Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$754M in Q2 2013 → $11.5B 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 |
|---|---|---|---|---|
| Ascendis Pharma A/s | 23.8% | New | 10,281,496 | $2.74B |
| PM Parabilis Medicines Inc | 6.9% | New | 28,933,371 | $792M |
| Rhythm Pharmaceuticals Inc | 6.4% | Unchanged | 6,666,837 | $740M |
| Vaxcyte Inc | 5.8% | Unchanged | 11,474,599 | $667M |
| Sionna Therapeutics Inc | 3.8% | Unchanged | 9,905,045 | $436M |
| Tyra Biosciences Inc | 3.4% | Unchanged | 12,198,625 | $390M |
| Edgewise Therapeutics Inc | 3.0% | Trimmed 20% | 8,392,730 | $341M |
| NP Newamsterdam Pharma Co Nv | 2.8% | Unchanged | 9,550,191 | $324M |
| Hemab Therapeutics Holdings | 2.5% | New | 7,808,627 | $287M |
| Septerna Inc | 2.0% | Unchanged | 6,995,858 | $234M |
| Bicara Therapeutics Inc | 1.9% | Unchanged | 7,255,993 | $215M |
| Mineralys Therapeutics Inc | 1.8% | Unchanged | 7,692,750 | $208M |
| Gh Research PLC | 1.8% | Trimmed 0.5% | 7,636,813 | $205M |
| Disc Medicine Inc | 1.6% | Unchanged | 2,450,221 | $179M |
| Spyglass Pharma Inc | 1.6% | Unchanged | 8,021,117 | $179M |
| Artiva Biotherapeutics Inc | 1.5% | Added 82% | 17,955,642 | $174M |
| Janux Therapeutics Inc | 1.5% | Unchanged | 11,189,693 | $172M |
| Taysha Gene Therapies Inc | 1.4% | Unchanged | 23,555,648 | $160M |
| Biocryst Pharmaceuticals Inc | 1.4% | Unchanged | 15,827,186 | $158M |
| Wave Life Sciences Ltd | 1.4% | Unchanged | 26,975,505 | $157M |
| NI Nuvalent Inc-a | 1.3% | Trimmed 51% | 1,246,456 | $154M |
| AS Abivax Sa-adr | 1.3% | New | 1,132,557 | $151M |
| Oruka Therapeutics Inc | 1.3% | New | 1,554,597 | $148M |
| Climb Bio Inc | 1.3% | Unchanged | 11,300,939 | $147M |
| Solid Biosciences Inc | 1.0% | Added 29% | 12,036,126 | $120M |
| ZL Zai Lab Ltd-adr | 0.9% | Added 0.6% | 5,743,533 | $109M |
| Ars Pharmaceuticals Inc | 0.8% | Unchanged | 10,860,977 | $87M |
| Xencor Inc | 0.7% | Added 7.7% | 5,274,274 | $84.9M |
| Jade Biosciences Inc | 0.7% | Unchanged | 3,671,083 | $81.6M |
| Intellia Therapeutics Inc | 0.7% | New | 4,526,926 | $76.6M |
| Lb Pharmaceuticals Inc | 0.6% | Unchanged | 2,208,604 | $71.7M |
| Definium Therapeutics Inc | 0.6% | New | 1,500,000 | $70.6M |
| Aclaris Therapeutics Inc | 0.6% | Added 87% | 12,723,026 | $67.3M |
| 4M 4d Molecular Therapeutics In | 0.6% | Unchanged | 5,049,779 | $67.2M |
| Sana Biotechnology Inc | 0.6% | New | 18,750,000 | $65.4M |
| Damora Therapeutics Inc | 0.5% | Added 0.0% | 2,399,702 | $62.4M |
| Monopar Therapeutics Inc | 0.5% | Unchanged | 667,207 | $61.8M |
| Acumen Pharmaceuticals Inc | 0.5% | Unchanged | 20,992,669 | $56.1M |
| Geron Corp | 0.5% | Trimmed 33% | 42,809,751 | $54.8M |
| Rezolute Inc | 0.4% | Added 2.9% | 9,445,039 | $49.1M |
| Evommune Inc | 0.4% | Unchanged | 3,494,638 | $46.4M |
| Vor Biopharma Inc | 0.4% | Trimmed 56% | 2,402,095 | $44.2M |
| Century Therapeutics Inc | 0.4% | Unchanged | 17,754,430 | $43.5M |
| Aktis Oncology Inc | 0.4% | Trimmed 13% | 1,314,405 | $42.4M |
| Bioage Labs Inc | 0.4% | Added 1.3% | 1,671,648 | $41M |
| C4 Therapeutics Inc | 0.3% | Unchanged | 8,000,000 | $37.4M |
| Mirum Pharmaceuticals Inc | 0.3% | Unchanged | 318,554 | $37.3M |
| Capricor Therapeutics Inc | 0.3% | Unchanged | 1,507,844 | $36.3M |
