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DCM

DAFNA Capital Management Portfolio holdings

AUM $440M
1-Year Est. Return 109.12%
This Fund
S&P 500
This Quarter Est. Return
+25.66%
1 Year Est. Return
+109.12%
3 Year Est. Return
+239.59%
5 Year Est. Return
+227.89%
10 Year Est. Return
+3,611.91%
AUM
$431M
AUM Growth
+$25.7M
Cap. Flow
-$49.3M
Cap. Flow %
-11.46%
Top 10 Hldgs %
54.85%
Holding
87
New
12
Increased
16
Reduced
29
Closed
10

Top Buys

Rank Stock Value
1
BHVN icon
Biohaven
BHVN
+$8.92M
2
PRCT icon
Procept Biorobotics
PRCT
+$3.98M
3
HELP
Cybin Inc
HELP
+$2.93M
4
DNLI icon
Denali Therapeutics
DNLI
+$2.53M
5
MPLT
MapLight Therapeutics
MPLT
+$2.41M

Top Sells

Rank Stock Value
1
MRUS
Merus
MRUS
+$20.8M
2
XBI icon
State Street SPDR S&P Biotech ETF
XBI
+$7.45M
3
AXGN icon
Axogen
AXGN
+$6.53M
4
IBB icon
iShares Biotechnology ETF
IBB
+$5.59M
5
RCUS icon
Arcus Biosciences
RCUS
+$4M

Sector Composition

Rank Sector Weight
1 Healthcare 86.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CLDX icon
51
Celldex Therapeutics
CLDX
$3.27B
$1.86M 0.43%
68,518
+44,000
+179% +$1.16M
TELA icon
52
TELA Bio
TELA
$38.9M
$1.7M 0.4%
1,441,029
– –
ENGN icon
53
enGene Therapeutics
ENGN
$121M
$1.48M 0.34%
+163,645
New +$1.31M
VRCA icon
54
Verrica Pharmaceuticals
VRCA
$87.3M
$1.44M 0.33%
+173,451
New +$961K
ALEC icon
55
Alector
ALEC
$198M
$1.42M 0.33%
908,351
+110,000
+14% +$195K
MLYS icon
56
Mineralys Therapeutics
MLYS
$2.41B
$1.4M 0.32%
38,490
-45,000
-54% -$1.8M
ANNX icon
57
Annexon
ANNX
$886M
$1.37M 0.32%
+272,812
New +$1.04M
ORIC icon
58
Oric Pharmaceuticals
ORIC
$1.4B
$1.15M 0.27%
141,045
+36,374
+35% +$419K
ARAY icon
59
Accuray
ARAY
$34M
$1.15M 0.27%
1,395,508
+173,150
+14% +$216K
ERAS icon
60
Erasca
ERAS
$6.39B
$947K 0.22%
254,436
-95,564
-27% -$269K
PYPD icon
61
PolyPid
PYPD
$92.8M
$902K 0.21%
207,900
– –
INSP icon
62
Inspire Medical Systems
INSP
$1.74B
$793K 0.18%
8,600
-8,600
-50% -$823K
ACET icon
63
Adicet Bio
ACET
$74.7M
$790K 0.18%
+93,812
New +$1.04M
FHTX icon
64
Foghorn Therapeutics
FHTX
$360M
$685K 0.16%
126,859
– –
BNTX icon
65
BioNTech
BNTX
$23.5B
$666K 0.15%
7,000
– –
NGNE icon
66
Neurogene
NGNE
$712M
$576K 0.13%
27,974
-2,401
-8% -$59.8K
FATE icon
67
Fate Therapeutics
FATE
$326M
$540K 0.13%
+550,000
New +$660K
OBIO icon
68
Orchestra BioMed
OBIO
$254M
$526K 0.12%
126,841
-236,795
-65% -$955K
BCYC
69
Bicycle Therapeutics
BCYC
$292M
$457K 0.11%
64,492
– –
CGEN icon
70
Compugen
CGEN
$228M
$417K 0.1%
272,402
– –
KPTI icon
71
Karyopharm Therapeutics
KPTI
$48M
$375K 0.09%
+51,000
New +$312K
RARE icon
72
Ultragenyx Pharmaceutical
RARE
$2.55B
$368K 0.09%
+16,000
New +$526K
AUTL
73
Autolus Therapeutics
AUTL
$562M
$357K 0.08%
179,316
– –
ADCT icon
74
ADC Therapeutics
ADCT
$144M
$272K 0.06%
77,081
-45,000
-37% -$183K
BWAY
75
Brainsway
BWAY
$622M
$247K 0.06%
25,930
-88,002
-77% -$727K
1 2
3
4

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DAFNA Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, DAFNA Capital Management held 87 positions worth $431M, up 6.4% from $405M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

DAFNA Capital Management withdrew a net $49.3M in Q4 2025, closing 10 positions and reducing 29 holdings. Its most notable exit was Merus, an estimated $20.8M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 87% of assets, up from 85% a quarter earlier.

Against the trend, DAFNA Capital Management opened a new position in Procept Biorobotics worth $3.78M.

  • DAFNA Capital Management's largest Q4 2025 buy was Procept Biorobotics: 120,000 shares worth $3.78M.
  • DAFNA Capital Management added most to Biohaven in Q4 2025, an estimated $8.92M increase.
  • DAFNA Capital Management's biggest Q4 2025 reduction was State Street SPDR S&P Biotech ETF, cutting an estimated $7.45M.
  • DAFNA Capital Management fully exited Merus in Q4 2025, selling an estimated $20.8M.
  • DAFNA Capital Management's ten largest holdings make up 55% of its $431M portfolio in Q4 2025.
  • DAFNA Capital Management opened 12 new positions and closed 10 in Q4 2025.
  • DAFNA Capital Management's portfolio value rose 6.4% quarter-over-quarter to $431M.

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