Q4 2025 · 13F-HR
Trails Edge Capital Partners, LPholdings as filed
Filed 2026-02-17 · accession 0002077247-26-000002
$404.7M
Reported value
23
Positions
2025-12-31
Period end
The Brief · Trails Edge Capital Partners, LP · Q4 2025
AI · grounded in 13F
Trails Edge Capital Partners, LP established a new position in ACAD valued at $37.9M. The fund also initiated new stakes in BRD1EUR for $34.4M and PCVX for $34.0M. Other new additions include NRIX at $33.1M and LBRX at $31.1M. The fund ended the period with 23 positions and total AUM of $404.7M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 004225108 | ACAD | ACADIA PHARMACEUTICALS INC | $37.9M | 9.37% | 1,419,406 | Common | SOLE |
| 60255C885 | BRD1EUR | MIND MEDICINE MINDMED INC | $34.4M | 8.50% | 2,568,110 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $34.0M | 8.41% | 737,470 | Common | SOLE |
| 67080M103 | NRIX | NURIX THERAPEUTICS INC | $33.1M | 8.17% | 1,743,220 | Common | SOLE |
| 50180M108 | LBRX | LB PHARMACEUTICALS INC | $31.1M | 7.68% | 1,395,608 | Common | SOLE |
| 98420N105 | XENE | XENON PHARMACEUTICALS INC | $26.8M | 6.61% | 597,092 | Common | SOLE |
| 45258D105 | IMCR | IMMUNOCORE HLDGS PLC | $23.7M | 5.85% | 682,597 | Common | SOLE |
| 03969F109 | RCUS | ARCUS BIOSCIENCES INC | $21.8M | 5.40% | 916,313 | Common | SOLE |
| 90240B106 | TYRA | TYRA BIOSCIENCES INC | $18.4M | 4.55% | 700,000 | Common | SOLE |
| 64135M105 | NGNE | NEUROGENE INC | $16.2M | 4.00% | 785,000 | Common | SOLE |
| 03152W109 | AM6 | AMICUS THERAPEUTICS INC | $14.9M | 3.67% | 1,043,313 | Common | SOLE |
| 03770N101 | APGE | APOGEE THERAPEUTICS INC | $14.5M | 3.58% | 192,000 | Common | SOLE |
| 45719W205 | IKT | INHIBIKASE THERAPEUTICS INC | $12.7M | 3.13% | 6,178,124 | Common | SOLE |
| 46124U107 | IVA | INVENTIVA SA | $12.4M | 3.05% | 2,657,997 | Common | SOLE |
| 13463J101 | CAMP | CAMP4 THERAPEUTICS CORP | $12.2M | 3.00% | 1,983,986 | Common | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $12.1M | 2.99% | 300,000 | Common | SOLE |
| 98420X202 | XFOR | X4 PHARMACEUTICALS INC | $10.3M | 2.54% | 2,571,478 | Common | SOLE |
| 55287L101 | MBX | MBX BIOSCIENCES INC | $9.9M | 2.46% | 315,158 | Common | SOLE |
| 918385204 | VTVT | VTV THERAPEUTICS INC | $9.2M | 2.28% | 231,000 | Common | SOLE |
| 20454B104 | CMPX | COMPASS THERAPEUTICS INC | $7.6M | 1.88% | 1,415,273 | Common | SOLE |
| 45258J102 | IMVT | IMMUNOVANT INC | $6.1M | 1.51% | 240,165 | Common | SOLE |
| 29337E102 | ELVN | ENLIVEN THERAPEUTICS INC | $3.1M | 0.76% | 199,306 | Common | SOLE |
| 604749101 | MIRM | MIRUM PHARMACEUTICALS INC | $2.5M | 0.62% | 31,862 | 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.