Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (23 quarters reported)
$288M in Q4 2020 → $1.11B 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 |
|---|---|---|---|---|
| Dianthus Therapeutics Inc | 16.1% | Trimmed 5.4% | 1,841,667 | $180M |
| Definium Therapeutics Inc | 12.5% | Added 21% | 2,950,000 | $139M |
| Abivax Sa | 11.9% | Added 47% | 993,000 | $132M |
| Cogent Biosciences Inc | 8.2% | Unchanged | 2,350,000 | $90.9M |
| Alumis Inc | 7.2% | Unchanged | 2,830,700 | $79.7M |
| Arrivent Biopharma Inc | 6.2% | Unchanged | 1,971,054 | $68.5M |
| Taysha Gene Therapies Inc | 5.9% | Added 9.4% | 9,693,244 | $66M |
| Bioage Labs Inc | 3.9% | Unchanged | 1,748,000 | $42.8M |
| Mirum Pharmaceuticals Inc | 3.6% | Unchanged | 338,900 | $39.7M |
| Kymera Therapeutics Inc | 3.2% | Trimmed 27% | 310,000 | $35.5M |
| Aktis Oncology Inc | 2.8% | Unchanged | 960,847 | $31M |
| Xenon Pharmaceuticals Inc | 2.7% | Unchanged | 490,000 | $29.6M |
| Erasca Inc Call | 2.1% | New | 1,255,000 | $23M |
| Palisade Bio Inc | 1.9% | Unchanged | 10,276,317 | $21.5M |
| Ocular Therapeutix Inc | 1.8% | Trimmed 34% | 2,075,000 | $20.4M |
| Disc Medicine Inc | 1.8% | Unchanged | 270,000 | $19.7M |
| Summit Therapeutics Inc | 1.6% | New | 1,250,000 | $18.2M |
| Pharvaris N V | 1.4% | Added 177% | 456,721 | $15.8M |
| AN Adlai Nortye Ltd | 1.0% | New | 934,716 | $10.7M |
| Precision Biosciences Inc | 1.0% | Trimmed 40% | 1,350,000 | $10.6M |
| DT Dbv Technologies S A | 0.8% | Unchanged | 574,200 | $9.42M |
| Faeth Therapeutics Inc | 0.8% | New | 361,010 | $9.03M |
| Gyre Therapeutics Inc | 0.6% | New | 954,416 | $6.29M |
| Trevi Therapeutics Inc | 0.5% | Trimmed 79% | 315,000 | $5.87M |
| Unicycive Therapeutics Inc | 0.4% | Unchanged | 1,000,000 | $4.69M |
| Context Therapeutics Inc | 0.2% | Trimmed 42% | 3,050,000 | $1.69M |
| Gossamer Bio Inc | 0.1% | Unchanged | 7,750,000 | $1.28M |
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 |
|---|---|---|---|---|
| Abivax Sa | Added | +316,000 | +$42.1M | 11.9% |
| Centessa Pharmaceuticals PLC | Exited | −750,000 | −$29.8M | — |
| Kalvista Pharmaceuticals Inc | Exited | −1,450,000 | −$29.2M | — |
| Terns Pharmaceuticals Inc | Exited | −530,000 | −$27.9M | — |
| Definium Therapeutics Inc | Added | +510,000 | +$24M | 12.5% |
| Erasca Inc | New | +1,255,000 | +$23M | 2.1% |
| Trevi Therapeutics Inc | Trimmed | −1,170,000 | −$21.8M | 0.5% |
| Summit Therapeutics Inc | New | +1,250,000 | +$18.2M | 1.6% |
| Kymera Therapeutics Inc | Trimmed | −115,000 | −$13.2M | 3.2% |
| AN Adlai Nortye Ltd | New | +934,716 | +$10.7M | 1.0% |
Showing the 10 largest of 22 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Definium Therapeutics Inc | New | +2,440,000 | +$46.1M | 5.1% |
| Dianthus Therapeutics Inc | Trimmed | −470,000 | −$39.4M | 18.1% |
| Mirum Pharmaceuticals Inc | New | +338,900 | +$31.3M | 3.5% |
| MM Mind Medicine Mindmed Inc | Exited | −2,230,000 | −$29.9M | — |
| Xenon Pharmaceuticals Inc | New | +490,000 | +$28.5M | 3.2% |
| Terns Pharmaceuticals Inc | New | +530,000 | +$27.9M | 3.1% |
| Cg Oncology Inc | Exited | −600,000 | −$24.9M | — |
| Cidara Therapeutics Inc | Exited | −100,000 | −$22.1M | — |
| Rapt Therapeutics Inc | Exited | −574,000 | −$19.4M | — |
| Disc Medicine Inc | New | +270,000 | +$17.3M | 1.9% |
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 |
|---|---|---|---|---|
| Abivax Sa | Trimmed | −569,000 | −$76.7M | 12.4% |
| Merus N V | Exited | −308,000 | −$29M | — |
| Cg Oncology Inc | New | +600,000 | +$24.9M | 3.0% |
| Alumis Inc | New | +2,530,700 | +$24.7M | 3.0% |
| Palisade Bio Inc | New | +9,567,898 | +$22.5M | 2.7% |
| Bioage Labs Inc | New | +1,598,000 | +$21.1M | 2.6% |
| Apellis Pharmaceuticals Inc | Exited | −903,500 | −$20.4M | — |
