RTW INVESTMENTS, LP

NEW YORK, NY · CIK 1493215 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2013 · limited partnership

Assets managed$14.1bn
Staff70 · 35 in investment roles
Main clients (by assets)Private funds 100%
Private funds3 (2 hedge) · $13.1bn gross assets
Websitertwfunds.com
Form ADV · 2026-03-30SEC adviser record

Legal entityRTW INVESTMENTS, LP (US)

$11.7bn reported value +16.5% vs Q1 2026

84positions

47.7%in top 10

9 new 26 added 8 reduced 13 sold out vs Q1 2026

Holdings, Q2 2026

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

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	1,993,687	$1.1bn9.14%	9.14%	Unchanged
2	ARGENX SE SPONSORED ADR ARGX	ARGX	709,446	$658.2m5.62%	5.62%	Unchanged
3	PTC THERAPEUTICS INC COM PTCT	PTCT	7,746,415	$631.9m5.39%	5.39%	Unchanged
4	PROTAGONIST THERAPEUTICS INC COM PTGX	PTGX	5,061,175	$620.4m5.30%	5.30%	Added +2.1k	+2,122 0.0%
5	CG ONCOLOGY INC COM CGON	CGON	8,514,590	$605.0m5.16%	5.16%	Added +1.5m	+1,529,782 21.9%
6	INSMED INC COM PAR $.01 INSM	INSM	4,842,880	$516.3m4.41%	4.41%	Unchanged
7	TANGO THERAPEUTICS INC COM TNGX	TNGX	13,900,620	$434.5m3.71%	3.71%	Added +600.0k	+600,000 4.5%
8	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	4,251,996	$377.5m3.22%	3.22%	Added +80.0k	+80,000 1.9%
9	CELCUITY INC COM CELC	CELC	3,304,903	$345.8m2.95%	2.95%	Added +265.3k	+265,282 8.7%
10	ERASCA INC COM ERAS	ERAS	17,946,754	$328.8m2.81%	2.81%	Added +1.8m	+1,789,579 11.1%
11	RADNET INC COM RDNT	RDNT	4,846,958	$298.9m2.55%	2.55%	Added +562.0k	+561,958 13.1%
12	ORUKA THERAPEUTICS INC COM ORKA	ORKA	3,139,030	$298.7m2.55%	2.55%	Added +1.1m	+1,080,882 52.5%
13	NATERA INC COM NTRA	NTRA	1,000,000	$271.4m2.32%	2.32%	Reduced -250.0k	-250,000 -20.0%
14	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	7,796,895	$260.3m2.22%	2.22%	Added +4.1m	+4,148,100 113.7%
15	IRHYTHM TECHNOLOGIES INC COM IRTC	IRTC	2,182,631	$259.6m2.22%	2.22%	Added +514.1k	+514,131 30.8%
16	CYTOKINETICS INC COM NEW CYTK	CYTK	2,862,003	$243.8m2.08%	2.08%	Added +140.8k	+140,845 5.2%
17	KAILERA THERAPEUTICS INC COMMON STOCK KLRA	KLRA	10,776,820	$237.4m2.03%	2.03%	New
18	ESTABLISHMENT LABS HLDGS INC COM ESTA	ESTA	2,655,695	$227.9m1.95%	1.95%	Unchanged
19	GUARDANT HEALTH INC COM GH	GH	1,481,033	$222.2m1.90%	1.90%	Unchanged
20	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	1,267,925	$213.7m1.82%	1.82%	Added +205.9k	+205,853 19.4%
21	TARSUS PHARMACEUTICALS INC COM TARS	TARS	3,357,059	$211.3m1.80%	1.80%	Added +11.0k	+11,034 0.3%
22	STOKE THERAPEUTICS INC COM STOK	STOK	5,623,525	$184.0m1.57%	1.57%	Unchanged
23	UNIQURE NV SHS QURE	QURE	3,941,572	$181.5m1.55%	1.55%	Added +1.4m	+1,355,216 52.4%
24	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	7,144,524	$180.8m1.54%	1.54%	Unchanged
25	REPLIGEN CORP COM RGEN	RGEN	1,240,637	$169.3m1.45%	1.45%	Added +34.6k	+34,637 2.9%
