Skip to content
Disclosery

Affinity Asset Advisors, LLC

Follow

13F filer, CIK 1773195, NEW YORK, NY

Affinity Asset Advisors, LLC reported $1,147,980,949 across 96 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 45.19% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001999371-25-017685

Period
2025-09-30
Reported value
$1.15B
Holdings
96
Top 10 weight
45.19%
New
25
Sold out
20

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPYnew+84,490$56.3M
ABVXadded+260,000$22.1M
MERUS N Vadded+215,769$20.3M
CYTKnew+350,000$19.2M
APGEadded+481,527$19.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BLUEPRINT MEDICINES CORPexited-250,000-$32M
PTGXreduced-219,400-$14.6M
TVTXreduced-470,000-$11.2M
VERAreduced-241,670-$7.02M
INOZYME PHARMA INCexited-1,749,359-$7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001999371-25-017685, largest first. % of portfolio is the value over $1,074,794,555, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VERONA PHARMA PLCVERONA PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 650,000 shares; 2024Q4: 660,000 shares; 2025Q1: 615,000 shares; 2025Q2: 610,000 shares; 2025Q3: 625,000 shares 625,000$66.7M6.21%+15,000
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 140,000 shares; 2025Q2: 475,000 shares; 2025Q3: 450,000 shares 450,000$64.8M6.03%-25,000Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 30,000 shares; 2025Q2: not reported; 2025Q3: 84,490 shares 84,490$56.3M5.24%newTimeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,144,021 shares; 2024Q4: 1,161,237 shares; 2025Q1: 1,328,175 shares; 2025Q2: 1,100,000 shares; 2025Q3: 1,400,000 shares 1,400,000$56.2M5.23%+300,000Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 82,500 shares; 2025Q1: 80,000 shares; 2025Q2: 80,000 shares; 2025Q3: 115,000 shares 115,000$52.7M4.91%+35,000Timeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 664,198 shares; 2024Q4: 931,728 shares; 2025Q1: 1,151,199 shares; 2025Q2: 691,899 shares; 2025Q3: 1,173,426 shares 1,173,426$46.6M4.34%+481,527Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 425,000 shares; 2025Q1: 530,000 shares; 2025Q2: 495,000 shares; 2025Q3: 500,000 shares 500,000$41M3.82%+5,000Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,100,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 1,250,000 shares 1,250,000$37.5M3.49%+250,000Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 337,500 shares; 2024Q4: 285,000 shares; 2025Q1: 460,000 shares; 2025Q2: 415,000 shares; 2025Q3: 384,417 shares 384,417$33.2M3.09%-30,583Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 200,000 shares; 2025Q2: 100,000 shares; 2025Q3: 360,000 shares 360,000$30.6M2.84%+260,000Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,000 shares; 2024Q4: 350,000 shares; 2025Q1: 1,100,000 shares; 2025Q2: 900,000 shares; 2025Q3: 750,000 shares 750,000$28.4M2.65%-150,000Timeline
TEVATEVA PHARMACEUTICAL INDS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,400,000 shares; 2024Q4: 1,400,000 shares; 2025Q1: 1,400,000 shares; 2025Q2: 1,400,000 shares; 2025Q3: 1,400,000 shares 1,400,000$28.3M2.63%0Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 161,741 shares; 2024Q4: 389,241 shares; 2025Q1: 321,962 shares; 2025Q2: 70,000 shares; 2025Q3: 285,769 shares 285,769$26.9M2.5%+215,769
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 965,612 shares; 2024Q4: 1,095,924 shares; 2025Q1: 1,546,662 shares; 2025Q2: 900,162 shares; 2025Q3: 1,107,162 shares 1,107,162$26.8M2.5%+207,000Timeline
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,480,881 shares; 2025Q2: 3,589,355 shares; 2025Q3: 3,870,527 shares 3,870,527$25.7M2.39%+281,172Timeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,250,000 shares; 2025Q2: 2,534,058 shares; 2025Q3: 2,800,000 shares 2,800,000$25.6M2.38%+265,942Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 498,420 shares; 2024Q4: 824,328 shares; 2025Q1: 481,678 shares; 2025Q2: 606,678 shares; 2025Q3: 1,419,299 shares 1,419,299$23.8M2.21%+812,621Timeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,700,000 shares; 2024Q4: 1,575,000 shares; 2025Q1: 1,700,000 shares; 2025Q2: 2,200,000 shares; 2025Q3: 2,100,000 shares 2,100,000$19.7M1.84%-100,000Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 350,000 shares 350,000$19.2M1.79%newTimeline
ORKAORUKA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 349,836 shares; 2024Q4: 368,698 shares; 2025Q1: 545,362 shares; 2025Q2: 603,479 shares; 2025Q3: 959,180 shares 959,180$18.4M1.72%+355,701Timeline
QUREUNIQURE NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 135,000 shares; 2025Q3: 300,000 shares 300,000$17.5M1.63%+165,000Timeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,400,000 shares; 2024Q4: 1,500,000 shares; 2025Q1: 1,825,000 shares; 2025Q2: 2,000,308 shares; 2025Q3: 2,100,000 shares 2,100,000$15.4M1.43%+99,692Timeline
PTGXPROTAGONIST THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 130,000 shares; 2025Q1: 400,000 shares; 2025Q2: 440,000 shares; 2025Q3: 220,600 shares 220,600$14.7M1.36%-219,400Timeline