| Rapt Therapeutics Inc | New | +574,000 | +$19.4M | 2.4% |
| Cidara Therapeutics Inc | Exited | −200,000 | −$19.2M | — |
| Cogent Biosciences Inc | Trimmed | −524,111 | −$18.6M | 10.1% |
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 |
|---|---|---|---|---|
| Verona Pharma PLC | Exited | −337,000 | −$31.9M | — |
| Ars Pharmaceuticals Inc | Exited | −1,350,000 | −$23.6M | — |
| Atyr Pharma Inc | Exited | −3,820,000 | −$19.4M | — |
| Cidara Therapeutics Inc | New | +200,000 | +$19.2M | 2.9% |
| Nuvation Bio Inc | Trimmed | −5,058,000 | −$18.7M | 1.5% |
| Tourmaline Bio Inc | Exited | −905,000 | −$14.5M | — |
| BO Bridgebio Oncology Therapeut | New | +1,043,110 | +$12.1M | 1.8% |
| Taysha Gene Therapies Inc | Trimmed | −3,525,000 | −$11.5M | 4.5% |
| Cidara Therapeutics Inc | New | +100,000 | +$9.58M | 1.5% |
| Trevi Therapeutics Inc | Trimmed | −857,000 | −$7.84M | 3.9% |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nuvation Bio Inc | Trimmed | −27,176,688 | −$53M | 0.1% |
| Apellis Pharmaceuticals Inc | Trimmed | −1,190,500 | −$20.6M | 3.4% |
| Ars Pharmaceuticals Inc | Added | +725,000 | +$12.7M | 5.2% |
| Kymera Therapeutics Inc | New | +266,000 | +$11.6M | 2.5% |
| Verona Pharma PLC | Added | +119,736 | +$11.3M | 7.0% |
| Syndax Pharmaceuticals Inc | Exited | −904,000 | −$11.1M | — |
| SR Scholar Rock Hldg Corp | Exited | −329,000 | −$10.6M | — |
| Verastem Inc | Exited | −1,720,000 | −$10.4M | — |
| DT Dbv Technologies S A | New | +1,018,021 | +$9.31M | 2.0% |
| Centessa Pharmaceuticals PLC | Exited | −600,000 | −$8.63M | — |
Showing the 10 largest of 30 changes.
quarter ended March 31, 2025 · filed May 16, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Nuvation Bio Inc | Added | +27,018,464 | +$47.6M | 9.3% |
| Insmed Inc | Exited | −332,000 | −$22.9M | — |
| Verona Pharma PLC | Trimmed | −354,000 | −$22.5M | 2.7% |
| Trevi Therapeutics Inc | New | +3,322,000 | +$20.9M | 4.0% |
| Apellis Pharmaceuticals Inc | Trimmed | −912,980 | −$20M | 8.9% |
| Insmed Inc | Exited | −250,000 | −$17.3M | — |
| Dyne Therapeutics Inc | Exited | −668,000 | −$15.7M | — |
| Tourmaline Bio Inc | New | +905,000 | +$13.8M | 2.7% |
| Bridgebio Pharma Inc | Exited | −441,600 | −$12.1M | — |
| Moonlake Immunotherapeutics | New | +296,000 | +$11.6M | 2.2% |
Showing the 10 largest of 28 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Verona Pharma PLC | Trimmed | −1,263,936 | −$58.7M | 4.4% |
| Structure Therapeutics Inc | Exited | −1,198,000 | −$52.6M | — |
| SR Scholar Rock Hldg Corp | New | +488,000 | +$21.1M | 3.5% |
| Merus N V | New | +308,000 | +$13M | 2.1% |
| Erasca Inc | New | +5,136,795 | +$12.9M | 2.1% |
| Syndax Pharmaceuticals Inc | New | +904,000 | +$12M | 2.0% |
| Kalvista Pharmaceuticals Inc | New | +1,370,000 | +$11.6M | 1.9% |
| Cogent Biosciences Inc | Added | +1,458,000 | +$11.4M | 3.5% |
| Taysha Gene Therapies Inc | Added | +5,877,778 | +$10.2M | 3.0% |
| Dyne Therapeutics Inc | Added | +405,274 | +$9.55M | 2.6% |
Showing the 10 largest of 41 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dyne Therapeutics Inc | Trimmed | −918,072 | −$33M | 1.5% |
| Nuvation Bio Inc | Added | +11,739,913 | +$26.9M | 4.3% |
| Insmed Inc | Trimmed | −213,396 | −$15.6M | 5.0% |
| Cogent Biosciences Inc | New | +1,305,000 | +$14.1M | 2.2% |
| Apellis Pharmaceuticals Inc | Exited | −350,000 | −$13.4M | — |
| CP Corbus Pharmaceuticals Hldgs | Added | +627,000 | +$12.9M | 3.6% |
| Pharvaris N V | New | +620,470 | +$11.5M | 1.8% |
| Terns Pharmaceuticals Inc | Exited | −1,364,400 | −$9.29M | — |
| PP Praxis Precision Medicines I | Trimmed | −130,000 | −$7.48M | 1.2% |
| An2 Therapeutics Inc | Exited | −3,220,263 | −$6.92M | — |
Showing the 10 largest of 35 changes.
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