Skip to content
Disclosery

First Turn Management, LLC

Follow

13F filer, CIK 1993440, DEL MAR, CA

First Turn Management, LLC reported $665,990,532 across 29 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 51.54% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001993440-25-000004

Period
2025-09-30
Reported value
$666M
Holdings
29
Top 10 weight
51.54%
New
7
Sold out
13

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UTHRnew+85,318$35.8M
NBIXnew+181,897$25.5M
ABVXnew+291,820$24.8M
KYMRnew+277,726$15.7M
ROIVnew+959,703$14.5M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
VERONA PHARMA PLCexited-309,988-$29.3M
ISRGexited-32,305-$17.6M
PODDexited-51,408-$16.2M
TGTXexited-447,884-$16.1M
GHexited-302,307-$15.7M

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 0001993440-25-000004, largest first. % of portfolio is the value over $665,990,532, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 356,451 shares; 2024Q4: 446,980 shares; 2025Q1: 401,629 shares; 2025Q2: 372,672 shares; 2025Q3: 319,773 shares 319,773$46.1M6.91%-52,899Timeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 647,611 shares; 2024Q4: 506,908 shares; 2025Q1: 503,014 shares; 2025Q2: 527,540 shares; 2025Q3: 570,569 shares 570,569$41.8M6.28%+43,029Timeline
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: 85,318 shares 85,318$35.8M5.37%newTimeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 308,014 shares; 2024Q4: 285,159 shares; 2025Q1: 463,960 shares; 2025Q2: 292,964 shares; 2025Q3: 372,022 shares 372,022$35M5.26%+79,058
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,114 shares; 2024Q4: 309,521 shares; 2025Q1: 331,927 shares; 2025Q2: 320,798 shares; 2025Q3: 394,754 shares 394,754$34.1M5.13%+73,956Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 325,218 shares; 2024Q4: 684,986 shares; 2025Q1: 683,451 shares; 2025Q2: 660,617 shares; 2025Q3: 799,743 shares 799,743$32.1M4.82%+139,126Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 399,781 shares; 2024Q4: 452,290 shares; 2025Q1: 656,699 shares; 2025Q2: 551,684 shares; 2025Q3: 589,729 shares 589,729$30.6M4.6%+38,045Timeline
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: 403,915 shares; 2025Q1: 340,109 shares; 2025Q2: 415,591 shares; 2025Q3: 643,050 shares 643,050$30M4.51%+227,459Timeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,593 shares; 2024Q4: 87,804 shares; 2025Q1: 113,278 shares; 2025Q2: 134,687 shares; 2025Q3: 146,291 shares 146,291$29.1M4.37%+11,604Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,440 shares; 2024Q4: 43,078 shares; 2025Q1: 41,911 shares; 2025Q2: 43,953 shares; 2025Q3: 38,767 shares 38,767$28.6M4.29%-5,186Timeline
IRONDISC MEDICINE 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: 299,464 shares; 2025Q3: 397,693 shares 397,693$26.3M3.95%+98,229Timeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,159,474 shares 2,159,474$25.9M3.89%+149,551Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 214,298 shares; 2024Q4: 152,356 shares; 2025Q1: not reported; 2025Q2: 215,223 shares; 2025Q3: 313,733 shares 313,733$25.8M3.87%+98,510Timeline
NBIXNEUROCRINE 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: 181,897 shares 181,897$25.5M3.83%newTimeline
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: not reported; 2025Q2: not reported; 2025Q3: 291,820 shares 291,820$24.8M3.72%newTimeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly 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: 521,097 shares; 2025Q3: 716,971 shares 716,971$20.4M3.06%+195,874Timeline
AKROAKERO 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: 114,554 shares; 2025Q3: 397,010 shares 397,010$18.9M2.83%+282,456Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 255,294 shares; 2024Q4: 192,146 shares; 2025Q1: 118,179 shares; 2025Q2: 144,400 shares; 2025Q3: 152,614 shares 152,614$18.5M2.78%+8,214Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 535,092 shares; 2024Q4: 535,092 shares; 2025Q1: 535,092 shares; 2025Q2: 509,987 shares; 2025Q3: 783,411 shares 783,411$16M2.41%+273,424Timeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 252,725 shares; 2025Q1: 229,675 shares; 2025Q2: 311,490 shares; 2025Q3: 402,811 shares 402,811$16M2.4%+91,321Timeline
KYMRKYMERA 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: 277,726 shares 277,726$15.7M2.36%newTimeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 383,602 shares; 2025Q1: 430,163 shares; 2025Q2: 447,420 shares; 2025Q3: 639,699 shares 639,699$15.6M2.35%+192,279Timeline
ROIVROIVANT SCIENCES LTDQuarterly 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: 959,703 shares 959,703$14.5M2.18%newTimeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,147 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 254,795 shares 254,795$14M2.1%newTimeline
NTRANATERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,650 shares; 2024Q4: 99,159 shares; 2025Q1: 139,942 shares; 2025Q2: 118,130 shares; 2025Q3: 80,875 shares 80,875$13M1.95%-37,255Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 664,985 shares; 2024Q4: 684,230 shares; 2025Q1: 566,945 shares; 2025Q2: 1,092,361 shares; 2025Q3: 808,673 shares 808,673$11.9M1.78%-283,688Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 326,494 shares; 2024Q4: 464,807 shares; 2025Q1: 623,612 shares; 2025Q2: 309,666 shares; 2025Q3: 354,529 shares 354,529$10.3M1.55%+44,863Timeline
HROWHARROW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 326,582 shares; 2024Q4: 304,874 shares; 2025Q1: 188,829 shares; 2025Q2: 228,761 shares; 2025Q3: 160,234 shares 160,234$7.72M1.16%-68,527Timeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly 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: 179,196 shares; 2025Q2: not reported; 2025Q3: 262,643 shares 262,643$1.88M0.28%newTimeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
VERONA PHARMA PLCVERONA PHARMA PLC309,988$29.3Mshares
ISRGINTUITIVE SURGICAL INC32,305$17.6Mshares
PODDINSULET CORP51,408$16.2Mshares
TGTXTG THERAPEUTICS INC447,884$16.1Mshares
GHGUARDANT HEALTH INC302,307$15.7Mshares
BSXBOSTON SCIENTIFIC CORP138,834$14.9Mshares
RDNTRADNET INC197,759$11.3Mshares
HQYHEALTHEQUITY INC80,880$8.47Mshares
SPRYARS PHARMACEUTICALS INC455,953$7.96Mshares
SLNOSOLENO THERAPEUTICS INC86,332$7.23Mshares
ALNYALNYLAM PHARMACEUTICALS INC17,879$5.83Mshares
KALVKALVISTA PHARMACEUTICALS INC214,138$2.42Mshares
BBNXBETA BIONICS INC157,194$2.29Mshares

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 0001993440-25-000004 base2025-11-14acceptance time not in the bulk data set