Velan Capital Investment Management LP
ALPHARETTA, GA
$163m in 50 US stocks at the end of 30 June 2026. The top 10 are 75.2% of the money. It changed about 21.7% of the portfolio this quarter.
Value
$163m
Stocks
50
Top 10 share
75.2%
Turnover
21.7%
What changed this quarter
New
Bought for the first time this quarter.
- C4 TherapeuticsCCCC1.6% of the fund
- Adma BiologicsADMA1.3% of the fund
- Rein TherapeuticsRNTX1.1% of the fund
- Tectonic TherapeuticTECX0.1% of the fund
- AN2 TherapeuticsANTX0.1% of the fund
- ScynexisSCYX<0.1% of the fund
Added
Bought more of a stock they already held.
- Immix BiopharmaIMMX6.9% of the fund+47%
- Avalo TherapeuticsAVTX3.7% of the fund+75%
- Lyell ImmunopharmaLYEL0.9% of the fund+3%
- Neumora TherapeuticsNMRA0.2% of the fund+188%
- MacrogenicsMGNX0.2% of the fund+100%
- Karyopharm TherapeuticsKPTI0.1% of the fund+33%
- Kalaris TherapeuticsKLRS<0.1% of the fund+39%
Cut
Sold some of their stake.
- Praxis Precision MedicinesPRAX18.2% of the fund-12%
- Abivax SAABVX5.4% of the fund-15%
- Tenax TherapeuticsTENX4.9% of the fund-6%
- Profound MedicalPROF0.7% of the fund-40%
- CytomX TherapeuticsCTMX0.3% of the fund-78%
- Ovid TherapeuticsOVID0.2% of the fund-19%
- Rocket PharmaceuticalsRCKT0.1% of the fund-80%
- Viridian TherapeuticsVRDN0.1% of the fund-89%
- Quoin PharmaceuticalsQNRX<0.1% of the fund-62%
- InspireMDNSPR<0.1% of the fund-93%
- Context TherapeuticsCNTX<0.1% of the fund-40%
Sold out
Sold their entire stake.
- Esperion Therapeutics INC NE-100%
- Kazia TherapeuticsKZIA-100%
- Arrowhead PharmaceuticalsARWR-100%
- Design TherapeuticsDSGN-100%
- PMV PharmaceuticalsPMVP-100%
Holdings
- Abivax SAABVX
- Share
- 5.4%
- Value
- $9m
- Shares
- 65,630
-15%
- Eupraxia PharmaceuticalsEPRX
- Share
- 1.4%
- Value
- $2m
- Shares
- 352,000
Held
- Quoin PharmaceuticalsQNRX
- Share
- <0.1%
- Value
- $156,680
- Shares
- 32,372
-62%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Praxis Precision MedicinesPRAX | 18.2% | $30m | 88,781 | -12% |
| MapLight TherapeuticsMPLT | 10.8% | $18m | 492,893 | Held |
| Sutro BiopharmaSTRO | 10.4% | $17m | 512,160 | Held |
| Immix BiopharmaIMMX | 6.9% | $11m | 1,085,000 | +47% |
| Protara TherapeuticsTARA | 6.7% | $11m | 2,844,652 | Held |
| Abivax SAABVX | 5.4% | $9m | 65,630 | -15% |
| Tenax TherapeuticsTENX | 4.9% | $8m | 549,985 | -6% |
| Anteris Technologies GlobalAVR | 4.2% | $7m | 700,000 | Held |
| Edesa BiotechEDSA | 4.1% | $7m | 827,500 | Held |
| EvommuneEVMN | 3.7% | $6m | 451,255 | Held |
| Avalo TherapeuticsAVTX | 3.7% | $6m | 324,452 | +75% |
| XencorXNCR | 2.5% | $4m | 255,000 | Held |
| RezoluteRZLT | 2.4% | $4m | 750,000 | Held |
