Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$121M in Q4 2023 → $191M 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 |
|---|---|---|---|---|
| PG Plains Gp Holdings Lp-cl | 16.2% | Unchanged | 1,272,360 | $30.9M |
| Achieve Life Sciences Inc | 13.8% | Added 6.5% | 4,034,018 | $26.3M |
| Corcept Therapeutics Inc | 6.2% | Trimmed 7.7% | 136,499 | $11.9M |
| PP Phathom Pharmaceuticals I | 6.0% | Added 25% | 1,050,358 | $11.4M |
| Delcath Systems Inc | 5.7% | Trimmed 11% | 871,460 | $11M |
| Milestone Pharmaceuticals | 5.2% | Added 80% | 7,429,590 | $9.96M |
| Compass Pathways PLC | 4.2% | Trimmed 23% | 573,086 | $8.11M |
| Kyverna Therapeutics Inc | 4.1% | Added 37% | 883,198 | $7.87M |
| AB Artiva Biotherapeutics In | 3.5% | Added 376% | 696,436 | $6.76M |
| Abeona Therapeutics Inc | 3.2% | Trimmed 26% | 983,070 | $6.08M |
| AT Aquestive Therapeutics In | 3.1% | Added 103% | 1,442,397 | $6M |
| Palisade Bio Inc | 2.8% | Added 132% | 2,582,388 | $5.4M |
| Immunic Inc | 2.6% | New | 325,022 | $5M |
| IS Inventiva Sa - ADR | 2.5% | Added 77% | 1,281,212 | $4.84M |
| Sab Biotherapeutics Inc | 2.2% | Added 6.3% | 1,076,578 | $4.2M |
| Orchestra Biomed Holdings | 2.0% | Unchanged | 896,701 | $3.87M |
| Celldex Therapeutics Inc | 2.0% | Trimmed 21% | 103,695 | $3.86M |
| Zevra Therapeutics Inc | 1.9% | Trimmed 10% | 253,544 | $3.64M |
| Ocular Therapeutix Inc | 1.8% | Trimmed 6.4% | 357,966 | $3.52M |
| 4M 4d Molecular Therapeutics In | 1.8% | Trimmed 34% | 252,654 | $3.36M |
| Ovid Therapeutics Inc | 1.6% | Added 21% | 1,115,538 | $3M |
| Eyepoint Inc | 1.4% | Trimmed 11% | 191,745 | $2.74M |
| Upstream Bio Inc | 1.3% | Added 2.5% | 350,389 | $2.42M |
| Scynexis Inc | 1.2% | New | 543,478 | $2.21M |
| Silence Therapeutics PLC | 1.1% | New | 191,733 | $2.11M |
| Leonabio Inc | 0.7% | Unchanged | 149,279 | $1.37M |
| Maze Therapeutics Inc | 0.7% | Unchanged | 43,798 | $1.31M |
| Corvus Pharmaceuticals Inc | 0.6% | Trimmed 18% | 70,380 | $1.05M |
| SB Sagimet Biosciences Inc-a | 0.5% | New | 125,878 | $973K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Vor Biopharma Inc | Exited | −314,543 | −$5.59M | — |
| AB Artiva Biotherapeutics In | Added | +550,067 | +$5.34M | 3.5% |
| Immunic Inc | New | +325,022 | +$5M | 2.6% |
| Milestone Pharmaceuticals | Added | +3,311,269 | +$4.44M | 5.2% |
| Viridian Therapeutics Inc | Exited | −210,163 | −$4.09M | — |
| Oculis Holding Ag | Exited | −122,223 | −$3.28M | — |
| Palisade Bio Inc | Added | +1,467,388 | +$3.07M | 2.8% |
| AT Aquestive Therapeutics In | Added | +731,409 | +$3.04M | 3.1% |
| Trevi Therapeutics Inc | Exited | −223,802 | −$2.65M | — |
| Immunic Inc | Exited | −2,344,779 | −$2.62M | — |
Showing the 10 largest of 38 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Corcept Therapeutics Inc | New | +147,828 | +$6.02M | 3.8% |
| Vor Biopharma Inc | New | +314,543 | +$5.59M | 3.5% |
| DS Delcath Sys Inc | Added | +541,189 | +$5.06M | 5.8% |
| OB Orchestra Biomed Hldgs Inc | New | +896,701 | +$3.83M | 2.4% |
| 4M 4d Molecular Therapeutics In | New | +380,420 | +$3.58M | 2.3% |
| Nektar Therapeutics | Exited | −82,822 | −$3.5M | — |
| Ocular Therapeutix Inc | New | +382,375 | +$3.23M | 2.0% |
| Upstream Bio Inc | New | +341,779 | +$3.1M | 2.0% |
| Aquestive Therapeutics Inc | New | +710,988 | +$2.95M | 1.9% |
| Eyepoint Inc | New | +215,825 | +$2.79M | 1.8% |
Showing the 10 largest of 38 changes.
