Skip to content
Disclosery

ORBIMED ADVISORS LLC

Follow

13F filer, CIK 1055951, New York, NY

ORBIMED ADVISORS LLC reported $4,194,646,405 across 110 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 48.04% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-002355

Period
2025-03-31
Reported value
$4.19B
Holdings
110
Top 10 weight
48.04%
New
13
Sold out
21

Part of the filer group ORBIMED ADVISORS LLC

How groups are built

Stakes and trades reported after 2025-03-31

13D, 13G and Form 4 filings by this filer's group, dated after the 13F period, on securities the quarter does not hold as shares.

  • ADARX PHARMACEUTICALS INC: 13D 14,913,764 shares, 14% of the class, 13D filed 2026-10-02, 0000947871-26-000917
    Accepted , ingested
  • ELECTRA THERAPEUTICS INC: 13D 6,885,170 shares, 11% of the class, 13D filed 2026-09-25, 0000947871-26-000898
    Accepted , ingested

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PFEnew+3,850,200$97.6M
AXSMnew+386,700$45.1M
SIONnew+3,704,959$38.8M
UNHadded+70,300$36.8M
TARSnew+653,743$33.6M

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
SRPTexited-963,400-$117M
MRKexited-829,900-$82.6M
BIIBexited-509,100-$77.9M
ISRGreduced-110,700-$54.8M
UHSexited-269,300-$48.3M

