Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (43 quarters reported)
$85.4M in Q4 2015 → $177M 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 |
|---|---|---|---|---|
| Verastem Inc | 7.2% | Added 1.4% | 3,349,627 | $12.8M |
| Evolus Inc | 6.2% | Trimmed 9.6% | 1,590,162 | $11M |
| Tenax Therapeutics Inc | 5.4% | Trimmed 32% | 660,000 | $9.6M |
| Nektar Therapeutics | 4.8% | Added 42% | 120,654 | $8.42M |
| Adma Biologics Inc Call | 4.5% | Trimmed 43% | 650,000 | $7.95M |
| Adma Biologics Inc | 3.5% | Unchanged | 740,000 | $6.19M |
| Camp4 Therapeutics Corp | 3.4% | Unchanged | 1,389,622 | $6.07M |
| Insmed Inc Call | 3.2% | New | 40,000 | $5.6M |
| Eloxx Pharmaceuticals Inc | 3.1% | New | 397,160 | $5.51M |
| UP Ultragenyx Pharmaceutical In Call | 3.1% | New | 200,000 | $5.5M |
| Kazia Therapeutics Ltd | 2.7% | Unchanged | 345,179 | $4.86M |
| Medtronic PLC Call | 2.5% | New | 50,000 | $4.38M |
| Indivior Pharmaceuticals Inc | 2.3% | New | 100,000 | $4.1M |
| CP Corbus Pharmaceuticals Hldgs | 2.2% | Added 11% | 425,000 | $3.99M |
| Abbott Laboratories Call | 2.1% | New | 40,000 | $3.8M |
| Satellos Bioscience Inc | 2.1% | Added 392% | 491,624 | $3.72M |
| Zevra Therapeutics Inc | 2.1% | Trimmed 46% | 258,701 | $3.71M |
| Abeona Therapeutics Inc | 1.9% | Trimmed 25% | 557,284 | $3.44M |
| Boston Scientific Corp Call | 1.8% | New | 50,000 | $3.25M |
| Edesa Biotech Inc | 1.8% | Added 1421% | 456,439 | $3.19M |
| Evolus Inc Call | 1.8% | Unchanged | 420,000 | $3.15M |
| Biomarin Pharmaceutical Inc Call | 1.8% | New | 50,000 | $3.13M |
| Cabaletta Bio Inc | 1.6% | Added 1734% | 917,100 | $2.85M |
| An2 Therapeutics Inc | 1.5% | Trimmed 23% | 551,692 | $2.67M |
| Xilio Therapeutics Inc | 1.2% | Added 252% | 225,994 | $2.17M |
| Adicet Bio Inc | 1.2% | Added 11% | 245,518 | $2.12M |
| Xeris Biopharma Holdings Inc Call | 1.2% | Unchanged | 280,000 | $2.1M |
| Tela Bio Inc | 1.1% | Added 1.7% | 2,662,427 | $2M |
| Aytu Biopharma Inc | 1.1% | Added 15% | 912,921 | $1.96M |
| Curis Inc | 1.0% | Trimmed 11% | 3,312,185 | $1.73M |
| Spruce Biosciences Inc | 0.9% | New | 28,795 | $1.55M |
| Heron Therapeutics Inc Call | 0.8% | Unchanged | 1,000,000 | $1.5M |
| Si Bone Inc Call | 0.8% | Unchanged | 100,000 | $1.5M |
| Okyo Pharma Ltd | 0.7% | Added 1.5% | 862,996 | $1.29M |
| Neumora Therapeutics Inc. Call | 0.7% | Unchanged | 500,000 | $1.25M |
| Pasithea Therapeutics Corp | 0.6% | Added 165% | 2,201,468 | $1.13M |
| Sol-gel Technologies Ltd | 0.6% | Trimmed 48% | 14,469 | $1.07M |
| Pulmonx Corp | 0.6% | Added 6.1% | 815,436 | $1.06M |
| X4 Pharmaceuticals Inc | 0.6% | Trimmed 33% | 224,989 | $1.05M |
| Ardelyx Inc Call | 0.6% | Unchanged | 150,000 | $1.05M |
| DS Delcath Sys Inc Call | 0.6% | Unchanged | 100,000 | $1M |
| In8bio Inc | 0.6% | Added 4.8% | 695,287 | $980K |
| Moonlake Immunotherapeutics | 0.5% | New | 50,000 | $974K |
| Quoin Pharmaceuticals Ltd | 0.5% | Added 273% | 199,486 | $966K |
| Maxcyte Inc | 0.5% | Trimmed 25% | 751,606 | $924K |
| Phathom Pharmaceuticals Inc | 0.5% | Added 70% | 85,010 | $922K |
| Azitra Inc | 0.5% | New | 5,285,476 | $887K |
| CB Connect Biopharma Hldgs Ltd | 0.5% | Added 18% | 364,254 | $867K |
| Cybin Inc | 0.5% | Trimmed 3.6% | 129,280 | $855K |
| UP Ultragenyx Pharmaceutical In | 0.5% | New | 25,000 | $835K |
| Inhibikase Therapeutics Inc | 0.5% | Trimmed 59% | 396,179 | $804K |
