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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
KPTI icon
201
Karyopharm Therapeutics
KPTI
$44.4M
$368K 0.03%
50,000
+25,000
+100% +$153K
KIDS icon
202
OrthoPediatrics
KIDS
$600M
$352K 0.03%
+19,845
New +$348K
BCRX icon
203
BioCryst Pharmaceuticals
BCRX
$2.37B
$351K 0.03%
+45,000
New +$325K
AUPH icon
204
Aurinia Pharmaceuticals
AUPH
$2.04B
$351K 0.03%
+22,000
New +$312K
DAY
205
DELISTED
Dayforce
DAY
$346K 0.03%
5,000
-5,000
-50% -$344K
TXMD icon
206
TherapeuticsMD
TXMD
$24.3M
$341K 0.03%
209,210
– –
KPRX icon
207
Kiora Pharmaceuticals
KPRX
$11.4M
$331K 0.02%
167,941
– –
JBIO
208
Jade Biosciences
JBIO
$1.35B
$324K 0.02%
+21,000
New +$246K
SGRY icon
209
Surgery Partners
SGRY
$2.01B
$309K 0.02%
20,000
– –
JD icon
210
JD.com
JD
$44.1B
$287K 0.02%
10,000
– –
PCAPU
211
ProCap Acquisition Corp Unit
PCAPU
$212M
$276K 0.02%
26,940
– –
DRUG
212
Bright Minds Biosciences
DRUG
$809M
$273K 0.02%
+3,500
New +$234K
IDXX icon
213
Idexx Laboratories
IDXX
$47.1B
$271K 0.02%
+400
New +$272K
QNCX icon
214
PUT
Quince Therapeutics
QNCX
$29.4M
$268K 0.02%
+400
New +$201K
SPRO icon
215
Spero Therapeutics
SPRO
$72.4M
$265K 0.02%
113,839
-1,700
-1% -$3.95K
CATX icon
216
Perspective Therapeutics
CATX
$338M
$262K 0.02%
+95,193
New +$272K
IMMX icon
217
Immix Biopharma
IMMX
$666M
$262K 0.02%
+50,000
New +$206K
JSPR icon
218
Jasper Therapeutics
JSPR
$23.3M
$256K 0.02%
+140,000
New +$281K
SNDX icon
219
Syndax Pharmaceuticals
SNDX
$1.78B
$252K 0.02%
+12,000
New +$209K
OGN icon
220
Organon & Co
OGN
$3.56B
$251K 0.02%
35,000
+25,000
+250% +$198K
REPL icon
221
CALL
Replimune Group
REPL
$972M
$243K 0.02%
25,000
-25,000
-50% -$213K
ANNX icon
222
Annexon
ANNX
$908M
$241K 0.02%
+48,000
New +$183K
PEPG icon
223
PepGen
PEPG
$170M
$240K 0.02%
36,842
– –
EOLS icon
224
Evolus
EOLS
$489M
$238K 0.02%
+35,859
New +$243K
ACHV icon
225
Achieve Life Sciences
ACHV
$682M
$238K 0.02%
47,800
– –
7 8
9
10 11

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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.