Propel Bio Management, LLC Diversified Active

CIK: 0001969764 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 11, 2026

Total Value ($000): $117,124 (100.0% shares, 0.0% debt)

Holdings (20)

New Positions (8)

KYTX KYVERNA THERAPEUTICS INC 5.4%

Value ($000) $6,267 Shares 666,666 Est. Cost $7.42 Unrealized 0.0%

IVA INVENTIVA SA - ADR 4.0%

Value ($000) $4,650 Shares 1,000,000 Est. Cost $4.65 Unrealized —

OCS OCULIS HOLDING AG 2.9%

Value ($000) $3,452 Shares 172,839 Est. Cost $20.00 Unrealized 0.0%

SABS SAB BIOTHERAPEUTICS INC 2.1%

Value ($000) $2,442 Shares 652,881 Est. Cost $3.29 Unrealized 0.0%

RGNX REGENXBIO INC 1.4%

Value ($000) $1,683 Shares 116,896 Est. Cost $12.46 Unrealized 0.0%

LENZ LENZ THERAPEUTICS INC 0.8%

Value ($000) $945 Shares 59,085 Est. Cost $29.15 Unrealized 0.0%

AARD AARDVARK THERAPEUTICS INC 0.5%

Value ($000) $609 Shares 46,408 Est. Cost $12.48 Unrealized 0.0%

KLRS KALARIS THERAPEUTICS INC 0.3%

Value ($000) $355 Shares 42,053 Est. Cost $6.39 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KYTX	KYVERNA THERAPEUTICS INC	666,666	$6,267	5.4%	$7.42	0.0%	COM	501976104
IVA	INVENTIVA SA - ADR	1,000,000	$4,650	4.0%	$4.65	—	ADS	46124U107
OCS	OCULIS HOLDING AG	172,839	$3,452	2.9%	$20.00	0.0%	ORDINARY SHARES	H5870P102
SABS	SAB BIOTHERAPEUTICS INC	652,881	$2,442	2.1%	$3.29	0.0%	COM NEW	78397T202
RGNX	REGENXBIO INC	116,896	$1,683	1.4%	$12.46	0.0%	COM	75901B107
LENZ	LENZ THERAPEUTICS INC	59,085	$945	0.8%	$29.15	0.0%	COM	52635N103
AARD	AARDVARK THERAPEUTICS INC	46,408	$609	0.5%	$12.48	0.0%	COM	002942100
KLRS	KALARIS THERAPEUTICS INC	42,053	$355	0.3%	$6.39	0.0%	COM	482929106

Increased Positions (4)

VRDN VIRIDIAN THERAPEUTICS INC 7.5%

Value ($000) $8,792 (+352.7%) Shares 282,531 (+213.9%) Est. Cost $24.44 Unrealized +12.2%

PHAT PHATHOM PHARMACEUTICALS INC 10.5%

Value ($000) $12,292 (+88.9%) Shares 740,918 (+34.0%) Est. Cost $10.07 Unrealized +41.8%

CMPS COMPASS PATHWAYS PLC 5.1%

Value ($000) $5,946 (+103.5%) Shares 861,778 (+69.0%) Est. Cost $6.21 Unrealized —

NKTR NEKTAR THERAPEUTICS 3.0%

Value ($000) $3,502 (+25.6%) Shares 82,822 (+69.0%) Est. Cost $42.44 Unrealized +31.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VRDN	VIRIDIAN THERAPEUTICS INC	282,531 (+213.9%)	$8,792 (+352.7%)	7.5%	$24.44	+12.2%	COM	92790C104
PHAT	PHATHOM PHARMACEUTICALS INC	740,918 (+34.0%)	$12,292 (+88.9%)	10.5%	$10.07	+41.8%	COM	71722W107
CMPS	COMPASS PATHWAYS PLC	861,778 (+69.0%)	$5,946 (+103.5%)	5.1%	$6.21	—	SPONSORED ADS	20451W101
NKTR	NEKTAR THERAPEUTICS	82,822 (+69.0%)	$3,502 (+25.6%)	3.0%	$42.44	+31.9%	COM NEW	640268306

