Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (15 quarters reported)
$236M in Q4 2022 → $646M 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 |
|---|---|---|---|---|
| Roivant Sciences Ltd | 44.0% | Trimmed 1.8% | 8,020,928 | $284M |
| Revolution Medicines Inc | 8.0% | New | 276,000 | $51.7M |
| Mirum Pharmaceuticals Inc | 4.7% | Added 13% | 260,500 | $30.5M |
| Abivax Sa | 4.3% | Added 70% | 206,500 | $27.5M |
| BM Beone Medicines Ltd | 4.0% | Added 12% | 90,020 | $25.7M |
| Pharvaris N V | 3.6% | Added 36% | 671,209 | $23.2M |
| Argenx Se | 3.3% | Trimmed 37% | 23,000 | $21.3M |
| UT United Therapeutics Corp Del | 3.1% | New | 37,120 | $20.1M |
| Belite Bio Inc | 2.6% | Trimmed 5.7% | 110,000 | $16.9M |
| Cogent Biosciences Inc | 2.5% | Trimmed 29% | 425,000 | $16.4M |
| DT Dbv Technologies S A | 2.3% | Added 31% | 909,474 | $14.9M |
| Xenon Pharmaceuticals Inc | 2.1% | Trimmed 3.1% | 220,000 | $13.3M |
| Biontech Se | 1.9% | New | 134,429 | $12.5M |
| Arcus Biosciences Inc | 1.7% | Added 82% | 355,800 | $11M |
| Enliven Therapeutics Inc | 1.7% | Added 6.3% | 212,500 | $10.8M |
| Dianthus Therapeutics Inc | 1.6% | Added 15% | 108,000 | $10.5M |
| Allogene Therapeutics Inc | 1.6% | Added 46% | 5,050,000 | $10.5M |
| Eyepoint Inc | 1.6% | Trimmed 9.4% | 720,000 | $10.3M |
| Arcutis Biotherapeutics Inc | 1.5% | Trimmed 7.6% | 370,000 | $9.7M |
| C4 Therapeutics Inc | 1.2% | New | 1,608,815 | $7.51M |
| Inventiva Sa | 1.2% | New | 1,967,171 | $7.44M |
| Kymera Therapeutics Inc | 0.8% | Trimmed 53% | 47,500 | $5.45M |
| Faeth Therapeutics Inc | 0.7% | New | 175,050 | $4.38M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Revolution Medicines Inc | New | +276,000 | +$51.7M | 8.0% |
| Insmed Inc | Exited | −157,500 | −$25.8M | — |
| UT United Therapeutics Corp Del | New | +37,120 | +$20.1M | 3.1% |
| Legend Biotech Corp | Exited | −990,000 | −$17.9M | — |
| Nektar Therapeutics | Exited | −210,000 | −$15.1M | — |
| Argenx Se | Trimmed | −13,718 | −$12.7M | 3.3% |
| Biontech Se | New | +134,429 | +$12.5M | 1.9% |
| Abivax Sa | Added | +85,255 | +$11.4M | 4.3% |
| Celcuity Inc | Exited | −95,000 | −$10.8M | — |
| Merck & Co Inc | Exited | −80,000 | −$9.62M | — |
Showing the 10 largest of 35 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Belite Bio Inc | New | +116,684 | +$18.6M | 3.3% |
| Legend Biotech Corp | New | +990,000 | +$17.9M | 3.2% |
| Insmed Inc | Trimmed | −109,500 | −$17.9M | 4.6% |
| Nektar Therapeutics | New | +210,000 | +$15.1M | 2.7% |
| Terns Pharmaceuticals Inc | Exited | −320,000 | −$12.9M | — |
| Cogent Biosciences Inc | Added | +278,628 | +$10.7M | 4.1% |
| Merck & Co Inc | New | +80,000 | +$9.62M | 1.7% |
| Liquidia Corporation | Exited | −227,000 | −$7.83M | — |
| Argenx Se | Added | +10,718 | +$7.83M | 4.8% |
| Spyre Therapeutics Inc | Trimmed | −149,000 | −$7.52M | — |
Showing the 10 largest of 34 changes.
quarter ended December 31, 2025 · filed February 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Roivant Sciences Ltd | Trimmed | −4,313,953 | −$93.6M | 37.9% |
| BM Beone Medicines Ltd | New | +69,312 | +$21.1M | 4.5% |
| Mirum Pharmaceuticals Inc | Added | +194,420 | +$15.4M | 5.1% |
| Terns Pharmaceuticals Inc | New | +320,000 | +$12.9M | 2.8% |
| Cidara Therapeutics Inc | Exited | −121,000 | −$11.6M | — |
| Cogent Biosciences Inc | New | +317,372 | +$11.3M | 2.4% |
| Insmed Inc | Trimmed | −59,400 | −$10.3M | 9.9% |
| Argenx Se | Added | +10,500 | +$8.83M | 4.7% |
| DT Dbv Technologies S A | New | +359,050 | +$6.88M | 1.5% |
| Xenon Pharmaceuticals Inc | New | +136,500 | +$6.12M | 1.3% |
Showing the 10 largest of 32 changes.
