# Kalehua Capital Management LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2106181. Source: https://holderbook.com/funds/2106181-kalehua-capital-management-llc/

- Reported value: $313.5M
- Positions: 26
- Weight of the ten largest: 70.1%
- 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 |
|---|---|---|---|---|---|
| VERADERMICS INC | [MANE](https://holderbook.com/stocks/MANE/) | $35.8M | 291,390 | 11.4% | 2 |
| X4 PHARMACEUTICALS INC | [XFOR](https://holderbook.com/stocks/XFOR/) | $34.8M | 7,445,680 | 11.1% | 3 |
| EA SERIES TRUST | [BOXX](https://holderbook.com/stocks/BOXX/) | $26.5M | 226,188 | 8.4% | 3 |
| COMPASS PATHWAYS PLC | [CMPS](https://holderbook.com/stocks/CMPS/) | $23.2M | 1,639,384 | 7.4% | 3 |
| SURROZEN INC | [SRZN](https://holderbook.com/stocks/SRZN/) | $20.0M | 770,356 | 6.4% | 3 |
| ACLARIS THERAPEUTICS INC | [ACRS](https://holderbook.com/stocks/ACRS/) | $19.4M | 3,664,730 | 6.2% | 2 |
| SIONNA THERAPEUTICS INC | [SION](https://holderbook.com/stocks/SION/) | $17.3M | 394,144 | 5.5% | 3 |
| INHIBIKASE THERAPEUTICS INC | [IKT](https://holderbook.com/stocks/IKT/) | $15.5M | 7,643,780 | 4.9% | 3 |
| PHARVARIS N V | [PHVS](https://holderbook.com/stocks/PHVS/) | $13.7M | 397,544 | 4.4% | 3 |
| KARYOPHARM THERAPEUTICS INC | [KPTI](https://holderbook.com/stocks/KPTI/) | $13.4M | 1,371,288 | 4.3% | 1 |
| SEPTERNA INC | [SEPN](https://holderbook.com/stocks/SEPN/) | $13.0M | 389,088 | 4.2% | 3 |
| INFLARX NV | [IFRX](https://holderbook.com/stocks/IFRX/) | $13.0M | 5,795,538 | 4.1% | 1 |
| CYCLERION THERAPEUTICS INC | [CYCN](https://holderbook.com/stocks/CYCN/) | $11.2M | 3,302,700 | 3.6% | 1 |
| UNIQURE NV | [QURE](https://holderbook.com/stocks/QURE/) | $7.3M | 158,814 | 2.3% | 2 |
| LEONABIO INC | [LONA](https://holderbook.com/stocks/LONA/) | $7.2M | 787,402 | 2.3% | 3 |
| DAMORA THERAPEUTICS INC | [DMRA](https://holderbook.com/stocks/DMRA/) | $7.2M | 278,000 | 2.3% | 2 |
| MOONLAKE IMMUNOTHERAPEUTICS | [MLTX](https://holderbook.com/stocks/MLTX/) | $6.8M | 351,468 | 2.2% | 3 |
| KORRO BIO INC | [KRRO](https://holderbook.com/stocks/KRRO/) | $5.3M | 405,040 | 1.7% | 2 |
| TYRA BIOSCIENCES INC | [TYRA](https://holderbook.com/stocks/TYRA/) | $4.8M | 148,930 | 1.5% | 3 |
| NUVECTIS PHARMA INC | [NVCT](https://holderbook.com/stocks/NVCT/) | $3.7M | 200,000 | 1.2% | 1 |
| GOSSAMER BIO INC | [GOSS](https://holderbook.com/stocks/GOSS/) | $3.7M | 22,298,726 | 1.2% | 2 |
| MILESTONE PHARMACEUTICALS IN | [MIST](https://holderbook.com/stocks/MIST/) | $3.4M | 2,538,474 | 1.1% | 1 |
| ADLAI NORTYE LTD | [ANL](https://holderbook.com/stocks/ANL/) | $2.6M | 226,415 | 0.8% | 1 |
| ATYR PHARMA INC | [ATYR](https://holderbook.com/stocks/ATYR/) | $2.1M | 3,576,334 | 0.7% | 1 |
| INSTIL BIO INC | [TIL](https://holderbook.com/stocks/TIL/) | $1.5M | 199,200 | 0.5% | 2 |
| TSCAN THERAPEUTICS INC | [TCRX](https://holderbook.com/stocks/TCRX/) | $891.6K | 909,752 | 0.3% | 1 |

## 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 | +31.8% | +14.8% | +17.0% | 100% |
| Q1 2026 | +9.1% | -4.6% | +13.7% | 107% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $313.5M | 26 |
| Q1 2026 | $259.9M | 25 |
| Q4 2025 | $101.1M | 19 |