DCM

DAFNA Capital Management Portfolio holdings

AUM $524M Turnover 22.92%
1-Year Est. Return 164.42%
This Fund
S&P 500
This Quarter Est. Return
+25.66%
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
$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
Avg Time Held
3.1 years
Top 10 Avg Time Held
2.4 years
Top 20 Avg Time Held
3.1 years

Top Buys

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

Top Sells

Rank Stock Value
1
MRUS icon
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%
2 Miscellaneous 13.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
RVMD icon
1
Revolution Medicines
RVMD
$41.7B
$48.1M 11.18%
604,514
-52,662
-8% -$3.45M
2020 Q4
20 quarters
XBI icon
2
State Street SPDR S&P Biotech ETF
XBI
$9.72B
$41M 9.53%
336,505
-65,000
-16% -$7.45M
2022 Q1
15 quarters
STXS icon
3
Stereotaxis
STXS
$104M
$31.5M 7.31%
13,680,554
– –
2013 Q2
50 quarters
ATRC icon
4
AtriCure
ATRC
$2.9B
$23.6M 5.49%
597,431
+5,158
+0.9% +$189K
2013 Q2
50 quarters
CYTK icon
5
Cytokinetics
CYTK
$8.77B
$23.6M 5.48%
370,997
-23,943
-6% -$1.49M
2021 Q3
17 quarters
IDYA icon
6
IDEAYA Biosciences
IDYA
$3.31B
$17.5M 4.07%
506,740
-33,183
-6% -$1.06M
2020 Q3
21 quarters
AXGN icon
7
Axogen
AXGN
$2.08B
$15.6M 3.63%
476,826
-265,456
-36% -$6.53M
2021 Q4
16 quarters
XENE icon
8
Xenon Pharmaceuticals
XENE
$3.26B
$12.9M 3%
287,939
– –
2015 Q3
41 quarters
IBB icon
9
iShares Biotechnology ETF
IBB
$10.4B
$11.5M 2.67%
68,095
-34,405
-34% -$5.59M
2016 Q4
36 quarters
BHVN icon
10
Biohaven
BHVN
$1.66B
$10.8M 2.51%
955,235
+720,000
+306% +$8.92M
2022 Q3
13 quarters
RCUS icon
11
Arcus Biosciences
RCUS
$2.88B
$10.3M 2.39%
431,329
-196,297
-31% -$4M
2020 Q1
23 quarters
NBIX icon
12
Neurocrine Biosciences
NBIX
$13.8B
$10M 2.33%
70,615
– –
2016 Q1
39 quarters
DAWN icon
13
DELISTED
Day One Biopharmaceuticals
DAWN
$9.31M 2.16%
999,163
– –
2023 Q2
10 quarters
TNDM icon
14
Tandem Diabetes Care
TNDM
$1.12B
$7.81M 1.81%
355,208
– –
2023 Q2
10 quarters
ASND icon
15
Ascendis Pharma A/S
ASND
$14.8B
$6.01M 1.4%
28,177
-5,000
-15% -$1.03M
2021 Q4
16 quarters
DXCM icon
16
DexCom
DXCM
$31.6B
$5.86M 1.36%
88,279
+22,727
+35% +$1.47M
2017 Q3
33 quarters
SNDX icon
17
Syndax Pharmaceuticals
SNDX
$1.21B
$5.84M 1.36%
277,855
-222,847
-45% -$3.89M
2020 Q2
22 quarters
KALV icon
18
DELISTED
KalVista Pharmaceuticals
KALV
$5.76M 1.34%
356,802
-65,929
-16% -$873K
2021 Q1
19 quarters
CMPS icon
19
Compass Pathways
CMPS
$1.58B
$5.6M 1.3%
811,046
– –
2023 Q3
9 quarters
INGN icon
20
Inogen
INGN
$163M
$5.56M 1.29%
827,071
+221,446
+37% +$1.66M
2019 Q1
27 quarters
DNLI icon
21
Denali Therapeutics
DNLI
$2.83B
$5.26M 1.22%
318,500
+150,000
+89% +$2.53M
2025 Q1
3 quarters
MBX icon
22
MBX Biosciences
MBX
$2.31B
$5.21M 1.21%
165,265
+80,265
+94% +$1.95M
2025 Q3
1 quarter
BCAX icon
23
Bicara Therapeutics
BCAX
$1.14B
$4.4M 1.02%
261,583
-55,418
-17% -$946K
2024 Q4
4 quarters
LKFT icon
24
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.92B
$4.26M 0.99%
130,175
– –
2015 Q3
41 quarters
ATXS icon
25
DELISTED
Astria Therapeutics
ATXS
$3.99M 0.93%
304,775
-15,000
-5% -$179K
2023 Q1
11 quarters
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, followed by Miscellaneous.

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.