Squadron Capital Management LLC Hedge Fund

Location: Westmont, IL

CIK: 0002050709 · Show all filings

Period: Q4 2025 (Next →)

Filing Date: Feb 17, 2026

Total Value: $236M (100.0% shares, 0.0% debt)

Holdings (33)

RLMD RELMADA THERAPEUTICS INC 13.7%

Value $32.36M Shares 6,700,000 Share Price $4.83 * Est. Cost/Share $3.35 Unrealized @ Report Date 0.0%

COGT COGENT BIOSCIENCES INC 11.7%

Value $27.71M Shares 780,000 Share Price $35.52 * Est. Cost/Share $28.11 Unrealized @ Report Date 0.0%

MAZE MAZE THERAPEUTICS INC 8.6%

Value $20.3M Shares 490,000 Share Price $41.43 * Est. Cost/Share $34.37 Unrealized @ Report Date 0.0%

ABVX ABIVAX SA 8.3%

Value $19.55M Shares 145,000 Share Price $134.85 Est. Cost/Share $134.85 Unrealized @ Report Date —

KALV KALVISTA PHARMACEUTICALS INC 4.8%

Value $11.3M Shares 700,000 Share Price $16.15 * Est. Cost/Share $13.24 Unrealized @ Report Date 0.0%

PALI PALISADE BIO INC 4.5%

Value $10.57M Shares 4,500,000 Share Price $2.35 * Est. Cost/Share $1.92 Unrealized @ Report Date 0.0%

EWTX EDGEWISE THERAPEUTICS INC 3.7%

Value $8.685M Shares 350,000 Share Price $24.82 * Est. Cost/Share $20.07 Unrealized @ Report Date 0.0%

IKT INHIBIKASE THERAPEUTICS INC 3.7%

Value $8.661M Shares 4,225,000 Share Price $2.05 * Est. Cost/Share $1.59 Unrealized @ Report Date 0.0%

KOD KODIAK SCIENCES INC 3.5%

Value $8.156M Shares 291,710 Share Price $27.96 * Est. Cost/Share $20.48 Unrealized @ Report Date 0.0%

TERN TERNS PHARMACEUTICALS INC 3.3%

Value $7.676M Shares 190,000 Share Price $40.40 * Est. Cost/Share $23.11 Unrealized @ Report Date 0.0%

AVBP ARRIVENT BIOPHARMA INC 2.9%

Value $6.801M Shares 338,000 Share Price $20.12 Est. Cost/Share — Unrealized @ Report Date —

TARS TARSUS PHARMACEUTICALS INC 2.8%

Value $6.55M Shares 80,000 Share Price $81.88 * Est. Cost/Share $74.67 Unrealized @ Report Date 0.0%

UPB UPSTREAM BIO INC 2.7%

Value $6.262M Shares 230,650 Share Price $27.15 * Est. Cost/Share $24.89 Unrealized @ Report Date 0.0%

SPRB SPRUCE BIOSCIENCES INC 2.6%

Value $6.098M Shares 70,000 Share Price $87.11 * Est. Cost/Share $107.14 Unrealized @ Report Date 0.0%

XENE XENON PHARMACEUTICALS INC 2.0%

Value $4.731M Shares 105,551 Share Price $44.82 * Est. Cost/Share $42.00 Unrealized @ Report Date 0.0%

DBVT DBV TECHNOLOGIES S A 1.9%

Value $4.601M Shares 240,000 Share Price $19.17 Est. Cost/Share $19.17 Unrealized @ Report Date —

HELP CYBIN INC 1.8%

Value $4.295M Shares 525,000 Share Price $8.18 * Est. Cost/Share $6.44 Unrealized @ Report Date 0.0%

LPCN LIPOCINE INC NEW 1.8%

Value $4.256M Shares 530,000 Share Price $8.03 * Est. Cost/Share $3.36 Unrealized @ Report Date 0.0%

