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ORBIMED ADVISORS LLC

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13F filer, CIK 1055951, New York, NY

ORBIMED ADVISORS LLC reported $4,004,110,774 across 102 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 49.18% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-003514

Period
2025-06-30
Reported value
$4B
Holdings
102
Top 10 weight
49.18%
New
19
Sold out
27

Part of the filer group ORBIMED ADVISORS LLC

How groups are built

Stakes and trades reported after 2025-06-30

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
CAInew+3,034,858$81.1M
UNHadded+135,100$42.1M
ROIVnew+2,779,427$31.3M
VRTXadded+50,387$22.4M
CTMXnew+8,461,500$19.2M

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
PFEexited-3,850,200-$97.6M
IONSexited-2,540,136-$76.6M
NBIXreduced-496,100-$62.4M
SPRINGWORKS THERAPEUTICS INCexited-950,200-$41.9M
XTNTexited-73,114,592-$34.4M

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 0001172661-25-003514, largest first. % of portfolio is the value over $3,976,643,274, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,718,735 shares; 2024Q4: 2,718,735 shares; 2025Q1: 2,718,735 shares; 2025Q2: 2,718,735 shares 2,718,735$334M8.4%0Timeline
BSXBOSTON SCIENTIFIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,273,000 shares; 2024Q4: 3,160,300 shares; 2025Q1: 2,813,200 shares; 2025Q2: 2,813,200 shares 2,813,200$302M7.6%0Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 337,600 shares; 2024Q4: 337,600 shares; 2025Q1: 337,600 shares; 2025Q2: 337,600 shares 337,600$263M6.62%0Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,021,721 shares; 2024Q4: 15,021,721 shares; 2025Q1: 15,021,721 shares; 2025Q2: 15,518,492 shares 15,518,492$203M5.12%+496,771Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,959,538 shares; 2024Q4: 7,959,538 shares; 2025Q1: 7,959,538 shares; 2025Q2: 7,959,538 shares 7,959,538$160M4.02%0Timeline
ISRGINTUITIVE SURGICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 433,800 shares; 2024Q4: 401,700 shares; 2025Q1: 291,000 shares; 2025Q2: 291,000 shares 291,000$158M3.98%0Timeline
SPRYARS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,288,510 shares; 2024Q4: 8,288,510 shares; 2025Q1: 8,288,510 shares; 2025Q2: 8,288,510 shares 8,288,510$145M3.64%0Timeline
SYKSTRYKER CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 344,400 shares; 2024Q4: 344,400 shares; 2025Q1: 359,200 shares; 2025Q2: 359,200 shares 359,200$142M3.57%0Timeline
EWEDWARDS LIFESCIENCES 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: 1,145,302 shares; 2025Q1: 1,532,000 shares; 2025Q2: 1,708,000 shares 1,708,000$134M3.36%+176,000Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 204,500 shares; 2024Q4: 189,700 shares; 2025Q1: 206,700 shares; 2025Q2: 208,000 shares 208,000$115M2.88%+1,300Timeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,300 shares; 2024Q4: 415,600 shares; 2025Q1: 346,100 shares; 2025Q2: 341,900 shares 341,900$111M2.8%-4,200Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,000 shares; 2024Q4: 130,900 shares; 2025Q1: 201,200 shares; 2025Q2: 336,300 shares 336,300$105M2.64%+135,100Timeline
NTRANATERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 687,500 shares; 2024Q4: 413,000 shares; 2025Q1: 547,000 shares; 2025Q2: 593,434 shares 593,434$100M2.52%+46,434Timeline
VRTXVERTEX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,000 shares; 2024Q4: 151,000 shares; 2025Q1: 159,900 shares; 2025Q2: 210,287 shares 210,287$93.6M2.35%+50,387Timeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 782,000 shares; 2024Q4: 792,000 shares; 2025Q1: 465,000 shares; 2025Q2: 465,000 shares 465,000$81.8M2.06%0Timeline
CAICARIS LIFE SCIENCES 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: 3,034,858 shares 3,034,858$81.1M2.04%newTimeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,785,571 shares; 2024Q4: 1,785,571 shares; 2025Q1: 1,415,020 shares; 2025Q2: 1,415,020 shares 1,415,020$74.9M1.88%0Timeline
AVBPARRIVENT BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,027,328 shares; 2024Q4: 3,027,328 shares; 2025Q1: 3,027,328 shares; 2025Q2: 3,027,328 shares 3,027,328$65.9M1.66%02026-10-06, 13D/A: 2,875,962 shares, 5.8% of the class, 13D/A filed 2026-10-08 Timeline
SIONSIONNA 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: 3,704,959 shares; 2025Q2: 3,704,959 shares 3,704,959$64.3M1.62%0Timeline
