Vault-13

ORBIMED ADVISORS LLC

New York, NY · CIK 1055951 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2002 · limited liability company

$5.3bn reported value +15.1% vs Q1 2026
121positions
43.0%in top 10
35 new 32 added 26 reduced 22 sold out vs Q1 2026

Options: 6 call positions ($68.5m notional), 2 put positions ($48.8m notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#SecurityTickerShares Value% of portfolioChangeShares change
1 EDGEWISE THERAPEUTICS INC COM EWTX EWTX 15,518,492 $630.5m11.94% 11.94% UnchangedShares held: Q3 2025 15.5m, Q4 2025 15.5m, Q1 2026 15.5m, Q2 2026 15.5m
2 ENLIVEN THERAPEUTICS INC COM ELVN ELVN 6,776,632 $343.9m6.51% 6.51% ReducedShares held: Q3 2025 8.0m, Q4 2025 8.0m, Q1 2026 8.0m, Q2 2026 6.8m -1.2m -1,182,906 -14.9%
3 ELI LILLY & CO COM LLY LLY 257,900 $309.3m5.86% 5.86% AddedShares held: Q3 2025 301.2k, Q4 2025 301.2k, Q1 2026 236.8k, Q2 2026 257.9k +21.1k +21,100 8.9%
4 MBX BIOSCIENCES INC COM MBX MBX 3,428,736 $189.3m3.58% 3.58% ReducedShares held: Q3 2025 4.0m, Q4 2025 3.9m, Q1 2026 3.6m, Q2 2026 3.4m -209.2k -209,151 -5.8%
5 SINOVAC BIOTECH LTD SHS SVA SVA 2,718,735 $184.5m3.49% 3.49% UnchangedShares held: Q3 2025 2.7m, Q4 2025 2.7m, Q1 2026 2.7m, Q2 2026 2.7m
6 ASTRAZENECA PLC ORD AZN AZN 915,700 $171.1m3.24% 3.24% AddedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 670.2k, Q2 2026 915.7k +245.5k +245,500 36.6%
7 STRUCTURE THERAPEUTICS INC SPONSORED ADS GPCR GPCR 2,209,400 $118.6m2.25% 2.25% AddedShares held: Q3 2025 1.1m, Q4 2025 1.2m, Q1 2026 1.5m, Q2 2026 2.2m +734.0k +733,997 49.8%
8 SIONNA THERAPEUTICS INC COM SION SION 2,555,877 $112.4m2.13% 2.13% ReducedShares held: Q3 2025 3.7m, Q4 2025 3.6m, Q1 2026 3.5m, Q2 2026 2.6m -974.8k -974,825 -27.6%
9 CORVUS PHARMACEUTICALS INC COM CRVS CRVS 7,165,006 $107.0m2.03% 2.03% UnchangedShares held: Q3 2025 7.2m, Q4 2025 7.2m, Q1 2026 7.2m, Q2 2026 7.2m
10 ARRIVENT BIOPHARMA INC COM AVBP AVBP 3,027,328 $105.2m1.99% 1.99% UnchangedShares held: Q3 2025 3.0m, Q4 2025 3.0m, Q1 2026 3.0m, Q2 2026 3.0m
11 GUARDANT HEALTH INC COM GH GH 583,700 $87.6m1.66% 1.66% AddedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 435.2k, Q2 2026 583.7k +148.5k +148,500 34.1%
12 ARGENX SE SPONSORED ADR ARGX ARGX 92,880 $86.2m1.63% 1.63% ReducedShares held: Q3 2025 172.3k, Q4 2025 146.0k, Q1 2026 136.9k, Q2 2026 92.9k -44.0k -44,020 -32.1%
13 MERCK & CO INC COM MRK MRK 663,400 $85.2m1.61% 1.61% UnchangedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 663.4k, Q2 2026 663.4k
14 UNIQURE NV SHS QURE QURE 1,807,486 $83.3m1.58% 1.58% ReducedShares held: Q3 2025 458.5k, Q4 2025 737.4k, Q1 2026 2.1m, Q2 2026 1.8m -328.7k -328,663 -15.4%