Exited Positions (4)

— AKERO THERAPEUTICS INC 9.3%

Value ($000) $10,867 Shares 228,884 Est. Cost $24.86 Unrealized —

— APPLIED THERAPEUTICS INC 5.8%

Value ($000) $6,827 Shares 11,285,420 Est. Cost $2.53 Unrealized —

TCRX TSCAN THERAPEUTICS INC 3.0%

Value ($000) $3,517 Shares 1,932,304 Est. Cost $4.58 Unrealized -68.4%

JSPR JASPER THERAPEUTICS INC 2.1%

Value ($000) $2,449 Shares 1,028,806 Est. Cost $3.03 Unrealized -33.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AKERO THERAPEUTICS INC	228,884	$10,867	9.3%	$24.86	—	—	00973Y108
—	APPLIED THERAPEUTICS INC	11,285,420	$6,827	5.8%	$2.53	—	—	03828A101
TCRX	TSCAN THERAPEUTICS INC	1,932,304	$3,517	3.0%	$4.58	-68.4%	—	89854M101
JSPR	JASPER THERAPEUTICS INC	1,028,806	$2,449	2.1%	$3.03	-33.8%	—	471871202

Decreased Positions (3)

MIST MILESTONE PHARMACEUTICALS 7.1%

Value ($000) $8,319 (-18.8%) Shares 4,118,321 (-19.6%) Est. Cost $1.80 Unrealized +20.0%

ZVRA ZEVRA THERAPEUTICS INC 0.5%

Value ($000) $571 (-74.1%) Shares 63,683 (-72.5%) Est. Cost $7.08 Unrealized +33.6%

ABEO ABEONA THERAPEUTICS INC 3.7%

Value ($000) $4,378 (-14.9%) Shares 830,780 (-14.7%) Est. Cost $5.31 Unrealized -5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MIST	MILESTONE PHARMACEUTICALS	4,118,321 (-19.6%)	$8,319 (-18.8%)	7.1%	$1.80	+20.0%	COM	59935V107
ZVRA	ZEVRA THERAPEUTICS INC	63,683 (-72.5%)	$571 (-74.1%)	0.5%	$7.08	+33.6%	COM NEW	488445206
ABEO	ABEONA THERAPEUTICS INC	830,780 (-14.7%)	$4,378 (-14.9%)	3.7%	$5.31	-5.3%	COM NEW	00289Y206

Unchanged Positions (5)

ACHV ACHIEVE LIFE SCIENCES INC 16.1%

Value ($000) $18,819 Shares 3,786,425 Est. Cost $3.48 Unrealized +25.2%

PAGP PLAINS GP HLDGS L P 20.8%

Value ($000) $24,353 Shares 1,272,360 Est. Cost $18.82 Unrealized —

LONA ATHIRA PHARMA INC 1.0%

Value ($000) $1,130 Shares 149,279 Est. Cost $3.92 Unrealized +16.7%

DCTH DELCATH SYSTEMS INC 3.8%

Value ($000) $4,429 Shares 438,509 Est. Cost $12.56 Unrealized -20.8%

CLDX CELLDEX THERAPEUTICS INC 3.6%

Value ($000) $4,191 Shares 154,300 Est. Cost $23.17 Unrealized +13.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACHV	ACHIEVE LIFE SCIENCES INC	3,786,425	$18,819	16.1%	$3.48	+25.2%	COM	004468500
PAGP	PLAINS GP HLDGS L P	1,272,360	$24,353	20.8%	$18.82	—	LTD PARTNR INT A	72651A207
LONA	ATHIRA PHARMA INC	149,279	$1,130	1.0%	$3.92	+16.7%	COM	04746L203
DCTH	DELCATH SYSTEMS INC	438,509	$4,429	3.8%	$12.56	-20.8%	COM NEW	24661P807
CLDX	CELLDEX THERAPEUTICS INC	154,300	$4,191	3.6%	$23.17	+13.7%	COM NEW	15117B202