Squadron Capital Management LLC

The $236 million portfolio is spread across 33 positions, which is the widest diversification among the still-small biotech specialists this quarter. The top five names — Relmada Therapeutics, Cogent Biosciences, Maze Therapeutics, Abivax, and KalVista Pharmaceuticals — account for roughly 43 percent of gross assets, which is a high-conviction cluster rather than a flat beta bet. Relmada alone stands at $32 million and 13.7 percent of the book, making it the clear anchor position; Cogent is the second anchor at $28 million. The rest of the top tier are names in the $10 million to $20 million range that a specialist would size with specific pipeline catalysts in mind rather than for general sector exposure.

The middle tier of the book is where the profile becomes interesting. Palisade Bio, Edgewise Therapeutics, Inhibikase Therapeutics, Kodiak Sciences, Terns Pharmaceuticals, Arrivent Biopharma, Tarsus Pharmaceuticals, and Upstream Bio each sit at $6 million to $11 million in a tightly packed band. These are not random — they are late-stage clinical or commercial-stage specialty names in rare disease, oncology, and ophthalmology that have identifiable catalysts ahead of them. The whaleScore of 44 reflects this density: a fund that is managing many simultaneous catalysts rather than betting the book on one or two.