15 PRAXIS PRECISION MEDICINES I COM NEW PRAX PRAX 230,100 $77.0m1.46% 1.46% AddedShares held: Q3 2025 0, Q4 2025 94.5k, Q1 2026 172.5k, Q2 2026 230.1k +57.6k +57,600 33.4%
16 EDWARDS LIFESCIENCES CORP COM EW EW 834,900 $75.5m1.43% 1.43% ReducedShares held: Q3 2025 1.7m, Q4 2025 1.8m, Q1 2026 1.2m, Q2 2026 834.9k -395.7k -395,700 -32.2%
17 PRELUDE THERAPEUTICS INC COM PRLD PRLD 13,724,571 $73.2m1.39% 1.39% AddedShares held: Q3 2025 10.9m, Q4 2025 10.9m, Q1 2026 10.9m, Q2 2026 13.7m +2.8m +2,815,315 25.8%
18 ABIVAX SA SPONSORED ADS ABVX ABVX 546,522 $72.8m1.38% 1.38% AddedShares held: Q3 2025 380.0k, Q4 2025 367.9k, Q1 2026 465.7k, Q2 2026 546.5k +80.8k +80,822 17.4%
19 DYNE THERAPEUTICS INC COM DYN DYN 3,235,684 $71.9m1.36% 1.36% AddedShares held: Q3 2025 2.3m, Q4 2025 2.2m, Q1 2026 2.9m, Q2 2026 3.2m +317.8k +317,800 10.9%
20 NATERA INC COM NTRA NTRA 262,000 $71.1m1.35% 1.35% UnchangedShares held: Q3 2025 429.3k, Q4 2025 365.8k, Q1 2026 262.0k, Q2 2026 262.0k
21 CG ONCOLOGY INC COM CGON CGON 972,800 $69.1m1.31% 1.31% AddedShares held: Q3 2025 1.7m, Q4 2025 1.5m, Q1 2026 948.3k, Q2 2026 972.8k +24.5k +24,533 2.6%
22 UNITEDHEALTH GROUP INC COM UNH UNH 161,100 $67.0m1.27% 1.27% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 161.1k
23 ARS PHARMACEUTICALS INC COM SPRY SPRY 8,288,510 $66.4m1.26% 1.26% UnchangedShares held: Q3 2025 8.3m, Q4 2025 8.3m, Q1 2026 8.3m, Q2 2026 8.3m
24 ASCENDIS PHARMA A/S ORD SHS ASND ASND 244,456 $65.2m1.24% 1.24% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 244.5k
25 HUMANA INC COM HUM HUM 164,100 $65.2m1.23% 1.23% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 164.1k
26 COGENT BIOSCIENCES INC COM COGT COGT 1,681,300 $65.1m1.23% 1.23% AddedShares held: Q3 2025 0, Q4 2025 371.0k, Q1 2026 322.1k, Q2 2026 1.7m +1.4m +1,359,200 422.0%
27 BOSTON SCIENTIFIC CORP COM BSX BSX 1,483,200 $63.3m1.20% 1.20% ReducedShares held: Q3 2025 2.4m, Q4 2025 2.4m, Q1 2026 2.4m, Q2 2026 1.5m -898.9k -898,900 -37.7%
28 INTUITIVE SURGICAL INC COM NEW ISRG ISRG 157,900 $62.8m1.19% 1.19% ReducedShares held: Q3 2025 287.2k, Q4 2025 263.4k, Q1 2026 208.7k, Q2 2026 157.9k -50.8k -50,800 -24.3%
29 MINERALYS THERAPEUTICS INC COM MLYS MLYS 2,110,300 $56.9m1.08% 1.08% AddedShares held: Q3 2025 1.5m, Q4 2025 980.4k, Q1 2026 2.1m, Q2 2026 2.1m +57.4k +57,400 2.8%
30 ODYSSEY THERAPEUTICS INC COMMON STOCK ODTX ODTX 3,001,198 $56.2m1.06% 1.06% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 3.0m
31 XENON PHARMACEUTICALS INC COM XENE XENE 892,471 $53.9m1.02% 1.02% ReducedShares held: Q3 2025 419.6k, Q4 2025 447.2k, Q1 2026 1.1m, Q2 2026 892.5k -167.5k -167,500 -15.8%
32 ARCUTIS BIOTHERAPEUTICS INC COM ARQT ARQT 2,042,000 $53.5m1.01% 1.01% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 2.0m
