# ADAR1 Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1940272. Source: https://holderbook.com/funds/1940272-adar1-capital-management-llc/

- Reported value: $2.2B
- Positions: 272
- Weight of the ten largest: 42.0%
- 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 |
|---|---|---|---|---|---|
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $246.4M | 1,804,703 | 11.3% | 10 |
| PROTAGONIST THERAPEUTICS INC | [PTGX](https://holderbook.com/stocks/PTGX/) | $117.8M | 960,863 | 5.4% | 11 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $115.1M | 129,087 | 5.3% | 5 |
| ROIVANT SCIENCES LTD | [ROIV](https://holderbook.com/stocks/ROIV/) | $111.7M | 3,157,008 | 5.1% | 11 |
| IMMUNOVANT INC | [IMVT](https://holderbook.com/stocks/IMVT/) | $89.8M | 2,330,716 | 4.1% | 11 |
| ZAI LAB LTD | [ZLAB](https://holderbook.com/stocks/ZLAB/) | $64.0M | 3,369,034 | 2.9% | 11 |
| AGIOS PHARMACEUTICALS INC | [AGIO](https://holderbook.com/stocks/AGIO/) | $47.8M | 1,288,053 | 2.2% | 6 |
| CRINETICS PHARMACEUTICALS IN | [CRNX](https://holderbook.com/stocks/CRNX/) | $45.7M | 1,222,080 | 2.1% | 9 |
| EA SERIES TRUST | [BOXX](https://holderbook.com/stocks/BOXX/) | $39.5M | 337,125 | 1.8% | 10 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $39.0M | 457,907 | 1.8% | 11 |
| SEPTERNA INC | [SEPN](https://holderbook.com/stocks/SEPN/) | $31.5M | 940,747 | 1.4% | 6 |
| ANTERIS TECHNOLOGIES GLOBAL | [AVR](https://holderbook.com/stocks/AVR/) | $31.0M | 3,145,096 | 1.4% | 7 |
| EDITAS MEDICINE INC | [EDIT](https://holderbook.com/stocks/EDIT/) | $28.8M | 8,889,000 | 1.3% | 1 |
| DENALI THERAPEUTICS INC | [DNLI](https://holderbook.com/stocks/DNLI/) | $26.5M | 1,029,080 | 1.2% | 10 |
| SPYRE THERAPEUTICS INC | [SYRE](https://holderbook.com/stocks/SYRE/) | $25.2M | 283,982 | 1.2% | 6 |
| VIR BIOTECHNOLOGY INC | [VIR](https://holderbook.com/stocks/VIR/) | $25.0M | 2,456,677 | 1.1% | 2 |
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $24.9M | 74,253 | 1.1% | 3 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $24.4M | 228,520 | 1.1% | 2 |
| CELLDEX THERAPEUTICS INC NEW | [CLDX](https://holderbook.com/stocks/CLDX/) | $23.1M | 619,542 | 1.1% | 6 |
| VIKING THERAPEUTICS INC | [VKTX](https://holderbook.com/stocks/VKTX/) | $22.4M | 574,038 | 1.0% | 11 |
| TAYSHA GENE THERAPIES INC | [TSHA](https://holderbook.com/stocks/TSHA/) | $20.7M | 3,040,466 | 0.9% | 11 |
| MONOPAR THERAPEUTICS INC | [MNPR](https://holderbook.com/stocks/MNPR/) | $20.1M | 217,595 | 0.9% | 7 |
| OVID THERAPEUTICS INC | [OVID](https://holderbook.com/stocks/OVID/) | $20.0M | 7,417,479 | 0.9% | 11 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $19.7M | 387,718 | 0.9% | 3 |
