DAFNA Capital Management LLC — 13F Holdings & Portfolio
CIK 1389933 · latest 13F-HR filed 2026-08-14
DAFNA Capital Management LLC manages $524.4M in 13F-reported U.S. long-equity assets across 88 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are RVMD (20.09%), XBI (5.93%), CMPS (5.43%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 17 new positions and exited 12; 36 existing positions rose in reported value and 22 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$524.4M
Long-equity book
Holdings
88
Distinct positions
Period
2026-06-30
Filed 2026-08-14
Q/Q Activity
+17 / −12 / ↑36 / ↓22
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26RVMD20.1% · -3%XBI5.9% · -38%CMPS5.4% · -17%STXS4.5% · 0%NKTR4.2% · +93%DNLI3.6% · +132%IDYA3.5% · +4%ATRC3.2% · 0%XENE2.9% · 0%CYTK2.8% · -21%RCUS2.6% · -0%ASND2.5% · +109%NBIX1.9% · -18%AXGN1.8% · -16%PODD1.8% · +469%EWTX1.8% · +102%BCAX1.6% · -32%IBB1.5% · -31%SNDX1.4% · +54%MPLT1.2% · 0%LRMR1.2% · -1%IPSC1.1% · -1%DXCM1.1% · 0%IMVT1.1% · -1%INGN1.0% · 0%TNDM1.0% · 0%ALKS1.0% · -27%STOK0.8% · 0%ALLO0.8% · +46%BCRX0.8% · -7%LKFT0.7% · newKIDS0.7% · +98%HELP0.6% · +3%RAPP0.6% · 0%KYMR0.6% · newPRQR0.5% · -2%NGNE0.5% · +57%ANL0.5% · newPRCT0.5% · 0%AQST0.5% · +75%CLDX0.5% · 0%GPCR0.5% · 0%ALGN0.5% · -7%VKTX0.4% · 0%NGEN0.4% · newBHVN0.4% · -84%MAZE0.4% · +86%ALEC0.3% · 0%LXEO0.3% · 0%PROF0.3% · -1%RNA0.3% · newANNX0.3% · +153%CTMX0.3% · +91%RARE0.3% · -23%EPRX0.3% · newDSGN0.3% · newFATE0.3% · -4%MDWD0.3% · 0%KURA0.3% · -49%SPRY0.3% · +18%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 56.2%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 30, 2026.
Assets Under Management
$645.2M
Discretionary
$645.2M
Employees
8
Accounts
4
Address
10990 WILSHIRE BOULEVARD
SUITE 1400
LOS ANGELES, CA 90024
SUITE 1400
LOS ANGELES, CA 90024
Phone
(310) 954-3200
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| DAFNA HOLDINGS, L.P. Control | MEMBER since Jan 2013 | 75% or more | Domestic Entity |
| FISCHEL, NATHAN Control | CHIEF EXECUTIVE OFFICER since Feb 2000 | Less than 5% | Individual |
| GHODSIAN, FARIBA, FISCHEL Control | CHIEF INVESTMENT OFFICER since Nov 2002 | Less than 5% | Individual |
| LIN, XUN | CHIEF COMPLIANCE OFFICER since Nov 2017 | Less than 5% | Individual |
| DAFNA HOLDINGS CORP. Control Indirect owner via DAFNA HOLDINGS, L.P. | GENERAL PARTNER since Jan 2013 | General partner, trustee or manager | Domestic Entity |
| DCF2 TRUST Control Indirect owner via DAFNA HOLDINGS, L.P. | LIMITED PARTNER since Jun 2021 | 25–50% | Domestic Entity |
| DLF1 TRUST Control Indirect owner via DAFNA HOLDINGS, L.P. | LIMITED PARTNER since Jun 2021 | 25–50% | Domestic Entity |
| DSF3 TRUST Control Indirect owner via DAFNA HOLDINGS, L.P. | LIMITED PARTNER since Jun 2021 | 25–50% | Domestic Entity |
| FISCHEL, NATHAN Control Indirect owner via THE FISCHEL-GHODSIAN FAMILY TRUST | TRUSTEE since Apr 1999 | 75% or more | Individual |
| GHODSIAN, FARIBA, FISCHEL Control Indirect owner via THE FISCHEL-GHODSIAN FAMILY TRUST | TRUSTEE since Apr 1999 | 75% or more | Individual |
| GHODSIAN, FARIBA, FISCHEL Control Indirect owner via DLF1 TRUST | TRUSTEE since May 2021 | 25–50% | Individual |
