Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (15 quarters reported)
$120M in Q4 2022 → $2.13B 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 |
|---|---|---|---|---|
| Liquidia Corporation | 30.5% | Unchanged | 8,118,892 | $647M |
| Revolution Medicines Inc | 17.3% | Added 19% | 1,961,795 | $367M |
| Abivax Sa | 9.8% | Added 6.6% | 1,557,924 | $208M |
| Vaxcyte Inc | 6.0% | Added 6.2% | 2,188,636 | $127M |
| Exelixis Inc | 4.0% | Unchanged | 1,553,262 | $84.5M |
| Tango Therapeutics Inc | 3.7% | Added 3.8% | 2,500,103 | $78.2M |
| Avalo Therapeutics Inc | 2.8% | Added 94% | 3,163,866 | $58.5M |
| Xenon Pharmaceuticals Inc | 2.5% | Trimmed 36% | 889,944 | $53.7M |
| Adma Biologics Inc | 2.3% | Added 20% | 5,725,007 | $47.9M |
| Revolution Medicines Inc Call | 2.2% | Added 10% | 251,800 | $47.2M |
| Lb Pharmaceuticals Inc | 2.2% | Unchanged | 1,438,070 | $46.7M |
| IH Immunocore Hldgs PLC | 2.1% | New | 1,381,317 | $43.9M |
| Viridian Therapeutics Inc | 1.9% | New | 2,193,981 | $40.3M |
| Vor Biopharma Inc | 1.7% | Unchanged | 1,925,066 | $35.4M |
| Sab Biotherapeutics Inc | 1.5% | Unchanged | 7,967,207 | $31.1M |
| Inventiva Sa | 1.5% | Added 64% | 8,163,191 | $30.9M |
| Aura Biosciences Inc | 1.4% | Added 1770% | 4,298,248 | $30.5M |
| Tyra Biosciences Inc | 1.2% | Trimmed 37% | 806,986 | $25.8M |
| Opus Genetics Inc | 1.2% | Added 0.0% | 6,077,084 | $25M |
| Anika Therapeutics Inc | 1.0% | Unchanged | 1,435,130 | $21M |
| Sagimet Biosciences Inc | 0.9% | New | 2,500,000 | $19.3M |
| Artiva Biotherapeutics Inc | 0.8% | New | 1,736,111 | $16.8M |
| Faeth Therapeutics Inc | 0.7% | Added 400% | 629,467 | $15.7M |
| Mbx Biosciences Inc | 0.5% | Trimmed 76% | 200,000 | $11M |
| Verrica Pharmaceuticals Inc | 0.3% | Unchanged | 923,910 | $5.65M |
| Agios Pharmaceuticals Inc Call | 0.2% | Unchanged | 90,000 | $3.34M |
| Adma Biologics Inc Call | 0.1% | Unchanged | 300,000 | $2.51M |
| Cellectar Biosciences Inc | 0.1% | New | 469,998 | $1.31M |
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 |
|---|---|---|---|---|
| Mineralys Therapeutics Inc | Exited | −2,772,654 | −$75.1M | — |
| Cg Oncology Inc | Exited | −900,000 | −$60.9M | — |
| Revolution Medicines Inc | Added | +308,987 | +$57.9M | 17.3% |
| Spyre Therapeutics Inc | Exited | −878,127 | −$44.3M | — |
| IH Immunocore Hldgs PLC | New | +1,381,317 | +$43.9M | 2.1% |
| Viridian Therapeutics Inc | New | +2,193,981 | +$40.3M | 1.9% |
| Mbx Biosciences Inc | Trimmed | −648,590 | −$35.8M | 0.5% |
| Xenon Pharmaceuticals Inc | Trimmed | −503,083 | −$30.4M | 2.5% |
| Aura Biosciences Inc | Added | +4,068,384 | +$28.9M | 1.4% |
| Avalo Therapeutics Inc | Added | +1,528,843 | +$28.3M | 2.8% |
Showing the 10 largest of 24 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mineralys Therapeutics Inc | Exited | −2,298,400 | −$83.4M | — |
| Cg Oncology Inc | New | +900,000 | +$60.9M | 4.1% |
| Xenon Pharmaceuticals Inc | Added | +843,362 | +$49M | 5.4% |
| Spyre Therapeutics Inc | New | +878,127 | +$44.3M | 2.9% |
| Revolution Medicines Inc | Added | +368,908 | +$35.9M | 10.7% |
| Lb Pharmaceuticals Inc | New | +1,438,070 | +$34.6M | 2.3% |
| Sab Biotherapeutics Inc | New | +7,967,207 | +$30.5M | 2.0% |
| Opus Genetics Inc | New | +6,075,028 | +$27.6M | 1.8% |
| Tango Therapeutics Inc | Trimmed | −1,321,097 | −$27.6M | 3.4% |
| Inhibrx Biosciences Inc | Exited | −323,565 | −$25.6M | — |
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 |
|---|---|---|---|---|
| Mineralys Therapeutics Inc | New | +2,298,400 | +$83.4M | 6.9% |
| Vaxcyte Inc | New | +1,704,815 | +$78.7M | 6.5% |
| Agios Pharmaceuticals Inc | Exited | −1,131,205 | −$45.4M | — |
| Agios Pharmaceuticals Inc | Exited | −975,000 | −$39.1M | — |
| Tango Therapeutics Inc | New | +3,729,895 | +$33M | 2.7% |
