SEC 13F Intelligence

Managers / Q2 2025 · view latest →

BML Capital Management, LLC

CIK 0001616824 · 65 E CEDAR - SUITE 2, ZIONSVILLE, IN, 46077 · 317-344-2447

Reported Value
$132M
Q2 2025
Positions
24
Filings on Record
16
2019–present window
Filed
Aug 11, 2025
original filing

Summary

Bml Capital Management, LLC reported $132M in U.S.-listed holdings across 24 positions for Q2 2025.

The portfolio is heavily concentrated: AVIR alone accounts for 20.7% of reported value.

Compared with Q1 2025, the fund opened 2 new positions and exited 5.

Portfolio Metrics

Turnover
+15.4%
vs prior filed quarter
Top-10 Concentration
+86.7%
share of reported value
Largest Position
+20.7%
Atea Pharmaceuticals
New / Exited
2 / 5
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’22: $105MQ4 ’22Q1 ’23: $116MQ2 ’23: $111MQ2 ’23Q3 ’23: $109MQ4 ’23: $132MQ4 ’23Q1 ’24: $152MQ2 ’24: $140MQ2 ’24Q3 ’24: $170MQ4 ’24: $161MQ4 ’24Q1 ’25: $124MQ2 ’25: $132MQ2 ’25Q3 ’25: $109MQ4 ’25: $116MQ4 ’25Q1 ’26: $156Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 74.0%Other: 26.0%
  • Common Stock · 74.0% · $98M
  • Other · 26.0% · $34M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TSLATESLA INCNEW+200200+$2M$2M
CRVSCORVUS PHARMACEUTICALS INCNEW+118.8K118.8K+$475,064$475,064
ALMSALUMIS INCADDED+1.16M1.21M+$3M$4M
HILLEVAX INCADDED+71.2K91.9K+$152,805$182,907
ANTXAN2 THERAPEUTICS INCSOLD OUT−5.75M0−$8M$0
WHWKWHITEHAWK THERAPEUTICS INCSOLD OUT−1.89M0−$3M$0
SG7SAGE THERAPEUTICS INCSOLD OUT−135.1K0−$1M$0
NXTCEURNEXTCURE INCSOLD OUT−273.5K0−$131,379$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

23 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AVIRATEA PHARMACEUTICALS INChistory →COM20.73%$27M7.61M
2THIRD HARMONIC BIO INCCOM15.71%$21M3.82M
3ACRSACLARIS THERAPEUTICS INChistory →COM15.31%$20M14.25M
4TILINSTIL BIO INChistory →COM NEW8.43%$11M534.9K
5EPIEURESSA PHARMA INChistory →COM NEW5.43%$7M4.22M
6ORMPORAMED PHARMACEUTICALS INChistory →COM NEW5.25%$7M3.08M
7AVU0ADVERUM BIOTECHNOLOGIES INChistory →COM NEW4.97%$7M3.06M
8IKENA ONCOLOGY INCCOM4.09%$5M4.03M
9PMVPPMV PHARMACEUTICALS INChistory →COM4.01%$5M5.00M
10ALMSALUMIS INChistory →COM2.75%$4M1.21M
112KZ0KEZAR LIFE SCIENCES INChistory →COM NEW2.20%$3M635.2K
12LAVA THERAPEUTICS NVSHS1.97%$3M1.97M
13MISTMILESTONE PHARMACEUTICALS INhistory →COM1.67%$2M1.14M
14ELEVATION ONCOLOGY INCCOM1.64%$2M5.89M
15CONNECT BIOPHARMA HLDGS LTDADS1.35%$2M1.82M
16ASTCASTROTECH CORPCOM0.96%$1M220.4K
17ATHIRA PHARMA INCCOM0.74%$975,6613.23M
18LSTALISATA THERAPEUTICS INCCOM0.46%$608,272209.8K
19CRVSCORVUS PHARMACEUTICALS INCCOM0.36%$475,064118.8K
20TURNSTONE BIOLOGICS CORPCOM0.30%$396,1161.10M
21VTGNVISTAGEN THERAPEUTICS INCCOM0.23%$300,000150.0K
22HILLEVAX INCCOM0.14%$182,90791.9K
23VERRICA PHARMACEUTICALS INCCOM0.07%$92,583174.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$156M16May 6, 202613F-HRchanges · EDGAR ↗
Q4 2025$116M16Feb 3, 202613F-HRchanges · EDGAR ↗
Q3 2025$109M20Nov 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$132M24Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$124M27May 7, 202513F-HRchanges · EDGAR ↗
Q4 2024$161M25Feb 7, 202513F-HRchanges · EDGAR ↗
Q3 2024$170M29Nov 5, 202413F-HRchanges · EDGAR ↗
Q2 2024$140M28Aug 7, 202413F-HRchanges · EDGAR ↗
Q1 2024$152M32Apr 24, 2024RESTATEMENTchanges · EDGAR ↗
Q4 2023$132M35Feb 2, 2024RESTATEMENTchanges · EDGAR ↗
Q3 2023$109M26Oct 23, 202313F-HRchanges · EDGAR ↗
Q2 2023$111M31Jul 24, 202313F-HRchanges · EDGAR ↗
Q1 2023$116M31Apr 14, 202313F-HRchanges · EDGAR ↗
Q4 2022$105M25Feb 13, 202313F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.