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, Q1 2025

Share positions as resolved from 13F-HR 0001172661-25-002355, largest first. % of portfolio is the value over $4,163,653,067, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SVASINOVAC BIOTECH LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,718,735 shares; 2024Q4: 2,718,735 shares; 2025Q1: 2,718,735 shares 2,718,735$334M8.02%0Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,021,721 shares; 2024Q4: 15,021,721 shares; 2025Q1: 15,021,721 shares 15,021,721$330M7.94%0Timeline
BSXBOSTON SCIENTIFIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,273,000 shares; 2024Q4: 3,160,300 shares; 2025Q1: 2,813,200 shares 2,813,200$284M6.82%-347,100Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 337,600 shares; 2024Q4: 337,600 shares; 2025Q1: 337,600 shares 337,600$279M6.7%0Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,959,538 shares; 2024Q4: 7,959,538 shares; 2025Q1: 7,959,538 shares 7,959,538$157M3.76%0Timeline
ISRGINTUITIVE SURGICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 433,800 shares; 2024Q4: 401,700 shares; 2025Q1: 291,000 shares 291,000$144M3.46%-110,700Timeline
SYKSTRYKER CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 344,400 shares; 2024Q4: 344,400 shares; 2025Q1: 359,200 shares 359,200$134M3.21%+14,800Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 204,500 shares; 2024Q4: 189,700 shares; 2025Q1: 206,700 shares 206,700$122M2.94%+17,000Timeline
EWEDWARDS LIFESCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,145,302 shares; 2025Q1: 1,532,000 shares 1,532,000$111M2.67%+386,698Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,000 shares; 2024Q4: 130,900 shares; 2025Q1: 201,200 shares 201,200$105M2.53%+70,300Timeline
SPRYARS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,288,510 shares; 2024Q4: 8,288,510 shares; 2025Q1: 8,288,510 shares 8,288,510$104M2.5%0Timeline
NBIXNEUROCRINE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 302,220 shares; 2024Q4: 938,120 shares; 2025Q1: 934,640 shares 934,640$103M2.48%-3,480Timeline
PFEPFIZER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,850,200 shares 3,850,200$97.6M2.34%newTimeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,300 shares; 2024Q4: 415,600 shares; 2025Q1: 346,100 shares 346,100$93.5M2.24%-69,500Timeline
ITGRINTEGER HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 575,000 shares; 2024Q4: 575,000 shares; 2025Q1: 662,500 shares 662,500$78.2M1.88%+87,500Timeline
VRTXVERTEX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,000 shares; 2024Q4: 151,000 shares; 2025Q1: 159,900 shares 159,900$77.5M1.86%+8,900Timeline
NTRANATERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 687,500 shares; 2024Q4: 413,000 shares; 2025Q1: 547,000 shares 547,000$77.4M1.86%+134,000Timeline
IONSIONIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,324,447 shares; 2024Q4: 2,817,347 shares; 2025Q1: 2,540,136 shares 2,540,136$76.6M1.84%-277,211Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,785,571 shares; 2024Q4: 1,785,571 shares; 2025Q1: 1,415,020 shares 1,415,020$70.2M1.69%-370,551Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,400 shares; 2024Q4: 84,400 shares; 2025Q1: 129,000 shares 129,000$64.2M1.54%+44,600Timeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 782,000 shares; 2024Q4: 792,000 shares; 2025Q1: 465,000 shares 465,000$62.5M1.5%-327,000Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 766,906 shares; 2024Q4: 1,584,005 shares; 2025Q1: 1,509,205 shares 1,509,205$60.7M1.46%-74,800Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 691,114 shares; 2024Q4: 1,431,114 shares; 2025Q1: 2,471,994 shares 2,471,994$60.5M1.45%+1,040,880Timeline
AVBPARRIVENT BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,027,328 shares; 2024Q4: 3,027,328 shares; 2025Q1: 3,027,328 shares 3,027,328$56M1.34%02026-10-06, 13D/A: 2,875,962 shares, 5.8% of the class, 13D/A filed 2026-10-08 Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,044,805 shares; 2024Q4: 1,112,886 shares; 2025Q1: 1,812,886 shares 1,812,886$53.5M1.29%+700,000Timeline
SIBNSI BONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,305,801 shares; 2024Q4: 3,442,853 shares; 2025Q1: 3,442,853 shares 3,442,853$48.3M1.16%0Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 386,700 shares 386,700$45.1M1.08%newTimeline
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,362,850 shares; 2024Q4: 22,362,850 shares; 2025Q1: 22,362,850 shares 22,362,850$42.5M1.02%0Timeline
SPRINGWORKS THERAPEUTICS INCSPRINGWORKS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,390,631 shares; 2024Q4: 1,255,031 shares; 2025Q1: 950,200 shares 950,200$41.9M1.01%-304,831
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,406,335 shares; 2024Q4: 3,406,335 shares; 2025Q1: 3,406,335 shares 3,406,335$41.9M1.01%0Timeline
SIONSIONNA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,704,959 shares 3,704,959$38.8M0.93%newTimeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,693,589 shares; 2025Q1: 5,693,589 shares 5,693,589$34.8M0.84%0Timeline
