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Vestal Point Capital, LP

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13F filer, CIK 1974915, NEW YORK, NY

Vestal Point Capital, LP reported $2,941,274,351 across 76 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 49.01% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001974915-26-000002

Period
2025-12-31
Reported value
$2.94B
Holdings
76
Top 10 weight
49.01%
New
25
Sold out
30

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TERNnew+4,500,000$182M
BMRNadded+2,170,000$129M
ABVXadded+900,000$121M
ACLXadded+1,675,000$109M
MRKnew+775,000$81.6M

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
NUVLreduced-1,054,000-$106M
ASNDreduced-425,000-$90.6M
FOLDexited-9,750,000-$76.8M
IONSexited-1,075,000-$70.3M
BDXexited-325,000-$60.8M

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, Q4 2025

Share positions as resolved from 13F-HR 0001974915-26-000002, largest first. % of portfolio is the value over $2,726,265,851, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,000,000 shares; 2025Q4: 1,900,000 shares 1,900,000$256M9.4%+900,000Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 675,000 shares; 2024Q4: 475,000 shares; 2025Q1: 2,387,720 shares; 2025Q2: 2,750,000 shares; 2025Q3: 1,250,000 shares; 2025Q4: 2,925,000 shares 2,925,000$191M7%+1,675,000Timeline
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: 4,500,000 shares 4,500,000$182M6.67%newTimeline
BMRNBIOMARIN PHARMACEUTICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 860,000 shares; 2025Q1: not reported; 2025Q2: 500,000 shares; 2025Q3: 830,000 shares; 2025Q4: 3,000,000 shares 3,000,000$178M6.54%+2,170,000Timeline
GMEDGLOBUS MED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 325,000 shares; 2025Q1: 200,000 shares; 2025Q2: 500,000 shares; 2025Q3: 1,250,000 shares; 2025Q4: 1,275,000 shares 1,275,000$111M4.08%+25,000Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 425,000 shares; 2024Q4: 485,000 shares; 2025Q1: 1,125,552 shares; 2025Q2: 2,000,000 shares; 2025Q3: 3,475,000 shares; 2025Q4: 4,690,000 shares 4,690,000$89M3.26%+1,215,000Timeline
ALCALCON AGQuarterly 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: 525,000 shares; 2025Q3: 1,100,000 shares; 2025Q4: 1,105,000 shares 1,105,000$87.1M3.19%+5,000Timeline
DXCMDEXCOM 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: 650,000 shares; 2025Q4: 1,275,000 shares 1,275,000$84.6M3.1%+625,000Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 800,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 775,000 shares 775,000$81.6M2.99%newTimeline
TSHATAYSHA GENE THERAPIES 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: 3,000,000 shares; 2025Q3: 5,500,000 shares; 2025Q4: 13,750,000 shares 13,750,000$75.6M2.77%+8,250,000Timeline
ABTABBOTT LABORATORIESQuarterly 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: 175,000 shares; 2025Q3: 250,000 shares; 2025Q4: 600,000 shares 600,000$75.2M2.76%+350,000Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,750,000 shares; 2024Q4: 6,275,000 shares; 2025Q1: 7,192,700 shares; 2025Q2: 6,250,000 shares; 2025Q3: 6,350,000 shares; 2025Q4: 6,125,000 shares 6,125,000$64.3M2.36%-225,000Timeline
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 990,000 shares; 2025Q1: 2,879,829 shares; 2025Q2: 2,655,000 shares; 2025Q3: 2,425,000 shares; 2025Q4: 2,425,000 shares 2,425,000$63.8M2.34%0Timeline
BCAXBICARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 425,000 shares; 2024Q4: 710,000 shares; 2025Q1: 2,768,975 shares; 2025Q2: 5,000,000 shares; 2025Q3: 5,100,000 shares; 2025Q4: 3,575,000 shares 3,575,000$60.2M2.21%-1,525,000Timeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly 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: 900,000 shares 900,000$59.8M2.19%newTimeline
ELVNENLIVEN 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: 250,000 shares; 2025Q3: 1,160,000 shares; 2025Q4: 3,830,000 shares 3,830,000$59M2.16%+2,670,000Timeline