| Heron TherapeuticsHRTX | 2.3% | $4m | 8,753,290 | Held |
| Verrica PharmaceuticalsVRCA | 1.8% | $3m | 471,559 | Held |
| C4 TherapeuticsCCCC | 1.6% | $3m | 570,000 | New |
| Eupraxia PharmaceuticalsEPRX | 1.4% | $2m | 352,000 | Held |
| Adma BiologicsADMA | 1.3% | $2m | 250,000 | New |
| Rein TherapeuticsRNTX | 1.1% | $2m | 1,700,000 | New |
| Lyell ImmunopharmaLYEL | 0.9% | $1m | 105,000 | +3% |
| Nasus PharmaNSRX | 0.8% | $1m | 359,390 | Held |
| Profound MedicalPROF | 0.7% | $1m | 170,278 | -40% |
| Jasper TherapeuticsJSPR | 0.7% | $1m | 2,668,395 | Held |
| Protagonist TherapeuticsPTGX | 0.3% | $453,546 | 3,700 | Held |
| CytomX TherapeuticsCTMX | 0.3% | $450,000 | 120,000 | -78% |
| Neumora TherapeuticsNMRA | 0.2% | $391,000 | 230,000 | +188% |
| Nurix TherapeuticsNRIX | 0.2% | $388,160 | 16,000 | Held |
| Ovid TherapeuticsOVID | 0.2% | $349,700 | 130,000 | -19% |
| Precision BiosciencesDTIL | 0.2% | $314,400 | 40,000 | Held |
| Mineralys TherapeuticsMLYS | 0.2% | $296,780 | 11,000 | Held |
| MacrogenicsMGNX | 0.2% | $277,200 | 60,000 | +100% |
| Corbus Pharmaceuticals HoldingsCRBP | 0.1% | $243,880 | 26,000 | Held |
| Artiva BiotherapeuticsARTV | 0.1% | $242,500 | 25,000 | Held |
| Replimune GroupREPL | 0.1% | $221,400 | 20,000 | Held |
| Syndax PharmaceuticalsSNDX | 0.1% | $218,600 | 10,000 | Held |
| ImmunomeIMNM | 0.1% | $211,900 | 10,000 | Held |
| Tectonic TherapeuticTECX | 0.1% | $206,250 | 6,000 | New |
| Rocket PharmaceuticalsRCKT | 0.1% | $205,200 | 60,000 | -80% |
| Karyopharm TherapeuticsKPTI | 0.1% | $195,400 | 20,000 | +33% |
| AN2 TherapeuticsANTX | 0.1% | $193,600 | 40,000 | New |
| Viridian TherapeuticsVRDN | 0.1% | $183,700 | 10,000 | -89% |
| ScynexisSCYX | <0.1% | $162,800 | 40,000 | New |
| Quoin PharmaceuticalsQNRX | <0.1% | $156,680 | 32,372 | -62% |
| Xilio TherapeuticsXLO | <0.1% | $136,850 | 14,285 | Held |
| InspireMDNSPR | <0.1% | $103,711 | 148,138 | -93% |
| Kalaris TherapeuticsKLRS | <0.1% | $101,750 | 25,000 | +39% |
| Larimar TherapeuticsLRMR | <0.1% | $100,650 | 33,000 | Held |
| ProQR TherapeuticsPRQR | <0.1% | $83,700 | 45,000 | Held |
| Context TherapeuticsCNTX | <0.1% | $33,068 | 59,700 | -40% |
| Gossamer BioGOSS | <0.1% | $11,522 | 70,000 | Held |
Options (1)
- Tenax TherapeuticsTENX
- Type
- Call
- Value
- $999,585
- Contracts
- 68,700
| Company | Type | Value | Contracts |
|---|---|---|---|
| Tenax TherapeuticsTENX | Call | $999,585 | 68,700 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 63.3% since 30 June 2025.
Where the money is
Health care94.5%
Other5.5%
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.