| GHODSIAN, FARIBA, FISCHEL Control Indirect owner via DCF2 TRUST | TRUSTEE since May 2021 | 25–50% | Individual |
| GHODSIAN, FARIBA, FISCHEL Control Indirect owner via DSF3 TRUST | TRUSTEE since May 2021 | 25–50% | Individual |
| THE FISCHEL-GHODSIAN FAMILY TRUST Control Indirect owner via DAFNA HOLDINGS, L.P. | LIMITED PARTNER since Jan 2013 | 75% or more | Domestic Entity |
Ownership & leadership changes · 5 filings with changes since Mar 29, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 30, 2022 filing
- No longer listedD3 TRUST · LIMITED PARTNER · 75% or more · indirect via DAFNA HOLDINGS, L.P. · control person · listed since Jan 2013
- No longer listedGHODSIAN, FARIBA, FISCHEL · TRUSTEE · 75% or more · indirect via THE FISCHEL-GHODSIAN FAMILY TRUST; D3 TRUST · control person · listed since Apr 1999
- AddedDCF2 TRUST · LIMITED PARTNER · 25–50% · indirect via DAFNA HOLDINGS, L.P. · control person
- AddedDLF1 TRUST · LIMITED PARTNER · 25–50% · indirect via DAFNA HOLDINGS, L.P. · control person
- AddedDSF3 TRUST · LIMITED PARTNER · 25–50% · indirect via DAFNA HOLDINGS, L.P. · control person
- AddedGHODSIAN, FARIBA, FISCHEL · TRUSTEE · 75% or more · indirect via THE FISCHEL-GHODSIAN FAMILY TRUST · control person
- AddedGHODSIAN, FARIBA, FISCHEL · TRUSTEE · 25–50% · indirect via DLF1 TRUST · control person
- AddedGHODSIAN, FARIBA, FISCHEL · TRUSTEE · 25–50% · indirect via DCF2 TRUST · control person
- AddedGHODSIAN, FARIBA, FISCHEL · TRUSTEE · 25–50% · indirect via DSF3 TRUST · control person
Mar 29, 2018 filing
- No longer listedNURTMAN, HOWARD, IAN · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Jun 2014
- AddedLIN, XUN · CHIEF COMPLIANCE OFFICER · Less than 5%
Mar 30, 2015 filing
- AddedNURTMAN, HOWARD, IAN · CHIEF COMPLIANCE OFFICER · Less than 5%
- ChangedFISCHEL, NATHAN · title CHIEF EXECUTIVE OFFICER AND CHIEF COMPLIANCE OFFICER → CHIEF EXECUTIVE OFFICER
Mar 27, 2014 filing
- No longer listedD3 TRUST · MEMBER · 75% or more · listed since Jan 2006
- No longer listedTHE FISCHEL-GHODSIAN FAMILY TRUST · MEMBER · 10–25% · control person · listed since Jan 2005
- AddedD3 TRUST · LIMITED PARTNER · 75% or more · indirect via DAFNA HOLDINGS, L.P. · control person
- AddedDAFNA HOLDINGS CORP. · GENERAL PARTNER · General partner, trustee or manager · indirect via DAFNA HOLDINGS, L.P. · control person
- AddedDAFNA HOLDINGS, L.P. · MEMBER · 75% or more · control person
- AddedTHE FISCHEL-GHODSIAN FAMILY TRUST · LIMITED PARTNER · 75% or more · indirect via DAFNA HOLDINGS, L.P. · control person
- ChangedFISCHEL, NATHAN · title MANAGER AND CHIEF EXECUTIVE OFFICER AND CHIEF COMPLIANCE OFFICER → CHIEF EXECUTIVE OFFICER AND CHIEF COMPLIANCE OFFICER
- ChangedGHODSIAN, FARIBA, FISCHEL · title MANAGER → CHIEF INVESTMENT OFFICER
Mar 27, 2013 filing
- No longer listedASHER, DANIEL, BRUCE · SHAREHOLDER AND PRESIDENT · 75% or more · indirect via DANSU, INC. · control person · listed since Oct 1995
- No longer listedASHER, SUSAN, V. · TRUSTEE · 75% or more · indirect via BRAESIDE TRUST · control person · listed since Jan 2005
- No longer listedBRAESIDE TRUST · MEMBER · 10–25% · listed since Jan 2005
