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ORBIMED ADVISORS LLC

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13F filer, CIK 1055951, New York, NY

ORBIMED ADVISORS LLC reported $4,255,380,174 across 109 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 41.32% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-005047

Period
2025-09-30
Reported value
$4.26B
Holdings
109
Top 10 weight
41.32%
New
27
Sold out
20

Part of the filer group ORBIMED ADVISORS LLC

How groups are built

Stakes and trades reported after 2025-09-30

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
DHRnew+263,100$52.2M
UTHRnew+114,900$48.2M
CInew+162,800$46.9M
ORICadded+2,742,475$32.9M
ABVXnew+380,000$32.3M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
UNHexited-336,300-$105M
VRTXexited-210,287-$93.6M
THCexited-465,000-$81.8M
BSXreduced-383,900-$37.5M
CYTKexited-1,077,000-$35.6M

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.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-005047, largest first. % of portfolio is the value over $4,169,761,714, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 15,518,492 shares 15,518,492$252M6.04%0Timeline
BSXBOSTON SCIENTIFIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,429,300 shares 2,429,300$237M5.69%-383,900Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 337,600 shares; 2024Q4: 337,600 shares; 2025Q1: 337,600 shares; 2025Q2: 337,600 shares; 2025Q3: 301,200 shares 301,200$230M5.51%-36,400Timeline
SVASINOVAC BIOTECH LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,718,735 shares 2,718,735$184M4.42%0Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 7,959,538 shares 7,959,538$163M3.91%0Timeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,300 shares; 2024Q4: 415,600 shares; 2025Q1: 346,100 shares; 2025Q2: 341,900 shares; 2025Q3: 301,600 shares 301,600$138M3.3%-40,300Timeline
SYKSTRYKER CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 344,400 shares; 2024Q4: 344,400 shares; 2025Q1: 359,200 shares; 2025Q2: 359,200 shares; 2025Q3: 359,200 shares 359,200$133M3.18%0Timeline
EWEDWARDS LIFESCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,145,302 shares; 2025Q1: 1,532,000 shares; 2025Q2: 1,708,000 shares; 2025Q3: 1,684,000 shares 1,684,000$131M3.14%-24,000Timeline
ISRGINTUITIVE SURGICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 433,800 shares; 2024Q4: 401,700 shares; 2025Q1: 291,000 shares; 2025Q2: 291,000 shares; 2025Q3: 287,200 shares 287,200$128M3.08%-3,800Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 204,500 shares; 2024Q4: 189,700 shares; 2025Q1: 206,700 shares; 2025Q2: 208,000 shares; 2025Q3: 172,300 shares 172,300$127M3.05%-35,700Timeline
SIONSIONNA 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: 3,704,959 shares; 2025Q2: 3,704,959 shares; 2025Q3: 3,704,959 shares 3,704,959$109M2.61%0Timeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,693,589 shares; 2025Q1: 5,693,589 shares; 2025Q2: 5,693,589 shares; 2025Q3: 5,693,589 shares 5,693,589$107M2.57%0Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,415,020 shares 1,415,020$93.5M2.24%0Timeline
CAICARIS LIFE SCIENCES 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: 3,034,858 shares; 2025Q3: 3,034,858 shares 3,034,858$91.8M2.2%0Timeline
SPRYARS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 8,288,510 shares 8,288,510$83.3M2%0Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,638,886 shares 1,638,886$71.4M1.71%-174,000Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,002,887 shares 4,002,887$70.1M1.68%0Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,726,850 shares 1,726,850$69.6M1.67%-151,000Timeline
NTRANATERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 687,500 shares; 2024Q4: 413,000 shares; 2025Q1: 547,000 shares; 2025Q2: 593,434 shares; 2025Q3: 429,300 shares 429,300$69.1M1.66%-164,134Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly 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: 386,700 shares; 2025Q2: 427,900 shares; 2025Q3: 531,800 shares 531,800$64.6M1.55%+103,900Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 7,562,971 shares 7,562,971$56.8M1.36%0Timeline
AVBPARRIVENT BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,027,328 shares 3,027,328$55.9M1.34%02026-10-06, 13D/A: 2,875,962 shares, 5.8% of the class, 13D/A filed 2026-10-08 Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,002,939 shares; 2024Q4: 1,611,637 shares; 2025Q1: not reported; 2025Q2: 760,351 shares; 2025Q3: 1,469,494 shares 1,469,494$55.7M1.34%+709,143Timeline
EXASEXACT SCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 679,816 shares; 2024Q4: 679,816 shares; 2025Q1: 679,816 shares; 2025Q2: 607,316 shares; 2025Q3: 994,616 shares 994,616$54.4M1.31%+387,300Timeline
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 15,219,994 shares 15,219,994$53.3M1.28%0Timeline
CRVSCORVUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 7,165,006 shares 7,165,006$52.8M1.27%0Timeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,270,400 shares; 2024Q4: not reported; 2025Q1: 1,432,300 shares; 2025Q2: 1,482,300 shares; 2025Q3: 2,323,368 shares 2,323,368$52.6M1.26%+841,068Timeline
DHRDANAHER 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: 263,100 shares 263,100$52.2M1.25%newTimeline
