ADAR1 Capital Management, LLC
Long book
$1.65B
Q1 2026
Positions
291
Top-10 weight
41%
concentration
Last quarter
+21.7%
SPY +14.8%
Turnover
32%
of book per quarter
Strategy in plain words
auto-generated from filingsADAR1 Capital Management, LLC is an institutional manager, specialised in healthcare (96% of the long book), running a $1.65B US long book across 291 positions.
The portfolio is moderately concentrated (top 10 ≈ 41% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ABIVAX SA-ADR, PROTAGONIST THERAPEUTICS INC, ROIVANT SCIENCES LTD, IMMUNOVANT INC, SS SPDR S&P 500 ETF TRUST-US.
Over the last 9 quarters its long book ran on average 8.6pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.3%
Q2 2024
+12.2%
Q3 2024
-12.9%
Q4 2024
-4.6%
Q1 2025
+4.9%
Q2 2025
+70.7%
Q3 2025
+27.1%
Q4 2025
+0.6%
Q1 2026
+21.7%
Sector allocation
Healthcare 91%
Other 5%
Financials 2%
Materials 1%
Technology 1%
Industrials 0%
Consumer discretionary 0%
Services media 0%
Long book by quarter
What does ADAR1 Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 994.1K | $104.8M | 6.3% | -5.2% |
| ROIV ROIVANT SCIENCES LTD | Healthcare | 3.3M | $91.0M | 5.5% | -4.2% |
| IMVT IMMUNOVANT INC | Healthcare | 2.7M | $66.5M | 4.0% | +8.0% |
| 430 TERNS PHARMACEUTICALS INC | — | 914.7K | $48.2M | 2.9% | +68.9% |
| CYTK CYTOKINETICS INC | Healthcare | 632.6K | $41.7M | 2.5% | +17.1% |
| CRNX CRINETICS PHARMACEUTICALS IN | Healthcare | 1.1M | $41.4M | 2.5% | +268.3% |
| DNLI DENALI THERAPEUTICS INC | Healthcare | 1.9M | $35.9M | 2.2% | +3490.9% |
| BEAM BEAM THERAPEUTICS INC | Healthcare | 1.4M | $34.5M | 2.1% | New |
| SEPN SEPTERNA INC | Healthcare | 1.1M | $26.2M | 1.6% | -5.9% |
| VIR VIR BIOTECHNOLOGY INC | Healthcare | 2.7M | $24.6M | 1.5% | New |
| AVR ANTERIS TECHNOLOGIES GLOBAL | Healthcare | 3.8M | $21.0M | 1.3% | +205.9% |
| INSP INSPIRE MEDICAL SYSTEMS INC | Healthcare | 405.2K | $20.9M | 1.3% | +2601.3% |
| SRRK SCHOLAR ROCK HOLDING CORP | Healthcare | 407.3K | $20.0M | 1.2% | +485.3% |
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 211.4K | $18.4M | 1.1% | +311.8% |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 338.3K | $17.1M | 1.0% | +893.6% |
| CTMX CYTOMX THERAPEUTICS INC | Healthcare | 3.4M | $16.0M | 1.0% | -18.5% |
| PRTA PROTHENA CORP PLC | Healthcare | 1.6M | $15.4M | 0.9% | +8.5% |
| PCVX VAXCYTE INC | Healthcare | 259.1K | $15.1M | 0.9% | -17.9% |
| MNPR MONOPAR THERAPEUTICS INC | Healthcare | 264.3K | $14.5M | 0.9% | +13.0% |
| ABUS ARBUTUS BIOPHARMA CORP | Healthcare | 3.1M | $14.1M | 0.9% | -42.1% |
| AMLX AMYLYX PHARMACEUTICALS INC | Healthcare | 1.0M | $13.9M | 0.8% | +12.4% |
| CLDX CELLDEX THERAPEUTICS INC | Materials | 427.8K | $13.6M | 0.8% | -33.9% |
| TSHA TAYSHA GENE THERAPIES INC | Healthcare | 3.0M | $13.3M | 0.8% | +19.4% |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 228.9K | $13.3M | 0.8% | +12.2% |
| STRO SUTRO BIOPHARMA INC | Healthcare | 524.4K | $13.1M | 0.8% | +681.8% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 133.9K | $13.0M | 0.8% | -7.7% |
| ELVN ENLIVEN THERAPEUTICS INC | Healthcare | 329.5K | $12.9M | 0.8% | +998.5% |
| CGON CG ONCOLOGY INC | Healthcare | 185.7K | $12.6M | 0.8% | -28.1% |
| ESTA ESTABLISHMENT LABS HOLDINGS | Healthcare | 213.5K | $12.1M | 0.7% | +24.5% |
| REPL REPLIMUNE GROUP INC | Healthcare | 1.6M | $12.1M | 0.7% | +27.5% |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 160.3K | $12.0M | 0.7% | +9.0% |
| NKTR NEKTAR THERAPEUTICS | Healthcare | 161.3K | $11.6M | 0.7% | +123.9% |
| IKT INHIBIKASE THERAPEUTICS INC | Healthcare | 6.6M | $11.1M | 0.7% | -18.1% |
| SPRY ARS PHARMACEUTICALS INC | Healthcare | 1.4M | $10.9M | 0.7% | +268.4% |
| HLXC HELIX ACQUISITION CORP-CL A | Financials | 1.0M | $10.3M | 0.6% | New |
| OVID OVID THERAPEUTICS INC | Healthcare | 4.5M | $10.1M | 0.6% | +6.0% |
| OKUR ONKURE THERAPEUTICS INC-A | Healthcare | 2.4M | $10.1M | 0.6% | +140.1% |
| REGN REGENERON PHARMACEUTICALS | Healthcare | 12.2K | $9.4M | 0.6% | +0.9% |
| MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 457.1K | $8.5M | 0.5% | New |
| LXEO LEXEO THERAPEUTICS INC | Healthcare | 1.5M | $8.4M | 0.5% | +5.3% |
| IRD OPUS GENETICS INC | Healthcare | 1.8M | $8.4M | 0.5% | +4522.5% |
| SVRA SAVARA INC | Healthcare | 1.5M | $8.0M | 0.5% | +4.2% |
| MPLT MAPLIGHT THERAPEUTICS INC | Healthcare | 374.9K | $7.6M | 0.5% | New |
| LONA LEONABIO INC | Healthcare | 727.5K | $7.5M | 0.5% | +84.8% |
| EQ EQUILLIUM INC | Healthcare | 3.7M | $7.5M | 0.5% | -33.5% |
| VKTX VIKING THERAPEUTICS INC | Healthcare | 227.7K | $7.4M | 0.4% | +759.5% |
| DMRA DAMORA THERAPEUTICS INC | Healthcare | 279.0K | $7.2M | 0.4% | New |
| URGN UROGEN PHARMA LTD | Healthcare | 395.5K | $7.1M | 0.4% | +215.4% |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 94.3K | $7.0M | 0.4% | -55.8% |
| PRME PRIME MEDICINE INC | Healthcare | 2.0M | $6.9M | 0.4% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 18, 2026 | 311 | $1.70B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Feb 18, 2026 | 270 | $1.36B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 270 | $1.38B | SEC ↗ | |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 220 | $1.06B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 210 | $652.1M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 202 | $538.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 214 | $500.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 278 | $614.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 266 | $529.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 261 | $440.8M | canonical | SEC ↗ |