Vivo Capital, LLC

Key Holdings

• Top 5 (by value): TRVI $46.62M (6.88%), Avadel $40.99M (6.05%), COGT $40.05M (5.91%), Sinovac $38.19M (5.64%), ORIC $37.52M (5.54%). These five total ~$203.4M (≈30.0% of the portfolio).
• Top 10 (adds Compass, DYN, ABVX, Bright Minds, Tourmaline) bring the cumulative share to ~52% of assets, highlighting high single‑sector/single‑theme exposure.
• Position sizes show a typical mid‑cap/clinical biotech sizing pattern: many positions in the $20M–$50M range (3%–7% weights), with a long tail of smaller positions (<1% to ~2% each).
• Several holdings are micro‑sized or very small-dollar (e.g., Precision Biosciences at $25.8K), which may indicate legacy positions or illiquid holdings.

Implication: The portfolio is driven by medium- to high‑conviction bets in late‑stage/clinical biotech and specialty pharma. Given the absolute sizes and concentration, single clinical or regulatory events in the top names could materially move the overall portfolio.