# EDGAR Filing Document

**Accession Number:** 0001389933
**File Stem:** 0001389932-25-000011
**Filing Date:** 2025-8
**Character Count:** 11449
**Document Hash:** f6c983b4e6fa7d49c6e5cab937090303
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001389932-25-000011.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001389932-25-000011

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAFNA Capital Management LLC
- **CENTRAL INDEX KEY:** 0001389933

**ORGANIZATION NAME:**
- **EIN:** 364334068

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12327
- **FILM NUMBER:** 251217140

**BUSINESS ADDRESS:**
- **STREET 1:** 10990 WILSHIRE BOULEVARD
- **STREET 2:** SUITE 1400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90024
- **BUSINESS PHONE:** (310) 954-3200

**MAIL ADDRESS:**
- **STREET 1:** 10990 WILSHIRE BOULEVARD
- **STREET 2:** SUITE 1400
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90024

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** DAFNA Capital Management LLC<br>**Address:** 10990 WILSHIRE BOULEVARD<br>SUITE 1400<br>LOS ANGELES, CA 90024

**Form 13F File Number:** 028-12327

**CRD Number (if applicable):** 000129053

**SEC File Number (if applicable):** 801-62559

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Nathan Fischel<br>**Title:** CEO<br>**Phone:** 310-954-3200

**Signature, Place, and Date of Signing:**

Nathan Fischel  Los Angeles, CA  08-14-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 76