33 BRISTOL-MYERS SQUIBB CO COM BMY BMY 925,000 $53.3m1.01% 1.01% UnchangedShares held: Q3 2025 0, Q4 2025 775.0k, Q1 2026 925.0k, Q2 2026 925.0k
34 Q32 BIO INC COM QTTB QTTB 4,127,987 $52.6m1.00% 1.00% AddedShares held: Q3 2025 2.3m, Q4 2025 2.3m, Q1 2026 2.3m, Q2 2026 4.1m +1.9m +1,875,000 83.2%
35 STRYKER CORPORATION COM SYK SYK 159,100 $50.1m0.95% 0.95% ReducedShares held: Q3 2025 359.2k, Q4 2025 325.0k, Q1 2026 182.5k, Q2 2026 159.1k -23.4k -23,400 -12.8%
36 CARIS LIFE SCIENCES INC COM CAI CAI 2,806,811 $50.0m0.95% 0.95% UnchangedShares held: Q3 2025 3.0m, Q4 2025 3.1m, Q1 2026 2.8m, Q2 2026 2.8m
37 THERMO FISHER SCIENTIFIC INC COM TMO TMO 90,700 $45.5m0.86% 0.86% AddedShares held: Q3 2025 46.5k, Q4 2025 46.5k, Q1 2026 46.5k, Q2 2026 90.7k +44.2k +44,200 95.0%
38 PALVELLA THERAPEUTICS INC NE COM PVLA PVLA 292,360 $44.7m0.85% 0.85% AddedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 134.6k, Q2 2026 292.4k +157.8k +157,760 117.2%
39 ELEVANCE HEALTH INC COM ELV ELV 114,700 $44.4m0.84% 0.84% UnchangedShares held: Q3 2025 0, Q4 2025 99.1k, Q1 2026 114.7k, Q2 2026 114.7k
40 SHATTUCK LABS INC COM STTK STTK 6,306,127 $43.8m0.83% 0.83% UnchangedShares held: Q3 2025 6.3m, Q4 2025 6.3m, Q1 2026 6.3m, Q2 2026 6.3m
41 UPSTREAM BIO INC COM UPB UPB 5,693,589 $39.4m0.75% 0.75% UnchangedShares held: Q3 2025 5.7m, Q4 2025 5.7m, Q1 2026 5.7m, Q2 2026 5.7m
42 CRINETICS PHARMACEUTICALS IN COM CRNX CRNX 999,000 $37.4m0.71% 0.71% UnchangedShares held: Q3 2025 1.1m, Q4 2025 999.0k, Q1 2026 999.0k, Q2 2026 999.0k
43 RHYTHM PHARMACEUTICALS INC COM RYTM RYTM 322,900 $35.9m0.68% 0.68% AddedShares held: Q3 2025 215.2k, Q4 2025 239.8k, Q1 2026 314.1k, Q2 2026 322.9k +8.8k +8,800 2.8%
44 SYNDAX PHARMACEUTICALS INC COM SNDX SNDX 1,542,000 $33.7m0.64% 0.64% AddedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 962.3k, Q2 2026 1.5m +579.7k +579,700 60.2%
45 FORTE BIOSCIENCES INC COM NEW FBRX FBRX 1,577,705 $33.5m0.64% 0.64% AddedShares held: Q3 2025 1.2m, Q4 2025 1.2m, Q1 2026 1.2m, Q2 2026 1.6m +380.8k +380,750 31.8%
46 COMPASS THERAPEUTICS INC COM CMPX CMPX 15,219,994 $33.3m0.63% 0.63% UnchangedShares held: Q3 2025 15.2m, Q4 2025 15.2m, Q1 2026 15.2m, Q2 2026 15.2m
47 NEKTAR THERAPEUTICS COM NEW NKTR NKTR 465,346 $32.5m0.62% 0.62% AddedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 275.0k, Q2 2026 465.3k +190.3k +190,346 69.2%
48 KRYSTAL BIOTECH INC COM KRYS KRYS 83,200 $30.9m0.59% 0.59% AddedShares held: Q3 2025 102.7k, Q4 2025 119.8k, Q1 2026 69.1k, Q2 2026 83.2k +14.1k +14,100 20.4%
49 N/A 0 0 5,680,186 $30.3m0.57% 0.57% ReducedShares held: Q3 2025 6.2m, Q4 2025 6.2m, Q1 2026 6.2m, Q2 2026 5.7m -530.7k -530,713 -8.5%
