PHARMACEUTICALS HLDGSCRBP286,781$2.3M0.17%
93ASTRIA THERAPEUTICS INC04635X102173,557$2.3M0.17%
94DELCATH SYS INCDCTH224,385$2.3M0.17%
95EDGEWISE THERAPEUTICS INCEWTX90,999$2.3M0.17%
96GRACE THERAPEUTICS INCGRCE641,988$2.2M0.16%
97REGENXBIO INCRGNX144,848$2.1M0.15%
98ARCELLX INCACLX31,484$2.1M0.15%
99OLEMA PHARMACEUTICALS INCOLMA81,399$2.0M0.15%
100MASIMO CORPMASI15,000$2.0M0.14%
101CYBIN INCHELP238,390$2.0M0.14%
102SOLENO THERAPEUTICS INCSLNO41,830$1.9M0.14%
103ACUMEN PHARMACEUTICALS INCABOS891,183$1.9M0.14%
104ACLARIS THERAPEUTICS INCACRS613,986$1.8M0.14%
105PFIZER INCPFE72,400$1.8M0.13%
106BIOAGE LABS INCBIOA135,560$1.8M0.13%
107ALKERMES PLCALKS63,700$1.8M0.13%
108GLOBUS MED INCGMED20,100$1.8M0.13%
109ALECTOR INCALEC1,108,000$1.7M0.13%
110ROCKET PHARMACEUTICALS INCRCKTW475,800$1.7M0.12%
111WW INTL INC98262P20057,100$1.7M0.12%
112AQUESTIVE THERAPEUTICS INCAQST254,000$1.6M0.12%
113SUMMIT THERAPEUTICS INCSMMT91,869$1.6M0.12%
114COHEN CIRCLE ACQUISIT CORP ICOHN150,000$1.6M0.11%
115SUPERNUS PHARMACEUTICALS INCSUPN29,742$1.5M0.11%
116GOSSAMER BIO INCGOSS463,200$1.4M0.11%
117INSPIRE MED SYS INC45773010915,000$1.4M0.10%
118NURIX THERAPEUTICS INCNRIX72,070$1.4M0.10%
119JAZZ PHARMACEUTICALS PLCJAZZ8,000$1.4M0.10%
120OMNIAB INCOABIW702,190$1.3M0.10%
121OMEROS CORPOMER75,000$1.3M0.09%
122TANGO THERAPEUTICS INCTNGX140,021$1.2M0.09%
123ADAGIO MED HLDGS INC00534B1001,159,614$1.2M0.09%
124KINIKSA PHARMACEUTICALS INTLG5269410928,728$1.2M0.09%
125SPYRE THERAPEUTICS INCSYRE34,051$1.1M0.08%
126ADICET BIO INCACET128,646$1.1M0.08%
127BRISTOL-MYERS SQUIBB COCELG-RI20,000$1.1M0.08%
128TENAYA THERAPEUTICS INCTNYA1,505,300$1.1M0.08%
129BEST SPAC I ACQUISITION CORPBSAAU100,000$1.0M0.08%
130MERCK & CO INCMRK9,640$1.0M0.07%
131CHURCHILL CAP CORP XG2130T10864,887$1.0M0.07%
132ELECTRONIC ARTS INCEA4,936$1.0M0.07%
133MCKESSON CORPMCK1,200$984,3480.07%
134CENTESSA PHARMACEUTICALS PLCCNTA38,566$964,5360.07%
135BIONTECH SEBNTX10,000$952,0000.07%
136UROGEN PHARMA LTDURGN40,000$936,8000.07%
137VIKING THERAPEUTICS INCVKTX26,494$932,0590.07%
138UNITED THERAPEUTICS CORP DELUTHR1,900$925,7750.07%
139PLYMOUTH INDL REIT INC72964010241,065$898,5020.07%
140KEEN VISION ACQUISITION CORPKVACW75,000$881,2500.06%
1414D MOLECULAR THERAPEUTICS INFDMT116,712$875,3400.06%
142DENALI THERAPEUTICS INCDNLI52,116$860,4350.06%
143XENCOR INCXNCR56,165$859,8860.06%
144LIQUIDIA CORPORATIONLQDA24,500$845,0050.06%
145KALARIS THERAPEUTICS INCKLRS100,000$844,0000.06%
146QUOIN PHARMACEUTICALS LTDQNRX58,230$840,2590.06%
147DYNE THERAPEUTICS INCDYN42,674$834,7030.06%
148ASTRAZENECA PLCAZN9,000$827,3700.06%
149GILEAD SCIENCES INCGILD6,666$818,1850.06%
150AVANTOR INCAVTR70,000$802,2000.06%
151ALEXANDRIA REAL ESTATE EQ IN01527110916,300$797,7220.06%
152PULMONX CORPLUNG355,410$785,4560.06%
153IBIO INCIBIO405,531$782,6750.06%
