Q4 2025 · 13F-HR
Deep Track Capital, LPholdings as filed
Filed 2026-02-13 · accession 0001856083-26-000001
$5.61B
Reported value
55
Positions
2025-12-31
Period end
The Brief · Deep Track Capital, LP · Q4 2025
AI · grounded in 13F
Deep Track Capital, LP established a new position in XBI valued at $1.22B. The fund also opened a new position in VERA for $142.86M and increased its stake in BMRN by 9,153.3%. On the sell side, the fund closed its positions in AKRO for $190M and ETNBGBP for $137.54M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78464A870 | XBI | SPDR SERIES TRUST | $1.22B | 21.7% | 10,000,000 | PUT | SOLE |
| 45258J102 | IMVT | IMMUNOVANT INC | $293.0M | 5.22% | 11,526,971 | Common | SOLE |
| 40131M109 | GH | GUARDANT HEALTH INC | $286.0M | 5.10% | 2,800,000 | Common | SOLE |
| 86366E106 | GPCR | STRUCTURE THERAPEUTICS INC | $286.0M | 5.10% | 4,111,782 | Common | SOLE |
| 87650L103 | TARS | TARSUS PHARMACEUTICALS INC | $246.0M | 4.39% | 3,004,034 | Common | SOLE |
| 268158201 | DVAX | DYNAVAX TECHNOLOGIES CORP | $241.9M | 4.31% | 15,726,349 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $212.0M | 3.78% | 3,336,998 | Common | SOLE |
| 05464T104 | AXSM | AXSOME THERAPEUTICS INC | $210.0M | 3.74% | 1,150,000 | Common | SOLE |
| 03753U106 | APLSUSD | APELLIS PHARMACEUTICALS INC | $194.7M | 3.47% | 7,750,000 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $184.6M | 3.29% | 4,000,000 | Common | SOLE |
| 578784100 | MAZE | MAZE THERAPEUTICS INC | $175.9M | 3.14% | 4,246,440 | Common | SOLE |
| 92337R101 | VERA | VERA THERAPEUTICS INC | $142.9M | 2.55% | 2,821,135 | Common | SOLE |
| 09061G101 | BMRN | BIOMARIN PHARMACEUTICAL INC | $136.7M | 2.44% | 2,300,000 | Common | SOLE |
| 462222100 | IONS | IONIS PHARMACEUTICALS INC | $134.5M | 2.40% | 1,700,000 | Common | SOLE |
| 67080M103 | NRIX | NURIX THERAPEUTICS INC | $133.5M | 2.38% | 7,036,455 | Common | SOLE |
| 55287L101 | MBX | MBX BIOSCIENCES INC | $102.5M | 1.83% | 3,249,790 | Common | SOLE |
| 67576A100 | OCUL | OCULAR THERAPEUTIX INC | $98.0M | 1.75% | 8,070,414 | Common | SOLE |
| 384747101 | GRAL | GRAIL INC | $87.5M | 1.56% | 1,022,797 | Common | SOLE |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $78.6M | 1.40% | 2,524,833 | Common | SOLE |
| 50180M108 | LBRX | LB PHARMACEUTICALS INC | $74.6M | 1.33% | 3,352,804 | Common | SOLE |
| 45258D105 | IMCR | IMMUNOCORE HLDGS PLC | $69.6M | 1.24% | 2,003,978 | Common | SOLE |
| 687604108 | ORKA | ORUKA THERAPEUTICS INC | $65.5M | 1.17% | 2,161,510 | Common | SOLE |
| 10806X102 | BBIO | BRIDGEBIO PHARMA INC | $62.0M | 1.10% | 810,142 | Common | SOLE |
| 21900C308 | CRMD | CORMEDIX INC | $61.3M | 1.09% | 5,274,076 | Common | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $60.8M | 1.08% | 4,610,071 | Common | SOLE |
