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VR ADVISER, LLC

· CIK 0001615982
13F Portfolio $2.0B AUM 27 positions Filed Feb 17, 2026 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025
# Ticker Company Sector Shares Value % Port Chg Shares Chg % Period Price ① Since Period ①
1 APOG APOGEE THERAPEUTICS INC Industrials 8,493,321.0 $641.1M 31.67% $75.48 -54.9%
2 ORKA ORUKA THERAPEUTICS INC Healthcare 4,148,428.0 $125.7M 6.21% $30.31 +110.8%
3 VRDN VIRIDIAN THERAPEUTICS INC Healthcare 3,882,709.0 $120.8M 5.97% $31.12 -45.2%
4 SYRE SPYRE THERAPEUTICS INC Healthcare 3,685,448.0 $120.7M 5.96% +1.0M +37.2% $32.76 +130.9%
5 KALV KALVISTA PHARMACEUTICALS INC Healthcare 6,728,985.0 $108.7M 5.37% $16.15 +65.7%
6 OCUL OCULAR THERAPEUTIX INC Healthcare 7,315,547.0 $88.8M 4.39% -5.8M -44.4% $12.14 -21.7%
7 SVRA SAVARA INC Healthcare 13,740,375.0 $82.9M 4.09% +1.1M +8.3% $6.03 -12.6%
8 COGT COGENT BIOSCIENCES INC Healthcare 2,000,000.0 $71.0M 3.51% -2.0M -50.0% $35.52 -3.7%
9 ERAS ERASCA INC Healthcare 17,857,083.0 $66.4M 3.28% $3.72 +178.8%
10 CTMX CYTOMX THERAPEUTICS INC Healthcare 15,561,500.0 $66.3M 3.27% $4.26 -11.3%
11 MAZE MAZE THERAPEUTICS INC Healthcare 1,548,569.0 $64.2M 3.17% +318K +25.8% $41.43 -36.2%
12 JBIO JADE BIOSCIENCES INC Healthcare 3,220,364.0 $49.7M 2.45% $15.43 +56.4%
13 ELVN ENLIVEN THERAPEUTICS INC Healthcare 3,226,331.0 $49.7M 2.45% $15.40 +179.7%
14 ORIC ORIC PHARMACEUTICALS INC Healthcare 5,676,230.0 $46.4M 2.29% -921K -14.0% $8.18 +2.0%
15 ENGN ENGENE HOLDINGS INC Healthcare 4,771,414.0 $43.1M 2.13% -275K -5.5% $9.03 -81.0%
16 DYN DYNE THERAPEUTICS INC Healthcare 2,173,913.0 $42.5M 2.10% $19.56 -6.5%
17 DNTH DIANTHUS THERAPEUTICS INC Healthcare 1,000,000.0 $41.2M 2.04% +39K +4.1% $41.21 +107.1%
18 UPB UPSTREAM BIO INC Healthcare 1,169,298.0 $31.7M 1.57% $27.15 -67.6%
19 HELP CYBIN INC Healthcare 3,840,250.0 $31.4M 1.55% NEW $8.18 -38.1%
20 ZURA BIO LTD 5,345,115.0 $28.0M 1.38% +714K +15.4% $5.24
21 VOR VOR BIOPHARMA INC Healthcare 1,943,766.0 $25.4M 1.26% +1.4M +288.8% $13.08 +11.9%
22 CBIO CRESCENT BIOPHARMA INC. Healthcare 2,133,576.0 $25.3M 1.25% +746K +53.7% $11.86 +68.4%
23 SEPN SEPTERNA INC Healthcare 610,808.0 $17.0M 0.84% $27.88 +1.6%
24 SRZN SURROZEN INC Healthcare 632,931.0 $14.3M 0.71% $22.60 +33.4%
25 CGEM CULLINAN THERAPEUTICS INC Healthcare 1,379,965.0 $14.3M 0.70% $10.35 +52.0%
26 ARTV ARTIVA BIOTHERAPEUTICS INC Healthcare 1,609,569.0 $6.9M 0.34% $4.29 +128.0%
27 CASI PHARMACEUTICALS INC 987,259.0 $839K 0.04% $0.85

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 67.9%
Industrials 32.1%