DAFNA Capital Management LLC

LOS ANGELES, CA · CIK 1389933 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2003 · limited liability company

Assets managed$645.2m
Staff8 · 7 in investment roles
Main clients (by assets)Private funds 100%
Private funds6 (6 hedge) · $1.3bn gross assets
Websitedafnacapital.com
Form ADV · 2026-03-30SEC adviser record

Legal entityDAFNA CAPITAL MANAGEMENT, LLC (US)

Kindhedge funds
Others nearbyLos Angeles, CA

As an employer

Offices in1 country
Private fundshedge 6

$524.4m reported value +19.3% vs Q1 2026

88positions

56.2%in top 10

17 new 17 added 26 reduced 12 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

Fischel Nathan – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	REVOLUTION MEDICINES INC COM RVMD	RVMD	562,630	$105.4m20.09%	20.09%	Reduced -18.0k	-18,048 -3.1%
2	SPDR SER TR S&P BIOTECH XBI	XBI	196,505	$31.1m5.93%	5.93%	Reduced -122.0k	-122,000 -38.3%
3	COMPASS PATHWAYS PLC SPONSORED ADS CMPS	CMPS	2,011,952	$28.5m5.43%	5.43%	Reduced -406.9k	-406,930 -16.8%
4	STEREOTAXIS INC COM NEW STXS	STXS	13,680,554	$23.5m4.49%	4.49%	Unchanged
5	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	318,380	$22.2m4.24%	4.24%	Added +153.2k	+153,202 92.8%
6	DENALI THERAPEUTICS INC COM DNLI	DNLI	739,014	$19.0m3.62%	3.62%	Added +420.5k	+420,514 132.0%
7	IDEAYA BIOSCIENCES INC COM IDYA	IDYA	497,240	$18.5m3.53%	3.53%	Added +20.5k	+20,500 4.3%
8	ATRICURE INC COM ATRC	ATRC	597,431	$16.7m3.19%	3.19%	Unchanged
9	XENON PHARMACEUTICALS INC COM XENE	XENE	250,772	$15.1m2.89%	2.89%	Unchanged
10	CYTOKINETICS INC COM NEW CYTK	CYTK	171,998	$14.7m2.79%	2.79%	Reduced -45.5k	-45,499 -20.9%
11	ARCUS BIOSCIENCES INC COM RCUS	RCUS	441,829	$13.6m2.60%	2.60%	Reduced -2.0k	-2,000 -0.5%
12	ASCENDIS PHARMA A/S ORD SHS ASND	ASND	48,469	$12.9m2.47%	2.47%	New
13	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	57,769	$9.7m1.86%	1.86%	Reduced -12.8k	-12,846 -18.2%
14	AXOGEN INC COM AXGN	AXGN	208,960	$9.7m1.84%	1.84%	Reduced -41.0k	-41,000 -16.4%
15	INSULET CORP COM PODD	PODD	61,870	$9.4m1.80%	1.80%	Added +51.0k	+51,000 469.2%
16	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	226,819	$9.2m1.76%	1.76%	Added +114.6k	+114,583 102.1%
17	BICARA THERAPEUTICS INC COM BCAX	BCAX	284,955	$8.5m1.61%	1.61%	Reduced -136.8k	-136,778 -32.4%
18	ISHARES TR ISHARES BIOTECH IBB	IBB	42,595	$8.1m1.54%	1.54%	Reduced -19.5k	-19,500 -31.4%
19	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	335,255	$7.3m1.40%	1.40%	Added +117.9k	+117,900 54.2%
20	MAPLIGHT THERAPEUTICS INC COM MPLT	MPLT	171,006	$6.1m1.17%	1.17%	Unchanged
21	LARIMAR THERAPEUTICS INC COM LRMR	LRMR	2,008,164	$6.1m1.17%	1.17%	Reduced -21.0k	-21,000 -1.0%
22	CENTURY THERAPEUTICS INC COM IPSC	IPSC	2,400,458	$5.9m1.12%	1.12%	Reduced -33.9k	-33,895 -1.4%
23	DEXCOM INC COM DXCM	DXCM	86,279	$5.8m1.11%	1.11%	Unchanged
24	IMMUNOVANT INC COM IMVT	IMVT	149,524	$5.8m1.10%	1.10%	Reduced -1.0k	-1,000 -0.7%
