Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (18 quarters reported)
$1.17B in Q1 2022 → $4.59B 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 |
|---|---|---|---|---|
| Mirum Pharmaceuticals Inc | 19.6% | Unchanged | 7,679,684 | $899M |
| NP Newamsterdam Pharma Company | 13.3% | Added 6.8% | 18,088,902 | $613M |
| Erasca Inc | 10.0% | Added 1.2% | 24,975,188 | $458M |
| Mbx Biosciences Inc | 8.0% | Unchanged | 6,652,013 | $367M |
| Arcutis Biotherapeutics Inc | 5.6% | Unchanged | 9,874,511 | $259M |
| Trevi Therapeutics Inc | 4.0% | Trimmed 0.0% | 9,939,447 | $185M |
| Krystal Biotech Inc | 3.9% | Unchanged | 481,307 | $179M |
| Maze Therapeutics Inc | 3.3% | Added 10% | 5,032,915 | $150M |
| Phathom Pharmaceuticals Inc | 2.9% | Unchanged | 12,466,489 | $135M |
| PT Palvella Therapeutics Inc Ne | 2.9% | Unchanged | 882,400 | $135M |
| Bridgebio Pharma Inc | 2.5% | Trimmed 55% | 1,548,139 | $115M |
| Disc Medicine Inc | 2.2% | Unchanged | 1,354,852 | $99.1M |
| Cytokinetics Inc | 2.2% | Unchanged | 1,159,879 | $98.8M |
| Dyne Therapeutics Inc | 1.5% | Unchanged | 3,153,082 | $70M |
| Ascendis Pharma A/s | 1.3% | Added 69% | 225,155 | $60.1M |
| Savara Inc | 1.3% | Unchanged | 9,720,852 | $59.9M |
| PM Parabilis Medicines Inc | 1.1% | New | 1,920,805 | $52.6M |
| Aura Biosciences Inc | 1.1% | Added 39% | 7,100,000 | $50.4M |
| AL Achieve Life Science Inc | 1.1% | New | 7,614,836 | $49.7M |
| Vor Biopharma Inc | 1.0% | Unchanged | 2,543,939 | $46.8M |
| Allogene Therapeutics Inc | 1.0% | Added 491% | 22,446,668 | $46.7M |
| Tarsus Pharmaceuticals Inc | 1.0% | Unchanged | 728,644 | $45.9M |
| Biocryst Pharmaceuticals Inc | 0.9% | Unchanged | 4,009,240 | $40.1M |
| Alkermes PLC | 0.8% | Unchanged | 700,647 | $36.7M |
| Acadia Pharmaceuticals Inc | 0.8% | Unchanged | 1,438,198 | $36.4M |
| Zai Lab Ltd | 0.8% | Unchanged | 1,902,320 | $36.1M |
| Mannkind Corp | 0.6% | Added 12% | 6,600,000 | $28.1M |
| Design Therapeutics Inc | 0.6% | New | 1,809,854 | $26.2M |
| Aclaris Therapeutics Inc | 0.6% | Unchanged | 4,925,374 | $26.1M |
| Shattuck Labs Inc | 0.6% | New | 3,750,000 | $26M |
| Kailera Therapeutics Inc | 0.5% | New | 1,100,000 | $24.2M |
| Monte Rosa Therapeutics Inc | 0.5% | Unchanged | 1,000,000 | $24.2M |
| Lexeo Therapeutics Inc | 0.5% | Added 9.0% | 4,824,725 | $22.5M |
| Relay Therapeutics Inc | 0.4% | New | 1,015,693 | $19M |
| Evolus Inc | 0.4% | Unchanged | 2,630,665 | $18.3M |
| IH Immunocore Hldgs PLC | 0.3% | Unchanged | 484,782 | $15.4M |
| Valneva Se | 0.3% | Unchanged | 2,291,666 | $12M |
| NP Newamsterdam Pharma Company | 0.2% | Unchanged | 500,333 | $10.7M |
| Autolus Therapeutics Ltd | 0.2% | Unchanged | 4,447,910 | $7.12M |
| Xilio Therapeutics Inc | 0.1% | Unchanged | 422,505 | $4.05M |
| Ibio Inc | 0.1% | Unchanged | 1,953,467 | $3.42M |
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 |