IRONDISC MEDICINE 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: 140,000 shares; 2025Q3: 500,000 shares; 2025Q4: 735,000 shares 735,000$58.4M2.14%+235,000Timeline
JAZZJAZZ PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 900,000 shares; 2024Q4: 975,000 shares; 2025Q1: not reported; 2025Q2: 1,200,000 shares; 2025Q3: 500,000 shares; 2025Q4: 290,000 shares 290,000$49.3M1.81%-210,000Timeline
DAWNDAY ONE BIOPHARMACEUTICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,500,000 shares; 2024Q4: 1,440,000 shares; 2025Q1: 2,598,127 shares; 2025Q2: 3,000,000 shares; 2025Q3: 2,675,000 shares; 2025Q4: 5,200,000 shares 5,200,000$48.5M1.78%+2,525,000Timeline
LXEOLEXEO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 850,000 shares; 2024Q4: 1,200,000 shares; 2025Q1: 1,136,249 shares; 2025Q2: 3,228,161 shares; 2025Q3: 3,250,000 shares; 2025Q4: 4,475,000 shares 4,475,000$44.4M1.63%+1,225,000Timeline
ANROALTO NEUROSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 650,000 shares; 2024Q4: 915,000 shares; 2025Q1: 915,000 shares; 2025Q2: 950,000 shares; 2025Q3: 950,000 shares; 2025Q4: 2,485,000 shares 2,485,000$44.2M1.62%+1,535,000Timeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,500 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 425,000 shares; 2025Q4: 550,000 shares 550,000$41.5M1.52%+125,000Timeline
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: 1,650,000 shares 1,650,000$41.2M1.51%newTimeline
AXSMAXSOME THERAPEUTICS INC.Quarterly 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: 150,000 shares; 2025Q4: 210,000 shares 210,000$38.4M1.41%+60,000Timeline
ASNDASCENDIS PHARMA A/SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,000 shares; 2024Q4: 520,000 shares; 2025Q1: 150,142 shares; 2025Q2: 200,000 shares; 2025Q3: 600,000 shares; 2025Q4: 175,000 shares 175,000$37.3M1.37%-425,000Timeline
RAPPRAPPORT 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: 950,000 shares; 2025Q4: 1,110,000 shares 1,110,000$33.7M1.24%+160,000Timeline
SLDBSOLID BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,800,000 shares; 2024Q4: 2,850,000 shares; 2025Q1: 1,753,558 shares; 2025Q2: 1,505,000 shares; 2025Q3: 2,975,000 shares; 2025Q4: 5,815,000 shares 5,815,000$32.8M1.2%+2,840,000Timeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 305,000 shares; 2025Q1: 198,646 shares; 2025Q2: 1,750,000 shares; 2025Q3: 1,205,000 shares; 2025Q4: 1,165,000 shares 1,165,000$31.6M1.16%-40,000Timeline
SRRKSCHOLAR ROCK HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,300,000 shares; 2025Q2: 1,500,000 shares; 2025Q3: 1,500,000 shares; 2025Q4: 700,000 shares 700,000$30.8M1.13%-800,000Timeline
KALVKALVISTA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,000,000 shares; 2024Q4: 4,770,000 shares; 2025Q1: 4,751,292 shares; 2025Q2: 4,675,000 shares; 2025Q3: 750,000 shares; 2025Q4: 1,890,000 shares 1,890,000$30.5M1.12%+1,140,000Timeline
VERAVERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,075,000 shares; 2025Q1: 2,500,000 shares; 2025Q2: 3,100,000 shares; 2025Q3: 760,000 shares; 2025Q4: 550,000 shares 550,000$27.9M1.02%-210,000Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 825,000 shares; 2024Q4: 810,000 shares; 2025Q1: 1,300,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 1,100,000 shares; 2025Q4: 600,000 shares 600,000$26.9M0.99%-500,000Timeline
LNTHLANTHEUS HLDGS 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: 50,000 shares; 2025Q3: 170,000 shares; 2025Q4: 360,000 shares 360,000$24M0.88%+190,000Timeline
RVMDREVOLUTION MEDICINES 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: 1,200,000 shares; 2025Q3: 630,000 shares; 2025Q4: 295,000 shares 295,000$23.5M0.86%-335,000Timeline
ZYMEZYMEWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 615,000 shares; 2024Q4: 185,000 shares; 2025Q1: 500,000 shares; 2025Q2: 1,150,000 shares; 2025Q3: 1,765,000 shares; 2025Q4: 865,000 shares 865,000$22.8M0.84%-900,000Timeline
IMCRIMMUNOCORE HLDGS 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: 585,000 shares 585,000$20.3M0.74%newTimeline
