Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$515M in Q2 2013 → $3.91B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Revolution Medicines Inc | 14.2% | Added 3.8% | 2,965,160 | $555M |
| Kymera Therapeutics Inc | 11.4% | Trimmed 30% | 3,872,052 | $444M |
| Xoma Royalty Corporation | 8.3% | Added 193% | 7,593,303 | $323M |
| Moonlake Immunotherapeutics | 8.0% | Unchanged | 16,001,284 | $312M |
| Gh Research PLC | 5.9% | Unchanged | 8,650,158 | $233M |
| Structure Therapeutics Inc | 4.6% | Trimmed 2.7% | 3,366,823 | $181M |
| Nektar Therapeutics | 4.3% | Trimmed 6.6% | 2,391,075 | $167M |
| Mirum Pharmaceuticals Inc | 3.2% | Trimmed 33% | 1,056,027 | $124M |
| Xencor Inc | 2.9% | Unchanged | 7,133,720 | $115M |
| Alkermes PLC | 2.9% | Added 7.7% | 2,154,704 | $113M |
| Monte Rosa Therapeutics Inc | 2.8% | Unchanged | 4,460,886 | $108M |
| Cullinan Therapeutics Inc | 2.7% | Unchanged | 5,750,683 | $105M |
| PT Palvella Therapeutics Inc Ne | 2.6% | Trimmed 30% | 672,789 | $103M |
| Zymeworks Inc | 2.4% | Trimmed 2.3% | 3,649,142 | $95.4M |
| Kura Oncology Inc | 2.4% | Unchanged | 8,445,769 | $92.7M |
| Disc Medicine Inc | 2.2% | Trimmed 9.3% | 1,153,612 | $84.4M |
| Stoke Therapeutics Inc | 2.1% | Unchanged | 2,547,557 | $83.4M |
| Olema Pharmaceuticals Inc | 1.7% | Unchanged | 5,295,893 | $66.3M |
| Annexon Inc | 1.3% | Unchanged | 8,698,173 | $49.7M |
| Crescent Biopharma Inc. | 1.3% | Unchanged | 2,748,763 | $49.5M |
| Ac Immune Sa | 1.2% | Unchanged | 19,822,436 | $47.2M |
| Tyra Biosciences Inc | 1.2% | Trimmed 25% | 1,476,196 | $47.1M |
| Sutro Biopharma Inc | 1.1% | Unchanged | 1,251,788 | $41.6M |
| IH Immunocore Hldgs PLC | 1.1% | Unchanged | 1,294,463 | $41.1M |
| Avalo Therapeutics Inc | 1.0% | Added 27% | 2,075,545 | $38.4M |
| 4M 4d Molecular Therapeutics In | 1.0% | Unchanged | 2,879,289 | $38.3M |
| Q32 Bio Inc | 0.8% | New | 2,350,000 | $29.9M |
| Anteris Technologies Global | 0.8% | Unchanged | 3,000,000 | $29.6M |
| Foghorn Therapeutics Inc | 0.7% | Unchanged | 5,842,000 | $28.5M |
| Absci Corporation | 0.7% | New | 2,361,674 | $27.4M |
| Eledon Pharmaceuticals Inc | 0.6% | Unchanged | 6,293,282 | $24.8M |
| Invivyd Inc | 0.6% | Added 44% | 28,165,000 | $24.6M |
| Sagimet Biosciences Inc | 0.5% | New | 2,500,000 | $19.3M |
| Onkure Therapeutics Inc | 0.4% | Added 64% | 3,235,778 | $14.8M |
| Immunic Inc | 0.3% | New | 765,295 | $11.8M |
| X4 Pharmaceuticals Inc | 0.3% | Unchanged | 2,233,742 | $10.4M |
| Imagenebio Inc | 0.2% | Unchanged | 1,110,002 | $6.55M |
| Tscan Therapeutics Inc | 0.1% | Unchanged | 5,564,290 | $5.45M |
| Research Alliance Corp Iii | 0.1% | New | 500,000 | $5.35M |
| Molecular Partners Ag | 0.1% | Unchanged | 1,353,968 | $5.15M |
| Tenax Therapeutics Inc | 0.1% | Unchanged | 339,549 | $4.94M |
| Entera Bio Ltd | 0.1% | New | 2,425,000 | $4.29M |
| IS Inventiva Sa | 0.1% | Unchanged | 686,040 | $2.59M |
