Performance vs S&P 500

03
Tracked Q2 2025–Q2 2026 +24.9%
S&P 500 total return (same window) +21.7%
Excess return +3.2%

Annualized: +24.9% · S&P 500: +21.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 98.5% · Options excluded: 24.0%

Sector breakdown

04
Healthcare 92.0%
Other/Unmapped 8.0%

Full portfolio 87 positions

05
Type Streak 8Q trend
VSTM Verastem, Inc. - Common Stock $12,795,575 7.22% 3,349,627 $-4,706,615 Up ×5
EOLS Evolus, Inc. - Common Stock $11,035,724 6.23% 1,590,162 $3,805,860 Down ×1
TENX Tenax Therapeutics, Inc. - Common Stock $9,603,000 5.42% 660,000 $-5,990,448 Down ×1
NKTR Nektar Therapeutics - Common Stock $8,422,856 4.75% 120,654 $2,307,106 Up ×1
ADMA ADMA Biologics Inc - Common Stock $7,950,000 4.48% 650,000 Call option $-2,411,500 Down ×1
ADMA ADMA Biologics Inc - Common Stock $6,193,800 3.49% 740,000 $-473,600
CAMP CAMP4 Therapeutics Corporation - Common Stock $6,072,648 3.43% 1,389,622 $-55,585
INSM Insmed Incorporated - Common Stock $5,600,000 3.16% 40,000 Call option Up ×1
Unknown issuer (CUSIP: 29014R301) $5,512,581 3.11% 397,160 Up ×1
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $5,500,000 3.10% 200,000 Call option
KZIA Kazia Therapeutics Limited - American Depositary Shares $4,860,120 2.74% 345,179 $2,291,988
MDT Medtronic plc. Ordinary Shares $4,375,000 2.47% 50,000 Call option Up ×1
INDV Indivior Pharmaceuticals, Inc. - Common Stock $4,103,000 2.31% 100,000 Up ×1
CRBP Corbus Pharmaceuticals Holdings, Inc. - Common Stock $3,986,500 2.25% 425,000 $385,792 Up ×1
ABT Abbott Laboratories Common Stock $3,800,000 2.14% 40,000 Call option Up ×1
MSLE Satellos Bioscience Inc. - Common Stock $3,723,291 2.10% 491,624 $3,160,291 Up ×1
ZVRA Zevra Therapeutics, Inc. - Common Stock $3,709,772 2.09% 258,701 $-763,828 Down ×3
ABEO Abeona Therapeutics Inc. - Common Stock $3,444,015 1.94% 557,284 $99,305 Down ×1
BSX Boston Scientific Corporation Common Stock $3,250,000 1.83% 50,000 Call option Up ×1
EDSA Edesa Biotech, Inc. - Common Shares $3,190,807 1.80% 456,439 $3,033,907 Up ×1
EOLS Evolus, Inc. - Common Stock $3,150,000 1.78% 420,000 Call option $1,423,800
BMRN BioMarin Pharmaceutical Inc. - Common Stock $3,125,000 1.76% 50,000 Call option Up ×1
CABA Cabaletta Bio, Inc. - Common Stock $2,852,181 1.61% 917,100 $2,717,681 Up ×1
ANTX AN2 Therapeutics, Inc. - Common Stock $2,670,190 1.51% 551,692 $228,840 Down ×1
Unknown issuer (CUSIP: 98422T209) $2,165,023 1.22% 225,994 $1,625,421 Up ×1
ACET Adicet Bio, Inc. - Common Stock $2,121,276 1.20% 245,518 $609,762 Up ×2
XERS Xeris Biopharma Holdings, Inc. - Common Stock $2,100,000 1.18% 280,000 Call option $476,000
TELA TELA Bio, Inc. - Common stock $1,996,820 1.13% 2,662,427 $374,124 Up ×5
AYTU Aytu BioPharma, Inc. - Common Stock $1,962,780 1.11% 912,921 $-200,169 Up ×1
CRIS Curis, Inc. - Common Stock $1,729,292 0.98% 3,312,185 $-310,170 Down ×1
SPRB Spruce Biosciences, Inc. - Common Stock $1,554,930 0.88% 28,795
HRTX Heron Therapeutics, Inc. - Common Stock $1,500,000 0.85% 1,000,000 Call option $699,900
SIBN SI-BONE, Inc. - Common Stock $1,500,000 0.85% 100,000 Call option $237,000
OKYO OKYO Pharma Limited - Ordinary Shares $1,294,494 0.73% 862,996 $-74,006 Up ×1
NMRA Neumora Therapeutics, Inc. - Common Stock $1,250,000 0.71% 500,000 Call option $275,000
KTTA Pasithea Therapeutics Corp. - Common Stock $1,134,637 0.64% 2,201,468 $517,978 Up ×2
SLGL Sol-Gel Technologies Ltd. - Ordinary Shares $1,072,732 0.61% 14,469 $-1,127,841 Down ×1
LUNG Pulmonx Corporation - Common Stock $1,060,067 0.60% 815,436 $68,975 Up ×2
XFOR X4 Pharmaceuticals, Inc. - Common Stock $1,050,699 0.59% 224,989 $-334,127 Down ×3
ARDX Ardelyx, Inc. - Common Stock $1,050,000 0.59% 150,000 Call option $151,500