|---|---|---|---|---|
| Bridgebio Pharma Inc | Trimmed | −1,900,000 | −$142M | 2.5% |
| Kalvista Pharmaceuticals Inc | Exited | −4,961,108 | −$99.9M | — |
| Revolution Medicines Inc | Exited | −675,686 | −$65.7M | — |
| PM Parabilis Medicines Inc | New | +1,920,805 | +$52.6M | 1.1% |
| AL Achieve Life Science Inc | New | +7,614,836 | +$49.7M | 1.1% |
| Agios Pharmaceuticals Inc | Exited | −1,256,080 | −$42.5M | — |
| NP Newamsterdam Pharma Company | Added | +1,145,128 | +$38.8M | 13.3% |
| Allogene Therapeutics Inc | Added | +18,650,000 | +$38.8M | 1.0% |
| Design Therapeutics Inc | New | +1,809,854 | +$26.2M | 0.6% |
| Shattuck Labs Inc | New | +3,750,000 | +$26M | 0.6% |
Showing the 10 largest of 19 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mirum Pharmaceuticals Inc | Added | +884,563 | +$81.7M | 18.3% |
| Avidity Biosciences Inc | Exited | −983,125 | −$70.9M | — |
| Abivax Sa | Exited | −378,300 | −$51M | — |
| Biocryst Pharmaceuticals Inc | New | +4,009,240 | +$38.2M | 1.0% |
| Rapt Therapeutics Inc | Exited | −983,333 | −$33.3M | — |
| Erasca Inc | Added | +1,945,752 | +$31.5M | 10.3% |
| PT Palvella Therapeutics Inc Ne | Added | +160,000 | +$19.9M | 2.8% |
| Aclaris Therapeutics Inc | New | +4,925,374 | +$18.5M | 0.5% |
| Monte Rosa Therapeutics Inc | New | +1,000,000 | +$16.5M | 0.4% |
| Cytokinetics Inc | Added | +225,237 | +$14.8M | 2.0% |
Showing the 10 largest of 27 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Verona Pharma PLC | Exited | −3,383,950 | −$361M | — |
| Krystal Biotech Inc | Trimmed | −200,000 | −$49.3M | 3.2% |
| Tarsus Pharmaceuticals Inc | Trimmed | −438,883 | −$35.9M | 1.6% |
| Rapt Therapeutics Inc | New | +983,333 | +$33.3M | 0.9% |
| Vor Biopharma Inc | New | +2,543,939 | +$33.3M | 0.9% |
| UP Ultragenyx Pharmaceutical In | Exited | −983,715 | −$29.6M | — |
| Avidity Biosciences Inc | Added | +358,125 | +$25.8M | 1.9% |
| Mannkind Corp | New | +4,225,000 | +$24M | 0.6% |
| Bridgebio Pharma Inc | Trimmed | −299,900 | −$22.9M | 7.3% |
| Mereo Biopharma Group PLC | Exited | −9,440,112 | −$19.4M | — |
Showing the 10 largest of 31 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Abivax Sa | New | +378,300 | +$32.1M | 1.0% |
| Hillevax Inc | Exited | −10,617,062 | −$21.1M | — |
| Cg Oncology Inc | Exited | −770,000 | −$20M | — |
| Cytokinetics Inc | Added | +335,714 | +$18.5M | 1.5% |
| Dyne Therapeutics Inc | Added | +1,212,121 | +$15.3M | 1.0% |
| Travere Therapeutics Inc | Trimmed | −610,000 | −$14.6M | 0.3% |
| Disc Medicine Inc | Trimmed | −216,300 | −$14.3M | 2.8% |
| Tarsus Pharmaceuticals Inc | Trimmed | −230,000 | −$13.7M | 2.1% |
| Acadia Pharmaceuticals Inc | New | +613,837 | +$13.1M | 0.4% |
| Cogent Biosciences Inc | Exited | −1,734,601 | −$12.5M | — |
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 |
|---|---|---|---|---|
| Rhythm Pharmaceuticals Inc | Exited | −678,760 | −$36M | — |
