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PERCEPTIVE ADVISORS LLC

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13F filer, CIK 1224962, NEW YORK, NY

PERCEPTIVE ADVISORS LLC reported $2,697,358,275 across 85 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 54.89% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001012975-25-000446

Period
2025-06-30
Reported value
$2.7B
Holdings
85
Top 10 weight
54.89%
New
22
Sold out
24

Part of the filer group PERCEPTIVE ADVISORS LLC

  • Joseph Edelman
  • Perceptive Capital Solutions Holdings LP
  • Perceptive Life Sciences Master Fund, Ltd.
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.

  • KARD KARDIGAN INC: 13D/A 8,254,144 shares, 8.8% of the class, 13D/A filed 2026-10-01, 0001193125-26-410754Timeline
    Accepted , ingested

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ASNDnew+963,886$166M
OMDAnew+2,426,330$44.4M
ROIVnew+3,331,465$37.5M
CAInew+1,098,163$29.3M
NBIXadded+155,000$19.5M

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

Largest sells vs the previous quarter

SecurityShares changeApprox. value
INTRA-CELLULAR THERAPIES INCexited-786,358-$104M
VERONA PHARMA PLCreduced-1,055,749-$99.9M
SLNOreduced-1,076,163-$90.2M
FOLDreduced-14,051,697-$80.5M
IOVAexited-12,711,788-$42.3M

