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Rock Springs Capital Management LP

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13F filer, CIK 1595725, Baltimore, MD

Rock Springs Capital Management LP reported $1,950,203,715 across 99 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 39.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-000917

Period
2025-12-31
Reported value
$1.95B
Holdings
99
Top 10 weight
39.79%
New
18
Sold out
12

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UNHnew+40,800$13.5M
XBIadded+70,250$8.57M
IMNMnew+347,666$7.47M
RAPTnew+213,731$7.24M
CNTAadded+254,775$6.37M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MERUS N Vexited-597,051-$56.2M
ARGXreduced-39,500-$33.2M
AKROexited-626,526-$29.7M
GPCRreduced-202,918-$14.1M
INSMreduced-65,750-$11.4M

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

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-000917, largest first. % of portfolio is the value over $1,949,095,187, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 142,000 shares; 2024Q4: 144,500 shares; 2025Q1: 113,500 shares; 2025Q2: 116,500 shares; 2025Q3: 105,400 shares; 2025Q4: 105,400 shares 105,400$113M5.81%0Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,009,945 shares; 2024Q4: 1,213,257 shares; 2025Q1: 1,281,640 shares; 2025Q2: 1,330,960 shares; 2025Q3: 1,335,270 shares; 2025Q4: 1,335,270 shares 1,335,270$106M5.46%0Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 233,500 shares; 2024Q4: 229,600 shares; 2025Q1: 175,750 shares; 2025Q2: 175,750 shares; 2025Q3: 142,750 shares; 2025Q4: 103,250 shares 103,250$86.8M4.45%-39,500Timeline
TVTXTRAVERE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,684,476 shares; 2024Q4: 4,973,649 shares; 2025Q1: 2,921,196 shares; 2025Q2: 1,908,208 shares; 2025Q3: 2,164,773 shares; 2025Q4: 2,210,322 shares 2,210,322$84.5M4.33%+45,549Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 263,062 shares; 2024Q4: 265,212 shares; 2025Q1: 166,698 shares; 2025Q2: 140,296 shares; 2025Q3: 137,746 shares; 2025Q4: 139,618 shares 139,618$81.3M4.17%+1,872Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,228,093 shares; 2024Q4: 1,162,718 shares; 2025Q1: 834,188 shares; 2025Q2: 861,153 shares; 2025Q3: 717,102 shares; 2025Q4: 695,010 shares 695,010$74.4M3.82%-22,092Timeline
EXASEXACT SCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,147,500 shares; 2024Q4: 450,000 shares; 2025Q1: 480,000 shares; 2025Q2: 572,000 shares; 2025Q3: 593,500 shares; 2025Q4: 601,800 shares 601,800$61.1M3.14%+8,300Timeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,580,488 shares; 2024Q4: 1,471,564 shares; 2025Q1: 951,765 shares; 2025Q2: 818,206 shares; 2025Q3: 761,126 shares; 2025Q4: 762,294 shares 762,294$60.2M3.09%+1,168Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 683,344 shares; 2024Q4: 550,000 shares; 2025Q1: 515,900 shares; 2025Q2: 525,000 shares; 2025Q3: 385,000 shares; 2025Q4: 319,250 shares 319,250$55.6M2.85%-65,750Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,063,910 shares; 2024Q4: 1,080,963 shares; 2025Q1: 1,132,979 shares; 2025Q2: 1,135,879 shares; 2025Q3: 951,154 shares; 2025Q4: 748,236 shares 748,236$52M2.67%-202,918Timeline
ISRGINTUITIVE SURGICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 270,000 shares; 2024Q4: 216,000 shares; 2025Q1: 102,000 shares; 2025Q2: 82,000 shares; 2025Q3: 82,000 shares; 2025Q4: 82,000 shares 82,000$46.4M2.38%0Timeline
