Skip to content
Disclosery

Affinity Asset Advisors, LLC

Follow

13F filer, CIK 1773195, NEW YORK, NY

Affinity Asset Advisors, LLC reported $1,755,015,212 across 95 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 42.83% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001315863-26-000153

Period
2025-12-31
Reported value
$1.76B
Holdings
95
Top 10 weight
42.83%
New
30
Sold out
31

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PRAXnew+185,000$54.5M
CYTKadded+450,000$28.6M
FBRXnew+989,490$27M
VTYXadded+2,560,143$23.1M
TERNnew+550,000$22.2M

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
VERONA PHARMA PLCexited-625,000-$66.7M
SPYexited-84,490-$56.3M
MDGLreduced-83,869-$48.8M
MERUS N Vexited-285,769-$26.9M
SLNOexited-200,000-$13.5M

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, Q4 2025

Share positions as resolved from 13F-HR 0001315863-26-000153, largest first. % of portfolio is the value over $1,391,738,675, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,234,926 shares 1,234,926$93.2M6.7%+61,500Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 140,000 shares; 2025Q2: 475,000 shares; 2025Q3: 450,000 shares; 2025Q4: 450,000 shares 450,000$78.3M5.63%0Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 200,000 shares; 2025Q2: 100,000 shares; 2025Q3: 360,000 shares; 2025Q4: 505,000 shares 505,000$68.1M4.89%+145,000Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,536,182 shares; 2025Q3: 3,924,415 shares; 2025Q4: 6,484,558 shares 6,484,558$58.6M4.21%+2,560,143Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,250,000 shares 1,250,000$56M4.03%-150,000Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 185,000 shares 185,000$54.5M3.92%newTimeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 350,000 shares; 2025Q4: 800,000 shares 800,000$50.8M3.65%+450,000Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,432,591 shares 1,432,591$46.9M3.37%+13,292Timeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,700,000 shares 2,700,000$45.9M3.3%+600,000Timeline
TEVATEVA PHARMACEUTICAL INDS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,400,000 shares 1,400,000$43.7M3.14%0Timeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 201,587 shares; 2024Q4: not reported; 2025Q1: 150,000 shares; 2025Q2: 400,000 shares; 2025Q3: 800,000 shares; 2025Q4: 1,700,000 shares 1,700,000$36.9M2.65%+900,000Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 425,000 shares; 2025Q1: 530,000 shares; 2025Q2: 495,000 shares; 2025Q3: 500,000 shares; 2025Q4: 523,725 shares 523,725$34.1M2.45%+23,725Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 337,500 shares; 2024Q4: 285,000 shares; 2025Q1: 460,000 shares; 2025Q2: 415,000 shares; 2025Q3: 384,417 shares; 2025Q4: 322,633 shares 322,633$32.5M2.33%-61,784Timeline
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,200,000 shares 3,200,000$31.8M2.28%-670,527Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$28M2.01%-250,000Timeline
FBRXFORTE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 989,490 shares 989,490$27M1.94%newTimeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,150,172 shares 2,150,172$26.9M1.93%-649,828Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 730,000 shares 730,000$26.5M1.9%-20,000Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 200,000 shares; 2025Q1: 300,000 shares; 2025Q2: 150,000 shares; 2025Q3: 65,000 shares; 2025Q4: 320,000 shares 320,000$24.5M1.76%+255,000Timeline
ORKAORUKA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 349,836 shares; 2024Q4: 368,698 shares; 2025Q1: 545,362 shares; 2025Q2: 603,479 shares; 2025Q3: 959,180 shares; 2025Q4: 802,342 shares 802,342$24.3M1.75%-156,838Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 600,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 550,000 shares 550,000$22.2M1.6%newTimeline
ANABANAPTYSBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 444,692 shares 444,692$21.6M1.55%newTimeline
CGEMCULLINAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 263,817 shares; 2024Q4: 263,817 shares; 2025Q1: 263,817 shares; 2025Q2: 263,817 shares; 2025Q3: 263,817 shares; 2025Q4: 1,932,106 shares 1,932,106$20M1.44%+1,668,289Timeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,051,054 shares 1,051,054$19.1M1.37%+44,837Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 860,399 shares; 2024Q4: 940,083 shares; 2025Q1: 810,669 shares; 2025Q2: 967,620 shares; 2025Q3: 967,620 shares; 2025Q4: 967,620 shares 967,620$18.4M1.32%0Timeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares; 2025Q3: 3,000,000 shares; 2025Q4: 3,300,000 shares 3,300,000$18.1M1.3%+300,000Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 82,500 shares; 2025Q1: 80,000 shares; 2025Q2: 80,000 shares; 2025Q3: 115,000 shares; 2025Q4: 31,131 shares 31,131$18.1M1.3%-83,869Timeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 410,586 shares; 2025Q1: not reported; 2025Q2: 500,000 shares; 2025Q3: 1,500,000 shares; 2025Q4: 2,797,153 shares 2,797,153$16.9M1.21%+1,297,153Timeline
