1y return+82.2%S&P 500 +20.9%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2025: $193 against $133 in the S&P 500.2
Velan Capital Investment Management LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| PRAXPraxis Precision Medicines I | $29.7M | 18.2% | −11.9% |
| MPLTMaplight Therapeutics Inc | $17.7M | 10.8% | |
| STROSutro Biopharma Inc | $17.0M | 10.4% | |
| IMMXImmix Biopharma Inc | $11.2M | 6.9% | +46.6% |
| TARAProtara Therapeutics Inc | $10.9M | 6.7% | |
| ABVXAbivax Sa | $8.7M | 5.4% | −14.8% |
| TENXTenax Therapeutics Inc | $8.0M | 4.9% | −5.7% |
| AVRAnteris Technologies Global | $6.9M | 4.2% | |
| EDSAEdesa Biotech Inc | $6.7M | 4.1% | |
| EVMNEvommune Inc | $6.0M | 3.7% | +1.1% |
| AVTXAvalo Therapeutics Inc | $6.0M | 3.7% | +75.3% |
| XNCRXencor Inc | $4.1M | 2.5% | +2.0% |
| RZLTRezolute Inc | $3.9M | 2.4% | |
| HRTXHeron Therapeutics Inc | $3.7M | 2.3% | |
| VRCAVerrica Pharmaceuticals Inc | $2.9M | 1.8% | |
| CCCCC4 Therapeutics Inc | $2.7M | 1.6% | New |
| EPRXEupraxia Pharmaceuticals Inc | $2.3M | 1.4% | |
| ADMAAdma Biologics Inc | $2.1M | 1.3% | New |
| RNTXRein Therapeutics Inc | $1.8M | 1.1% | New |
| LYELLyell Immunopharma Inc | $1.5M | 0.9% | +2.9% |
| Nasus Pharma LtdCUSIP M7071P109 | $1.3M | 0.8% | |
| PROFProfound Med Corp | $1.1M | 0.7% | −40.4% |
| JSPRJasper Therapeutics Inc | $1.1M | 0.7% | |
| PTGXProtagonist Therapeutics Inc | $454K | 0.3% | |
| CTMXCytomx Therapeutics Inc. | $450K | 0.3% | −77.8% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| IMMXImmix Biopharma Inc | June 30, 2025 | +398.1% | $11.2M |
| TENXTenax Therapeutics Inc | September 30, 2024 | +320.5% | $8.0M |
| STROSutro Biopharma Inc | December 31, 2025 | +186.9% | $17.0M |
| AVTXAvalo Therapeutics Inc | December 31, 2024 | +148.7% | $6.0M |
| PTGXProtagonist Therapeutics Inc | June 30, 2025 | +121.8% | $454K |
| NRIXNurix Therapeutics Inc | June 30, 2025 | +113.0% | $388K |
| MPLTMaplight Therapeutics Inc | December 31, 2025 | +104.0% | $17.7M |
| TARAProtara Therapeutics Inc | June 30, 2024 | +83.7% | $10.9M |
| IMNMImmunome Inc | September 30, 2025 | +81.0% | $212K |
| AVRAnteris Technologies Global | March 31, 2026 | +77.5% | $6.9M |
Sold off last quarter
- Esperion Therapeutics Inc NeCUSIP 29664W105 was $4.7M
- KZIAKazia Therapeutics Ltd was $1.0M
- ARWRArrowhead Pharmaceuticals In was $408K
- DSGNDesign Therapeutics Inc was $213K
- PMVPPmv Pharmaceuticals Inc was $91K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +6.6% | +14.8% |
| March 31, 2026 | −0.7% | −4.6% |
| December 31, 2025 | +31.4% | +2.4% |
| September 30, 2025 | +31.0% | +7.8% |
| June 30, 2025 | +6.1% | +10.5% |
| December 31, 2024 | +7.1% | +2.1% |
| June 30, 2024 | +4.1% | +4.0% |
| March 31, 2024 | +14.8% | +10.0% |
| December 31, 2023 | +26.9% | +11.2% |
| September 30, 2023 | −13.2% | −3.6% |
| June 30, 2023 | +0.1% | +8.3% |
| March 31, 2023 | −1.2% | +7.0% |
| December 31, 2022 | +6.4% | +7.1% |
| September 30, 2022 | +2.9% | −5.3% |
| June 30, 2022 | −7.9% | −16.5% |
| March 31, 2022 | −11.9% | −4.9% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Velan Capital Investment Management LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1848809&type=13F-HR&dateb=&owner=include&count=40CIK 1848809
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1848809/000184880926000003/Filed August 14, 2026 · accession 0001848809-26-000003