BLTE BELITE BIO INC 1.8%

Value $4.159M Shares 26,000 Share Price $159.96 Est. Cost/Share $159.96 Unrealized @ Report Date —

GHRS GH RESEARCH PLC 1.7%

Value $4M Shares 315,000 Share Price $12.70 * Est. Cost/Share $13.62 Unrealized @ Report Date 0.0%

EPRX EUPRAXIA PHARMACEUTICALS INC 1.6%

Value $3.775M Shares 500,000 Share Price $7.55 * Est. Cost/Share $6.16 Unrealized @ Report Date 0.0%

VTYX VENTYX BIOSCIENCES INC 1.6%

Value $3.702M Shares 410,000 Share Price $9.03 * Est. Cost/Share $7.47 Unrealized @ Report Date 0.0%

NXTC NEXTCURE INC 1.4%

Value $3.363M Shares 236,966 Share Price $14.19 * Est. Cost/Share $10.36 Unrealized @ Report Date 0.0%

VERA VERA THERAPEUTICS INC 1.3%

Value $3.038M Shares 60,000 Share Price $50.64 Est. Cost/Share — Unrealized @ Report Date —

WVE WAVE LIFE SCIENCES LTD 1.3%

Value $2.975M Shares 175,000 Share Price $17.00 * Est. Cost/Share $10.16 Unrealized @ Report Date 0.0%

KTTA PASITHEA THERAPEUTICS CORP 1.1%

Value $2.709M Shares 2,100,000 Share Price $1.29 * Est. Cost/Share $0.88 Unrealized @ Report Date 0.0%

CMPS COMPASS PATHWAYS PLC 1.1%

Value $2.679M Shares 388,287 Share Price $6.90 Est. Cost/Share $6.90 Unrealized @ Report Date —

AVTX AVALO THERAPEUTICS INC 1.0%

Value $2.361M Shares 130,000 Share Price $18.16 * Est. Cost/Share $16.88 Unrealized @ Report Date 0.0%

IVA INVENTIVA SA 0.6%

Value $1.395M Shares 300,000 Share Price $4.65 Est. Cost/Share $4.65 Unrealized @ Report Date —

ZBIO ZENAS BIOPHARMA INC 0.6%

Value $1.307M Shares 36,000 Share Price $36.31 Est. Cost/Share — Unrealized @ Report Date —

TRAW TRAWS PHARMA INC 0.3%

Value $806K Shares 713,540 Share Price $1.13 * Est. Cost/Share $2.22 Unrealized @ Report Date 0.0%

NTLA INTELLIA THERAPEUTICS INC 0.3%

Value $728K Shares 81,000 Share Price $8.99 Est. Cost/Share — Unrealized @ Report Date —