PTGXPROTAGONIST THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 130,000 shares; 2025Q1: 400,000 shares; 2025Q2: 440,000 shares; 2025Q3: 220,600 shares; 2025Q4: 172,125 shares 172,125$15M1.08%-48,475Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 600,552 shares 600,552$15M1.08%-506,610Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 290,447 shares; 2024Q4: 279,445 shares; 2025Q1: 280,000 shares; 2025Q2: 334,863 shares; 2025Q3: 310,000 shares; 2025Q4: 200,000 shares 200,000$14.6M1.05%-110,000Timeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,900,000 shares 3,900,000$14.5M1.04%-385,787Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 435,000 shares; 2024Q4: 425,000 shares; 2025Q1: 355,143 shares; 2025Q2: 545,000 shares; 2025Q3: 303,330 shares; 2025Q4: 250,000 shares 250,000$12.7M0.91%-53,330Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 350,000 shares 350,000$12.4M0.89%newTimeline
OVIDOVID THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 667,516 shares; 2025Q2: 667,516 shares; 2025Q3: 2,650,000 shares; 2025Q4: 7,150,000 shares 7,150,000$11.7M0.84%+4,500,000Timeline
TVTXTRAVERE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200,000 shares; 2025Q1: 1,070,000 shares; 2025Q2: 970,000 shares; 2025Q3: 500,000 shares; 2025Q4: 300,000 shares 300,000$11.5M0.82%-200,000Timeline
JBIOJADE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 65,317 shares; 2025Q3: 65,317 shares; 2025Q4: 714,956 shares 714,956$11M0.79%+649,639Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 472,390 shares; 2024Q4: 425,000 shares; 2025Q1: 325,000 shares; 2025Q2: 275,000 shares; 2025Q3: 275,000 shares; 2025Q4: 275,000 shares 275,000$9.65M0.69%0Timeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,000 shares; 2024Q4: 9,992 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 300,000 shares; 2025Q4: 350,000 shares 350,000$9.51M0.68%+50,000Timeline
ZURAZURA BIO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,813,671 shares 1,813,671$9.5M0.68%+539,320Timeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,000,000 shares 1,000,000$8.86M0.64%newTimeline
STROSUTRO BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 748,382 shares 748,382$8.66M0.62%newTimeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares; 2025Q4: 100,000 shares 100,000$7.96M0.57%0Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 175,000 shares; 2025Q2: not reported; 2025Q3: 165,000 shares; 2025Q4: 250,000 shares 250,000$7.88M0.57%+85,000Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 525,000 shares; 2024Q4: 159,614 shares; 2025Q1: 390,000 shares; 2025Q2: 390,000 shares; 2025Q3: 250,000 shares; 2025Q4: 250,000 shares 250,000$7.78M0.56%0Timeline
RCUSARCUS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 300,000 shares 300,000$7.15M0.51%newTimeline
SGMTSAGIMET BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 350,000 shares; 2025Q4: 1,148,245 shares 1,148,245$6.8M0.49%+798,245Timeline
KPTIKARYOPHARM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 889,575 shares 889,575$6.55M0.47%newTimeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 30,000 shares 30,000$6.4M0.46%newTimeline
VRCAVERRICA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 707,338 shares 707,338$5.88M0.42%newTimeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 77,000 shares; 2025Q3: 77,000 shares; 2025Q4: 643,370 shares 643,370$5.81M0.42%+566,370Timeline
NEWAMSTERDAM PHARMA COMPANYNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,974 shares; 2024Q4: 237,935 shares; 2025Q1: 241,957 shares; 2025Q2: 245,000 shares; 2025Q3: 245,000 shares; 2025Q4: 245,000 shares 245,000$5.63M0.4%0
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,351,144 shares 2,351,144$5.55M0.4%+251,144Timeline
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 250,000 shares 250,000$5.39M0.39%new
CLYMCLIMB BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,300,000 shares 1,300,000$5.2M0.37%0Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,000 shares; 2024Q4: 100,000 shares; 2025Q1: 430,000 shares; 2025Q2: not reported; 2025Q3: 300,000 shares; 2025Q4: 200,000 shares 200,000$5.08M0.37%-100,000Timeline
