Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (51 quarters reported)
$345M in Q4 2013 → $1.95B 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 |
|---|---|---|---|---|
| PP Praxis Precision Medicines I | 11.0% | Trimmed 28% | 640,000 | $214M |
| BO Bridgebio Oncology Therapeut | 7.0% | Unchanged | 17,878,594 | $136M |
| PM Parabilis Medicines Inc | 6.5% | New | 4,615,612 | $126M |
| Rapport Therapeutics Inc | 5.7% | Trimmed 10% | 2,657,521 | $111M |
| Erasca Inc | 5.6% | Added 3.4% | 6,000,000 | $110M |
| Edgewise Therapeutics Inc | 5.2% | Trimmed 23% | 2,510,000 | $102M |
| Eyepoint Inc | 5.1% | Trimmed 15% | 7,000,000 | $100M |
| Alumis Inc | 4.7% | Trimmed 17% | 3,285,596 | $92.5M |
| Abivax Sa | 4.6% | Trimmed 11% | 675,000 | $90M |
| DT Dianthus Therapeutics Inc | 3.7% | Trimmed 21% | 750,000 | $73.1M |
| Bright Minds Biosciences Inc | 3.2% | Trimmed 15% | 900,000 | $63.2M |
| Moonlake Immunotherapeutics | 3.2% | Trimmed 28% | 3,205,433 | $62.4M |
| Bioage Labs Inc | 3.0% | Trimmed 17% | 2,390,605 | $58.6M |
| Oruka Therapeutics Inc | 2.6% | Unchanged | 533,340 | $50.8M |
| AN Adlai Nortye Ltd | 2.3% | Added 37% | 3,978,229 | $45.7M |
| Bridgebio Pharma Inc | 2.1% | Trimmed 35% | 550,000 | $41M |
| Tango Therapeutics Inc | 2.1% | Trimmed 8.8% | 1,300,000 | $40.6M |
| Biohaven Ltd | 2.0% | Added 48% | 2,610,000 | $38.8M |
| Agomab Therapeutics Nv | 1.6% | Unchanged | 2,465,348 | $32M |
| Mbx Biosciences Inc | 1.6% | Trimmed 51% | 550,000 | $30.4M |
| Climb Bio Inc | 1.4% | New | 2,106,000 | $27.5M |
| Olema Pharmaceuticals Inc | 1.4% | Trimmed 45% | 2,150,000 | $26.9M |
| Damora Therapeutics Inc | 1.3% | Trimmed 34% | 1,000,000 | $26M |
| Pharvaris N V | 1.3% | Trimmed 25% | 750,000 | $25.9M |
| CP Corbus Pharmaceuticals Hldgs | 1.1% | Unchanged | 2,344,971 | $22M |
| Spyre Therapeutics Inc | 1.0% | New | 225,000 | $20M |
| Definium Therapeutics Inc | 1.0% | New | 400,000 | $18.8M |
| NP Newamsterdam Pharma Company | 0.9% | Trimmed 47% | 500,000 | $16.9M |
| Roivant Sciences Ltd | 0.9% | Trimmed 37% | 475,000 | $16.8M |
| Cabaletta Bio Inc | 0.8% | Trimmed 9.1% | 5,000,000 | $15.6M |
| Helix Acquisition Corp Iii | 0.7% | Unchanged | 1,297,500 | $13.8M |
| Ascendis Pharma A/s | 0.7% | New | 50,000 | $13.3M |
| Kailera Therapeutics Inc | 0.6% | New | 550,000 | $12.1M |
| Insmed Inc | 0.4% | Trimmed 61% | 75,000 | $8M |
| Faeth Therapeutics Inc | 0.4% | Added 236% | 1,028,242 | $7.66M |
| Enliven Therapeutics Inc | 0.4% | New | 150,000 | $7.61M |
| Tarsus Pharmaceuticals Inc | 0.3% | Trimmed 56% | 100,000 | $6.29M |
| Ibio Inc | 0.3% | New | 3,570,000 | $6.25M |
| CP Crinetics Pharmaceuticals In | 0.2% | Trimmed 50% | 125,000 | $4.68M |
| Arcutis Biotherapeutics Inc | 0.2% | Trimmed 61% | 175,000 | $4.59M |
| AP Arrowhead Pharmaceuticals In | 0.2% | Trimmed 50% | 50,000 | $4.08M |
| Structure Therapeutics Inc | 0.2% | Trimmed 57% | 75,000 | $4.03M |
| Research Alliance Corp Iii | 0.2% | New | 370,000 | $3.96M |
| Cogent Biosciences Inc | 0.2% | Trimmed 50% | 100,000 | $3.87M |