| Zentalis Pharmaceuticals Inc | 0.4% | Trimmed 40% | 161,583 | $784K |
| Cytomx Therapeutics Inc. | 0.4% | Added 2.5% | 205,000 | $769K |
| Mannkind Corp Call | 0.4% | Trimmed 50% | 250,000 | $750K |
| Nuvectis Pharma Inc | 0.4% | New | 40,000 | $736K |
| Crescent Biopharma Inc. | 0.4% | Trimmed 53% | 40,000 | $720K |
| Pmv Pharmaceuticals Inc | 0.4% | Trimmed 24% | 536,086 | $718K |
| Oruka Therapeutics Inc | 0.4% | New | 7,500 | $714K |
| Radiopharm Theranostics Ltd | 0.4% | Unchanged | 51,000,000 | $671K |
| Onkure Therapeutics Inc | 0.3% | Trimmed 1.4% | 130,684 | $596K |
Showing top 60 of 87 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 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Series Trust | Exited | −400,000 | −$51.1M | — |
| SS SPDR Series Trust | Exited | −400,000 | −$51.1M | — |
| Adma Biologics Inc | Trimmed | −500,000 | −$6.12M | 4.5% |
| Insmed Inc | New | +40,000 | +$5.6M | 3.2% |
| Eloxx Pharmaceuticals Inc | New | +397,160 | +$5.51M | 3.1% |
| UP Ultragenyx Pharmaceutical In | New | +200,000 | +$5.5M | 3.1% |
| Terns Pharmaceuticals Inc | Exited | −100,000 | −$5.27M | — |
| Tenax Therapeutics Inc | Trimmed | −315,200 | −$4.59M | 5.4% |
| Medtronic PLC | New | +50,000 | +$4.38M | 2.5% |
| Indivior Pharmaceuticals Inc | New | +100,000 | +$4.1M | 2.3% |
Showing the 10 largest of 96 changes.
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Series Trust | New | +400,000 | +$51.1M | 20.5% |
| SS SPDR Series Trust | New | +400,000 | +$51.1M | 20.5% |
| Tenax Therapeutics Inc | Added | +963,316 | +$15.4M | 6.2% |
| Adma Biologics Inc | New | +1,150,000 | +$10.4M | 4.1% |
| Terns Pharmaceuticals Inc | New | +100,000 | +$5.27M | 2.1% |
| Camp4 Therapeutics Corp | Added | +1,160,728 | +$5.12M | 2.5% |
| IP Indivior PLC | Exited | −100,000 | −$3.59M | — |
| Edesa Biotech Inc | Trimmed | −657,500 | −$3.44M | 0.1% |
| Verastem Inc | Added | +570,221 | +$3.02M | 7.0% |
| EL Establishment Labs Hldgs Inc | New | +50,000 | +$2.84M | 1.1% |
Showing the 10 largest of 96 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DO Day One Biopharmaceuticals I | Trimmed | −447,382 | −$4.17M | 1.4% |
| Inhibikase Therapeutics Inc | Added | +1,613,128 | +$3.31M | 3.5% |
| Enanta Pharmaceuticals Inc | Trimmed | −205,000 | −$3.23M | 1.2% |
| CP Corbus Pharmaceuticals Hldgs | New | +389,916 | +$3.17M | 2.3% |
| Kazia Therapeutics Ltd | New | +460,359 | +$3.17M | 2.3% |
| Surrozen Inc | Trimmed | −136,515 | −$3.09M | 1.9% |
| Verrica Pharmaceuticals Inc | New | +353,669 | +$2.94M | 2.1% |
| Cybin Inc | New | +339,902 | +$2.78M | 2.0% |
| Omniab Inc | Trimmed | −1,441,857 | −$2.67M | 0.9% |
| Crispr Therapeutics Ag | New | +50,000 | +$2.62M | 1.9% |
Showing the 10 largest of 86 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Verastem Inc | Added | +1,309,646 | +$11.6M | 19.2% |
| IP Indivior PLC | Trimmed | −250,000 | −$6.03M | 2.0% |
| Evolus Inc | Added | +619,891 | +$3.81M | 7.7% |
| X4 Pharmaceuticals Inc | New | +1,056,338 | +$3.61M | 2.9% |
| Enanta Pharmaceuticals Inc | Trimmed | −299,066 | −$3.58M | 3.0% |
| Omniab Inc | New | +2,142,857 | +$3.43M | 2.8% |
| Iteos Therapeutics Inc | Exited | −310,033 | −$3.09M | — |
| Ani Pharmaceuticals Inc | Exited | −38,597 | −$2.52M | — |
| Abeona Therapeutics Inc | Added | +405,970 | +$2.14M | 1.9% |
| Anika Therapeutics Inc | Exited | −190,590 | −$2.02M | — |
Showing the 10 largest of 78 changes.
