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PERCEPTIVE ADVISORS LLC

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13F filer, CIK 1224962, NEW YORK, NY

PERCEPTIVE ADVISORS LLC reported $3,463,098,749 across 93 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 43.68% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001012975-25-000762

Period
2025-09-30
Reported value
$3.46B
Holdings
93
Top 10 weight
43.68%
New
22
Sold out
14

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 2025-09-30

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.

  • 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
TVTXadded+2,960,363$70.8M
CELCadded+1,323,111$65.4M
ROIVadded+4,036,996$61.1M
MERUS N Vadded+644,917$60.7M
PENadded+187,750$47.6M

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

Largest sells vs the previous quarter

SecurityShares changeApprox. value
VERONA PHARMA PLCreduced-4,983,503-$532M
SLNOexited-430,439-$36.1M
AORTreduced-773,703-$32.8M
BBNXreduced-1,315,664-$26.1M
EOLSexited-2,474,843-$22.8M

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 0001012975-25-000762, largest first. % of portfolio is the value over $3,461,088,749, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,438,969 shares 2,438,969$246M7.12%+20,670Timeline
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: 963,886 shares; 2025Q3: 1,088,501 shares 1,088,501$216M6.25%+124,615Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,468,353 shares 2,468,353$203M5.86%-9,647Timeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,956,319 shares 2,956,319$146M4.22%+1,323,111Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,562,336 shares 1,562,336$135M3.9%+187,156Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 300,000 shares; 2025Q1: 690,485 shares; 2025Q2: 708,176 shares; 2025Q3: 1,353,093 shares 1,353,093$127M3.68%+644,917
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 8,952,365 shares 8,952,365$122M3.52%+1,050,000Timeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 847,745 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,331,465 shares; 2025Q3: 7,368,461 shares 7,368,461$111M3.22%+4,036,996Timeline
MGTXMEIRAGTX HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 12,626,103 shares 12,626,103$104M3%0Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 180,000 shares; 2024Q4: 144,000 shares; 2025Q1: 509,300 shares; 2025Q2: 650,252 shares; 2025Q3: 702,130 shares 702,130$101M2.92%+51,878Timeline
TVTXTRAVERE 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: 834,252 shares; 2025Q3: 3,794,615 shares 3,794,615$90.7M2.62%+2,960,363Timeline
AORTARTIVION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,020,000 shares 2,020,000$85.5M2.47%-773,703Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,164,035 shares; 2024Q4: 1,329,735 shares; 2025Q1: 980,894 shares; 2025Q2: 752,921 shares; 2025Q3: 1,564,554 shares 1,564,554$82.9M2.4%+811,633Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 9,383,456 shares 9,383,456$79.9M2.31%0Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,100,902 shares 3,100,902$75.2M2.17%+1,953,967Timeline
SLDBSOLID BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 11,833,539 shares 11,833,539$73M2.11%-73,107Timeline
PTGXPROTAGONIST THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,030,134 shares 1,030,134$68.4M1.98%-44,314Timeline
NBIXNEUROCRINE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,228 shares; 2024Q4: 100,050 shares; 2025Q1: 100,050 shares; 2025Q2: 255,050 shares; 2025Q3: 450,050 shares 450,050$63.2M1.83%+195,000Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,795,894 shares 3,795,894$61.6M1.78%-844,055Timeline
VERONA PHARMA PLCVERONA PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 524,088 shares 524,088$55.9M1.62%-4,983,503
PENPENUMBRA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 73,338 shares; 2025Q1: not reported; 2025Q2: 32,797 shares; 2025Q3: 220,547 shares 220,547$55.9M1.61%+187,750Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,714,806 shares; 2024Q4: 1,185,592 shares; 2025Q1: 792,960 shares; 2025Q2: 915,887 shares; 2025Q3: 1,135,766 shares 1,135,766$53.9M1.56%+219,879Timeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,351,989 shares 1,351,989$53.7M1.55%+169,841Timeline
OMDAOMADA HEALTH 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: 2,426,330 shares; 2025Q3: 2,396,330 shares 2,396,330$53M1.53%-30,000Timeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,370,851 shares 6,370,851$50.2M1.45%-1,041,979Timeline
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,485,420 shares 6,485,420$47.2M1.36%0
INBXINHIBRX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,327,707 shares 1,327,707$44.7M1.29%+349,815Timeline
RGENREPLIGEN CORPQuarterly 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: 129,801 shares; 2025Q2: 166,000 shares; 2025Q3: 270,428 shares 270,428$36.1M1.04%+104,428Timeline
ZYMEZYMEWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,090,663 shares 2,090,663$35.7M1.03%+815,389Timeline
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: 1,251,101 shares; 2025Q2: 1,216,045 shares; 2025Q3: 1,179,098 shares 1,179,098$34.7M1%-36,947Timeline
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: 1,098,163 shares; 2025Q3: 1,098,163 shares 1,098,163$33.2M0.96%0Timeline
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: 388,608 shares 388,608$33M0.95%newTimeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,812,665 shares; 2024Q4: 1,486,508 shares; 2025Q1: 659,662 shares; 2025Q2: 447,507 shares; 2025Q3: 1,462,400 shares 1,462,400$31.6M0.91%+1,014,893Timeline
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: 6,993,646 shares; 2025Q3: 9,680,185 shares 9,680,185$30.9M0.89%+2,686,539Timeline
BSXBOSTON SCIENTIFIC CORPQuarterly 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: 130,000 shares; 2025Q2: 280,000 shares; 2025Q3: 310,000 shares 310,000$30.3M0.87%+30,000Timeline
ALDXALDEYRA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,222,311 shares 5,222,311$27.3M0.79%+1,170,680Timeline
DRUGBRIGHT MINDS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 403,649 shares; 2025Q1: 444,649 shares; 2025Q2: 420,690 shares; 2025Q3: 449,290 shares 449,290$27.3M0.79%+28,600Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,587,890 shares 1,587,890$25.6M0.74%-550,000Timeline
EXASEXACT SCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 465,487 shares 465,487$25.5M0.74%newTimeline
PVLAPALVELLA THERAPEUTICS INC NEQuarterly 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: 395,093 shares 395,093$24.8M0.72%newTimeline
ORKAORUKA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,235,187 shares; 2024Q4: 845,567 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,268,021 shares 1,268,021$24.4M0.7%newTimeline
ISRGINTUITIVE SURGICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 58,119 shares; 2024Q4: 63,119 shares; 2025Q1: 40,619 shares; 2025Q2: 45,119 shares; 2025Q3: 52,119 shares 52,119$23.3M0.67%+7,000Timeline
IRTCIRHYTHM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 22,591 shares; 2024Q4: 65,153 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 123,000 shares 123,000$21.2M0.61%newTimeline
AQSTAQUESTIVE 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: 3,727,208 shares; 2025Q2: 2,190,420 shares; 2025Q3: 3,760,099 shares 3,760,099$21M0.61%+1,569,679Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,229,445 shares 1,229,445$20.6M0.6%-300,000Timeline
ADGMADAGIO MED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 9,876,576 shares 9,876,576$19.2M0.55%0Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 782,844 shares; 2024Q4: 664,074 shares; 2025Q1: 355,107 shares; 2025Q2: 198,534 shares; 2025Q3: 148,900 shares 148,900$18.1M0.52%-49,634Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,153,468 shares 1,153,468$16.9M0.49%-150,000Timeline
ENGNENGENE HOLDINGS 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: 2,097,236 shares 2,097,236$14.3M0.41%newTimeline
OBIOORCHESTRA BIOMED HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 5,292,556 shares 5,292,556$13.1M0.38%+700,000Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 330,614 shares; 2025Q1: 297,553 shares; 2025Q2: 1,096,985 shares; 2025Q3: 1,416,149 shares 1,416,149$13.1M0.38%+319,164Timeline
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 748,183 shares; 2024Q4: 311,551 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 403,923 shares 403,923$12M0.35%newTimeline
OMOUTSET MED 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: 833,333 shares; 2025Q2: 833,333 shares; 2025Q3: 833,333 shares 833,333$11.8M0.34%0Timeline
NAUTNAUTILUS BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 12,594,211 shares 12,594,211$10.6M0.31%0Timeline
CRVSCORVUS 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: 1,438,595 shares; 2025Q3: 1,438,595 shares 1,438,595$10.6M0.31%0Timeline
KODKODIAK 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: not reported; 2025Q3: 634,577 shares 634,577$10.4M0.3%newTimeline
SEPNSEPTERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 750,000 shares; 2025Q1: not reported; 2025Q2: 541,450 shares; 2025Q3: 541,450 shares 541,450$10.2M0.29%0Timeline
GOSSGOSSAMER 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: 3,812,797 shares 3,812,797$10M0.29%newTimeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,213 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 210,106 shares; 2025Q3: 169,796 shares 169,796$9.61M0.28%-40,310Timeline
IKTINHIBIKASE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,925,000 shares; 2025Q1: 5,925,000 shares; 2025Q2: 5,432,293 shares; 2025Q3: 5,421,568 shares 5,421,568$8.78M0.25%-10,725Timeline
CTNMCONTINEUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 714,592 shares 714,592$8.4M0.24%+15,106Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 524,930 shares; 2024Q4: 325,324 shares; 2025Q1: 325,324 shares; 2025Q2: 200,791 shares; 2025Q3: 200,791 shares 200,791$8.06M0.23%0Timeline
AVRANTERIS TECHNOLOGIES GLOBALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,140,000 shares; 2025Q1: 2,140,000 shares; 2025Q2: 1,705,130 shares; 2025Q3: 1,705,130 shares 1,705,130$7.67M0.22%0Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 817,895 shares; 2025Q1: 970,412 shares; 2025Q2: 292,686 shares; 2025Q3: 292,686 shares 292,686$7.15M0.21%0Timeline
IRDOPUS GENETICS 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: 4,325,000 shares; 2025Q2: 4,325,000 shares; 2025Q3: 4,325,000 shares 4,325,000$7.14M0.21%0Timeline
TEMTEMPUS AI 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: 85,000 shares 85,000$6.86M0.2%newTimeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 718,144 shares; 2024Q4: 543,277 shares; 2025Q1: 2,313,403 shares; 2025Q2: 2,247,390 shares; 2025Q3: 540,444 shares 540,444$6.84M0.2%-1,706,946Timeline
KRYSKRYSTAL BIOTECH 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: 35,000 shares 35,000$6.18M0.18%newTimeline
BBNXBETA BIONICS 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: 1,593,608 shares; 2025Q2: 1,593,608 shares; 2025Q3: 277,944 shares 277,944$5.52M0.16%-1,315,664Timeline
CBIOCRESCENT BIOPHARMA 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: 453,686 shares; 2025Q3: 453,686 shares 453,686$5.39M0.16%0Timeline
HTFLHEARTFLOW 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: 150,000 shares 150,000$5.05M0.15%newTimeline
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: 183,890 shares; 2025Q3: 183,890 shares 183,890$4.74M0.14%0Timeline
PEPGPEPGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,410,438 shares; 2024Q4: 829,536 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 829,870 shares 829,870$3.83M0.11%newTimeline
BLTEBELITE 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: 49,788 shares 49,788$3.68M0.11%newTimeline
SCPHARMACEUTICALS INCSCPHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares; 2025Q3: 583,142 shares 583,142$3.31M0.1%+83,142
VKTXVIKING THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,699,987 shares; 2024Q4: 995,894 shares; 2025Q1: 509,005 shares; 2025Q2: 380,700 shares; 2025Q3: 105,597 shares 105,597$2.78M0.08%-275,103Timeline
PYXSPYXIS ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 508,462 shares; 2024Q4: 188,462 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,178,307 shares 1,178,307$2.62M0.08%newTimeline
LONALEONABIO 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: 540,296 shares 540,296$2.24M0.06%newTimeline
TRIBTRINITY BIOTECH INVT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,800,000 shares; 2024Q4: 1,790,000 shares; 2025Q1: not reported; 2025Q2: 1,790,000 shares; 2025Q3: 1,790,000 shares 1,790,000$1.86M0.05%0Timeline
AVTXAVALO 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: 520,000 shares; 2025Q2: 139,667 shares; 2025Q3: 139,667 shares 139,667$1.78M0.05%0Timeline
ENVVENO MEDICAL CORPORATIONENVVENO MEDICAL CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 694,315 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,284,966 shares; 2025Q3: 1,759,035 shares 1,759,035$1.59M0.05%+474,069
LYRALYRA THERAPEUTICS INC COM NEWQuarterly 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: 255,150 shares; 2025Q3: 229,382 shares 229,382$1.5M0.04%-25,768Timeline
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: 20,000 shares 20,000$1.17M0.03%newTimeline
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 139,835 shares; 2024Q4: 139,835 shares; 2025Q1: 139,835 shares; 2025Q2: 139,835 shares; 2025Q3: 139,835 shares 139,835$929K0.03%0Timeline
BDSXBIODESIX 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: 108,694 shares 108,694$821K0.02%newTimeline
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: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 155,366 shares 155,366$625K0.02%newTimeline
APYXAPYX MEDICAL CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 150,000 shares; 2025Q1: 150,000 shares; 2025Q2: 150,000 shares; 2025Q3: 150,000 shares 150,000$321K0.01%0Timeline
ENSCENSYSCE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 86,666 shares; 2025Q1: 86,666 shares; 2025Q2: 86,666 shares; 2025Q3: 86,666 shares 86,666$205K0.01%0Timeline
RVMDWREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,000 shares; 2024Q4: 250,000 shares; 2025Q1: 250,000 shares; 2025Q2: 250,000 shares; 2025Q3: 250,000 shares 250,000$75K<0.01%0Timeline
SRZNWSURROZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,666 shares; 2024Q4: 166,666 shares; 2025Q1: 166,666 shares; 2025Q2: 166,666 shares; 2025Q3: 166,666 shares 166,666$2.97K<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
SPRYARS PHARMACEUTICALS INC COMput200,000$2.01Mnew