| Altimmune Inc | 0.2% | New | 1,250,000 | $3.8M |
| Amylyx Pharmaceuticals Inc | 0.2% | Trimmed 43% | 200,000 | $3.59M |
| Odyssey Therapeutics Inc | 0.2% | New | 175,000 | $3.27M |
| Vaxcyte Inc | 0.1% | Trimmed 50% | 50,000 | $2.91M |
| Boundless Bio Inc | 0.1% | New | 1,000,000 | $2.5M |
| Quince Therapeutics Inc | 0.0% | New | 5,498 | $100K |
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 |
|---|---|---|---|---|
| PM Parabilis Medicines Inc | New | +4,615,612 | +$126M | 6.5% |
| PP Praxis Precision Medicines I | Trimmed | −245,500 | −$82.2M | 11.0% |
| Centessa Pharmaceuticals PLC | Exited | −1,050,000 | −$41.7M | — |
| Mbx Biosciences Inc | Trimmed | −570,000 | −$31.5M | 1.6% |
| Edgewise Therapeutics Inc | Trimmed | −750,000 | −$30.5M | 5.2% |
| Climb Bio Inc | New | +2,106,000 | +$27.5M | 1.4% |
| Moonlake Immunotherapeutics | Trimmed | −1,275,000 | −$24.8M | 3.2% |
| Maze Therapeutics Inc | Exited | −750,000 | −$22.4M | — |
| Bridgebio Pharma Inc | Trimmed | −300,000 | −$22.3M | 2.1% |
| Olema Pharmaceuticals Inc | Trimmed | −1,750,000 | −$21.9M | 1.4% |
Showing the 10 largest of 55 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IQ Invesco Qqq Tr | Exited | −250,000 | −$154M | — |
| IT Ishares Tr | Exited | −500,000 | −$123M | — |
| SS SPDR Series Trust | Exited | −1,000,000 | −$122M | — |
| Erasca Inc | New | +5,800,000 | +$93.8M | 4.7% |
| DT Dianthus Therapeutics Inc | New | +950,000 | +$79.7M | 4.0% |
| Abivax Sa | Trimmed | −590,000 | −$65.7M | 4.3% |
| Damora Therapeutics Inc | New | +1,525,000 | +$39.5M | 2.0% |
| EH Engene Holdings Inc | Exited | −4,000,000 | −$36.1M | — |
| Tango Therapeutics Inc | New | +1,425,000 | +$29.8M | 1.5% |
| Bridgebio Pharma Inc | Trimmed | −350,000 | −$26M | 3.2% |
Showing the 10 largest of 47 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IQ Invesco Qqq Tr | New | +250,000 | +$154M | 7.1% |
| IT Ishares Tr | New | +500,000 | +$123M | 5.7% |
| SS SPDR Series Trust | New | +1,000,000 | +$122M | 5.6% |
| Abivax Sa | Trimmed | −600,000 | −$80.9M | 8.4% |
| Olema Pharmaceuticals Inc | New | +2,750,000 | +$68.8M | 3.2% |
| Arcellx Inc | Exited | −775,000 | −$63.6M | — |
| NP Newamsterdam Pharma Company | Trimmed | −1,175,000 | −$41.2M | 1.6% |
| Moonlake Immunotherapeutics | Added | +2,361,260 | +$31.1M | 2.7% |
| Insmed Inc | Trimmed | −155,000 | −$27M | 2.2% |
| Cg Oncology Inc | Exited | −625,000 | −$25.2M | — |
Showing the 10 largest of 38 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BO Bridgebio Oncology Therapeut | New | +17,878,594 | +$207M | 14.3% |
| Merus N V | Exited | −1,120,000 | −$58.9M | — |
| Moonlake Immunotherapeutics | Trimmed | −6,499,978 | −$46.6M | 1.0% |
| PP Praxis Precision Medicines I | Trimmed | −625,000 | −$33.1M | 3.7% |
| Verona Pharma PLC | Exited | −350,000 | −$33.1M | — |
| HA Helix Acquisition Corp Ii | Exited | −2,909,000 | −$30.9M | — |
| Ars Pharmaceuticals Inc | Exited | −1,100,000 | −$19.2M | — |
| Janux Therapeutics Inc | Trimmed | −650,000 | −$15.9M | 1.4% |