CDTXCIDARA 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: 134,133 shares; 2025Q3: 249,402 shares; 2025Q4: 204,878 shares 204,878$45.3M2.32%-44,524Timeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 325,000 shares; 2024Q4: 305,000 shares; 2025Q1: 216,000 shares; 2025Q2: 217,000 shares; 2025Q3: 214,500 shares; 2025Q4: 203,500 shares 203,500$43.4M2.23%-11,000Timeline
IRTCIRHYTHM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 397,500 shares; 2024Q4: 397,500 shares; 2025Q1: 254,300 shares; 2025Q2: 242,500 shares; 2025Q3: 235,000 shares; 2025Q4: 235,000 shares 235,000$41.7M2.14%0Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,049,386 shares; 2024Q4: 1,034,137 shares; 2025Q1: 794,437 shares; 2025Q2: 450,374 shares; 2025Q3: 450,374 shares; 2025Q4: 496,871 shares 496,871$38.7M1.98%+46,497Timeline
BSXBOSTON SCIENTIFIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 460,000 shares; 2024Q4: 460,000 shares; 2025Q1: 277,000 shares; 2025Q2: 355,000 shares; 2025Q3: 360,250 shares; 2025Q4: 399,050 shares 399,050$38M1.95%+38,800Timeline
PENPENUMBRA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,000 shares; 2024Q4: 240,000 shares; 2025Q1: 171,000 shares; 2025Q2: 128,500 shares; 2025Q3: 120,500 shares; 2025Q4: 120,500 shares 120,500$37.5M1.92%0Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,316,477 shares; 2024Q4: 1,251,859 shares; 2025Q1: 931,681 shares; 2025Q2: 931,681 shares; 2025Q3: 851,744 shares; 2025Q4: 787,788 shares 787,788$35.3M1.81%-63,956Timeline
SRRKSCHOLAR ROCK HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 716,782 shares; 2025Q1: 761,541 shares; 2025Q2: 794,133 shares; 2025Q3: 794,133 shares; 2025Q4: 733,477 shares 733,477$32.3M1.66%-60,656Timeline
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: 800,199 shares; 2025Q3: 1,008,308 shares; 2025Q4: 849,030 shares 849,030$30.2M1.55%-159,278Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,978,272 shares; 2024Q4: 1,739,813 shares; 2025Q1: 1,394,434 shares; 2025Q2: 1,391,072 shares; 2025Q3: 1,246,341 shares; 2025Q4: 1,267,241 shares 1,267,241$29.1M1.5%+20,900Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 383,492 shares; 2024Q4: 487,863 shares; 2025Q1: 520,796 shares; 2025Q2: 617,396 shares; 2025Q3: 617,396 shares; 2025Q4: 568,579 shares 568,579$28.8M1.48%-48,817Timeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,000 shares; 2024Q4: 256,200 shares; 2025Q1: 143,250 shares; 2025Q2: 100,000 shares; 2025Q3: 74,250 shares; 2025Q4: 71,250 shares 71,250$28.3M1.45%-3,000Timeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,250,280 shares; 2024Q4: 2,599,425 shares; 2025Q1: 1,909,362 shares; 2025Q2: 1,960,334 shares; 2025Q3: 1,947,374 shares; 2025Q4: 1,929,931 shares 1,929,931$27.5M1.41%-17,443Timeline
XBISPDR SERIES TRUSTQuarterly 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: 151,750 shares; 2025Q3: 151,750 shares; 2025Q4: 222,000 shares 222,000$27.1M1.39%+70,250Timeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 129,200 shares; 2025Q1: 130,000 shares; 2025Q2: 130,000 shares; 2025Q3: 125,000 shares; 2025Q4: 125,000 shares 125,000$24.8M1.27%0Timeline
DXCMDEXCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 524,000 shares; 2024Q4: 353,000 shares; 2025Q1: 397,650 shares; 2025Q2: 286,750 shares; 2025Q3: 316,900 shares; 2025Q4: 347,300 shares 347,300$23.1M1.18%+30,400Timeline
