SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Vivo Capital, LLC

CIK 0001674712 · 192 LYTTON AVENUE, PALO ALTO, CA, 94301 · 650-688-0818

Reported Value
$977M
Q2 2025
Positions
42
Filings on Record
33
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Vivo Capital, LLC reported $977M in U.S.-listed holdings across 42 positions for Q2 2025.

The portfolio is heavily concentrated: SLNOEUR alone accounts for 33.9% of reported value.

Compared with Q1 2025, the fund opened 7 new positions and exited 5.

Portfolio Metrics

Turnover
+4.0%
vs prior filed quarter
Top-10 Concentration
+75.0%
share of reported value
Largest Position
+33.9%
Soleno Therapeutics
New / Exited
7 / 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 ’18: $783MQ4 ’18Q1 ’19: $1.0BQ2 ’19: $1.1BQ3 ’19: $879MQ4 ’19: $1.4BQ4 ’19Q1 ’20: $1.1BQ2 ’20: $1.4BQ3 ’20: $1.4BQ4 ’20: $2.2BQ4 ’20Q1 ’21: $2.8BQ2 ’21: $2.3BQ3 ’21: $2.2BQ4 ’21: $1.7BQ4 ’21Q1 ’22: $1.5BQ2 ’22: $996MQ3 ’22: $906MQ2 ’23: $1.4BQ2 ’23Q3 ’23: $913MQ4 ’23: $1.2BQ1 ’24: $1.3BQ2 ’24: $1.1BQ2 ’24Q3 ’24: $1.2BQ4 ’24: $893MQ1 ’25: $755MQ2 ’25: $977MQ2 ’25Q3 ’25: $1.2BQ4 ’25: $1.5BQ1 ’26: $1.2Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 77.6%ADR: 16.1%Other: 6.3%
  • Common Stock · 77.6% · $758M
  • ADR · 16.1% · $157M
  • Other · 6.3% · $62M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
Sinovac Biotech Ltd.NEW+5.90M5.90M+$38M$38M
CTMXCytomx Therapeutics IncNEW+5.77M5.77M+$13M$13M
DBVTDBV Technologies SANEW+1.05M1.05M+$10M$10M
PRAXPraxis Precision MedicinesNEW+167.6K167.6K+$7M$7M
UNCYUnicycive TherapeuticsNEW+1.14M1.14M+$5M$5M
TNGXTango Therapeutics IncNEW+600.0K600.0K+$3M$3M
BOLTBolt Therapeutics IncNEW+176.1K176.1K+$985,958$985,958
AKROAkero Therapeutics IncADDED+233.5K434.7K+$15M$23M

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

Holdings — Q2 2025

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SLNOEURSoleno Therapeutics Inchistory →Common33.94%$332M3.96M
2VRNAVerona Pharma PLChistory →SPONSORED ADS13.49%$132M1.39M
3CDTXCidara Therapeutics, Inc.history →Common6.54%$64M1.31M
4GONGeron Corphistory →Common3.93%$38M27.23M
5Sinovac Biotech Ltd.SHS3.91%$38M5.90M
6ORICOric Pharmaceuticals Inchistory →Common3.25%$32M3.13M
7430Terns Pharmaceuticals Inchistory →Common2.63%$26M6.90M
8TRVITrevi Therapeutics Inchistory →Common2.51%$25M4.49M
9Avadel Pharmaceuticals PLCADR2.43%$24M2.68M
10AKROAkero Therapeutics Inchistory →Common2.37%$23M434.7K
11CMPXCompass Therapeutics Inchistory →Common1.61%$16M6.04M
12VRDNViridian Therapeutics Inchistory →Common1.41%$14M982.6K
13CTMXCytomx Therapeutics Inchistory →Common1.34%$13M5.77M
14ACRSAclaris Therapeutics, Inc.history →Common1.29%$13M8.89M
15ZBIOZenas Biopharma Inchistory →Common1.17%$11M1.18M
16DYNDyne Therapeutics Inchistory →Common1.09%$11M1.11M
17ABEOAbeona Therapeutics, Inc.history →Common1.07%$10M1.84M
18DBVTDBV Technologies SASPONSORED ADS0.99%$10M1.05M
19Tourmaline Bio Inc.Common0.97%$9M591.9K
20RZLTRezolute IncCommon0.96%$9M2.11M
21CMPSCompass Pathway PLCSPONSORED ADS0.96%$9M3.36M
22CRVSCorvus Pharmaceuticals HoldingsCommon0.91%$9M2.23M
23IOBTQIO Biotech IncCommon0.88%$9M6.17M
24ERASErasca IncCommon0.88%$9M6.76M
25CATBUSDAstria Therapeutics IncCommon0.85%$8M1.55M
26CELCCelcuity IncCommon0.83%$8M610.5K
27COGTCogent Biosciences IncCommon0.82%$8M1.12M
28DCTHDelcath Systems, Inc.Common0.79%$8M569.5K
29PRAXPraxis Precision MedicinesCommon0.72%$7M167.6K
30DRUGBright Minds Biosciences IncCommon0.67%$7M251.6K
31OLMAOlema Pharmaceuticals IncCommon0.66%$6M1.51M
32SLNSilence Therapeutics PLCADS0.66%$6M1.11M
33VSTMVerastem IncCommon0.65%$6M1.54M
34TILInstil Bio IncCommon0.62%$6M292.7K
35UNCYUnicycive TherapeuticsCommon0.56%$5M1.14M
36SERASera Prognostics IncCommon0.47%$5M1.65M
37ETNBGBP89Bio IncCommon0.38%$4M376.8K
38TNGXTango Therapeutics IncCommon0.31%$3M600.0K
39SRZNSurrozen IncCommon0.24%$2M260.0K
40TENXTenax Therapeutics IncCommon0.12%$1M208.3K
41BOLTBolt Therapeutics IncCommon0.10%$985,958176.1K
42DTILPrecision Biosciences IncCommon0.00%$19,6364.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.2B46May 20, 2026RESTATEMENTchanges · EDGAR ↗
Q4 2025$1.5B47Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.2B47Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$977M42Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$755M40May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$893M40Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.2B43Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.1B42Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.3B42Apr 22, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.2B47Feb 7, 202413F-HRchanges · EDGAR ↗
Q3 2023$913M53Nov 8, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.4B48Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023under review48May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022under review48Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$906M51Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$996M49Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.5B54May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.7B55Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$2.2B60Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$2.3B59Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$2.8B63May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.2B59Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.4B54Nov 13, 2020RESTATEMENTchanges · EDGAR ↗
Q2 2020$1.4B54Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.1B53May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.4B49Feb 25, 2020RESTATEMENTchanges · EDGAR ↗
Q3 2019$879M49Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.1B46Aug 13, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.0B49May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$783M45Feb 13, 201913F-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 ↗.