Ayer Capital Management, LP

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (7 quarters reported)

$68.3M —

Q2 13 Q4 13 Q2 14 Q2 15

$16.9M in Q2 2013 → $26.8M now. Hover for any quarter.

Holdings

As reported for the quarter ended June 30, 2015. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
LB Lion Biotechnologies Inc	96.5%	Trimmed 50%	2,823,333	$25.9M
O Oncothyreon Inc	3.5%	Unchanged	250,000	$935K

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 6 quarters.

quarter ended June 30, 2015 · filed August 14, 2015

Company	Action	Shares changed	Value of change	% of portfolio
LB Lion Biotechnologies Inc	Trimmed	−2,780,682	−$25.5M	96.5%

quarter ended March 31, 2015 · filed May 20, 2015

Company	Action	Shares changed	Value of change	% of portfolio
LB Lion Biotechnologies Inc	New	+5,604,015	+$67.9M	99.4%
O Oncothyreon Inc	New	+250,000	+$407K	0.6%
0 0	Exited	+0	—	—

quarter ended June 30, 2014 · filed August 14, 2014

No position changes this quarter.

quarter ended March 31, 2014 · filed May 15, 2014

Company	Action	Shares changed	Value of change	% of portfolio
Ptc Therapeutics Inc	Exited	−262,069	−$4.45M	—
0 0	New	+0	—	—

quarter ended December 31, 2013 · filed February 18, 2014

Company	Action	Shares changed	Value of change	% of portfolio
C Celgene Corp	Exited	−1,399,919	−$11.2M	—
Ptc Therapeutics Inc	Trimmed	−154,597	−$2.62M	100.0%

quarter ended September 30, 2013 · filed November 14, 2013

Company	Action	Shares changed	Value of change	% of portfolio
Ptc Therapeutics Inc	New	+416,666	+$7.15M	38.9%
A Arthrocare Corp	Exited	−115,009	−$3.97M	—
C Celgene Corp	Trimmed	−347,456	−$2.79M	61.1%

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