Squadron Capital Management
OAK BROOK, ILfiles as Squadron Capital Management LLC
$292m in 34 US stocks at the end of 30 June 2026. The top 10 are 73.0% of the money. It changed about 38.0% of the portfolio this quarter.
Value
$292m
Stocks
34
Top 10 share
73.0%
Turnover
38.0%
What changed this quarter
New
Bought for the first time this quarter.
- Enliven TherapeuticsELVN2.8% of the fund
- AdageneADAG1.8% of the fund
- Forte Biosciences1.6% of the fund
- InflaRxIFRX1.5% of the fund
- Assembly BiosciencesASMB1.5% of the fund
- Contineum TherapeuticsCTNM1.5% of the fund
- COMPASS PathwaysCMPS1.5% of the fund
- Definium TherapeuticsDFTX1.4% of the fund
- BioAge LabsBIOA1.3% of the fund
- ScynexisSCYX1.1% of the fund
- ProQR TherapeuticsPRQR1.0% of the fund
- RezoluteRZLT0.7% of the fund
- Cue BiopharmaCUE0.5% of the fund
- Calcimedica0.4% of the fund
- Quince TherapeuticsQNCX0.3% of the fund
- InMed PharmaceuticalsINM0.2% of the fund
- Neumora TherapeuticsNMRA<0.1% of the fund
Added
Bought more of a stock they already held.
- C4 TherapeuticsCCCC11.5% of the fund+220%
- Cogent BiosciencesCOGT11.5% of the fund+10%
- Kodiak SciencesKOD6.7% of the fund+32%
- Relay TherapeuticsRLAY6.2% of the fund+44%
- Maze TherapeuticsMAZE3.4% of the fund+30%
- InventivaIVA3.2% of the fund+355%
- Sol-Gel TechnologiesSLGL1.3% of the fund+68%
- LipocineLPCN0.7% of the fund+80%
Cut
Sold some of their stake.
- Relmada TherapeuticsRLMD17.4% of the fund-13%
- Edgewise TherapeuticsEWTX4.0% of the fund-17%
- Adlai NortyeANL3.0% of the fund-40%
- Inhibikase TherapeuticsIKT2.1% of the fund-14%
- Pasithea TherapeuticsKTTA0.2% of the fund-52%
- NextCureNXTC<0.1% of the fund-76%
Sold out
Sold their entire stake.
- Kalvista Pharmaceuticals-100%
- Abivax SAABVX-100%
- Nektar TherapeuticsNKTR-100%
- Scynexis-100%
- Eupraxia PharmaceuticalsEPRX-100%
- GH ResearchGHRS-100%
- ALX Oncology HoldingsALXO-100%
- Context TherapeuticsCNTX-100%
- Traws PharmaTRAW-100%
- TherapeuticsMDTXMD-100%
- Spruce BiosciencesSPRB-100%
- Werewolf TherapeuticsHOWL-100%
- Neuphoria TherapeuticsNEUP-100%
Holdings
- Adlai NortyeANL
- Share
- 3.0%
- Value
- $9m
- Shares
- 764,876
-40%
- Forte Biosciences
- Share
- 1.6%
- Value
- $5m
- Shares
- 225,000
New
- Calcimedica
- Share
- 0.4%
- Value
- $1m
- Shares
- 1,244,864
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Relmada TherapeuticsRLMD | 17.4% | $51m | 7,350,000 | -13% |
| C4 TherapeuticsCCCC | 11.5% | $34m | 7,200,000 | +220% |
| Cogent BiosciencesCOGT | 11.5% | $33m | 865,000 | +10% |
| Kodiak SciencesKOD | 6.7% | $19m | 500,000 | +32% |
| Relay TherapeuticsRLAY | 6.2% | $18m | 970,000 | +44% |
| Zentalis PharmaceuticalsZNTL | 6.1% | $18m | 3,700,000 | Held |
| Edgewise TherapeuticsEWTX | 4.0% | $12m | 290,000 | -17% |
| Maze TherapeuticsMAZE | 3.4% | $10m | 335,000 | +30% |