XTNTXTANT MED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,114,592 shares; 2024Q4: 73,114,592 shares; 2025Q1: 73,114,592 shares 73,114,592$34.4M0.83%0Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 653,743 shares 653,743$33.6M0.81%newTimeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,055 shares; 2024Q4: 999,000 shares; 2025Q1: 999,000 shares 999,000$33.5M0.8%0Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 911,420 shares; 2024Q4: 947,877 shares; 2025Q1: 947,877 shares 947,877$31.8M0.76%0Timeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,270,400 shares; 2024Q4: not reported; 2025Q1: 1,432,300 shares 1,432,300$31.3M0.75%newTimeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,812,215 shares; 2024Q4: 3,812,215 shares; 2025Q1: 4,002,887 shares 4,002,887$29.5M0.71%+190,672Timeline
EXASEXACT SCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 679,816 shares; 2024Q4: 679,816 shares; 2025Q1: 679,816 shares 679,816$29.4M0.71%0Timeline
GILDGILEAD SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,700 shares; 2024Q4: 245,600 shares; 2025Q1: 197,500 shares 197,500$22.1M0.53%-48,100Timeline
CRVSCORVUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,943,654 shares; 2024Q4: 6,943,654 shares; 2025Q1: 6,943,654 shares 6,943,654$22.1M0.53%0Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,562,971 shares; 2024Q4: 7,562,971 shares; 2025Q1: 7,562,971 shares 7,562,971$20.9M0.5%0Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,258,566 shares; 2024Q4: 758,566 shares; 2025Q1: 758,566 shares 758,566$20.5M0.49%0Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 435,900 shares; 2024Q4: 400,000 shares; 2025Q1: 380,000 shares 380,000$20.1M0.48%-20,000Timeline
THRDTHIRD HARMONIC BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,779,071 shares; 2024Q4: 5,779,071 shares; 2025Q1: 5,779,071 shares 5,779,071$20.1M0.48%0Timeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 570,300 shares; 2024Q4: 2,285,400 shares; 2025Q1: 2,285,400 shares 2,285,400$18.6M0.45%0Timeline
VSTMVERASTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,862,448 shares; 2024Q4: 2,862,448 shares; 2025Q1: 2,862,448 shares 2,862,448$17.3M0.41%0Timeline
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 768,638 shares; 2024Q4: 1,470,086 shares; 2025Q1: 1,752,831 shares 1,752,831$16.3M0.39%+282,745Timeline
RAPT THERAPEUTICS INCRAPT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 13,135,260 shares; 2025Q1: 13,135,260 shares 13,135,260$16M0.38%0
SCPHARMACEUTICALS INCSCPHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,059,528 shares; 2024Q4: 6,059,528 shares; 2025Q1: 6,059,528 shares 6,059,528$15.9M0.38%0
VIRVIR BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,573,000 shares; 2024Q4: 3,218,617 shares; 2025Q1: 2,248,249 shares 2,248,249$14.6M0.35%-970,368Timeline
CGEMCULLINAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,070,055 shares; 2024Q4: 1,942,555 shares; 2025Q1: 1,923,855 shares 1,923,855$14.6M0.35%-18,700Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,006,381 shares; 2024Q4: 3,087,462 shares; 2025Q1: 3,087,462 shares 3,087,462$13.9M0.33%0Timeline
AMGNAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 252,300 shares; 2024Q4: not reported; 2025Q1: 44,200 shares 44,200$13.8M0.33%newTimeline
00Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,048,773 shares; 2024Q4: 12,048,773 shares; 2025Q1: 12,048,773 shares 12,048,773$12.5M0.3%0
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 675,872 shares; 2024Q4: 742,572 shares; 2025Q1: 481,065 shares 481,065$11.6M0.28%-261,507Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 383,705 shares; 2024Q4: 652,028 shares; 2025Q1: 652,028 shares 652,028$11.3M0.27%0Timeline
CCCCC4 THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,377,900 shares; 2024Q4: 4,377,900 shares; 2025Q1: 6,830,300 shares 6,830,300$10.9M0.26%+2,452,400Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 708,400 shares; 2024Q4: 1,227,080 shares; 2025Q1: 1,014,611 shares 1,014,611$10.6M0.25%-212,469Timeline
KROSKEROS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,018,734 shares; 2024Q4: 1,018,734 shares; 2025Q1: 1,018,734 shares 1,018,734$10.4M0.25%0Timeline
ACELYRIN INCACELYRIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,001,711 shares; 2024Q4: 4,001,711 shares; 2025Q1: 4,001,711 shares 4,001,711$9.88M0.24%0
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 26,700 shares; 2025Q1: 325,500 shares 325,500$9.54M0.23%+298,800Timeline
ABCLABCELLERA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,180,768 shares; 2024Q4: 4,180,768 shares; 2025Q1: 4,180,768 shares 4,180,768$9.32M0.22%0Timeline
ADICET BIO INCADICET BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,447,140 shares; 2024Q4: 11,447,140 shares; 2025Q1: 11,447,140 shares 11,447,140$8.64M0.21%0
ADCTADC THERAPEUTICS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,533,801 shares; 2024Q4: 5,968,451 shares; 2025Q1: 5,968,451 shares 5,968,451$8.42M0.2%0Timeline
PRLDPRELUDE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,909,256 shares; 2024Q4: 10,909,256 shares; 2025Q1: 10,909,256 shares 10,909,256$8.38M0.2%0Timeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 967,000 shares; 2024Q4: 967,000 shares; 2025Q1: 967,000 shares 967,000$7.75M0.19%0Timeline
WHWKWHITEHAWK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 4,166,000 shares 4,166,000$7.42M0.18%newTimeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 66,000 shares; 2025Q1: 179,900 shares 179,900$7.28M0.17%+113,900Timeline
