Birchview Capital, LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Birchview Capital, LP reported 71 stock positions worth $100.7 million. Its top holding was Bristol-Myers Squibb (BMY) at 14.9% of the portfolio, followed by KLA (KLAC, 14.1%) and Corcept Therapeutics (CORT, 4.9%). Compared with Q1 2025, it opened 12 new positions, sold out of 9, added to 15 and reduced 13. The biggest buy was a new position in KLA (KLAC) and the biggest sale Bristol-Myers Squibb (BMY, shares −53%).

Most Recent 13F
Q2 2026
Location
BURLINGTON, VT
CIK
0001618205
Portfolio Value
$100.7M (Q2 2025)
SEC Filing
0001618205-25-000009 ↗ filed Aug 14, 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 Q1 2025 Q2 2025: $100.7M $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 71 stocks · $100.7M
BMY Bristol-Myers Squibb Co. 14.86% 323,358 $15.0M Reduce -52.8%
KLAC KLA Corp. 14.10% 15,848 $14.2M New
CORT Corcept Therapeutics Inc. 4.90% 67,200 $4.9M Add +1.8%
OVV Ovintiv Inc. 4.06% 107,500 $4.1M Add +105.9%
ACAD Acadia Pharmaceuticals Inc. 4.02% 187,800 $4.1M Reduce -28.7%
NBIX Neurocrine Biosciences Inc. 3.86% 30,940 $3.9M Add +2.3%
PHR Phreesia Inc. 3.24% 114,700 $3.3M No change
PRTA Prothena Corp. PLC 2.72% 451,019 $2.7M Add +35.5%
PTGX Protagonist Therapeutics Inc. 2.63% 48,000 $2.7M Reduce 0.0%
STOK Stoke Therapeutics Inc. 2.37% 210,000 $2.4M Reduce 0.0%
ELUT Elutia Inc. 2.28% 1,159,059 $2.3M Reduce -2.4%
CSTL Castle Biosciences Inc. 2.24% 110,600 $2.3M Add +25.1%
QDEL Quidelortho Corp. 2.08% 72,548 $2.1M Add +7.3%
EQT Eqt Corp. 2.00% 34,619 $2.0M No change
HROW Harrow Inc. 1.82% 60,000 $1.8M Reduce -17.7%
NVCR Novocure Ltd. 1.79% 101,000 $1.8M Add +225.8%
AXGN Axogen Inc. 1.73% 161,000 $1.7M No change
BDSX Biodesix Inc. 1.61% 5,736,113 $1.6M No change
TVTX Travere Therapeutics Inc. 1.51% 103,000 $1.5M Reduce -25.4%
FHTX Foghorn Therapeutics Inc. 1.45% 310,930 $1.5M No change
ALKS Alkermes PLC 1.42% 50,000 $1.4M No change
MASI Masimo Corp. 1.38% 8,280 $1.4M Reduce -26.6%
QURE Uniqure NV 1.37% 98,697 $1.4M Add +11.3%
UTHR United Therapeutics Corp. 1.21% 4,250 $1.2M Reduce -43.3%
DCGO Docgo Inc. 1.19% 764,062 $1.2M Reduce -11.6%
TMCI Treace Medical Concepts Inc. 1.03% 176,947 $1.0M Add +7.3%
SLDB Solid Biosciences Inc. 0.86% 178,768 $871K Add +38.8%
KNSA Kiniksa Pharmaceuticals Ltd. 0.82% 30,000 $830K Reduce -0.0%
FCX Freeport-McMoran Inc. 0.78% 18,033 $782K New
KALV Kalvista Pharmaceuticals Inc. 0.75% 67,000 $757K Reduce 0.0%
GPCR Structure Therapeutics Inc. 0.74% 36,000 $747K New
APGE Apogee Therapeutics Inc. 0.69% 16,000 $695K Add +100.0%
OM Outset Medical Inc. filed as OUSTER INC A 0.66% 34,584 $664K Add +40.7%
XENE Xenon Pharmaceuticals Inc. 0.65% 21,000 $657K No change
RARE Ultragenyx Pharmaceutical Inc. 0.65% 18,000 $654K Add +12.5%
AXSM Axsome Therapeutics Inc. 0.62% 6,000 $626K No change
OLMA Olema Pharmaceuticals Inc. 0.57% 134,000 $571K New
SRRK Scholar Rock Holding Corp. 0.56% 16,000 $567K No change
NTLA Intellia Therapeutics Inc. 0.56% 60,000 $563K New
KIDS Orthopediatrics Corp. 0.55% 26,000 $558K Add +30.0%
IMNM Immunome Inc. 0.55% 60,000 $558K New
XNCR Xencor Inc. 0.55% 70,000 $550K Add +169.2%
HALO Halozyme Therapeutics Inc. 0.52% 10,000 $520K No change
PACB Pacific Biosciences of Calif 0.49% 400,000 $496K New
INBX Inhibrx Biosciences Inc. 0.46% 32,110 $458K No change
MLTX Moonlake Immunotherapeutics 0.38% 8,000 $378K No change
ATEC Alphatec Holdings Inc. 0.36% 33,000 $366K No change
BCRX Biocryst Pharmaceuticals Inc. 0.36% 40,000 $358K No change
BPMC Blueprint Medicines Corp. 0.34% 2,700 $346K No change
CYTK Cytokinetics Inc. 0.33% 10,000 $330K No change
CADL Candel Therapeutics Inc. 0.30% 60,000 $304K No change
TELA Tela Bio Inc. 0.30% 155,000 $301K No change
COGT Cogent Biosciences Inc. 0.29% 40,000 $287K New
WVE Wave Life Sciences Ltd. 0.26% 40,300 $262K No change
TXG 10X Genomics Inc. Class A 0.25% 22,000 $255K Reduce -56.0%
APLS Apellis Pharmaceuticals Inc. 0.24% 14,000 $242K No change
PHAT Phathom Pharmaceuticals Inc. 0.24% 25,000 $240K New
BBIO Bridgebio Pharma Inc. 0.21% 5,000 $216K New
NPCE Neuropace Inc. 0.18% 16,442 $183K No change
GOSS Gossamer Bio Inc. 0.17% 138,176 $170K No change
FOLD Amicus Therapeutics Inc. 0.16% 28,000 $160K No change
ZBIO Zenas Biopharma Inc. 0.16% 16,500 $160K No change
CGEM Cullinan Therapeutics Inc. 0.15% 20,000 $151K No change
KPTI Karyopharm Therapeutics Inc. 0.12% 27,985 $121K No change
APLT Applied Therapeutics Inc. 0.09% 280,000 $87K New
VTYX Ventyx Biosciences Inc. 0.06% 28,800 $62K No change
IFRX Inflarx NV 0.04% 50,000 $40K No change
APVO Aptevo Therapeutics Inc. 0.03% 10,000 $31K New
ALMS Alumis Inc. 0.03% 10,000 $30K No change
ZNTL Zentalis Pharmaceuticals Inc. 0.02% 17,000 $20K No change
ACCELERATE DIAGNOSTICS INC 0.00% 325,239 $2K No change