| Engene Therapeutics | 0.0% | New | 945,402 | $274K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Xoma Royalty Corporation | Added | +5,003,000 | +$213M | 8.3% |
| Kymera Therapeutics Inc | Trimmed | −1,630,658 | −$187M | 11.4% |
| Mirum Pharmaceuticals Inc | Trimmed | −528,700 | −$61.9M | 3.2% |
| PT Palvella Therapeutics Inc Ne | Trimmed | −288,200 | −$44M | 2.6% |
| Compass Therapeutics Inc | Exited | −7,764,842 | −$41.1M | — |
| Septerna Inc | Exited | −1,353,249 | −$32.5M | — |
| Q32 Bio Inc | New | +2,350,000 | +$29.9M | 0.8% |
| Absci Corporation | New | +2,361,674 | +$27.4M | 0.7% |
| Revolution Medicines Inc | Added | +108,378 | +$20.3M | 14.2% |
| Sagimet Biosciences Inc | New | +2,500,000 | +$19.3M | 0.5% |
Showing the 10 largest of 25 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nektar Therapeutics | Added | +1,000,000 | +$72M | 5.9% |
| Alkermes PLC | New | +2,000,000 | +$70.7M | 2.3% |
| Moonlake Immunotherapeutics | Trimmed | −3,750,000 | −$69.9M | 9.5% |
| Abivax Sa | Exited | −508,031 | −$68.5M | — |
| Revolution Medicines Inc | Trimmed | −500,000 | −$48.6M | 8.9% |
| Disc Medicine Inc | Added | +622,312 | +$39.8M | 2.6% |
| Sutro Biopharma Inc | New | +1,251,788 | +$31.2M | 1.0% |
| Repare Therapeutics Inc | Exited | −10,333,600 | −$26.9M | — |
| Anteris Technologies Global | New | +3,000,000 | +$16.7M | 0.5% |
| 4M 4d Molecular Therapeutics In | Trimmed | −1,750,000 | −$16.3M | 0.9% |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Protagonist Therapeutics Inc | Exited | −2,560,916 | −$170M | — |
| Cidara Therapeutics Inc | Exited | −1,414,165 | −$135M | — |
| Axsome Therapeutics Inc | Trimmed | −441,000 | −$80.5M | 0.3% |
| Xencor Inc | Added | +4,393,579 | +$67.3M | 3.7% |
| Septerna Inc | Trimmed | −2,295,008 | −$64M | 1.6% |
| Disc Medicine Inc | New | +650,000 | +$51.6M | 1.7% |
| Revolution Medicines Inc | Trimmed | −618,131 | −$49.2M | 9.0% |
| Invivyd Inc | New | +19,525,000 | +$48.2M | 1.6% |
| Tyra Biosciences Inc | Trimmed | −1,522,129 | −$40M | 1.9% |
| Celcuity Inc | Exited | −658,421 | −$32.5M | — |
Showing the 10 largest of 25 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Axsome Therapeutics Inc | Trimmed | −1,203,464 | −$146M | 2.4% |
| Celcuity Inc | Trimmed | −2,807,579 | −$139M | 1.3% |
| Mirum Pharmaceuticals Inc | Trimmed | −1,266,043 | −$92.8M | 4.4% |
| Ionis Pharmaceuticals Inc | Exited | −1,913,385 | −$75.6M | — |
| Nektar Therapeutics | New | +1,276,595 | +$72.6M | 2.9% |
| Cidara Therapeutics Inc | Added | +627,773 | +$60.1M | 5.5% |
| Abivax Sa | New | +558,031 | +$47.4M | 1.9% |
| Revolution Medicines Inc | Trimmed | −1,007,471 | −$47M | 7.5% |
| Protagonist Therapeutics Inc | Trimmed | −650,125 | −$43.2M | 6.9% |
| Structure Therapeutics Inc | Added | +1,432,500 | +$40.1M | 3.6% |
