Velan Capital Investment Management LP
Portfolio value QoQ: +2.9% 13F does not disclose cash
Top 10 holdings weight74.87%
Top 25 holdings weight96.66%
Positions above 1%19
Effective number of positions12.7
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 9.18% Est. buys $14,848,193 · sells $18,806,865
Median holding: 3.0 quarters Tracked Q1 2025–Q2 2026 · 53.7% still held
New positions7
Increased9
Decreased11
Closed5
Portfolio value
$164.0M
Positions
51
As of
June 30, 2026 Data as of Q2 2026
Sector breakdown
Full portfolio 51 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| PRAX | $29,722,991 | 18.12% | 88,781 | $-2,747,639 | Down ×1 | ||
| MPLT | $17,665,285 | 10.77% | 492,893 | $7,644,770 | |||
| STRO | $17,003,712 | 10.37% | 512,160 | $4,245,806 | |||
| IMMX | $11,186,350 | 6.82% | 1,085,000 | $4,444,950 | Up ×2 | ||
| TARA | $10,866,571 | 6.62% | 2,844,652 | $-3,901,966 | Up ×1 | ||
| ABVX | $8,745,854 | 5.33% | 65,630 | $171,904 | Down ×1 | ||
| TENX | $8,002,282 | 4.88% | 549,985 | $-1,325,213 | Down ×1 | ||
| AVR | $6,895,000 | 4.20% | 700,000 | $3,010,000 | |||
| EDSA | $6,727,575 | 4.10% | 827,500 | $2,399,750 | |||
| AVTX | $5,995,873 | 3.66% | 324,452 | $3,232,002 | Up ×1 | ||
| EVMN | $5,930,729 | 3.62% | 446,255 | $-4,328,673 | |||
| XNCR | $4,105,500 | 2.50% | 255,000 | $1,090,500 | Up ×1 | ||
| RZLT | $3,900,000 | 2.38% | 750,000 | $1,612,500 | |||
| HRTX | $3,735,904 | 2.28% | 8,753,290 | $-3,267,603 | |||
| VRCA | $2,885,941 | 1.76% | 471,559 | $391,394 | |||
| CCCC | $2,661,900 | 1.62% | 570,000 | Up ×1 | |||
| EPRX | $2,326,720 | 1.42% | 352,000 | $-221,760 | |||
| ADMA | $2,092,500 | 1.28% | 250,000 | Up ×1 | |||
| RNTX | $1,768,000 | 1.08% | 1,700,000 | Up ×1 | |||
| LYEL | $1,475,250 | 0.90% | 105,000 | $-570,870 | Up ×1 | ||
| NSRX | $1,257,865 | 0.77% | 359,390 | $460,019 | |||
| PROF | $1,132,349 | 0.69% | 170,278 | $-719,052 | Down ×1 | ||
| JSPR | $1,020,111 | 0.62% | 2,423,067 | $-1,102,980 | |||
| TENX | $999,585 | 0.61% | 68,700 | Call option | Up ×1 | ||
| PTGX | $453,546 | 0.28% | 3,700 | $63,566 | |||
| CTMX | $450,000 | 0.27% | 120,000 | $-2,088,000 | Down ×1 | ||
| NMRA | $391,000 | 0.24% | 230,000 | $235,000 | Up ×1 | ||
| NRIX | $388,160 | 0.24% | 16,000 | $140,160 | |||
| OVID | $349,700 | 0.21% | 130,000 | $-5,500 | Down ×1 | ||
| DTIL | $314,400 | 0.19% | 40,000 | $94,400 | |||
| MLYS | $296,780 | 0.18% | 11,000 | $-1,210 | |||
| MGNX | $277,200 | 0.17% | 60,000 | $190,500 | Up ×1 | ||
| CRBP | $243,880 | 0.15% | 26,000 | $-260 | |||
| ARTV | $242,500 | 0.15% | 25,000 | $81,500 | |||
| REPL | $221,400 | 0.13% | 20,000 | $68,400 | |||
| SNDX | $218,600 | 0.13% | 10,000 | $-15,000 | |||
| IMNM | $211,900 | 0.13% | 10,000 | $-6,800 | |||
| TECX | $206,250 | 0.13% | 6,000 | Up ×1 | |||
| RCKT | $205,200 | 0.13% | 60,000 | $-849,622 | Down ×1 | ||
| KPTI | $195,400 | 0.12% | 20,000 | $111,850 | Up ×1 | ||
| ANTX | $193,600 | 0.12% | 40,000 | Up ×1 | |||
| VRDN | $183,700 | 0.11% | 10,000 | $-1,598,666 | Down ×1 | ||
| Unknown issuer (CUSIP: 811292309) | $162,800 | 0.10% | 40,000 | Up ×1 | |||
| QNRX | $156,680 | 0.10% | 32,372 | $-403,323 | Down ×1 | ||
| Unknown issuer (CUSIP: 98422T209) | $136,850 | 0.08% | 14,285 | $16,713 | |||
| NSPR | $103,711 | 0.06% | 148,138 | $-3,318,722 | Down ×2 | ||
| KLRS | $101,750 | 0.06% | 25,000 | $-2,110 | Up ×1 | ||