| Pepgen Inc | 0.3% | Unchanged | 20,064,545 | $36.1M |
| Prelude Therapeutics Inc | 0.3% | New | 6,475,882 | $34.5M |
| Nkarta Inc | 0.3% | Unchanged | 10,805,129 | $30.6M |
| Q32 Bio Inc | 0.3% | New | 2,332,457 | $29.7M |
| Anteris Technologies Global | 0.3% | Unchanged | 3,000,000 | $29.6M |
| Editas Medicine Inc | 0.3% | New | 8,889,000 | $28.8M |
| Ovid Therapeutics Inc | 0.2% | Trimmed 2.0% | 10,500,968 | $28.2M |
| Assembly Biosciences Inc | 0.2% | Unchanged | 1,020,410 | $28M |
| Alx Oncology Holdings Inc | 0.2% | Unchanged | 13,011,849 | $26.9M |
| Benitec Biopharma Inc | 0.2% | Unchanged | 1,850,000 | $24.8M |
| Lenz Therapeutics Inc | 0.2% | Unchanged | 4,178,823 | $23.7M |
| Lexeo Therapeutics Inc | 0.2% | Unchanged | 5,000,000 | $23.3M |
Showing top 60 of 84 positions.
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 |
|---|---|---|---|---|
| Ascendis Pharma A/s | New | +10,281,496 | +$2.74B | 23.8% |
| AP Ascendis Pharma A/s - ADR | Exited | −10,281,496 | −$2.35B | — |
| PM Parabilis Medicines Inc | New | +28,933,371 | +$792M | 6.9% |
| Hemab Therapeutics Holdings | New | +7,808,627 | +$287M | 2.5% |
| DT Dianthus Therapeutics Inc | Exited | −2,611,733 | −$219M | — |
| NI Nuvalent Inc-a | Trimmed | −1,287,689 | −$159M | 1.3% |
| AS Abivax Sa-adr | New | +1,132,557 | +$151M | 1.3% |
| Oruka Therapeutics Inc | New | +1,554,597 | +$148M | 1.3% |
| PP Praxis Precision Medicines I | Exited | −373,787 | −$120M | — |
| Sarepta Therapeutics Inc | Exited | −3,902,596 | −$84.9M | — |
Showing the 10 largest of 55 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cidara Therapeutics Inc | Exited | −3,365,523 | −$743M | — |
| Avidity Biosciences Inc | Exited | −8,641,031 | −$623M | — |
| Spyglass Pharma Inc | New | +8,021,117 | +$208M | 2.2% |
| ZL Zai Lab Ltd-adr | New | +5,707,262 | +$107M | 1.1% |
| Sarepta Therapeutics Inc | New | +3,902,596 | +$84.9M | 0.9% |
| DT Dianthus Therapeutics Inc | Added | +1,000,000 | +$83.9M | 2.3% |
| Arcellx Inc | Exited | −1,267,156 | −$82.6M | — |
| BB Belite Bio Inc - ADR | Exited | −432,484 | −$69.2M | — |
| NI Nuvalent Inc-a | Added | +654,088 | +$67M | 2.8% |
| Wave Life Sciences Ltd | Added | +8,772,496 | +$63.6M | 2.1% |
Showing the 10 largest of 53 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| 89bio Inc | Exited | −19,889,683 | −$292M | — |
| Climb Bio Inc | Trimmed | −20,125,439 | −$138M | 0.8% |
| Biocryst Pharmaceuticals Inc | New | +15,827,186 | +$123M | 1.3% |
| Arcellx Inc | Trimmed | −1,769,371 | −$115M | 0.8% |
| PP Praxis Precision Medicines I | New | +373,787 | +$110M | 1.1% |
| Rhythm Pharmaceuticals Inc | Added | +985,478 | +$105M | 7.3% |
| BB Belite Bio Inc - ADR | Trimmed | −442,516 | −$70.8M | 0.7% |
| Olema Pharmaceuticals Inc | New | +2,600,000 | +$65M | 0.7% |
| NI Nuvalent Inc-a | Added | +633,601 | +$63.7M | 1.9% |
| Evommune Inc | New | +3,458,770 | +$59.2M | 0.6% |
Showing the 10 largest of 61 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NI Nuvalent Inc-a | New | +1,246,456 | +$108M | 1.3% |
| Vor Biopharma Inc | New | +1,982,301 | +$96.6M | 1.2% |
| Dyne Therapeutics Inc | Exited | −9,714,392 | −$92.5M | — |
| BB Belite Bio Inc - ADR | New | +875,000 | +$64.8M | 0.8% |
| Vor Biopharma Inc | Exited | −39,646,039 | −$64.2M | — |
