Velan Capital Investment Management LP

ALPHARETTA, GA · CIK 1848809 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2021 · limited liability company

Assets managed$917.5m
Staff16 · 12 in investment roles
Main clients (by assets)Private funds 100%
Private funds7 (3 hedge) · $917.5m gross assets
Form ADV · 2026-03-31SEC adviser record

Legal entityVELAN CAPITAL INVESTMENT MANAGEMENT LP (US)

$163.2m reported value +2.2% vs Q1 2026

50positions

75.2%in top 10

6 new 10 added 11 reduced 5 sold out vs Q1 2026

Options: 1 call positions ($999.6k notional), 0 put positions (— notional) – listed below, not included above.

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	PRAXIS PRECISION MEDICINES I COM NEW PRAX	PRAX	88,781	$29.7m18.21%	18.21%	Reduced -12.0k	-12,000 -11.9%
2	MAPLIGHT THERAPEUTICS INC COM MPLT	MPLT	492,893	$17.7m10.82%	10.82%	Unchanged
3	SUTRO BIOPHARMA INC COM SHS STRO	STRO	512,160	$17.0m10.42%	10.42%	Unchanged
4	IMMIX BIOPHARMA INC COM IMMX	IMMX	1,085,000	$11.2m6.85%	6.85%	Added +345.0k	+345,000 46.6%
5	PROTARA THERAPEUTICS INC COM STK TARA	TARA	2,844,652	$10.9m6.66%	6.66%	Added +10.0k	+10,000 0.3%
6	ABIVAX SA SPONSORED ADS ABVX	ABVX	65,630	$8.7m5.36%	5.36%	Reduced -11.4k	-11,370 -14.8%
7	TENAX THERAPEUTICS INC COM NEW TENX	TENX	549,985	$8.0m4.90%	4.90%	Reduced -33.3k	-33,348 -5.7%
8	ANTERIS TECHNOLOGIES GLOBAL COM AVR	AVR	700,000	$6.9m4.22%	4.22%	Unchanged
9	EDESA BIOTECH INC COM NEW EDSA	EDSA	827,500	$6.7m4.12%	4.12%	Unchanged
10	EVOMMUNE INC COM SHS EVMN	EVMN	451,255	$6.0m3.67%	3.67%	Added +5.0k	+5,000 1.1%
11	AVALO THERAPEUTICS INC COM NEW AVTX	AVTX	324,452	$6.0m3.67%	3.67%	Added +139.3k	+139,330 75.3%
12	XENCOR INC COM XNCR	XNCR	255,000	$4.1m2.52%	2.52%	Added +5.0k	+5,000 2.0%
13	REZOLUTE INC COM NEW RZLT	RZLT	750,000	$3.9m2.39%	2.39%	Unchanged
14	HERON THERAPEUTICS INC COM HRTX	HRTX	8,753,290	$3.7m2.29%	2.29%	Unchanged
15	VERRICA PHARMACEUTICALS INC COM SHS VRCA	VRCA	471,559	$2.9m1.77%	1.77%	Unchanged
16	C4 THERAPEUTICS INC COM STK CCCC	CCCC	570,000	$2.7m1.63%	1.63%	New
17	EUPRAXIA PHARMACEUTICALS INC COM EPRX	EPRX	352,000	$2.3m1.43%	1.43%	Unchanged
18	ADMA BIOLOGICS INC COM ADMA	ADMA	250,000	$2.1m1.28%	1.28%	New
19	REIN THERAPEUTICS INC COM NEW RNTX	RNTX	1,700,000	$1.8m1.08%	1.08%	New
20	LYELL IMMUNOPHARMA INC COM NEW LYEL	LYEL	105,000	$1.5m0.90%	0.90%	Added +3.0k	+3,000 2.9%
21	NASUS PHARMA LTD ORD SHS NSRX	NSRX	359,390	$1.3m0.77%	0.77%	Unchanged
22	PROFOUND MED CORP COM NEW PROF	PROF	170,278	$1.1m0.69%	0.69%	Reduced -115.4k	-115,432 -40.4%
23	JASPER THERAPEUTICS INC COM NEW JSPR	JSPR	2,668,395	$1.1m0.69%	0.69%	Unchanged
24	PROTAGONIST THERAPEUTICS INC COM PTGX	PTGX	3,700	$453.5k0.28%	0.28%	Unchanged
25	CYTOMX THERAPEUTICS INC COM CTMX	CTMX	120,000	$450.0k0.28%	0.28%	Reduced -420.0k	-420,000 -77.8%
