# Velan Capital Investment Management LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1848809. Source: https://holderbook.com/funds/1848809-velan-capital-investment-management-lp/

- Reported value: $164.2M
- Positions: 50
- Weight of the ten largest: 75.4%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $29.7M | 88,781 | 18.1% | 11 |
| MAPLIGHT THERAPEUTICS INC | [MPLT](https://holderbook.com/stocks/MPLT/) | $17.7M | 492,893 | 10.8% | 3 |
| SUTRO BIOPHARMA INC | [STRO](https://holderbook.com/stocks/STRO/) | $17.0M | 512,160 | 10.4% | 3 |
| IMMIX BIOPHARMA INC | [IMMX](https://holderbook.com/stocks/IMMX/) | $11.2M | 1,085,000 | 6.8% | 5 |
| PROTARA THERAPEUTICS INC | [TARA](https://holderbook.com/stocks/TARA/) | $10.9M | 2,844,652 | 6.6% | 9 |
| TENAX THERAPEUTICS INC | [TENX](https://holderbook.com/stocks/TENX/) | $9.0M | 549,985 | 5.5% | 8 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $8.7M | 65,630 | 5.3% | 4 |
| ANTERIS TECHNOLOGIES GLOBAL | [AVR](https://holderbook.com/stocks/AVR/) | $6.9M | 700,000 | 4.2% | 2 |
| EDESA BIOTECH INC | [EDSA](https://holderbook.com/stocks/EDSA/) | $6.7M | 827,500 | 4.1% | 6 |
| EVOMMUNE INC | [EVMN](https://holderbook.com/stocks/EVMN/) | $6.0M | 451,255 | 3.7% | 3 |
| AVALO THERAPEUTICS INC | [AVTX](https://holderbook.com/stocks/AVTX/) | $6.0M | 324,452 | 3.7% | 7 |
| XENCOR INC | [XNCR](https://holderbook.com/stocks/XNCR/) | $4.1M | 255,000 | 2.5% | 2 |
| REZOLUTE INC | [RZLT](https://holderbook.com/stocks/RZLT/) | $3.9M | 750,000 | 2.4% | 10 |
| HERON THERAPEUTICS INC | [HRTX](https://holderbook.com/stocks/HRTX/) | $3.7M | 8,753,290 | 2.3% | 15 |
| VERRICA PHARMACEUTICALS INC | [VRCA](https://holderbook.com/stocks/VRCA/) | $2.9M | 471,559 | 1.8% | 3 |
| C4 THERAPEUTICS INC | [CCCC](https://holderbook.com/stocks/CCCC/) | $2.7M | 570,000 | 1.6% | 1 |
| EUPRAXIA PHARMACEUTICALS INC | [EPRX](https://holderbook.com/stocks/EPRX/) | $2.3M | 352,000 | 1.4% | 4 |
| ADMA BIOLOGICS INC | [ADMA](https://holderbook.com/stocks/ADMA/) | $2.1M | 250,000 | 1.3% | 1 |
| REIN THERAPEUTICS INC | [RNTX](https://holderbook.com/stocks/RNTX/) | $1.8M | 1,700,000 | 1.1% | 1 |
| LYELL IMMUNOPHARMA INC | [LYEL](https://holderbook.com/stocks/LYEL/) | $1.5M | 105,000 | 0.9% | 2 |
| NASUS PHARMA LTD | [NSRX](https://holderbook.com/stocks/NSRX/) | $1.3M | 359,390 | 0.8% | 2 |
| PROFOUND MED CORP | [PROF](https://holderbook.com/stocks/PROF/) | $1.1M | 170,278 | 0.7% | 3 |
| JASPER THERAPEUTICS INC | [JSPR](https://holderbook.com/stocks/JSPR/) | $1.1M | 2,668,395 | 0.7% | 10 |
| PROTAGONIST THERAPEUTICS INC | [PTGX](https://holderbook.com/stocks/PTGX/) | $453.5K | 3,700 | 0.3% | 5 |
| CYTOMX THERAPEUTICS INC | [CTMX](https://holderbook.com/stocks/CTMX/) | $450.0K | 120,000 | 0.3% | 7 |
| NEUMORA THERAPEUTICS INC. | [NMRA](https://holderbook.com/stocks/NMRA/) | $391.0K | 230,000 | 0.2% | 2 |
| NURIX THERAPEUTICS INC | [NRIX](https://holderbook.com/stocks/NRIX/) | $388.2K | 16,000 | 0.2% | 5 |
