Q2 2026 13F · SEC CIK 1940272

ADAR1 Capital Management, LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $2.1B
Reported positions: 262
Top holdings a year, 3 yrs: +49.0%
Assets under management: $1.7B

ADAR1 Capital Management, LLC is a hedge fund that reported 262 positions worth $2.1B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Abivax SA (ABVX, 11.4%), Protagonist Therapeutics Inc (PTGX, 5.6%), Roivant Sciences Ltd (ROIV, 5.3%). A portfolio copying its top holdings returned 49.0% a year over the last 3 years, against 18.8% for the S&P 500.

ADAR1 Capital Management, LLC holdings largest 50 of 262 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

ADAR1 Capital Management, LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
ABVXAbivax SA	11.4%	9.4%	1,804,703	+29.5%	$240.5M
PTGXProtagonist Therapeutics Inc	5.6%	6.3%	960,863	-3.3%	$117.8M
ROIVRoivant Sciences Ltd	5.3%	5.5%	3,157,008	-3.9%	$111.7M
SPYState Str Spdr S&p 500 ETF T	4.6%	3.0%	129,087	+70.0%	$96.4M
IMVTImmunovant Inc	4.3%	4.0%	2,330,716	-13.0%	$89.8M
ZLABZai Lab Ltd	3.0%	1.6%	3,369,034	+136.4%	$64.0M
AGIOAgios Pharmaceuticals Inc	2.3%	—	1,288,053	—	$47.8M
CRNXCrinetics Pharmaceuticals in	2.2%	2.5%	1,222,080	+7.3%	$45.7M
BOXXEa Series Trust	1.9%	2.4%	337,125	+0.0%	$39.5M
CYTKCytokinetics	1.8%	2.5%	457,907	-27.6%	$39.0M
SEPNSepterna Inc	1.5%	1.6%	940,747	-13.7%	$31.5M
AVRAnteris Technologies Global	1.5%	1.3%	3,145,096	-17.0%	$31.0M
EDITEditas Medicine Inc	1.4%	—	8,889,000	—	$28.8M
DNLIDenali Therapeutics Inc Com	1.3%	2.2%	1,029,080	-45.0%	$26.5M
SYRESpyre Therapeutics	1.2%	1.0%	283,982	-16.1%	$25.2M
VIRVir Biotechnology Inc	1.2%	1.5%	2,456,677	-10.5%	$25.0M
PRAXPraxis Precision Medicines I	1.2%	—	74,253	—	$24.9M
INSMInsmed Inc	1.2%	—	228,520	—	$24.4M
CLDXCelldex Therapeutics Inc New	1.1%	0.8%	619,542	+44.8%	$23.1M
VKTXViking Therapeutics Inc	1.1%	—	574,038	—	$22.4M
TSHATaysha Gene Therapies Inc	1.0%	0.8%	3,040,466	+2.0%	$20.7M
MNPRMonopar Therapeutics Inc	1.0%	0.9%	217,595	-17.7%	$20.1M
OVIDOvid Therapeutics Inc	0.9%	0.6%	7,417,479	+63.2%	$20.0M
ELVNEnliven Therapeutics Inc	0.9%	0.8%	387,718	+17.7%	$19.7M
ENTAEnanta Pharmaceuticals Inc	0.9%	—	1,344,510	—	$19.6M
NKTRNektar Therapeutics	0.8%	0.7%	244,184	+51.4%	$17.0M
INSPInspire Med Sys Inc	0.8%	1.3%	374,617	-7.5%	$16.7M
RVMDRevolution Medicines Inc	0.8%	0.8%	87,509	-34.6%	$16.4M
ESTAEstablishment Labs Hldgs Inc	0.8%	0.7%	185,619	-13.0%	$15.9M
PRTAProthena Corp PLC Shs	0.7%	0.9%	1,554,535	-1.7%	$15.2M
RYTMRhythm Pharmaceuticals Inc	0.7%	1.1%	136,158	-35.6%	$15.1M
IKTInhibikase Therapeutics Inc	0.7%	0.7%	7,387,205	+11.8%	$15.0M
QUREUniqure NV	0.7%	—	324,672	—	$15.0M
RLYBRallybio Corp	0.7%	—	926,352	—	$14.8M
REGNRegeneron Pharmaceuticals	0.7%	0.6%	22,208	+82.7%	$13.8M
IVAInventiva SA	0.6%	0.7%	3,606,656	+65.9%	$13.6M
STROSutro Biopharma Inc	0.6%	0.8%	404,014	-23.0%	$13.4M
IONSIonis Pharmaceuticals Inc	0.6%	0.7%	166,286	+3.7%	$13.2M
BBIOBridgebio Pharma Inc	0.6%	—	176,689	—	$13.2M
SRPTSarepta Therapeutics Inc	0.6%	—	730,649	—	$13.1M
CTMXCytomx Therapeutics Inc.	0.6%	1.0%	3,365,118	-1.3%	$12.6M
VORVor Biopharma Inc	0.6%	—	680,626	—	$12.5M
BILSpdr Series Trust	0.6%	0.8%	135,585	+0.0%	$12.4M
EQEquillium Inc	0.6%	—	3,758,569	—	$12.0M
ANLAdlai Nortye Ltd	0.6%	—	1,017,805	—	$11.7M
CLYMClimb Bio Inc	0.5%	—	822,649	—	$10.7M
HLXCHelix Acquisition Corp III	0.5%	0.6%	1,000,000	+0.0%	$10.6M
ZURAZura Bio Ltd	0.5%	—	1,759,295	—	$10.4M
OKUROnkure Therapeutics Inc	0.5%	0.6%	2,238,684	-8.1%	$10.2M
MAZEMaze Therapeutics Inc	0.5%	—	339,276	—	$10.1M