| ENANTA PHARMACEUTICALS INC | [ENTA](https://holderbook.com/stocks/ENTA/) | $19.6M | 1,344,510 | 0.9% | 3 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $18.8M | 0 | 0.9% | 3 |
| NEKTAR THERAPEUTICS | [NKTR](https://holderbook.com/stocks/NKTR/) | $17.0M | 244,184 | 0.8% | 5 |
| INSPIRE MED SYS INC | [INSP](https://holderbook.com/stocks/INSP/) | $16.7M | 374,617 | 0.8% | 4 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $16.4M | 87,509 | 0.7% | 8 |
| ESTABLISHMENT LABS HLDGS INC | [ESTA](https://holderbook.com/stocks/ESTA/) | $15.9M | 185,619 | 0.7% | 6 |
| PROTHENA CORP PLC | [PRTA](https://holderbook.com/stocks/PRTA/) | $15.2M | 1,554,535 | 0.7% | 5 |
| RHYTHM PHARMACEUTICALS INC | [RYTM](https://holderbook.com/stocks/RYTM/) | $15.1M | 136,158 | 0.7% | 7 |
| INHIBIKASE THERAPEUTICS INC | [IKT](https://holderbook.com/stocks/IKT/) | $15.0M | 7,387,205 | 0.7% | 7 |
| UNIQURE NV | [QURE](https://holderbook.com/stocks/QURE/) | $15.0M | 324,672 | 0.7% | 4 |
| RALLYBIO CORP | [RLYB](https://holderbook.com/stocks/RLYB/) | $14.8M | 926,352 | 0.7% | 2 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $13.8M | 22,208 | 0.6% | 8 |
| INVENTIVA SA | [IVA](https://holderbook.com/stocks/IVA/) | $13.6M | 3,606,656 | 0.6% | 3 |
| SUTRO BIOPHARMA INC | [STRO](https://holderbook.com/stocks/STRO/) | $13.4M | 404,014 | 0.6% | 3 |
| IONIS PHARMACEUTICALS INC | [IONS](https://holderbook.com/stocks/IONS/) | $13.2M | 166,286 | 0.6% | 5 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $13.2M | 176,689 | 0.6% | 11 |
| SAREPTA THERAPEUTICS INC | [SRPT](https://holderbook.com/stocks/SRPT/) | $13.1M | 730,649 | 0.6% | 11 |
| CYTOMX THERAPEUTICS INC | [CTMX](https://holderbook.com/stocks/CTMX/) | $12.6M | 3,365,118 | 0.6% | 10 |
| VOR BIOPHARMA INC | [VOR](https://holderbook.com/stocks/VOR/) | $12.5M | 680,626 | 0.6% | 1 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $12.4M | 135,585 | 0.6% | 11 |
| EQUILLIUM INC | [EQ](https://holderbook.com/stocks/EQ/) | $12.0M | 3,758,569 | 0.6% | 4 |
| ADLAI NORTYE LTD | [ANL](https://holderbook.com/stocks/ANL/) | $11.7M | 1,017,805 | 0.5% | 2 |
| CLIMB BIO INC | [CLYM](https://holderbook.com/stocks/CLYM/) | $10.7M | 822,649 | 0.5% | 9 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $10.7M | 0 | 0.5% | 2 |
| HELIX ACQUISITION CORP III | [HLXC](https://holderbook.com/stocks/HLXC/) | $10.6M | 1,000,000 | 0.5% | 2 |
| ZURA BIO LTD | [ZURA](https://holderbook.com/stocks/ZURA/) | $10.4M | 1,759,295 | 0.5% | 8 |
| ONKURE THERAPEUTICS INC | [OKUR](https://holderbook.com/stocks/OKUR/) | $10.2M | 2,238,684 | 0.5% | 3 |
| MAZE THERAPEUTICS INC | [MAZE](https://holderbook.com/stocks/MAZE/) | $10.1M | 339,276 | 0.5% | 4 |