NBIXNEUROCRINE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 302,220 shares; 2024Q4: 938,120 shares; 2025Q1: 934,640 shares; 2025Q2: 438,540 shares; 2025Q3: 353,640 shares 353,640$49.6M1.19%-84,900Timeline
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: 114,900 shares 114,900$48.2M1.16%newTimeline
CITHE CIGNA GROUPQuarterly 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: 162,800 shares 162,800$46.9M1.13%newTimeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,055 shares; 2024Q4: 999,000 shares; 2025Q1: 999,000 shares; 2025Q2: 1,149,000 shares; 2025Q3: 1,099,000 shares 1,099,000$45.8M1.1%-50,000Timeline
ORICORIC PHARMACEUTICALS 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: 700,000 shares; 2025Q2: 899,281 shares; 2025Q3: 3,641,756 shares 3,641,756$43.7M1.05%+2,742,475Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,258,566 shares; 2024Q4: 758,566 shares; 2025Q1: 758,566 shares; 2025Q2: 1,210,300 shares; 2025Q3: 1,766,100 shares 1,766,100$43.2M1.04%+555,800Timeline
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: 2,779,427 shares; 2025Q3: 2,714,798 shares 2,714,798$41.1M0.99%-64,629Timeline
ASNDASCENDIS PHARMA A/SQuarterly 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: 34,400 shares; 2025Q3: 191,905 shares 191,905$38.2M0.91%+157,505Timeline
SIBNSI BONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,578,979 shares 2,578,979$38M0.91%0Timeline
SCPHARMACEUTICALS INCSCPHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,059,528 shares 6,059,528$34.4M0.82%0
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: 380,000 shares 380,000$32.3M0.77%newTimeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 383,705 shares; 2024Q4: 652,028 shares; 2025Q1: 652,028 shares; 2025Q2: 1,199,300 shares; 2025Q3: 1,139,300 shares 1,139,300$31.9M0.77%-60,000Timeline
TRVITREVI 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: 1,120,000 shares; 2025Q2: 3,308,400 shares; 2025Q3: 3,308,400 shares 3,308,400$30.3M0.73%0Timeline
ITGRINTEGER HLDGS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 575,000 shares; 2024Q4: 575,000 shares; 2025Q1: 662,500 shares; 2025Q2: 433,400 shares; 2025Q3: 290,000 shares 290,000$30M0.72%-143,400Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,314,184 shares 2,314,184$29.3M0.7%+1,282,784Timeline
RAPTRAPT 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: 1,641,906 shares; 2025Q3: 1,086,618 shares 1,086,618$28M0.67%-555,288Timeline
CTMXCYTOMX THERAPEUTICS INC.Quarterly 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: 8,461,500 shares; 2025Q3: 8,461,500 shares 8,461,500$27M0.65%0Timeline
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,614,184 shares 2,614,184$27M0.65%0Timeline
QUREUNIQURE NVQuarterly 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: 458,500 shares 458,500$26.8M0.64%newTimeline
EYPTEYEPOINT 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: 1,796,000 shares 1,796,000$25.6M0.61%newTimeline
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: 66,000 shares; 2025Q1: 179,900 shares; 2025Q2: 211,300 shares; 2025Q3: 526,200 shares 526,200$25M0.6%+314,900Timeline
ADCTADC THERAPEUTICS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,907,351 shares 5,907,351$23.6M0.57%0Timeline
TMOTHERMO FISHER SCIENTIFIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 84,400 shares; 2024Q4: 84,400 shares; 2025Q1: 129,000 shares; 2025Q2: 46,500 shares; 2025Q3: 46,500 shares 46,500$22.6M0.54%0Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 435,900 shares; 2024Q4: 400,000 shares; 2025Q1: 380,000 shares; 2025Q2: 248,512 shares; 2025Q3: 215,152 shares 215,152$21.7M0.52%-33,360Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,500 shares; 2024Q4: 23,500 shares; 2025Q1: 23,500 shares; 2025Q2: 9,200 shares; 2025Q3: 102,745 shares 102,745$18.1M0.43%+93,545Timeline
FBRXFORTE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: 593,088 shares; 2025Q2: 1,196,955 shares; 2025Q3: 1,196,955 shares 1,196,955$18M0.43%0Timeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 967,000 shares; 2024Q4: 967,000 shares; 2025Q1: 967,000 shares; 2025Q2: 967,000 shares; 2025Q3: 1,349,300 shares 1,349,300$17.1M0.41%+382,300Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 911,420 shares; 2024Q4: 947,877 shares; 2025Q1: 947,877 shares; 2025Q2: 947,877 shares; 2025Q3: 419,600 shares 419,600$16.8M0.4%-528,277Timeline
CARLCARLSMED 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: 1,252,600 shares 1,252,600$16.8M0.4%newTimeline
KROSKEROS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,018,734 shares 1,018,734$16.1M0.39%0Timeline
PRLDPRELUDE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 10,909,256 shares 10,909,256$15.7M0.38%0Timeline
STTKSHATTUCK LABS 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: 6,306,127 shares 6,306,127$15.1M0.36%newTimeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,172,287 shares 1,172,287$14.8M0.36%0Timeline
URGNUROGEN PHARMA 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: 478,400 shares; 2025Q3: 689,000 shares 689,000$13.7M0.33%+210,600Timeline
VIRVIR BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,380,715 shares 2,380,715$13.6M0.33%0Timeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,645,400 shares 1,645,400$13M0.31%-640,000Timeline
00Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,210,899 shares 6,210,899$12.5M0.3%-5,837,874
