Squadron Capital Management LLC

OAK BROOK, IL · CIK 2050709 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2026 · limited liability company

Assets managed$385.7m
Staff4 · 3 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $385.7m gross assets
Websitesquadroncapitalmgmt.com
Form ADV · 2026-06-29SEC adviser record

Legal entitySquadron Capital Management LLC (US)

$292.1m reported value +16.9% vs Q1 2026

34positions

73.0%in top 10

17 new 9 added 6 reduced 13 sold out vs Q1 2026

Options: 9 call positions ($30.2m 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	RELMADA THERAPEUTICS INC COM RLMD	RLMD	7,350,000	$50.9m17.41%	17.41%	Reduced -1.1m	-1,124,571 -13.3%
2	C4 THERAPEUTICS INC COM STK CCCC	CCCC	7,200,000	$33.6m11.51%	11.51%	Added +5.0m	+4,950,000 220.0%
3	COGENT BIOSCIENCES INC COM COGT	COGT	865,000	$33.5m11.46%	11.46%	Added +77.5k	+77,508 9.8%
4	KODIAK SCIENCES INC COM KOD	KOD	500,000	$19.5m6.67%	6.67%	Added +120.0k	+120,000 31.6%
5	RELAY THERAPEUTICS INC COM RLAY	RLAY	970,000	$18.1m6.21%	6.21%	Added +297.5k	+297,500 44.2%
6	ZENTALIS PHARMACEUTICALS INC COM ZNTL	ZNTL	3,700,000	$17.9m6.14%	6.14%	Added +69.0k	+69,000 1.9%
7	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	290,000	$11.8m4.03%	4.03%	Reduced -60.0k	-60,000 -17.1%
8	MAZE THERAPEUTICS INC COM MAZE	MAZE	335,000	$10.0m3.42%	3.42%	Added +77.5k	+77,500 30.1%
9	INVENTIVA SA ADS IVA	IVA	2,435,000	$9.2m3.15%	3.15%	Added +1.9m	+1,900,000 355.1%
10	ADLAI NORTYE LTD SPONSORED ADS ANL	ANL	764,876	$8.8m3.01%	3.01%	Reduced -500.4k	-500,355 -39.5%
11	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	160,000	$8.1m2.78%	2.78%	New
12	PALISADE BIO INC COM PALI	PALI	3,000,000	$6.3m2.15%	2.15%	Unchanged
13	INHIBIKASE THERAPEUTICS INC COM NEW IKT	IKT	3,000,000	$6.1m2.08%	2.08%	Reduced -500.0k	-500,000 -14.3%
14	ADAGENE INC ADS ADAG	ADAG	1,250,000	$5.2m1.80%	1.80%	New
15	FORTE BIOSCIENCES INC COM NEW FBRX	FBRX	225,000	$4.8m1.64%	1.64%	New
16	INFLARX NV COM IFRX	IFRX	2,000,000	$4.5m1.53%	1.53%	New
17	ASSEMBLY BIOSCIENCES INC COM NEW ASMB	ASMB	160,000	$4.4m1.51%	1.51%	New
18	PROMIS NEUROSCIENCES INC COM SHS PMN	PMN	324,977	$4.3m1.46%	1.46%	Unchanged
19	CONTINEUM THERAPEUTICS INC CL A CTNM	CTNM	260,000	$4.3m1.46%	1.46%	New
20	COMPASS PATHWAYS PLC SPONSORED ADS CMPS	CMPS	300,000	$4.2m1.45%	1.45%	New
21	DEFINIUM THERAPEUTICS INC COM SHS DFTX	DFTX	85,000	$4.0m1.37%	1.37%	New
22	SOL-GEL TECHNOLOGIES LTD SHS NEW SLGL	SLGL	52,000	$3.9m1.32%	1.32%	Added +21.0k	+21,000 67.7%
23	BIOAGE LABS INC COM BIOA	BIOA	155,000	$3.8m1.30%	1.30%	New
24	SCYNEXIS INC COM SCYX	SCYX	756,884	$3.1m1.05%	1.05%	New
25	PROQR THRAPEUTICS N V SHS EURO PRQR	PRQR	1,511,496	$2.8m0.96%	0.96%	New
26	REZOLUTE INC COM NEW RZLT	RZLT	403,410	$2.1m0.72%	0.72%	New
27	LIPOCINE INC NEW COM NEW LPCN	LPCN	810,000	$2.1m0.71%	0.71%	Added +360.0k	+360,000 80.0%
28	CUE BIOPHARMA INC COM CUE	CUE	50,000	$1.6m0.54%	0.54%	New