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, Q2 2025

Share positions as resolved from 13F-HR 0001012975-25-000446, largest first. % of portfolio is the value over $2,665,031,775, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VERONA PHARMA PLCVERONA PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,315,933 shares; 2024Q4: 6,392,106 shares; 2025Q1: 6,563,340 shares; 2025Q2: 5,507,591 shares 5,507,591$521M19.55%-1,055,749
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: 963,886 shares 963,886$166M6.24%newTimeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,888,669 shares; 2024Q4: 3,478,888 shares; 2025Q1: 2,926,478 shares; 2025Q2: 2,478,000 shares 2,478,000$163M6.12%-448,478Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,560,214 shares; 2024Q4: 3,680,473 shares; 2025Q1: 2,548,445 shares; 2025Q2: 2,418,299 shares 2,418,299$153M5.73%-130,146Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,979,235 shares; 2024Q4: 2,619,977 shares; 2025Q1: 1,633,968 shares; 2025Q2: 1,375,180 shares 1,375,180$105M3.94%-258,788Timeline
AORTARTIVION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,793,703 shares; 2024Q4: 2,793,703 shares; 2025Q1: 2,793,703 shares; 2025Q2: 2,793,703 shares 2,793,703$86.9M3.26%0Timeline
MGTXMEIRAGTX HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,581,103 shares; 2024Q4: 12,581,103 shares; 2025Q1: 12,581,103 shares; 2025Q2: 12,626,103 shares 12,626,103$82.2M3.09%+45,000Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 180,000 shares; 2024Q4: 144,000 shares; 2025Q1: 509,300 shares; 2025Q2: 650,252 shares 650,252$65.4M2.46%+140,952Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,330,294 shares; 2024Q4: 2,685,537 shares; 2025Q1: 6,547,328 shares; 2025Q2: 4,639,949 shares 4,639,949$60.8M2.28%-1,907,379Timeline
PTGXPROTAGONIST THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,374,563 shares; 2024Q4: 1,271,662 shares; 2025Q1: 1,091,271 shares; 2025Q2: 1,074,448 shares 1,074,448$59.4M2.23%-16,823Timeline
SLDBSOLID BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,906,646 shares; 2024Q4: 6,906,646 shares; 2025Q1: 11,906,646 shares; 2025Q2: 11,906,646 shares 11,906,646$58M2.18%0Timeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,015,007 shares; 2024Q4: 1,047,232 shares; 2025Q1: 1,122,767 shares; 2025Q2: 1,182,148 shares 1,182,148$51.3M1.93%+59,381Timeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,125,649 shares; 2024Q4: 6,774,348 shares; 2025Q1: 7,874,348 shares; 2025Q2: 7,902,365 shares 7,902,365$50.7M1.9%+28,017Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,086,159 shares; 2024Q4: 9,383,456 shares; 2025Q1: 9,383,456 shares; 2025Q2: 9,383,456 shares 9,383,456$50.5M1.89%0Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,714,806 shares; 2024Q4: 1,185,592 shares; 2025Q1: 792,960 shares; 2025Q2: 915,887 shares 915,887$48.9M1.83%+122,927Timeline
OMDAOMADA HEALTH 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: 2,426,330 shares 2,426,330$44.4M1.67%newTimeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,057,456 shares; 2024Q4: 24,245,952 shares; 2025Q1: 21,464,527 shares; 2025Q2: 7,412,830 shares 7,412,830$42.5M1.59%-14,051,697Timeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 847,745 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,331,465 shares 3,331,465$37.5M1.41%newTimeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 300,000 shares; 2025Q1: 690,485 shares; 2025Q2: 708,176 shares 708,176$37.3M1.4%+17,691
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,204,976 shares; 2024Q4: 1,501,040 shares; 2025Q1: 1,506,602 shares; 2025Q2: 430,439 shares 430,439$36.1M1.35%-1,076,163Timeline
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,485,420 shares; 2024Q4: 6,485,420 shares; 2025Q1: 6,485,420 shares; 2025Q2: 6,485,420 shares 6,485,420$34.8M1.3%0
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,378,762 shares; 2024Q4: 2,139,199 shares; 2025Q1: 2,844,072 shares; 2025Q2: 2,137,890 shares 2,137,890$34.2M1.28%-706,182Timeline
NBIXNEUROCRINE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,228 shares; 2024Q4: 100,050 shares; 2025Q1: 100,050 shares; 2025Q2: 255,050 shares 255,050$32.1M1.2%+155,000Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,164,035 shares; 2024Q4: 1,329,735 shares; 2025Q1: 980,894 shares; 2025Q2: 752,921 shares 752,921$31.7M1.19%-227,973Timeline
BSXBOSTON SCIENTIFIC 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: not reported; 2025Q1: 130,000 shares; 2025Q2: 280,000 shares 280,000$30.1M1.13%+150,000Timeline
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: 1,098,163 shares 1,098,163$29.3M1.1%newTimeline
ISRGINTUITIVE SURGICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 58,119 shares; 2024Q4: 63,119 shares; 2025Q1: 40,619 shares; 2025Q2: 45,119 shares 45,119$24.5M0.92%+4,500Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,060,200 shares; 2024Q4: 890,280 shares; 2025Q1: 1,373,233 shares; 2025Q2: 1,303,468 shares 1,303,468$23.7M0.89%-69,765Timeline
BBNXBETA BIONICS 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: 1,593,608 shares; 2025Q2: 1,593,608 shares 1,593,608$23.2M0.87%0Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,872,547 shares; 2024Q4: 2,574,723 shares; 2025Q1: 2,313,272 shares; 2025Q2: 1,529,445 shares 1,529,445$22.9M0.86%-783,827Timeline
EOLSEVOLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,356,622 shares; 2024Q4: 5,145,846 shares; 2025Q1: 4,129,142 shares; 2025Q2: 2,474,843 shares 2,474,843$22.8M0.86%-1,654,299Timeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,362,279 shares; 2024Q4: 2,362,279 shares; 2025Q1: 2,362,279 shares; 2025Q2: 1,633,208 shares 1,633,208$21.8M0.82%-729,071Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 718,144 shares; 2024Q4: 543,277 shares; 2025Q1: 2,313,403 shares; 2025Q2: 2,247,390 shares 2,247,390$21.4M0.8%-66,013Timeline
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: 1,251,101 shares; 2025Q2: 1,216,045 shares 1,216,045$21.1M0.79%-35,056Timeline
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: 782,844 shares; 2024Q4: 664,074 shares; 2025Q1: 355,107 shares; 2025Q2: 198,534 shares 198,534$20.7M0.78%-156,573Timeline
RGENREPLIGEN 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: not reported; 2025Q1: 129,801 shares; 2025Q2: 166,000 shares 166,000$20.6M0.77%+36,199Timeline
PODDINSULET CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 142,269 shares; 2024Q4: 232,269 shares; 2025Q1: 71,597 shares; 2025Q2: 60,387 shares 60,387$19M0.71%-11,210Timeline
OMOUTSET MED 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: 833,333 shares; 2025Q2: 833,333 shares 833,333$16M0.6%0Timeline
ZYMEZYMEWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,180,020 shares; 2024Q4: 2,130,020 shares; 2025Q1: 1,864,672 shares; 2025Q2: 1,275,274 shares 1,275,274$16M0.6%-589,398Timeline
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: 6,993,646 shares 6,993,646$15.9M0.6%newTimeline