| Insmed Inc | Trimmed | −110,000 | −$15.8M | 4.3% |
| Abivax Sa | Trimmed | −180,000 | −$15.3M | 11.4% |
Showing the 10 largest of 27 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Verona Pharma PLC | New | +350,000 | +$33.1M | 2.5% |
| Merus N V | Added | +380,000 | +$20M | 4.4% |
| Bridgebio Pharma Inc | Trimmed | −400,000 | −$17.3M | 5.1% |
| Arcellx Inc | Trimmed | −250,000 | −$16.5M | 3.9% |
| Axsome Therapeutics Inc | Trimmed | −150,000 | −$15.7M | 0.8% |
| NP Newamsterdam Pharma Company | Trimmed | −650,000 | −$11.8M | 2.9% |
| Janux Therapeutics Inc | Trimmed | −500,000 | −$11.6M | 2.6% |
| Ars Pharmaceuticals Inc | Trimmed | −500,000 | −$8.73M | 1.4% |
| Rhythm Pharmaceuticals Inc | Exited | −150,000 | −$7.95M | — |
| Onkure Therapeutics Inc | Exited | −1,837,739 | −$7.9M | — |
Showing the 10 largest of 28 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Avidity Biosciences Inc | Trimmed | −650,000 | −$19.2M | 0.9% |
| Arcellx Inc | Trimmed | −250,000 | −$16.4M | 5.2% |
| Gh Research PLC | Added | +1,416,439 | +$15.6M | 1.7% |
| Arrivent Biopharma Inc | Exited | −585,462 | −$15.6M | — |
| Edgewise Therapeutics Inc | Added | +695,458 | +$15.3M | 6.8% |
| Ars Pharmaceuticals Inc | Added | +1,100,000 | +$13.8M | 1.5% |
| Bridgebio Pharma Inc | Added | +400,000 | +$13.8M | 5.2% |
| CP Crinetics Pharmaceuticals In | Trimmed | −400,000 | −$13.4M | 1.5% |
| Rhythm Pharmaceuticals Inc | Trimmed | −250,000 | −$13.2M | 0.6% |
| Septerna Inc | Exited | −560,000 | −$12.8M | — |
Showing the 10 largest of 35 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LP Longboard Pharmaceuticals In | Exited | −2,790,462 | −$93M | — |
| PP Praxis Precision Medicines I | Added | +823,219 | +$63.4M | 7.2% |
| Janux Therapeutics Inc | Added | +1,050,000 | +$56.2M | 6.2% |
| Vaxcyte Inc | Trimmed | −575,000 | −$47.1M | 1.9% |
| Bright Minds Biosciences Inc | New | +1,059,331 | +$38.2M | 2.1% |
| NP Newamsterdam Pharma Company | Added | +780,000 | +$20M | 4.6% |
| Onkure Therapeutics Inc | New | +1,837,739 | +$15.8M | 0.9% |
| Urogen Pharma Ltd | Trimmed | −1,250,000 | −$13.3M | 0.2% |
| Biohaven Ltd | Trimmed | −346,424 | −$12.9M | 0.1% |
| Septerna Inc | New | +560,000 | +$12.8M | 0.7% |
Showing the 10 largest of 31 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bioage Labs Inc | New | +1,629,529 | +$33.9M | 1.8% |
| Avidity Biosciences Inc | Added | +625,000 | +$28.7M | 2.6% |
| Arcellx Inc | Trimmed | −275,000 | −$23M | 5.5% |
| Biohaven Ltd | Trimmed | −400,000 | −$20M | 1.1% |
| Sarepta Therapeutics Inc | Exited | −125,000 | −$19.8M | — |
| Cullinan Therapeutics Inc | Exited | −1,125,000 | −$19.6M | — |
| Mbx Biosciences Inc | New | +700,000 | +$18.2M | 1.0% |
| Centessa Pharmaceuticals PLC | Added | +950,000 | +$15.2M | 2.2% |
| CP Crinetics Pharmaceuticals In | Trimmed | −250,000 | −$12.8M | 3.0% |
| Insmed Inc | Trimmed | −175,000 | −$12.8M | 1.9% |
Showing the 10 largest of 31 changes.
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