50 AXSOME THERAPEUTICS INC COM AXSM AXSM 117,578 $28.8m0.55% 0.55% ReducedShares held: Q3 2025 531.8k, Q4 2025 253.1k, Q1 2026 213.9k, Q2 2026 117.6k -96.3k -96,343 -45.0%
51 KINIKSA PHARMACEUTICALS INTL ORD SHS CL A KNSA KNSA 420,600 $26.9m0.51% 0.51% AddedShares held: Q3 2025 0, Q4 2025 187.2k, Q1 2026 180.6k, Q2 2026 420.6k +240.0k +240,001 132.9%
52 TREVI THERAPEUTICS INC COM TRVI TRVI 1,430,293 $26.7m0.51% 0.51% ReducedShares held: Q3 2025 3.3m, Q4 2025 3.2m, Q1 2026 2.5m, Q2 2026 1.4m -1.0m -1,024,107 -41.7%
53 DISC MEDICINE INC COM IRON IRON 357,535 $26.2m0.50% 0.50% ReducedShares held: Q3 2025 1.4m, Q4 2025 1.1m, Q1 2026 1.1m, Q2 2026 357.5k -710.0k -710,015 -66.5%
54 WEST PHARMACEUTICAL SVSC INC COM WST WST 70,600 $25.3m0.48% 0.48% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 70.6k
55 RELMADA THERAPEUTICS INC COM RLMD RLMD 3,631,195 $25.1m0.48% 0.48% ReducedShares held: Q3 2025 0, Q4 2025 2.6m, Q1 2026 4.7m, Q2 2026 3.6m -1.1m -1,084,669 -23.0%
56 UROGEN PHARMA LTD COM URGN URGN 676,187 $24.9m0.47% 0.47% ReducedShares held: Q3 2025 689.0k, Q4 2025 875.5k, Q1 2026 875.5k, Q2 2026 676.2k -199.3k -199,300 -22.8%
57 SUTRO BIOPHARMA INC COM SHS STRO STRO 743,944 $24.7m0.47% 0.47% ReducedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 801.1k, Q2 2026 743.9k -57.2k -57,200 -7.1%
58 SAVARA INC COM SVRA SVRA 3,959,900 $24.4m0.46% 0.46% AddedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 635.0k, Q2 2026 4.0m +3.3m +3,324,900 523.6%
59 NEUROPACE INC COM NPCE NPCE 1,505,125 $23.9m0.45% 0.45% ReducedShares held: Q3 2025 2.6m, Q4 2025 2.4m, Q1 2026 2.1m, Q2 2026 1.5m -591.4k -591,402 -28.2%
60 AURA BIOSCIENCES INC COM AURA AURA 3,333,333 $23.7m0.45% 0.45% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 3.3m
61 ORIC PHARMACEUTICALS INC COM ORIC ORIC 2,015,000 $21.8m0.41% 0.41% ReducedShares held: Q3 2025 3.6m, Q4 2025 3.6m, Q1 2026 2.7m, Q2 2026 2.0m -678.9k -678,929 -25.2%
62 CYBIN INC COM NEW COM NEW 3,271,400 $21.6m0.41% 0.41% ReducedShares held: Q3 2025 0, Q4 2025 3.8m, Q1 2026 3.8m, Q2 2026 3.3m -561.4k -561,443 -14.7%
63 BIOCRYST PHARMACEUTICALS INC COM BCRX BCRX 1,852,000 $18.5m0.35% 0.35% AddedShares held: Q3 2025 901.5k, Q4 2025 1.7m, Q1 2026 1.4m, Q2 2026 1.9m +426.8k +426,800 29.9%
64 BIOAGE LABS INC COM BIOA BIOA 752,153 $18.4m0.35% 0.35% AddedShares held: Q3 2025 790.9k, Q4 2025 790.9k, Q1 2026 711.8k, Q2 2026 752.2k +40.3k +40,342 5.7%
65 LEXEO THERAPEUTICS INC COM LXEO LXEO 3,947,850 $18.4m0.35% 0.35% AddedShares held: Q3 2025 0, Q4 2025 2.1m, Q1 2026 3.6m, Q2 2026 3.9m +345.4k +345,400 9.6%
66 AADI BIOSCIENCE INC COM WHWK WHWK 3,934,296 $18.0m0.34% 0.34% ReducedShares held: Q3 2025 4.2m, Q4 2025 4.2m, Q1 2026 4.2m, Q2 2026 3.9m -231.7k -231,704 -5.6%
