Spruce Street Capital LP

NEW YORK, NY · CIK 2050194 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2025 · limited partnership

Assets managed$555.9m
Staff4 · 3 in investment roles
Main clients (by assets)Private funds 100%
Private funds3 (3 hedge) · $900.9m gross assets
Form ADV · 2026-03-02SEC adviser record

Legal entitySpruce Street Capital LP (US)

$509.7m reported value +22.5% vs Q1 2026

30positions

70.2%in top 10

5 new 8 added 1 reduced 3 sold out vs Q1 2026

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	KINIKSA PHARMACEUTICALS INTL ORD SHS CL A KNSA	KNSA	918,070	$58.7m11.52%	11.52%	Added +157.0k	+157,007 20.6%
2	RELAY THERAPEUTICS INC COM RLAY	RLAY	2,984,125	$55.8m10.95%	10.95%	Unchanged
3	LB PHARMACEUTICALS INC COM SHS LBRX	LBRX	1,376,159	$44.7m8.76%	8.76%	Unchanged
4	RELMADA THERAPEUTICS INC COM RLMD	RLMD	6,391,328	$44.2m8.68%	8.68%	Added +129.2k	+129,214 2.1%
5	ALTO NEUROSCIENCE INC COM SHS ANRO	ANRO	1,353,047	$35.7m7.01%	7.01%	Added +27.8k	+27,837 2.1%
6	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	354,816	$34.6m6.79%	6.79%	Reduced -18.5k	-18,458 -4.9%
7	ALKERMES PLC SHS ALKS	ALKS	543,876	$28.5m5.59%	5.59%	Added +225.9k	+225,884 71.0%
8	SAVARA INC COM SVRA	SVRA	3,452,576	$21.3m4.17%	4.17%	Added +69.4k	+69,401 2.0%
9	VAXCYTE INC COM PCVX	PCVX	306,047	$17.8m3.49%	3.49%	Added +60.3k	+60,338 24.6%
10	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	329,006	$16.7m3.28%	3.28%	Unchanged
11	ENANTA PHARMACEUTICALS INC COM ENTA	ENTA	1,088,731	$15.9m3.11%	3.11%	Added +156.1k	+156,133 16.7%
12	PERSPECTIVE THERAPEUTICS INC COM NEW CATX	CATX	3,693,931	$12.6m2.47%	2.47%	Added +1.1m	+1,066,824 40.6%
13	INFLARX NV COM IFRX	IFRX	5,352,198	$12.0m2.35%	2.35%	New
14	SURROZEN INC COM NEW SRZN	SRZN	432,040	$11.2m2.20%	2.20%	Unchanged
15	ALUMIS INC COM ALMS	ALMS	392,574	$11.0m2.17%	2.17%	Unchanged
16	CENTURY THERAPEUTICS INC COM IPSC	IPSC	4,059,054	$9.9m1.95%	1.95%	Unchanged
17	MINERVA NEUROSCIENCES INC COM NEW NERV	NERV	1,655,500	$9.2m1.80%	1.80%	Unchanged
18	SAB BIOTHERAPEUTICS INC COM NEW SABS	SABS	2,198,502	$8.6m1.68%	1.68%	Unchanged
19	AN2 THERAPEUTICS INC COM ANTX	ANTX	1,661,073	$8.0m1.58%	1.58%	Unchanged
20	ERASCA INC COM ERAS	ERAS	422,543	$7.7m1.52%	1.52%	Unchanged
21	INHIBIKASE THERAPEUTICS INC COM NEW IKT	IKT	3,581,603	$7.3m1.43%	1.43%	Unchanged
22	RESEARCH ALLIANCE CORP III ORD SHS CL A RACC	RACC	500,000	$5.3m1.05%	1.05%	New
23	HELIX ACQUISITION CORP III USD CL A ORD SHS HLXC	HLXC	500,000	$5.3m1.04%	1.04%	Unchanged
24	ZAI LAB LTD ADR ZLAB	ZLAB	279,110	$5.3m1.04%	1.04%	New
25	ACHIEVE LIFE SCIENCES INC COM ACHV	ACHV	736,637	$4.8m0.94%	0.94%	New
26	LEXEO THERAPEUTICS INC COM LXEO	LXEO	928,593	$4.3m0.85%	0.85%	Unchanged
27	ALECTOR INC COM ALEC	ALEC	2,101,068	$4.2m0.83%	0.83%	Unchanged
28	LEONABIO INC COM LONA	LONA	393,701	$3.6m0.71%	0.71%	Unchanged
29	CORVUS PHARMACEUTICALS INC COM CRVS	CRVS	231,585	$3.5m0.68%	0.68%	Unchanged
30	JATT II ACQUISITION CORP ORD SHS JATT	JATT	160,000	$1.8m0.36%	0.36%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
CENTESSA PHARMACEUTICALS PLC		489,849	$19.5m489.8k shares
KALVISTA PHARMACEUTICALS INC KALV	KALV	897,681	$18.1m897.7k shares
MAZE THERAPEUTICS INC MAZE	MAZE	200,000	$6.0m200.0k shares

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
RESEARCH ALLIANCE CORP III RACC · 13G · filed 2026-08-13	RACC	6.4%≈ $5.3m	new	13G	2026-08-13
RELMADA THERAPEUTICS INC RLMD · 13G · filed 2026-02-17	RLMD	5.6%≈ $28.3m	new	13G	2026-02-17