B Group, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), B Group, Inc. reported 16 stock positions worth $100.1 million. Its top holding was Adma Biologics (ADMA) at 35.3% of the portfolio, followed by Zai Lab Ltd.-ADR (ZLAB, 13.5%) and Akero Therapeutics (AKRO, 11.0%). Compared with Q2 2025, it opened 1 new position, added to 4 and reduced 3. The biggest buy was Cellectis - ADR (CLLS, shares +1%) and the biggest sale Insmed (INSM, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0002043476
- Portfolio Value
- $100.1M (Q3 2025)
- SEC Filing
- 0001420506-25-003231 ↗ filed Nov 14, 2025
Holdings Value
Holdings 16 stocks · $100.1M
| ADMA Adma Biologics Inc. | 35.32% | 2,412,542 | $35.4M | Add +4.1% |
| ZLAB Zai Lab Ltd.-ADR | 13.54% | 400,000 | $13.6M | No change |
| AKRO Akero Therapeutics Inc. | 11.02% | 232,446 | $11.0M | No change |
| CLLS Cellectis - ADR | 9.34% | 3,281,501 | $9.4M | Add +0.8% |
| TSHA Taysha Gene Therapies Inc. | 5.88% | 1,800,556 | $5.9M | No change |
| ASMB Assembly Biosciences Inc. | 4.49% | 175,706 | $4.5M | Reduce -7.2% |
| RARE Ultragenyx Pharmaceutical Inc. | 4.06% | 135,000 | $4.1M | Add +22.7% |
| AURA Aura Biosciences Inc. | 3.53% | 572,576 | $3.5M | No change |
| IOVA Iovance Biotherapeutics Inc. | 3.25% | 1,500,000 | $3.3M | No change |
| SGHT Sight Sciences Inc. | 3.20% | 930,000 | $3.2M | No change |
| SYRE Spyre Therapeutics Inc. | 1.67% | 100,000 | $1.7M | Add +25.0% |
| PRAX Praxis Precision Medicines I | 1.67% | 31,500 | $1.7M | Reduce -10.0% |
| ORKA Oruka Therapeutics Inc. | 1.44% | 75,000 | $1.4M | No change |
| APGE Apogee Therapeutics Inc. | 1.39% | 35,000 | $1.4M | No change |
| GAME Gamesquare Hldgs Inc. | 0.17% | 250,000 | $170K | New |
| INSM Insmed Inc. | 0.02% | 158 | $23K | Reduce -99.9% |
Options reported separately and not counted above: LLY puts ($17.2M), NVDA puts ($14.0M), REPL calls ($210K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NRXPW NRX Pharmaceuticals Inc.-CW22 | *W EXP 05/24/202 | 3,000,000 | $4.5M | New |
Total filed on the 13F, all lines: $104.6M.
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
Options Activity Q2 2025 → Q3 2025
| LLY Eli Lilly & Co. | put | New | 22,500 | $17.2M |
| NVDA Nvidia Corp. | put | New | 75,000 | $14.0M |
| ELI LILLY & CO | put | Sold out | 15,000 | $11.7Mbefore exit |
| ULTRAGENYX PHARMACEUTICAL IN | call | Sold out | 67,600 | $2.5Mbefore exit |
| REPL Replimune Group Inc. | call | New | 50,000 | $210K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| NRXPW NRX Pharmaceuticals Inc.-CW22 | *W EXP 05/24/202 | New | 3,000,000 | $4.5M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 18 | $176.2M | ADMA, PALI, NRXP, FTH, TSHA |
| Q1 2026 | 20 | $134.9M | ADMA, PALI, PRAX, CLLS, ZLAB |
| Q4 2025 | 15 | $134.9M | ADMA, CLLS, PALI, TSHA, PRAX |
| Q3 2025 | 16 | $100.1M | ADMA, ZLAB, AKRO, CLLS, TSHA |
| Q2 2025 | 15 | $115.8M | ADMA, INSM, ZLAB, AKRO, CLLS |
| Q1 2025 | 17 | $115.1M | ADMA, INSM, ZLAB, AKRO, IOVA |
| Q4 2024 | 18 | $163.6M | INVESCO QQQ TR, ADMA, INSM, ZLAB, IOVA |