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,475,291 shares; 2024Q4: 6,475,291 shares; 2025Q1: 6,475,291 shares 6,475,291$7.06M0.17%0Timeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,120,000 shares 1,120,000$7.04M0.17%newTimeline
KMTSKESTRA MED TECHNOLOGIES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 250,000 shares 250,000$6.23M0.15%newTimeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 912,552 shares; 2024Q4: 1,172,287 shares; 2025Q1: 1,172,287 shares 1,172,287$6.22M0.15%0Timeline
NSPRINSPIREMD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,133,405 shares; 2024Q4: 2,133,405 shares; 2025Q1: 2,133,405 shares 2,133,405$5.74M0.14%0Timeline
SRRKSCHOLAR ROCK HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 742,300 shares; 2024Q4: 151,800 shares; 2025Q1: 151,800 shares 151,800$4.88M0.12%0Timeline
FBRXFORTE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: 593,088 shares 593,088$4.6M0.11%-6,912Timeline
IKENA ONCOLOGY INCIKENA ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,539,358 shares; 2024Q4: 3,539,358 shares; 2025Q1: 3,539,358 shares 3,539,358$4.53M0.11%0
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,500 shares; 2024Q4: 23,500 shares; 2025Q1: 23,500 shares 23,500$4.24M0.1%0Timeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 920,339 shares; 2025Q1: 891,616 shares 891,616$3.99M0.1%-28,723Timeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 700,000 shares 700,000$3.91M0.09%newTimeline
BCAXBICARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 271,910 shares; 2024Q4: 298,301 shares; 2025Q1: 298,301 shares 298,301$3.89M0.09%0Timeline
QTTBQ32 BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,252,987 shares; 2024Q4: 2,252,987 shares; 2025Q1: 2,252,987 shares 2,252,987$3.72M0.09%0Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,423,470 shares; 2024Q4: 921,959 shares; 2025Q1: 921,959 shares 921,959$3.47M0.08%0Timeline
REPARE THERAPEUTICS INCREPARE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,322,488 shares; 2024Q4: 3,322,488 shares; 2025Q1: 3,322,488 shares 3,322,488$3.28M0.08%0
PASSAGE BIO INCPASSAGE BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,822,876 shares; 2024Q4: 7,404,869 shares; 2025Q1: 7,034,626 shares 7,034,626$2.48M0.06%-370,243
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 94,559 shares; 2025Q1: 28,659 shares 28,659$2.19M0.05%-65,900Timeline
CBLLCERIBELL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 112,500 shares; 2025Q1: 112,500 shares 112,500$2.16M0.05%0Timeline
TILINSTIL BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,700 shares; 2024Q4: 116,785 shares; 2025Q1: 116,785 shares 116,785$2.03M0.05%0Timeline
CHEMOMAB THERAPEUTICS LTDCHEMOMAB THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,741,273 shares; 2024Q4: 1,741,273 shares; 2025Q1: 1,741,273 shares 1,741,273$1.9M0.05%0
CRDFCARDIFF ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,538,462 shares; 2025Q1: 573,884 shares 573,884$1.8M0.04%-964,578Timeline
X4 Pharmaceuticals, Inc.X4 Pharmaceuticals, Inc.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,133,515 shares; 2024Q4: 7,133,515 shares; 2025Q1: 6,776,515 shares 6,776,515$1.6M0.04%-357,000
NKTXNKARTA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,480,600 shares; 2024Q4: 821,400 shares; 2025Q1: 821,400 shares 821,400$1.51M0.04%0Timeline
TRAWTRAWS PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 605,531 shares; 2024Q4: 605,531 shares; 2025Q1: 605,531 shares 605,531$1.39M0.03%0Timeline
FATEFATE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,680,580 shares; 2024Q4: 1,680,580 shares; 2025Q1: 1,680,580 shares 1,680,580$1.33M0.03%0Timeline
TURNSTONE BIOLOGICS CORPTURNSTONE BIOLOGICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,099,265 shares; 2024Q4: 3,099,265 shares; 2025Q1: 3,099,265 shares 3,099,265$1.27M0.03%0
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 348,000 shares; 2025Q1: 348,000 shares 348,000$1.23M0.03%0Timeline
BIOMX INCBIOMX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,787,767 shares; 2024Q4: 1,787,767 shares; 2025Q1: 1,787,767 shares 1,787,767$993K0.02%0
KZRKEZAR LIFE SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 192,700 shares; 2025Q1: 192,700 shares 192,700$940K0.02%0Timeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 550,000 shares; 2025Q1: 550,000 shares 550,000$754K0.02%0Timeline
IVVDINVIVYD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,728,300 shares; 2024Q4: 1,149,300 shares; 2025Q1: 933,500 shares 933,500$565K0.01%-215,800Timeline
KRROKORRO BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 32,400 shares; 2025Q1: 32,400 shares 32,400$564K0.01%0Timeline
NEXTCURE INCNEXTCURE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,141,200 shares; 2024Q4: 1,141,200 shares; 2025Q1: 1,141,200 shares 1,141,200$548K0.01%0
ANROALTO NEUROSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 250,000 shares; 2025Q1: 250,000 shares 250,000$540K0.01%0Timeline
DIH HLDG US INCDIH HLDG US INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,915,000 shares 1,915,000$443K0.01%new
XERSXERIS BIOPHARMA HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,420 shares; 2024Q4: 80,420 shares; 2025Q1: 80,420 shares 80,420$442K0.01%0Timeline
LAKESHORE BIOPHARMA CO LTDLAKESHORE BIOPHARMA CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 140,428 shares; 2025Q1: 140,428 shares 140,428$344K0.01%0

