Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (31 quarters reported)
$104M in Q4 2018 → $1.22B 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 |
|---|---|---|---|---|
| SR Scholar Rock Hldg Corp | 31.2% | Unchanged | 6,897,652 | $379M |
| Alumis Inc | 14.7% | Unchanged | 6,345,219 | $179M |
| Mineralys Therapeutics Inc | 13.0% | Unchanged | 5,871,018 | $158M |
| Septerna Inc | 8.7% | Unchanged | 3,149,128 | $105M |
| Alamar Biosciences Inc | 5.5% | New | 2,480,310 | $67.2M |
| Neurogene Inc | 4.4% | Unchanged | 1,717,127 | $54M |
| Kalaris Therapeutics Inc | 4.3% | Trimmed 0.5% | 12,881,175 | $52.4M |
| Spyglass Pharma Inc | 3.9% | Unchanged | 2,109,953 | $47M |
| Sutro Biopharma Inc | 2.9% | Unchanged | 1,062,872 | $35.3M |
| Inventiva Sa | 2.0% | Added 22% | 6,314,805 | $23.9M |
| Jade Biosciences Inc | 1.3% | Trimmed 24% | 736,237 | $16.4M |
| PM Parabilis Medicines Inc | 1.3% | New | 556,044 | $15.2M |
| Vtv Therapeutics Inc | 0.9% | Unchanged | 298,496 | $11.2M |
| Aquestive Therapeutics Inc | 0.9% | Unchanged | 2,500,000 | $10.4M |
| Nkarta Inc | 0.8% | Unchanged | 3,507,666 | $9.93M |
| Artiva Biotherapeutics Inc | 0.8% | New | 954,861 | $9.26M |
| RT Rani Therapeutics Hldgs Inc | 0.6% | Added 22% | 10,369,159 | $7.88M |
| Agomab Therapeutics Nv | 0.6% | Unchanged | 600,000 | $7.79M |
| Abivax Sa | 0.6% | Trimmed 2.6% | 55,095 | $7.34M |
| X4 Pharmaceuticals Inc | 0.5% | Trimmed 24% | 1,395,587 | $6.52M |
| Eloxx Pharmaceuticals Inc | 0.5% | New | 400,000 | $5.55M |
| Coherus Oncology Inc | 0.4% | Unchanged | 3,428,571 | $4.8M |
| Upstream Bio Inc | 0.2% | Trimmed 52% | 353,717 | $2.45M |
| Gossamer Bio Inc | 0.1% | Unchanged | 7,222,559 | $1.19M |
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 |
|---|---|---|---|---|
| Alamar Biosciences Inc | New | +2,480,310 | +$67.2M | 5.5% |
| PM Parabilis Medicines Inc | New | +556,044 | +$15.2M | 1.3% |
| Artiva Biotherapeutics Inc | New | +954,861 | +$9.26M | 0.8% |
| Arcellx Inc | Exited | −60,873 | −$6.99M | — |
| Eloxx Pharmaceuticals Inc | New | +400,000 | +$5.55M | 0.5% |
| Jade Biosciences Inc | Trimmed | −232,561 | −$5.17M | 1.3% |
| PT Palvella Therapeutics Inc Ne | Exited | −38,432 | −$4.79M | — |
| Inventiva Sa | Added | +1,120,000 | +$4.23M | 2.0% |
| Upstream Bio Inc | Trimmed | −382,330 | −$2.65M | 0.2% |
| X4 Pharmaceuticals Inc | Trimmed | −436,979 | −$2.04M | 0.5% |
Showing the 10 largest of 13 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Spyglass Pharma Inc | New | +2,109,953 | +$54.7M | 5.3% |
| Sutro Biopharma Inc | Added | +858,369 | +$21.4M | 2.6% |
| Alumis Inc | Added | +588,235 | +$13M | 13.6% |
| PT Palvella Therapeutics Inc Ne | Trimmed | −66,385 | −$8.27M | 0.5% |
| Agomab Therapeutics Nv | New | +600,000 | +$6.29M | 0.6% |
| Coherus Oncology Inc | New | +3,428,571 | +$5.79M | 0.6% |
| Abivax Sa | Trimmed | −18,861 | −$2.1M | 0.6% |
| Contineum Therapeutics Inc | Exited | −72,245 | −$826K | — |
| X4 Pharmaceuticals Inc | Trimmed | −127,434 | −$526K | 0.7% |
| Nuvation Bio Inc | Exited | −124,119 | −$41K | — |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SR Scholar Rock Hldg Corp | Added | +1,284,756 | +$56.6M | 31.3% |
| Inventiva Sa | New | +5,194,805 | +$24.2M | 2.5% |
| Lenz Therapeutics Inc | Exited | −343,012 | −$16M | — |
| Mineralys Therapeutics Inc | Trimmed | −392,133 | −$14.2M | 22.0% |
| Kalaris Therapeutics Inc | Added | +1,500,000 | +$12.7M | 11.3% |
| RT Rani Therapeutics Hldgs Inc | New | +8,500,000 | +$11.5M | 1.2% |
| PT Palvella Therapeutics Inc Ne | Trimmed | −104,817 | −$11M | 1.1% |
| Avadel Pharmaceuticals PLC | Exited | −675,504 | −$10.3M | — |
