Velan Capital Investment Management LP
Long book
$159.6M
Q1 2026
Positions
49
Top-10 weight
73%
concentration
Last quarter
+6.0%
SPY +14.8%
Turnover
35%
of book per quarter
Strategy in plain words
auto-generated from filingsVelan Capital Investment Management LP is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $159.6M US long book across 49 positions.
The portfolio is concentrated: the top 10 names carry 73% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: PRAXIS PRECISION MEDICINES I, PROTARA THERAPEUTIC INC, SUTRO BIOPHARMA INC, EVOMMUNE INC, MAPLIGHT THERAPEUTICS INC.
Over the last 9 quarters its long book ran on average 3.2pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.8%
Q2 2024
-15.4%
Q3 2024
+11.0%
Q4 2024
-37.8%
Q1 2025
+1.8%
Q2 2025
+14.0%
Q3 2025
+39.3%
Q4 2025
+0.4%
Q1 2026
+6.0%
Sector allocation
Healthcare 100%
Long book by quarter
What does Velan Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 100.8K | $32.5M | 20.3% | Held |
| TARA PROTARA THERAPEUTIC INC | Healthcare | 2.8M | $14.8M | 9.3% | Held |
| STRO SUTRO BIOPHARMA INC | Healthcare | 512.2K | $12.8M | 8.0% | +64.2% |
| EVMN EVOMMUNE INC | Healthcare | 446.3K | $10.3M | 6.4% | -11.9% |
| MPLT MAPLIGHT THERAPEUTICS INC | Healthcare | 492.9K | $10.0M | 6.3% | -5.6% |
| TENX TENAX THERAPEUTICS INC | Healthcare | 583.3K | $9.3M | 5.8% | +600.0% |
| HRTX HERON THERAPEUTICS INC | Healthcare | 8.8M | $7.0M | 4.4% | Held |
| IMMX IMMIX BIOPHARMA INC | Healthcare | 740.0K | $6.7M | 4.2% | +2014.3% |
| ESPR ESPERION THERAPEUTICS INC | Healthcare | 1.7M | $4.7M | 3.0% | +42.1% |
| EDSA EDESA BIOTECH INC | Healthcare | 827.5K | $4.3M | 2.7% | +20.4% |
| AVR ANTERIS TECHNOLOGIES GLOBAL | Healthcare | 700.0K | $3.9M | 2.4% | New |
| NSPR INSPIREMD INC | Healthcare | 2.1M | $3.4M | 2.1% | -2.1% |
| XNCR XENCOR INC | Healthcare | 250.0K | $3.0M | 1.9% | New |
| AVTX AVALO THERAPEUTICS INC | Healthcare | 185.1K | $2.8M | 1.7% | -29.8% |
| EPRX EUPRAXIA PHARMACEUTICALS INC | Healthcare | 352.0K | $2.5M | 1.6% | Held |
| CTMX CYTOMX THERAPEUTICS INC | Healthcare | 540.0K | $2.5M | 1.6% | +575.0% |
| VRCA VERRICA PHARMACEUTICALS INC | Healthcare | 471.6K | $2.5M | 1.6% | Held |
| JSPR JASPER THERAPEUTICS INC | Healthcare | 2.7M | $2.3M | 1.5% | Held |
| RZLT REZOLUTE INC | Healthcare | 750.0K | $2.3M | 1.4% | Held |
| LYEL LYELL IMMUNOPHARMA INC | Healthcare | 102.0K | $2.0M | 1.3% | New |
| PROF PROFOUND MEDICAL CORP | Healthcare | 285.7K | $1.9M | 1.2% | Held |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 91.1K | $1.8M | 1.1% | +5.3% |
| RCKT ROCKET PHARMACEUTICALS INC | Healthcare | 294.6K | $1.1M | 0.7% | New |
| NSRX NASUS PHARMA LTD | Healthcare | 359.4K | $798K | 0.5% | New |
| ARWR ARROWHEAD PHARMACEUTICALS IN | Healthcare | 6.5K | $408K | 0.3% | Held |
| PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 3.7K | $390K | 0.2% | Held |
| OVID OVID THERAPEUTICS INC | Healthcare | 160.0K | $355K | 0.2% | Held |
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 11.0K | $298K | 0.2% | -92.7% |
| CNTX CONTEXT THERAPEUTICS INC | Healthcare | 100.0K | $262K | 0.2% | Held |
| NRIX NURIX THERAPEUTICS INC | Healthcare | 16.0K | $248K | 0.2% | Held |
| CRBP CORBUS PHARMACEUTICALS HOLDI | Healthcare | 26.0K | $244K | 0.2% | +100.0% |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 10.0K | $234K | 0.1% | -92.3% |
| DTIL PRECISION BIOSCIENCES INC | Healthcare | 40.0K | $220K | 0.1% | +100.0% |
| IMNM IMMUNOME INC | Healthcare | 10.0K | $219K | 0.1% | Held |
| DSGN DESIGN THERAPEUTICS INC | Healthcare | 20.0K | $213K | 0.1% | Held |
| ARTV ARTIVA BIOTHERAPEUTICS INC | Healthcare | 25.0K | $161K | 0.1% | New |
| NMRA NEUMORA THERAPEUTICS INC | Healthcare | 80.0K | $156K | 0.1% | New |
| REPL REPLIMUNE GROUP INC | Healthcare | 20.0K | $153K | 0.1% | +33.3% |
| LRMR LARIMAR THERAPEUTICS INC | Healthcare | 33.0K | $149K | 0.1% | Held |
| XLO XILIO THERAPEUTICS INC | Healthcare | 14.3K | $120K | 0.1% | New |
| KLRS KALARIS THERAPEUTICS INC | Healthcare | 18.0K | $104K | 0.1% | New |
| PMVP PMV PHARMACEUTICALS INC | Healthcare | 73.0K | $91K | 0.1% | +108.6% |
| MGNX MACROGENICS INC | Healthcare | 30.0K | $87K | 0.1% | New |
| KPTI KARYOPHARM THERAPEUTICS INC | Healthcare | 15.0K | $84K | 0.1% | New |
| PRQR PROQR THERAPEUTICS NV | Healthcare | 45.0K | $73K | 0.0% | Held |
| GOSS GOSSAMER BIO INC | Healthcare | 70.0K | $23K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 50 | $159.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 48 | $172.4M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 51 | $106.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 53 | $101.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 49 | $97.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 47 | $115.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 20 | $106.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 18 | $174.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 22 | $220.2M | canonical | SEC ↗ |