ADAR1 Capital Management, LLC has filed 60 Form 4 transactions across five companies, with a clear directional bias. The fund has reported $12.79 million in open-market purchases and $95.66 million in open-market sales. The most recent activity, however, shows no sales at all. The last 25 filings are all code "P" purchases, spread across four tickers: NXTC, INM, TENX, and a single small buy in INM.
The buying has been concentrated in three names. TENX drew the largest checks, including a $1.60 million purchase on September 3, 2026, followed by $722,594 on August 31, $321,570 on September 1, and $337,586 on September 2. That cluster was followed by three October buys totaling roughly $1.46 million: $507,013 on October 19, $405,726 on October 20, and $550,687 on October 21. NXTC saw three smaller October purchases: $27,170 on October 23, $8,418 on October 26, and $18,104 on October 27. INM has been bought repeatedly since mid-September, with 15 separate purchases ranging from $1.32 to $70,446, including a $24,182 buy on October 5 and an $11,048 buy on October 2.
The sell side is older. The $95.66 million in total sales, which includes code "S" open-market sales and code "D" sales back to the issuer, predates the recent purchase run. No code "S" or "D" transactions appear in the latest 25 filings. The fund has also reported no acquisitions through grants or option exercises in this window. The pattern is one of sustained accumulation in small-cap biotech and pharma names, with the largest dollar amounts going to TENX and the most frequent activity in INM.
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