UPBUPSTREAM BIO 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: 5,693,589 shares; 2025Q1: 5,693,589 shares; 2025Q2: 5,693,589 shares 5,693,589$62.5M1.57%0Timeline
NBIXNEUROCRINE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 302,220 shares; 2024Q4: 938,120 shares; 2025Q1: 934,640 shares; 2025Q2: 438,540 shares 438,540$55.1M1.39%-496,100Timeline
ITGRINTEGER HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 575,000 shares; 2024Q4: 575,000 shares; 2025Q1: 662,500 shares; 2025Q2: 433,400 shares 433,400$53.3M1.34%-229,100Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,044,805 shares; 2024Q4: 1,112,886 shares; 2025Q1: 1,812,886 shares; 2025Q2: 1,812,886 shares 1,812,886$51.5M1.29%0Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 691,114 shares; 2024Q4: 1,431,114 shares; 2025Q1: 2,471,994 shares; 2025Q2: 1,877,850 shares 1,877,850$48.8M1.23%-594,144Timeline
SIBNSI BONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,305,801 shares; 2024Q4: 3,442,853 shares; 2025Q1: 3,442,853 shares; 2025Q2: 2,578,979 shares 2,578,979$48.5M1.22%-863,874Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,812,215 shares; 2024Q4: 3,812,215 shares; 2025Q1: 4,002,887 shares; 2025Q2: 4,002,887 shares 4,002,887$45.7M1.15%0Timeline
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: not reported; 2024Q4: not reported; 2025Q1: 386,700 shares; 2025Q2: 427,900 shares 427,900$44.7M1.12%+41,200Timeline
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,362,850 shares; 2024Q4: 22,362,850 shares; 2025Q1: 22,362,850 shares; 2025Q2: 15,219,994 shares 15,219,994$39.6M1%-7,142,856Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 766,906 shares; 2024Q4: 1,584,005 shares; 2025Q1: 1,509,205 shares; 2025Q2: 1,077,000 shares 1,077,000$35.6M0.89%-432,205Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,055 shares; 2024Q4: 999,000 shares; 2025Q1: 999,000 shares; 2025Q2: 1,149,000 shares 1,149,000$33M0.83%+150,000Timeline
EXASEXACT SCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 679,816 shares; 2024Q4: 679,816 shares; 2025Q1: 679,816 shares; 2025Q2: 607,316 shares 607,316$32.3M0.81%-72,500Timeline
THRDTHIRD HARMONIC BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,779,071 shares; 2024Q4: 5,779,071 shares; 2025Q1: 5,779,071 shares; 2025Q2: 5,779,071 shares 5,779,071$31.4M0.79%0Timeline
ROIVROIVANT SCIENCES LTDQuarterly 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: 2,779,427 shares 2,779,427$31.3M0.79%newTimeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 911,420 shares; 2024Q4: 947,877 shares; 2025Q1: 947,877 shares; 2025Q2: 947,877 shares 947,877$29.7M0.75%0Timeline
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,406,335 shares; 2024Q4: 3,406,335 shares; 2025Q1: 3,406,335 shares; 2025Q2: 2,614,184 shares 2,614,184$29.1M0.73%-792,151Timeline
CRVSCORVUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,943,654 shares; 2024Q4: 6,943,654 shares; 2025Q1: 6,943,654 shares; 2025Q2: 7,165,006 shares 7,165,006$28.7M0.72%+221,352Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,562,971 shares; 2024Q4: 7,562,971 shares; 2025Q1: 7,562,971 shares; 2025Q2: 7,562,971 shares 7,562,971$28.2M0.71%0Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,258,566 shares; 2024Q4: 758,566 shares; 2025Q1: 758,566 shares; 2025Q2: 1,210,300 shares 1,210,300$28M0.7%+451,734Timeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,270,400 shares; 2024Q4: not reported; 2025Q1: 1,432,300 shares; 2025Q2: 1,482,300 shares 1,482,300$25.7M0.65%+50,000Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 383,705 shares; 2024Q4: 652,028 shares; 2025Q1: 652,028 shares; 2025Q2: 1,199,300 shares 1,199,300$24.9M0.63%+547,272Timeline
SCPHARMACEUTICALS INCSCPHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,059,528 shares; 2024Q4: 6,059,528 shares; 2025Q1: 6,059,528 shares; 2025Q2: 6,059,528 shares 6,059,528$23.1M0.58%0
CTMXCYTOMX THERAPEUTICS INC.Quarterly 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: 8,461,500 shares 8,461,500$19.2M0.48%newTimeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,400 shares; 2024Q4: 84,400 shares; 2025Q1: 129,000 shares; 2025Q2: 46,500 shares 46,500$18.9M0.47%-82,500Timeline
AGIOAGIOS 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: 26,700 shares; 2025Q1: 325,500 shares; 2025Q2: 557,900 shares 557,900$18.6M0.47%+232,400Timeline