154TENAX THERAPEUTICS INCTENX63,673$776,1740.06%
155SUTRO BIOPHARMA INCSTRO67,077$776,0810.06%
156BIOMARIN PHARMACEUTICAL INCBMRN12,900$766,6470.06%
157COMPASS THERAPEUTICS INCCMPX139,000$746,4300.05%
158VERA THERAPEUTICS INCVERA14,733$746,0790.05%
159KEZAR LIFE SCIENCES INCKZR117,440$738,6980.05%
160VENTYX BIOSCIENCES INC92332V10781,600$736,8480.05%
161FULCRUM THERAPEUTICS INCFULC65,000$735,1500.05%
162UNIQURE NVQURE30,000$717,9000.05%
163GUARDANT HEALTH INCGH7,000$714,9800.05%
164PHATHOM PHARMACEUTICALS INCPHAT42,900$711,7110.05%
165LARIMAR THERAPEUTICS INCLRMR185,689$707,4750.05%
166IDEAYA BIOSCIENCES INCIDYA20,000$691,4000.05%
167ARVINAS INCARVN58,091$688,9590.05%
168NUVALENT INCNUVL6,842$688,2370.05%
169ASSEMBLY BIOSCIENCES INCASMB19,747$671,5950.05%
170FORWARD AIR CORPFWRD26,635$665,8750.05%
171GOSSAMER BIO INCGOSS212,531$658,8460.05%
172ENANTA PHARMACEUTICALS INCENTA41,357$652,2000.05%
173ORUKA THERAPEUTICS INCORKA20,840$631,6600.05%
174NEUROGENE INCNGNE30,633$631,0400.05%
175TECTONIC THERAPEUTIC INCTECX30,007$625,9460.05%
176SAREPTA THERAPEUTICS INCSRPT28,866$621,1960.05%
177INTUITIVE SURGICAL INCISRG1,020$577,6870.04%
178KYVERNA THERAPEUTICS INCKYTX57,428$539,8230.04%
179ALIBABA GROUP HLDG LTDBBAAY3,578$524,4630.04%
180MADRIGAL PHARMACEUTICALS INCMDGL895$521,1940.04%
181CULLINAN THERAPEUTICS INCCGEM50,000$517,5000.04%
182CONTEXT THERAPEUTICS INCCNTX351,094$516,1080.04%
183GLOBA TERRA ACQUISITION CORGTERW50,000$514,0000.04%
184WISDOMTREE TRWT10,000$503,2000.04%
185APELLIS PHARMACEUTICALS INCAPLS20,000$502,4000.04%
186NATERA INCNTRA2,147$491,8560.04%
187BOSTON SCIENTIFIC CORPBSX5,000$476,7500.04%
188ENLIVEN THERAPEUTICS INCELVN30,000$462,0000.03%
189ELANCO ANIMAL HEALTH INCELAN20,000$452,6000.03%
190POLYPID LTDPYPD103,950$451,1430.03%
191GERON CORPGERN336,176$443,7520.03%
192PRAXIS PRECISION MEDICINES IPRAX1,500$442,1100.03%
193NOVOCURE LTDNVCR34,000$439,6200.03%
194CORE SCIENTIFIC INC NEW21874A10630,000$436,8000.03%
195OMEROS CORPOMER25,000$429,3750.03%
196CYTOMX THERAPEUTICS INCCTMX100,000$426,0000.03%
197KURA ONCOLOGY INCKURA40,000$415,6000.03%
198VISTAGEN THERAPEUTICS INCVTGN623,575$412,7440.03%
199BIOHAVEN LTDBHVN34,277$386,9870.03%
200KEROS THERAPEUTICS INCKROS18,851$383,8060.03%
201KARYOPHARM THERAPEUTICS INCKPTI50,000$368,0000.03%
202ORTHOPEDIATRICS CORPKIDS19,845$352,4470.03%
203BIOCRYST PHARMACEUTICALS INCBCRX45,000$351,0000.03%
204AURINIA PHARMACEUTICALS INCAUPH22,000$350,9000.03%
205DAYFORCE INC15677J1085,000$345,8000.03%
206THERAPEUTICSMD INCTXMD209,210$341,0120.03%
207KIORA PHARMACEUTICALS INCKPHMW167,941$330,8440.02%
208JADE BIOSCIENCES INCJBIO21,000$324,0300.02%
209SURGERY PARTNERS INCSGRY20,000$309,0000.02%
210JD.COM INCJDCMF10,000$287,0000.02%
211PROCAP ACQUISITION CORPPCAPW26,940$275,8660.02%
