Birchview Capital, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Birchview Capital, LP reported 68 stock positions worth $115.2 million. Its top holding was Bristol-Myers Squibb (BMY) at 36.3% of the portfolio, followed by Corcept Therapeutics (CORT, 6.5%) and Acadia Pharmaceuticals (ACAD, 3.8%). Compared with Q4 2024, it opened 4 new positions, sold out of 4, added to 20 and reduced 12. The biggest buy was Bristol-Myers Squibb (BMY, shares −0%) and the biggest sale Acadia Pharmaceuticals (ACAD, shares −22%).

Most Recent 13F
Q2 2026
Location
BURLINGTON, VT
CIK
0001618205
Portfolio Value
$115.2M (Q1 2025)
SEC Filing
0001618205-25-000002 ↗ filed May 15, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $122.7M Q1 2024 Q2 2024: $108.2M Q2 2024 Q3 2024: $115.5M Q3 2024 Q4 2024: $122.9M Q4 2024 Q1 2025: $115.2M $115.2M Q1 2025 Q2 2025: $100.7M Q2 2025 Q3 2025: $132.4M Q3 2025 Q4 2025: $170.8M Q4 2025 Q1 2026: $175.7M Q1 2026 Q2 2026: $213.8M Q2 2026

Holdings 68 stocks · $115.2M
BMY Bristol-Myers Squibb Co. 36.29% 685,192 $41.8M Add +0.0%
CORT Corcept Therapeutics Inc. 6.55% 66,000 $7.5M Reduce -10.8%
ACAD Acadia Pharmaceuticals Inc. 3.80% 263,400 $4.4M Reduce -22.2%
PRTA Prothena Corp. PLC 3.58% 332,974 $4.1M Add +9.3%
BDSX Biodesix Inc. 3.11% 5,736,113 $3.6M No change
NBIX Neurocrine Biosciences Inc. 2.90% 30,240 $3.3M No change
ELUT Elutia Inc. 2.61% 1,187,735 $3.0M Reduce -3.1%
AXGN Axogen Inc. 2.59% 161,000 $3.0M Reduce -18.3%
PHR Phreesia Inc. 2.55% 114,700 $2.9M No change
TVTX Travere Therapeutics Inc. 2.15% 138,000 $2.5M Reduce -6.8%
QDEL Quidelortho Corp. 2.05% 67,619 $2.4M No change
PTGX Protagonist Therapeutics Inc. 2.02% 48,002 $2.3M Add +0.0%
UTHR United Therapeutics Corp. 2.01% 7,500 $2.3M Reduce -25.0%
DCGO Docgo Inc. 1.98% 864,062 $2.3M Add +13.1%
OVV Ovintiv Inc. 1.94% 52,200 $2.2M No change
HROW Harrow Inc. 1.68% 72,910 $1.9M No change
MASI Masimo Corp. 1.63% 11,280 $1.9M Reduce -26.2%
EQT Eqt Corp. 1.61% 34,619 $1.8M No change
CSTL Castle Biosciences Inc. 1.54% 88,404 $1.8M Add +13.3%
ALKS Alkermes PLC 1.43% 50,000 $1.7M No change
STOK Stoke Therapeutics Inc. 1.21% 210,005 $1.4M Add +0.0%
TMCI Treace Medical Concepts Inc. 1.20% 164,947 $1.4M Add +2.2%
FHTX Foghorn Therapeutics Inc. 0.99% 310,930 $1.1M No change
QURE Uniqure NV 0.82% 88,697 $940K Add +343.5%
KALV Kalvista Pharmaceuticals Inc. 0.67% 67,002 $773K Add +0.0%