TRVITREVI 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: 1,120,000 shares; 2025Q2: 3,308,400 shares 3,308,400$18.1M0.46%+2,188,400Timeline
ADCTADC THERAPEUTICS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,533,801 shares; 2024Q4: 5,968,451 shares; 2025Q1: 5,968,451 shares; 2025Q2: 5,907,351 shares 5,907,351$15.8M0.4%-61,100Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 435,900 shares; 2024Q4: 400,000 shares; 2025Q1: 380,000 shares; 2025Q2: 248,512 shares 248,512$15.7M0.39%-131,488Timeline
FBRXFORTE BIOSCIENCES 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: 600,000 shares; 2025Q1: 593,088 shares; 2025Q2: 1,196,955 shares 1,196,955$15.5M0.39%+603,867Timeline
CGEMCULLINAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,070,055 shares; 2024Q4: 1,942,555 shares; 2025Q1: 1,923,855 shares; 2025Q2: 1,923,855 shares 1,923,855$14.5M0.36%0Timeline
KROSKEROS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,018,734 shares; 2024Q4: 1,018,734 shares; 2025Q1: 1,018,734 shares; 2025Q2: 1,018,734 shares 1,018,734$13.6M0.34%0Timeline
RAPTRAPT 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: 1,641,906 shares 1,641,906$13.1M0.33%newTimeline
00Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,048,773 shares; 2024Q4: 12,048,773 shares; 2025Q1: 12,048,773 shares; 2025Q2: 12,048,773 shares 12,048,773$13.1M0.33%0
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 570,300 shares; 2024Q4: 2,285,400 shares; 2025Q1: 2,285,400 shares; 2025Q2: 2,285,400 shares 2,285,400$13.1M0.33%0Timeline
VIRVIR BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,573,000 shares; 2024Q4: 3,218,617 shares; 2025Q1: 2,248,249 shares; 2025Q2: 2,380,715 shares 2,380,715$12M0.3%+132,466Timeline
ABCLABCELLERA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,180,768 shares; 2024Q4: 4,180,768 shares; 2025Q1: 4,180,768 shares; 2025Q2: 3,344,568 shares 3,344,568$11.5M0.29%-836,200Timeline
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: 66,000 shares; 2025Q1: 179,900 shares; 2025Q2: 211,300 shares 211,300$11.3M0.28%+31,400Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,002,939 shares; 2024Q4: 1,611,637 shares; 2025Q1: not reported; 2025Q2: 760,351 shares 760,351$10.3M0.26%newTimeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 708,400 shares; 2024Q4: 1,227,080 shares; 2025Q1: 1,014,611 shares; 2025Q2: 1,031,400 shares 1,031,400$9.82M0.25%+16,789Timeline
CCCCC4 THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,377,900 shares; 2024Q4: 4,377,900 shares; 2025Q1: 6,830,300 shares; 2025Q2: 6,830,300 shares 6,830,300$9.77M0.25%0Timeline
ORICORIC 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: 700,000 shares; 2025Q2: 899,281 shares 899,281$9.13M0.23%+199,281Timeline
CPRXCATALYST 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: 416,900 shares 416,900$9.05M0.23%newTimeline
PRLDPRELUDE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,909,256 shares; 2024Q4: 10,909,256 shares; 2025Q1: 10,909,256 shares; 2025Q2: 10,909,256 shares 10,909,256$8.83M0.22%0Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 912,552 shares; 2024Q4: 1,172,287 shares; 2025Q1: 1,172,287 shares; 2025Q2: 1,172,287 shares 1,172,287$8.09M0.2%0Timeline
ZLABZAI LAB LTDQuarterly 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: 231,000 shares 231,000$8.08M0.2%newTimeline
TARSTARSUS 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: 653,743 shares; 2025Q2: 197,900 shares 197,900$8.02M0.2%-455,843Timeline
WHWKWHITEHAWK 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: 4,166,000 shares; 2025Q2: 4,166,000 shares 4,166,000$7.79M0.2%0Timeline
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 768,638 shares; 2024Q4: 1,470,086 shares; 2025Q1: 1,752,831 shares; 2025Q2: 804,603 shares 804,603$7.7M0.19%-948,228Timeline
ADICET BIO INCADICET BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,447,140 shares; 2024Q4: 11,447,140 shares; 2025Q1: 11,447,140 shares; 2025Q2: 11,447,140 shares 11,447,140$6.98M0.18%0
ITEOS THERAPEUTICS INCITEOS 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: 700,000 shares 700,000$6.98M0.18%new
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,475,291 shares; 2024Q4: 6,475,291 shares; 2025Q1: 6,475,291 shares; 2025Q2: 6,475,291 shares 6,475,291$6.86M0.17%0Timeline
URGNUROGEN PHARMA LTDQuarterly 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: 478,400 shares 478,400$6.55M0.16%newTimeline