| Soleno Therapeutics Inc | Exited | −499,159 | −$35.7M | — |
| Zai Lab Ltd | Added | +958,138 | +$33.5M | 1.8% |
| Aura Biosciences Inc | New | +5,100,000 | +$31.9M | 1.3% |
| Phathom Pharmaceuticals Inc | Added | +2,357,210 | +$22.6M | 4.8% |
| Evolus Inc | New | +2,435,550 | +$22.4M | 0.9% |
| Akero Therapeutics Inc | New | +366,784 | +$19.6M | 0.8% |
| Cytokinetics Inc | New | +554,731 | +$18.3M | 0.7% |
| Jade Biosciences Inc | New | +1,772,116 | +$17.7M | 0.7% |
| Merus N V | Exited | −373,100 | −$15.7M | — |
Showing the 10 largest of 35 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Rhythm Pharmaceuticals Inc | Trimmed | −1,191,048 | −$63.1M | 1.6% |
| Maze Therapeutics Inc | New | +4,129,001 | +$45.5M | 2.1% |
| Edgewise Therapeutics Inc | Exited | −1,271,245 | −$33.9M | — |
| Anaptysbio Inc | Exited | −1,573,719 | −$20.8M | — |
| Krystal Biotech Inc | Trimmed | −100,000 | −$18M | 5.7% |
| Avidity Biosciences Inc | New | +525,000 | +$15.5M | 0.7% |
| Dyne Therapeutics Inc | New | +1,443,341 | +$15.1M | 0.7% |
| Pliant Therapeutics Inc | Exited | −1,120,803 | −$14.8M | — |
| Soleno Therapeutics Inc | Trimmed | −200,000 | −$14.3M | 1.6% |
| Oric Pharmaceuticals Inc | Trimmed | −2,478,045 | −$13.8M | 0.4% |
Showing the 10 largest of 29 changes.
quarter ended December 31, 2024 · filed February 18, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NP Newamsterdam Pharma Company | Added | +3,061,224 | +$78.7M | 17.0% |
| Edgewise Therapeutics Inc | Trimmed | −1,561,622 | −$41.7M | 1.4% |
| Krystal Biotech Inc | Trimmed | −200,000 | −$31.3M | 5.1% |
| Rhythm Pharmaceuticals Inc | Trimmed | −547,144 | −$30.6M | 4.3% |
| Vaxcyte Inc | Trimmed | −340,000 | −$27.8M | 1.8% |
| Tyra Biosciences Inc | Exited | −731,020 | −$17.2M | — |
| Pliant Therapeutics Inc | New | +1,120,803 | +$14.8M | 0.6% |
| Trevi Therapeutics Inc | Added | +3,283,684 | +$13.5M | 1.8% |
| Kalvista Pharmaceuticals Inc | Added | +1,200,000 | +$10.2M | 1.7% |
| Anaptysbio Inc | Trimmed | −635,470 | −$8.41M | 0.9% |
Showing the 10 largest of 30 changes.
quarter ended September 30, 2024 · filed November 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Mbx Biosciences Inc | New | +5,985,347 | +$155M | 6.2% |
| Edgewise Therapeutics Inc | Trimmed | −898,200 | −$24M | 3.0% |
| Ascendis Pharma A/s | New | +133,333 | +$19.9M | 0.8% |
| Vaxcyte Inc | Trimmed | −160,000 | −$18.3M | 4.0% |
| Alkermes PLC | New | +576,129 | +$16.1M | 0.6% |
| CT Cerevel Therapeutics Hldng I | Exited | −393,000 | −$16.1M | — |
| Oruka Therapeutics Inc | New | +477,327 | +$11.7M | 0.5% |
| UP Ultragenyx Pharmaceutical In | Added | +208,715 | +$11.6M | 1.4% |
| Lexeo Therapeutics Inc | New | +1,250,786 | +$11.3M | 0.5% |
| Applied Therapeutics Inc | Exited | −2,286,135 | −$10.7M | — |
Showing the 10 largest of 30 changes.
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