quarter ended December 31, 2025 · filed February 11, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Akero Therapeutics Inc | Exited | −228,884 | −$10.9M | — |
| Applied Therapeutics Inc | Exited | −11,285,420 | −$6.83M | — |
| Kyverna Therapeutics Inc | New | +666,666 | +$6.27M | 5.4% |
| Viridian Therapeutics Inc | Added | +192,531 | +$5.99M | 7.5% |
| IS Inventiva Sa - ADR | New | +1,000,000 | +$4.65M | 4.0% |
| Tscan Therapeutics Inc | Exited | −1,932,304 | −$3.52M | — |
| Oculis Holding Ag | New | +172,839 | +$3.45M | 2.9% |
| Phathom Pharmaceuticals Inc | Added | +187,991 | +$3.12M | 10.5% |
| Jasper Therapeutics Inc | Exited | −1,028,806 | −$2.45M | — |
| Sab Biotherapeutics Inc | New | +652,881 | +$2.44M | 2.1% |
Showing the 10 largest of 20 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Achieve Life Sciences Inc | Trimmed | −2,366,666 | −$7.45M | 11.9% |
| Milestone Pharmaceuticals | Added | +3,333,333 | +$6.67M | 10.3% |
| PP Phathom Pharmaceuticals I | Trimmed | −370,000 | −$4.35M | 6.5% |
| Celldex Therapeutics Inc | New | +155,000 | +$4.01M | 4.0% |
| Compass Pathways PLC | New | +510,000 | +$2.92M | 2.9% |
| Nektar Therapeutics | New | +49,000 | +$2.79M | 2.8% |
| Jasper Therapeutics Inc | New | +1,028,806 | +$2.45M | 2.5% |
| Delcath Systems Inc | Added | +212,457 | +$2.28M | 4.7% |
| Viridian Therapeutics Inc | New | +90,000 | +$1.94M | 1.9% |
| Capricor Therapeutics Inc | Exited | −70,000 | −$695K | — |
Showing the 10 largest of 17 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Madrigal Pharmaceuticals | Exited | −30,032 | −$9.95M | — |
| Achieve Life Sciences Inc | Added | +3,699,999 | +$8.36M | 16.9% |
| Avidity Biosciences Inc | Exited | −178,500 | −$5.27M | — |
| SP Syndax Pharmaceuticals In | Exited | −183,259 | −$2.25M | — |
| PP Phathom Pharmaceuticals I | Trimmed | −212,000 | −$2.03M | 10.7% |
| Abeona Therapeutics Inc | Added | +350,000 | +$1.99M | 6.7% |
| Capricor Therapeutics Inc | New | +70,000 | +$695K | 0.8% |
| Milestone Pharmaceuticals | Added | +340,000 | +$660K | 4.2% |
| Delcath Systems Inc | Added | +48,452 | +$659K | 3.7% |
| Zevra Therapeutics Inc | Added | +52,000 | +$458K | 2.5% |
Showing the 10 largest of 13 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ardelyx Inc | Exited | −950,947 | −$4.82M | — |
| Akero Therapeutics Inc | Trimmed | −114,845 | −$4.65M | 10.8% |
| Madrigal Pharmaceuticals | Trimmed | −13,000 | −$4.31M | 11.6% |
| Kymera Therapeutics Inc | Exited | −56,359 | −$2.27M | — |
| Delcath Systems Inc | Added | +160,600 | +$2.04M | 2.6% |
| Milestone Pharmaceuticals | New | +1,451,557 | +$1.16M | 1.3% |
| Kura Oncology Inc | Exited | −130,000 | −$1.13M | — |
| MP Maat Pharma Saca | Added | +163,272 | +$1.02M | 1.2% |
| PP Phathom Pharmaceuticals I | Added | +145,000 | +$909K | 8.3% |
| Applied Therapeutics Inc | Added | +1,670,000 | +$816K | 6.4% |
Showing the 10 largest of 13 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Telesat Corp | Exited | −365,781 | −$4.82M | — |
| Applied Therapeutics Inc | Added | +3,047,562 | +$2.61M | 8.2% |
| PP Phathom Pharmaceuticals I | Added | +120,000 | +$974K | 8.0% |
| SP Syndax Pharmaceuticals In | Added | +50,000 | +$661K | 2.4% |
| Ardelyx Inc | Trimmed | −120,000 | −$608K | 4.8% |
| VP Verrica Pharmaceuticals I | Exited | −344,937 | −$500K | — |
| Jasper Therapeutics Inc | New | +20,000 | +$428K | 0.4% |
| Compass Pathways PLC | Trimmed | −54,791 | −$207K | 0.1% |
| Delcath Systems Inc | New | +17,000 | +$205K | 0.2% |
| MP Maat Pharma Saca | Added | +754 | +$6K | — |
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Fulcrum Therapeutics Inc | Exited | −750,000 | −$4.65M | — |
| Abeona Therapeutics Inc | Trimmed | −624,022 | −$3.94M | 2.3% |
| PG Plains Gp Holdings Lp-cl | Trimmed | −100,000 | −$1.85M | 13.7% |
| KA Kayne Anderson Energy Inf | Exited | −147,033 | −$1.52M | — |
| Zevra Therapeutics Inc | New | +179,874 | +$1.25M | 0.7% |
| Ardelyx Inc | Added | +146,364 | +$1.01M | 4.3% |
| SP Syndax Pharmaceuticals In | Added | +50,000 | +$963K | 1.5% |
| Trevi Therapeutics Inc | Exited | −260,000 | −$775K | — |
| Compass Pathways Ltd | New | +80,000 | +$504K | 0.3% |
| Akero Therapeutics Inc | Added | +15,977 | +$458K | 5.7% |
Showing the 10 largest of 15 changes.
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