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ACM

ADAR1 Capital Management Portfolio holdings

AUM $1.7B
1-Year Est. Return 340.85%
This Fund
S&P 500
This Quarter Est. Return
+43.32%
1 Year Est. Return
+340.85%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.36B
AUM Growth
+$297M
Cap. Flow
+$58.3M
Cap. Flow %
4.28%
Top 10 Hldgs %
45.16%
Holding
305
New
90
Increased
79
Reduced
51
Closed
35

Top Buys

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$31.8M
2
CLDX icon
Celldex Therapeutics
CLDX
+$14.2M
3
IVA
Inventiva
IVA
+$12.6M
4
TERN
Terns Pharmaceuticals
TERN
+$12.3M
5
ABUS icon
Arbutus Biopharma
ABUS
+$11.3M

Top Sells

Rank Stock Value
1
KROS icon
Keros Therapeutics
KROS
+$94.2M
2
ETNB
89bio
ETNB
+$31.1M
3
BIOA
BioAge Labs
BIOA
+$15.5M
4
MTSR
Metsera Inc
MTSR
+$7.98M
5
IVVD icon
Invivyd
IVVD
+$7.22M

Sector Composition

Rank Sector Weight
1 Healthcare 88.69%
2 Financials 1.72%
3 Real Estate 0.12%
4 Communication Services 0.07%
5 Consumer Discretionary 0.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ETNB
276
DELISTED
89bio
ETNB
– –
-2,113,153
Closed -$31.1M
GPCR icon
277
Structure Therapeutics
GPCR
$3.78B
– –
-15,200
Closed -$426K
HRMY icon
278
Harmony Biosciences
HRMY
$2.24B
– –
-10,245
Closed -$282K
IFRX icon
279
InflaRx
IFRX
$271M
– –
-159,479
Closed -$214K
INBS icon
280
Intelligent Bio Solutions
INBS
$4.74M
– –
-42,643
Closed -$435K
IOVA icon
281
CALL
Iovance Biotherapeutics
IOVA
$2.87B
– –
-50,000
Closed -$109K
KRRO icon
282
Korro Bio
KRRO
$195M
– –
-40,235
Closed -$1.93M
LLY icon
283
Eli Lilly
LLY
$1.06T
– –
-1,000
Closed -$763K
CYPH
284
Cypherpunk Technologies Inc
CYPH
$73.3M
– –
-25,830
Closed -$11.7K
MLTX icon
285
CALL
MoonLake Immunotherapeutics
MLTX
$1.55B
– –
-17,000
Closed -$122K
MLTX icon
286
MoonLake Immunotherapeutics
MLTX
$1.55B
– –
-151,495
Closed -$1.09M
MRUS
287
DELISTED
Merus
MRUS
– –
-33,313
Closed -$3.14M
MURA
288
DELISTED
Mural Oncology
MURA
– –
-11,855
Closed -$24.5K
NERV icon
289
Minerva Neurosciences
NERV
$199M
– –
-12,406
Closed -$26.1K
NVCR icon
290
CALL
NovoCure
NVCR
$1.91B
– –
-30,000
Closed -$388K
OLMA icon
291
CALL
Olema Pharmaceuticals
OLMA
$1.05B
– –
-25,000
Closed -$245K
PHGE icon
292
BiomX
PHGE
$1.85M
– –
-4,087
Closed -$40.8K
RARE icon
293
Ultragenyx Pharmaceutical
RARE
$2.55B
– –
-9,000
Closed -$296K
FLNA
294
Filana Therapeutics
FLNA
$48.1M
– –
-81,000
Closed -$236K
SPY icon
295
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$823B
– –
-45,500
Closed -$30.3M
VRNA
296
DELISTED
Verona Pharma
VRNA
– –
-51,450
Closed -$5.49M
WVE icon
297
Wave Life Sciences
WVE
$1.2B
– –
-119,067
Closed -$872K
XBI icon
298
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.3B
– –
-40,000
Closed -$4.01M
GUTS icon
299
Fractyl Health
GUTS
$111M
– –
-13,097
Closed -$21.1K
LENZ
300
LENZ Therapeutics
LENZ
$168M
– –
-11,619
Closed -$541K
9 10 11
12
13

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ADAR1 Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, ADAR1 Capital Management held 305 positions worth $1.36B, up 28% from $1.06B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

ADAR1 Capital Management deployed $58.3M of net new capital in Q4 2025, opening 90 new positions and adding to 79 existing holdings. Its largest new stake was Inventiva: 2,709,846 shares worth $12.6M.

By sector, the portfolio is most concentrated in Healthcare at 89% of assets, up from 83% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was Keros Therapeutics, an estimated $94.2M trimmed.

  • ADAR1 Capital Management's largest Q4 2025 buy was Inventiva: 2,709,846 shares worth $12.6M.
  • ADAR1 Capital Management added most to Avidity Biosciences in Q4 2025, an estimated $31.8M increase.
  • ADAR1 Capital Management's biggest Q4 2025 reduction was Keros Therapeutics, cutting an estimated $94.2M.
  • ADAR1 Capital Management fully exited 89bio in Q4 2025, selling an estimated $31.1M.
  • ADAR1 Capital Management's ten largest holdings make up 45% of its $1.36B portfolio in Q4 2025.
  • ADAR1 Capital Management opened 90 new positions and closed 35 in Q4 2025.
  • ADAR1 Capital Management's portfolio value rose 28% quarter-over-quarter to $1.36B.

Based on ADAR1 Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.