67 DEFINIUM THERAPEUTICS INC COM SHS DFTX DFTX 365,400 $17.2m0.33% 0.33% ReducedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 804.0k, Q2 2026 365.4k -438.6k -438,600 -54.5%
68 SPYRE THERAPEUTICS INC COM NEW SYRE SYRE 186,145 $16.5m0.31% 0.31% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 186.1k
69 CORBUS PHARMACEUTICALS HLDGS COM NEW CRBP CRBP 1,737,287 $16.3m0.31% 0.31% UnchangedShares held: Q3 2025 1.2m, Q4 2025 1.6m, Q1 2026 1.7m, Q2 2026 1.7m
70 VERA THERAPEUTICS INC CL A VERA VERA 369,596 $15.9m0.30% 0.30% UnchangedShares held: Q3 2025 0, Q4 2025 353.5k, Q1 2026 369.6k, Q2 2026 369.6k
71 ALUMIS INC COM ALMS ALMS 548,163 $15.4m0.29% 0.29% UnchangedShares held: Q3 2025 1.9m, Q4 2025 1.1m, Q1 2026 548.2k, Q2 2026 548.2k
72 EYEPOINT PHARMACEUTICALS INC COM NEW EYPT EYPT 1,069,147 $15.3m0.29% 0.29% UnchangedShares held: Q3 2025 1.8m, Q4 2025 2.5m, Q1 2026 1.1m, Q2 2026 1.1m
73 WATERS CORP COM WAT WAT 40,300 $15.1m0.29% 0.29% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 40.3k
74 MONOPAR THERAPEUTICS INC COM NEW MNPR MNPR 157,423 $14.6m0.28% 0.28% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 157.4k
75 TRAVERE THERAPEUTICS INC COM TVTX TVTX 253,000 $14.4m0.27% 0.27% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 253.0k
76 TAYSHA GENE THERAPIES INC COM SHS TSHA TSHA 2,000,000 $13.6m0.26% 0.26% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 2.0m
77 BIOGEN INC COM BIIB BIIB 61,600 $13.3m0.25% 0.25% UnchangedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 61.6k, Q2 2026 61.6k
78 REVOLUTION MEDICINES INC COM RVMD RVMD 70,500 $13.2m0.25% 0.25% AddedShares held: Q3 2025 0, Q4 2025 25.9k, Q1 2026 52.0k, Q2 2026 70.5k +18.5k +18,500 35.6%
79 DIANTHUS THERAPEUTICS INC COM DNTH DNTH 115,000 $11.2m0.21% 0.21% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 115.0k
80 SPRUCE BIOSCIENCES INC COM NEW SPRB SPRB 200,000 $10.8m0.20% 0.20% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 200.0k
81 LIFESTANCE HEALTH GROUP INC COM LFST LFST 947,400 $10.1m0.19% 0.19% AddedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 500.0k, Q2 2026 947.4k +447.4k +447,400 89.5%
82 ERASCA INC COM ERAS ERAS 495,900 $9.1m0.17% 0.17% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 495.9k
83 PROTARA THERAPEUTICS INC COM STK TARA TARA 2,220,000 $8.5m0.16% 0.16% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 2.2m
84 KEROS THERAPEUTICS INC COM KROS KROS 759,155 $8.1m0.15% 0.15% UnchangedShares held: Q3 2025 1.0m, Q4 2025 804.2k, Q1 2026 759.2k, Q2 2026 759.2k
85 JANUX THERAPEUTICS INC COM JANX JANX 524,700 $8.1m0.15% 0.15% ReducedShares held: Q3 2025 1.8m, Q4 2025 2.0m, Q1 2026 983.6k, Q2 2026 524.7k -458.9k -458,900 -46.7%
