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VR ADVISER, LLC

· CIK 0001615982
13F Portfolio $1.8B AUM Filed Nov 14, 2025 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 33 New
Page 2 of 2  ·  33 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 VOR VOR BIOPHARMA INC Healthcare 499,966.0 $24.4M 1.37% NEW $48.72 -70.0%
22 UPSTREAM BIO INC 1,169,298.0 $22.0M 1.24% NEW $18.81
23 ZURA BIO LTD 4,631,216.0 $20.1M 1.13% NEW $4.33
24 ASTRIA THERAPEUTICS INC 2,457,348.0 $17.9M 1.01% NEW $7.28
25 PHVS PHARVARIS N V Healthcare 674,599.0 $16.8M 0.95% NEW $24.95 +23.0%
26 CRESCENT BIOPHARMA INC. 1,387,864.0 $16.5M 0.93% NEW $11.89
27 SEPN SEPTERNA INC Healthcare 610,808.0 $11.5M 0.65% NEW $18.81 +50.6%
28 CGEM CULLINAN THERAPEUTICS INC Healthcare 1,379,965.0 $8.2M 0.46% NEW $5.93 +165.3%
29 SURROZEN INC 632,931.0 $8.2M 0.46% NEW $12.89
30 PERCEPTIVE CAP SOLUTIONS COR 750,000.0 $8.0M 0.45% NEW $10.60
31 ARTIVA BIOTHERAPEUTICS INC 1,609,569.0 $4.6M 0.26% NEW $2.87
32 TENAX THERAPEUTICS INC 437,708.0 $3.3M 0.19% NEW $7.61
33 CASI PHARMACEUTICALS INC 987,259.0 $1.6M 0.09% NEW $1.66
Page 2 of 2  ·  33 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Healthcare 100.0%