26	UROGEN PHARMA LTD COM URGN	URGN	4,543,895	$167.2m1.43%	1.43%	Unchanged
27	GH RESEARCH PLC ORDINARY SHARES GHRS	GHRS	5,933,815	$159.5m1.36%	1.36%	Unchanged
28	IMMUNOCORE HLDGS PLC ADS IMCR	IMCR	4,869,798	$154.6m1.32%	1.32%	Unchanged
29	COMPASS PATHWAYS PLC SPONSORED ADS CMPS	CMPS	10,700,974	$151.4m1.29%	1.29%	Added +68.6k	+68,584 0.7%
30	IMMATICS N.V SHS IMTX	IMTX	12,946,176	$131.1m1.12%	1.12%	Added +76.8k	+76,836 0.6%
31	ZAI LAB LTD ADR ZLAB	ZLAB	6,574,032	$124.9m1.07%	1.07%	Unchanged
32	IMMUNOVANT INC COM IMVT	IMVT	3,177,849	$122.4m1.05%	1.05%	Unchanged
33	BELITE BIO INC SPONSORED ADS BLTE	BLTE	715,332	$110.2m0.94%	0.94%	Unchanged
34	XENCOR INC COM XNCR	XNCR	6,777,461	$109.1m0.93%	0.93%	Unchanged
35	TAYSHA GENE THERAPIES INC COM SHS TSHA	TSHA	13,560,258	$92.3m0.79%	0.79%	Reduced -120.0k	-119,990 -0.9%
36	COGENT BIOSCIENCES INC COM COGT	COGT	2,309,021	$89.4m0.76%	0.76%	Reduced -3.1m	-3,149,654 -57.7%
37	ALKERMES PLC SHS ALKS	ALKS	1,672,356	$87.6m0.75%	0.75%	Unchanged
38	STRUCTURE THERAPEUTICS INC SPONSORED ADS GPCR	GPCR	1,607,507	$86.3m0.74%	0.74%	New
39	REPLIMUNE GROUP INC COM REPL	REPL	7,411,581	$82.0m0.70%	0.70%	Added +54.7k	+54,665 0.7%
40	CASTLE BIOSCIENCES INC COM CSTL	CSTL	2,778,335	$66.3m0.57%	0.57%	Added +20.0k	+20,000 0.7%
41	CANDEL THERAPEUTICS INC COM CADL	CADL	6,422,018	$66.1m0.56%	0.56%	Unchanged
42	ROCKET PHARMACEUTICALS INC COM RCKT	RCKT	17,687,772	$60.5m0.52%	0.52%	Unchanged
43	KODIAK SCIENCES INC COM KOD	KOD	1,487,934	$58.0m0.49%	0.49%	Unchanged
44	AKTIS ONCOLOGY INC COM AKTS	AKTS	1,592,043	$51.3m0.44%	0.44%	Unchanged
45	AXOGEN INC COM AXGN	AXGN	1,011,576	$46.7m0.40%	0.40%	New
46	DANAHER CORPORATION COM DHR	DHR	230,000	$43.8m0.37%	0.37%	New
47	CULLINAN THERAPEUTICS INC COM CGEM	CGEM	2,364,347	$43.1m0.37%	0.37%	Added +658.4k	+658,387 38.6%
48	NEUROGENE INC COM NGNE	NGNE	1,362,456	$42.8m0.37%	0.37%	Unchanged
49	HINGE HEALTH INC CL A HNGE	HNGE	500,000	$41.5m0.35%	0.35%	Reduced -1.4m	-1,430,000 -74.1%
50	ORCHESTRA BIOMED HLDGS INC COM OBIO	OBIO	9,556,063	$41.2m0.35%	0.35%	Added +1.2m	+1,250,000 15.1%
51	SOLID BIOSCIENCES INC COM NEW SLDB	SLDB	3,892,926	$38.9m0.33%	0.33%	New
52	SAVARA INC COM SVRA	SVRA	5,952,380	$36.7m0.31%	0.31%	Unchanged
53	AQUESTIVE THERAPEUTICS INC COM AQST	AQST	7,426,471	$30.9m0.26%	0.26%	Unchanged
54	KYMERA THERAPEUTICS INC COM KYMR	KYMR	240,000	$27.5m0.23%	0.23%	Unchanged
55	VERASTEM INC COM NEW VSTM	VSTM	6,635,793	$25.3m0.22%	0.22%	Added +59.5k	+59,487 0.9%
56	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	248,063	$24.2m0.21%	0.21%	Unchanged
57	BETA BIONICS INC COM BBNX	BBNX	1,500,000	$23.5m0.20%	0.20%	Reduced -500.0k	-500,000 -25.0%
58	CENTURY THERAPEUTICS INC COM IPSC	IPSC	8,695,652	$21.3m0.18%	0.18%	Unchanged
59	EVOMMUNE INC COM SHS EVMN	EVMN	1,502,235	$20.0m0.17%	0.17%	Unchanged
