Squadron Capital Management LLC Hedge Fund

CIK: 0002050709 · Show all filings

Period: Q4 2025

Filing Date: Feb 17, 2026

Total Value ($000): $235,971 (100.0% shares, 0.0% debt)

Holdings (33)

RLMD RELMADA THERAPEUTICS INC 13.7%

Value ($000) $32,361 Shares 6,700,000 Est. Cost $3.35 Unrealized 0.0%

COGT COGENT BIOSCIENCES INC 11.7%

Value ($000) $27,706 Shares 780,000 Est. Cost $28.11 Unrealized 0.0%

MAZE MAZE THERAPEUTICS INC 8.6%

Value ($000) $20,301 Shares 490,000 Est. Cost $34.37 Unrealized 0.0%

ABVX ABIVAX SA 8.3%

Value ($000) $19,554 Shares 145,000 Est. Cost $134.85 Unrealized —

KALV KALVISTA PHARMACEUTICALS INC 4.8%

Value ($000) $11,305 Shares 700,000 Est. Cost $13.24 Unrealized 0.0%

PALI PALISADE BIO INC 4.5%

Value ($000) $10,575 Shares 4,500,000 Est. Cost $1.92 Unrealized 0.0%

EWTX EDGEWISE THERAPEUTICS INC 3.7%

Value ($000) $8,685 Shares 350,000 Est. Cost $20.07 Unrealized 0.0%

IKT INHIBIKASE THERAPEUTICS INC 3.7%

Value ($000) $8,661 Shares 4,225,000 Est. Cost $1.59 Unrealized 0.0%

KOD KODIAK SCIENCES INC 3.5%

Value ($000) $8,156 Shares 291,710 Est. Cost $20.48 Unrealized 0.0%

TERN TERNS PHARMACEUTICALS INC 3.3%

Value ($000) $7,676 Shares 190,000 Est. Cost $23.11 Unrealized 0.0%

AVBP ARRIVENT BIOPHARMA INC 2.9%

Value ($000) $6,801 Shares 338,000 Est. Cost — Unrealized —

TARS TARSUS PHARMACEUTICALS INC 2.8%

Value ($000) $6,550 Shares 80,000 Est. Cost $74.67 Unrealized 0.0%

UPB UPSTREAM BIO INC 2.7%

Value ($000) $6,262 Shares 230,650 Est. Cost $24.89 Unrealized 0.0%

SPRB SPRUCE BIOSCIENCES INC 2.6%

Value ($000) $6,098 Shares 70,000 Est. Cost $107.14 Unrealized 0.0%

XENE XENON PHARMACEUTICALS INC 2.0%

Value ($000) $4,731 Shares 105,551 Est. Cost $42.00 Unrealized 0.0%

DBVT DBV TECHNOLOGIES S A 1.9%

Value ($000) $4,601 Shares 240,000 Est. Cost $19.17 Unrealized —

HELP CYBIN INC 1.8%

Value ($000) $4,295 Shares 525,000 Est. Cost $6.44 Unrealized 0.0%

LPCN LIPOCINE INC NEW 1.8%

Value ($000) $4,256 Shares 530,000 Est. Cost $3.36 Unrealized 0.0%

BLTE BELITE BIO INC 1.8%

Value ($000) $4,159 Shares 26,000 Est. Cost $159.96 Unrealized —

GHRS GH RESEARCH PLC 1.7%

Value ($000) $4,001 Shares 315,000 Est. Cost $13.62 Unrealized 0.0%

EPRX EUPRAXIA PHARMACEUTICALS INC 1.6%

Value ($000) $3,775 Shares 500,000 Est. Cost $6.16 Unrealized 0.0%

VTYX VENTYX BIOSCIENCES INC 1.6%

Value ($000) $3,702 Shares 410,000 Est. Cost $7.47 Unrealized 0.0%

NXTC NEXTCURE INC 1.4%

Value ($000) $3,363 Shares 236,966 Est. Cost $10.36 Unrealized 0.0%

VERA VERA THERAPEUTICS INC 1.3%

Value ($000) $3,038 Shares 60,000 Est. Cost — Unrealized —

WVE WAVE LIFE SCIENCES LTD 1.3%

Value ($000) $2,975 Shares 175,000 Est. Cost $10.16 Unrealized 0.0%

KTTA PASITHEA THERAPEUTICS CORP 1.1%

Value ($000) $2,709 Shares 2,100,000 Est. Cost $0.88 Unrealized 0.0%

CMPS COMPASS PATHWAYS PLC 1.1%

Value ($000) $2,679 Shares 388,287 Est. Cost $6.90 Unrealized —

AVTX AVALO THERAPEUTICS INC 1.0%