- No longer listedDANSU, INC. · MEMBER · 10–25% · listed since Jan 2005
- ChangedD3 TRUST · ownership 50–75% → 75% or more
Mar 29, 2012 filing (earliest on record)
- ListedASHER, DANIEL, BRUCE · SHAREHOLDER AND PRESIDENT · 75% or more · indirect via DANSU, INC. · control person
- ListedASHER, SUSAN, V. · TRUSTEE · 75% or more · indirect via BRAESIDE TRUST · control person
- ListedBRAESIDE TRUST · MEMBER · 10–25%
- ListedD3 TRUST · MEMBER · 50–75%
- ListedDANSU, INC. · MEMBER · 10–25%
- ListedFISCHEL, NATHAN · MANAGER AND CHIEF EXECUTIVE OFFICER AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedFISCHEL, NATHAN · TRUSTEE · 75% or more · indirect via THE FISCHEL-GHODSIAN FAMILY TRUST · control person
- ListedGHODSIAN, FARIBA, FISCHEL · MANAGER · Less than 5% · control person
- ListedGHODSIAN, FARIBA, FISCHEL · TRUSTEE · 75% or more · indirect via THE FISCHEL-GHODSIAN FAMILY TRUST; D3 TRUST · control person
- ListedTHE FISCHEL-GHODSIAN FAMILY TRUST · MEMBER · 10–25% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- REVOLUTION MEDICINES INC$48.9M +86.6%
- COMPASS PATHWAYS PLC$15.1M +112.8%
- DENALI THERAPEUTICS INC$12.9M +210.8%
- NEKTAR THERAPEUTICS$10.3M +87.0%
- INSULET CORP$7.1M +313.0%
Top Trims
- SPDR S&P BIOTECH ETF-$9.6M -23.6%
- BIOHAVEN LTD-$5.1M -71.4%
- MBX BIOSCIENCES INC-$4.6M -87.6%
- LARIMAR THERAPEUTICS INC-$3.0M -32.9%
- ISHARES NASDAQ BIOTECH INDX-$2.4M -22.7%
New Positions
- ASCENDIS PHARMA A/S$12.9M
- KYMERA THERAPEUTICS INC$3.1M
- ADLAI NORTYE LTD$2.8M
- NERVGEN PHARMA CORP$2.2M
- ATRIUM THERAPEUTICS INC$1.7M
Exited Positions
- DAY ONE BIOPHARMACEUTICALS I$21.0M
- ASCENDIS PHARMA A/S$5.9M
- KALVISTA PHARMACEUTICALS INC$5.4M
- ASCENDIS PHARMA A/S$5.3M
- FULCRUM THERAPEUTICS INC$1.6M
DAFNA Capital Management LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | REVOLUTION MEDICINES INC | RVMD | 76155X100 | $105.4M | 20.09% | 562,630 | SH |
| 2 | SPDR S&P BIOTECH ETF | XBI | 78464A870 | $31.1M | 5.93% | 196,505 | SH |
| 3 | COMPASS PATHWAYS PLC | CMPS | 20451W101 | $28.5M | 5.43% | 2,011,952 | SH |
| 4 | STEREOTAXIS INC | STXS | 85916J409 | $23.5M | 4.49% | 13,680,554 | SH |
| 5 | NEKTAR THERAPEUTICS | NKTR | 640268306 | $22.2M | 4.24% | 318,380 | SH |
| 6 | DENALI THERAPEUTICS INC | DNLI | 24823R105 | $19.0M | 3.62% | 739,014 | SH |
| 7 | IDEAYA BIOSCIENCES INC | IDYA | 45166A102 | $18.5M | 3.53% | 497,240 | SH |
| 8 | ATRICURE INC | ATRC | 04963C209 | $16.7M | 3.19% | 597,431 | SH |
| 9 | XENON PHARMACEUTICALS INC | XENE | 98420N105 | $15.1M | 2.89% | 250,772 | SH |
| 10 | CYTOKINETICS INC | CYTK | 23282W605 | $14.7M | 2.79% | 171,998 | SH |
| 11 | ARCUS BIOSCIENCES INC | RCUS | 03969F109 | $13.6M | 2.60% | 441,829 | SH |
| 12 | ASCENDIS PHARMA A/S | ASND | K08588103 | $12.9M | 2.47% | 48,469 | SH |
| 13 | NEUROCRINE BIOSCIENCES INC | NBIX | 64125C109 | $9.7M | 1.86% | 57,769 | SH |
| 14 | AXOGEN INC | AXGN | 05463X106 | $9.7M | 1.84% | 208,960 | SH |
| 15 | INSULET CORP | PODD | 45784P101 | $9.4M | 1.80% | 61,870 | SH |
| 16 | EDGEWISE THERAPEUTICS INC | EWTX | 28036F105 | $9.2M | 1.76% | 226,819 | SH |
| 17 | BICARA THERAPEUTICS INC | BCAX | 055477103 | $8.5M | 1.61% | 284,955 | SH |