25	INOGEN INC COM INGN	INGN	845,179	$5.5m1.04%	1.04%	Unchanged
26	TANDEM DIABETES CARE INC COM NEW TNDM	TNDM	355,208	$5.4m1.02%	1.02%	Unchanged
27	ALKERMES PLC SHS ALKS	ALKS	101,266	$5.3m1.01%	1.01%	Reduced -38.2k	-38,216 -27.4%
28	STOKE THERAPEUTICS INC COM STOK	STOK	130,875	$4.3m0.82%	0.82%	Unchanged
29	ALLOGENE THERAPEUTICS INC COM ALLO	ALLO	2,000,000	$4.2m0.79%	0.79%	Added +629.9k	+629,882 46.0%
30	BIOCRYST PHARMACEUTICALS INC COM BCRX	BCRX	400,248	$4.0m0.76%	0.76%	Reduced -30.0k	-30,000 -7.0%
31	GALAPAGOS NV SPON ADR LKFT	LKFT	130,175	$3.9m0.74%	0.74%	Unchanged
32	ORTHOPEDIATRICS CORP COM KIDS	KIDS	189,130	$3.6m0.69%	0.69%	Added +93.5k	+93,471 97.7%
33	CYBIN INC COM NEW COM NEW		514,061	$3.4m0.65%	0.65%	Added +15.7k	+15,700 3.1%
34	RAPPORT THERAPEUTICS INC COM RAPP	RAPP	75,000	$3.1m0.60%	0.60%	Unchanged
35	KYMERA THERAPEUTICS INC COM KYMR	KYMR	27,000	$3.1m0.59%	0.59%	New
36	PROQR THRAPEUTICS N V SHS EURO PRQR	PRQR	1,530,361	$2.8m0.54%	0.54%	Reduced -37.2k	-37,200 -2.4%
37	NEUROGENE INC COM NGNE	NGNE	89,032	$2.8m0.53%	0.53%	Added +32.4k	+32,397 57.2%
38	ADLAI NORTYE LTD SPONSORED ADS ANL	ANL	239,553	$2.8m0.53%	0.53%	New
39	PROCEPT BIOROBOTICS CORP COM PRCT	PRCT	120,000	$2.7m0.52%	0.52%	Unchanged
40	AQUESTIVE THERAPEUTICS INC COM AQST	AQST	645,915	$2.7m0.51%	0.51%	Added +277.5k	+277,500 75.3%
41	CELLDEX THERAPEUTICS INC NEW COM NEW CLDX	CLDX	68,518	$2.5m0.49%	0.49%	Unchanged
42	STRUCTURE THERAPEUTICS INC SPONSORED ADS GPCR	GPCR	46,500	$2.5m0.48%	0.48%	Unchanged
43	ALIGN TECHNOLOGY INC COM ALGN	ALGN	14,000	$2.4m0.45%	0.45%	Reduced -1.0k	-1,000 -6.7%
44	VIKING THERAPEUTICS INC COM VKTX	VKTX	59,516	$2.3m0.44%	0.44%	Unchanged
45	NERVGEN PHARMA CORP COM NGEN	NGEN	1,050,000	$2.2m0.41%	0.41%	New
46	BIOHAVEN LTD COM BHVN	BHVN	137,593	$2.0m0.39%	0.39%	Reduced -708.1k	-708,142 -83.7%
47	MAZE THERAPEUTICS INC COM MAZE	MAZE	65,000	$1.9m0.37%	0.37%	Added +30.0k	+30,000 85.7%
48	ALECTOR INC COM ALEC	ALEC	908,351	$1.8m0.35%	0.35%	Unchanged
49	LEXEO THERAPEUTICS INC COM LXEO	LXEO	377,059	$1.8m0.33%	0.33%	Unchanged
50	PROFOUND MED CORP COM NEW PROF	PROF	260,360	$1.7m0.33%	0.33%	Reduced -2.6k	-2,645 -1.0%
51	ATRIUM THERAPEUTICS INC COM RNA	RNA	128,000	$1.7m0.33%	0.33%	New
52	ANNEXON INC COM ANNX	ANNX	297,812	$1.7m0.32%	0.32%	Added +180.0k	+180,000 152.8%
53	CYTOMX THERAPEUTICS INC COM CTMX	CTMX	438,407	$1.6m0.31%	0.31%	Added +208.4k	+208,407 90.6%
54	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	47,100	$1.6m0.30%	0.30%	Reduced -14.0k	-14,000 -22.9%
55	EUPRAXIA PHARMACEUTICALS INC COM EPRX	EPRX	225,600	$1.5m0.28%	0.28%	New
56	DESIGN THERAPEUTICS INC COM DSGN	DSGN	102,600	$1.5m0.28%	0.28%	New
57	FATE THERAPEUTICS INC COM FATE	FATE	525,000	$1.4m0.27%	0.27%	Reduced -25.0k	-25,000 -4.5%
58	MEDIWOUND LTD SHS NEW MDWD	MDWD	94,405	$1.4m0.26%	0.26%	Unchanged
59	KURA ONCOLOGY INC COM KURA	KURA	120,568	$1.3m0.25%	0.25%	Reduced -115.3k	-115,300 -48.9%
60	ARS PHARMACEUTICALS INC COM SPRY	SPRY	164,285	$1.3m0.25%	0.25%	Added +25.0k	+25,000 17.9%