| Avidity Biosciences Inc | Added | +1,375,000 | +$59.9M | 4.6% |
| Rxsight Inc | Exited | −3,702,967 | −$48.1M | — |
| Mineralys Therapeutics Inc | Added | +1,176,470 | +$44.6M | 3.4% |
| Pepgen Inc | Added | +9,375,000 | +$43.3M | 1.1% |
| Tourmaline Bio Inc | Exited | −2,538,925 | −$40.6M | — |
Showing the 10 largest of 36 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cidara Therapeutics Inc | Added | +2,272,727 | +$111M | 2.8% |
| Apogee Therapeutics Inc | Exited | −1,569,491 | −$58.6M | — |
| ZL Zai Lab Ltd-adr | Exited | −1,295,040 | −$46.8M | — |
| DO Day One Biopharmaceuticals I | Exited | −5,755,577 | −$45.6M | — |
| Urogen Pharma Ltd | Exited | −3,206,271 | −$35.5M | — |
| Rhythm Pharmaceuticals Inc | Trimmed | −523,053 | −$33.1M | 5.9% |
| Taysha Gene Therapies Inc | Added | +12,683,145 | +$29.3M | 0.9% |
| Avidity Biosciences Inc | Added | +965,623 | +$27.4M | 3.5% |
| Astria Therapeutics Inc | Exited | −5,105,213 | −$27.3M | — |
| Kura Oncology Inc | Exited | −4,004,610 | −$26.4M | — |
Showing the 10 largest of 52 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| LB Legend Biotech Corp-adr | Exited | −7,506,934 | −$244M | — |
| Vaxcyte Inc | Added | +3,499,959 | +$132M | 7.7% |
| SS SPDR S&P Biotech ETF | Exited | −1,228,240 | −$111M | — |
| Sionna Therapeutics Inc | New | +10,445,322 | +$109M | 1.8% |
| Axsome Therapeutics Inc | Exited | −1,000,000 | −$84.6M | — |
| VP Verona Pharma PLC - ADR | Exited | −1,766,830 | −$82.1M | — |
| Disc Medicine Inc | New | +1,577,106 | +$78.3M | 1.3% |
| PP Praxis Precision Medicines I | Exited | −761,955 | −$58.6M | — |
| RP Recursion Pharmaceuticals-a | Exited | −7,725,096 | −$52.2M | — |
| Geron Corp | Added | +30,369,830 | +$48.3M | 1.6% |
Showing the 10 largest of 44 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Biogen Inc | Exited | −1,184,456 | −$230M | — |
| Septerna Inc | New | +6,995,858 | +$160M | 2.1% |
| VP Verona Pharma PLC - ADR | Trimmed | −3,242,823 | −$151M | 1.1% |
| SS SPDR S&P Biotech ETF | New | +1,228,240 | +$111M | 1.5% |
| Arcellx Inc | Added | +935,848 | +$71.8M | 2.8% |
| Janux Therapeutics Inc | Added | +1,200,000 | +$64.2M | 7.4% |
| EH Evolent Health Inc - A | Trimmed | −4,937,665 | −$55.5M | 0.5% |
| AP Ascendis Pharma A/s - ADR | Added | +402,316 | +$55.4M | 18.5% |
| Cg Oncology Inc | Exited | −1,397,433 | −$52.7M | — |
| RP Recursion Pharmaceuticals-a | Trimmed | −7,659,519 | −$51.8M | 0.7% |
Showing the 10 largest of 51 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Bicara Therapeutics Inc | New | +6,955,993 | +$177M | 2.0% |
| Artiva Biotherapeutics Inc | New | +9,853,302 | +$152M | 1.8% |
| LP Longboard Pharmaceuticals In | Exited | −3,289,119 | −$88.9M | — |
| VP Verona Pharma PLC - ADR | Trimmed | −2,622,993 | −$75.5M | 1.7% |
| Geron Corp | Trimmed | −13,916,670 | −$63.2M | 1.7% |
| AP Ascendis Pharma A/s - ADR | Trimmed | −397,972 | −$59.4M | 16.7% |
| Vaxcyte Inc | Added | +485,436 | +$55.5M | 11.4% |
| Urogen Pharma Ltd | Exited | −3,083,430 | −$51.7M | — |
| Bioage Labs Inc | New | +2,210,589 | +$46M | 0.5% |
| Ideaya Biosciences Inc | New | +1,347,252 | +$42.7M | 0.5% |
Showing the 10 largest of 38 changes.
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