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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

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

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

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
ABVX
1
Abivax
ABVX
$11.8B
$178M 13.05%
1,317,329
-33,497
-2% -$3.65M
PTGX icon
2
Protagonist Therapeutics
PTGX
$8.92B
$91.6M 6.73%
1,049,168
+59,986
+6% +$4.91M
ROIV icon
3
Roivant Sciences
ROIV
$24.9B
$74.4M 5.46%
3,428,962
+81,461
+2% +$1.61M
IMVT icon
4
Immunovant
IMVT
$8.27B
$63.1M 4.63%
2,480,968
+239,215
+11% +$5.33M
RNAM
5
DELISTED
Avidity Biosciences
RNAM
$39.4M 2.9%
546,534
+492,878
+919% +$31.8M
BOXX icon
6
Alpha Architect 1-3 Month Box ETF
BOXX
$12.7B
$38.8M 2.85%
337,125
– –
SPY icon
7
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$37.3M 2.74%
54,684
– –
CYTK icon
8
Cytokinetics
CYTK
$11B
$34.3M 2.52%
540,166
+21,245
+4% +$1.32M
SEPN
9
Septerna Inc
SEPN
$1.51B
$32.3M 2.37%
1,157,611
-18,880
-2% -$451K
ABUS icon
10
Arbutus Biopharma
ABUS
$921M
$26M 1.91%
5,415,109
+2,511,883
+87% +$11.3M
ZLAB icon
11
Zai Lab
ZLAB
$2.27B
$22M 1.61%
1,246,520
+377,740
+43% +$8.84M
TERN
12
DELISTED
Terns Pharmaceuticals
TERN
$21.9M 1.61%
541,615
+531,615
+5,316% +$12.3M
CTMX icon
13
CytomX Therapeutics
CTMX
$782M
$17.8M 1.31%
4,182,769
+137,355
+3% +$522K
CLDX icon
14
Celldex Therapeutics
CLDX
$2.74B
$17.6M 1.29%
646,767
+537,325
+491% +$14.2M
RAPT
15
DELISTED
RAPT Therapeutics
RAPT
$17.3M 1.27%
509,679
+1,908
+0.4% +$59.3K
IKT icon
16
Inhibikase Therapeutics
IKT
$330M
$16.5M 1.21%
8,063,949
+2,816,346
+54% +$4.48M
BBIO icon
17
BridgeBio Pharma
BBIO
$16B
$16.3M 1.2%
213,414
-60,000
-22% -$3.94M
MNPR icon
18
Monopar Therapeutics
MNPR
$715M
$15.3M 1.12%
233,908
+103,909
+80% +$8.49M
PCVX icon
19
Vaxcyte
PCVX
$8.14B
$14.6M 1.07%
315,642
+102,578
+48% +$4.59M
CRNX icon
20
Crinetics Pharmaceuticals
CRNX
$8.88B
$14.4M 1.06%
309,368
+61,000
+25% +$2.72M
FULC icon
21
Fulcrum Therapeutics
FULC
$246M
$14.2M 1.04%
1,253,749
+912,137
+267% +$9.28M
PRTA icon
22
Prothena Corp
PRTA
$459M
$13.9M 1.02%
1,457,764
-11,334
-0.8% -$115K
LXEO icon
23
Lexeo Therapeutics
LXEO
$367M
$13.8M 1.02%
1,393,161
-138,792
-9% -$1.27M
TSHA icon
24
Taysha Gene Therapies
TSHA
$1.71B
$13.7M 1.01%
2,495,809
-339,871
-12% -$1.65M
CDTX
25
DELISTED
Cidara Therapeutics
CDTX
$13.2M 0.97%
59,677
+38,155
+177% +$6.17M
1
2 3 4 5

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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.