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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
TERN
1
DELISTED
Terns Pharmaceuticals
TERN
$216M 13.96%
5,346,928
-1,548,818
-22% -$35.8M
CDTX
2
DELISTED
Cidara Therapeutics
CDTX
$211M 13.66%
956,670
-354,755
-27% -$57.3M
PRAX icon
3
Praxis Precision Medicines
PRAX
$8.94B
$96.9M 6.27%
328,895
+130,000
+65% +$24.2M
COGT icon
4
Cogent Biosciences
COGT
$6.91B
$85.2M 5.51%
2,398,993
-390,144
-14% -$11M
TRVI icon
5
Trevi Therapeutics
TRVI
$2.56B
$63.8M 4.12%
5,094,668
– –
AVDL
6
DELISTED
Avadel Pharmaceuticals
AVDL
$57.8M 3.74%
2,684,109
– –
CMPX icon
7
Compass Therapeutics
CMPX
$378M
$51.3M 3.31%
9,545,466
– –
DYN icon
8
Dyne Therapeutics
DYN
$4.19B
$51.1M 3.31%
2,614,960
– –
ABVX
9
Abivax
ABVX
$11.1B
$48.5M 3.13%
359,305
– –
DBVT
10
DBV Technologies
DBVT
$817M
$47.2M 3.05%
2,461,626
+1,407,120
+133% +$22M
SABS icon
11
SAB Biotherapeutics
SABS
$268M
$42.7M 2.76%
11,420,000
– –
SLNO
12
DELISTED
Soleno Therapeutics
SLNO
$41.4M 2.68%
894,909
-1,383,294
-61% -$75.8M
DRUG
13
Bright Minds Biosciences
DRUG
$711M
$39.1M 2.53%
501,617
– –
SVA
14
DELISTED
Sinovac Biotech, Ltd
SVA
$38.2M 2.47%
5,903,000
– –
GERN icon
15
Geron
GERN
$956M
$35.9M 2.32%
27,225,292
– –
ERAS icon
16
Erasca
ERAS
$6.58B
$34.5M 2.23%
9,273,428
– –
ZBIO
17
Zenas BioPharma
ZBIO
$2.04B
$31M 2%
853,495
-329,765
-28% -$10.8M
VRDN icon
18
Viridian Therapeutics
VRDN
$2.16B
$30.6M 1.98%
982,576
– –
ACRS icon
19
Aclaris Therapeutics
ACRS
$758M
$26.8M 1.73%
8,888,888
– –
CAMP icon
20
CAMP4 Therapeutics
CAMP
$173M
$26M 1.68%
4,246,568
+325,000
+8% +$1.38M
TNGX icon
21
Tango Therapeutics
TNGX
$4.36B
$19.1M 1.23%
2,154,780
+1,378,081
+177% +$11.9M
ANRO icon
22
Alto Neuroscience
ANRO
$1.06B
$18.4M 1.19%
+1,035,551
New +$13M
LBRX
23
LB Pharmaceuticals
LBRX
$1.01B
$17.8M 1.15%
800,000
– –
NERV icon
24
Minerva Neurosciences
NERV
$194M
$17.4M 1.12%
+4,322,747
New +$16.1M
ORIC icon
25
Oric Pharmaceuticals
ORIC
$1.24B
$17.3M 1.12%
2,118,384
-1,008,220
-32% -$11.6M
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.