Velan Capital Investment Management LP

CIK

1848809

Location

ALPHARETTA, GA

Portfolio Value

Small $145,346,407

Diversification

Diversified

Filing Date

Global Rank

#4,842 / 8,420 ▲ 899

Top Industry

Biotechnology 89.3%

3Y Alpha vs SPY

+0.9%

Period ended 6 months ago

Filed Feb 13, 2026 · 4mo

17 quarters · since Dec 2021

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+80.3%

SPY

+76.3%

Annualised alpha

+0.9%

Max drawdown

−54.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

42 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

20.4%

+8.3 pts

Top 5

51.2%

+6.1 pts

Top 10

71.0%

−1.6 pts

HHI

805

Diversified+163

Portfolio Trend

17 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$145,346,407	42

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
TARA	Protara Therapeutics, Inc.	+695,652	2,834,652	$15,108,695
TERN	Terns Pharmaceuticals, Inc.	+50,000	70,000	$2,828,000
ABVX	Abivax S.A.	+2,611	67,000	$9,035,285
LNTH	Lantheus Holdings, Inc.	+1,142	74,687	$4,970,419
No positions match the current search.

Trimmed

Positions the filer reduced

5 positions

Ticker	Company	Δ Shares	Shares	Value
CRBP	Corbus Pharmaceuticals Holdings, Inc.	−48,000	13,000	$105,820
PRAX	Praxis Precision Medicines, Inc.	−32,024	100,781	$29,704,191
MLYS	Mineralys Therapeutics, Inc.	−24,600	151,000	$5,479,790
PYXS	Pyxis Oncology, Inc.	−15,000	40,000	$46,000
REPL	Replimune Group, Inc.	−5,000	15,000	$145,800
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
MPLT	MapLight Therapeutics, Inc.	522,305	$9,174,286
EVMN	Evommune, Inc.	506,754	$8,675,628
ESPR	Esperion Therapeutics, Inc.	1,210,000	$4,477,000
VRCA	Verrica Pharmaceuticals Inc.	471,559	$3,918,655
STRO	Sutro Biopharma, Inc.	312,000	$3,609,840
PROF	Profound Medical Corp.	285,710	$2,248,537
KZIA	Kazia Therapeutics Ltd	300,000	$2,067,000
XLO	Xilio Therapeutics, Inc.	170,000	$1,523,200
No positions match the current search.

Sold Out

Positions the filer fully exited

10 positions

Ticker	Company	Shares	Value
ZOOZ	ZOOZ Strategy Ltd.	2,000,000	$4,280,000
ALMS	Alumis Inc.	946,683	$3,777,265
QURE	uniQure N.V.	32,000	$1,867,840
TELA	TELA Bio, Inc.	747,410	$1,113,640
ELDN	Eledon Pharmaceuticals, Inc.	346,973	$898,660
ALEC	Alector, Inc.	55,000	$162,800
ERAS	Erasca, Inc.	65,000	$141,700
WVE	Wave Life Sciences Ltd.	15,000	$109,800
GERN	Geron Corp	80,000	$109,600
ACRS	Aclaris Therapeutics, Inc.	32,700	$62,130
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