| XENON PHARMACEUTICALS INC | [XENE](https://holderbook.com/stocks/XENE/) | $10.1M | 166,550 | 0.5% | 9 |
| AMYLYX PHARMACEUTICALS INC | [AMLX](https://holderbook.com/stocks/AMLX/) | $9.6M | 494,378 | 0.4% | 11 |
| TEVA PHARMACEUTICAL INDS LTD | [TEVA](https://holderbook.com/stocks/TEVA/) | $9.4M | 277,848 | 0.4% | 11 |
| UROGEN PHARMA LTD | [URGN](https://holderbook.com/stocks/URGN/) | $9.3M | 252,395 | 0.4% | 5 |
| FAETH THERAPEUTICS INC | [FTH](https://holderbook.com/stocks/FTH/) | $9.0M | 361,010 | 0.4% | 1 |
| DBV TECHNOLOGIES S A | [DBVT](https://holderbook.com/stocks/DBVT/) | $8.7M | 528,295 | 0.4% | 2 |
| SAVARA INC | [SVRA](https://holderbook.com/stocks/SVRA/) | $8.6M | 1,403,409 | 0.4% | 10 |
| VAXCYTE INC | [PCVX](https://holderbook.com/stocks/PCVX/) | $8.5M | 146,034 | 0.4% | 6 |
| CG ONCOLOGY INC | [CGON](https://holderbook.com/stocks/CGON/) | $8.4M | 118,664 | 0.4% | 10 |
| MINERALYS THERAPEUTICS INC | [MLYS](https://holderbook.com/stocks/MLYS/) | $8.1M | 298,886 | 0.4% | 10 |
| ASCENDIS PHARMA A/S | [ASND](https://holderbook.com/stocks/ASND/) | $7.6M | 28,604 | 0.3% | 1 |
| AMANAT ACQUISITION CORP | [AMAN](https://holderbook.com/stocks/AMAN/) | $7.6M | 750,000 | 0.3% | 1 |
| NURIX THERAPEUTICS INC | [NRIX](https://holderbook.com/stocks/NRIX/) | $7.6M | 313,236 | 0.3% | 7 |
| BIOHAVEN LTD | [BHVN](https://holderbook.com/stocks/BHVN/) | $7.5M | 501,687 | 0.3% | 6 |
| PRIME MEDICINE INC | [PRME](https://holderbook.com/stocks/PRME/) | $7.4M | 1,997,552 | 0.3% | 2 |
| PERCEPTIVE CAP SOLUTIONS COR | [PCSC](https://holderbook.com/stocks/PCSC/) | $7.3M | 674,695 | 0.3% | 9 |
| OPUS GENETICS INC | [IRD](https://holderbook.com/stocks/IRD/) | $7.3M | 1,783,781 | 0.3% | 3 |
| LEXEO THERAPEUTICS INC | [LXEO](https://holderbook.com/stocks/LXEO/) | $7.3M | 1,565,950 | 0.3% | 9 |
| DAMORA THERAPEUTICS INC | [DMRA](https://holderbook.com/stocks/DMRA/) | $7.3M | 280,000 | 0.3% | 2 |
| REPLIMUNE GROUP INC | [REPL](https://holderbook.com/stocks/REPL/) | $7.3M | 655,784 | 0.3% | 5 |
| LEONABIO INC | [LONA](https://holderbook.com/stocks/LONA/) | $7.1M | 777,100 | 0.3% | 3 |
| KORRO BIO INC | [KRRO](https://holderbook.com/stocks/KRRO/) | $7.1M | 540,054 | 0.3% | 2 |
| RESEARCH ALLIANCE CORP III | [RACC](https://holderbook.com/stocks/RACC/) | $7.0M | 650,000 | 0.3% | 1 |
| INFLARX NV | [IFRX](https://holderbook.com/stocks/IFRX/) | $6.7M | 3,000,000 | 0.3% | 2 |
| RELAY THERAPEUTICS INC | [RLAY](https://holderbook.com/stocks/RLAY/) | $6.7M | 358,333 | 0.3% | 1 |
| JANUX THERAPEUTICS INC | [JANX](https://holderbook.com/stocks/JANX/) | $6.5M | 420,881 | 0.3% | 10 |
| PLIANT THERAPEUTICS INC | [PLRX](https://holderbook.com/stocks/PLRX/) | $6.3M | 5,509,724 | 0.3% | 3 |