TARSTARSUS PHARMACEUTICALS 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: 653,743 shares; 2025Q2: 197,900 shares; 2025Q3: 197,900 shares 197,900$11.8M0.28%0Timeline
CCCCC4 THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,235,146 shares 5,235,146$11.6M0.28%-1,595,154Timeline
CGEMCULLINAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,923,855 shares 1,923,855$11.4M0.27%0Timeline
VTGNVISTAGEN 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: 3,060,000 shares 3,060,000$10.9M0.26%newTimeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 348,000 shares; 2025Q1: 348,000 shares; 2025Q2: 313,200 shares; 2025Q3: 750,600 shares 750,600$10.2M0.24%+437,400Timeline
ADICET BIO INCADICET BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 11,447,140 shares 11,447,140$9.27M0.22%0
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,975,291 shares 5,975,291$8.37M0.2%-500,000Timeline
WHWKWHITEHAWK 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: 4,166,000 shares; 2025Q2: 4,166,000 shares; 2025Q3: 4,166,000 shares 4,166,000$7.92M0.19%0Timeline
VSTMVERASTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,862,448 shares; 2024Q4: 2,862,448 shares; 2025Q1: 2,862,448 shares; 2025Q2: not reported; 2025Q3: 887,561 shares 887,561$7.84M0.19%newTimeline
BTSGBRIGHTSPRING HEALTH SVCS 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: 263,800 shares 263,800$7.8M0.19%newTimeline
ALMSALUMIS 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: 1,926,423 shares; 2025Q3: 1,926,423 shares 1,926,423$7.69M0.18%0Timeline
BCRXBIOCRYST PHARMACEUTICALS 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: 901,500 shares 901,500$6.84M0.16%newTimeline
MISTMILESTONE PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,221,828 shares 3,221,828$6.44M0.15%newTimeline
REPARE THERAPEUTICS INCREPARE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,322,488 shares 3,322,488$5.85M0.14%0
NSPRINSPIREMD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,133,405 shares 2,133,405$5.14M0.12%0Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,423,470 shares; 2024Q4: 921,959 shares; 2025Q1: 921,959 shares; 2025Q2: 921,959 shares; 2025Q3: 790,901 shares 790,901$4.65M0.11%-131,058Timeline
JBIOJADE 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: 531,163 shares; 2025Q3: 531,163 shares 531,163$4.58M0.11%0Timeline
QTTBQ32 BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,252,987 shares 2,252,987$4.46M0.11%0Timeline
MIND MEDICINE MINDMED INCMIND MEDICINE MINDMED 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: 367,824 shares 367,824$4.34M0.1%new
CELCCELCUITY 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: 84,020 shares 84,020$4.15M0.1%newTimeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 466,601 shares 466,601$3.98M0.1%-253,300Timeline
IMAIMAGENEBIO 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: 378,556 shares 378,556$3.09M0.07%newTimeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 94,559 shares; 2025Q1: 28,659 shares; 2025Q2: 13,459 shares; 2025Q3: 13,459 shares 13,459$1.94M0.05%0Timeline
ATAIBECKLEY INCATAIBECKLEY 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: 347,000 shares 347,000$1.84M0.04%new
KRROKORRO BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 32,400 shares; 2025Q1: 32,400 shares; 2025Q2: 32,400 shares; 2025Q3: 32,400 shares 32,400$1.55M0.04%0Timeline
MURAL ONCOLOGY PUB LTD COMURAL ONCOLOGY PUB LTD COQuarterly 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: 588,800 shares; 2025Q3: 588,800 shares 588,800$1.22M0.03%0
TRAWTRAWS PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 605,531 shares; 2024Q4: 605,531 shares; 2025Q1: 605,531 shares; 2025Q2: 605,531 shares; 2025Q3: 605,531 shares 605,531$1.12M0.03%0Timeline
ANROALTO NEUROSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 250,000 shares; 2025Q1: 250,000 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares 250,000$1M0.02%0Timeline
LYELLYELL IMMUNOPHARMA 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: 51,727 shares; 2025Q3: 51,727 shares 51,727$840K0.02%0Timeline
KZRKEZAR LIFE SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 192,700 shares; 2025Q1: 192,700 shares; 2025Q2: 192,700 shares; 2025Q3: 192,700 shares 192,700$752K0.02%0Timeline
XERSXERIS BIOPHARMA HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,420 shares; 2024Q4: 80,420 shares; 2025Q1: 80,420 shares; 2025Q2: 80,420 shares; 2025Q3: 80,420 shares 80,420$655K0.02%0Timeline
PASGPASSAGE BIO 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: 59,046 shares 59,046$474K0.01%newTimeline
DIH HLDG US INCDIH HLDG US 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: 1,915,000 shares; 2025Q2: 1,915,000 shares; 2025Q3: 1,915,000 shares 1,915,000$358K0.01%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
ABTABBOTT LABORATORIES COMcall150,000$20.1Mnew
BSXBOSTON SCIENTIFIC CORP COMcall200,000$19.5Mnew
PFEPFIZER INC COMcall500,000$12.7Mnew
AZNASTRAZENECA PLC-SPONS ADR ADRcall150,000$11.5M+50,000
APLSAPELLIS PHARMACEUTICALS INC COMcall250,000$5.66M+200,000
BTSGBRIGHTSPRING HEALTH SVCS INC COMcall150,000$4.43Mnew
CRNXCRINETICS PHARMACEUTICALS IN Stockput100,000$4.17Mnew
SRRKSCHOLAR ROCK HLDG CORP COMcall100,000$3.72Mnew
TGTXTG THERAPEUTICS INC Stockcall100,000$3.61Mnew
VTGNVISTAGEN THERAPEUTICS INC COMcall45,200$160Knew