PRQRPROQR THRAPEUTICS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,454,278 shares 2,454,278$4.96M0.36%-1,145,722Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 262,100 shares; 2025Q4: 115,000 shares 115,000$4.74M0.34%-147,100Timeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 325,000 shares; 2024Q4: 300,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 70,000 shares 70,000$4.65M0.33%newTimeline
IBIOIBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,057,200 shares 2,057,200$3.97M0.29%newTimeline
NXTCNEXTCURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 191,882 shares; 2025Q4: 247,294 shares 247,294$3.51M0.25%+55,412Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 460,000 shares; 2025Q1: 152,252 shares; 2025Q2: 152,252 shares; 2025Q3: 75,000 shares; 2025Q4: 75,000 shares 75,000$3.49M0.25%0Timeline
AMGNAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 10,000 shares 10,000$3.27M0.24%newTimeline
BLTEBELITE BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,000 shares 20,000$3.2M0.23%newTimeline
AVBPARRIVENT BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$3.02M0.22%newTimeline
MERSANA THERAPEUTICS INCMERSANA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 100,000 shares 100,000$2.89M0.21%new
OACCUOAKTREE ACQUISITION CORP IIIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 250,000 shares; 2025Q1: 250,000 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares; 2025Q4: 250,000 shares 250,000$2.65M0.19%0Timeline
AVRANTERIS TECHNOLOGIES GLOBALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 390,000 shares; 2025Q2: 425,000 shares; 2025Q3: 450,000 shares; 2025Q4: 486,684 shares 486,684$2.43M0.17%+36,684Timeline
OBIOORCHESTRA BIOMED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 727,272 shares; 2025Q4: 572,804 shares 572,804$2.38M0.17%-154,468Timeline
EPRXEUPRAXIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 300,000 shares; 2025Q4: 300,000 shares 300,000$2.27M0.16%0Timeline
GERNGERON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,500,000 shares 1,500,000$1.98M0.14%0Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 75,000 shares 75,000$1.73M0.12%newTimeline
KZRKEZAR LIFE SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 142,316 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 229,076 shares 229,076$1.44M0.1%newTimeline
CMPSCOMPASS PATHWAYS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,512 shares; 2024Q4: 850,512 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares; 2025Q4: 200,000 shares 200,000$1.38M0.1%0Timeline
QUREUNIQURE NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 135,000 shares; 2025Q3: 300,000 shares; 2025Q4: 50,000 shares 50,000$1.2M0.09%-250,000Timeline
CATXPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 300,000 shares 300,000$825K0.06%0Timeline
MGNXMACROGENICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 484,308 shares 484,308$780K0.06%newTimeline
FRNMPERCEPTIVE CAP SOLUTIONS CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 350,000 shares; 2024Q4: 350,000 shares; 2025Q1: 350,000 shares; 2025Q2: 350,000 shares; 2025Q3: 350,000 shares; 2025Q4: 50,000 shares 50,000$652K0.05%-300,000Timeline
XFORX4 PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 145,000 shares 145,000$580K0.04%newTimeline
QTTBQ32 BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,777 shares; 2024Q4: 27,777 shares; 2025Q1: 27,777 shares; 2025Q2: 27,777 shares; 2025Q3: 27,777 shares; 2025Q4: 27,777 shares 27,777$92.2K0.01%0Timeline
ADGMADAGIO MED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 213,235 shares; 2024Q4: 213,235 shares; 2025Q1: 213,235 shares; 2025Q2: 80,000 shares; 2025Q3: 80,000 shares; 2025Q4: 80,000 shares 80,000$83.2K0.01%0Timeline
RCKTWROCKET PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,000 shares; 2024Q4: 75,000 shares; 2025Q1: 75,000 shares; 2025Q2: 75,000 shares; 2025Q3: 75,000 shares; 2025Q4: 75,000 shares 75,000$1.82K<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
XBISPDR SERIES TRUST S&P BIOTECHput1,500,000$183Mnew
IBBISHARES TR ISHARES BIOTECHcall400,000$67.5Mnew
AMGNAMGEN INC COMcall135,000$44.2Mnew
XLVSELECT SECTOR SPDR TR SHScall250,000$38.7Mnew
QUREUNIQURE NV SHScall800,000$19.1Mnew
SMMTSUMMIT THERAPEUTICS INC COMput350,000$6.12M0
ABUSARBUTUS BIOPHARMA CORP Common Shares, without par valuecall521,900$2.51M+310,400
LENZLENZ THERAPEUTICS INC COMput100,000$1.6Mnew
FBRXFORTE BIOSCIENCES INC COMMON STOCKcall22,400$611Knew