86 TECTONIC THERAPEUTIC INC COM TECX TECX 226,600 $7.8m0.15% 0.15% UnchangedShares held: Q3 2025 0, Q4 2025 574.6k, Q1 2026 226.6k, Q2 2026 226.6k
87 ADICET BIO INC COM NEW ACET ACET 844,787 $7.3m0.14% 0.14% ReducedShares held: Q3 2025 0, Q4 2025 1.0m, Q1 2026 1.0m, Q2 2026 844.8k -183.2k -183,157 -17.8%
88 PHARVARIS N V COM PHVS PHVS 205,400 $7.1m0.13% 0.13% UnchangedShares held: Q3 2025 0, Q4 2025 205.4k, Q1 2026 205.4k, Q2 2026 205.4k
89 ALTO NEUROSCIENCE INC COM SHS ANRO ANRO 257,852 $6.8m0.13% 0.13% AddedShares held: Q3 2025 250.0k, Q4 2025 125.0k, Q1 2026 167.5k, Q2 2026 257.9k +90.4k +90,352 53.9%
90 ZENTALIS PHARMACEUTICALS INC COM ZNTL ZNTL 1,390,576 $6.7m0.13% 0.13% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 1.4m
91 BRIGHT MINDS BIOSCIENCES INC COM NEW DRUG DRUG 93,000 $6.5m0.12% 0.12% AddedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 40.0k, Q2 2026 93.0k +53.0k +53,000 132.5%
92 ALX ONCOLOGY HLDGS INC COM ALXO ALXO 2,866,256 $5.9m0.11% 0.11% UnchangedShares held: Q3 2025 0, Q4 2025 0, Q1 2026 2.9m, Q2 2026 2.9m
93 TRAVERE THERAPEUTICS INC NOTE 0.500% 5/1 · principal TVTX 0.5 05.15.32 · principal TVTX 0.5 05.15.32 5,000,000 $5.9m0.11% 0.11% NewPrincipal held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 5.0m
94 XILIO THERAPEUTICS INC COM XLO XLO 592,300 $5.7m0.11% 0.11% NewShares held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 592.3k
95 BICARA THERAPEUTICS INC COM BCAX BCAX 191,100 $5.7m0.11% 0.11% ReducedShares held: Q3 2025 0, Q4 2025 209.1k, Q1 2026 667.3k, Q2 2026 191.1k -476.2k -476,200 -71.4%
96 IMAGENEBIO INC COM IMA IMA 909,269 $5.4m0.10% 0.10% AddedShares held: Q3 2025 378.6k, Q4 2025 378.6k, Q1 2026 378.6k, Q2 2026 909.3k +530.7k +530,713 140.2%
97 PROTAGONIST THERAPEUTICS INC COM PTGX PTGX 42,100 $5.2m0.10% 0.10% UnchangedShares held: Q3 2025 0, Q4 2025 21.7k, Q1 2026 42.1k, Q2 2026 42.1k
98 ALNYLAM PHARMACEUTICALS INC COM ALNY ALNY 17,000 $5.1m0.10% 0.10% ReducedShares held: Q3 2025 301.6k, Q4 2025 288.8k, Q1 2026 119.0k, Q2 2026 17.0k -102.0k -102,000 -85.7%
99 PALISADE BIO INC COM PALI PALI 2,333,000 $4.9m0.09% 0.09% UnchangedShares held: Q3 2025 0, Q4 2025 1.9m, Q1 2026 2.3m, Q2 2026 2.3m
100 REVOLUTION MEDICINES INC NOTE 0.500% 5/0 · principal RVMD 0.5 05.01.33 · principal RVMD 0.5 05.01.33 3,500,000 $4.4m0.08% 0.08% NewPrincipal held: Q3 2025 0, Q4 2025 0, Q1 2026 0, Q2 2026 3.5m

Sold out since Q1 2026

SecurityTickerShares held beforeValue then
MYRIAD GENETICS INC MYGN MYGN 125,000,000 $122.9m125.0m shares
PFIZER INC PFE PFE 1,946,500 $54.7m1.9m shares
DANAHER CORPORATION DHR DHR 265,800 $50.4m265.8k shares
ASCENDIS PHARMA A/S 181,977 $41.6m182.0k shares