UPBUPSTREAM BIO 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: 720,000 shares 720,000$19.5M0.72%newTimeline
BBNXBETA BIONICS 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: 550,000 shares; 2025Q3: 600,000 shares; 2025Q4: 600,000 shares 600,000$18.3M0.67%0Timeline
CBIOCRESCENT BIOPHARMA INC.Quarterly 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: 1,500,000 shares 1,500,000$17.8M0.65%newTimeline
BCRXBIOCRYST 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: 2,250,000 shares 2,250,000$17.6M0.64%newTimeline
PENPENUMBRA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 50,000 shares 50,000$15.5M0.57%newTimeline
GERNGERON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,000 shares; 2024Q4: 11,000,000 shares; 2025Q1: 22,005,340 shares; 2025Q2: 23,775,000 shares; 2025Q3: 17,225,000 shares; 2025Q4: 11,320,000 shares 11,320,000$14.9M0.55%-5,905,000Timeline
RGENREPLIGEN CORPQuarterly 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: 400,000 shares; 2025Q4: 83,000 shares 83,000$13.6M0.5%-317,000Timeline
ZBHZIMMER BIOMET HOLDINGS 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: 50,000 shares; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$13.5M0.49%newTimeline
BMYBRISTOL-MYERS SQUIBB COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 250,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 250,000 shares 250,000$13.5M0.49%newTimeline
GLUEMONTE ROSA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 930,000 shares; 2024Q4: 425,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 800,000 shares; 2025Q4: 775,000 shares 775,000$12.2M0.45%-25,000Timeline
FULCFULCRUM 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: 950,000 shares 950,000$10.7M0.39%newTimeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,090,000 shares; 2024Q4: 10,775,000 shares; 2025Q1: 11,000,000 shares; 2025Q2: 11,015,000 shares; 2025Q3: 4,015,000 shares; 2025Q4: 1,606,000 shares 1,606,000$9.68M0.36%-2,409,000Timeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 370,000 shares; 2025Q1: 370,000 shares; 2025Q2: 370,000 shares; 2025Q3: 370,000 shares; 2025Q4: 1,055,000 shares 1,055,000$9.53M0.35%+685,000Timeline
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 760,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 127,000 shares; 2025Q4: 325,000 shares 325,000$8.85M0.32%+198,000Timeline
MIND MEDICINE MINDMED INCMIND MEDICINE MINDMED 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: 637,000 shares 637,000$8.53M0.31%new
DNLIDENALI 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: 465,000 shares 465,000$7.68M0.28%newTimeline
MYGNMYRIAD GENETICS 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: 600,000 shares; 2025Q4: 1,223,000 shares 1,223,000$7.52M0.28%+623,000Timeline
TECXTECTONIC THERAPEUTIC 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: 328,000 shares 328,000$6.84M0.25%newTimeline
NVCRNOVOCURE 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: 400,000 shares; 2025Q4: 525,000 shares 525,000$6.79M0.25%+125,000Timeline
MPLTMAPLIGHT 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: 385,000 shares 385,000$6.76M0.25%newTimeline
GILDGILEAD SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 200,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 50,000 shares 50,000$6.14M0.23%newTimeline
VYGRVOYAGER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 490,000 shares; 2024Q4: 1,230,000 shares; 2025Q1: 1,249,418 shares; 2025Q2: 1,475,000 shares; 2025Q3: 1,475,000 shares; 2025Q4: 1,475,000 shares 1,475,000$5.8M0.21%0Timeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 300,000 shares 300,000$5.75M0.21%newTimeline
MIRMMIRUM 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: 66,000 shares 66,000$5.21M0.19%newTimeline
NYXHNYXOAH S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,924,216 shares; 2025Q1: 2,318,954 shares; 2025Q2: 1,402,002 shares; 2025Q3: 1,107,413 shares; 2025Q4: 1,107,000 shares 1,107,000$5.09M0.19%-413Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 600,000 shares; 2025Q1: 1,075,000 shares; 2025Q2: 1,075,000 shares; 2025Q3: 1,100,000 shares; 2025Q4: 46,000 shares 46,000$4.63M0.17%-1,054,000Timeline