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: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 34,400 shares 34,400$5.94M0.15%newTimeline
ALMSALUMIS 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: 1,926,423 shares 1,926,423$5.78M0.15%newTimeline
JBIOJADE BIOSCIENCES 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: 531,163 shares 531,163$5.31M0.13%newTimeline
NSPRINSPIREMD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,133,405 shares; 2024Q4: 2,133,405 shares; 2025Q1: 2,133,405 shares; 2025Q2: 2,133,405 shares 2,133,405$4.84M0.12%0Timeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 967,000 shares; 2024Q4: 967,000 shares; 2025Q1: 967,000 shares; 2025Q2: 967,000 shares 967,000$4.83M0.12%0Timeline
IKENA ONCOLOGY INCIKENA ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,539,358 shares; 2024Q4: 3,539,358 shares; 2025Q1: 3,539,358 shares; 2025Q2: 3,539,358 shares 3,539,358$4.74M0.12%0
REPARE THERAPEUTICS INCREPARE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,322,488 shares; 2024Q4: 3,322,488 shares; 2025Q1: 3,322,488 shares; 2025Q2: 3,322,488 shares 3,322,488$4.62M0.12%0
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,006,381 shares; 2024Q4: 3,087,462 shares; 2025Q1: 3,087,462 shares; 2025Q2: 719,901 shares 719,901$3.87M0.1%-2,367,561Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,423,470 shares; 2024Q4: 921,959 shares; 2025Q1: 921,959 shares; 2025Q2: 921,959 shares 921,959$3.81M0.1%0Timeline
QTTBQ32 BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,252,987 shares; 2024Q4: 2,252,987 shares; 2025Q1: 2,252,987 shares; 2025Q2: 2,252,987 shares 2,252,987$3.36M0.08%0Timeline
ENGNENGENE HOLDINGS 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: 920,339 shares; 2025Q1: 891,616 shares; 2025Q2: 677,977 shares 677,977$2.47M0.06%-213,639Timeline
PASSAGE BIO INCPASSAGE BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,822,876 shares; 2024Q4: 7,404,869 shares; 2025Q1: 7,034,626 shares; 2025Q2: 6,055,300 shares 6,055,300$2.42M0.06%-979,326
AMLXAMYLYX 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: 348,000 shares; 2025Q1: 348,000 shares; 2025Q2: 313,200 shares 313,200$2.01M0.05%-34,800Timeline
MURAL ONCOLOGY PUB LTD COMURAL ONCOLOGY PUB LTD COQuarterly 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: 588,800 shares 588,800$1.45M0.04%new
INSMINSMED 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: 94,559 shares; 2025Q1: 28,659 shares; 2025Q2: 13,459 shares 13,459$1.35M0.03%-15,200Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,500 shares; 2024Q4: 23,500 shares; 2025Q1: 23,500 shares; 2025Q2: 9,200 shares 9,200$1.26M0.03%-14,300Timeline
TURNSTONE BIOLOGICS CORPTURNSTONE BIOLOGICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,099,265 shares; 2024Q4: 3,099,265 shares; 2025Q1: 3,099,265 shares; 2025Q2: 3,099,265 shares 3,099,265$1.11M0.03%0
CHEMOMAB THERAPEUTICS LTDCHEMOMAB THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,741,273 shares; 2024Q4: 1,741,273 shares; 2025Q1: 1,741,273 shares; 2025Q2: 940,990 shares 940,990$1.09M0.03%-800,283
TRAWTRAWS PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 605,531 shares; 2024Q4: 605,531 shares; 2025Q1: 605,531 shares; 2025Q2: 605,531 shares 605,531$896K0.02%0Timeline
KZRKEZAR LIFE SCIENCES 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: 192,700 shares; 2025Q1: 192,700 shares; 2025Q2: 192,700 shares 192,700$883K0.02%0Timeline
ANROALTO NEUROSCIENCE 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: 250,000 shares; 2025Q1: 250,000 shares; 2025Q2: 250,000 shares 250,000$550K0.01%0Timeline
DIH HLDG US INCDIH HLDG US 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: 1,915,000 shares; 2025Q2: 1,915,000 shares 1,915,000$469K0.01%0
LYELLYELL IMMUNOPHARMA 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: 51,727 shares 51,727$457K0.01%newTimeline
KRROKORRO BIO 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: 32,400 shares; 2025Q1: 32,400 shares; 2025Q2: 32,400 shares 32,400$405K0.01%0Timeline
XERSXERIS BIOPHARMA HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,420 shares; 2024Q4: 80,420 shares; 2025Q1: 80,420 shares; 2025Q2: 80,420 shares 80,420$376K0.01%0Timeline
LAKESHORE BIOPHARMA CO LTDLAKESHORE BIOPHARMA CO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 140,428 shares; 2025Q1: 140,428 shares; 2025Q2: 54,799 shares 54,799$55.9K<0.01%-85,629

