Institutional Manager · CIK 0001615982
VR ADVISER, LLC
NEW YORK, NY · File #028-20281
Latest AUM
$2.02B
Positions
27
Top-10 Concentration
73.7%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| EXITED | METSERA INC | 59267L107 | -3,750,662 | -$196.3M | $0 |
| EXITED | CIDARA THERAPEUTICS INC | 171757206 | -946,788 | -$90.7M | $0 |
| REDUCE | COGENT BIOSCIENCES INC | COGT | -2,000,000 | -$71.0M | +$84.6M |
| REDUCE | OCULAR THERAPEUTIX INC | OCUL | -5,845,915 | -$71.0M | +$5.9M |
| EXITED | ABIVAX SA | 00370M103 | -576,729 | -$49.0M | $0 |
| ADD | SPYRE THERAPEUTICS INC | SYRE | +1,000,000 | +$32.8M | +$43.0M |
| NEW | CYBIN INC | HELP | +3,840,250 | +$31.4M | $0 |
| ADD | VOR BIOPHARMA INC | VOR | +1,443,800 | +$18.9M | -$17.8M |
| EXITED | ASTRIA THERAPEUTICS INC | 04635X102 | -2,457,348 | -$17.9M | $0 |
| EXITED | PHARVARIS N V | N69605108 | -674,599 | -$16.8M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202527 pos · $2.02B
- 13F HOLDINGS REPORTQ/E Sep 202533 pos · $1.78B
- 13F HOLDINGS REPORTQ/E Jun 202531 pos · $1.33B
- 13F HOLDINGS REPORTQ/E Mar 202537 pos · $1.18B
- 13F HOLDINGS REPORTQ/E Dec 202437 pos · $1.46B
- 13F HOLDINGS REPORTQ/E Sep 202438 pos · $1.91B
- 13F HOLDINGS REPORTQ/E Jun 202435 pos · $1.57B
- 13F HOLDINGS REPORTQ/E Mar 202438 pos · $2.10B
- 13F HOLDINGS REPORTQ/E Dec 202337 pos · $949.9M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 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% |