Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (42 quarters reported)
$399M in Q1 2016 → $1.1B 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 |
|---|---|---|---|---|
| Trevi Therapeutics Inc | 8.7% | Unchanged | 5,094,668 | $95M |
| Praxis Precision Medicines | 8.3% | Trimmed 20% | 271,116 | $90.8M |
| Erasca Inc | 6.9% | Trimmed 66% | 4,127,412 | $75.6M |
| Arrivent Biopharma Inc | 5.3% | Added 90% | 1,682,097 | $58.4M |
| AS Abivax Sa - ADR | 5.0% | Added 73% | 414,899 | $55.3M |
| Tango Therapeutics Inc | 3.9% | Trimmed 36% | 1,379,769 | $43.1M |
| Corvus Pharmaceuticals Inc | 3.8% | Unchanged | 2,805,816 | $41.9M |
| Bright Minds Biosciences Inc | 3.6% | Unchanged | 557,172 | $39.1M |
| SB Sinovac Biotech Ltd. | 3.5% | Unchanged | 5,903,000 | $38.2M |
| Tenax Therapeutics Inc | 3.3% | Added 1100% | 2,500,000 | $36.4M |
| Aclaris Therapeutics, Inc. | 3.2% | Added 0.4% | 6,694,637 | $35.4M |
| Dyne Therapeutics Inc | 3.2% | Unchanged | 1,557,466 | $34.6M |
| Dianthus Therapeutics Inc | 3.2% | Unchanged | 353,998 | $34.5M |
| Alto Neuroscience Inc | 2.9% | Added 17% | 1,208,858 | $31.9M |
| Dbv Technologies Sa | 2.8% | Trimmed 31% | 1,844,758 | $30.3M |
| Sab Biotherapeutics Inc | 2.6% | Trimmed 36% | 7,299,909 | $28.5M |
| Moonlake Immunotherapeutics | 2.5% | Added 40% | 1,400,000 | $27.3M |
| Lb Pharmaceuticals Inc | 2.4% | Unchanged | 800,000 | $26M |
| Minerva Neurosciences Inc | 2.2% | Unchanged | 4,322,747 | $24M |
| Design Therapeutics Inc | 2.1% | Unchanged | 1,612,903 | $23.3M |
| Oric Pharmaceuticals Inc | 1.8% | Unchanged | 1,848,786 | $20M |
| Camp4 Therapeutics Corporation | 1.7% | Unchanged | 4,246,568 | $18.6M |
| Faeth Therapeutics Inc | 1.6% | Unchanged | 722,020 | $18.1M |
| Achieve Life Sciences Inc. | 1.6% | New | 2,751,032 | $18M |
| Compass Therapeutics Inc | 1.6% | Trimmed 19% | 7,757,060 | $17M |
| An2 Therapeutics Inc | 1.4% | Unchanged | 3,153,640 | $15.3M |
| Editas Medicine Inc | 1.1% | New | 3,555,250 | $11.5M |
| Geron Corp | 1.0% | Unchanged | 8,671,797 | $11.1M |
| Odyssey Therapeutics Inc | 1.0% | New | 575,000 | $10.8M |
| Eupraxia Pharmaceuticals Inc | 0.8% | Unchanged | 1,350,000 | $8.92M |
| Onkure Therapeutics Inc | 0.8% | Unchanged | 1,927,710 | $8.79M |
| Olema Pharmaceuticals Inc | 0.8% | Unchanged | 671,843 | $8.4M |
| Monopar Therapeutics Inc | 0.8% | Unchanged | 90,500 | $8.38M |
| Aura Biosciences Inc | 0.8% | New | 1,166,667 | $8.28M |
| Surrozen Inc | 0.6% | Unchanged | 260,000 | $6.75M |
| Alx Oncology Holdings Inc | 0.6% | Unchanged | 3,184,713 | $6.59M |
| Satellos Bioscience Inc | 0.6% | Unchanged | 813,666 | $6.33M |
| Avalo Therapeutics Inc | 0.5% | New | 275,000 | $5.08M |
| Pepgen Inc | 0.4% | Unchanged | 2,325,000 | $4.19M |
| Valneva Se | 0.4% | New | 763,199 | $3.99M |
| Sera Prognostics Inc | 0.3% | Unchanged | 1,650,440 | $3M |
| Unicycive Therapeutics | 0.2% | Trimmed 69% | 550,000 | $2.58M |
| Instil Bio Inc | 0.2% | Unchanged | 292,743 | $2.25M |
| Inmed Pharmaceuticals Inc | 0.1% | New | 798,377 | $1.24M |
