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Vivo Capital Portfolio holdings

AUM $1.2B
1-Year Est. Return 911.44%
This Fund
S&P 500
This Quarter Est. Return
+145.85%
1 Year Est. Return
+911.44%
3 Year Est. Return
+7,373.93%
5 Year Est. Return
+10,475.15%
10 Year Est. Return
+136,503.27%
AUM
$1.55B
AUM Growth
+$304M
Cap. Flow
-$352M
Cap. Flow %
-22.76%
Top 10 Hldgs %
60.06%
Holding
54
New
7
Increased
4
Reduced
9
Closed
7

Top Buys

Rank Stock Value
1
PRAX icon
Praxis Precision Medicines
PRAX
+$24.2M
2
DBVT
DBV Technologies
DBVT
+$22M
3
NERV icon
Minerva Neurosciences
NERV
+$16.1M
4
ANRO icon
Alto Neuroscience
ANRO
+$13M
5
DSGN icon
Design Therapeutics
DSGN
+$12.6M

Top Sells

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$149M
2
SLNO
Soleno Therapeutics
SLNO
+$75.8M
3
CDTX
Cidara Therapeutics
CDTX
+$57.3M
4
TERN
Terns Pharmaceuticals
TERN
+$35.8M
5
TRML
Tourmaline Bio
TRML
+$28.3M

Sector Composition

Rank Sector Weight
1 Healthcare 99.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ETNB
51
DELISTED
89bio
ETNB
– –
-376,804
Closed -$5.54M
RZLT icon
52
Rezolute
RZLT
$453M
– –
-2,112,432
Closed -$19.9M
TRML
53
DELISTED
Tourmaline Bio
TRML
– –
-591,882
Closed -$28.3M
VRNA
54
DELISTED
Verona Pharma
VRNA
– –
-1,393,432
Closed -$149M
1 2
3

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Vivo Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Vivo Capital held 54 positions worth $1.55B, up 24% from $1.24B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Vivo Capital withdrew a net $352M in Q4 2025, closing 7 positions and reducing 9 holdings. Its most notable exit was Verona Pharma, an estimated $149M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier.

Against the trend, Vivo Capital opened a new position in Minerva Neurosciences worth $17.4M.

  • Vivo Capital's largest Q4 2025 buy was Minerva Neurosciences: 4,322,747 shares worth $17.4M.
  • Vivo Capital added most to Praxis Precision Medicines in Q4 2025, an estimated $24.2M increase.
  • Vivo Capital's biggest Q4 2025 reduction was Soleno Therapeutics, cutting an estimated $75.8M.
  • Vivo Capital fully exited Verona Pharma in Q4 2025, selling an estimated $149M.
  • Vivo Capital's ten largest holdings make up 60% of its $1.55B portfolio in Q4 2025.
  • Vivo Capital opened 7 new positions and closed 7 in Q4 2025.
  • Vivo Capital's portfolio value rose 24% quarter-over-quarter to $1.55B.

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