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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
ACET icon
126
Adicet Bio
ACET
$74.7M
$1.08M 0.08%
+128,646
New +$1.42M
BMY icon
127
Bristol-Myers Squibb
BMY
$132B
$1.08M 0.08%
+20,000
New +$962K
TNYA icon
128
Tenaya Therapeutics
TNYA
$163M
$1.07M 0.08%
+1,505,300
New +$2.05M
BSAAU
129
BEST SPAC I Acquisition Corp Unit
BSAAU
$1.02M 0.08%
100,000
– –
MRK icon
130
Merck
MRK
$318B
$1.01M 0.07%
9,640
-8,900
-48% -$835K
CCCX
131
DELISTED
Churchill Capital Corp X
CCCX
$1.01M 0.07%
+64,887
New +$1.09M
EA
132
DELISTED
Electronic Arts
EA
$1.01M 0.07%
4,936
– –
MCK icon
133
McKesson
MCK
$101B
$984K 0.07%
+1,200
New +$979K
CNTA
134
DELISTED
Centessa Pharmaceuticals
CNTA
$965K 0.07%
38,566
-15,100
-28% -$382K
BNTX icon
135
BioNTech
BNTX
$23.5B
$952K 0.07%
10,000
– –
URGN icon
136
CALL
UroGen Pharma
URGN
$2.29B
$937K 0.07%
40,000
– –
VKTX icon
137
Viking Therapeutics
VKTX
$4B
$932K 0.07%
26,494
-149,425
-85% -$5.29M
UTHR icon
138
United Therapeutics
UTHR
$23.1B
$926K 0.07%
1,900
-9,300
-83% -$4.33M
PLYM
139
DELISTED
Plymouth Industrial REIT
PLYM
$899K 0.07%
+41,065
New +$902K
KVAC
140
CALL
DELISTED
Keen Vision Acquisition Corp
KVAC
$881K 0.06%
75,000
– –
FDMT icon
141
4D Molecular Therapeutics
FDMT
$562M
$875K 0.06%
116,712
+100,000
+598% +$1.01M
DNLI icon
142
Denali Therapeutics
DNLI
$3.94B
$860K 0.06%
52,116
+600
+1% +$10.1K
XNCR icon
143
Xencor
XNCR
$1.55B
$860K 0.06%
56,165
-72,700
-56% -$1.09M
LQDA icon
144
PUT
Liquidia Corp
LQDA
$8.02B
$845K 0.06%
+24,500
New +$697K
KLRS
145
Kalaris Therapeutics
KLRS
$96.8M
$844K 0.06%
+100,000
New +$639K
QNRX
146
Quoin Pharmaceuticals
QNRX
$9.62M
$840K 0.06%
+58,230
New +$793K
DYN icon
147
Dyne Therapeutics
DYN
$4.9B
$835K 0.06%
42,674
+5,011
+13% +$94.9K
AZN icon
148
AstraZeneca
AZN
$250B
$827K 0.06%
+4,500
New +$789K
GILD icon
149
Gilead Sciences
GILD
$165B
$818K 0.06%
+6,666
New +$810K
AVTR icon
150
Avantor
AVTR
$9.19B
$802K 0.06%
70,000
+45,000
+180% +$554K
4 5
6
7 8

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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.