| Evolus Inc | Exited | −4,138,943 | −$25.4M | — |
| Xenon Pharmaceuticals Inc | New | +549,700 | +$24.6M | 2.0% |
| Maze Therapeutics Inc | New | +550,191 | +$22.8M | 1.9% |
| Rapt Therapeutics Inc | New | +644,400 | +$21.8M | 1.8% |
| Merus N V | Exited | −216,954 | −$20.4M | — |
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 |
|---|---|---|---|---|
| Verona Pharma PLC | Exited | −1,436,878 | −$136M | — |
| Merus N V | Trimmed | −440,045 | −$41.4M | 2.7% |
| Agios Pharmaceuticals Inc | New | +975,000 | +$39.1M | 5.1% |
| Adma Biologics Inc | New | +2,636,609 | +$38.7M | 5.1% |
| Mineralys Therapeutics Inc | Added | +755,302 | +$28.6M | 13.8% |
| Revolution Medicines Inc | Added | +427,414 | +$20M | 6.5% |
| Abivax Sa | Trimmed | −222,476 | −$18.9M | 16.1% |
| Xenon Pharmaceuticals Inc | New | +444,565 | +$17.8M | 2.3% |
| Avalo Therapeutics Inc | New | +833,333 | +$10.6M | 1.4% |
| Y-mabs Therapeutics Inc | Exited | −2,342,609 | −$10.6M | — |
Showing the 10 largest of 19 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sage Therapeutics Inc | Exited | −3,052,538 | −$24.3M | — |
| Biocryst Pharmaceuticals Inc | Trimmed | −2,468,761 | −$22.1M | 1.1% |
| Merus N V | Added | +280,045 | +$14.7M | 6.6% |
| Agios Pharmaceuticals Inc | Added | +369,978 | +$12.3M | 6.8% |
| Revolution Medicines Inc | Added | +171,835 | +$6.32M | 4.5% |
| Rezolute Inc | Added | +1,401,705 | +$6.25M | 1.3% |
| Evolus Inc | Added | +610,816 | +$5.63M | 5.9% |
| SL Sellas Life Sciences Group I | New | +2,300,000 | +$5.04M | 1.0% |
| Abivax Sa | Added | +405,281 | +$3.1M | 2.5% |
| Mineralys Therapeutics Inc | Trimmed | −132,315 | −$1.79M | 5.2% |
Showing the 10 largest of 14 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mineralys Therapeutics Inc | Added | +1,138,512 | +$18.1M | 7.1% |
| Revolution Medicines Inc | New | +465,000 | +$16.4M | 3.4% |
| Merus N V | Added | +121,954 | +$5.13M | 3.3% |
| Abivax Sa | Added | +516,952 | +$3.23M | 1.7% |
| Y-mabs Therapeutics Inc | Added | +574,627 | +$2.55M | 2.2% |
| Agios Pharmaceuticals Inc | Added | +75,000 | +$2.2M | 4.3% |
| Enanta Pharmaceuticals Inc | Exited | −184,826 | −$1.06M | — |
| Biocryst Pharmaceuticals Inc | Added | +111,737 | +$838K | 4.9% |
| Verrica Pharmaceuticals Inc | Added | +1,563,267 | +$691K | 0.8% |
| Evolus Inc | Added | +38,766 | +$466K | 6.9% |
Showing the 10 largest of 12 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sage Therapeutics Inc | New | +3,052,538 | +$16.6M | 4.2% |
| Merus N V | New | +255,000 | +$10.7M | 2.7% |
| Evolus Inc | Added | +498,900 | +$5.51M | 7.5% |
| Abivax Sa | New | +752,167 | +$5.51M | 1.4% |
| Verrica Pharmaceuticals Inc | New | +7,429,687 | +$5.2M | 1.3% |
| Y-mabs Therapeutics Inc | Added | +572,729 | +$4.48M | 3.5% |
| IM I Mab | Exited | −3,499,330 | −$4.34M | — |
| Biocryst Pharmaceuticals Inc | Added | +412,347 | +$3.1M | 5.7% |
| Outlook Therapeutics Inc | Exited | −318,699 | −$1.7M | — |
| Agios Pharmaceuticals Inc | Added | +46,563 | +$1.53M | 5.2% |
Showing the 10 largest of 12 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Alimera Sciences Inc | Exited | −16,835,154 | −$93.6M | — |
| Liquidia Corporation | Trimmed | −2,242,353 | −$22.4M | 25.7% |
| Biocryst Pharmaceuticals Inc | Trimmed | −2,015,152 | −$15.3M | 6.2% |
| Verona Pharma PLC | Trimmed | −406,878 | −$11.7M | 13.1% |
| Y-mabs Therapeutics Inc | Added | +613,175 | +$8.06M | 5.0% |
| Enanta Pharmaceuticals Inc | Trimmed | −720,436 | −$7.46M | 1.1% |
| Agios Pharmaceuticals Inc | Added | +65,006 | +$2.89M | 8.2% |
| Mineralys Therapeutics Inc | Added | +235,397 | +$2.85M | 3.8% |
| Outlook Therapeutics Inc | Trimmed | −181,301 | −$968K | 0.5% |
| Evolus Inc | Added | +25,698 | +$416K | 11.3% |
Showing the 10 largest of 12 changes.
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