DAFNA Capital Management LLC

Hedge Fund • Event Driven

DAFNA Capital Management LLC is an Event Driven Hedge Fund based in Los Angeles, CA led by Nathan Fischel, reporting $537.7M in AUM as of Q3 2025 with 79% Healthcare concentration and 58% concentrated in top 10 holdings.

CEONathan Fischel

Portfolio Value: $397.7M
Positions: 73
Top Holding: STXS at 10.7%
Last Reported: Q3 2025

Address10990 Wilshire Boulevard, Suite 1400, Los Angeles, CA, 90024, United States

Top Holdings

Largest long holdings in DAFNA Capital Management LLC's portfolio (58.1% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Stereotaxis STXS	Medical - Instruments & Supplies Healthcare	$42.5M	10.70%	—	15.02% 13.7M shares	≤ Q2 2013 Held for 12y 5m+
2 XBI SPDR S&P Biotech XBI	ETF ETF	$40.2M	10.12%	-$1.4M Sold	— 401.5K shares	Q1 2022 Held for 3y 8m
3 Revolution Medicines, Inc. RVMD	Biotechnology Healthcare	$30.7M	7.72%	-$934.0K Sold	0.35% 657.2K shares	Q4 2020 Held for 4y 11m
4 Cytokinetics CYTK	Biotechnology Healthcare	$21.7M	5.46%	-$173.7K Sold	0.33% 394.9K shares	Q3 2021 Held for 4y 2m
5 AtriCure ATRC	Medical - Instruments & Supplies Healthcare	$20.9M	5.25%	—	1.19% 592.3K shares	≤ Q2 2013 Held for 12y 5m+
6 Merus N.V. MRUS	Biotechnology Healthcare	$20.8M	5.22%	-$16.8M Sold	0.29% 220.5K shares	Q1 2021 Held for 4y 8m
7 iShares Biotechnology IBB	ETF ETF	$14.8M	3.72%	—	— 102.5K shares	Q1 2016 Held for 9y 8m
8 IDEAYA Biosciences, Inc. IDYA	Biotechnology Healthcare	$14.7M	3.69%	-$2.2M Sold	0.62% 539.9K shares	Q3 2020 Held for 5y 2m
9 Axogen AXGN	Medical - Devices Healthcare	$13.2M	3.33%	+$8.9K Bought	1.61% 742.3K shares	Q4 2021 Held for 3y 11m
10 Xenon Pharmaceuticals XENE	Biotechnology Healthcare	$11.6M	2.91%	—	0.37% 287.9K shares	Q3 2015 Held for 10y 2m

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in DAFNA Capital Management LLC's latest filing

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GthenC

Market Value

$397.7M

Prior: $357.2M

Q/Q Change

+11.32%

+$40.5M

Net Flows % of MV

-18.08%

Turnover Ratio

13.53%

New Purchases

5 stocks

$6.5M

Added To

10 stocks

+$11.8M

Sold Out Of

8 stocks

$26.8M

Reduced Holdings

24 stocks

-$63.4M

Increased Positions

Position	Shares Δ	Change
1 Rapport Therapeutics, Inc. RAPP	New	0 → 75.0K +$2.2M
2 MBX Biosciences, Inc. MBX	New	0 → 85.0K +$1.5M
3 Inspire Medical Systems INSP	New	0 → 17.2K +$1.3M
4 Orchestra BioMed Holdings, Inc. OBIO	New	0 → 363.6K +$901.8K
5 Celldex Therapeutics CLDX	New	0 → 24.5K +$634.3K

Decreased Positions

Position	Shares Δ	Change
1 Blueprint Medicines BPMC	Sold	168.8K → 0 −$21.6M
2 iTeos Therapeutics, Inc. ITOS	Sold	140.8K → 0 −$1.4M
3 Vyne Therapeutics VYNE	Sold	636.1K → 0 −$1.0M
4 Gossamer Bio, Inc. GOSS	Sold	849.9K → 0 −$1.0M
5 Palvella Therapeutics PVLA	Sold	43.3K → 0 −$977.1K