| 18 | ISHARES NASDAQ BIOTECH INDX | IBB | 464287556 | $8.1M | 1.54% | 42,595 | SH |
| 19 | SYNDAX PHARMACEUTICALS INC | SNDX | 87164F105 | $7.3M | 1.40% | 335,255 | SH |
| 20 | MAPLIGHT THERAPEUTICS INC | MPLT | 56565P103 | $6.1M | 1.17% | 171,006 | SH |
| 21 | LARIMAR THERAPEUTICS INC | LRMR | 517125100 | $6.1M | 1.17% | 2,008,164 | SH |
| 22 | CENTURY THERAPEUTICS INC | IPSC | 15673T100 | $5.9M | 1.12% | 2,400,458 | SH |
| 23 | DEXCOM INC | DXCM | 252131107 | $5.8M | 1.11% | 86,279 | SH |
| 24 | IMMUNOVANT INC | IMVT | 45258J102 | $5.8M | 1.10% | 149,524 | SH |
| 25 | INOGEN INC | INGN | 45780L104 | $5.5M | 1.04% | 845,179 | SH |
| 26 | TANDEM DIABETES CARE INC | TNDM | 875372203 | $5.4M | 1.02% | 355,208 | SH |
| 27 | ALKERMES PLC | ALKS | G01767105 | $5.3M | 1.01% | 101,266 | SH |
| 28 | STOKE THERAPEUTICS INC | STOK | 86150R107 | $4.3M | 0.82% | 130,875 | SH |
| 29 | ALLOGENE THERAPEUTICS INC | ALLO | 019770106 | $4.2M | 0.79% | 2,000,000 | SH |
| 30 | BIOCRYST PHARMACEUTICALS INC | BCRX | 09058V103 | $4.0M | 0.76% | 400,248 | SH |
| 31 | LAKEFRONT BIOTHERAPEUTICS NV | LKFT | 36315X101 | $3.9M | 0.74% | 130,175 | SH |
| 32 | ORTHOPEDIATRICS CORP | KIDS | 68752L100 | $3.6M | 0.69% | 189,130 | SH |
| 33 | CYBIN INC | HELP | 23256X407 | $3.4M | 0.65% | 514,061 | SH |
| 34 | RAPPORT THERAPEUTICS INC | RAPP | 75383L102 | $3.1M | 0.60% | 75,000 | SH |
| 35 | KYMERA THERAPEUTICS INC | KYMR | 501575104 | $3.1M | 0.59% | 27,000 | SH |
| 36 | PROQR THERAPEUTICS NV | PRQR | N71542109 | $2.8M | 0.54% | 1,530,361 | SH |
| 37 | NEUROGENE INC | NGNE | 64135M105 | $2.8M | 0.53% | 89,032 | SH |
| 38 | ADLAI NORTYE LTD | ANL | 00704R109 | $2.8M | 0.53% | 239,553 | SH |
| 39 | PROCEPT BIOROBOTICS CORP | PRCT | 74276L105 | $2.7M | 0.52% | 120,000 | SH |
| 40 | AQUESTIVE THERAPEUTICS INC | AQST | 03843E104 | $2.7M | 0.51% | 645,915 | SH |
| 41 | CELLDEX THERAPEUTICS INC | CLDX | 15117B202 | $2.5M | 0.49% | 68,518 | SH |
| 42 | STRUCTURE THERAPEUTICS INC | GPCR | 86366E106 | $2.5M | 0.48% | 46,500 | SH |
| 43 | ALIGN TECHNOLOGY INC | ALGN | 016255101 | $2.4M | 0.45% | 14,000 | SH |
| 44 | VIKING THERAPEUTICS INC | VKTX | 92686J106 | $2.3M | 0.44% | 59,516 | SH |
| 45 | NERVGEN PHARMA CORP | NGEN | 64082X203 | $2.2M | 0.41% | 1,050,000 | SH |
| 46 | BIOHAVEN LTD | BHVN | G1110E107 | $2.0M | 0.39% | 137,593 | SH |
| 47 | MAZE THERAPEUTICS INC | MAZE | 578784100 | $1.9M | 0.37% | 65,000 | SH |
| 48 | ALECTOR INC | ALEC | 014442107 | $1.8M | 0.35% | 908,351 | SH |
| 49 | LEXEO THERAPEUTICS INC | LXEO | 52886X107 | $1.8M | 0.33% | 377,059 | SH |
| 50 | PROFOUND MEDICAL CORP | PROF | 74319B502 | $1.7M | 0.33% | 260,360 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $524.4M | 88 | 0001389933-26-000006 |
| 2026-03-31 | 2026-05-15 | $439.6M | 83 | 0001389933-26-000004 |
| 2025-12-31 | 2026-02-17 | $430.5M | 77 | 0001389933-26-000002 |
| 2025-09-30 | 2025-11-14 | $404.8M | 75 | 0001389933-25-000008 |
Filer Information
Address
10990 WILSHIRE BOULEVARDSUITE 1400
LOS ANGELES, CA 90024
Phone
(310) 954-3200
Filing Manager
DAFNA Capital Management LLC
LOS ANGELES, CA
Signatory
Nathan Fischel
CEO