Principal amounts

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

SecurityTypeAmountValueChange
RYTMRHYTHM PHARMACEUTICALS INC COMprincipal416,666,000$42.1Mnew
CELCUITY INCCELCUITY INC NOTE 2.750% 8/0principal6,500,000$8.72Mnew

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
SLNOSOLENO THERAPEUTICS INC430,439$36.1Mshares
XBISPDR SERIES TRUST300,000$24.9Mput
EOLSEVOLUS INC2,474,843$22.8Mshares
PODDINSULET CORP60,387$19Mshares
CRLCHARLES RIV LABS INTL INC100,000$15.2Mshares
RAREULTRAGENYX PHARMACEUTICAL IN270,000$9.82Mshares
CAPRCAPRICOR THERAPEUTICS INC650,000$6.45Mput
GMEDGLOBUS MED INC88,500$5.22Mshares
HELIX ACQUISITION CORP IIHELIX ACQUISITION CORP II398,000$4.23Mshares
ATHIRA PHARMA INCATHIRA PHARMA INC5,402,964$1.63Mshares
CAPRCAPRICOR THERAPEUTICS INC100,000$993Kcall
FBRXFORTE BIOSCIENCES INC68,192$882Kshares
BIODESIX INCBIODESIX INC2,173,880$613Kshares
KALAKALA BIO INC55,227$263Kshares

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 0001012975-25-000762 base2025-11-14acceptance time not in the bulk data set