AVITA MEDICAL INC RCEL RCEL 40,500,000 $40.5m40.5m shares
ESPERION THERAPEUTICS INC NE ESPR ESPR 10,570,300 $29.0m10.6m shares
BRIGHTSPRING HEALTH SVCS INC BTSG BTSG 497,800 $21.2m497.8k shares
AMGEN INC AMGN AMGN 39,900 $14.0m39.9k shares
ALIGNMENT HEALTHCARE INC ALHC ALHC 791,000 $13.9m791.0k shares
REGENERON PHARMACEUTICALS REGN REGN 14,700 $11.4m14.7k shares
CARLSMED INC CARL CARL 1,252,600 $11.3m1.3m shares
GILEAD SCIENCES INC GILD GILD 59,600 $8.3m59.6k shares
HERON THERAPEUTICS INC HRTX HRTX 9,816,940 $7.9m9.8m shares
AVALO THERAPEUTICS INC AVTX AVTX 475,165 $7.1m475.2k shares
COMPASS PATHWAYS PLC CMPS CMPS 1,150,646 $6.4m1.2m shares
ADC THERAPEUTICS SA ADCT ADCT 1,318,026 $4.9m1.3m shares
CULLINAN THERAPEUTICS INC CGEM CGEM 243,006 $3.5m243.0k shares
JADE BIOSCIENCES INC JBIO JBIO 185,011 $2.6m185.0k shares
C4 THERAPEUTICS INC CCCC CCCC 856,353 $2.3m856.4k shares
AVITA MEDICAL INC RCEL RCEL 544,895 $2.0m544.9k shares
KALVISTA PHARMACEUTICALS INC KALV KALV 94,400 $1.9m94.4k shares
VISTAGEN THERAPEUTICS INC VTGN VTGN 3,060,000 $1.7m3.1m shares

Options (notional value)

UnderlyingTickerTypeShares controlled NotionalChange
SPDR SER TR XBI · Put XBIPut 300,000 $47.5m300.0k shares New
ABIVAX SA ABVX · Call ABVXCall 200,000 $26.7m200.0k shares New
PROTAGONIST THERAPEUTICS INC PTGX · Call PTGXCall 150,000 $18.4m150.0k shares New
REVOLUTION MEDICINES INC RVMD · Call RVMDCall 50,000 $9.4m50.0k shares New
PALVELLA THERAPEUTICS INC NE PVLA · Call PVLACall 40,000 $6.1m40.0k shares Reduced
UNITEDHEALTH GROUP INC UNH · Call UNHCall 10,000 $4.2m10.0k shares New
ELEVANCE HEALTH INC ELV · Call ELVCall 10,000 $3.9m10.0k shares New
SELLAS LIFE SCIENCES GROUP I SLS · Put SLSPut 92,500 $1.4m92.5k shares New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

CompanyTickerStakeChange ScheduleLast filed
PRELUDE THERAPEUTICS INC PRLD · 13D · filed 2026-04-23 PRLD 16.0%≈ $68.9m 13D 2026-04-23
EDGEWISE THERAPEUTICS INC EWTX · 13D · filed 2025-05-12 EWTX 14.5%≈ $619.7m 13D 2025-05-12
Q32 BIO INC QTTB · 13D · filed 2026-07-20 QTTB 13.9%≈ $52.6m -3.5 pts 13D 2026-07-20
IKENA ONCOLOGY INC 13D · filed 2026-04-29 13.1% +6.2 pts 13D 2026-04-29
TRAWS PHARMA INC TRAW · 13D · filed 2026-05-05 TRAW 11.9%≈ $1.6m -8.0 pts 13D 2026-05-05
CORVUS PHARMACEUTICALS INC CRVS · 13D · filed 2026-01-27 CRVS 10.3%≈ $128.6m -1.9 pts 13D 2026-01-27
SHATTUCK LABS INC STTK · 13D · filed 2026-06-15 STTK 10.0%≈ $62.6m no change 13D 2026-06-15
XILIO THERAPEUTICS INC XLO · 13G · filed 2026-05-15 XLO 10.0% new 13G 2026-05-15
ENLIVEN THERAPEUTICS INC ELVN · 13D · filed 2026-06-24 ELVN 9.5%≈ $343.8m -1.4 pts 13D 2026-06-24
COMPASS THERAPEUTICS INC CMPX · 13D · filed 2025-08-15 CMPX 8.9%≈ $33.3m -2.1 pts 13D 2025-08-15