Value ($000) $2,361 Shares 130,000 Est. Cost $16.88 Unrealized 0.0%

IVA INVENTIVA SA 0.6%

Value ($000) $1,395 Shares 300,000 Est. Cost $4.65 Unrealized —

ZBIO ZENAS BIOPHARMA INC 0.6%

Value ($000) $1,307 Shares 36,000 Est. Cost — Unrealized —

TRAW TRAWS PHARMA INC 0.3%

Value ($000) $806 Shares 713,540 Est. Cost $2.22 Unrealized 0.0%

NTLA INTELLIA THERAPEUTICS INC 0.3%

Value ($000) $728 Shares 81,000 Est. Cost — Unrealized —

CLYM CLIMB BIO INC 0.2%

Value ($000) $400 Shares 100,000 Est. Cost $2.40 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RLMD	RELMADA THERAPEUTICS INC	6,700,000	$32,361	13.7%	$3.35	0.0%	COM	75955J402
COGT	COGENT BIOSCIENCES INC	780,000	$27,706	11.7%	$28.11	0.0%	COM	19240Q201
MAZE	MAZE THERAPEUTICS INC	490,000	$20,301	8.6%	$34.37	0.0%	COM	578784100
ABVX	ABIVAX SA	145,000	$19,554	8.3%	$134.85	—	SPONSORED ADS	00370M103
KALV	KALVISTA PHARMACEUTICALS INC	700,000	$11,305	4.8%	$13.24	0.0%	COM	483497103
PALI	PALISADE BIO INC	4,500,000	$10,575	4.5%	$1.92	0.0%	COM	696389402
EWTX	EDGEWISE THERAPEUTICS INC	350,000	$8,685	3.7%	$20.07	0.0%	COM	28036F105
IKT	INHIBIKASE THERAPEUTICS INC	4,225,000	$8,661	3.7%	$1.59	0.0%	COM NEW	45719W205
KOD	KODIAK SCIENCES INC	291,710	$8,156	3.5%	$20.48	0.0%	COM	50015M109
TERN	TERNS PHARMACEUTICALS INC	190,000	$7,676	3.3%	$23.11	0.0%	COM	880881107
AVBP	ARRIVENT BIOPHARMA INC	338,000	$6,801	2.9%	—	—	Call	04272N102
TARS	TARSUS PHARMACEUTICALS INC	80,000	$6,550	2.8%	$74.67	0.0%	COM	87650L103
UPB	UPSTREAM BIO INC	230,650	$6,262	2.7%	$24.89	0.0%	COM	91678A107
SPRB	SPRUCE BIOSCIENCES INC	70,000	$6,098	2.6%	$107.14	0.0%	COM NEW	85209E208
XENE	XENON PHARMACEUTICALS INC	105,551	$4,731	2.0%	$42.00	0.0%	COM	98420N105
DBVT	DBV TECHNOLOGIES S A	240,000	$4,601	1.9%	$19.17	—	SPONSORED ADS	23306J309
HELP	CYBIN INC	525,000	$4,295	1.8%	$6.44	0.0%	COM NEW	23256X407
LPCN	LIPOCINE INC NEW	530,000	$4,256	1.8%	$3.36	0.0%	COM NEW	53630X203
BLTE	BELITE BIO INC	26,000	$4,159	1.8%	$159.96	—	SPONSORED ADS	07782B104
GHRS	GH RESEARCH PLC	315,000	$4,001	1.7%	$13.62	0.0%	ORDINARY SHARES	G3855L106
EPRX	EUPRAXIA PHARMACEUTICALS INC	500,000	$3,775	1.6%	$6.16	0.0%	COM	29842P105
VTYX	VENTYX BIOSCIENCES INC	410,000	$3,702	1.6%	$7.47	0.0%	COM	92332V107
NXTC	NEXTCURE INC	236,966	$3,363	1.4%	$10.36	0.0%	COM NEW	65343E207
VERA	VERA THERAPEUTICS INC	60,000	$3,038	1.3%	—	—	Call	92337R101
WVE	WAVE LIFE SCIENCES LTD	175,000	$2,975	1.3%	$10.16	0.0%	SHS	Y95308105
KTTA	PASITHEA THERAPEUTICS CORP	2,100,000	$2,709	1.1%	$0.88	0.0%	COM NEW	70261F202
CMPS	COMPASS PATHWAYS PLC	388,287	$2,679	1.1%	$6.90	—	SPONSORED ADS	20451W101
AVTX	AVALO THERAPEUTICS INC	130,000	$2,361	1.0%	$16.88	0.0%	COM NEW	05338F306
IVA	INVENTIVA SA	300,000	$1,395	0.6%	$4.65	—	ADS	46124U107
ZBIO	ZENAS BIOPHARMA INC	36,000	$1,307	0.6%	—	—	Call	98937L105
TRAW	TRAWS PHARMA INC	713,540	$806	0.3%	$2.22	0.0%	COM NEW	68232V884
NTLA	INTELLIA THERAPEUTICS INC	81,000	$728	0.3%	—	—	Call	45826J105
CLYM	CLIMB BIO INC	100,000	$400	0.2%	$2.40	0.0%	COM	28658R106