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
CELCUITY INCCELCUITY INC NOTE 2.750% 8/0principal2,000,000$2.68Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
UNHUNITEDHEALTH GROUP INC336,300$105Mshares
VRTXVERTEX PHARMACEUTICALS INC210,287$93.6Mshares
THCTENET HEALTHCARE CORP465,000$81.8Mshares
CYTKCYTOKINETICS INC1,077,000$35.6Mshares
THRDTHIRD HARMONIC BIO INC5,779,071$31.4Mshares
AGIOAGIOS PHARMACEUTICALS INC557,900$18.6Mshares
UNHUNITEDHEALTH GROUP INC50,000$15.6Mcall
ABCLABCELLERA BIOLOGICS INC3,344,568$11.5Mshares
CPRXCATALYST PHARMACEUTICALS INC416,900$9.05Mshares
ZLABZAI LAB LTD231,000$8.08Mshares
TYRATYRA BIOSCIENCES INC804,603$7.7Mshares
ITEOS THERAPEUTICS INCITEOS THERAPEUTICS INC700,000$6.98Mshares
IKENA ONCOLOGY INCIKENA ONCOLOGY INC3,539,358$4.74Mshares
CGONCG ONCOLOGY INC150,000$3.9Mcall
ENGNENGENE HOLDINGS INC677,977$2.47Mshares
PASSAGE BIO INCPASSAGE BIO INC6,055,300$2.42Mshares
TURNSTONE BIOLOGICS CORPTURNSTONE BIOLOGICS CORP3,099,265$1.11Mshares
CHEMOMAB THERAPEUTICS LTDCHEMOMAB THERAPEUTICS LTD940,990$1.09Mshares
INMBINMUNE BIO INC50,000$116Kput
LAKESHORE BIOPHARMA CO LTDLAKESHORE BIOPHARMA CO LTD54,799$55.9Kshares

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 0001172661-25-005047 base2025-11-14acceptance time not in the bulk data set