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,000 shares; 2024Q4: 130,000 shares; 2025Q1: 50,000 shares; 2025Q2: not reported; 2025Q3: 200,000 shares 200,000$13.5M1.26%newTimeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 45,000 shares; 2024Q4: 550,765 shares; 2025Q1: 657,154 shares; 2025Q2: 607,872 shares; 2025Q3: 1,006,217 shares 1,006,217$12.8M1.19%+398,345Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 290,447 shares; 2024Q4: 279,445 shares; 2025Q1: 280,000 shares; 2025Q2: 334,863 shares; 2025Q3: 310,000 shares 310,000$12.7M1.18%-24,863Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,536,182 shares; 2025Q3: 3,924,415 shares 3,924,415$12.2M1.14%-611,767Timeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,587 shares; 2024Q4: not reported; 2025Q1: 150,000 shares; 2025Q2: 400,000 shares; 2025Q3: 800,000 shares 800,000$12.1M1.13%+400,000Timeline
TVTXTRAVERE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200,000 shares; 2025Q1: 1,070,000 shares; 2025Q2: 970,000 shares; 2025Q3: 500,000 shares 500,000$11.9M1.11%-470,000Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 262,100 shares 262,100$10.3M0.96%newTimeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares; 2025Q3: 3,000,000 shares 3,000,000$9.81M0.91%+2,800,000Timeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,499,431 shares; 2024Q4: 2,499,431 shares; 2025Q1: 3,341,519 shares; 2025Q2: 4,085,787 shares; 2025Q3: 4,285,787 shares 4,285,787$9.34M0.87%+200,000Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 860,399 shares; 2024Q4: 940,083 shares; 2025Q1: 810,669 shares; 2025Q2: 967,620 shares; 2025Q3: 967,620 shares 967,620$8.94M0.83%0Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 435,000 shares; 2024Q4: 425,000 shares; 2025Q1: 355,143 shares; 2025Q2: 545,000 shares; 2025Q3: 303,330 shares 303,330$8.81M0.82%-241,670Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares 400,000$8.19M0.76%0Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 472,390 shares; 2024Q4: 425,000 shares; 2025Q1: 325,000 shares; 2025Q2: 275,000 shares; 2025Q3: 275,000 shares 275,000$7.82M0.73%0Timeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,000 shares; 2024Q4: 9,992 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 300,000 shares 300,000$7.76M0.72%newTimeline
PRQRPROQR THRAPEUTICS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,825,000 shares; 2025Q1: 3,284,512 shares; 2025Q2: 3,499,512 shares; 2025Q3: 3,600,000 shares 3,600,000$7.67M0.71%+100,488Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 125,000 shares 125,000$7.43M0.69%newTimeline
AKBAAKEBIA THREAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,500,000 shares; 2025Q2: 1,950,000 shares; 2025Q3: 2,450,000 shares 2,450,000$6.69M0.62%+500,000Timeline
MNPRMONOPAR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 62,000 shares; 2025Q2: 67,500 shares; 2025Q3: 79,483 shares 79,483$6.49M0.6%+11,983Timeline
ZURAZURA BIO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,335 shares; 2024Q4: 223,335 shares; 2025Q1: 223,335 shares; 2025Q2: 223,335 shares; 2025Q3: 1,274,351 shares 1,274,351$5.52M0.51%+1,051,016Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 525,000 shares; 2024Q4: 159,614 shares; 2025Q1: 390,000 shares; 2025Q2: 390,000 shares; 2025Q3: 250,000 shares 250,000$5.39M0.5%-140,000Timeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 410,586 shares; 2025Q1: not reported; 2025Q2: 500,000 shares; 2025Q3: 1,500,000 shares 1,500,000$5.36M0.5%+1,000,000Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,000 shares; 2024Q4: 100,000 shares; 2025Q1: 430,000 shares; 2025Q2: not reported; 2025Q3: 300,000 shares 300,000$4.84M0.45%newTimeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares 100,000$4.67M0.43%newTimeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 25,000 shares; 2025Q1: 25,000 shares; 2025Q2: 125,000 shares; 2025Q3: 125,000 shares 125,000$4.5M0.42%0Timeline
NEWAMSTERDAM PHARMA COMPANYNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,974 shares; 2024Q4: 237,935 shares; 2025Q1: 241,957 shares; 2025Q2: 245,000 shares; 2025Q3: 245,000 shares 245,000$4.19M0.39%0
FRNMPERCEPTIVE CAP SOLUTIONS CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,000 shares; 2024Q4: 350,000 shares; 2025Q1: 350,000 shares; 2025Q2: 350,000 shares; 2025Q3: 350,000 shares 350,000$3.76M0.35%0Timeline
INSPINSPIRE MED SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares 50,000$3.71M0.35%newTimeline
OVIDOVID THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 667,516 shares; 2025Q2: 667,516 shares; 2025Q3: 2,650,000 shares 2,650,000$3.44M0.32%+1,982,484Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 200,000 shares; 2025Q1: 300,000 shares; 2025Q2: 150,000 shares; 2025Q3: 65,000 shares 65,000$3.38M0.31%-85,000Timeline
JAZZJAZZ PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 25,000 shares; 2025Q3: 25,000 shares 25,000$3.29M0.31%0Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 460,000 shares; 2025Q1: 152,252 shares; 2025Q2: 152,252 shares; 2025Q3: 75,000 shares 75,000$3.12M0.29%-77,252Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 175,000 shares; 2025Q2: not reported; 2025Q3: 165,000 shares 165,000$2.89M0.27%newTimeline