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 699,389 shares; 2024Q4: 471,086 shares; 2025Q1: 342,180 shares; 2025Q2: 989,745 shares; 2025Q3: 958,542 shares; 2025Q4: 799,163 shares 799,163$21.8M1.12%-159,379Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 110,889 shares; 2025Q1: 354,376 shares; 2025Q2: 373,750 shares; 2025Q3: 288,344 shares; 2025Q4: 260,344 shares 260,344$21.3M1.09%-28,000Timeline
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,629,239 shares; 2024Q4: 5,779,575 shares; 2025Q1: 4,962,955 shares; 2025Q2: 4,962,955 shares; 2025Q3: 4,474,702 shares; 2025Q4: 3,927,202 shares 3,927,202$21.1M1.08%-547,500Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 353,319 shares; 2024Q4: 767,522 shares; 2025Q1: 536,111 shares; 2025Q2: 536,111 shares; 2025Q3: 595,929 shares; 2025Q4: 557,194 shares 557,194$19.5M1%-38,735Timeline
AZTAAZENTA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 532,500 shares; 2024Q4: 475,000 shares; 2025Q1: 475,000 shares; 2025Q2: 530,400 shares; 2025Q3: 540,400 shares; 2025Q4: 569,100 shares 569,100$18.9M0.97%+28,700Timeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,103,778 shares; 2024Q4: 1,222,182 shares; 2025Q1: 812,653 shares; 2025Q2: 812,653 shares; 2025Q3: 721,538 shares; 2025Q4: 692,538 shares 692,538$18.8M0.97%-29,000Timeline
CAICARIS LIFE SCIENCES 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: 793,651 shares; 2025Q3: 793,651 shares; 2025Q4: 687,500 shares 687,500$18.5M0.95%-106,151Timeline
ZBIOZENAS BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 878,667 shares; 2024Q4: 878,667 shares; 2025Q1: 878,667 shares; 2025Q2: 640,467 shares; 2025Q3: 580,677 shares; 2025Q4: 502,077 shares 502,077$18.2M0.94%-78,600Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 461,028 shares; 2024Q4: 474,528 shares; 2025Q1: 524,499 shares; 2025Q2: 580,998 shares; 2025Q3: 824,061 shares; 2025Q4: 912,955 shares 912,955$17.9M0.92%+88,894Timeline
NBIXNEUROCRINE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 939,000 shares; 2024Q4: 720,500 shares; 2025Q1: 279,000 shares; 2025Q2: 88,800 shares; 2025Q3: 89,750 shares; 2025Q4: 125,500 shares 125,500$17.8M0.91%+35,750Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 756,931 shares; 2024Q4: 775,131 shares; 2025Q1: 623,402 shares; 2025Q2: 623,402 shares; 2025Q3: 623,402 shares; 2025Q4: 623,402 shares 623,402$17.3M0.89%0Timeline
MLYSMINERALYS 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: 320,813 shares; 2025Q2: 324,513 shares; 2025Q3: 408,313 shares; 2025Q4: 427,596 shares 427,596$15.5M0.8%+19,283Timeline
PHRPHREESIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,282,500 shares; 2024Q4: 2,040,000 shares; 2025Q1: 1,148,336 shares; 2025Q2: 837,300 shares; 2025Q3: 749,116 shares; 2025Q4: 876,600 shares 876,600$14.8M0.76%+127,484Timeline
ZLABZAI LAB LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,315,673 shares; 2024Q4: 1,305,337 shares; 2025Q1: 904,592 shares; 2025Q2: 871,392 shares; 2025Q3: 791,193 shares; 2025Q4: 811,546 shares 811,546$14.3M0.73%+20,353Timeline
DHRDANAHER CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 58,800 shares; 2025Q2: 59,000 shares; 2025Q3: 61,500 shares; 2025Q4: 61,500 shares 61,500$14.1M0.72%0Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 294,250 shares; 2024Q4: 176,000 shares; 2025Q1: 100,500 shares; 2025Q2: 50,500 shares; 2025Q3: not reported; 2025Q4: 40,800 shares 40,800$13.5M0.69%newTimeline
