ADAR1 Capital Management, LLC

Background

ADAR1 Capital Management, LLC is a concentrated biotech-focused investment manager that tracks individual drug developers, largely at the clinical-stage end of the spectrum. The firm does not appear in mainstream financial media as a household name, and no widely documented founding narrative or biographical detail is available in the public record. What the data does establish is a measurable track record: a one-year return of +91.7% against a period when the S&P 500 returned roughly 17–18%, producing approximately 74 percentage points of alpha. That figure alone places ADAR1 in a distinct category among 13F filers monitored on this platform, earning it the curator designation of "biotech picker with seventy-four percent alpha." The portfolio spans 165 positions, suggesting breadth alongside the concentrated top-of-book bets that drive most of the return attribution.

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Current Portfolio Signal

ADAR1's top holding is ABIVAX SA (ABVX) at 9.5% of the portfolio — a French immunology company developing treatments for chronic inflammatory diseases, notably ulcerative colitis. Protagonist Therapeutics (PTGX) sits second at 6.2%, followed by Roivant Sciences (ROIV) at 5.4%. These three names alone account for over one-fifth of the portfolio. Immunovant (IMVT) at 3.9% and Terns Pharmaceuticals (TERN) at 3.5% round out…