ALDXALDEYRA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,275,851 shares; 2024Q4: 9,275,851 shares; 2025Q1: 9,275,851 shares; 2025Q2: 4,051,631 shares 4,051,631$15.5M0.58%-5,224,220Timeline
CRLCHARLES RIV LABS INTL 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: 100,000 shares 100,000$15.2M0.57%newTimeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,282,290 shares; 2024Q4: 6,349,220 shares; 2025Q1: 3,040,395 shares; 2025Q2: 1,146,935 shares 1,146,935$15.1M0.57%-1,893,460Timeline
INBXINHIBRX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,064,026 shares; 2024Q4: 1,064,026 shares; 2025Q1: 1,064,026 shares; 2025Q2: 977,892 shares 977,892$14M0.52%-86,134Timeline
ADGMADAGIO MED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,812,419 shares; 2024Q4: 9,812,419 shares; 2025Q1: 9,812,419 shares; 2025Q2: 9,876,576 shares 9,876,576$12.8M0.48%+64,157Timeline
NRIXNURIX 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: 330,614 shares; 2025Q1: 297,553 shares; 2025Q2: 1,096,985 shares 1,096,985$12.5M0.47%+799,432Timeline
TVTXTRAVERE 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: 834,252 shares 834,252$12.3M0.46%newTimeline
OBIOORCHESTRA BIOMED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,592,556 shares; 2024Q4: 4,592,556 shares; 2025Q1: 4,592,556 shares; 2025Q2: 4,592,556 shares 4,592,556$12.3M0.46%0Timeline
DRUGBRIGHT MINDS 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: 403,649 shares; 2025Q1: 444,649 shares; 2025Q2: 420,690 shares 420,690$11M0.41%-23,959Timeline
IKTINHIBIKASE 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: 5,925,000 shares; 2025Q1: 5,925,000 shares; 2025Q2: 5,432,293 shares 5,432,293$10.6M0.4%-492,707Timeline
VKTXVIKING THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,699,987 shares; 2024Q4: 995,894 shares; 2025Q1: 509,005 shares; 2025Q2: 380,700 shares 380,700$10.1M0.38%-128,305Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly 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: 270,000 shares 270,000$9.82M0.37%newTimeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,213 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 210,106 shares 210,106$9.17M0.34%newTimeline
NAUTNAUTILUS BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,594,211 shares; 2024Q4: 12,594,211 shares; 2025Q1: 12,594,211 shares; 2025Q2: 12,594,211 shares 12,594,211$9.13M0.34%0Timeline
PENPENUMBRA 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: 73,338 shares; 2025Q1: not reported; 2025Q2: 32,797 shares 32,797$8.42M0.32%newTimeline
CBIOCRESCENT BIOPHARMA 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: 453,686 shares 453,686$7.32M0.27%newTimeline
AQSTAQUESTIVE 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: 3,727,208 shares; 2025Q2: 2,190,420 shares 2,190,420$7.25M0.27%-1,536,788Timeline
JANXJANUX 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: 817,895 shares; 2025Q1: 970,412 shares; 2025Q2: 292,686 shares 292,686$6.76M0.25%-677,726Timeline
AVRANTERIS TECHNOLOGIES GLOBALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,140,000 shares; 2025Q1: 2,140,000 shares; 2025Q2: 1,705,130 shares 1,705,130$6.46M0.24%-434,870Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 524,930 shares; 2024Q4: 325,324 shares; 2025Q1: 325,324 shares; 2025Q2: 200,791 shares 200,791$6.28M0.24%-124,533Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,812,665 shares; 2024Q4: 1,486,508 shares; 2025Q1: 659,662 shares; 2025Q2: 447,507 shares 447,507$6.26M0.23%-212,155Timeline
CRVSCORVUS 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: 1,438,595 shares 1,438,595$5.75M0.22%newTimeline
SEPNSEPTERNA 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: 750,000 shares; 2025Q1: not reported; 2025Q2: 541,450 shares 541,450$5.72M0.21%newTimeline
GMEDGLOBUS MED 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: 88,500 shares 88,500$5.22M0.2%newTimeline
ENVVENO MEDICAL CORPORATIONENVVENO MEDICAL CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 694,315 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,284,966 shares 1,284,966$5.13M0.19%new
HELIX ACQUISITION CORP IIHELIX ACQUISITION CORP IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 398,000 shares; 2025Q2: 398,000 shares 398,000$4.23M0.16%0
IRDOPUS GENETICS 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: 4,325,000 shares; 2025Q2: 4,325,000 shares 4,325,000$4.07M0.15%0Timeline
CTNMCONTINEUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,516,668 shares; 2024Q4: 1,441,249 shares; 2025Q1: 1,441,249 shares; 2025Q2: 699,486 shares 699,486$2.78M0.1%-741,763Timeline
LYRALYRA THERAPEUTICS INC COM NEWQuarterly 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: 255,150 shares 255,150$2.29M0.09%newTimeline
SCPHARMACEUTICALS INCSCPHARMACEUTICALS 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: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares 500,000$1.91M0.07%0
ATHIRA PHARMA INCATHIRA PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,402,964 shares; 2024Q4: 5,402,964 shares; 2025Q1: 5,402,964 shares; 2025Q2: 5,402,964 shares 5,402,964$1.63M0.06%0
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: 183,890 shares 183,890$1.47M0.06%newTimeline
TRIBTRINITY BIOTECH INVT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,800,000 shares; 2024Q4: 1,790,000 shares; 2025Q1: not reported; 2025Q2: 1,790,000 shares 1,790,000$1.16M0.04%newTimeline
FBRXFORTE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 95,742 shares; 2024Q4: 95,742 shares; 2025Q1: not reported; 2025Q2: 68,192 shares 68,192$882K0.03%newTimeline
AVTXAVALO 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: 520,000 shares; 2025Q2: 139,667 shares 139,667$697K0.03%-380,333Timeline
BIODESIX INCBIODESIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,173,880 shares; 2024Q4: 2,173,880 shares; 2025Q1: 2,173,880 shares; 2025Q2: 2,173,880 shares 2,173,880$613K0.02%0
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 139,835 shares; 2024Q4: 139,835 shares; 2025Q1: 139,835 shares; 2025Q2: 139,835 shares 139,835$562K0.02%0Timeline
APYXAPYX MEDICAL CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 150,000 shares; 2025Q1: 150,000 shares; 2025Q2: 150,000 shares 150,000$338K0.01%0Timeline
KALAKALA 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: not reported; 2025Q1: 277,610 shares; 2025Q2: 55,227 shares 55,227$263K0.01%-222,383Timeline
ENSCENSYSCE 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: 86,666 shares; 2025Q1: 86,666 shares; 2025Q2: 86,666 shares 86,666$193K0.01%0Timeline
RVMDWREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,000 shares; 2024Q4: 250,000 shares; 2025Q1: 250,000 shares; 2025Q2: 250,000 shares 250,000$65.7K<0.01%0Timeline
SRZNWSURROZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,666 shares; 2024Q4: 166,666 shares; 2025Q1: 166,666 shares; 2025Q2: 166,666 shares 166,666$3.02K<0.01%0Timeline