LENZLENZ 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: 275,000 shares 275,000$4.4M0.16%newTimeline
RZLTREZOLUTE 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: 1,686,000 shares 1,686,000$3.98M0.15%newTimeline
PASGPASSAGE BIO 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: 305,000 shares; 2025Q4: 305,000 shares 305,000$3.6M0.13%0Timeline
STROSUTRO 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: 243,000 shares 243,000$2.81M0.1%newTimeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,150,000 shares; 2024Q4: 1,725,000 shares; 2025Q1: 1,788,990 shares; 2025Q2: 1,200,000 shares; 2025Q3: not reported; 2025Q4: 35,000 shares 35,000$2.43M0.09%newTimeline
DYNDYNE 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: 1,800,000 shares; 2025Q2: 727,500 shares; 2025Q3: 2,775,000 shares; 2025Q4: 120,000 shares 120,000$2.35M0.09%-2,655,000Timeline
BDTXBLACK DIAMOND THERAPEUTICS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,028,500 shares; 2024Q4: 5,600,000 shares; 2025Q1: 5,600,000 shares; 2025Q2: 5,600,000 shares; 2025Q3: 5,550,000 shares; 2025Q4: 870,000 shares 870,000$2.11M0.08%-4,680,000Timeline
OKURONKURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 635,000 shares; 2025Q1: 635,000 shares; 2025Q2: 635,000 shares; 2025Q3: 635,000 shares; 2025Q4: 635,000 shares 635,000$1.84M0.07%0Timeline
FATEFATE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,685,000 shares; 2024Q4: 2,465,000 shares; 2025Q1: 2,515,850 shares; 2025Q2: 2,515,000 shares; 2025Q3: 2,515,000 shares; 2025Q4: 1,725,000 shares 1,725,000$1.69M0.06%-790,000Timeline
ALECALECTOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 504,540 shares; 2025Q2: 976,992 shares; 2025Q3: 980,000 shares; 2025Q4: 755,000 shares 755,000$1.18M0.04%-225,000Timeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,333 shares; 2024Q4: 55,189 shares; 2025Q1: 53,439 shares; 2025Q2: 53,439 shares; 2025Q3: 53,439 shares; 2025Q4: 53,439 shares 53,439$651K0.02%0Timeline
RGNXREGENXBIO 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: 34,000 shares 34,000$490K0.02%newTimeline
MGNXMACROGENICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 830,000 shares; 2024Q4: 280,000 shares; 2025Q1: 280,000 shares; 2025Q2: 280,000 shares; 2025Q3: 280,000 shares; 2025Q4: 280,000 shares 280,000$451K0.02%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
QQQINVESCO QQQ TR COMput350,000$215Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
FOLDAMICUS THERAPEUTIC9,750,000$76.8Mshares
IONSIONIS PHARMACEUTICALS INC1,075,000$70.3Mshares
BDXBECTON DICKINSON & CO325,000$60.8Mshares
DNTHDIANTHUS THERAPEUTICS INC1,180,000$46.4Mshares
CYTKCYTOKINETICS INC725,000$39.8Mshares
BIIBBIOGEN INC275,000$38.5Mshares
CDTXCIDARA THERAPEUTICS INC400,000$38.3Mshares
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INC4,956,000$36.1Mshares
CRNXCRINETICS PHARMACEUTICALS IN750,000$31.2Mshares
DHRDANAHER CORP DEL150,000$29.7Mshares
BLTEBELITE BIO INC312,500$23.1Mshares
RAREULTRAGENYX PHARMACEUTICAL IN750,000$22.6Mshares
BRKRBRUKER CORP440,000$14.3Mshares
REGNREGENERON PHARMACEUTICALS25,000$14.1Mshares
QUREUNIQURE NV225,000$13.1Mshares
BHVNBIOHAVEN LTD701,700$10.5Mput
INSPINSPIRE MED SYS INC135,000$10Mshares
Applied Therapeutics IncApplied Therapeutics Inc14,250,000$8.62Mshares
CGONCG ONCOLOGY INC175,000$7.05Mshares
TVRDTVARDI THERAPEUTICS INC167,000$6.51Mshares
VTYXVENTYX BIOSCIENCES INC2,050,000$6.38Mshares
GSKGSK PLC125,000$5.39Mshares
EXASEXACT SCIENCES CORP75,000$4.1Mshares
ESTAESTABLISHMENT LABS HLDGS INC100,000$4.1Mshares
KODKODIAK SCIENCES INC250,000$4.09Mshares
ARQTARCUTIS BIOTHERAPEUTICS INC200,000$3.77Mshares
RCUSARCUS BIOSCIENCES INC250,000$3.4Mshares
SUTRO BIOPHARMA INCSUTRO BIOPHARMA INC2,600,000$2.26Mshares
LUNGPULMONX CORP830,000$1.34Mshares
TRAWTRAWS PHARMA INC150,000$278Kshares

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 0001974915-26-000002 base2026-02-17acceptance time not in the bulk data set