| Bolt Biotherapeutics Inc | 0.0% | Unchanged | 72,414 | $279K |
| Pasithea Therapeutics Corp | 0.0% | Trimmed 78% | 465,471 | $240K |
| Precision Biosciences Inc | 0.0% | Unchanged | 4,675 | $36.7K |
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 |
|---|---|---|---|---|
| Erasca Inc | Trimmed | −8,024,068 | −$147M | 6.9% |
| Terns Pharmaceuticals Inc | Exited | −1,334,418 | −$70.4M | — |
| Tenax Therapeutics Inc | Added | +2,291,667 | +$33.3M | 3.3% |
| Arrivent Biopharma Inc | Added | +796,181 | +$27.7M | 5.3% |
| Tango Therapeutics Inc | Trimmed | −775,011 | −$24.2M | 3.9% |
| AS Abivax Sa - ADR | Added | +175,360 | +$23.4M | 5.0% |
| Praxis Precision Medicines | Trimmed | −67,779 | −$22.7M | 8.3% |
| Veradermics Inc | Exited | −300,000 | −$18.9M | — |
| Achieve Life Sciences Inc. | New | +2,751,032 | +$18M | 1.6% |
| Cogent Biosciences Inc | Exited | −422,300 | −$16.3M | — |
Showing the 10 largest of 27 changes.
quarter ended March 31, 2026 · filed May 20, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Terns Pharmaceuticals Inc | Trimmed | −4,012,510 | −$212M | 5.8% |
| Cidara Therapeutics, Inc. | Exited | −956,670 | −$211M | — |
| Cogent Biosciences Inc | Trimmed | −1,976,693 | −$76.1M | 1.4% |
| Avadel Pharmaceuticals PLC | Exited | −2,684,109 | −$57.8M | — |
| Erasca Inc | Added | +2,878,052 | +$46.6M | 16.3% |
| Zenas Biopharma Inc | Exited | −853,495 | −$31M | — |
| Geron Corp | Trimmed | −18,553,495 | −$27.6M | 1.1% |
| SB Sensei Biotherapeutics Inc | New | +722,020 | +$22.8M | 1.9% |
| Arrivent Biopharma Inc | New | +885,916 | +$20.4M | 1.7% |
| Soleno Therapeutics Inc | Trimmed | −600,000 | −$20.1M | 0.8% |
Showing the 10 largest of 31 changes.
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Verona Pharma PLC | Exited | −1,393,432 | −$149M | — |
| Cidara Therapeutics, Inc. | Trimmed | −354,755 | −$78.4M | 13.7% |
| Soleno Therapeutics Inc | Trimmed | −1,383,294 | −$64M | 2.7% |
| Terns Pharmaceuticals Inc | Trimmed | −1,548,818 | −$62.6M | 14.0% |
| Praxis Precision Medicines | Added | +130,000 | +$38.3M | 6.3% |
| Tourmaline Bio Inc. | Exited | −591,882 | −$28.3M | — |
| Dbv Technologies Sa | Added | +1,407,120 | +$27M | 3.1% |
| Olema Pharmaceuticals Inc | Trimmed | −834,019 | −$20.9M | 1.1% |
| Akero Therapeutics Inc | Exited | −434,689 | −$20.6M | — |
| Rezolute Inc | Exited | −2,112,432 | −$19.9M | — |
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 |
|---|---|---|---|---|
| Soleno Therapeutics Inc | Trimmed | −1,680,091 | −$114M | 12.4% |
| AS Abivax Sa - ADR | New | +359,305 | +$30.5M | 2.5% |
| Cogent Biosciences Inc | Added | +1,666,666 | +$23.9M | 3.2% |
| Sab Biotherapeutics Inc | New | +11,420,000 | +$23M | 1.8% |
| Dyne Therapeutics Inc | Added | +1,500,000 | +$19M | 2.7% |
| Bright Minds Biosciences Inc | Added | +250,045 | +$15.2M | 2.4% |
| Dianthus Therapeutics Inc | New | +353,998 | +$13.9M | 1.1% |
| Lb Pharmaceuticals Inc | New | +800,000 | +$12.6M | 1.0% |
| Compass Therapeutics Inc | Added | +3,502,000 | +$12.3M | 2.7% |