AUTLAUTOLUS THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,500,000 shares; 2024Q4: 4,500,000 shares; 2025Q1: 3,045,000 shares; 2025Q2: 3,045,000 shares; 2025Q3: 1,750,000 shares 1,750,000$2.85M0.27%-1,295,000Timeline
OCULOCULAR THERAPEUTIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 239,000 shares 239,000$2.79M0.26%newTimeline
OACCUOAKTREE ACQUISITION CORP IIIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 250,000 shares; 2025Q1: 250,000 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares 250,000$2.66M0.25%0Timeline
CLYMCLIMB BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 1,500,000 shares; 2025Q2: 1,500,000 shares; 2025Q3: 1,300,000 shares 1,300,000$2.61M0.24%-200,000Timeline
OLMAOLEMA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 325,000 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares 250,000$2.45M0.23%0Timeline
SGMTSAGIMET BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 350,000 shares 350,000$2.4M0.22%newTimeline
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 725,106 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares 300,000$2.18M0.2%0
UTHRUNITED THERAPEUTICS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 5,000 shares 5,000$2.1M0.2%newTimeline
GERNGERON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 2,250,000 shares; 2025Q1: 1,500,000 shares; 2025Q2: 1,500,000 shares; 2025Q3: 1,500,000 shares 1,500,000$2.06M0.19%0Timeline
AVRANTERIS TECHNOLOGIES GLOBALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 390,000 shares; 2025Q2: 425,000 shares; 2025Q3: 450,000 shares 450,000$2.02M0.19%+25,000Timeline
OBIOORCHESTRA BIOMED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 727,272 shares 727,272$1.8M0.17%newTimeline
EPRXEUPRAXIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 300,000 shares 300,000$1.77M0.16%newTimeline
CGEMCULLINAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 263,817 shares; 2024Q4: 263,817 shares; 2025Q1: 263,817 shares; 2025Q2: 263,817 shares; 2025Q3: 263,817 shares 263,817$1.56M0.15%0Timeline
MISTMILESTONE PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 666,666 shares 666,666$1.33M0.12%newTimeline
CMPSCOMPASS PATHWAYS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,512 shares; 2024Q4: 850,512 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares 200,000$1.15M0.11%newTimeline
NXTCNEXTCURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 191,882 shares 191,882$1.12M0.1%newTimeline
CATXPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 1,300,000 shares; 2025Q1: 2,224,196 shares; 2025Q2: 1,050,000 shares; 2025Q3: 300,000 shares 300,000$1.03M0.1%-750,000Timeline
SUTRO BIOPHARMA INCSUTRO BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 752,722 shares; 2025Q2: 752,722 shares; 2025Q3: 752,722 shares 752,722$654K0.06%0
JBIOJADE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 65,317 shares; 2025Q3: 65,317 shares 65,317$564K0.05%0Timeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 77,000 shares; 2025Q3: 77,000 shares 77,000$526K0.05%0Timeline
CNTXCONTEXT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,321,153 shares; 2024Q4: 1,015,340 shares; 2025Q1: 660,589 shares; 2025Q2: 518,025 shares; 2025Q3: 402,653 shares 402,653$390K0.04%-115,372Timeline
REPARE THERAPEUTICS INCREPARE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 173,351 shares; 2024Q4: 100,000 shares; 2025Q1: 200,000 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares 200,000$352K0.03%0
CBIOCRESCENT BIOPHARMA INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 280,031 shares; 2025Q3: 17,998 shares 17,998$214K0.02%-262,033Timeline
ADGMADAGIO MED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 213,235 shares; 2024Q4: 213,235 shares; 2025Q1: 213,235 shares; 2025Q2: 80,000 shares; 2025Q3: 80,000 shares 80,000$155K0.01%0Timeline
QTTBQ32 BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,777 shares; 2024Q4: 27,777 shares; 2025Q1: 27,777 shares; 2025Q2: 27,777 shares; 2025Q3: 27,777 shares 27,777$55K0.01%0Timeline
SPRYARS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,500 shares 2,500$25.1K<0.01%newTimeline
RCKTWROCKET PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,000 shares; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 75,000 shares 75,000$2.99K<0.01%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
INSMINSMED INC Stockcall205,000$29.5Mnew
EXELEXELIXIS INC Stockput350,000$14.5M-100,000
SMMTSUMMIT THERAPEUTICS INC COMput350,000$7.23Mnew
EXELEXELIXIS INC Stockcall150,000$6.2M0
NTLAINTELLIA THERAPEUTICS INC COMcall300,000$5.18Mnew
OMEROMEROS CORP COMput1,133,900$4.65M+819,900
OLMAOLEMA PHARMACEUTICALS INC COMcall250,000$2.45Mnew
ATYRATYR PHARMA INC COM NEWput2,100,000$1.51Mnew
KPTIKARYOPHARM THERAPEUTICS INC COMMON STOCKcall157,600$1.03M+100
ABUSARBUTUS BIOPHARMA CORP Common Shares, without par valuecall211,500$960K+202,200