ARDXARDELYX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,463,629 shares; 2025Q1: 1,604,975 shares; 2025Q2: 2,286,273 shares; 2025Q3: 2,286,273 shares; 2025Q4: 2,299,473 shares 2,299,473$13.4M0.69%+13,200Timeline
ACRSACLARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,753,495 shares; 2024Q4: 6,204,309 shares; 2025Q1: 5,046,309 shares; 2025Q2: 4,769,309 shares; 2025Q3: 4,609,309 shares; 2025Q4: 4,453,741 shares 4,453,741$13.4M0.69%-155,568Timeline
SMMTSUMMIT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,040,000 shares; 2024Q4: 1,054,000 shares; 2025Q1: 995,000 shares; 2025Q2: 710,000 shares; 2025Q3: 710,000 shares; 2025Q4: 710,000 shares 710,000$12.4M0.64%0Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 428,571 shares; 2024Q4: 428,571 shares; 2025Q1: 465,871 shares; 2025Q2: 701,408 shares; 2025Q3: 686,107 shares; 2025Q4: 798,405 shares 798,405$12.3M0.63%+112,298Timeline
INSPINSPIRE MED SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 130,000 shares; 2024Q4: 130,000 shares; 2025Q1: 99,250 shares; 2025Q2: 107,500 shares; 2025Q3: 110,500 shares; 2025Q4: 131,000 shares 131,000$12.1M0.62%+20,500Timeline
OMDAOMADA HEALTH 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: 919,951 shares; 2025Q3: 919,950 shares; 2025Q4: 740,000 shares 740,000$11.7M0.6%-179,950Timeline
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 124,095 shares; 2025Q1: 124,095 shares; 2025Q2: 154,528 shares; 2025Q3: 154,528 shares; 2025Q4: 247,053 shares 247,053$11.4M0.59%+92,525Timeline
ACLXARCELLX 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: 186,314 shares; 2025Q3: 178,982 shares; 2025Q4: 169,859 shares 169,859$11.1M0.57%-9,123Timeline
EVHEVOLENT HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,070,000 shares; 2024Q4: 2,060,000 shares; 2025Q1: 2,695,700 shares; 2025Q2: 2,820,700 shares; 2025Q3: 2,950,000 shares; 2025Q4: 2,675,000 shares 2,675,000$10.7M0.55%-275,000Timeline
GOSSGOSSAMER BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,266,960 shares; 2024Q4: 3,266,960 shares; 2025Q1: 3,266,960 shares; 2025Q2: 3,266,960 shares; 2025Q3: 3,266,960 shares; 2025Q4: 3,266,960 shares 3,266,960$10.1M0.52%0Timeline
MBXMBX 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: 282,624 shares; 2025Q4: 282,624 shares 282,624$8.91M0.46%0Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly 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: 69,240 shares; 2025Q4: 324,015 shares 324,015$8.1M0.42%+254,775Timeline
HTFLHEARTFLOW 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: 250,000 shares; 2025Q4: 277,700 shares 277,700$8.09M0.42%+27,700Timeline
BBIOBRIDGEBIO PHARMA 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: 85,000 shares; 2025Q4: 103,500 shares 103,500$7.92M0.41%+18,500Timeline
REGNREGENERON PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,800 shares; 2025Q2: 11,300 shares; 2025Q3: 11,300 shares; 2025Q4: 10,100 shares 10,100$7.8M0.4%-1,200Timeline
IMNMIMMUNOME 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: 347,666 shares 347,666$7.47M0.38%newTimeline
RAPTRAPT 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: 213,731 shares 213,731$7.24M0.37%newTimeline
BCAXBICARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 445,975 shares; 2024Q4: 445,975 shares; 2025Q1: 336,070 shares; 2025Q2: 336,070 shares; 2025Q3: 370,666 shares; 2025Q4: 429,095 shares 429,095$7.22M0.37%+58,429Timeline
EWEDWARDS LIFESCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 576,900 shares; 2024Q4: 545,000 shares; 2025Q1: 255,000 shares; 2025Q2: 131,000 shares; 2025Q3: 88,000 shares; 2025Q4: 82,500 shares 82,500$7.03M0.36%-5,500Timeline