| WHITEHAWK THERAPEUTICS INC | [WHWK](https://holderbook.com/stocks/WHWK/) | $6.1M | 1,341,394 | 0.3% | 3 |
| KRYSTAL BIOTECH INC | [KRYS](https://holderbook.com/stocks/KRYS/) | $6.1M | 16,420 | 0.3% | 4 |
| ARBUTUS BIOPHARMA CORP | [ABUS](https://holderbook.com/stocks/ABUS/) | $6.1M | 1,268,147 | 0.3% | 11 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $6.1M | 252,400 | 0.3% | 11 |
| BRIGHTHOUSE FINL INC | [BHF](https://holderbook.com/stocks/BHF/) | $6.0M | 95,523 | 0.3% | 4 |
| EDGEWISE THERAPEUTICS INC | [EWTX](https://holderbook.com/stocks/EWTX/) | $5.8M | 143,199 | 0.3% | 6 |
| ALECTOR INC | [ALEC](https://holderbook.com/stocks/ALEC/) | $5.8M | 2,883,583 | 0.3% | 3 |
| FULCRUM THERAPEUTICS INC | [FULC](https://holderbook.com/stocks/FULC/) | $5.7M | 1,565,029 | 0.3% | 11 |
| ARROWHEAD PHARMACEUTICALS IN | [ARWR](https://holderbook.com/stocks/ARWR/) | $5.7M | 69,800 | 0.3% | 11 |
| ACUMEN PHARMACEUTICALS INC | [ABOS](https://holderbook.com/stocks/ABOS/) | $5.6M | 2,111,334 | 0.3% | 7 |
| OAKTREE ACQUISITION CORP III | [OACCU](https://holderbook.com/stocks/OACCU/) | $5.6M | 516,482 | 0.3% | 7 |
| GLOBUS MED INC | [GMED](https://holderbook.com/stocks/GMED/) | $5.5M | 70,100 | 0.3% | 3 |
| MONTE ROSA THERAPEUTICS INC | [GLUE](https://holderbook.com/stocks/GLUE/) | $5.2M | 216,752 | 0.2% | 4 |
| DISCIPLINED GROWTH | - | $5.0M | 500,000 | 0.2% | 1 |
| BHAV ACQUISITION CORP | [BHAVU](https://holderbook.com/stocks/BHAVU/) | $5.0M | 495,000 | 0.2% | 2 |
| BRIDGEBIO PHARMA INC | - | $5.0M | 30,000 | 0.2% | 2 |
| BRIDGEBIO PHARMA INC | - | $4.9M | 45,000 | 0.2% | 2 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $4.9M | 25,932 | 0.2% | 3 |
| BOUNDLESS BIO INC | [BOLD](https://holderbook.com/stocks/BOLD/) | $4.9M | 1,968,216 | 0.2% | 1 |
| AVALYN PHARMACEUTICALS INC | [AVLN](https://holderbook.com/stocks/AVLN/) | $4.8M | 146,447 | 0.2% | 1 |
| ARS PHARMACEUTICALS INC | [SPRY](https://holderbook.com/stocks/SPRY/) | $4.8M | 600,999 | 0.2% | 4 |

## 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 | +19.0% | +14.8% | +4.2% | 94% |
| Q1 2026 | +1.4% | -4.6% | +6.0% | 92% |
| Q4 2025 | +26.7% | +2.4% | +24.3% | 90% |
| Q3 2025 | +69.2% | +7.8% | +61.4% | 91% |
| Q2 2025 | +5.5% | +10.5% | -4.9% | 93% |
| Q1 2025 | -4.1% | -4.6% | +0.4% | 93% |
| Q4 2024 | -12.4% | +2.1% | -14.5% | 97% |
| Q3 2024 | +12.4% | +5.4% | +6.9% | 94% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.2B | 272 |
| Q1 2026 | $1.7B | 299 |
| Q4 2025 | $1.4B | 256 |
| Q3 2025 | $1.1B | 203 |
| Q2 2025 | $652.1M | 203 |
| Q1 2025 | $538.7M | 198 |
| Q4 2024 | $500.4M | 206 |
| Q3 2024 | $614.9M | 262 |
| Q2 2024 | $529.7M | 250 |
| Q1 2024 | $440.8M | 247 |
| Q4 2023 | $279.8M | 159 |