Q2 2026 13F · SEC CIK 1848809

Velan Capital Investment Management LP

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $163.2M
Reported positions: 50
Top holdings a year, 3 yrs: +23.3%
Average holding period: 1.6 yrs

Velan Capital Investment Management LP is a hedge fund that reported 50 positions worth $163.2M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Praxis Precision Medicines I (PRAX, 18.2%), Maplight Therapeutics Inc (MPLT, 10.8%), Sutro Biopharma Inc (STRO, 10.4%). A portfolio copying its top holdings returned 23.3% a year over the last 3 years, against 20.4% for the S&P 500.

Velan Capital Investment Management LP holdings all 50 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Velan Capital Investment Management LP 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
PRAXPraxis Precision Medicines I	18.2%	20.3%	88,781	-11.9%	$29.7M
MPLTMaplight Therapeutics Inc	10.8%	6.3%	492,893	+0.0%	$17.7M
STROSutro Biopharma Inc	10.4%	8.0%	512,160	+0.0%	$17.0M
IMMXImmix Biopharma Inc	6.9%	4.2%	1,085,000	+46.6%	$11.2M
TARAProtara Therapeutics Inc	6.7%	9.3%	2,844,652	+0.4%	$10.9M
ABVXAbivax SA	5.4%	5.4%	65,630	-14.8%	$8.7M
TENXTenax Therapeutics Inc	4.9%	5.8%	549,985	-5.7%	$8.0M
AVRAnteris Technologies Global	4.2%	2.4%	700,000	+0.0%	$6.9M
EDSAEdesa Biotech Inc	4.1%	2.7%	827,500	+0.0%	$6.7M
EVMNEvommune Inc	3.7%	6.4%	451,255	+1.1%	$6.0M
AVTXAvalo Therapeutics Inc	3.7%	1.7%	324,452	+75.3%	$6.0M
XNCRXencor Inc	2.5%	1.9%	255,000	+2.0%	$4.1M
RZLTRezolute, Inc.	2.4%	1.4%	750,000	+0.0%	$3.9M
HRTXHeron Therapeutics Inc	2.3%	4.4%	8,753,290	+0.0%	$3.7M
VRCAVerrica Pharmaceuticals Inc	1.8%	1.6%	471,559	+0.0%	$2.9M
CCCCC4 Therapeutics Inc	1.6%	New	570,000	—	$2.7M
EPRXEupraxia Pharmaceuticals Inc	1.4%	1.6%	352,000	+0.0%	$2.3M
ADMAAdma Biologics Inc	1.3%	New	250,000	—	$2.1M
RNTXRein Therapeutics Inc	1.1%	New	1,700,000	—	$1.8M
LYELLyell Immunopharma Inc	0.9%	1.3%	105,000	+2.9%	$1.5M
NSRXNasus Pharma Ltd	0.8%	0.5%	359,390	+0.0%	$1.3M
PROFProfound Med Corp	0.7%	1.2%	170,278	-40.4%	$1.1M
JSPRJasper Therapeutics Inc	0.7%	1.5%	2,668,395	+0.0%	$1.1M
PTGXProtagonist Therapeutics Inc	0.3%	0.2%	3,700	+0.0%	$454K
CTMXCytomx Therapeutics Inc.	0.3%	1.6%	120,000	-77.8%	$450K
NMRANeumora Therapeutics Inc.	0.2%	0.1%	230,000	+187.5%	$391K
NRIXNurix Therapeutics Inc	0.2%	0.2%	16,000	+0.0%	$388K
OVIDOvid Therapeutics Inc	0.2%	0.2%	130,000	-18.8%	$350K
DTILPrecision Biosciences Inc	0.2%	0.1%	40,000	+0.0%	$314K
MLYSMineralys Therapeutics Inc	0.2%	0.2%	11,000	+0.0%	$297K
MGNXMacrogenics Inc	0.2%	0.1%	60,000	+100.0%	$277K
CRBPCorbus Pharmaceuticals Hldgs	0.1%	0.2%	26,000	+0.0%	$244K
ARTVArtiva Biotherapeutics Inc	0.1%	0.1%	25,000	+0.0%	$243K
REPLReplimune Group Inc	0.1%	0.1%	20,000	+0.0%	$221K
SNDXSyndax Pharmaceuticals Inc	0.1%	0.1%	10,000	+0.0%	$219K
IMNMImmunome Inc	0.1%	0.1%	10,000	+0.0%	$212K
TECXTectonic Therapeutic Inc	0.1%	New	6,000	—	$206K
RCKTRocket Pharmaceuticals Inc	0.1%	0.7%	60,000	-79.6%	$205K
KPTIKaryopharm Therapeutics Inc	0.1%	0.1%	20,000	+33.3%	$195K
ANTXAn2 Therapeutics Inc	0.1%	New	40,000	—	$194K
VRDNViridian Therapeutics Inc	0.1%	1.1%	10,000	-89.0%	$184K
SCYXScynexis Inc	0.1%	New	40,000	—	$163K
QNRXQuoin Pharmaceuticals Ltd	0.1%	0.4%	32,372	-61.8%	$157K
XLOXilio Therapeutics Inc	0.1%	0.1%	14,285	+0.0%	$137K
NSPRInspiremd Inc	0.1%	2.1%	148,138	-92.9%	$104K
482929106Kalaris Therapeutics Inc Com	0.1%	0.1%	25,000	+38.9%	$102K
LRMRLarimar Therapeutics Inc	0.1%	0.1%	33,000	+0.0%	$101K
PRQRProqr Thrapeutics N V	0.1%	0.0%	45,000	+0.0%	$84K
CNTXContext Therapeutics Inc	0.0%	0.2%	59,700	-40.3%	$33K
GOSSGossamer Bio Inc	0.0%	0.0%	70,000	+0.0%	$12K