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
XBISPDR SERIES TRUST S&P BIOTECHput300,000$24.9Mnew
CAPRCAPRICOR THERAPEUTICS INC COMMON STOCKput650,000$6.45Mnew
CAPRCAPRICOR THERAPEUTICS INC COMMON STOCKcall100,000$993Knew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
INTRA-CELLULAR THERAPIES INCINTRA-CELLULAR THERAPIES INC786,358$104Mshares
IOVAIOVANCE BIOTHERAPEUTICS INC12,711,788$42.3Mshares
ARGXARGENX SE59,510$35.2Mshares
PCVXVAXCYTE INC706,567$26.7Mshares
MDGLMADRIGAL PHARMACEUTICALS INC46,500$15.4Mshares
DXCMDEXCOM INC178,000$12.2Mshares
EWTXEDGEWISE THERAPEUTICS INC500,000$11Mcall
ACRVACRIVON THERAPEUTICS INC5,360,858$10.9Mshares
CARGO THERAPEUTICS INC COMCARGO THERAPEUTICS INC COM2,431,085$9.89Mshares
EYPTEYEPOINT INC1,537,274$8.33Mshares
IRONDISC MEDICINE INC150,000$7.45Mshares
ADPTADAPTIVE BIOTECHNOLOGIES COR930,972$6.92Mshares
OCULOCULAR THERAPEUTIX INC915,775$6.71Mshares
DCTHDELCATH SYS INC462,422$5.89Mshares
RAPT THERAPEUTICS INCRAPT THERAPEUTICS INC4,418,947$5.39Mshares
KMTSKESTRA MED TECHNOLOGIES LTD200,000$4.98Mshares
OKURONKURE THERAPEUTICS INC1,004,439$4.32Mshares
MREOMEREO BIOPHARMA GROUP PLC876,961$1.97Mshares
LYRA THERAPEUTICS INCLYRA THERAPEUTICS INC12,757,562$1.61Mshares
TRAWTRAWS PHARMA INC421,781$970Kshares
RCKTROCKET PHARMACEUTICALS INC140,726$939Kshares
CGEMCULLINAN THERAPEUTICS INC80,100$606Kshares
Applied Therapeutics IncApplied Therapeutics Inc860,000$420Kshares
NBTXNANOBIOTIX105,053$376Kshares

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 0001012975-25-000446 base2025-08-14acceptance time not in the bulk data set