212BRIGHT MINDS BIOSCIENCES INCDRUG3,500$273,1400.02%
213IDEXX LABS INC45168D104400$270,6120.02%
214QUINCE THERAPEUTICS INCQNCX80,000$268,0000.02%
215SPERO THERAPEUTICS INCSPRO113,839$265,2450.02%
216PERSPECTIVE THERAPEUTICS INCCATX95,193$261,7810.02%
217IMMIX BIOPHARMA INCIMMX50,000$261,5000.02%
218JASPER THERAPEUTICS INCJSPRW140,000$256,2000.02%
219SYNDAX PHARMACEUTICALS INCSNDX12,000$252,1200.02%
220ORGANON & COOGN35,000$250,9500.02%
221REPLIMUNE GROUP INCREPL25,000$243,0000.02%
222ANNEXON INCANNX48,000$240,9600.02%
223PEPGEN INCPEPG36,842$239,8410.02%
224EVOLUS INCEOLS35,859$238,4620.02%
225ACHIEVE LIFE SCIENCES INCACHV47,800$237,5660.02%
226BICARA THERAPEUTICS INCBCAX13,705$230,6550.02%
227ULTRAGENYX PHARMACEUTICAL INRARE10,000$230,0000.02%
228RXSIGHT INCRXST21,803$227,1870.02%
229MILESTONE PHARMACEUTICALS INMIST100,100$202,2020.01%
230DYNE THERAPEUTICS INCDYN10,000$195,6000.01%
231WHITEHAWK THERAPEUTICS INCWHWK77,593$187,7750.01%
232TRAWS PHARMA INCTRAW154,431$174,5070.01%
233KALVISTA PHARMACEUTICALS INCKALV10,000$161,5000.01%
234OUTLOOK THERAPEUTICS INCOTLK100,000$158,0000.01%
235RELMADA THERAPEUTICS INCRLMD30,866$149,0830.01%
236VYNE THERAPEUTICS INCVYNE253,791$147,2240.01%
237QUINCE THERAPEUTICS INCQNCX42,912$143,7550.01%
238SILENCE THERAPEUTICS PLCSLNCF23,643$143,7490.01%
239RECURSION PHARMACEUTICALS INRXRX35,000$143,1500.01%
240VOYAGER THERAPEUTICS INCVYGR35,000$137,5500.01%
241CLEANCORE SOLUTIONS INCZONE521,980$135,7150.01%
242CHEMOMAB THERAPEUTICS LTDCMMB80,000$132,0000.01%
243INOVIO PHARMACEUTICALS INCINO75,500$131,3700.01%
244PMV PHARMACEUTICALS INCPMVP101,008$126,2600.01%
245GENERATION BIO CO37148K20922,144$125,7780.01%
246NEUPHORIA THERAPEUTICS INCNEUP30,000$116,4000.01%
247CLOVER HEALTH INVESTMENTS COCLOV48,300$113,5050.01%
248GOSSAMER BIO INCGOSS35,100$108,8100.01%
249ZENTALIS PHARMACEUTICALS INCZNTL80,000$108,0000.01%
250BIOATLA INCBCAB183,107$103,9500.01%
251SAB BIOTHERAPEUTICS INCSABSW26,344$98,5270.01%
252SOLIDION TECHNOLOGY INCSTI13,500$95,7150.01%
253FIBROGEN INC31572Q88110,469$91,9180.01%
254REZOLUTE INCRZLT38,679$91,2820.01%
255NEUMORA THERAPEUTICS INC.NMRA50,600$90,5740.01%
256PLIANT THERAPEUTICS INCPLRX73,819$90,0590.01%
257LITE STRATEGY INCLITS67,292$88,8250.01%
258OPUS GENETICS INCIRD40,000$80,4000.01%
259VISTAGEN THERAPEUTICS INCVTGN120,000$79,4280.01%
260KALA BIO INCKALA141,480$78,6490.01%
261VERU INCVERU35,000$74,9000.01%
262Q32 BIO INCQTTB20,000$66,4000.00%
263MEREO BIOPHARMA GROUP PLCMREO150,000$62,5050.00%
264BIOMEA FUSION INCBMEA43,420$53,8410.00%
265A SPAC III ACQUISITION CORPG0544A145215,000$40,8500.00%
266ATYR PHARMA INCATYR50,685$39,6910.00%
267PROQR THRAPEUTICS N VN7154210910,000$20,2000.00%
268INVO FERTILITY INC.IVF26,722$20,1110.00%
269IO BIOTECH INCIOBT24,964$15,2010.00%
270COHERUS ONCOLOGY INCCHRS10,366$14,7200.00%