Skip to content
Disclosery

First Turn Management, LLC

Follow

13F filer, CIK 1993440, DEL MAR, CA

First Turn Management, LLC reported $875,203,990 across 33 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 47.26% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001993440-26-000001

Period
2025-12-31
Reported value
$875M
Holdings
33
Top 10 weight
47.26%
New
12
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TERNnew+872,049$35.2M
COGTnew+824,283$29.3M
GHnew+271,685$27.7M
IDYAnew+723,653$25M
VRDNnew+690,528$21.5M

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
MERUS N Vexited-372,022-$35M
ACLXexited-313,733-$25.8M
NBIXexited-181,897-$25.5M
IRONreduced-244,487-$19.4M
AKROexited-397,010-$18.9M

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 0001993440-26-000001, largest first. % of portfolio is the value over $875,203,990, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
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: not reported; 2025Q2: not reported; 2025Q3: 291,820 shares; 2025Q4: 381,233 shares 381,233$51.4M5.87%+89,413Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 403,915 shares; 2025Q1: 340,109 shares; 2025Q2: 415,591 shares; 2025Q3: 643,050 shares; 2025Q4: 638,385 shares 638,385$50.8M5.81%-4,665Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 356,451 shares; 2024Q4: 446,980 shares; 2025Q1: 401,629 shares; 2025Q2: 372,672 shares; 2025Q3: 319,773 shares; 2025Q4: 264,293 shares 264,293$46M5.26%-55,480Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 399,781 shares; 2024Q4: 452,290 shares; 2025Q1: 656,699 shares; 2025Q2: 551,684 shares; 2025Q3: 589,729 shares; 2025Q4: 595,473 shares 595,473$45.5M5.2%+5,744Timeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 647,611 shares; 2024Q4: 506,908 shares; 2025Q1: 503,014 shares; 2025Q2: 527,540 shares; 2025Q3: 570,569 shares; 2025Q4: 481,564 shares 481,564$38M4.35%-89,005Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 255,294 shares; 2024Q4: 192,146 shares; 2025Q1: 118,179 shares; 2025Q2: 144,400 shares; 2025Q3: 152,614 shares; 2025Q4: 206,921 shares 206,921$37.8M4.32%+54,307Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,114 shares; 2024Q4: 309,521 shares; 2025Q1: 331,927 shares; 2025Q2: 320,798 shares; 2025Q3: 394,754 shares; 2025Q4: 368,697 shares 368,697$37.1M4.24%-26,057Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 325,218 shares; 2024Q4: 684,986 shares; 2025Q1: 683,451 shares; 2025Q2: 660,617 shares; 2025Q3: 799,743 shares; 2025Q4: 799,743 shares 799,743$35.8M4.1%0Timeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 252,725 shares; 2025Q1: 229,675 shares; 2025Q2: 311,490 shares; 2025Q3: 402,811 shares; 2025Q4: 474,839 shares 474,839$35.8M4.1%+72,028Timeline
TERNTERNS 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: 872,049 shares 872,049$35.2M4.03%newTimeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly 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: 521,097 shares; 2025Q3: 716,971 shares; 2025Q4: 893,473 shares 893,473$31.3M3.58%+176,502Timeline
UTHRUNITED THERAPEUTICS CORP DELQuarterly 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: 85,318 shares; 2025Q4: 63,580 shares 63,580$31M3.54%-21,738Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 326,494 shares; 2024Q4: 464,807 shares; 2025Q1: 623,612 shares; 2025Q2: 309,666 shares; 2025Q3: 354,529 shares; 2025Q4: 601,774 shares 601,774$30.5M3.48%+247,245Timeline
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: 824,283 shares 824,283$29.3M3.35%newTimeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,593 shares; 2024Q4: 87,804 shares; 2025Q1: 113,278 shares; 2025Q2: 134,687 shares; 2025Q3: 146,291 shares; 2025Q4: 131,808 shares 131,808$28.1M3.21%-14,483Timeline
GHGUARDANT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 315,737 shares; 2025Q2: 302,307 shares; 2025Q3: not reported; 2025Q4: 271,685 shares 271,685$27.7M3.17%newTimeline
ROIVROIVANT SCIENCES LTDQuarterly 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: 959,703 shares; 2025Q4: 1,186,817 shares 1,186,817$25.8M2.94%+227,114Timeline
IDYAIDEAYA 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: 723,653 shares 723,653$25M2.86%newTimeline
VRDNVIRIDIAN 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: 690,528 shares 690,528$21.5M2.46%newTimeline
FULCFULCRUM 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: 1,892,683 shares 1,892,683$21.4M2.45%newTimeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,147 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 254,795 shares; 2025Q4: 325,668 shares 325,668$20.7M2.36%+70,873Timeline
SRRKSCHOLAR ROCK HLDG CORPQuarterly 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: 459,727 shares 459,727$20.3M2.31%newTimeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,440 shares; 2024Q4: 43,078 shares; 2025Q1: 41,911 shares; 2025Q2: 43,953 shares; 2025Q3: 38,767 shares; 2025Q4: 23,256 shares 23,256$19.6M2.23%-15,511Timeline
NTRANATERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,650 shares; 2024Q4: 99,159 shares; 2025Q1: 139,942 shares; 2025Q2: 118,130 shares; 2025Q3: 80,875 shares; 2025Q4: 80,875 shares 80,875$18.5M2.12%0Timeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,010,307 shares 2,010,307$16.4M1.88%-149,167Timeline
KYMRKYMERA 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: 277,726 shares; 2025Q4: 206,445 shares 206,445$16.1M1.84%-71,281Timeline
RYTMRHYTHM 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: 146,303 shares 146,303$15.7M1.79%newTimeline
OLMAOLEMA 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: 617,714 shares 617,714$15.4M1.76%newTimeline
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: 565,142 shares 565,142$13.5M1.54%newTimeline
IRONDISC MEDICINE 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: 299,464 shares; 2025Q3: 397,693 shares; 2025Q4: 153,206 shares 153,206$12.2M1.39%-244,487Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 45,536 shares; 2025Q1: 71,775 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 35,749 shares 35,749$10.5M1.2%newTimeline
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: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 321,655 shares 321,655$7.7M0.88%newTimeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 179,196 shares; 2025Q2: not reported; 2025Q3: 262,643 shares; 2025Q4: 262,643 shares 262,643$3.46M0.4%0Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MERUS N VMERUS N V372,022$35Mshares
ACLXARCELLX INC313,733$25.8Mshares
NBIXNEUROCRINE BIOSCIENCES INC181,897$25.5Mshares
AKROAKERO THERAPEUTICS INC397,010$18.9Mshares
ELVNENLIVEN THERAPEUTICS INC783,411$16Mshares
JANXJANUX THERAPEUTICS INC639,699$15.6Mshares
ADMAADMA BIOLOGICS INC808,673$11.9Mshares
HROWHARROW INC160,234$7.72Mshares

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 0001993440-26-000001 base2026-02-13acceptance time not in the bulk data set