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Portfolio (Quarterly) Guide ↗

VR ADVISER, LLC

· CIK 0001615982
13F Portfolio $2.0B AUM 27 positions Filed Feb 17, 2026 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 1 New 7 Added 4 Reduced 7 Exited
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
1 SYRE SPYRE THERAPEUTICS INC Healthcare 3,685,448.0 $120.7M 5.96% +1.0M +37.2% $32.76 +154.6%
2 SVRA SAVARA INC Healthcare 13,740,375.0 $82.9M 4.09% +1.1M +8.3% $6.03 -12.1%
3 MAZE MAZE THERAPEUTICS INC Healthcare 1,548,569.0 $64.2M 3.17% +318K +25.8% $41.43 -42.4%
4 DNTH DIANTHUS THERAPEUTICS INC Healthcare 1,000,000.0 $41.2M 2.04% +39K +4.1% $41.21 +91.4%
5 ZURA BIO LTD 5,345,115.0 $28.0M 1.38% +714K +15.4% $5.24
6 VOR VOR BIOPHARMA INC Healthcare 1,943,766.0 $25.4M 1.26% +1.4M +288.8% $13.08 +7.6%
7 CRESCENT BIOPHARMA INC. 2,133,576.0 $25.3M 1.25% +746K +53.7% $11.86

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Healthcare 100.0%