26	NEUMORA THERAPEUTICS INC. COM NMRA	NMRA	230,000	$391.0k0.24%	0.24%	Added +150.0k	+150,000 187.5%
27	NURIX THERAPEUTICS INC COM NRIX	NRIX	16,000	$388.2k0.24%	0.24%	Unchanged
28	OVID THERAPEUTICS INC COM OVID	OVID	130,000	$349.7k0.21%	0.21%	Reduced -30.0k	-30,000 -18.8%
29	PRECISION BIOSCIENCES INC COM NEW DTIL	DTIL	40,000	$314.4k0.19%	0.19%	Unchanged
30	MINERALYS THERAPEUTICS INC COM MLYS	MLYS	11,000	$296.8k0.18%	0.18%	Unchanged
31	MACROGENICS INC COM MGNX	MGNX	60,000	$277.2k0.17%	0.17%	Added +30.0k	+30,000 100.0%
32	CORBUS PHARMACEUTICALS HLDGS COM NEW CRBP	CRBP	26,000	$243.9k0.15%	0.15%	Unchanged
33	ARTIVA BIOTHERAPEUTICS INC COM ARTV	ARTV	25,000	$242.5k0.15%	0.15%	Unchanged
34	REPLIMUNE GROUP INC COM REPL	REPL	20,000	$221.4k0.14%	0.14%	Unchanged
35	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	10,000	$218.6k0.13%	0.13%	Unchanged
36	IMMUNOME INC COM IMNM	IMNM	10,000	$211.9k0.13%	0.13%	Unchanged
37	TECTONIC THERAPEUTIC INC COM TECX	TECX	6,000	$206.2k0.13%	0.13%	New
38	ROCKET PHARMACEUTICALS INC COM RCKT	RCKT	60,000	$205.2k0.13%	0.13%	Reduced -234.6k	-234,643 -79.6%
39	KARYOPHARM THERAPEUTICS INC COM NEW KPTI	KPTI	20,000	$195.4k0.12%	0.12%	Added +5.0k	+5,000 33.3%
40	AN2 THERAPEUTICS INC COM ANTX	ANTX	40,000	$193.6k0.12%	0.12%	New
41	VIRIDIAN THERAPEUTICS INC COM VRDN	VRDN	10,000	$183.7k0.11%	0.11%	Reduced -81.1k	-81,123 -89.0%
42	SCYNEXIS INC COM SCYX	SCYX	40,000	$162.8k0.10%	0.10%	New
43	QUOIN PHARMACEUTICALS LTD SPONSORED ADS QNRX	QNRX	32,372	$156.7k0.10%	0.10%	Reduced -52.5k	-52,477 -61.9%
44	XILIO THERAPEUTICS INC COM XLO	XLO	14,285	$136.8k0.08%	0.08%	Unchanged
45	INSPIREMD INC COM NSPR	NSPR	148,138	$103.7k0.06%	0.06%	Reduced -2.0m	-1,951,514 -92.9%
46	KALARIS THERAPEUTICS INC COM KLRS	KLRS	25,000	$101.8k0.06%	0.06%	Added +7.0k	+7,000 38.9%
47	LARIMAR THERAPEUTICS INC COM LRMR	LRMR	33,000	$100.7k0.06%	0.06%	Unchanged
48	PROQR THRAPEUTICS N V SHS EURO PRQR	PRQR	45,000	$83.7k0.05%	0.05%	Unchanged
49	CONTEXT THERAPEUTICS INC COM CNTX	CNTX	59,700	$33.1k0.02%	0.02%	Reduced -40.3k	-40,300 -40.3%
50	GOSSAMER BIO INC COM GOSS	GOSS	70,000	$11.5k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ESPERION THERAPEUTICS INC NE ESPR	ESPR	1,720,000	$4.7m1.7m shares
KAZIA THERAPEUTICS LTD KZIA	KZIA	135,315	$1.0m135.3k shares
ARROWHEAD PHARMACEUTICALS IN ARWR	ARWR	6,500	$407.6k6.5k shares
DESIGN THERAPEUTICS INC DSGN	DSGN	20,000	$212.8k20.0k shares
PMV PHARMACEUTICALS INC PMVP	PMVP	73,000	$90.5k73.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
TENAX THERAPEUTICS INC TENX · Call	TENX	Call	68,700	$999.6k68.7k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
EDESA BIOTECH INC EDSA · 13D · filed 2026-08-25	EDSA	10.0%≈ $8.6m	no change	13D	2026-08-25
JASPER THERAPEUTICS INC JSPR · 13G · filed 2026-08-17	JSPR	9.9%≈ $1.4m	no change	13G	2026-08-17