Showing the 10 largest of 29 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GN Galapagos Nv | Exited | −1,454,422 | −$36.5M | — |
| Protagonist Therapeutics Inc | Added | +636,026 | +$35.2M | 6.3% |
| IH Immunocore Hldgs PLC | New | +1,024,288 | +$32.1M | 1.1% |
| Verve Therapeutics Inc | Exited | −6,904,050 | −$31.6M | — |
| Crescent Biopharma Inc. | New | +1,387,863 | +$22.4M | 0.8% |
| Iteos Therapeutics Inc | Exited | −3,075,000 | −$18.4M | — |
| Kymera Therapeutics Inc | Added | +340,909 | +$14.9M | 8.6% |
| Rapt Therapeutics Inc | Exited | −9,237,556 | −$11.3M | — |
| Xoma Royalty Corporation | Trimmed | −392,723 | −$9.9M | 2.3% |
| Rapt Therapeutics Inc | New | +1,154,692 | +$9.24M | 0.3% |
Showing the 10 largest of 24 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ionis Pharmaceuticals Inc | New | +1,913,385 | +$57.7M | 2.4% |
| Agios Pharmaceuticals Inc | Exited | −1,073,755 | −$35.3M | — |
| Axsome Therapeutics Inc | Added | +302,157 | +$35.2M | 8.0% |
| Kura Oncology Inc | Added | +5,186,660 | +$34.2M | 2.1% |
| 89bio Inc | Exited | −4,333,885 | −$33.9M | — |
| Protagonist Therapeutics Inc | Added | +675,000 | +$32.6M | 5.1% |
| Revolution Medicines Inc | Added | +801,205 | +$28.3M | 7.2% |
| Gh Research PLC | Trimmed | −1,572,446 | −$17.3M | 4.0% |
| EH Engene Holdings Inc | Exited | −2,106,037 | −$14M | — |
| Monte Rosa Therapeutics Inc | Added | +2,895,661 | +$13.4M | 1.1% |
Showing the 10 largest of 23 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Moonlake Immunotherapeutics | Trimmed | −2,000,000 | −$108M | 36.2% |
| Ionis Pharmaceuticals Inc | Exited | −1,451,879 | −$58.2M | — |
| Septerna Inc | New | +2,452,024 | +$56.2M | 1.9% |
| Ideaya Biosciences Inc | Exited | −1,409,993 | −$44.7M | — |
| Cg Oncology Inc | Exited | −994,596 | −$37.5M | — |
| Verve Therapeutics Inc | Added | +6,254,050 | +$35.3M | 1.3% |
| Xencor Inc | Added | +1,438,760 | +$33.1M | 1.8% |
| Revolution Medicines Inc | Added | +702,567 | +$30.7M | 6.2% |
| Axsome Therapeutics Inc | Added | +342,064 | +$28.9M | 4.0% |
| 4M 4d Molecular Therapeutics In | Trimmed | −4,712,000 | −$26.2M | 0.5% |
Showing the 10 largest of 35 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Revolution Medicines Inc | Trimmed | −2,502,600 | −$113M | 4.6% |
| Merus N V | Exited | −1,279,049 | −$75.7M | — |
| Ionis Pharmaceuticals Inc | Trimmed | −1,734,497 | −$69.5M | 1.7% |
| Protagonist Therapeutics Inc | Trimmed | −1,469,123 | −$66.1M | 2.4% |
| Cg Oncology Inc | Trimmed | −1,423,289 | −$53.7M | 1.1% |
| Mirum Pharmaceuticals Inc | Trimmed | −1,294,117 | −$50.5M | 3.5% |
| 4M 4d Molecular Therapeutics In | Added | +3,460,229 | +$37.4M | 2.3% |
| Calliditas Therapeutics Ab | Exited | −750,000 | −$29.2M | — |
| Roivant Sciences Ltd | Exited | −2,742,409 | −$29M | — |
| Janux Therapeutics Inc | Exited | −441,528 | −$18.5M | — |
Showing the 10 largest of 30 changes.
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