What ADAR1 Capital Management, LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

ZLAB Zai Lab Ltd+136.4% shares
REGN Regeneron Pharmaceuticals+82.7% shares
SPY State Str Spdr S&p 500 ETF T+70.0% shares
IVA Inventiva SA+65.9% shares
OVID Ovid Therapeutics Inc+63.2% shares
NKTR Nektar Therapeutics+51.4% shares
CLDX Celldex Therapeutics Inc New+44.8% shares
ABVX Abivax SA+29.5% shares

Reduced

DNLI Denali Therapeutics Inc Com-45.0% shares
RYTM Rhythm Pharmaceuticals Inc-35.6% shares
RVMD Revolution Medicines Inc-34.6% shares
CYTK Cytokinetics-27.6% shares
STRO Sutro Biopharma Inc-23.0% shares
MNPR Monopar Therapeutics Inc-17.7% shares
AVR Anteris Technologies Global-17.0% shares
SYRE Spyre Therapeutics-16.1% shares

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +78.3% /yr; S&P 500 +20.1%
3 years: +49.0% /yr; S&P 500 +18.8%
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$2.1B	262
Q1 2026	$1.7B	290
Q4 2025	$1.3B	249
Q3 2025	$1.0B	197
Q2 2025	$609.2M	199
Q1 2025	$505.2M	192
Q4 2024	$469.4M	195
Q3 2024	$596.5M	258
Q2 2024	$496.6M	245
Q1 2024	$366.3M	239
Q4 2023	$223.6M	150

Questions about ADAR1 Capital Management, LLC's portfolio

What stocks does ADAR1 Capital Management, LLC own?

ADAR1 Capital Management, LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 262 positions worth $2.1B. The largest are Abivax SA (ABVX) at 11.4%, Protagonist Therapeutics Inc (PTGX) at 5.6%, Roivant Sciences Ltd (ROIV) at 5.3%, State Str Spdr S&p 500 ETF T (SPY) at 4.6% and Immunovant Inc (IMVT) at 4.3%.

What did ADAR1 Capital Management, LLC buy last quarter?

In Q2 2026, ADAR1 Capital Management, LLC added Zai Lab Ltd (ZLAB) (+136.4% shares), Regeneron Pharmaceuticals (REGN) (+82.7% shares) and State Str Spdr S&p 500 ETF T (SPY) (+70.0% shares), compared with its Q1 2026 filing.

What did ADAR1 Capital Management, LLC sell last quarter?

In Q2 2026, ADAR1 Capital Management, LLC cut from its top 50 Terns Pharmaceuticals Inc (TERN), cut from its top 50 Beam Therapeutics Inc (BEAM), cut from its top 50 Dbv Technologies S A (DBVT), cut from its top 50 Scholar Rock Hldg Corp (SRRK), cut from its top 50 Sanofi SA (SNYNF), Denali Therapeutics Inc Com (DNLI) (-45.0% shares), Rhythm Pharmaceuticals Inc (RYTM) (-35.6% shares) and Revolution Medicines Inc (RVMD) (-34.6% shares), compared with its Q1 2026 filing.

How has ADAR1 Capital Management, LLC's portfolio performed?

A portfolio copying ADAR1 Capital Management, LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +49.0% a year over the last 3 years, against +18.8% for the S&P 500. Over 1 year: +78.3% against +20.1%.

When is ADAR1 Capital Management, LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. ADAR1 Capital Management, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does ADAR1 Capital Management, LLC manage?

ADAR1 Capital Management, LLC reported $1.7B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $2.1B.