| Alumis Inc | Added | +955,614 | +$9.33M | 5.8% |
| X4 Pharmaceuticals Inc | New | +1,960,000 | +$7.84M | 0.8% |
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 |
|---|---|---|---|---|
| Mineralys Therapeutics Inc | Added | +588,235 | +$22.3M | 31.0% |
| Cargo Therapeutics Inc | Exited | −4,415,689 | −$18.2M | — |
| Aquestive Therapeutics Inc | New | +2,500,000 | +$14M | 1.8% |
| Upstream Bio Inc | Trimmed | −481,077 | −$9.05M | 2.4% |
| PT Palvella Therapeutics Inc Ne | Trimmed | −130,109 | −$8.16M | 1.7% |
| Abivax Sa | New | +75,442 | +$6.41M | 0.8% |
| Vtv Therapeutics Inc | Added | +167,677 | +$3.92M | 1.1% |
| Aura Biosciences Inc | Trimmed | −415,151 | −$2.57M | 0.5% |
| Rhythm Pharmaceuticals Inc | Trimmed | −20,191 | −$2.04M | 0.4% |
| Zymeworks Inc | Trimmed | −102,399 | −$1.75M | 0.5% |
Showing the 10 largest of 17 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PT Palvella Therapeutics Inc Ne | Trimmed | −339,743 | −$7.66M | 1.6% |
| Upstream Bio Inc | Trimmed | −623,915 | −$6.85M | 3.2% |
| Aura Biosciences Inc | New | +1,000,000 | +$6.26M | 1.3% |
| Acelyrin Inc | Exited | −2,523,022 | −$6.23M | — |
| Rhythm Pharmaceuticals Inc | Trimmed | −87,642 | −$5.54M | 0.7% |
| Lenz Therapeutics Inc | Trimmed | −183,378 | −$5.37M | 2.1% |
| Jade Biosciences Inc | New | +531,163 | +$5.31M | 1.1% |
| Alumis Inc | Added | +1,534,872 | +$4.6M | 2.9% |
| Zymeworks Inc | Trimmed | −356,367 | −$4.47M | 0.8% |
| Onkure Therapeutics Inc | Exited | −824,155 | −$3.54M | — |
Showing the 10 largest of 23 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kalaris Therapeutics Inc | New | +11,448,081 | +$91.9M | 16.4% |
| Jasper Therapeutics Inc | Exited | −584,642 | −$12.5M | — |
| Lenz Therapeutics Inc | Trimmed | −460,591 | −$11.8M | 2.4% |
| Mineralys Therapeutics Inc | Added | +600,000 | +$9.53M | 16.1% |
| Arcellx Inc | Trimmed | −118,365 | −$7.76M | 1.6% |
| Aclaris Therapeutics Inc | Exited | −2,385,060 | −$5.91M | — |
| Climb Bio Inc | Exited | −2,609,114 | −$4.7M | — |
| Verona Pharma PLC | Exited | −97,625 | −$4.53M | — |
| Zymeworks Inc | Trimmed | −333,333 | −$3.97M | 1.4% |
| Surrozen Inc | New | +241,400 | +$2.81M | 0.5% |
Showing the 10 largest of 20 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Septerna Inc | New | +2,768,520 | +$63.4M | 8.7% |
| SR Scholar Rock Hldg Corp | Trimmed | −1,175,713 | −$50.8M | 33.3% |
| Upstream Bio Inc | New | +2,217,146 | +$36.4M | 5.0% |
| Neurogene Inc | Added | +449,337 | +$10.3M | 5.4% |
| PT Palvella Therapeutics Inc Ne | New | +679,486 | +$8.15M | 1.1% |
| Arcellx Inc | Trimmed | −100,000 | −$7.67M | 2.7% |
| Onkure Therapeutics Inc | New | +824,155 | +$7.09M | 1.0% |
| Lenz Therapeutics Inc | Trimmed | −221,492 | −$6.39M | 3.9% |
| Verona Pharma PLC | Trimmed | −97,600 | −$4.53M | 0.6% |
| Aclaris Therapeutics Inc | Added | +1,688,889 | +$4.19M | 0.8% |
Showing the 10 largest of 19 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Alumis Inc | New | +3,266,498 | +$34.9M | 6.7% |
| Arcellx Inc | Trimmed | −100,000 | −$8.35M | 5.7% |
| Artiva Biotherapeutics Inc | New | +291,666 | +$4.51M | 0.9% |
| Verona Pharma PLC | Trimmed | −152,275 | −$4.38M | 1.1% |
| ET Eliem Therapeutics Inc | Trimmed | −652,279 | −$3.32M | 2.6% |
| Jasper Therapeutics Inc | Added | +59,642 | +$1.12M | 2.1% |
| Igm Biosciences Inc | Exited | −154,664 | −$1.06M | — |
| Janux Therapeutics Inc | Trimmed | −22,526 | −$1.02M | 0.2% |
| Bicara Therapeutics Inc | New | +35,000 | +$891K | 0.2% |
| DO Day One Biopharmaceuticals I | Trimmed | −49,106 | −$684K | 0.4% |
Showing the 10 largest of 11 changes.
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