ATECALPHATEC HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200,000 shares; 2025Q1: 267,500 shares; 2025Q2: 267,500 shares; 2025Q3: 302,500 shares; 2025Q4: 302,500 shares 302,500$6.36M0.33%0Timeline
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: 343,228 shares; 2025Q2: 499,764 shares; 2025Q3: 499,764 shares; 2025Q4: 499,764 shares 499,764$6.04M0.31%0Timeline
TMOTHERMO FISHER SCIENTIFIC 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: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$5.79M0.3%0Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 204,466 shares; 2025Q1: 204,466 shares; 2025Q2: 210,266 shares; 2025Q3: 210,366 shares; 2025Q4: 358,798 shares 358,798$4.95M0.25%+148,432Timeline
SGRYSURGERY PARTNERS 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: 310,000 shares 310,000$4.79M0.25%newTimeline
EYPTEYEPOINT 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: 31,655 shares; 2025Q4: 258,739 shares 258,739$4.73M0.24%+227,084Timeline
PTCTPTC 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: 61,879 shares 61,879$4.7M0.24%newTimeline
AGLAGILON HEALTH INC COM (DE)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,096,800 shares; 2024Q4: 7,463,300 shares; 2025Q1: 6,950,000 shares; 2025Q2: 6,550,400 shares; 2025Q3: 6,966,300 shares; 2025Q4: 6,500,000 shares 6,500,000$4.48M0.23%-466,300Timeline
MERSANA THERAPEUTICS INCMERSANA 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: 152,586 shares; 2025Q4: 152,586 shares 152,586$4.41M0.23%0
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: 108,481 shares 108,481$4.38M0.22%newTimeline
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: 180,000 shares 180,000$4.29M0.22%newTimeline
FOCLEDAP TMS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,568,000 shares; 2024Q4: 1,591,800 shares; 2025Q1: 1,270,000 shares; 2025Q2: 1,270,000 shares; 2025Q3: 1,270,000 shares; 2025Q4: 1,286,500 shares 1,286,500$4.23M0.22%+16,500Timeline
OCULOCULAR THERAPEUTIX 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: 300,000 shares; 2025Q4: 345,820 shares 345,820$4.2M0.22%+45,820Timeline
LENZLENZ THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 29,305 shares; 2025Q1: 83,082 shares; 2025Q2: 83,982 shares; 2025Q3: 236,227 shares; 2025Q4: 257,460 shares 257,460$4.12M0.21%+21,233Timeline
TLPHTALPHERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 316,460 shares; 2024Q4: 316,460 shares; 2025Q1: 316,460 shares; 2025Q2: 316,460 shares; 2025Q3: 3,589,186 shares; 2025Q4: 3,589,186 shares 3,589,186$4.09M0.21%0Timeline
SIONSIONNA 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: 99,429 shares; 2025Q2: 99,429 shares; 2025Q3: 99,429 shares; 2025Q4: 99,429 shares 99,429$4.09M0.21%0Timeline
TBPHTHERAVANCE BIOPHARMA 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: 208,771 shares 208,771$3.91M0.2%newTimeline
ALKSALKERMES PLCQuarterly 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: 106,537 shares; 2025Q4: 139,228 shares 139,228$3.9M0.2%+32,691Timeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,000 shares; 2024Q4: 80,000 shares; 2025Q1: 80,000 shares; 2025Q2: 84,300 shares; 2025Q3: 92,000 shares; 2025Q4: 150,500 shares 150,500$3.78M0.19%+58,500Timeline
INDIVIOR PLCINDIVIOR PLCQuarterly 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: 105,100 shares 105,100$3.77M0.19%new