42 positions · $145,346,407 total · as of Dec 31, 2025

All sectors Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
PRAX	Praxis Precision Medicines, Inc. Healthcare	Reduced	100,781	-32,024	$29,704,191	+322.0%	20.44%
TARA	Protara Therapeutics, Inc. Healthcare	Added	2,834,652	+695,652	$15,108,695	+62.4%	10.39%
HRTX	Heron Therapeutics, Inc. /De/ Healthcare	Held	8,753,290	0	$11,379,277	+3.2%	7.83%
MPLT	MapLight Therapeutics, Inc. Healthcare	NEW	522,305	NEW	$9,174,286	NEW	6.31%
ABVX	Abivax S.A. Healthcare	Added	67,000	+2,611	$9,035,285	+65.3%	6.22%
EVMN	Evommune, Inc. Healthcare	NEW	506,754	NEW	$8,675,628	NEW	5.97%
MLYS	Mineralys Therapeutics, Inc. Healthcare	Reduced	151,000	-24,600	$5,479,790	−17.7%	3.77%
LNTH	Lantheus Holdings, Inc. Healthcare	Added	74,687	+1,142	$4,970,419	+31.8%	3.42%
JSPR	Jasper Therapeutics, Inc. Healthcare	Held	2,668,395	0	$4,883,162	−23.1%	3.36%
AVTX	Avalo Therapeutics, Inc. Healthcare	Held	263,642	0	$4,787,738	+42.9%	3.29%
ESPR	Esperion Therapeutics, Inc. Healthcare	NEW	1,210,000	NEW	$4,477,000	NEW	3.08%
VRCA	Verrica Pharmaceuticals Inc. Healthcare	NEW	471,559	NEW	$3,918,655	NEW	2.70%
NSPR	InspireMD, Inc. Healthcare	Held	2,143,698	0	$3,815,782	−26.1%	2.63%
STRO	Sutro Biopharma, Inc. Healthcare	NEW	312,000	NEW	$3,609,840	NEW	2.48%
TERN	Terns Pharmaceuticals, Inc. Healthcare	Added	70,000	+50,000	$2,828,000	+1782.8%	1.95%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Held	130,000	0	$2,731,300	+36.6%	1.88%
VRDN	Viridian Therapeutics, Inc.DE Healthcare	Held	86,500	0	$2,691,880	+44.2%	1.85%
EPRX	Eupraxia Pharmaceuticals Inc. Healthcare	Held	352,000	0	$2,657,600	+28.0%	1.83%
TRVI	Trevi Therapeutics, Inc. Healthcare	Held	205,000	0	$2,566,600	+36.8%	1.77%
PROF	Profound Medical Corp. Healthcare	NEW	285,710	NEW	$2,248,537	NEW	1.55%
KZIA	Kazia Therapeutics Ltd Healthcare	NEW	300,000	NEW	$2,067,000	NEW	1.42%
RZLT	Rezolute, Inc. Healthcare	Held	750,000	0	$1,770,000	−74.9%	1.22%
XLO	Xilio Therapeutics, Inc. Healthcare	NEW	170,000	NEW	$1,523,200	NEW	1.05%
TENX	Tenax Therapeutics, Inc. Healthcare	Held	83,333	0	$1,015,829	+60.2%	0.70%
EDSA	Edesa Biotech, Inc. Healthcare	Held	687,500	0	$976,250	−42.5%	0.67%
ARWR	Arrowhead Pharmaceuticals, Inc. Healthcare	Held	6,500	0	$431,535	+92.5%	0.30%
CTMX	CytomX Therapeutics, Inc. Healthcare	Held	80,000	0	$340,800	+33.5%	0.23%
PTGX	Protagonist Therapeutics, Inc Healthcare	Held	3,700	0	$323,158	+31.5%	0.22%
NRIX	Nurix Therapeutics, Inc. Healthcare	Held	16,000	0	$303,520	+105.3%	0.21%
OVID	Ovid Therapeutics Inc. Healthcare	Held	160,000	0	$260,800	+25.4%	0.18%
GOSS	Gossamer Bio, Inc. Healthcare	Held	70,000	0	$217,000	+17.9%	0.15%
IMNM	Immunome Inc. Healthcare	Held	10,000	0	$214,800	+83.4%	0.15%
DSGN	Design Therapeutics, Inc. Healthcare	Held	20,000	0	$187,600	+24.6%	0.13%
IMMX	Immix Biopharma, Inc. Healthcare	Held	35,000	0	$183,050	+150.2%	0.13%
CNTX	Context Therapeutics Inc. Healthcare	Held	100,000	0	$147,000	+51.7%	0.10%
REPL	Replimune Group, Inc. Healthcare	Reduced	15,000	-5,000	$145,800	+74.0%	0.10%
LRMR	Larimar Therapeutics, Inc. Healthcare	Held	33,000	0	$125,730	+18.0%	0.09%
CRBP	Corbus Pharmaceuticals Holdings, Inc. Healthcare	Reduced	13,000	-48,000	$105,820	−86.3%	0.07%
PRQR	ProQR Therapeutics N.V. Healthcare	Held	45,000	0	$90,900	−5.2%	0.06%
DTIL	Precision Biosciences Inc Healthcare	Held	20,000	0	$83,200	−24.6%	0.06%
PYXS	Pyxis Oncology, Inc. Healthcare	Reduced	40,000	-15,000	$46,000	−62.3%	0.03%
PMVP	PMV Pharmaceuticals, Inc. Healthcare	Held	35,000	0	$43,750	−10.7%	0.03%