DCTH Delcath Systems, Inc. - Common Stock $1,000,000 0.56% 100,000 Call option $72,000
INAB IN8bio, Inc. - Common Stock $980,355 0.55% 695,287 $-1,495 Up ×4
MLTX MoonLake Immunotherapeutics - Class A Ordinary Shares $973,500 0.55% 50,000 Up ×1
QNRX Quoin Pharmaceuticals, Ltd. - American Depositary Shares $965,512 0.54% 199,486 $612,676 Up ×1
MXCT MaxCyte, Inc. - Common Stock $924,475 0.52% 751,606 $218,692 Down ×1
PHAT Phathom Pharmaceuticals, Inc. - Common Stock $922,358 0.52% 85,010 $366,747 Up ×1
AZTR CUSIP: 05479L302 $886,903 0.50% 5,285,476 Up ×1
CNTB Connect Biopharma Holdings Limited - Ordinary Shares $866,925 0.49% 364,254 $54,725 Up ×1
HELP Cybin Inc. - Common Stock $854,541 0.48% 129,280 $211,053 Down ×2
RARE Ultragenyx Pharmaceutical Inc. - Common Stock $834,750 0.47% 25,000
IKT Inhibikase Therapeutics, Inc. - Common Stock $804,243 0.45% 396,179 $-803,856 Down ×2
ZNTL Zentalis Pharmaceuticals, Inc. - common stock $783,678 0.44% 161,583 $153,984 Down ×2
CTMX CytomX Therapeutics, Inc. - Common Stock $768,750 0.43% 205,000 $-171,250 Up ×1
MNKD MannKind Corporation - Common Stock $750,000 0.42% 250,000 Call option $-475,000 Down ×1
NVCT Nuvectis Pharma, Inc. - Common Stock $735,600 0.41% 40,000 Up ×1
CBIO Crescent Biopharma, Inc. - Common Stock $720,000 0.41% 40,000 $-841,450 Down ×2
PMVP PMV Pharmaceuticals, Inc. - Common Stock $718,355 0.41% 536,086 $-159,691 Down ×3
ORKA Oruka Therapeutics, Inc. - Common Stock $713,775 0.40% 7,500 Up ×1
RADX Radiopharm Theranostics Limited - American Depositary Shares $670,500 0.38% 51,000,000 $-68,477
OKUR OnKure Therapeutics, Inc. - Class A Common Stock $595,919 0.34% 130,684 $47,046 Down ×1
NGEN NervGen Pharma Corp. - Common stock $559,657 0.32% 271,678 Up ×1
CALC CalciMedica, Inc. - Common Stock $544,939 0.31% 622,432
ARVN Arvinas, Inc. - Common Stock $498,600 0.28% 60,000 $207,100 Up ×1
BIOA BioAge Labs, Inc. - Common Stock $490,200 0.28% 20,000 $-384,300 Down ×1
IRD Opus Genetics, Inc. - Common Stock $413,951 0.23% 100,718 $101,421 Up ×1
QTI QT Imaging Holdings, Inc. - Common Stock $407,000 0.23% 100,000 Up ×1
BOLD Boundless Bio, Inc. - Common Stock $386,488 0.22% 154,595 $-270,962 Down ×2
SINT SiNtx Technologies, Inc. - Common Stock $332,531 0.19% 209,205 Up ×1
CLRB Cellectar Biosciences, Inc. - Common Stock $290,649 0.16% 104,550 Up ×1
EPRX Eupraxia Pharmaceuticals Inc. - Common Stock $287,476 0.16% 43,491 Up ×1
SABS SAB Biotherapeutics, Inc. - Common Stock $285,757 0.16% 73,271 $94,257 Up ×1
ANL Adlai Nortye Ltd. - American Depositary Shares $278,956 0.16% 24,257 Up ×1
SENS Senseonics Holdings, Inc. - Common Stock $276,502 0.16% 48,680 Up ×1
PLRX Pliant Therapeutics, Inc. - Common Stock $262,813 0.15% 230,538 $-20,246 Up ×1
CDXS Codexis, Inc. - Common Stock $247,836 0.14% 109,662 $-433,494 Down ×1
POCI Precision Optics Corporation, Inc. - Common stock $236,589 0.13% 46,390 $-202,411 Down ×1
UPB Upstream Bio, Inc. - Common Stock $231,349 0.13% 33,432 $-83,651 Down ×1
RNTX Rein Therapeutics, Inc. - Common Stock $226,760 0.13% 218,038 Up ×1
HRTX Heron Therapeutics, Inc. - Common Stock $209,468 0.12% 490,787 $-912,425 Down ×1
CNSP CNS Pharmaceuticals, Inc. - Common Stock $198,719 0.11% 41,573 $52,929 Down ×1
HUMA Humacyte, Inc. - Common Stock $180,506 0.10% 231,299 Up ×1
KLRS Kalaris Therapeutics, Inc. - Common Stock $122,597 0.07% 30,122 $4,889 Up ×1
PCSA Processa Pharmaceuticals, Inc. - Common Stock $105,600 0.06% 55,000 $-33,275
Unknown issuer (CUSIP: 09077B203) $68,028 0.04% 16,432 Up ×1
CGEN Compugen Ltd. - Ordinary Shares $67,168 0.04% 31,387 $-154,991 Down ×2
OVID Ovid Therapeutics Inc. - Common Stock $57,297 0.03% 21,300 $-31,503 Down ×2
EVAX Evaxion A/S - American Depositary Share $54,442 0.03% 17,562 $-18,890 Down ×2