60	BEAM THERAPEUTICS INC COM BEAM	BEAM	570,394	$19.6m0.17%	0.17%	Unchanged
61	DEFINIUM THERAPEUTICS INC COM SHS DFTX	DFTX	400,000	$18.8m0.16%	0.16%	Added +100.0k	+100,000 33.3%
62	IDEAYA BIOSCIENCES INC COM IDYA	IDYA	370,370	$13.8m0.12%	0.12%	New
63	ATAIBECKLEY INC COM SHS ATAI	ATAI	2,000,000	$10.5m0.09%	0.09%	Unchanged
64	MILESTONE PHARMACEUTICALS IN COM MIST	MIST	7,833,336	$10.5m0.09%	0.09%	Added +1.5m	+1,502,335 23.7%
65	OCUGEN INC COM OCGN	OCGN	6,666,666	$10.2m0.09%	0.09%	Unchanged
66	TENAX THERAPEUTICS INC COM NEW TENX	TENX	696,570	$10.1m0.09%	0.09%	Added +326.3k	+326,324 88.1%
67	HEARTFLOW INC COM HTFL	HTFL	295,000	$8.7m0.07%	0.07%	Reduced -200.0k	-200,000 -40.4%
68	PERCEPTIVE CAP SOLUTIONS COR CL A ORD SHS FRNM	FRNM	742,500	$8.1m0.07%	0.07%	Unchanged
69	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	1,350,000	$7.8m0.07%	0.07%	Unchanged
70	LARIMAR THERAPEUTICS INC COM LRMR	LRMR	2,565,999	$7.8m0.07%	0.07%	Added +1.1m	+1,065,999 71.1%
71	LUMEXA IMAGING HOLDINGS INC COM LMRI	LMRI	650,000	$7.3m0.06%	0.06%	Unchanged
72	ALLOGENE THERAPEUTICS INC COM ALLO	ALLO	3,250,000	$6.8m0.06%	0.06%	New
73	CRESCENT BIOPHARMA INC. COM CBIO	CBIO	372,856	$6.7m0.06%	0.06%	Unchanged
74	4D MOLECULAR THERAPEUTICS IN COM FDMT	FDMT	475,737	$6.3m0.05%	0.05%	Unchanged
75	MAZE THERAPEUTICS INC COM MAZE	MAZE	212,000	$6.3m0.05%	0.05%	New
76	CAPRICOR THERAPEUTICS INC COM NEW CAPR	CAPR	250,000	$6.0m0.05%	0.05%	Unchanged
77	KALARIS THERAPEUTICS INC COM KLRS	KLRS	1,300,000	$5.3m0.05%	0.05%	Unchanged
78	ABIVAX SA SPONSORED ADS ABVX	ABVX	26,400	$3.5m0.03%	0.03%	New
79	AVALO THERAPEUTICS INC COM NEW AVTX	AVTX	175,000	$3.2m0.03%	0.03%	Reduced -682.0k	-681,962 -79.6%
80	MEDLINE INC COM CL A MDLN	MDLN	70,000	$2.8m0.02%	0.02%	Unchanged
81	DISC MEDICINE INC COM IRON	IRON	30,000	$2.2m0.02%	0.02%	Unchanged
82	IMAGENEBIO INC COM IMA	IMA	334,445	$2.0m0.02%	0.02%	Unchanged
83	EXAGEN INC COM XGN	XGN	195,000	$906.8k0.01%	0.01%	Reduced -200.2k	-200,231 -50.7%
84	ROCKET PHARMACEUTICALS INC W EXP 09/02/202 W EXP 09/02/202		350,000	$1.2k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
APOGEE THERAPEUTICS INC		2,782,097	$234.2m2.8m shares
APELLIS PHARMACEUTICALS INC APLS	APLS	3,685,045	$148.2m3.7m shares
INTUITIVE SURGICAL INC ISRG	ISRG	220,000	$101.4m220.0k shares
CENTESSA PHARMACEUTICALS PLC		2,054,175	$81.6m2.1m shares
CRINETICS PHARMACEUTICALS IN CRNX	CRNX	1,451,326	$52.7m1.5m shares
WAYSTAR HLDG CORP WAY	WAY	1,630,000	$39.3m1.6m shares
ARROWHEAD PHARMACEUTICALS IN ARWR	ARWR	585,682	$36.7m585.7k shares
STRYKER CORPORATION SYK	SYK	100,000	$32.9m100.0k shares
COMPASS THERAPEUTICS INC CMPX	CMPX	4,186,599	$22.1m4.2m shares
FULGENT GENETICS INC FLGT	FLGT	1,289,000	$20.5m1.3m shares
JADE BIOSCIENCES INC JBIO	JBIO	573,205	$8.1m573.2k shares
INVENTIVA SA IVA	IVA	1,298,702	$7.2m1.3m shares
OMADA HEALTH INC OMDA	OMDA	200,000	$2.5m200.0k shares