What Velan Capital Investment Management LP bought and sold in Q2 2026, against Q1 2026.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +90.7% /yr; S&P 500 +20.1%
3 years: +23.3% /yr; S&P 500 +20.4%
5 years: +8.5% /yr; S&P 500 +13.0%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$163.2M	50
Q1 2026	$159.6M	49
Q4 2025	$171.9M	45
Q3 2025	$106.5M	49
Q2 2025	$99.9M	49
Q1 2025	$97.2M	47
Q4 2024	$115.9M	45
Q3 2024	$92.1M	17
Q2 2024	$174.6M	17
Q1 2024	$184.9M	19
Q4 2023	$141.2M	19
Q3 2023	$122.3M	27

Questions about Velan Capital Investment Management LP's portfolio

What stocks does Velan Capital Investment Management LP own?

Velan Capital Investment Management LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 50 positions worth $163.2M. The largest are Praxis Precision Medicines I (PRAX) at 18.2%, Maplight Therapeutics Inc (MPLT) at 10.8%, Sutro Biopharma Inc (STRO) at 10.4%, Immix Biopharma Inc (IMMX) at 6.9% and Protara Therapeutics Inc (TARA) at 6.7%.

What did Velan Capital Investment Management LP buy last quarter?

In Q2 2026, Velan Capital Investment Management LP added a new position in C4 Therapeutics Inc (CCCC), a new position in Adma Biologics Inc (ADMA), a new position in Rein Therapeutics Inc (RNTX), a new position in Tectonic Therapeutic Inc (TECX), a new position in An2 Therapeutics Inc (ANTX), Neumora Therapeutics Inc. (NMRA) (+187.5% shares), Macrogenics Inc (MGNX) (+100.0% shares) and Avalo Therapeutics Inc (AVTX) (+75.3% shares), compared with its Q1 2026 filing.

What did Velan Capital Investment Management LP sell last quarter?

In Q2 2026, Velan Capital Investment Management LP sold all of Esperion Therapeutics Inc Ne (ESPR), sold all of Kazia Therapeutics Ltd (KZIA), sold all of Arrowhead Pharmaceuticals in (ARWR), sold all of Design Therapeutics, Inc. (DSGN), sold all of Pmv Pharmaceuticals Inc (PMVP), Inspiremd Inc (NSPR) (-92.9% shares), Viridian Therapeutics Inc (VRDN) (-89.0% shares) and Rocket Pharmaceuticals Inc (RCKT) (-79.6% shares), compared with its Q1 2026 filing.

How has Velan Capital Investment Management LP's portfolio performed?

A portfolio copying Velan Capital Investment Management LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +23.3% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +90.7% against +20.1%. Over 5 years: +8.5% a year against +13.0%.

When is Velan Capital Investment Management LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Velan Capital Investment Management LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.