Portfolio Sells Q1 2025 → Q2 2025
BMY Bristol-Myers Squibb Co. Reduce -52.8% 14.86% −21.42
UTHR United Therapeutics Corp. Reduce -43.3% 1.21% −0.79
DCGO Docgo Inc. Reduce -11.6% 1.19% −0.79
TVTX Travere Therapeutics Inc. Reduce -25.4% 1.51% −0.63
ELUT Elutia Inc. Reduce -2.4% 2.28% −0.33
SWTX Springworks Therapeutics Inc. Sold out 0.00% −0.32
LUNG Pulmonx Corp. Sold out 0.00% −0.30
MASI Masimo Corp. Reduce -26.6% 1.38% −0.25
ARVN Arvinas Inc. Sold out 0.00% −0.18
KROS Keros Therapeutics Inc. Sold out 0.00% −0.13
LQDA Liquidia Corp. Sold out 0.00% −0.13
TXG 10X Genomics Inc. Class A Reduce -56.0% 0.25% −0.13
TECL Dire Dai Tec Bull 3X ETF-Usd Sold out 0.00% −0.13
ATRA Atara Biotherapeutics Inc. Sold out 0.00% −0.11
TSVT 2SEVENTY Bio Inc. Sold out 0.00% −0.07
CMPX Compass Therapeutics Inc. Sold out 0.00% −0.04
KALV Kalvista Pharmaceuticals Inc. Reduce 0.0% 0.75% +0.08
HROW Harrow Inc. Reduce -17.7% 1.82% +0.14
ACAD Acadia Pharmaceuticals Inc. Reduce -28.7% 4.02% +0.22
KNSA Kiniksa Pharmaceuticals Ltd. Reduce -0.0% 0.82% +0.25
PTGX Protagonist Therapeutics Inc. Reduce 0.0% 2.63% +0.62
STOK Stoke Therapeutics Inc. Reduce 0.0% 2.37% +1.15

Portfolio Buys Q1 2025 → Q2 2025
KLAC KLA Corp. New 14.10% +14.10
OVV Ovintiv Inc. Add +105.9% 4.06% +2.12
NVCR Novocure Ltd. Add +225.8% 1.79% +1.31
NBIX Neurocrine Biosciences Inc. Add +2.3% 3.86% +0.96
FCX Freeport-McMoran Inc. New 0.78% +0.78
GPCR Structure Therapeutics Inc. New 0.74% +0.74
CSTL Castle Biosciences Inc. Add +25.1% 2.24% +0.71
OLMA Olema Pharmaceuticals Inc. New 0.57% +0.57
NTLA Intellia Therapeutics Inc. New 0.56% +0.56
IMNM Immunome Inc. New 0.55% +0.55
QURE Uniqure NV Add +11.3% 1.37% +0.55
PACB Pacific Biosciences of Calif New 0.49% +0.49
SLDB Solid Biosciences Inc. Add +38.8% 0.86% +0.45
APGE Apogee Therapeutics Inc. Add +100.0% 0.69% +0.43
OM Outset Medical Inc. Add +40.7% 0.66% +0.42
XNCR Xencor Inc. Add +169.2% 0.55% +0.31
COGT Cogent Biosciences Inc. New 0.29% +0.29
PHAT Phathom Pharmaceuticals Inc. New 0.24% +0.24
BBIO Bridgebio Pharma Inc. New 0.21% +0.21
RARE Ultragenyx Pharmaceutical Inc. Add +12.5% 0.65% +0.15
KIDS Orthopediatrics Corp. Add +30.0% 0.55% +0.13
APLT Applied Therapeutics Inc. New 0.09% +0.09
APVO Aptevo Therapeutics Inc. New 0.03% +0.03
QDEL Quidelortho Corp. Add +7.3% 2.08% +0.02
TMCI Treace Medical Concepts Inc. Add +7.3% 1.03% −0.17
PRTA Prothena Corp. PLC Add +35.5% 2.72% −0.86
CORT Corcept Therapeutics Inc. Add +1.8% 4.90% −1.65

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