ADICET BIO INC 13D · filed 2026-04-10 8.8% -0.8 pts 13D 2026-04-10
INSPIREMD INC NSPR · 13G · filed 2026-02-17 NSPR 7.4%≈ $2.2m +3.3 pts 13G 2026-02-17
AADI BIOSCIENCE INC WHWK · 13G · filed 2026-08-14 WHWK 7.3%≈ $18.0m -1.6 pts 13G 2026-08-14
SIONNA THERAPEUTICS INC SION · 13D · filed 2026-04-20 SION 6.6%≈ $130.6m -1.8 pts 13D 2026-04-20
MBX BIOSCIENCES INC MBX · 13D · filed 2026-08-10 MBX 6.4%≈ $169.7m -1.3 pts 13D 2026-08-10
FORTE BIOSCIENCES INC FBRX · 13G · filed 2026-08-14 FBRX 6.2%≈ $26.9m +1.9 pts 13G 2026-08-14
CORBUS PHARMACEUTICALS HLDGS CRBP · 13G · filed 2025-02-14 CRBP 5.9%≈ $6.7m 13G 2025-02-14
ARRIVENT BIOPHARMA INC AVBP · 13D · filed 2026-10-08 AVBP 5.8%≈ $99.9m -1.7 pts 13D 2026-10-08
IMMUNIC INC 13G · filed 2026-08-14 5.3% new 13G 2026-08-14

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

DateCompanyTickerTradeShares ValueTheir holding
2026-07-07 SIONNA THERAPEUTICS INC Director · See footnotes SION Sold 85,918 $3.9m85.9k shares -3%
2026-06-30 SIONNA THERAPEUTICS INC Director · See footnotes SION Sold 115,844 $5.3m115.8k shares -4%
2026-06-22 ENLIVEN THERAPEUTICS INC 10% owner · See Footnotes ELVN Sold 860,123 $39.0m860.1k shares -12%
2026-06-15 ENLIVEN THERAPEUTICS INC 10% owner · See Footnotes ELVN Sold 281,408 $12.7m281.4k shares -4%
2026-05-28 Q32 BIO INC Director · See footnotes QTTB Bought 1,875,000 $15.0m1.9m shares new
2026-05-27 SIONNA THERAPEUTICS INC Director · See footnotes SION Sold 101 $4.5k101 shares -<1%
2026-05-11 SIONNA THERAPEUTICS INC Director · See footnotes( SION Sold 184,639 $8.5m184.6k shares -6%
2026-05-08 SIONNA THERAPEUTICS INC Director · See footnotes( SION Sold 59,767 $2.7m59.8k shares -2%
2026-05-07 SIONNA THERAPEUTICS INC Director · See footnotes( SION Sold 48,546 $2.2m48.5k shares -2%
2026-04-21 PRELUDE THERAPEUTICS INC Director · See footnotes PRLD Bought 2,815,315 $12.5m2.8m shares new
2026-04-18 SIONNA THERAPEUTICS INC Director · See footnotes SION Sold 2,948 $131.2k2.9k shares -<1%
2026-04-17 SIONNA THERAPEUTICS INC Director · See footnotes SION Sold 52,397 $2.3m52.4k shares -2%
2026-04-16 SIONNA THERAPEUTICS INC Director · See footnotes SION Sold 226,906 $10.3m226.9k shares -7%
2026-04-16 TRAWS PHARMA INC 10% owner · See Footnote TRAW Bought 597,729 $998.2k597.7k shares +99%
2026-04-15 SIONNA THERAPEUTICS INC Director · See footnotes SION Sold 235,863 $10.5m235.9k shares -7%
2026-04-14 SIONNA THERAPEUTICS INC Director · See footnotes SION Sold 47,814 $2.1m47.8k shares -1%
2026-04-08 ADICET BIO INC 10% owner · See footnotes ACET Sold 72,939 $468.1k72.9k shares -100%
2026-04-07 ADICET BIO INC 10% owner · See footnotes ACET Sold 31,719 $206.8k31.7k shares -49%