XENE Xenon Pharmaceuticals Inc. 0.61% 21,000 $705K Add +110.0%
AXSM Axsome Therapeutics Inc. 0.61% 6,000 $700K Add +50.0%
KNSA Kiniksa Pharmaceuticals Ltd. 0.58% 30,006 $666K Add +0.0%
HALO Halozyme Therapeutics Inc. 0.55% 10,000 $638K No change
RARE Ultragenyx Pharmaceutical Inc. 0.50% 16,000 $579K No change
NVCR Novocure Ltd. 0.48% 31,000 $552K No change
SRRK Scholar Rock Holding Corp. 0.45% 16,000 $514K Add +100.0%
KIDS Orthopediatrics Corp. 0.43% 20,000 $493K New
SLDB Solid Biosciences Inc. 0.41% 128,768 $476K New
INBX Inhibrx Biosciences Inc. 0.39% 32,110 $449K No change
TXG 10X Genomics Inc. Class A 0.38% 50,000 $437K No change
CYTK Cytokinetics Inc. 0.35% 10,000 $402K No change
SWTX Springworks Therapeutics Inc. 0.32% 8,280 $365K Reduce -17.2%
LUNG Pulmonx Corp. 0.30% 51,000 $343K No change
CADL Candel Therapeutics Inc. 0.29% 60,000 $339K No change
ATEC Alphatec Holdings Inc. 0.29% 33,000 $335K Reduce -43.1%
WVE Wave Life Sciences Ltd. 0.28% 40,300 $326K Add +0.8%
MLTX Moonlake Immunotherapeutics 0.27% 8,000 $313K Add +100.0%
APLS Apellis Pharmaceuticals Inc. 0.27% 14,000 $306K No change
BCRX Biocryst Pharmaceuticals Inc. 0.26% 40,000 $300K No change
APGE Apogee Therapeutics Inc. 0.26% 8,000 $299K New
XNCR Xencor Inc. 0.24% 26,000 $277K No change
OM Outset Medical Inc. 0.24% 24,584 $272K Reduce -93.3%
BPMC Blueprint Medicines Corp. 0.21% 2,700 $239K No change
FOLD Amicus Therapeutics Inc. 0.20% 28,000 $228K No change
ACCELERATE DIAGNOSTICS INC 0.20% 325,239 $228K No change
ARVN Arvinas Inc. 0.18% 30,000 $211K Add +100.0%
NPCE Neuropace Inc. 0.18% 16,442 $202K Add +64.4%
TELA Tela Bio Inc. 0.16% 155,000 $189K Add +24.0%
KROS Keros Therapeutics Inc. 0.13% 15,000 $153K No change
GOSS Gossamer Bio Inc. 0.13% 138,176 $152K No change
CGEM Cullinan Therapeutics Inc. 0.13% 20,000 $151K No change
LQDA Liquidia Corp. 0.13% 10,013 $148K Add +0.1%
TECL Dire Dai Tec Bull 3X ETF-Usd 0.13% 20,000 $144K Add +11.1%
ATRA Atara Biotherapeutics Inc. 0.11% 22,000 $131K No change
ZBIO Zenas Biopharma Inc. 0.11% 16,500 $130K No change
KPTI Karyopharm Therapeutics Inc. 0.09% 27,985 $105K Reduce -93.3%
TSVT 2SEVENTY Bio Inc. 0.07% 15,500 $77K Reduce -2.1%
ALMS Alumis Inc. 0.05% 10,000 $61K No change
IFRX Inflarx NV 0.04% 50,000 $51K No change
CMPX Compass Therapeutics Inc. 0.04% 24,000 $46K New
VTYX Ventyx Biosciences Inc. 0.03% 28,800 $33K No change
ZNTL Zentalis Pharmaceuticals Inc. 0.02% 17,000 $27K No change

