Skip to main content
Livermore
Livermore
ZHEN

Squadron Capital Management LLC

SEC CIK
0002050709
Latest filing
Aug 14, 2026

The latest 13F from Squadron Capital Management LLC covers Q2 2026 (filed Aug 14, 2026): 34 long positions worth $292.1M. The top 10 holdings make up 73.0% of the portfolio, and the largest is Relmada Therapeutics, Inc. (RLMD) at 17.4%. Livermore has 3 filings on Form 13F from this institution, going back to Q4 2025.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
16
Est. +$52.5M
Added
9
Est. +$48.7M
Reduced
7
Est. −$18.7M
Sold out
12
Est. −$62.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. RLMDRelmada Therapeutics, Inc.
    17.4%$50.9MHistory
  2. CCCCC4 Therapeutics, Inc.
    11.5%$33.6MHistory
  3. COGTCogent Biosciences, Inc.
    11.5%$33.5MHistory
  4. KODKodiak Sciences Inc.
    6.7%$19.5MHistory
  5. RLAYRelay Therapeutics, Inc.
    6.2%$18.1MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. CCCCC4 Therapeutics, Inc.
    +$23.1MAddedHistory
  2. ELVNEnliven Therapeutics, Inc.
    +$8.12MNewHistory
  3. IVAInventiva S.A.
    +$7.18MAddedHistory
  4. RLAYRelay Therapeutics, Inc.
    +$5.57MAddedHistory
  5. ADAGAdagene Inc.
    +$5.25MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. CCCCC4 Therapeutics, Inc.
    +9.14 pp2.4% → 11.5%History
  2. RLAYRelay Therapeutics, Inc.
    +3.54 pp2.7% → 6.2%History
  3. ELVNEnliven Therapeutics, Inc.
    +2.78 pp0.0% → 2.8%History
  4. ZNTLZentalis Pharmaceuticals, Inc.
    +2.74 pp3.4% → 6.1%History
  5. IVAInventiva S.A.
    +1.96 pp1.2% → 3.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. KALVKalVista Pharmaceuticals, Inc.
    −$19.8MSold outHistory
  2. ABVXAbivax S.A.
    −$14.5MSold outHistory
  3. NKTRNektar Therapeutics
    −$8.99MSold outHistory
  4. RLMDRelmada Therapeutics, Inc.
    −$7.78MReducedHistory
  5. ANLAdlai Nortye Group Ltd.
    −$5.75MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. KALVKalVista Pharmaceuticals, Inc.
    −7.93 pp7.9% → 0.0%History
  2. RLMDRelmada Therapeutics, Inc.
    −6.18 pp23.6% → 17.4%History
  3. ABVXAbivax S.A.
    −5.79 pp5.8% → 0.0%History
  4. NKTRNektar Therapeutics
    −3.60 pp3.6% → 0.0%History
  5. EPRXEupraxia Pharmaceuticals Inc.
    −1.97 pp2.0% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$292.1M
+$42.1M (+16.9%) vs. prior quarter
Positions
34
+4 vs. prior quarter
Top 10 concentration
73.0%
Top 10 as share of value
Turnover
29.8%
Q2 2026, one quarter
Average holding period
2.3 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2025), so positions held before then are understated.

13F filings by quarter

3 quarters, going back to Q4 2025. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $292.1M (Q2 2026)

Q4 2025: $224.1MQ1 2026: $250.0MQ2 2026: $292.1M
Q4 2025Q2 2026
13F filings of Squadron Capital Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202634$292.1MRLMDCCCCCOGTvs. Q1 2026SEC
Q1 2026May 15, 202630$250.0MRLMDCOGTKALVvs. Q4 2025SEC
Q4 2025Feb 17, 202629$224.1MRLMDCOGTMAZE–SEC

13D and 13G filings

Companies where Squadron Capital Management LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

9 companies, largest stake first.

