Paradigm Biocapital Advisors LP

NEW YORK, NY · CIK 1855655 · 13F filing filed 2025-05-15

SEC-registered investment adviser since 2021 · limited partnership

Assets managed$4.5bn
Staff11 · 6 in investment roles
Main clients (by assets)Private funds 90%
Private funds2 (2 hedge) · $4.1bn gross assets
Form ADV · 2026-08-27SEC adviser record

Legal entityPARADIGM BIOCAPITAL ADVISORS LP (US)

$2.2bn reported value -24.4% vs Q4 2024

27positions

76.4%in top 10

5 new 11 added 10 reduced 6 sold out vs Q4 2024

Options: 1 call positions ($11.0m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q1 2025

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	NUVALENT INC COM COM		5,269,433	$373.7m17.20%	17.20%	Reduced -93.9k	-93,946 -1.8%
2	ARCELLX INC COMMON STOCK ACLX	ACLX	4,492,032	$294.7m13.56%	13.56%	Added +120.4k	+120,431 2.8%
3	REVOLUTION MEDICINES INC COM RVMD	RVMD	6,178,111	$218.5m10.06%	10.06%	Reduced -375.0k	-375,000 -5.7%
4	BEIGENE LTD SPONSORED ADR ONC	ONC	666,024	$181.3m8.34%	8.34%	Added +50.0k	+50,000 8.1%
5	MERUS N V COM MRUS	MRUS	3,369,699	$141.8m6.53%	6.53%	Added +1.7m	+1,679,777 99.4%
6	TARSUS PHARMACEUTICALS INC COM TARS	TARS	2,610,197	$134.1m6.17%	6.17%	Added +78.3k	+78,301 3.1%
7	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	4,394,556	$96.7m4.45%	4.45%	Reduced -99.4k	-99,373 -2.2%
8	JANUX THERAPEUTICS INC COM JANX	JANX	3,329,909	$89.9m4.14%	4.14%	Reduced -186.1k	-186,077 -5.3%
9	CRINETICS PHARMACEUTICALS IN COM CRNX	CRNX	1,946,168	$65.3m3.00%	3.00%	Added +35.4k	+35,407 1.9%
10	VAXCYTE INC COM PCVX	PCVX	1,696,481	$64.1m2.95%	2.95%	Added +273.7k	+273,694 19.2%
11	DISC MEDICINE INC COM IRON	IRON	1,210,971	$60.1m2.77%	2.77%	Reduced -286.7k	-286,749 -19.1%
12	COGENT BIOSCIENCES INC COM COGT	COGT	8,963,655	$53.7m2.47%	2.47%	Added +4.0m	+4,046,243 82.3%
13	LENZ THERAPEUTICS INC COM LENZ	LENZ	1,511,932	$38.9m1.79%	1.79%	Added +741.5k	+741,477 96.2%
14	APOGEE THERAPEUTICS INC COM COM		961,707	$35.9m1.65%	1.65%	Reduced -322.1k	-322,059 -25.1%
15	ARGENX SE SPONSORED ADR ARGX	ARGX	59,679	$35.3m1.63%	1.63%	Reduced -421.6k	-421,626 -87.6%
16	CYTOKINETICS INC COM NEW CYTK	CYTK	858,664	$34.5m1.59%	1.59%	New
17	INSMED INC COM PAR $.01 INSM	INSM	451,359	$34.4m1.59%	1.59%	New
18	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	2,127,205	$34.3m1.58%	1.58%	Added +600.0k	+600,000 39.3%
19	METSERA INC COM COM		1,191,462	$32.4m1.49%	1.49%	New
20	VIRIDIAN THERAPEUTICS INC COM VRDN	VRDN	2,095,079	$28.2m1.30%	1.30%	Added +275.0k	+275,000 15.1%
21	OLEMA PHARMACEUTICALS INC COM OLMA	OLMA	6,741,172	$25.3m1.17%	1.17%	Reduced -563.8k	-563,798 -7.7%
22	MOONLAKE IMMUNOTHERAPEUTICS CLASS A ORD MLTX	MLTX	627,423	$24.5m1.13%	1.13%	Reduced -1.1m	-1,144,788 -64.6%
23	ARCUTIS BIOTHERAPEUTICS INC COM ARQT	ARQT	1,465,334	$22.9m1.05%	1.05%	New
24	Y-MABS THERAPEUTICS INC COM YMAB	YMAB	4,236,346	$18.8m0.86%	0.86%	Unchanged
25	ERASCA INC COM ERAS	ERAS	10,802,354	$14.8m0.68%	0.68%	Added +50.0k	+50,000 0.5%
26	OCULAR THERAPEUTIX INC COM OCUL	OCUL	1,314,018	$9.6m0.44%	0.44%	New
27	IMMATICS N.V SHS IMTX	IMTX	1,907,108	$8.6m0.40%	0.40%	Reduced -3.5m	-3,507,301 -64.8%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
VERA THERAPEUTICS INC VERA	VERA	1,437,339	$60.8m1.4m shares
PLIANT THERAPEUTICS INC PLRX	PLRX	3,197,050	$42.1m3.2m shares
TECTONIC THERAPEUTIC INC TECX	TECX	485,105	$22.4m485.1k shares
SCHOLAR ROCK HLDG CORP SRRK	SRRK	400,000	$17.3m400.0k shares
ORUKA THERAPEUTICS INC ORKA	ORKA	819,660	$15.9m819.7k shares
AGIOS PHARMACEUTICALS INC AGIO	AGIO	276,439	$9.1m276.4k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
EDGEWISE THERAPEUTICS INC EWTX · Call	EWTX	Call	500,000	$11.0m500.0k 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.

Company	Ticker	Stake	Change	Schedule	Last filed
OLEMA PHARMACEUTICALS INC OLMA · 13G · filed 2025-02-14	OLMA	10.0%≈ $92.9m		13G	2025-02-14
EDGEWISE THERAPEUTICS INC EWTX · 13G · filed 2026-08-14	EWTX	9.5%≈ $415.1m	+3.3 pts	13G	2026-08-14
ACHIEVE LIFE SCIENCES INC ACHV · 13G · filed 2026-04-24	ACHV	9.2%≈ $64.7m	new	13G	2026-04-24
ASSEMBLY BIOSCIENCES INC ASMB · 13G · filed 2026-08-14	ASMB	7.8%≈ $42.7m	+2.4 pts	13G	2026-08-14
VIRIDIAN THERAPEUTICS INC VRDN · 13G · filed 2026-08-14	VRDN	6.1%≈ $123.5m	+1.0 pts	13G	2026-08-14
TYRA BIOSCIENCES INC TYRA · 13G · filed 2026-09-17	TYRA	5.8%≈ $110.9m	new	13G	2026-09-17
LEXEO THERAPEUTICS INC LXEO · 13G · filed 2026-08-14	LXEO	5.3%≈ $19.4m	-3.0 pts	13G	2026-08-14
MBX BIOSCIENCES INC MBX · 13G · filed 2026-06-24	MBX	5.2%≈ $137.6m	new	13G	2026-06-24
SPYRE THERAPEUTICS INC SYRE · 13G · filed 2026-10-01	SYRE	5.1%≈ $395.7m	new	13G	2026-10-01
JADE BIOSCIENCES INC JBIO · 13G · filed 2026-07-17	JBIO	5.1%≈ $69.0m	new	13G	2026-07-17