61	MINERALYS THERAPEUTICS INC COM MLYS	MLYS	44,490	$1.2m0.23%	0.23%	Added +6.0k	+6,000 15.6%
62	IMMATICS N.V SHS IMTX	IMTX	116,960	$1.2m0.23%	0.23%	Reduced -108.9k	-108,900 -48.2%
63	TELA BIO INC COM TELA	TELA	1,441,029	$1.1m0.21%	0.21%	Unchanged
64	POLYPID LTD COM PYPD	PYPD	207,900	$1.1m0.20%	0.20%	Unchanged
65	CORBUS PHARMACEUTICALS HLDGS COM NEW CRBP	CRBP	107,773	$1.0m0.19%	0.19%	New
66	INSPIRE MED SYS INC COM INSP	INSP	18,200	$811.9k0.15%	0.15%	Unchanged
67	ADICET BIO INC COM NEW ACET	ACET	93,812	$810.5k0.15%	0.15%	Unchanged
68	SEAPORT THERAPEUTICS INC COMMON STOCK SPTX	SPTX	32,400	$703.7k0.13%	0.13%	New
69	MBX BIOSCIENCES INC COM MBX	MBX	11,809	$651.9k0.12%	0.12%	Reduced -163.7k	-163,656 -93.3%
70	BIONTECH SE SPONSORED ADS BNTX	BNTX	7,000	$651.4k0.12%	0.12%	Unchanged
71	ARTIVA BIOTHERAPEUTICS INC COM ARTV	ARTV	67,101	$650.9k0.12%	0.12%	New
72	PLIANT THERAPEUTICS INC COM PLRX	PLRX	487,000	$555.2k0.11%	0.11%	Unchanged
73	SCYNEXIS INC COM SCYX	SCYX	135,868	$553.0k0.11%	0.11%	New
74	EDITAS MEDICINE INC COM EDIT	EDIT	170,470	$552.3k0.11%	0.11%	New
75	ORCHESTRA BIOMED HLDGS INC COM OBIO	OBIO	126,841	$547.3k0.10%	0.10%	Unchanged
76	FOGHORN THERAPEUTICS INC COM FHTX	FHTX	111,859	$545.9k0.10%	0.10%	Unchanged
77	ACCURAY INC COM ARAY	ARAY	1,680,508	$433.2k0.08%	0.08%	Unchanged
78	Q32 BIO INC COM QTTB	QTTB	32,896	$419.1k0.08%	0.08%	New
79	NUVECTIS PHARMA INC COM NVCT	NVCT	20,000	$367.8k0.07%	0.07%	New
80	COMPUGEN LTD ORD CGEN	CGEN	168,232	$360.0k0.07%	0.07%	Reduced -89.6k	-89,551 -34.7%
81	IBIO INC COM NEW IBIO	IBIO	170,053	$297.6k0.06%	0.06%	Reduced -23.6k	-23,585 -12.2%
82	AUTOLUS THERAPEUTICS PLC SPON ADS AUTL	AUTL	179,316	$286.9k0.05%	0.05%	Unchanged
83	BICYCLE THERAPEUTICS PLC SPONSORED ADS BCYC	BCYC	64,492	$273.4k0.05%	0.05%	Unchanged
84	TENAYA THERAPEUTICS INC COM TNYA	TNYA	300,000	$221.7k0.04%	0.04%	New
85	VERRICA PHARMACEUTICALS INC COM SHS VRCA	VRCA	23,750	$145.3k0.03%	0.03%	Reduced -130.0k	-129,962 -84.5%
86	ENGENE THERAPEUTICS INC COM ENGN	ENGN	74,650	$129.1k0.02%	0.02%	New
87	KARDIGAN INC COM KARD	KARD	5,000	$119.2k0.02%	0.02%	New
88	ADC THERAPEUTICS SA SHS ADCT	ADCT	77,081	$82.5k0.02%	0.02%	Added +5.0k	+5,000 6.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
DAY ONE BIOPHARMACEUTICALS I		978,463	$21.0m978.5k shares
ASCENDIS PHARMA A/S ASND 2.25 04.01.28	ASND 2.25 04.01.28	4,000,000	$5.9m4.0m shares
KALVISTA PHARMACEUTICALS INC KALV	KALV	267,402	$5.4m267.4k shares
ASCENDIS PHARMA A/S		23,177	$5.3m23.2k shares
FULCRUM THERAPEUTICS INC FULC	FULC	205,000	$1.6m205.0k shares
ENGENE HOLDINGS INC		187,353	$1.3m187.4k shares
SCYNEXIS INC		1,086,956	$996.6k1.1m shares
ORIC PHARMACEUTICALS INC ORIC	ORIC	98,724	$945.5k98.7k shares
ZENAS BIOPHARMA INC ZBIO	ZBIO	42,500	$830.9k42.5k shares
NEWAMSTERDAM PHARMA COMPANY NAMS	NAMS	20,000	$640.2k20.0k shares
KARYOPHARM THERAPEUTICS INC KPTI	KPTI	45,800	$255.1k45.8k shares
NEUMORA THERAPEUTICS INC. NMRA	NMRA	70,000	$136.5k70.0k shares