**Form 13F Information Table Value Total:** $362250156

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name           | Form 13F File Number   |
|:---|:---|:---|
|  | Fischel Nathan | 028-12328              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACCURAY INC | COM | 004397105 |  | 1674630 | 1222358 | SH |  | SOLE |  | 1222358 | 0 | 0 |
| ADC THERAPEUTICS SA | SHS | H0036K147 |  | 327177 | 122081 | SH |  | SOLE |  | 122081 | 0 | 0 |
| ADICET BIO INC | COM | 007002108 |  | 329400 | 540000 | SH |  | SOLE |  | 540000 | 0 | 0 |
| ALECTOR INC | COM | 014442107 |  | 1278099 | 912928 | SH |  | SOLE |  | 912928 | 0 | 0 |
| ALIGN TECHNOLOGY INC | COM | 016255101 |  | 2082630 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| ALKERMES PLC | SHS | G01767105 |  | 2968230 | 103748 | SH |  | SOLE |  | 103748 | 0 | 0 |
| ALLOGENE THERAPEUTICS INC | COM | 019770106 |  | 1559533 | 1380118 | SH |  | SOLE |  | 1380118 | 0 | 0 |
| APREA THERAPEUTICS INC | COM NEW | 03836J201 |  | 231824 | 137174 | SH |  | SOLE |  | 137174 | 0 | 0 |
| AQUESTIVE THERAPEUTICS INC | COM | 03843E104 |  | 470020 | 142000 | SH |  | SOLE |  | 142000 | 0 | 0 |
| ARCUS BIOSCIENCES INC | COM | 03969F109 |  | 5108876 | 627626 | SH |  | SOLE |  | 627626 | 0 | 0 |
| ASCENDIS PHARMA A/S | NOTE 2.250% 4/0 | 04351PAD3 |  | 5010000 | 4000000 | PRN |  | SOLE |  | 4000000 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 12544050 | 72677 | SH |  | SOLE |  | 72677 | 0 | 0 |
| ASTRIA THERAPEUTICS INC | COM | 04635X102 |  | 1740794 | 324775 | SH |  | SOLE |  | 324775 | 0 | 0 |
| ATRICURE INC | COM | 04963C209 |  | 19408786 | 592273 | SH |  | SOLE |  | 592273 | 0 | 0 |
| AUTOLUS THERAPEUTICS PLC | SPON ADS | 05280R100 |  | 970404 | 425616 | SH |  | SOLE |  | 425616 | 0 | 0 |
| AXOGEN INC | COM | 05463X106 |  | 8048335 | 741782 | SH |  | SOLE |  | 741782 | 0 | 0 |
| BICARA THERAPEUTICS INC | COM | 055477103 |  | 2944939 | 317001 | SH |  | SOLE |  | 317001 | 0 | 0 |
| BICYCLE THERAPEUTICS PLC | SPONSORED ADS | 088786108 |  | 448219 | 64492 | SH |  | SOLE |  | 64492 | 0 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 |  | 1955565 | 218255 | SH |  | SOLE |  | 218255 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 3319166 | 235235 | SH |  | SOLE |  | 235235 | 0 | 0 |
| BIOMX INC | COM NEW | 09090D301 |  | 180511 | 401136 | SH |  | SOLE |  | 401136 | 0 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 745290 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| BLACK DIAMOND THERAPEUTICS I | COM | 09203E105 |  | 1168080 | 471000 | SH |  | SOLE |  | 471000 | 0 | 0 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 21632041 | 168763 | SH |  | SOLE |  | 168763 | 0 | 0 |
| BRAINSWAY LTD | SPONSORED ADS | 10501L106 |  | 1672036 | 127151 | SH |  | SOLE |  | 127151 | 0 | 0 |
| CENTURY THERAPEUTICS INC | COM | 15673T100 |  | 952154 | 1704232 | SH |  | SOLE |  | 1704232 | 0 | 0 |
| COMPASS PATHWAYS PLC | SPONSORED ADS | 20451W101 |  | 2270929 | 811046 | SH |  | SOLE |  | 811046 | 0 | 0 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 1369316 | 526660 | SH |  | SOLE |  | 526660 | 0 | 0 |
| COMPUGEN LTD | ORD | M25722105 |  | 484876 | 272402 | SH |  | SOLE |  | 272402 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 13153224 | 398100 | SH |  | SOLE |  | 398100 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | COM | 23954D109 |  | 5714560 | 879163 | SH |  | SOLE |  | 879163 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 |  | 2357315 | 168500 | SH |  | SOLE |  | 168500 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 5722034 | 65552 | SH |  | SOLE |  | 65552 | 0 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 3122015 | 238140 | SH |  | SOLE |  | 238140 | 0 | 0 |
| ERASCA INC | COM | 29479A108 |  | 444500 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| FOGHORN THERAPEUTICS INC | COM | 344174107 |  | 1412124 | 300452 | SH |  | SOLE |  | 300452 | 0 | 0 |
| GALAPAGOS NV | SPON ADR | 36315X101 |  | 3643598 | 130175 | SH |  | SOLE |  | 130175 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 1045403 | 849921 | SH |  | SOLE |  | 849921 | 0 | 0 |
| IDEAYA BIOSCIENCES INC | COM | 45166A102 |  | 13013272 | 619090 | SH |  | SOLE |  | 619090 | 0 | 0 |
| IMMATICS NV | SHS | N44445109 |  | 1318100 | 245000 | SH |  | SOLE |  | 245000 | 0 | 0 |
| IMMUNOVANT INC | COM | 45258J102 |  | 3063888 | 191493 | SH |  | SOLE |  | 191493 | 0 | 0 |
| INFLARX NV | COM | N44821101 |  | 158000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| INOGEN INC | COM | 45780L104 |  | 4257544 | 605625 | SH |  | SOLE |  | 605625 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 3110382 | 9900 | SH |  | SOLE |  | 9900 | 0 | 0 |
| ISHARES NASDAQ BIOTECH INDX | ETF | 464287556 |  | 12967275 | 102500 | SH |  | SOLE |  | 102500 | 0 | 0 |
| ITEOS THERAPEUTICS INC | COM | 46565G104 |  | 1404245 | 140847 | SH |  | SOLE |  | 140847 | 0 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 6576763 | 581757 | SH |  | SOLE |  | 581757 | 0 | 0 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 1739719 | 130316 | SH |  | SOLE |  | 130316 | 0 | 0 |
| KORRO BIO INC | COM | 500946108 |  | 720561 | 57691 | SH |  | SOLE |  | 57691 | 0 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 2673633 | 463368 | SH |  | SOLE |  | 463368 | 0 | 0 |
| LARIMAR THERAPEUTICS INC | COM | 517125100 |  | 1073444 | 371434 | SH |  | SOLE |  | 371434 | 0 | 0 |
| LEXEO THERAPEUTICS INC | COM | 52886X107 |  | 1519894 | 378083 | SH |  | SOLE |  | 378083 | 0 | 0 |
| MEDIWOUND LTD | SHS NEW | M68830112 |  | 1248958 | 64479 | SH |  | SOLE |  | 64479 | 0 | 0 |
| MERUS BV | COM | N5749R100 |  | 20977090 | 398804 | SH |  | SOLE |  | 398804 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 5026706 | 371523 | SH |  | SOLE |  | 371523 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 258400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 8875599 | 70615 | SH |  | SOLE |  | 70615 | 0 | 0 |
| NEUROGENE INC | COM | 64135M105 |  | 763885 | 51096 | SH |  | SOLE |  | 51096 | 0 | 0 |
| ORIC PHARMACEUTICALS INC | COM | 68622P109 |  | 1373001 | 135271 | SH |  | SOLE |  | 135271 | 0 | 0 |
| PALVELLA THERAPEUTICS INC | COM | 697947109 |  | 977064 | 43348 | SH |  | SOLE |  | 43348 | 0 | 0 |
| POLYPID LTD | COM | M8001Q126 |  | 733887 | 207900 | SH |  | SOLE |  | 207900 | 0 | 0 |
| PROCEPT BIOROBOTICS CORP | COM | 74276L105 |  | 172800 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| PROQR THERAPEUTICS N V | SHS EURO | N71542109 |  | 3197824 | 1567561 | SH |  | SOLE |  | 1567561 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 24913305 | 677176 | SH |  | SOLE |  | 677176 | 0 | 0 |
| SPDR S BIOTECH ETF | ETF | 78464A870 |  | 34457830 | 415505 | SH |  | SOLE |  | 415505 | 0 | 0 |
| STEREOTAXIS INC | COM NEW | 85916J409 |  | 29002774 | 13680554 | SH |  | SOLE |  | 13680554 | 0 | 0 |
| STOKE THERAPEUTICS INC | COM | 86150R107 |  | 5697382 | 501972 | SH |  | SOLE |  | 501972 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 1223660 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| SUTRO BIOPHARMA INC | COM | 869367102 |  | 312031 | 437079 | SH |  | SOLE |  | 437079 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 5090833 | 543602 | SH |  | SOLE |  | 543602 | 0 | 0 |
| TANDEM DIABETES CARE INC | COM NEW | 875372203 |  | 5484037 | 294208 | SH |  | SOLE |  | 294208 | 0 | 0 |
| TELA BIO INC | COM | 872381108 |  | 2795596 | 1441029 | SH |  | SOLE |  | 1441029 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 4788356 | 349515 | SH |  | SOLE |  | 349515 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 1709674 | 64516 | SH |  | SOLE |  | 64516 | 0 | 0 |
| VYNE THERAPEUTICS INC | COM | 92941V308 |  | 1049570 | 636103 | SH |  | SOLE |  | 636103 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 9012491 | 287939 | SH |  | SOLE |  | 287939 | 0 | 0 |

---