| LRMR | $100,650 | 0.06% | 33,000 | $-47,850 | |||
| PRQR | $83,700 | 0.05% | 45,000 | $10,800 | |||
| CNTX | $33,068 | 0.02% | 59,700 | $-228,932 | Down ×1 | ||
| GOSS | $11,522 | 0.01% | 70,000 | $-11,473 | |||
| No matches | |||||||
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| MPLT | Price move only | +0 | +$7.6M |
| IMMX | Bought more | +345K | +$4.4M |
| EVMN | Price move only | +0 | -$4.3M |
| STRO | Price move only | +0 | +$4.2M |
| TARA | Bought more | +10K | -$3.9M |
| HRTX | Price move only | +0 | -$3.3M |
| AVTX | Bought more | +139K | +$3.2M |
| AVR | Price move only | +0 | +$3.0M |
| PRAX | Trimmed | -12K | -$2.7M |
| EDSA | Price move only | +0 | +$2.4M |
1 position hidden — reported move looks larger than the position itself (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| CDTX | March 31, 2026 | 108,404 | $23,945,360 | No longer tracked |
| VRNA | Sept. 30, 2025 | 95,000 | $8,985,100 | No longer tracked |
| SLRN | June 30, 2025 | 3,366,945 | $8,316,354 | No longer tracked |
| SWTX | June 30, 2025 | 185,520 | $8,186,998 | No longer tracked |
| ZVRA | Sept. 30, 2025 | 715,000 | $6,299,150 | 3.2% |
| LNTH | March 31, 2026 | 74,687 | $4,970,420 | 31.6% |
| ESPR | June 30, 2026 | 1,720,000 | $4,712,800 | No longer tracked |
| ZOOZ | Dec. 31, 2025 | 2,000,000 | $4,280,000 | |
| ALMS | Dec. 31, 2025 | 946,683 | $3,777,265 | -30.5% |
| ARVN | Sept. 30, 2025 | 500,000 | $3,680,000 | -14.3% |
| RAPT | March 31, 2026 | 108,000 | $3,657,960 | No longer tracked |
| SCPH | Sept. 30, 2025 | 917,668 | $3,496,315 | No longer tracked |
| LQDA | Sept. 30, 2025 | 239,260 | $2,981,180 | 87.6% |
| TERN | March 31, 2026 | 70,000 | $2,828,000 | No longer tracked |
| TRVI | March 31, 2026 | 205,000 | $2,566,600 | 5.7% |
| QURE | Dec. 31, 2025 | 32,000 | $1,867,840 | -6.3% |
| CATX | Sept. 30, 2025 | 500,000 | $1,720,000 | No longer tracked |
| TIL | June 30, 2025 | 69,000 | $1,197,840 | -72.0% |
| UPB | Sept. 30, 2025 | 107,000 | $1,174,860 | -85.4% |
| TELA | Dec. 31, 2025 | 747,410 | $1,113,641 | -18.2% |
| IMNM | June 30, 2025 | 153,500 | $1,033,055 | 93.4% |
| KZIA | June 30, 2026 | 135,315 | $1,006,744 | -44.5% |
| ELDN | Dec. 31, 2025 | 346,973 | $898,660 | 52.3% |
| ARWR | June 30, 2026 | 6,500 | $407,550 | -28.8% |
| VTYX | March 31, 2026 | 40,000 | $361,200 | No longer tracked |
| KPRX | Sept. 30, 2025 | 122,223 | $352,002 | -17.6% |
| TRML | Dec. 31, 2025 | 5,800 | $277,414 | No longer tracked |
| DSGN | June 30, 2026 | 20,000 | $212,800 | -29.2% |
| ALEC | Dec. 31, 2025 | 55,000 | $162,800 | 17.3% |
| ERAS | Dec. 31, 2025 | 65,000 | $141,700 | 286.8% |
| RGLS | June 30, 2025 | 80,000 | $140,000 | No longer tracked |
| WVE | Dec. 31, 2025 | 15,000 | $109,800 | -81.3% |
| GERN | Dec. 31, 2025 | 80,000 | $109,600 | -15.2% |
| XLO | March 31, 2026 | 170,000 | $108,834 | -10.0% |
| PMVP | June 30, 2026 | 73,000 | $90,520 | -5.2% |
| ACRS | Dec. 31, 2025 | 32,700 | $62,130 | 24.6% |
| VYNE | Sept. 30, 2025 | 30,000 | $49,500 | No longer tracked |
| PYXS | March 31, 2026 | 40,000 | $46,000 | 15.1% |
| FDMT | Sept. 30, 2025 | 12,000 | $44,520 | 24.3% |
| KRON | June 30, 2025 | 35,000 | $28,875 | No longer tracked |
| NXTC | Sept. 30, 2025 | 45,000 | $20,700 | -15.0% |
| ELEV | June 30, 2025 | 45,000 | $11,660 | No longer tracked |