Portfolio Sells Q4 2024 → Q1 2025
ACAD Acadia Pharmaceuticals Inc. Reduce -22.2% 3.80% −1.25
ELUT Elutia Inc. Reduce -3.1% 2.61% −1.12
UTHR United Therapeutics Corp. Reduce -25.0% 2.01% −0.86
MASI Masimo Corp. Reduce -26.2% 1.63% −0.42
SRPT Sarepta Therapeutics Inc. Sold out 0.00% −0.35
BIOHAVEN PHARMACEUTICAL HOLD Sold out 0.00% −0.22
ATEC Alphatec Holdings Inc. Reduce -43.1% 0.29% −0.14
KPTI Karyopharm Therapeutics Inc. Reduce -93.3% 0.09% −0.14
OM Outset Medical Inc. Reduce -93.3% 0.24% −0.10
CHRS Coherus Oncology Inc. Sold out 0.00% −0.09
AXGN Axogen Inc. Reduce -18.3% 2.59% −0.06
CERO THERAPEUTICS HLDGS INC Sold out 0.00% −0.00
SWTX Springworks Therapeutics Inc. Reduce -17.2% 0.32% +0.02
TSVT 2SEVENTY Bio Inc. Reduce -2.1% 0.07% +0.03
TVTX Travere Therapeutics Inc. Reduce -6.8% 2.15% +0.05
CORT Corcept Therapeutics Inc. Reduce -10.8% 6.55% +3.51

Portfolio Buys Q4 2024 → Q1 2025
BMY Bristol-Myers Squibb Co. Add +0.0% 36.29% +4.76
QURE Uniqure NV Add +343.5% 0.82% +0.53
PTGX Protagonist Therapeutics Inc. Add +0.0% 2.02% +0.51
KIDS Orthopediatrics Corp. New 0.43% +0.43
SLDB Solid Biosciences Inc. New 0.41% +0.41
AXSM Axsome Therapeutics Inc. Add +50.0% 0.61% +0.33
XENE Xenon Pharmaceuticals Inc. Add +110.0% 0.61% +0.29
APGE Apogee Therapeutics Inc. New 0.26% +0.26
TMCI Treace Medical Concepts Inc. Add +2.2% 1.20% +0.23
KALV Kalvista Pharmaceuticals Inc. Add +0.0% 0.67% +0.21
SRRK Scholar Rock Holding Corp. Add +100.0% 0.45% +0.17
PRTA Prothena Corp. PLC Add +9.3% 3.58% +0.15
KNSA Kiniksa Pharmaceuticals Ltd. Add +0.0% 0.58% +0.10
MLTX Moonlake Immunotherapeutics Add +100.0% 0.27% +0.10
NPCE Neuropace Inc. Add +64.4% 0.18% +0.08
CMPX Compass Therapeutics Inc. New 0.04% +0.04
LQDA Liquidia Corp. Add +0.1% 0.13% +0.03
TECL Dire Dai Tec Bull 3X ETF-Usd Add +11.1% 0.13% +0.02
ARVN Arvinas Inc. Add +100.0% 0.18% −0.05
WVE Wave Life Sciences Ltd. Add +0.8% 0.28% −0.12
TELA Tela Bio Inc. Add +24.0% 0.16% −0.14
CSTL Castle Biosciences Inc. Add +13.3% 1.54% −0.15
DCGO Docgo Inc. Add +13.1% 1.98% −0.66
STOK Stoke Therapeutics Inc. Add +0.0% 1.21% −0.67

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 72$213.8MKLAC, BMY, LRCX, NTLA, SLDB
Q1 2026 73$175.7MKLAC, BMY, CMPX, LRCX, STOK
Q4 2025 68$170.8MKLAC, BMY, CMPX, STOK, LRCX
Q3 2025 69$132.4MKLAC, BMY, CORT, PRTA, STOK
Q2 2025 71$100.7MBMY, KLAC, CORT, OVV, ACAD
Q1 2025 68$115.2MBMY, CORT, ACAD, PRTA, BDSX
Q4 2024Amended 68$122.9MBMY, BDSX, ACAD, ELUT, PRTA
Q3 2024Amended 61$115.5MBMY, BDSX, ACAD, ELUT, UTHR
Q2 2024Amended 60$108.2MBMY, BDSX, ELUT, NBIX, SILK
Q1 2024Amended 59$122.7MBMY, NBIX, BDSX, ELUT, ACAD