CLYM CLIMB BIO INC 0.2%

Value $400K Shares 100,000 Share Price $4.00 * Est. Cost/Share $2.40 Unrealized @ Report Date 0.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
RLMD	RELMADA THERAPEUTICS INC	6,700,000	$32.36M	13.7%	$4.83 *	$3.35	0.0%	COM	75955J402
COGT	COGENT BIOSCIENCES INC	780,000	$27.71M	11.7%	$35.52 *	$28.11	0.0%	COM	19240Q201
MAZE	MAZE THERAPEUTICS INC	490,000	$20.3M	8.6%	$41.43 *	$34.37	0.0%	COM	578784100
ABVX	ABIVAX SA	145,000	$19.55M	8.3%	$134.85	$134.85	—	SPONSORED ADS	00370M103
KALV	KALVISTA PHARMACEUTICALS INC	700,000	$11.3M	4.8%	$16.15 *	$13.24	0.0%	COM	483497103
PALI	PALISADE BIO INC	4,500,000	$10.57M	4.5%	$2.35 *	$1.92	0.0%	COM	696389402
EWTX	EDGEWISE THERAPEUTICS INC	350,000	$8.685M	3.7%	$24.82 *	$20.07	0.0%	COM	28036F105
IKT	INHIBIKASE THERAPEUTICS INC	4,225,000	$8.661M	3.7%	$2.05 *	$1.59	0.0%	COM NEW	45719W205
KOD	KODIAK SCIENCES INC	291,710	$8.156M	3.5%	$27.96 *	$20.48	0.0%	COM	50015M109
TERN	TERNS PHARMACEUTICALS INC	190,000	$7.676M	3.3%	$40.40 *	$23.11	0.0%	COM	880881107
AVBP	ARRIVENT BIOPHARMA INC	338,000	$6.801M	2.9%	$20.12	—	—	Call	04272N102
TARS	TARSUS PHARMACEUTICALS INC	80,000	$6.55M	2.8%	$81.88 *	$74.67	0.0%	COM	87650L103
UPB	UPSTREAM BIO INC	230,650	$6.262M	2.7%	$27.15 *	$24.89	0.0%	COM	91678A107
SPRB	SPRUCE BIOSCIENCES INC	70,000	$6.098M	2.6%	$87.11 *	$107.14	0.0%	COM NEW	85209E208
XENE	XENON PHARMACEUTICALS INC	105,551	$4.731M	2.0%	$44.82 *	$42.00	0.0%	COM	98420N105
DBVT	DBV TECHNOLOGIES S A	240,000	$4.601M	1.9%	$19.17	$19.17	—	SPONSORED ADS	23306J309
HELP	CYBIN INC	525,000	$4.295M	1.8%	$8.18 *	$6.44	0.0%	COM NEW	23256X407
LPCN	LIPOCINE INC NEW	530,000	$4.256M	1.8%	$8.03 *	$3.36	0.0%	COM NEW	53630X203
BLTE	BELITE BIO INC	26,000	$4.159M	1.8%	$159.96	$159.96	—	SPONSORED ADS	07782B104
GHRS	GH RESEARCH PLC	315,000	$4M	1.7%	$12.70 *	$13.62	0.0%	ORDINARY SHARES	G3855L106
EPRX	EUPRAXIA PHARMACEUTICALS INC	500,000	$3.775M	1.6%	$7.55 *	$6.16	0.0%	COM	29842P105
VTYX	VENTYX BIOSCIENCES INC	410,000	$3.702M	1.6%	$9.03 *	$7.47	0.0%	COM	92332V107
NXTC	NEXTCURE INC	236,966	$3.363M	1.4%	$14.19 *	$10.36	0.0%	COM NEW	65343E207
VERA	VERA THERAPEUTICS INC	60,000	$3.038M	1.3%	$50.64	—	—	Call	92337R101
WVE	WAVE LIFE SCIENCES LTD	175,000	$2.975M	1.3%	$17.00 *	$10.16	0.0%	SHS	Y95308105
KTTA	PASITHEA THERAPEUTICS CORP	2,100,000	$2.709M	1.1%	$1.29 *	$0.88	0.0%	COM NEW	70261F202
CMPS	COMPASS PATHWAYS PLC	388,287	$2.679M	1.1%	$6.90	$6.90	—	SPONSORED ADS	20451W101
AVTX	AVALO THERAPEUTICS INC	130,000	$2.361M	1.0%	$18.16 *	$16.88	0.0%	COM NEW	05338F306
IVA	INVENTIVA SA	300,000	$1.395M	0.6%	$4.65	$4.65	—	ADS	46124U107
ZBIO	ZENAS BIOPHARMA INC	36,000	$1.307M	0.6%	$36.31	—	—	Call	98937L105
TRAW	TRAWS PHARMA INC	713,540	$806K	0.3%	$1.13 *	$2.22	0.0%	COM NEW	68232V884
NTLA	INTELLIA THERAPEUTICS INC	81,000	$728K	0.3%	$8.99	—	—	Call	45826J105
CLYM	CLIMB BIO INC	100,000	$400K	0.2%	$4.00 *	$2.40	0.0%	COM	28658R106