Companies where Squadron Capital Management LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
KTTAPasithea Therapeutics Corp.13G/A9.90%2.33M shares0.00 ppfrom 9.90%Dec 5, 20252 filingsFeb 17, 2026SEC
APREAprea Therapeutics, Inc.13G9.90%1.27M sharesNewApr 7, 20261 filingApr 7, 2026SEC
LPCNLipocine Inc.13G/A9.80%810.0K shares+3.60 ppfrom 6.20%Dec 23, 20254 filingsAug 14, 2026SEC
INMInMed Pharmaceuticals Inc.13G9.80%325.0K sharesNewMay 27, 20261 filingMay 27, 2026SEC
SCYXScynexis Inc13G9.60%7.61M sharesNewApr 8, 20261 filingApr 8, 2026SEC
RLMDRelmada Therapeutics, Inc.13G/A7.00%7.35M shares−2.90 ppfrom 9.90%May 1, 20254 filingsAug 14, 2026SEC
CCCCC4 Therapeutics, Inc.13G/A6.90%7.60M shares+1.90 ppfrom 5.00%May 19, 20262 filingsAug 14, 2026SEC
QNCXQuince Therapeutics, Inc.13G5.60%55.2K sharesNewAug 4, 20261 filingAug 4, 2026SEC
ZNTLZentalis Pharmaceuticals, Inc.13G5.10%3.68M sharesNewMar 3, 20261 filingMar 3, 2026SEC

Latest filings

30 filings on file made by Squadron Capital Management LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Squadron Capital Management LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
TRAWTraws Pharma, Inc.Aug 14, 20261:24 PM ET13G/A0.00%0 shares−6.40 ppfrom 6.40%Below 5%Jun 30, 2026SEC
RLMDRelmada Therapeutics, Inc.Aug 14, 20261:17 PM ET13G/A7.00%7.35M shares−2.90 ppfrom 9.90%Jun 30, 2026SEC
NXTCNextCure, Inc.Aug 14, 20261:09 PM ET13G/A1.60%64.5K shares−8.30 ppfrom 9.90%Below 5%Jun 30, 2026SEC
LPCNLipocine Inc.Aug 14, 20261:01 PM ET13G/A9.80%810.0K shares+3.60 ppfrom 6.20%Jun 30, 2026SEC
CCCCC4 Therapeutics, Inc.Aug 14, 202612:54 PM ET13G/A6.90%7.60M shares+1.90 ppfrom 5.00%Jun 30, 2026SEC
QNCXQuince Therapeutics, Inc.Aug 4, 20263:06 PM ET13G5.60%55.2K sharesNewJul 28, 2026SEC
INMInMed Pharmaceuticals Inc.May 27, 20264:08 PM ET13G9.80%325.0K sharesNewMay 19, 2026SEC
CCCCC4 Therapeutics, Inc.May 19, 20264:09 PM ET13G5.00%5.55M sharesNewMay 12, 2026SEC
SPRBSpruce Biosciences, Inc.May 15, 202612:02 PM ET13G/A0.90%12.2K shares−5.60 ppfrom 6.50%Below 5%Mar 31, 2026SEC
LPCNLipocine Inc.May 15, 202611:55 AM ET13G/A6.20%450.0K shares−3.30 ppfrom 9.50%Mar 31, 2026SEC
TRAWTraws Pharma, Inc.May 15, 202611:50 AM ET13G/A6.40%511.7K shares−2.50 ppfrom 8.90%Mar 31, 2026SEC
SCYXScynexis IncApr 8, 202612:46 PM ET13G9.60%7.61M sharesNewMar 31, 2026SEC
APREAprea Therapeutics, Inc.Apr 7, 20264:26 PM ET13G9.90%1.27M sharesNewMar 30, 2026SEC
ZNTLZentalis Pharmaceuticals, Inc.Mar 3, 20264:05 PM ET13G5.10%3.68M sharesNewFeb 24, 2026SEC
TRAWTraws Pharma, Inc.Feb 17, 202612:36 PM ET13G/A8.90%713.5K shares+0.50 ppfrom 8.40%Dec 31, 2025SEC
SPRBSpruce Biosciences, Inc.Feb 17, 202612:27 PM ET13G/A6.50%70.0K shares−0.10 ppfrom 6.60%Dec 31, 2025SEC
RLMDRelmada Therapeutics, Inc.Feb 17, 202612:18 PM ET13G/A9.90%7.40M shares0.00 ppfrom 9.90%Dec 31, 2025SEC
PALIPalisade Bio, Inc.Feb 17, 202612:09 PM ET13G/A3.00%4.50M shares−5.50 ppfrom 8.50%Below 5%Dec 31, 2025SEC
NXTCNextCure, Inc.Feb 17, 202612:00 PM ET13G/A9.90%271.1K shares+3.40 ppfrom 6.50%Dec 31, 2025SEC
LPCNLipocine Inc.Feb 17, 202611:49 AM ET13G/A9.50%530.0K shares+0.50 ppfrom 9.00%Dec 31, 2025SEC