Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (47 quarters reported)
$198M in Q4 2014 → $2.06B 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 |
|---|---|---|---|---|
| Zymeworks Inc | 29.2% | Unchanged | 22,970,388 | $600M |
| Anaptysbio Inc | 25.9% | Unchanged | 7,880,094 | $532M |
| Aktis Oncology Inc | 7.6% | Unchanged | 4,824,469 | $155M |
| Cg Oncology Inc | 5.2% | Added 36% | 1,494,300 | $106M |
| Eton Pharmaceuticals Inc | 3.8% | Unchanged | 2,171,938 | $78.6M |
| Crispr Therapeutics Ag | 3.7% | Unchanged | 1,389,276 | $75.8M |
| Oric Pharmaceuticals Inc | 3.5% | Unchanged | 6,728,116 | $72.9M |
| First Tracks Biotherapeutics | 3.1% | New | 3,174,519 | $63.9M |
| Lakefront Biotherapeutics Nv | 2.4% | Unchanged | 1,667,119 | $50M |
| Neurogene Inc | 1.9% | Unchanged | 1,271,342 | $40M |
| Cg Oncology Inc Call | 1.9% | New | 561,500 | $39.9M |
| Stoke Therapeutics Inc | 1.2% | Added 635% | 735,000 | $24M |
| Fulcrum Therapeutics Inc | 1.2% | New | 6,549,866 | $24M |
| Legend Biotech Corp | 1.1% | New | 800,000 | $23.1M |
| BO Bridgebio Oncology Therapeut | 1.0% | Unchanged | 2,823,126 | $21.5M |
| Mbx Biosciences Inc | 1.0% | Trimmed 50% | 388,500 | $21.4M |
| Zenas Biopharma Inc | 1.0% | Unchanged | 789,500 | $20M |
| Atara Biotherapeutics Inc | 0.9% | Added 1458% | 1,552,000 | $17.8M |
| Relay Therapeutics Inc | 0.6% | Trimmed 63% | 697,948 | $13.1M |
| Aura Biosciences Inc | 0.6% | New | 1,666,667 | $11.8M |
| Odyssey Therapeutics Inc | 0.5% | New | 555,555 | $10.4M |
| Eikon Therapeutics Inc | 0.5% | Unchanged | 732,606 | $9.56M |
| Pharvaris N V | 0.4% | New | 235,000 | $8.13M |
| Zura Bio Ltd | 0.3% | Unchanged | 1,179,715 | $6.96M |
| Phathom Pharmaceuticals Inc | 0.3% | Unchanged | 625,000 | $6.78M |
| Nurix Therapeutics Inc | 0.3% | New | 270,000 | $6.55M |
| Erasca Inc | 0.3% | Trimmed 63% | 330,000 | $6.05M |
| Eloxx Pharmaceuticals Inc | 0.3% | New | 400,000 | $5.55M |
| Aardvark Therapeutics Inc | 0.1% | New | 396,194 | $2.28M |
| HA Helix Acquisition Corp Iii Usd | 0.1% | Unchanged | 200,000 | $2.13M |
| Mereo Biopharma Group PLC | 0.0% | Trimmed 93% | 1,000,000 | $318K |
| S Surrozen Inc | 0.0% | Unchanged | 4,444 | $115K |
| Aardvark Therapeutics Inc Call | 0.0% | New | 14,700 | $84.7K |
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 |
|---|---|---|---|---|
| Jazz Pharmaceuticals PLC | Exited | −1,706,469 | −$323M | — |
| Centessa Pharmaceuticals PLC | Exited | −6,000,000 | −$238M | — |
| CP Crinetics Pharmaceuticals In | Exited | −4,288,120 | −$156M | — |
| First Tracks Biotherapeutics | New | +3,174,519 | +$63.9M | 3.1% |
| Cg Oncology Inc | New | +561,500 | +$39.9M | 1.9% |
| Cg Oncology Inc | Added | +392,300 | +$27.9M | 5.2% |
| Xencor Inc | Exited | −2,183,000 | −$26.3M | — |
| Fulcrum Therapeutics Inc | New | +6,549,866 | +$24M | 1.2% |
| Legend Biotech Corp | New | +800,000 | +$23.1M | 1.1% |
| Relay Therapeutics Inc | Trimmed | −1,206,814 | −$22.6M | 0.6% |
Showing the 10 largest of 26 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Centessa Pharmaceuticals PLC | Added | +2,885,000 | +$115M | 10.1% |
| Aktis Oncology Inc | New | +4,824,469 | +$86.3M | 3.7% |
| Immunome Inc | Exited | −2,855,590 | −$61.3M | — |
| Mbx Biosciences Inc | Trimmed | −1,346,604 | −$40.2M | 1.0% |
| Structure Therapeutics Inc | Exited | −334,380 | −$23.3M | — |
| Cg Oncology Inc | Added | +330,000 | +$22.3M | 3.2% |
| Vaxcyte Inc | Exited | −450,000 | −$20.8M | — |
| Relay Therapeutics Inc | New | +1,904,762 | +$19M | 0.8% |
| Aquestive Therapeutics Inc | Exited | −2,625,000 | −$17M | — |
| Centessa Pharmaceuticals PLC | New | +410,800 | +$16.3M | 0.7% |
Showing the 10 largest of 30 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Uniqure Nv | Exited | −3,988,971 | −$233M | — |
| Tango Therapeutics Inc | Exited | −10,630,736 | −$89.3M | — |
| Apellis Pharmaceuticals Inc | Exited | −3,447,156 | −$78M | — |
| Centessa Pharmaceuticals PLC | Added | +2,565,000 | +$64.2M | 3.5% |