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
VSTM $12,795,575 7.22% up ×5
TELA $1,996,820 1.13% up ×5
INAB $980,355 0.55% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
INSM $5,600,000 40,000 3.16%
Unknown issuer (CUSIP: 29014R301) $5,512,581 397,160 3.11%
RARE $5,500,000 200,000 3.10%
MDT $4,375,000 50,000 2.47%
INDV $4,103,000 100,000 2.31%
ABT $3,800,000 40,000 2.14%
BSX $3,250,000 50,000 1.83%
BMRN $3,125,000 50,000 1.76%
SPRB $1,554,930 28,795 0.88%
MLTX $973,500 50,000 0.55%
AZTR $886,903 5,285,476 0.50%
RARE $834,750 25,000 0.47%
NVCT $735,600 40,000 0.41%
ORKA $713,775 7,500 0.40%
NGEN $559,657 271,678 0.32%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
TENX Trimmed -315K -$6.0M
VSTM Bought more +47K -$4.7M
EOLS Trimmed -169K +$3.8M
ADMA Trimmed -500K -$2.4M
NKTR Bought more +36K +$2.3M
KZIA Price move only +0 +$2.3M
· Bought more +162K +$1.6M
EOLS Price move only +0 +$1.4M
SLGL Trimmed -13K -$1.1M
CBIO Trimmed -45K -$841K

4 positions hidden — reported move looks larger than the position itself (data completeness check)