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Optinose Inc | Exited | −788,647 | −$7.23M | — |
| Urogen Pharma Ltd | Exited | −333,400 | −$3.69M | — |
| Verastem Inc | Added | +747,386 | +$3.1M | 5.5% |
| Aquestive Therapeutics Inc | Exited | −200,000 | −$3.04M | — |
| EL Establishment Labs Hldgs Inc | Trimmed | −67,500 | −$2.88M | 0.3% |
| Acadia Pharmaceuticals Inc | Added | +131,607 | +$2.84M | 4.8% |
| Galapagos Nv | Exited | −93,968 | −$2.36M | — |
| Ardelyx Inc | New | +555,000 | +$2.18M | 2.1% |
| Evolus Inc | Trimmed | −218,074 | −$2.01M | 8.3% |
| Iteos Therapeutics Inc | Added | +200,033 | +$1.99M | 3.0% |
Showing the 10 largest of 87 changes.
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ani Pharmaceuticals Inc | Added | +27,600 | +$7.85M | 13.3% |
| Ironwood Pharmaceuticals Inc | Exited | −648,785 | −$2.87M | — |
| Galapagos Nv | Trimmed | −106,032 | −$2.66M | 2.3% |
| Optinose Inc | Added | +199,990 | +$1.83M | 7.0% |
| Surrozen Inc | Added | +148,582 | +$1.73M | 3.2% |
| Edesa Biotech Inc | New | +687,500 | +$1.68M | 1.6% |
| Evolus Inc | Trimmed | −130,077 | −$1.56M | 13.3% |
| Verastem Inc | Trimmed | −257,000 | −$1.55M | 3.6% |
| Enanta Pharmaceuticals Inc | Added | +258,842 | +$1.43M | 3.2% |
| JP Jazz Pharmaceuticals PLC Us Listed | Exited | −10,000 | −$1.23M | — |
Showing the 10 largest of 74 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Adma Biologics Inc | Trimmed | −628,968 | −$10.8M | 17.2% |
| GN Galapagos Nv-spon ADR | Trimmed | −278,659 | −$7.66M | 4.4% |
| Royalty Pharma PLC | Exited | −212,000 | −$6M | — |
| JP Jazz Pharmaceuticals PLC Us Listed | Trimmed | −45,000 | −$5.54M | 1.0% |
| Rigel Pharmaceuticals Inc | Exited | −309,100 | −$5M | — |
| Aclaris Therapeutics Inc | Trimmed | −1,795,468 | −$4.45M | 1.3% |
| Optinose Inc | New | +588,657 | +$3.93M | 3.2% |
| Optinose Inc | Exited | −5,688,590 | −$3.81M | — |
| Tela Bio Inc | Added | +1,243,099 | +$3.75M | 5.7% |
| Inhibikase Therapeutics Inc | New | +1,132,388 | +$3.68M | 3.0% |
Showing the 10 largest of 59 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Alimera Sciences Inc | Exited | −3,511,816 | −$19.5M | — |
| RT Revance Therapeutics Inc | Trimmed | −1,980,000 | −$10.3M | 2.7% |
| JP Jazz Pharmaceuticals PLC Us Listed | New | +55,000 | +$6.13M | 3.9% |
| Royalty Pharma PLC | New | +212,000 | +$6M | 3.8% |
| Zevra Therapeutics Inc | New | +700,000 | +$4.86M | 3.1% |
| Evolus Inc | Trimmed | −287,790 | −$4.66M | 14.0% |
| Ironwood Pharmaceuticals Inc | Added | +951,988 | +$3.92M | 2.6% |
| Verastem Inc | New | +1,310,287 | +$3.92M | 2.5% |
| Urogen Pharma Ltd | New | +280,345 | +$3.56M | 2.2% |
| Establishment Labs Holdings | New | +75,000 | +$3.25M | 2.1% |
Showing the 10 largest of 38 changes.
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