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First Turn Management, LLC

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13F filer, CIK 1993440, DEL MAR, CA

First Turn Management, LLC reported $536,028,271 across 35 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 46.73% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001085146-25-005077

Period
2025-06-30
Reported value
$536M
Holdings
35
Top 10 weight
46.73%
New
7
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
IRONnew+299,464$15.9M
ACLXnew+215,223$14.2M
ADMAadded+525,416$9.57M
NAMSnew+521,097$9.44M
AKROnew+114,554$6.11M

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
SPRINGWORKS THERAPEUTICS INCexited-304,076-$13.4M
GKOSexited-136,241-$13.4M
EXASexited-300,909-$13M
VERONA PHARMA PLCreduced-125,397-$11.9M
PCVXexited-276,905-$10.5M

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, Q2 2025

Share positions as resolved from 13F-HR 0001085146-25-005077, largest first. % of portfolio is the value over $536,028,271, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 356,451 shares; 2024Q4: 446,980 shares; 2025Q1: 401,629 shares; 2025Q2: 372,672 shares 372,672$37.5M7%-28,957Timeline
VERONA PHARMA PLCVERONA PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 572,928 shares; 2024Q4: 641,901 shares; 2025Q1: 435,385 shares; 2025Q2: 309,988 shares 309,988$29.3M5.47%-125,397
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 647,611 shares; 2024Q4: 506,908 shares; 2025Q1: 503,014 shares; 2025Q2: 527,540 shares 527,540$26.8M5.01%+24,526Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,114 shares; 2024Q4: 309,521 shares; 2025Q1: 331,927 shares; 2025Q2: 320,798 shares 320,798$24.5M4.57%-11,129Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,440 shares; 2024Q4: 43,078 shares; 2025Q1: 41,911 shares; 2025Q2: 43,953 shares 43,953$24.2M4.52%+2,042Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 399,781 shares; 2024Q4: 452,290 shares; 2025Q1: 656,699 shares; 2025Q2: 551,684 shares 551,684$23.8M4.44%-105,015Timeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,593 shares; 2024Q4: 87,804 shares; 2025Q1: 113,278 shares; 2025Q2: 134,687 shares 134,687$23.2M4.34%+21,409Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 325,218 shares; 2024Q4: 684,986 shares; 2025Q1: 683,451 shares; 2025Q2: 660,617 shares 660,617$20.7M3.86%-22,834Timeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,451,037 shares; 2024Q4: 1,451,037 shares; 2025Q1: 2,027,430 shares; 2025Q2: 2,009,923 shares 2,009,923$20.4M3.81%-17,507Timeline
NTRANATERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,650 shares; 2024Q4: 99,159 shares; 2025Q1: 139,942 shares; 2025Q2: 118,130 shares 118,130$20M3.72%-21,812Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 664,985 shares; 2024Q4: 684,230 shares; 2025Q1: 566,945 shares; 2025Q2: 1,092,361 shares 1,092,361$19.9M3.71%+525,416Timeline
ISRGINTUITIVE SURGICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,254 shares; 2024Q4: 35,032 shares; 2025Q1: 22,109 shares; 2025Q2: 32,305 shares 32,305$17.6M3.27%+10,196Timeline
PODDINSULET CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 49,350 shares; 2025Q2: 51,408 shares 51,408$16.2M3.01%+2,058Timeline
TGTXTG THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,644 shares; 2025Q2: 447,884 shares 447,884$16.1M3.01%+47,240Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 299,464 shares 299,464$15.9M2.96%newTimeline
GHGUARDANT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 315,737 shares; 2025Q2: 302,307 shares 302,307$15.7M2.93%-13,430Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 308,014 shares; 2024Q4: 285,159 shares; 2025Q1: 463,960 shares; 2025Q2: 292,964 shares 292,964$15.4M2.87%-170,996
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 403,915 shares; 2025Q1: 340,109 shares; 2025Q2: 415,591 shares 415,591$15.3M2.85%+75,482Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 255,294 shares; 2024Q4: 192,146 shares; 2025Q1: 118,179 shares; 2025Q2: 144,400 shares 144,400$15.1M2.81%+26,221Timeline
BSXBOSTON SCIENTIFIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 178,156 shares; 2025Q2: 138,834 shares 138,834$14.9M2.78%-39,322Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 214,298 shares; 2024Q4: 152,356 shares; 2025Q1: not reported; 2025Q2: 215,223 shares 215,223$14.2M2.64%newTimeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 252,725 shares; 2025Q1: 229,675 shares; 2025Q2: 311,490 shares 311,490$13.5M2.52%+81,815Timeline
RDNTRADNET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 157,615 shares; 2025Q2: 197,759 shares 197,759$11.3M2.1%+40,144Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 383,602 shares; 2025Q1: 430,163 shares; 2025Q2: 447,420 shares 447,420$10.3M1.93%+17,257Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 535,092 shares; 2024Q4: 535,092 shares; 2025Q1: 535,092 shares; 2025Q2: 509,987 shares 509,987$10.2M1.91%-25,105Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 521,097 shares 521,097$9.44M1.76%newTimeline
HQYHEALTHEQUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 125,867 shares; 2025Q1: 83,966 shares; 2025Q2: 80,880 shares 80,880$8.47M1.58%-3,086Timeline
SPRYARS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 593,291 shares; 2024Q4: 593,291 shares; 2025Q1: 669,010 shares; 2025Q2: 455,953 shares 455,953$7.96M1.48%-213,057Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 326,494 shares; 2024Q4: 464,807 shares; 2025Q1: 623,612 shares; 2025Q2: 309,666 shares 309,666$7.3M1.36%-313,946Timeline
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 29,115 shares; 2025Q2: 86,332 shares 86,332$7.23M1.35%+57,217Timeline
HROWHARROW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 326,582 shares; 2024Q4: 304,874 shares; 2025Q1: 188,829 shares; 2025Q2: 228,761 shares 228,761$6.99M1.3%+39,932Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 114,554 shares 114,554$6.11M1.14%newTimeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 17,879 shares 17,879$5.83M1.09%newTimeline
KALVKALVISTA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 355,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 214,138 shares 214,138$2.42M0.45%newTimeline
BBNXBETA BIONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 157,194 shares 157,194$2.29M0.43%newTimeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
SPRINGWORKS THERAPEUTICS INCSPRINGWORKS THERAPEUTICS INC304,076$13.4Mshares
GKOSGLAUKOS CORP136,241$13.4Mshares
EXASEXACT SCIENCES CORP300,909$13Mshares
PCVXVAXCYTE INC276,905$10.5Mshares
BLUEPRINT MEDICINES CORPBLUEPRINT MEDICINES CORP92,033$8.15Mshares
MLTXMOONLAKE IMMUNOTHERAPEUTICS179,196$7Mshares
PRAXPRAXIS PRECISION MEDICINES I71,775$2.72Mshares

How Q2 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 0001085146-25-005077 base2025-08-14acceptance time not in the bulk data set