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DCM

DAFNA Capital Management Portfolio holdings

AUM $524M
1-Year Est. Return 164.42%
This Fund
S&P 500
This Quarter Est. Return
+36.72%
1 Year Est. Return
+164.42%
3 Year Est. Return
+313.04%
5 Year Est. Return
+302.83%
10 Year Est. Return
+4,361.99%
AUM
$405M
AUM Growth
+$42.5M
Cap. Flow
-$59.3M
Cap. Flow %
-14.64%
Top 10 Hldgs %
57.09%
Holding
83
New
7
Increased
10
Reduced
24
Closed
8

Top Buys

Rank Stock Value
1
SLNO
Soleno Therapeutics
SLNO
+$3.93M
2
LRMR icon
Larimar Therapeutics
LRMR
+$2.46M
3
SPRY icon
ARS Pharmaceuticals
SPRY
+$2.02M
4
INSP icon
Inspire Medical Systems
INSP
+$1.74M
5
AQST icon
Aquestive Therapeutics
AQST
+$1.6M

Top Sells

Rank Stock Value
1
BPMC
Blueprint Medicines
BPMC
+$21.6M
2
MRUS
Merus
MRUS
+$11.6M
3
ASND icon
Ascendis Pharma A/S
ASND
+$7.37M
4
MLYS icon
Mineralys Therapeutics
MLYS
+$6.23M
5
URGN icon
UroGen Pharma
URGN
+$5.78M

Sector Composition

Rank Sector Weight
1 Healthcare 85.06%
2 Miscellaneous 14.94%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STXS icon
1
Stereotaxis
STXS
$145M
$42.5M 10.51%
13,680,554
– –
XBI icon
2
State Street SPDR S&P Biotech ETF
XBI
$11.3B
$40.2M 9.94%
401,505
-14,000
-3% -$1.26M
RVMD icon
3
Revolution Medicines
RVMD
$44.6B
$30.7M 7.58%
657,176
-20,000
-3% -$783K
CYTK icon
4
Cytokinetics
CYTK
$10B
$21.7M 5.36%
394,940
-3,160
-0.8% -$130K
ATRC icon
5
AtriCure
ATRC
$2.47B
$20.9M 5.16%
592,273
– –
MRUS
6
DELISTED
Merus
MRUS
$20.8M 5.13%
220,451
-178,353
-45% -$11.6M
IBB icon
7
iShares Biotechnology ETF
IBB
$10.5B
$14.8M 3.66%
102,500
– –
IDYA icon
8
IDEAYA Biosciences
IDYA
$3.87B
$14.7M 3.63%
539,923
-79,167
-13% -$1.91M
AXGN icon
9
Axogen
AXGN
$2.77B
$13.2M 3.27%
742,282
+500
+0.1% +$7.25K
XENE icon
10
Xenon Pharmaceuticals
XENE
$5.81B
$11.6M 2.86%
287,939
– –
NBIX icon
11
Neurocrine Biosciences
NBIX
$15.7B
$9.91M 2.45%
70,615
– –
RCUS icon
12
Arcus Biosciences
RCUS
$3.72B
$8.54M 2.11%
627,626
– –
SNDX icon
13
Syndax Pharmaceuticals
SNDX
$1.74B
$7.7M 1.9%
500,702
-42,900
-8% -$562K
DAWN
14
DELISTED
Day One Biopharmaceuticals
DAWN
$7.04M 1.74%
999,163
+120,000
+14% +$826K
ASND icon
15
Ascendis Pharma A/S
ASND
$16.3B
$6.6M 1.63%
33,177
-39,500
-54% -$7.37M
KALV
16
DELISTED
KalVista Pharmaceuticals
KALV
$5.15M 1.27%
422,731
-159,026
-27% -$2.2M
BCAX
17
Bicara Therapeutics
BCAX
$1.55B
$5.01M 1.24%
317,001
– –
INGN icon
18
Inogen
INGN
$146M
$4.95M 1.22%
605,625
– –
CMPS
19
Compass Pathways
CMPS
$1.9B
$4.65M 1.15%
811,046
– –
LKFT
20
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.89B
$4.51M 1.11%
130,175
– –
DXCM icon
21
DexCom
DXCM
$34.3B
$4.41M 1.09%
65,552
– –
TNDM icon
22
Tandem Diabetes Care
TNDM
$1.49B
$4.31M 1.07%
355,208
+61,000
+21% +$826K
KURA icon
23
Kura Oncology
KURA
$1.13B
$4.1M 1.01%
463,368
– –
ALKS icon
24
Alkermes
ALKS
$7.95B
$4.04M 1%
134,748
+31,000
+30% +$874K
STOK icon
25
Stoke Therapeutics
STOK
$2.04B
$3.99M 0.99%
169,791
-332,181
-66% -$5.69M
1
2 3 4

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DAFNA Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, DAFNA Capital Management held 83 positions worth $405M, up 12% from $362M the previous quarter. Its ten largest holdings account for 57% of the portfolio.

DAFNA Capital Management withdrew a net $59.3M in Q3 2025, closing 8 positions and reducing 24 holdings. Its most notable exit was Blueprint Medicines, an estimated $21.6M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 85% of assets, down from 86% a quarter earlier, followed by Miscellaneous.

Against the trend, DAFNA Capital Management opened a new position in Soleno Therapeutics worth $3.58M.

  • DAFNA Capital Management's largest Q3 2025 buy was Soleno Therapeutics: 53,000 shares worth $3.58M.
  • DAFNA Capital Management added most to Larimar Therapeutics in Q3 2025, an estimated $2.46M increase.
  • DAFNA Capital Management's biggest Q3 2025 reduction was Merus, cutting an estimated $11.6M.
  • DAFNA Capital Management fully exited Blueprint Medicines in Q3 2025, selling an estimated $21.6M.
  • DAFNA Capital Management's ten largest holdings make up 57% of its $405M portfolio in Q3 2025.
  • DAFNA Capital Management opened 7 new positions and closed 8 in Q3 2025.
  • DAFNA Capital Management's portfolio value rose 12% quarter-over-quarter to $405M.

Based on DAFNA Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.