29	CALCIMEDICA INC COM NEW COM NEW		1,244,864	$1.3m0.44%	0.44%	New
30	QUINCE THERAPEUTICS INC COM IRLA	IRLA	40,375	$734.4k0.25%	0.25%	New
31	PASITHEA THERAPEUTICS CORP COM NEW KTTA	KTTA	1,000,000	$515.4k0.18%	0.18%	Reduced -1.1m	-1,100,000 -52.4%
32	INMED PHARMACEUTICALS INC COM NEW INM	INM	325,000	$503.8k0.17%	0.17%	New
33	NEUMORA THERAPEUTICS INC. COM NMRA	NMRA	100,000	$170.0k0.06%	0.06%	New
34	NEXTCURE INC COM NEW NXTC	NXTC	64,464	$103.1k0.04%	0.04%	Reduced -200.5k	-200,536 -75.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
KALVISTA PHARMACEUTICALS INC KALV	KALV	985,100	$19.8m985.1k shares
ABIVAX SA ABVX	ABVX	130,000	$14.5m130.0k shares
NEKTAR THERAPEUTICS NKTR	NKTR	125,000	$9.0m125.0k shares
SCYNEXIS INC		7,608,695	$7.0m7.6m shares
EUPRAXIA PHARMACEUTICALS INC EPRX	EPRX	680,000	$4.9m680.0k shares
GH RESEARCH PLC GHRS	GHRS	325,000	$4.6m325.0k shares
ALX ONCOLOGY HLDGS INC ALXO	ALXO	1,460,000	$2.9m1.5m shares
CONTEXT THERAPEUTICS INC CNTX	CNTX	1,100,000	$2.9m1.1m shares
TRAWS PHARMA INC TRAW	TRAW	511,714	$936.4k511.7k shares
THERAPEUTICSMD INC TXMD	TXMD	420,421	$849.2k420.4k shares
SPRUCE BIOSCIENCES INC SPRB	SPRB	12,200	$797.3k12.2k shares
WEREWOLF THERAPEUTICS INC HOWL	HOWL	563,535	$469.2k563.5k shares
NEUPHORIA THERAPEUTICS INC NEUP	NEUP	76,728	$312.3k76.7k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ARRIVENT BIOPHARMA INC AVBP · Call	AVBP	Call	183,000	$6.4m183.0k shares	Added
BIOAGE LABS INC BIOA · Call	BIOA	Call	250,000	$6.1m250.0k shares	New
REZOLUTE INC RZLT · Call	RZLT	Call	900,000	$4.7m900.0k shares	New
COMPASS PATHWAYS PLC CMPS · Call	CMPS	Call	305,000	$4.3m305.0k shares	New
DISC MEDICINE INC IRON · Call	IRON	Call	30,000	$2.2m30.0k shares	New
ZENTALIS PHARMACEUTICALS INC ZNTL · Call	ZNTL	Call	426,000	$2.1m426.0k shares	Added
C4 THERAPEUTICS INC CCCC · Call	CCCC	Call	400,000	$1.9m400.0k shares	New
ULTRAGENYX PHARMACEUTICAL IN RARE · Call	RARE	Call	55,000	$1.8m55.0k shares	New
NUVECTIS PHARMA INC NVCT · Call	NVCT	Call	38,700	$711.7k38.7k 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
APREA THERAPEUTICS INC 13G · filed 2026-04-07		9.9%	new	13G	2026-04-07
PASITHEA THERAPEUTICS CORP KTTA · 13G · filed 2026-02-17	KTTA	9.9%≈ $1.2m	no change	13G	2026-02-17
LIPOCINE INC NEW LPCN · 13G · filed 2026-08-14	LPCN	9.8%≈ $2.1m	+3.6 pts	13G	2026-08-14
INMED PHARMACEUTICALS INC INM · 13G · filed 2026-05-27	INM	9.8%≈ $503.8k	new	13G	2026-05-27
SCYNEXIS INC 13G · filed 2026-04-08		9.6%	new	13G	2026-04-08
RELMADA THERAPEUTICS INC RLMD · 13G · filed 2026-08-14	RLMD	7.0%≈ $50.9m	-2.9 pts	13G	2026-08-14
C4 THERAPEUTICS INC CCCC · 13G · filed 2026-08-14	CCCC	6.9%≈ $35.5m	+1.9 pts	13G	2026-08-14
QUINCE THERAPEUTICS INC IRLA · 13G · filed 2026-08-04	IRLA	5.6%≈ $1.0m	new	13G	2026-08-04
CONTINEUM THERAPEUTICS INC CTNM · 13G · filed 2026-10-28	CTNM	5.1%≈ $21.2m	new	13G	2026-10-28
ZENTALIS PHARMACEUTICALS INC ZNTL · 13G · filed 2026-03-03	ZNTL	5.1%≈ $17.8m	new	13G	2026-03-03