ERASERASCA 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: 951,710 shares 951,710$3.54M0.18%newTimeline
TNGXTANGO 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: 386,915 shares 386,915$3.43M0.18%newTimeline
OLMAOLEMA 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: 98,240 shares 98,240$2.46M0.13%newTimeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 206,108 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 35,853 shares 35,853$2.28M0.12%newTimeline
PCVXVAXCYTE 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: 11,100 shares; 2025Q3: 11,100 shares; 2025Q4: 47,000 shares 47,000$2.17M0.11%+35,900Timeline
NGNENEUROGENE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 95,407 shares; 2025Q1: 104,339 shares; 2025Q2: 104,339 shares; 2025Q3: 104,339 shares; 2025Q4: 104,339 shares 104,339$2.15M0.11%0Timeline
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 459,088 shares; 2024Q4: 463,088 shares; 2025Q1: 545,171 shares; 2025Q2: 545,171 shares; 2025Q3: 1,100,726 shares; 2025Q4: 1,100,726 shares 1,100,726$2.01M0.1%0Timeline
ROIVROIVANT SCIENCES 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: 88,750 shares 88,750$1.93M0.1%newTimeline
CORTCORCEPT 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: 50,250 shares 50,250$1.75M0.09%newTimeline
ACHCACADIA HEALTHCARE COMPANY INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 815,000 shares; 2024Q4: 583,500 shares; 2025Q1: 681,100 shares; 2025Q2: 696,000 shares; 2025Q3: 170,000 shares; 2025Q4: 120,000 shares 120,000$1.7M0.09%-50,000Timeline
TEVATEVA PHARMACEUTICAL INDS 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: 45,500 shares 45,500$1.42M0.07%newTimeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly 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: 28,200 shares; 2025Q4: 61,700 shares 61,700$813K0.04%+33,500Timeline
LEGNLEGEND BIOTECH CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 508,932 shares; 2024Q4: 512,132 shares; 2025Q1: 512,932 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 33,800 shares 33,800$735K0.04%newTimeline
JAZZJAZZ PHARMACEUTICALS PLCQuarterly 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: 1,750 shares 1,750$298K0.02%newTimeline
NUVATION BIO INCNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 134,028 shares; 2024Q4: 134,028 shares; 2025Q1: 134,028 shares; 2025Q2: 134,028 shares; 2025Q3: 134,028 shares; 2025Q4: 134,028 shares 134,028$44.2K<0.01%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
NAMSNEWAMSTERDAM PHARMA COMPANY COMMON STOCKcall31,600$1.11M0

Principal amounts

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

SecurityTypeAmountValueChange
GOSSAMER BIO INCGOSSAMER BIO INC NOTE 5.000% 6/0principal9,573,000$6.56M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MERUS N VMERUS N V597,051$56.2Mshares
AKROAKERO THERAPEUTICS INC626,526$29.7Mshares
MREOMEREO BIOPHARMA GROUP PLC4,570,649$9.42Mshares
WSTWEST PHARMACEUTICAL SVSC INC9,750$2.56Mshares
KRROKORRO BIO INC35,719$1.71Mshares
CATXPERSPECTIVE THERAPEUTICS INC444,383$1.52Mshares
Applied Therapeutics IncApplied Therapeutics Inc2,075,991$1.26Mshares
IMVTIMMUNOVANT INC72,965$1.18Mshares
CRLCHARLES RIV LABS INTL INC2,700$422Kshares
NVAXNOVAVAX INC45,000$390Kshares
PRTAPROTHENA CORP PLC25,398$248Kshares
CGENCOMPUGEN LTD13,430$19.7Kshares

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 0001172661-26-000917 base2026-02-17acceptance time not in the bulk data set