Q3 2025 · 13F-HR
First Turn Management, LLCholdings as filed
Filed 2025-11-14 · accession 0001993440-25-000004
$666.0M
Reported value
29
Positions
2025-09-30
Period end
The Brief · First Turn Management, LLC · Q3 2025
AI · grounded in 13F
First Turn Management, LLC established a new position in INSM valued at $46.1M. The fund also initiated new stakes in MIRM for $41.8M and UTHR for $35.8M. Additional new positions include 2GH, NUVL, and XENE. The fund ended the period with 29 positions and total AUM of $666M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 457669307 | INSM | INSMED INC | $46.1M | 6.91% | 319,773 | Common | SOLE |
| 604749101 | MIRM | MIRUM PHARMACEUTICALS INC | $41.8M | 6.28% | 570,569 | Common | SOLE |
| 91307C102 | UTHR | UNITED THERAPEUTICS CORP DEL | $35.8M | 5.37% | 85,318 | Common | SOLE |
| N5749R100 | 2GH | MERUS N V | $35.0M | 5.26% | 372,022 | Common | SOLE |
| 670703107 | NUVL | NUVALENT INC | $34.1M | 5.13% | 394,754 | Common | SOLE |
| 98420N105 | XENE | XENON PHARMACEUTICALS INC | $32.1M | 4.82% | 799,743 | Common | SOLE |
| 10806X102 | BBIO | BRIDGEBIO PHARMA INC | $30.6M | 4.60% | 589,729 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $30.0M | 4.51% | 643,050 | Common | SOLE |
| 04351P101 | ASNDUSD | ASCENDIS PHARMA A/S | $29.1M | 4.37% | 146,291 | Common | SOLE |
| 04016X101 | ARGX | ARGENX SE | $28.6M | 4.29% | 38,767 | Common | SOLE |
| 254604101 | IRON | DISC MEDICINE INC | $26.3M | 3.95% | 397,693 | Common | SOLE |
| 68622P109 | ORIC | ORIC PHARMACEUTICALS INC | $25.9M | 3.89% | 2,159,474 | Common | SOLE |
| 03940C100 | ACLXGBX | ARCELLX INC | $25.8M | 3.87% | 313,733 | Common | SOLE |
| 64125C109 | NBIX | NEUROCRINE BIOSCIENCES INC | $25.5M | 3.83% | 181,897 | Common | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $24.8M | 3.72% | 291,820 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA COMPANY | $20.4M | 3.06% | 716,971 | Common | SOLE |
| 00973Y108 | AKRO | AKERO THERAPEUTICS INC | $18.9M | 2.83% | 397,010 | Common | SOLE |
| 05464T104 | AXSM | AXSOME THERAPEUTICS INC | $18.5M | 2.78% | 152,614 | Common | SOLE |
| 29337E102 | ELVN | ENLIVEN THERAPEUTICS INC | $16.0M | 2.41% | 783,411 | Common | SOLE |
| 03770N101 | APGE | APOGEE THERAPEUTICS INC | $16.0M | 2.40% | 402,811 | Common | SOLE |
| 501575104 | KYMR | KYMERA THERAPEUTICS INC | $15.7M | 2.36% | 277,726 | Common | SOLE |
| 47103J105 | JANX | JANUX THERAPEUTICS INC | $15.6M | 2.35% | 639,699 | Common | SOLE |
| G76279101 | ROIV | ROIVANT SCIENCES LTD | $14.5M | 2.18% | 959,703 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $14.0M | 2.10% | 254,795 | Common | SOLE |
| 632307104 | NTRA | NATERA INC | $13.0M | 1.95% | 80,875 | Common | SOLE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $11.9M | 1.78% | 808,673 | Common | SOLE |
| 92337R101 | VERA | VERA THERAPEUTICS INC | $10.3M | 1.55% | 354,529 | Common | SOLE |
| 415858109 | HROW | HARROW INC | $7.7M | 1.16% | 160,234 | Common | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $1.9M | 0.28% | 262,643 | 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.