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Patient Square Capital LP

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13F filer, CIK 1819257, MENLO PARK, CA

Patient Square Capital LP reported $467,131,666 across 28 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 77.48% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001819257-26-000002

Period
2025-12-31
Reported value
$467M
Holdings
28
Top 10 weight
77.48%
New
9
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ONCnew+69,312$21.1M
MIRMadded+194,420$15.4M
TERNnew+320,000$12.9M
COGTnew+317,372$11.3M
ARGXadded+10,500$8.83M

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
ROIVreduced-4,313,953-$93.6M
CDTXexited-121,000-$11.6M
INSMreduced-59,400-$10.3M
LQDAreduced-173,000-$5.97M
AGIOexited-133,827-$5.37M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001819257-26-000002, largest first. % of portfolio is the value over $467,131,666, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,228,465 shares; 2024Q4: 12,480,000 shares; 2025Q1: 12,480,000 shares; 2025Q2: 12,480,000 shares; 2025Q3: 12,480,000 shares; 2025Q4: 8,166,047 shares 8,166,047$177M37.93%-4,313,953Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,704 shares; 2024Q4: 307,167 shares; 2025Q1: 330,250 shares; 2025Q2: 358,800 shares; 2025Q3: 326,400 shares; 2025Q4: 267,000 shares 267,000$46.5M9.95%-59,400Timeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 64,900 shares; 2025Q1: 116,362 shares; 2025Q2: 113,462 shares; 2025Q3: 104,262 shares; 2025Q4: 298,682 shares 298,682$23.6M5.05%+194,420Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 29,000 shares; 2025Q3: 15,500 shares; 2025Q4: 26,000 shares 26,000$21.9M4.68%+10,500Timeline
ONCBEONE MEDICINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 69,312 shares 69,312$21.1M4.51%newTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 151,833 shares; 2025Q4: 130,000 shares 130,000$17.5M3.75%-21,833Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,341 shares; 2024Q4: 207,603 shares; 2025Q1: 245,496 shares; 2025Q2: 244,283 shares; 2025Q3: 345,381 shares; 2025Q4: 542,696 shares 542,696$15.1M3.22%+197,315Timeline
EYPTEYEPOINT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,361,979 shares; 2024Q4: 1,410,331 shares; 2025Q1: 1,481,977 shares; 2025Q2: 1,352,837 shares; 2025Q3: 1,011,839 shares; 2025Q4: 780,000 shares 780,000$14.3M3.05%-231,839Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 320,000 shares 320,000$12.9M2.77%newTimeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares; 2025Q4: 120,000 shares 120,000$12M2.56%+20,000Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 317,372 shares 317,372$11.3M2.41%newTimeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 142,201 shares; 2025Q2: 140,000 shares; 2025Q3: 92,592 shares; 2025Q4: 139,000 shares 139,000$10.8M2.32%+46,408Timeline
LQDALIQUIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,182,532 shares; 2024Q4: 1,860,371 shares; 2025Q1: 1,522,452 shares; 2025Q2: 1,020,000 shares; 2025Q3: 400,000 shares; 2025Q4: 227,000 shares 227,000$7.83M1.68%-173,000Timeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 359,050 shares 359,050$6.88M1.47%newTimeline
ALLOALLOGENE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,489,909 shares; 2025Q1: 2,368,186 shares; 2025Q2: 2,635,000 shares; 2025Q3: 2,981,396 shares; 2025Q4: 4,963,756 shares 4,963,756$6.8M1.46%+1,982,360Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 125,000 shares; 2025Q4: 150,000 shares 150,000$6.18M1.32%+25,000Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 136,500 shares 136,500$6.12M1.31%newTimeline
ARQTARCUTIS BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 210,000 shares 210,000$6.1M1.31%newTimeline
OCULOCULAR THERAPEUTIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 235,498 shares; 2024Q4: 470,919 shares; 2025Q1: 920,199 shares; 2025Q2: 817,699 shares; 2025Q3: 715,000 shares; 2025Q4: 490,000 shares 490,000$5.95M1.27%-225,000Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 56,400 shares; 2025Q1: 83,000 shares; 2025Q2: 74,000 shares; 2025Q3: 74,000 shares; 2025Q4: 74,000 shares 74,000$5.88M1.26%0Timeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares; 2025Q4: 311,966 shares 311,966$5.67M1.21%+211,966Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$4.91M1.05%newTimeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,572 shares; 2024Q4: 224,038 shares; 2025Q1: 253,838 shares; 2025Q2: 245,838 shares; 2025Q3: 250,838 shares; 2025Q4: 308,141 shares 308,141$4.75M1.02%+57,303Timeline
ASMBASSEMBLY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 135,182 shares; 2025Q4: 127,000 shares 127,000$4.32M0.92%-8,182Timeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 316,312 shares; 2025Q4: 350,000 shares 350,000$4.23M0.91%+33,688Timeline
RCUSARCUS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 170,000 shares 170,000$4.05M0.87%newTimeline
CATXPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 349,323 shares; 2025Q4: 1,132,815 shares 1,132,815$3.12M0.67%+783,492Timeline
HROWHARROW INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 7,031 shares 7,031$345K0.07%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
CDTXCIDARA THERAPEUTICS INC121,000$11.6Mshares
AGIOAGIOS PHARMACEUTICALS INC133,827$5.37Mshares
QUREUNIQURE NV75,000$4.38Mshares
NRIXNURIX THERAPEUTICS INC437,237$4.04Mshares
GERNGERON CORP845,000$1.16Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001819257-26-000002 base2026-02-12acceptance time not in the bulk data set