| Xencor Inc | Trimmed | −2,893,655 | −$44.3M | 2.3% |
| Madrigal Pharmaceuticals Inc | Exited | −75,000 | −$34.4M | — |
| Avidity Biosciences Inc | Exited | −765,000 | −$33.3M | — |
| Cg Oncology Inc | New | +772,000 | +$32.1M | 1.5% |
| Zenas Biopharma Inc | New | +789,500 | +$28.7M | 1.3% |
| Immunome Inc | Trimmed | −1,223,825 | −$26.3M | 2.8% |
Showing the 10 largest of 27 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Apellis Pharmaceuticals Inc | Trimmed | −8,448,652 | −$191M | 3.7% |
| Iteos Therapeutics Inc | Exited | −10,688,978 | −$107M | — |
| Oric Pharmaceuticals Inc | Added | +5,110,048 | +$61.3M | 3.9% |
| Janux Therapeutics Inc | Exited | −1,469,818 | −$34M | — |
| BO Bridgebio Oncology Therapeut | New | +2,823,126 | +$32.7M | 1.6% |
| Kura Oncology Inc | Trimmed | −3,327,500 | −$29.4M | 0.4% |
| Akero Therapeutics Inc | Exited | −440,000 | −$23.5M | — |
| GN Galapagos Nv | Added | +630,174 | +$21.8M | 2.8% |
| Verona Pharma PLC | Exited | −200,000 | −$18.9M | — |
| Tectonic Therapeutic Inc | Exited | −935,121 | −$18.6M | — |
Showing the 10 largest of 26 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PP Prothena Corp PLC | Exited | −11,584,280 | −$143M | — |
| Iteos Therapeutics Inc | New | +10,688,978 | +$107M | 6.3% |
| Sarepta Therapeutics Inc | Exited | −1,292,386 | −$82.5M | — |
| Zymeworks Inc | Added | +5,710,840 | +$71.7M | 17.1% |
| GN Galapagos Nv | Added | +881,939 | +$24.7M | 1.7% |
| Verona Pharma PLC | New | +200,000 | +$18.9M | 1.1% |
| Oric Pharmaceuticals Inc | Trimmed | −1,800,000 | −$18.3M | 1.0% |
| Alkermes PLC | New | +500,000 | +$14.3M | 0.8% |
| Pacira Biosciences Inc | New | +457,471 | +$10.9M | 0.6% |
| Beam Therapeutics Inc | Exited | −526,685 | −$10.3M | — |
Showing the 10 largest of 30 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pfizer Inc | Exited | −5,000,000 | −$133M | — |
| Arvinas Inc | Exited | −6,726,491 | −$129M | — |
| Springworks Therapeutics Inc | Exited | −1,560,000 | −$56.4M | — |
| Sarepta Therapeutics Inc | Added | +522,386 | +$33.3M | 4.9% |
| Third Harmonic Bio Inc | Exited | −3,182,444 | −$32.7M | — |
| Zymeworks Inc | Added | +2,231,469 | +$26.6M | 12.2% |
| Neumora Therapeutics Inc. | Exited | −2,071,450 | −$22M | — |
| Cargo Therapeutics Inc | Exited | −1,470,000 | −$21.2M | — |
| Moonlake Immunotherapeutics | Exited | −332,522 | −$18M | — |
| Akero Therapeutics Inc | New | +440,000 | +$17.8M | 1.1% |
Showing the 10 largest of 39 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pfizer Inc | New | +5,000,000 | +$133M | 5.0% |
| A Allovir Inc | Trimmed | −10,885,897 | −$105M | 0.1% |
| Sarepta Therapeutics Inc | New | +770,000 | +$93.6M | 3.5% |
| Uniqure Nv | New | +3,400,000 | +$60M | 2.3% |
| Springworks Therapeutics Inc | New | +1,560,000 | +$56.4M | 2.1% |
| Centessa Pharmaceuticals PLC | Exited | −3,223,851 | −$51.5M | — |
| VT Viridian Therapeutics Inc | Exited | −1,958,847 | −$44.6M | — |
| Nuvation Bio Inc | Exited | −19,209,643 | −$44M | — |
| Vaxcyte Inc | Exited | −352,464 | −$40.3M | — |
| Edgewise Therapeutics Inc | Exited | −1,250,385 | −$33.4M | — |
Showing the 10 largest of 44 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sarepta Therapeutics Inc | Exited | −1,407,322 | −$222M | — |
| MH Morphic Hldg Inc | Exited | −4,982,945 | −$170M | — |
| GN Galapagos Nv | Trimmed | −5,601,262 | −$161M | 0.2% |
| Jazz Pharmaceuticals PLC | Added | +692,517 | +$77.2M | 6.5% |
| VT Viridian Therapeutics Inc | New | +1,958,847 | +$44.6M | 1.5% |
| Centessa Pharmaceuticals PLC | Trimmed | −2,490,553 | −$39.8M | 1.8% |
| Mbx Biosciences Inc | New | +1,175,809 | +$30.5M | 1.0% |
| Acadia Pharmaceuticals Inc | Exited | −1,346,475 | −$21.9M | — |
| Lenz Therapeutics Inc | Trimmed | −873,002 | −$20.7M | 0.3% |
| Ionis Pharmaceuticals Inc | New | +500,000 | +$20M | 0.7% |
Showing the 10 largest of 33 changes.
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