| Camp4 Therapeutics Inc | New | +3,921,568 | +$11.8M | 0.9% |
Showing the 10 largest of 23 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Soleno Therapeutics Inc | Trimmed | −500,000 | −$41.9M | 33.9% |
| SB Sinovac Biotech Ltd. | New | +5,903,000 | +$38.2M | 3.9% |
| Cidara Therapeutics, Inc. | Added | +627,149 | +$30.5M | 6.5% |
| Cytomx Therapeutics Inc | New | +5,769,230 | +$13.1M | 1.3% |
| Akero Therapeutics Inc | Added | +233,521 | +$12.5M | 2.4% |
| Oric Pharmaceuticals Inc | Added | +1,046,154 | +$10.6M | 3.2% |
| Dbv Technologies Sa | New | +1,054,506 | +$9.66M | 1.0% |
| Praxis Precision Medicines | New | +167,600 | +$7.05M | 0.7% |
| Unicycive Therapeutics | Exited | −11,370,152 | −$6.54M | — |
| Compass Therapeutics Inc | Added | +2,487,443 | +$6.47M | 1.6% |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2025 · filed May 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Soleno Therapeutics Inc | Trimmed | −1,833,557 | −$131M | 42.2% |
| Verona Pharma PLC | Trimmed | −845,190 | −$53.7M | 12.1% |
| Delcath Systems, Inc. | Trimmed | −958,384 | −$12.2M | 1.3% |
| Akero Therapeutics Inc | New | +201,168 | +$8.14M | 1.1% |
| CP Compass Pathway PLC | Added | +1,754,385 | +$5.02M | 1.3% |
| Oric Pharmaceuticals Inc | Added | +802,632 | +$4.48M | 1.5% |
| Regulus Therapeutics Inc | Trimmed | −2,303,574 | −$4.03M | 0.6% |
| Surrozen Inc | New | +260,000 | +$3.03M | 0.4% |
| 89bio Inc | New | +376,804 | +$2.74M | 0.4% |
| Rezolute Inc | Trimmed | −685,272 | −$1.99M | 0.8% |
Showing the 10 largest of 17 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Harmony Biosciences Holdings Inc | Exited | −2,606,247 | −$104M | — |
| SB Sinovac Biotech Ltd. | Exited | −11,800,000 | −$76.3M | — |
| Verona Pharma PLC | Trimmed | −1,265,783 | −$58.8M | 11.9% |
| Aclaris Therapeutics, Inc. | New | +8,888,888 | +$22M | 2.5% |
| Cidara Therapeutics, Inc. | New | +670,600 | +$18M | 2.0% |
| Viridian Therapeutics Inc | Trimmed | −695,631 | −$13.3M | 2.1% |
| Bright Minds Biosciences Inc | New | +251,572 | +$9.06M | 1.0% |
| Delcath Systems, Inc. | Added | +711,574 | +$8.57M | 2.3% |
| Trevi Therapeutics Inc | Added | +1,875,000 | +$7.73M | 1.6% |
| Alx Oncology Holdings Inc | Exited | −4,034,522 | −$7.34M | — |
Showing the 10 largest of 18 changes.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Avadel Pharmaceuticals PLC | Exited | −3,972,099 | −$55.8M | — |
| Soleno Therapeutics Inc | Trimmed | −1,025,000 | −$51.8M | 26.3% |
| Avadel Pharmaceuticals PLC | New | +2,684,109 | +$35.2M | 2.9% |
| Zenas Biopharma Inc | New | +1,183,260 | +$20M | 1.7% |
| Dyne Therapeutics Inc | Trimmed | −520,176 | −$18.7M | 3.3% |
| Tarsus Pharmaceuticals Inc | Exited | −565,550 | −$15.4M | — |
| Cogent Biosciences Inc | Trimmed | −1,122,470 | −$12.1M | 1.0% |
| Zai Lab Ltd | Exited | −531,198 | −$9.21M | — |
| Astria Therapeutics Inc | Trimmed | −776,342 | −$8.55M | 1.4% |
| CP Corvus Pharmaceuticals Holdings | New | +1,497,268 | +$7.91M | 0.7% |
Showing the 10 largest of 22 changes.
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