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
XBI June 30, 2026 800,000 $102,184,000 -3.0%
OPTN June 30, 2025 788,647 $7,231,893 No longer tracked
TERN June 30, 2026 100,000 $5,272,000 No longer tracked
URGN June 30, 2025 333,400 $3,687,404 202.4%
INDV March 31, 2026 100,000 $3,588,000 17.8%
ESTA June 30, 2026 56,000 $3,179,680 -23.9%
ITOS Sept. 30, 2025 310,033 $3,091,029 No longer tracked
AQST June 30, 2025 200,000 $3,039,973 37.5%
CRSP March 31, 2026 50,000 $2,622,000 13.5%
ANIP Sept. 30, 2025 38,597 $2,518,454 -21.9%
GLPG June 30, 2025 93,968 $2,360,476 No longer tracked
ARE June 30, 2026 50,000 $2,321,000 -13.1%
RARE March 31, 2026 100,000 $2,300,000 -31.0%
ACAD June 30, 2026 100,000 $2,226,000 -22.0%
XOMA June 30, 2026 69,500 $2,180,215 No longer tracked
ANIK Sept. 30, 2025 190,590 $2,016,442 104.7%
DAWN March 31, 2026 200,000 $1,864,000 No longer tracked
SPRB March 31, 2026 19,742 $1,719,726 -34.5%
EDSA June 30, 2025 687,500 $1,677,500 83.3%
SLNO Dec. 31, 2025 24,000 $1,622,400 No longer tracked
ENTA March 31, 2026 100,000 $1,577,000 -3.4%
MIST March 31, 2026 662,666 $1,338,585 -35.8%
YMAB Sept. 30, 2025 285,300 $1,286,703 No longer tracked
COLL Sept. 30, 2025 41,500 $1,227,155 -37.5%
ALMS Dec. 31, 2025 300,000 $1,197,000 -29.0%
KALV Sept. 30, 2025 100,000 $1,130,500 No longer tracked
ARDX Dec. 31, 2025 200,000 $1,102,000 -43.2%
DVAX Dec. 31, 2025 108,094 $1,073,373 No longer tracked
GERN March 31, 2026 805,800 $1,063,656 -18.8%
KROS June 30, 2025 100,000 $1,019,000 -14.7%
MYO Sept. 30, 2025 457,419 $988,025 No longer tracked
KZR March 31, 2026 156,179 $982,366 No longer tracked
VNDA Dec. 31, 2025 195,000 $973,050 -49.1%
SRZN June 30, 2026 33,005 $961,436 1.6%
XERS Sept. 30, 2025 205,100 $957,817 23.7%
SCPH June 30, 2025 347,687 $914,417 No longer tracked
VIR Dec. 31, 2025 160,000 $913,600 92.4%
INO June 30, 2025 518,331 $844,880 -44.6%
PROF June 30, 2025 139,942 $814,462 5.1%
SMLR March 31, 2026 50,000 $764,500 No longer tracked
ACHV Sept. 30, 2025 333,333 $753,333 128.1%
THRD June 30, 2025 212,783 $738,357 No longer tracked
ANGO Dec. 31, 2025 60,000 $670,200 12.3%
GOSS March 31, 2026 204,770 $634,787 -59.0%
GRCE Dec. 31, 2025 211,010 $628,177 -40.3%
LQDA Sept. 30, 2025 50,000 $623,000 13.9%
SNDX Dec. 31, 2025 37,200 $572,322 -16.3%
AQST Dec. 31, 2025 100,600 $562,354 -29.6%
VRCA June 30, 2026 99,735 $527,598 -31.2%
CADL June 30, 2026 102,500 $502,250 -4.2%
SPRO Sept. 30, 2025 156,888 $454,975 -36.7%
HLVX Sept. 30, 2025 226,009 $449,758 No longer tracked
THTX Sept. 30, 2025 189,051 $446,160 No longer tracked
HCAT Dec. 31, 2025 155,551 $443,320 -25.9%
ESTA Dec. 31, 2025 10,585 $433,879 -10.4%
SLRN June 30, 2025 167,580 $413,923 No longer tracked
CTMX Dec. 31, 2025 125,000 $398,750 -38.4%
NBP June 30, 2025 483,647 $398,477 -42.1%
SEPN June 30, 2025 68,084 $394,206 237.5%
FENC March 31, 2026 50,000 $385,000 66.8%
RZLT Dec. 31, 2025 40,000 $376,000 83.1%
ACRS Dec. 31, 2025 192,900 $366,510 22.9%
XGN June 30, 2025 95,747 $343,732 16.8%
HSDT Dec. 31, 2025 20,000 $297,800 -8.0%
JANX June 30, 2026 20,000 $278,000 9.3%
RNXT June 30, 2025 278,188 $275,406 5.7%
KPRX March 31, 2026 131,144 $258,354 29.5%
OABI June 30, 2026 164,045 $257,551 86.4%
TNYA March 31, 2026 352,001 $250,449 -21.0%
SVRA Dec. 31, 2025 60,000 $214,200 -22.9%
ABVX Dec. 31, 2025 2,500 $212,250 -34.6%
ACET June 30, 2025 508,266 $203,500 924.6%
CRGX June 30, 2025 50,000 $203,500 No longer tracked
MIST June 30, 2025 250,000 $200,025 -60.6%
CRBP June 30, 2025 35,000 $185,850 -16.2%
NUVB Sept. 30, 2025 85,300 $166,335 31.9%
PYPD June 30, 2025 54,975 $148,982 45.3%
KURA Sept. 30, 2025 25,000 $144,250 19.0%
CLYM Sept. 30, 2025 116,147 $144,022 431.3%
CALC Sept. 30, 2025 85,000 $136,000 -90.3%
GLUE Sept. 30, 2025 30,000 $135,300 33.2%
ELDN June 30, 2026 35,000 $107,800 -36.4%
AMRN (filed as AMRNXXXX) June 30, 2025 651,614 $105,000 -24.8%
ELAN June 30, 2025 10,000 $105,000 57.4%
WHWK June 30, 2025 46,698 $83,122 96.3%
XLO March 31, 2026 126,270 $80,838 7.0%
LRMR Dec. 31, 2025 25,000 $80,750 -27.0%
CMMB Dec. 31, 2025 30,000 $78,900 -15.2%
WHWK Dec. 31, 2025 35,253 $66,981 51.7%
IOVA June 30, 2025 20,000 $66,600 653.5%
JSPR Dec. 31, 2025 20,200 $48,076 -69.4%
CHRS Sept. 30, 2025 62,700 $45,853 -34.8%
EBS June 30, 2025 5,000 $24,300 8.9%
NKTX June 30, 2025 10,000 $18,400 45.8%
APRE June 30, 2025 102,242 $14,400 -62.4%
ESPR June 30, 2025 10,000 $14,400 No longer tracked
BCAB June 30, 2026 65,387 $10,527 No longer tracked