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
PFEPFIZER INC COMcall500,000$12.7M+250,000
XBISPDR SERIES TRUST S&P BIOTECHcall100,000$8.11Mnew
SPRINGWORKS THERAPEUTICS INCSPRINGWORKS THERAPEUTICS INC COMcall172,600$7.62Mnew
GPCRSTRUCTURE THERAPEUTICS INC EQUITYcall150,000$2.6M0

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
SRPTSAREPTA THERAPEUTICS INC963,400$117Mshares
MRKMERCK & CO INC829,900$82.6Mshares
BIIBBIOGEN INC509,100$77.9Mshares
UHSUNIVERSAL HLTH SVCS INC269,300$48.3Mshares
XBISPDR SERIES TRUST372,000$33.5Mshares
MLYSMINERALYS THERAPEUTICS INC1,611,637$19.8Mshares
GILDGILEAD SCIENCES INC200,000$18.5Mcall
MEDPMEDPACE HLDGS INC44,900$14.9Mshares
INTRA-CELLULAR THERAPIES INCINTRA-CELLULAR THERAPIES INC163,000$13.6Mshares
UHSUNIVERSAL HLTH SVCS INC50,000$8.97Mcall
NMRANEUMORA THERAPEUTICS INC.804,996$8.53Mshares
GERNGERON CORP2,168,000$7.67Mshares
MISTMILESTONE PHARMACEUTICALS IN2,000,000$4.72Mshares
ARDTARDENT HEALTH INC206,000$3.52Mshares
SIBNSI BONE INC250,000$3.5Mcall
THCTENET HEALTHCARE CORP25,000$3.16Mcall
PEPGPEPGEN INC653,016$2.47Mshares
LYELL IMMUNOPHARMA INCLYELL IMMUNOPHARMA INC3,103,623$1.99Mshares
IMVTIMMUNOVANT INC78,500$1.94Mshares
CCCCC4 THERAPEUTICS INC150,000$540Kcall
ELEVATION ONCOLOGY INC COMELEVATION ONCOLOGY INC COM941,275$530Kshares

How Q1 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 0001172661-25-002355 base2025-05-15acceptance time not in the bulk data set