quarter ended September 30, 2025 · filed November 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Liquidia Corporation | Trimmed | −620,000 | −$14.1M | 2.4% |
| Abivax Sa | New | +151,833 | +$12.9M | 3.4% |
| Cidara Therapeutics Inc | Added | +106,000 | +$10.2M | 3.1% |
| Argenx Se | Trimmed | −13,500 | −$9.96M | 3.1% |
| Cullinan Therapeutics, Inc. | Exited | −868,897 | −$6.54M | — |
| Scholar Rock Holding Corporation | Exited | −154,000 | −$5.45M | — |
| Celcuity Inc | New | +100,000 | +$4.94M | 1.3% |
| Dianthus Therapeutics Inc | New | +125,000 | +$4.92M | 1.3% |
| EP Eyepoint Pharmaceuticals Inc | Trimmed | −340,998 | −$4.86M | 3.9% |
| Insmed Inc | Trimmed | −32,400 | −$4.67M | 12.6% |
Showing the 10 largest of 25 changes.
quarter ended June 30, 2025 · filed August 11, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AS Argenx Se - ADR | New | +29,000 | +$16M | 5.8% |
| Liquidia Corporation | Trimmed | −502,452 | −$6.26M | 4.6% |
| Blueprint Medicines Corporation | Exited | −38,500 | −$3.41M | — |
| Insmed Inc | Added | +28,550 | +$2.87M | 13.0% |
| Intellia Therapeutics, Inc. | Exited | −232,781 | −$1.66M | — |
| Soleno Therapeutics, Inc. | Exited | −18,600 | −$1.33M | — |
| EP Eyepoint Pharmaceuticals, Inc. | Trimmed | −129,140 | −$1.22M | 4.6% |
| Geron Corp | New | +716,000 | +$1.01M | 0.4% |
| Ocular Therapeutix, Inc. | Trimmed | −102,500 | −$951K | 2.7% |
| Cidara Therapeutics Inc | New | +15,000 | +$731K | 0.3% |
Showing the 10 largest of 19 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Intra-cellular Therapies Inc. | Exited | −71,990 | −$6.01M | — |
| Liquidia Corporation | Trimmed | −337,919 | −$4.98M | 9.3% |
| Geron Corporation | Exited | −1,321,268 | −$4.68M | — |
| Scholar Rock Holding Corporation | Added | +122,000 | +$3.92M | 2.0% |
| Kymera Therapeutics, Inc. | New | +142,201 | +$3.89M | 1.6% |
| Blueprint Medicines Corporation | New | +38,500 | +$3.41M | 1.4% |
| Springworks Therapeutics, Inc. | Exited | −93,137 | −$3.37M | — |
| Ocular Therapeutix, Inc. | Added | +449,280 | +$3.29M | 2.8% |
| Mirum Pharmaceuticals, Inc. | Added | +51,462 | +$2.32M | 2.2% |
| Insmed Inc | Added | +23,083 | +$1.76M | 10.4% |
Showing the 10 largest of 22 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Liquidia Corporation | Trimmed | −5,322,161 | −$62.6M | 8.2% |
| Insmed Inc | Added | +135,463 | +$9.35M | 7.9% |
| IT Intra-cellular Therapies Inc. | New | +71,990 | +$6.01M | 2.2% |
| Geron Corporation | New | +1,321,268 | +$4.68M | 1.7% |
| Agios Pharmaceuticals, Inc. | New | +121,732 | +$4M | 1.5% |
| Disc Medicine, Inc. | New | +56,400 | +$3.58M | 1.3% |
| Springworks Therapeutics, Inc. | New | +93,137 | +$3.37M | 1.3% |
| Allogene Therapeutics, Inc. | New | +1,489,909 | +$3.17M | 1.2% |
| Enliven Therapeutics Inc | Added | +133,466 | +$3M | 1.9% |
| Roivant Sciences Ltd | Added | +251,535 | +$2.98M | 55.2% |
Showing the 10 largest of 20 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cullinan Therapeutics, Inc. | New | +824,705 | +$13.8M | 5.1% |
| Insmed Inc | New | +171,704 | +$12.5M | 4.7% |
| EP Eyepoint Pharmaceuticals | New | +1,361,979 | +$10.9M | 4.0% |
| Nurix Therapeutics, Inc. | New | +325,789 | +$7.32M | 2.7% |
| Pharvaris N.v. | New | +242,341 | +$4.49M | 1.7% |
| Intellia Therapeutics, Inc. | New | +128,569 | +$2.64M | 1.0% |
| Enliven Therapeutics, Inc. | New | +90,572 | +$2.31M | 0.9% |
| Ocular Therapeutix, Inc. | New | +235,498 | +$2.05M | 0.8% |
| Astria Therapeutics, Inc. | New | +39,422 | +$434K | 0.2% |
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