| OVID THERAPEUTICS INC | [OVID](https://holderbook.com/stocks/OVID/) | $349.7K | 130,000 | 0.2% | 7 |
| PRECISION BIOSCIENCES INC | [DTIL](https://holderbook.com/stocks/DTIL/) | $314.4K | 40,000 | 0.2% | 4 |
| MINERALYS THERAPEUTICS INC | [MLYS](https://holderbook.com/stocks/MLYS/) | $296.8K | 11,000 | 0.2% | 6 |
| MACROGENICS INC | [MGNX](https://holderbook.com/stocks/MGNX/) | $277.2K | 60,000 | 0.2% | 2 |
| CORBUS PHARMACEUTICALS HLDGS | [CRBP](https://holderbook.com/stocks/CRBP/) | $243.9K | 26,000 | 0.1% | 8 |
| ARTIVA BIOTHERAPEUTICS INC | [ARTV](https://holderbook.com/stocks/ARTV/) | $242.5K | 25,000 | 0.1% | 2 |
| REPLIMUNE GROUP INC | [REPL](https://holderbook.com/stocks/REPL/) | $221.4K | 20,000 | 0.1% | 7 |
| SYNDAX PHARMACEUTICALS INC | [SNDX](https://holderbook.com/stocks/SNDX/) | $218.6K | 10,000 | 0.1% | 4 |
| IMMUNOME INC | [IMNM](https://holderbook.com/stocks/IMNM/) | $211.9K | 10,000 | 0.1% | 4 |
| TECTONIC THERAPEUTIC INC | [TECX](https://holderbook.com/stocks/TECX/) | $206.2K | 6,000 | 0.1% | 1 |
| ROCKET PHARMACEUTICALS INC | [RCKT](https://holderbook.com/stocks/RCKT/) | $205.2K | 60,000 | 0.1% | 2 |
| KARYOPHARM THERAPEUTICS INC | [KPTI](https://holderbook.com/stocks/KPTI/) | $195.4K | 20,000 | 0.1% | 2 |
| AN2 THERAPEUTICS INC | [ANTX](https://holderbook.com/stocks/ANTX/) | $193.6K | 40,000 | 0.1% | 1 |
| VIRIDIAN THERAPEUTICS INC | [VRDN](https://holderbook.com/stocks/VRDN/) | $183.7K | 10,000 | 0.1% | 5 |
| SCYNEXIS INC | - | $162.8K | 40,000 | 0.1% | 1 |
| QUOIN PHARMACEUTICALS LTD | [QNRX](https://holderbook.com/stocks/QNRX/) | $156.7K | 32,372 | 0.1% | 2 |
| XILIO THERAPEUTICS INC | [XLO](https://holderbook.com/stocks/XLO/) | $136.8K | 14,285 | 0.1% | 2 |
| INSPIREMD INC | [NSPR](https://holderbook.com/stocks/NSPR/) | $103.7K | 148,138 | 0.1% | 13 |
| KALARIS THERAPEUTICS INC | [KLRS](https://holderbook.com/stocks/KLRS/) | $101.8K | 25,000 | 0.1% | 2 |
| LARIMAR THERAPEUTICS INC | [LRMR](https://holderbook.com/stocks/LRMR/) | $100.7K | 33,000 | 0.1% | 7 |
| PROQR THRAPEUTICS N V | [PRQR](https://holderbook.com/stocks/PRQR/) | $83.7K | 45,000 | 0.1% | 7 |
| CONTEXT THERAPEUTICS INC | [CNTX](https://holderbook.com/stocks/CNTX/) | $33.1K | 59,700 | 0.0% | 9 |
| GOSSAMER BIO INC | [GOSS](https://holderbook.com/stocks/GOSS/) | $11.5K | 70,000 | 0.0% | 7 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +6.4% | +14.8% | -8.4% | 100% |
| Q1 2026 | +1.0% | -4.6% | +5.6% | 84% |
| Q4 2025 | +79.2% | +2.4% | +76.8% | 100% |
| Q3 2025 | +31.1% | +7.8% | +23.3% | 100% |
| Q2 2025 | +7.0% | +10.5% | -3.4% | 91% |
| Q1 2025 | -31.9% | -4.6% | -27.3% | 100% |
| Q4 2024 | +7.1% | +2.1% | +5.0% | 98% |
| Q2 2024 | +4.1% | +4.0% | +0.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $164.2M | 50 |
| Q1 2026 | $159.6M | 49 |
| Q4 2025 | $172.4M | 46 |
| Q3 2025 | $106.5M | 49 |
| Q2 2025 | $101.2M | 50 |
| Q1 2025 | $97.2M | 47 |
| Q4 2024 | $115.9M | 45 |
| Q3 2024 | $106.9M | 18 |
| Q2 2024 | $174.6M | 17 |
| Q1 2024 | $220.2M | 21 |
| Q4 2023 | $171.3M | 20 |
| Q3 2023 | $124.0M | 28 |