| G01767105 | ALKS | ALKERMES PLC | $56.0M | 1.00% | 2,000,000 | Common | SOLE |
| 26818M108 | DYN | DYNE THERAPEUTICS INC | $51.8M | 0.92% | 2,650,000 | Common | SOLE |
| 15117B202 | CLDX | CELLDEX THERAPEUTICS INC NEW | $51.6M | 0.92% | 1,900,738 | Common | SOLE |
| 20451W101 | CMPS | COMPASS PATHWAYS PLC | $50.6M | 0.90% | 7,334,323 | Common | SOLE |
| 152309100 | CNTA | CENTESSA PHARMACEUTICALS PLC | $50.0M | 0.89% | 2,000,000 | Common | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $46.3M | 0.83% | 1,000,000 | Common | SOLE |
| 92337C203 | VSTM | VERASTEM INC | $44.3M | 0.79% | 5,740,850 | Common | SOLE |
| 055477103 | BCAX | BICARA THERAPEUTICS INC | $44.0M | 0.78% | 2,614,004 | Common | SOLE |
| 374163103 | GERN | GERON CORP | $42.9M | 0.77% | 32,511,271 | Common | SOLE |
| 29286M105 | — | ENGENE HOLDINGS INC | $39.5M | 0.70% | 4,377,572 | Common | SOLE |
| 00182C103 | ANIP | ANI PHARMACEUTICALS INC | $37.7M | 0.67% | 477,684 | Common | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $31.1M | 0.55% | 769,048 | Common | SOLE |
| 29251M106 | ENTA | ENANTA PHARMACEUTICALS INC | $30.9M | 0.55% | 1,956,867 | Common | SOLE |
| 60255C885 | BRD1EUR | MIND MEDICINE MINDMED INC | $22.4M | 0.40% | 1,676,540 | Common | SOLE |
| 87583X109 | TNGX | TANGO THERAPEUTICS INC | $21.7M | 0.39% | 2,454,562 | Common | SOLE |
| 98420X202 | XFOR | X4 PHARMACEUTICALS INC | $20.1M | 0.36% | 5,013,661 | Common | SOLE |
| N0731H103 | ATAI | ATAI BECKLEY NV | $19.1M | 0.34% | 4,677,289 | Common | SOLE |
| 98420N105 | XENE | XENON PHARMACEUTICALS INC | $16.4M | 0.29% | 366,435 | Common | SOLE |
| 19240Q201 | COGT | COGENT BIOSCIENCES INC | $16.1M | 0.29% | 453,102 | Common | SOLE |
| 23256X407 | HELP | CYBIN INC | $15.2M | 0.27% | 1,854,255 | Common | SOLE |
| 21077P108 | CNTX | CONTEXT THERAPEUTICS INC | $10.9M | 0.19% | 7,419,355 | Common | SOLE |
| 61023L207 | MNPR | MONOPAR THERAPEUTICS INC | $6.2M | 0.11% | 95,408 | Common | SOLE |
| G1110E107 | BHVN | BIOHAVEN LTD | $5.6M | 0.10% | 500,000 | CALL | SOLE |
| G2545C104 | CBIO | CRESCENT BIOPHARMA INC. | $5.4M | 0.10% | 453,686 | Common | SOLE |
| 01626L204 | ALGS | ALIGOS THERAPEUTICS INC | $4.1M | 0.07% | 444,110 | Common | SOLE |
| 090168105 | BLLN | BILLIONTOONE INC | $4.1M | 0.07% | 50,000 | Common | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $3.7M | 0.07% | 110,448 | Common | SOLE |
| 46124U107 | IVA | INVENTIVA SA | $2.3M | 0.04% | 490,000 | Common | SOLE |
| 47103J105 | JANX | JANUX THERAPEUTICS INC | $1.2M | 0.02% | 89,589 | Common | SOLE |
| 00704R109 | ANL | ADLAI NORTYE LTD | $49,490 | 0.00% | 34,852 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.