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
UNHUNITEDHEALTH GROUP INC COMcall50,000$15.6Mnew
AZNASTRAZENECA PLC-SPONS ADR ADRcall100,000$6.99Mnew
CGONCG ONCOLOGY INC COMMON STOCKcall150,000$3.9Mnew
APLSAPELLIS PHARMACEUTICALS INC COMcall50,000$866Knew
INMBINMUNE BIO INC COMput50,000$116Knew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
PFEPFIZER INC3,850,200$97.6Mshares
IONSIONIS PHARMACEUTICALS INC2,540,136$76.6Mshares
SPRINGWORKS THERAPEUTICS INCSPRINGWORKS THERAPEUTICS INC950,200$41.9Mshares
XTNTXTANT MED HLDGS INC73,114,592$34.4Mshares
GILDGILEAD SCIENCES INC197,500$22.1Mshares
VSTMVERASTEM INC2,862,448$17.3Mshares
RAPT THERAPEUTICS INCRAPT THERAPEUTICS INC13,135,260$16Mshares
AMGNAMGEN INC44,200$13.8Mshares
PFEPFIZER INC500,000$12.7Mcall
VERAVERA THERAPEUTICS INC481,065$11.6Mshares
ACELYRIN INCACELYRIN INC4,001,711$9.88Mshares
XBISPDR SERIES TRUST100,000$8.11Mcall
SPRINGWORKS THERAPEUTICS INCSPRINGWORKS THERAPEUTICS INC172,600$7.62Mcall
KMTSKESTRA MED TECHNOLOGIES LTD250,000$6.23Mshares
SRRKSCHOLAR ROCK HLDG CORP151,800$4.88Mshares
BCAXBICARA THERAPEUTICS INC298,301$3.89Mshares
GPCRSTRUCTURE THERAPEUTICS INC150,000$2.6Mcall
CBLLCERIBELL INC112,500$2.16Mshares
TILINSTIL BIO INC116,785$2.03Mshares
CRDFCARDIFF ONCOLOGY INC573,884$1.8Mshares
X4 Pharmaceuticals, Inc.X4 Pharmaceuticals, Inc.6,776,515$1.6Mshares
NKTXNKARTA INC821,400$1.51Mshares
FATEFATE THERAPEUTICS INC1,680,580$1.33Mshares
BIOMX INCBIOMX INC1,787,767$993Kshares
TNGXTANGO THERAPEUTICS INC550,000$754Kshares
IVVDINVIVYD INC933,500$565Kshares
NEXTCURE INCNEXTCURE INC1,141,200$548Kshares

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 0001172661-25-003514 base2025-08-14acceptance time not in the bulk data set