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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
CATX icon
76
Perspective Therapeutics
CATX
$342M
$138K 0.03%
+50,000
New +$143K
APRE icon
77
Aprea Therapeutics
APRE
$7.83M
– –
-137,174
Closed -$202K
BDTX icon
78
Black Diamond Therapeutics
BDTX
$112M
– –
-307,070
Closed -$1.16M
CMPX icon
79
Compass Therapeutics
CMPX
$387M
– –
-946,661
Closed -$3.31M
KROS icon
80
Keros Therapeutics
KROS
$221M
– –
-80,716
Closed -$1.28M
KRRO icon
81
Korro Bio
KRRO
$195M
– –
-60,804
Closed -$2.91M
MRUS
82
DELISTED
Merus
MRUS
– –
-220,451
Closed -$20.8M
PHGE icon
83
BiomX
PHGE
$1.85M
– –
-21,112
Closed -$211K
SLNO
84
DELISTED
Soleno Therapeutics
SLNO
– –
-53,000
Closed -$3.58M
STRO icon
85
Sutro Biopharma
STRO
$421M
– –
-43,708
Closed -$380K
URGN icon
86
UroGen Pharma
URGN
$2.29B
– –
-27,515
Closed -$549K
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.