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. The largest 25 of 34.

Company	Ticker	Stake	Change	Schedule	Last filed
ALLURION TECHNOLOGIES INC 13D · filed 2026-03-02		39.4%	-8.7 pts	13D	2026-03-02
ORCHESTRA BIOMED HLDGS INC OBIO · 13D · filed 2026-04-29	OBIO	19.2%≈ $51.5m	-0.5 pts	13D	2026-04-29
ALLURION TECHNOLOGIES INC 13D · filed 2025-02-24		17.6%		13D	2025-02-24
ESTABLISHMENT LABS HLDGS INC ESTA · 13G · filed 2025-02-14	ESTA	10.0%≈ $242.2m		13G	2025-02-14
NEUROGENE INC NGNE · 13G · filed 2025-02-14	NGNE	10.0%≈ $47.1m		13G	2025-02-14
TENAX THERAPEUTICS INC TENX · 13G · filed 2026-08-14	TENX	9.9%≈ $41.7m	no change	13G	2026-08-14
MILESTONE PHARMACEUTICALS IN MIST · 13G · filed 2026-05-15	MIST	9.9%≈ $16.6m	no change	13G	2026-05-15
STOKE THERAPEUTICS INC STOK · 13G · filed 2026-05-15	STOK	9.9%≈ $194.4m	-0.1 pts	13G	2026-05-15
COMPASS PATHWAYS PLC CMPS · 13G · filed 2026-05-15	CMPS	9.9%	no change	13G	2026-05-15
VERASTEM INC VSTM · 13G · filed 2026-05-15	VSTM	9.9%≈ $34.5m	no change	13G	2026-05-15
CG ONCOLOGY INC CGON · 13G · filed 2026-08-14	CGON	9.7%≈ $605.0m	+1.4 pts	13G	2026-08-14
IMMATICS N.V IMTX · 13G · filed 2026-05-15	IMTX	9.6%≈ $130.4m	+1.1 pts	13G	2026-05-15
CASTLE BIOSCIENCES INC CSTL · 13G · filed 2026-05-15	CSTL	9.3%≈ $65.8m	+2.1 pts	13G	2026-05-15
TANGO THERAPEUTICS INC TNGX · 13G · filed 2026-05-15	TNGX	9.3%≈ $415.8m	new	13G	2026-05-15
REPLIMUNE GROUP INC REPL · 13G · filed 2026-05-15	REPL	8.9%≈ $81.4m	+0.7 pts	13G	2026-05-15
GH RESEARCH PLC GHRS · 13G · filed 2025-05-15	GHRS	8.9%≈ $147.8m		13G	2025-05-15
RAPT THERAPEUTICS INC 13G · filed 2025-05-15		8.9%	new	13G	2025-05-15
CANDEL THERAPEUTICS INC CADL · 13G · filed 2026-05-15	CADL	8.8%≈ $66.1m	new	13G	2026-05-15
XENCOR INC XNCR · 13G · filed 2025-11-14	XNCR	8.7%≈ $100.2m	new	13G	2025-11-14
KAILERA THERAPEUTICS INC KLRA · 13G · filed 2026-08-14	KLRA	8.3%≈ $237.4m	new	13G	2026-08-14
PROTAGONIST THERAPEUTICS INC PTGX · 13G · filed 2026-02-17	PTGX	8.1%≈ $620.1m		13G	2026-02-17
TARSUS PHARMACEUTICALS INC TARS · 13G · filed 2025-08-14	TARS	8.1%≈ $215.5m		13G	2025-08-14
ULTRAGENYX PHARMACEUTICAL IN RARE · 13G · filed 2026-08-14	RARE	7.9%≈ $260.3m	new	13G	2026-08-14
CENTURY THERAPEUTICS INC IPSC · 13G · filed 2026-05-15	IPSC	7.1%≈ $32.0m	new	13G	2026-05-15
TAYSHA GENE THERAPIES INC TSHA · 13G · filed 2026-05-15	TSHA	7.0%≈ $140.9m	-1.3 pts	13G	2026-05-15

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.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-04-27	ORCHESTRA BIOMED HLDGS INC 10% owner · See footnote	OBIO	Sold	32	$13232 shares	-<1%
2026-04-20	KAILERA THERAPEUTICS INC 10% owner · See footnote	KLRA	Bought	500,000	$8.0m500.0k shares	+5%