Q4 2025 · 13F-HR
First Turn Management, LLCholdings as filed
Filed 2026-02-13 · accession 0001993440-26-000001
$875.2M
Reported value
33
Positions
2025-12-31
Period end
The Brief · First Turn Management, LLC · Q4 2025
AI · grounded in 13F
First Turn Management, LLC closed its position in Merus N V 2GH, reducing exposure by $35.0M. The fund established several new positions, led by a $35.2M investment in Terns Pharmaceuticals Inc 430 and $29.3M in Cogent Biosciences Inc COGT. Additionally, the fund increased its stake in Abivax SA ABVX by 30.6%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 00370M103 | ABVX | ABIVAX SA | $51.4M | 5.87% | 381,233 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $50.8M | 5.81% | 638,385 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $46.0M | 5.26% | 264,293 | Common | SOLE |
| 10806X102 | BBIO | BRIDGEBIO PHARMA INC | $45.5M | 5.20% | 595,473 | Common | SOLE |
| 604749101 | MIRM | MIRUM PHARMACEUTICALS INC | $38.0M | 4.35% | 481,564 | Common | SOLE |
| 05464T104 | AXSM | AXSOME THERAPEUTICS INC | $37.8M | 4.32% | 206,921 | Common | SOLE |
| 670703107 | NUVL | NUVALENT INC | $37.1M | 4.24% | 368,697 | Common | SOLE |
| 98420N105 | XENE | XENON PHARMACEUTICALS INC | $35.8M | 4.10% | 799,743 | Common | SOLE |
| 03770N101 | APGE | APOGEE THERAPEUTICS INC | $35.8M | 4.10% | 474,839 | Common | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $35.2M | 4.03% | 872,049 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA COMPANY | $31.3M | 3.58% | 893,473 | Common | SOLE |
| 91307C102 | UTHR | UNITED THERAPEUTICS CORP DEL | $31.0M | 3.54% | 63,580 | Common | SOLE |
| 92337R101 | VERA | VERA THERAPEUTICS INC | $30.5M | 3.48% | 601,774 | Common | SOLE |
| 19240Q201 | COGT | COGENT BIOSCIENCES INC | $29.3M | 3.35% | 824,283 | Common | SOLE |
| 04351P101 | ASNDUSD | ASCENDIS PHARMA A/S | $28.1M | 3.21% | 131,808 | Common | SOLE |
| 40131M109 | GH | GUARDANT HEALTH INC | $27.7M | 3.17% | 271,685 | Common | SOLE |
| G76279101 | ROIV | ROIVANT SCIENCES LTD | $25.8M | 2.94% | 1,186,817 | Common | SOLE |
| 45166A102 | IDYA | IDEAYA BIOSCIENCES INC | $25.0M | 2.86% | 723,653 | Common | SOLE |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $21.5M | 2.46% | 690,528 | Common | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $21.4M | 2.45% | 1,892,683 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $20.7M | 2.36% | 325,668 | Common | SOLE |
| 80706P103 | SRRK | SCHOLAR ROCK HLDG CORP | $20.3M | 2.31% | 459,727 | Common | SOLE |
| 04016X101 | ARGX | ARGENX SE | $19.6M | 2.23% | 23,256 | Common | SOLE |
| 632307104 | NTRA | NATERA INC | $18.5M | 2.12% | 80,875 | Common | SOLE |
| 68622P109 | ORIC | ORIC PHARMACEUTICALS INC | $16.4M | 1.88% | 2,010,307 | Common | SOLE |
| 501575104 | KYMR | KYMERA THERAPEUTICS INC | $16.1M | 1.84% | 206,445 | Common | SOLE |
| 76243J105 | RYTM | RHYTHM PHARMACEUTICALS INC | $15.7M | 1.79% | 146,303 | Common | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $15.4M | 1.76% | 617,714 | Common | SOLE |
| 03969F109 | RCUS | ARCUS BIOSCIENCES INC | $13.5M | 1.54% | 565,142 | Common | SOLE |
| 254604101 | IRON | DISC MEDICINE INC | $12.2M | 1.39% | 153,206 | Common | SOLE |
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $10.5M | 1.20% | 35,749 | Common | SOLE |
| N90064101 | QURE | UNIQURE NV | $7.7M | 0.88% | 321,655 | Common | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $3.5M | 0.40% | 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.