| InventivaIVA | 3.2% | $9m | 2,435,000 | +355% |
| Adlai NortyeANL | 3.0% | $9m | 764,876 | -40% |
| Enliven TherapeuticsELVN | 2.8% | $8m | 160,000 | New |
| Palisade BIOPALI | 2.1% | $6m | 3,000,000 | Held |
| Inhibikase TherapeuticsIKT | 2.1% | $6m | 3,000,000 | -14% |
| AdageneADAG | 1.8% | $5m | 1,250,000 | New |
| Forte Biosciences | 1.6% | $5m | 225,000 | New |
| InflaRxIFRX | 1.5% | $4m | 2,000,000 | New |
| Assembly BiosciencesASMB | 1.5% | $4m | 160,000 | New |
| ProMIS NeurosciencesPMN | 1.5% | $4m | 324,977 | Held |
| Contineum TherapeuticsCTNM | 1.5% | $4m | 260,000 | New |
| COMPASS PathwaysCMPS | 1.5% | $4m | 300,000 | New |
| Definium TherapeuticsDFTX | 1.4% | $4m | 85,000 | New |
| Sol-Gel TechnologiesSLGL | 1.3% | $4m | 52,000 | +68% |
| BioAge LabsBIOA | 1.3% | $4m | 155,000 | New |
| ScynexisSCYX | 1.1% | $3m | 756,884 | New |
| ProQR TherapeuticsPRQR | 1.0% | $3m | 1,511,496 | New |
| RezoluteRZLT | 0.7% | $2m | 403,410 | New |
| LipocineLPCN | 0.7% | $2m | 810,000 | +80% |
| Cue BiopharmaCUE | 0.5% | $2m | 50,000 | New |
| Calcimedica | 0.4% | $1m | 1,244,864 | New |
| Quince TherapeuticsQNCX | 0.3% | $734,421 | 40,375 | New |
| Pasithea TherapeuticsKTTA | 0.2% | $515,400 | 1,000,000 | -52% |
| InMed PharmaceuticalsINM | 0.2% | $503,750 | 325,000 | New |
| Neumora TherapeuticsNMRA | <0.1% | $170,000 | 100,000 | New |
| NextCureNXTC | <0.1% | $103,142 | 64,464 | -76% |
Options (9)
- ArriVent BioPharmaAVBP
- Type
- Call
- Value
- $6m
- Contracts
- 183,000
- BioAge LabsBIOA
- Type
- Call
- Value
- $6m
- Contracts
- 250,000
- RezoluteRZLT
- Type
- Call
- Value
- $5m
- Contracts
- 900,000
- COMPASS PathwaysCMPS
- Type
- Call
- Value
- $4m
- Contracts
- 305,000
- Disc MedicineIRON
- Type
- Call
- Value
- $2m
- Contracts
- 30,000
- Zentalis PharmaceuticalsZNTL
- Type
- Call
- Value
- $2m
- Contracts
- 426,000
- C4 TherapeuticsCCCC
- Type
- Call
- Value
- $2m
- Contracts
- 400,000
- Ultragenyx PharmaceuticalRARE
- Type
- Call
- Value
- $2m
- Contracts
- 55,000
- Nuvectis PharmaNVCT
- Type
- Call
- Value
- $711,693
- Contracts
- 38,700
| Company | Type | Value | Contracts |
|---|---|---|---|
| ArriVent BioPharmaAVBP | Call | $6m | 183,000 |
| BioAge LabsBIOA | Call | $6m | 250,000 |
| RezoluteRZLT | Call | $5m | 900,000 |
| COMPASS PathwaysCMPS | Call | $4m | 305,000 |
| Disc MedicineIRON | Call | $2m | 30,000 |
| Zentalis PharmaceuticalsZNTL | Call | $2m | 426,000 |
| C4 TherapeuticsCCCC | Call | $2m | 400,000 |
| Ultragenyx PharmaceuticalRARE | Call | $2m | 55,000 |
| Nuvectis PharmaNVCT | Call | $711,693 | 38,700 |
Over time and by industry
Value over time
Dec '25
Jun '26
Value is up 30.3% since 31 December 2025.
Where the money is
Health care94.9%
Other5.1%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.