Principal amounts

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

SecurityTypeAmountValueChange
OMEROS CORPOMEROS CORP NOTE 9.500% 6/1principal6,525,000$19.4M+1,000,000
TRAVERE THERAPEUTICS INCTRAVERE THERAPEUTICS INC CNVprincipal7,000,000$9.99M0
CELCUITY INCCELCUITY INC NOTE 2.750% 8/0principal3,000,000$6.52M0
COGENT BIOSCIENCES INCCOGENT BIOSCIENCES INC NOTE 1.625%11/1principal1,000,000$1.18Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
VERONA PHARMA PLCVERONA PHARMA PLC625,000$66.7Mshares
SPYSTATE STR SPDR S&P 500 ETF T84,490$56.3Mshares
INSMINSMED INC205,000$29.5Mcall
MERUS N VMERUS N V285,769$26.9Mshares
EXELEXELIXIS INC350,000$14.5Mput
SLNOSOLENO THERAPEUTICS INC200,000$13.5Mshares
KARYOPHARM THERAPEUTICS INCKARYOPHARM THERAPEUTICS INC15,250,000$12.5Mprincipal
ELVNENLIVEN THERAPEUTICS INC400,000$8.19Mshares
TARSTARSUS PHARMACEUTICALS INC125,000$7.43Mshares
AKBAAKEBIA THREAPEUTICS INC2,450,000$6.69Mshares
MNPRMONOPAR THERAPEUTICS INC79,483$6.49Mshares
EXELEXELIXIS INC150,000$6.2Mcall
NTLAINTELLIA THERAPEUTICS INC300,000$5.18Mcall
OMEROMEROS CORP1,133,900$4.65Mput
PCVXVAXCYTE INC125,000$4.5Mshares
INSPINSPIRE MED SYS INC50,000$3.71Mshares
JAZZJAZZ PHARMACEUTICALS PLC25,000$3.29Mshares
AUTLAUTOLUS THERAPEUTICS LTD1,750,000$2.85Mshares
OCULOCULAR THERAPEUTIX INC239,000$2.79Mshares
OLMAOLEMA PHARMACEUTICALS INC250,000$2.45Mshares
OLMAOLEMA PHARMACEUTICALS INC250,000$2.45Mcall
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INC300,000$2.18Mshares
UTHRUNITED THERAPEUTICS CORP DEL5,000$2.1Mshares
ATYRATYR PHARMA INC2,100,000$1.51Mput
MISTMILESTONE PHARMACEUTICALS IN666,666$1.33Mshares
KPTIKARYOPHARM THERAPEUTICS INC157,600$1.03Mcall
SUTRO BIOPHARMA INCSUTRO BIOPHARMA INC752,722$654Kshares
CNTXCONTEXT THERAPEUTICS INC402,653$390Kshares
REPARE THERAPEUTICS INCREPARE THERAPEUTICS INC200,000$352Kshares
CBIOCRESCENT BIOPHARMA INC.17,998$214Kshares
SPRYARS PHARMACEUTICALS INC2,500$25.1Kshares

How Q4 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 0001315863-26-000153 base2026-02-13acceptance time not in the bulk data set