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
KARYOPHARM THERAPEUTICS INCKARYOPHARM THERAPEUTICS INC BONDprincipal15,250,000$12.5M0
TRAVERE THERAPEUTICS INCTRAVERE THERAPEUTICS INC CNVprincipal7,000,000$7.93M0
OMEROS CORPOMEROS CORP NOTE 9.500% 6/1principal5,525,000$4.71M-3,500,000
CELCUITY INCCELCUITY INC NOTE 2.750% 8/0principal3,000,000$4Mnew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BLUEPRINT MEDICINES CORPBLUEPRINT MEDICINES CORP250,000$32Mshares
AMGNAMGEN INC40,000$11.2Mcall
CRSPCRISPR THERAPEUTICS AG200,000$9.73Mcall
INOZYME PHARMA INCINOZYME PHARMA INC1,749,359$7Mshares
AXSMAXSOME THERAPEUTICS INC.50,000$5.22Mshares
RAPPRAPPORT THERAPEUTICS INC199,643$2.27Mshares
THRDTHIRD HARMONIC BIO INC370,000$2.01Mshares
CAPRCAPRICOR THERAPEUTICS INC175,000$1.74Mput
NVAXNOVAVAX INC250,000$1.57Mcall
QUREUNIQURE NV100,000$1.39Mcall
NKTXNKARTA INC800,000$1.33Mshares
MIRMMIRUM PHARMACEUTICALS INC24,692$1.26Mshares
NEXTCURE INCNEXTCURE INC2,302,598$1.06Mshares
OKURONKURE THERAPEUTICS INC347,990$832Kshares
INMBINMUNE BIO INC354,000$818Kput
ALTALTIMMUNE INC200,000$774Kcall
GALTGALECTIN THERAPEUTICS INC250,000$528Kput
RADXRADIOPHARM THERANOSTICS LTD35,635$166Kshares
APGEAPOGEE THERAPEUTICS INC2,500$109Kput
IMMATICS N.VIMMATICS N.V187,204$112shares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001999371-25-017685 base2025-11-13acceptance time not in the bulk data set