Birchview Capital, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Birchview Capital, LP reported 69 stock positions worth $132.4 million. Its top holding was KLA (KLAC) at 17.8% of the portfolio, followed by Bristol-Myers Squibb (BMY, 10.8%) and Corcept Therapeutics (CORT, 4.2%). Compared with Q2 2025, it opened 8 new positions, sold out of 10, added to 18 and reduced 14. The biggest buy was KLA (KLAC, shares +38%) and the biggest sale Bristol-Myers Squibb (BMY, shares −2%).

Most Recent 13F
Q2 2026
Location
BURLINGTON, VT
CIK
0001618205
Portfolio Value
$132.4M (Q3 2025)
SEC Filing
0001618205-25-000011 ↗ filed Nov 13, 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 Q2 2025 Q3 2025: $132.4M $132.4M Q3 2025 Q4 2025: $170.8M Q4 2025 Q1 2026: $175.7M Q1 2026 Q2 2026: $213.8M Q2 2026

Holdings 69 stocks · $132.4M

KLAC KLA Corp. 17.82% 21,883 $23.6M Add +38.1%
BMY Bristol-Myers Squibb Co. 10.79% 316,842 $14.3M Reduce -2.0%
CORT Corcept Therapeutics Inc. 4.22% 67,200 $5.6M No change
PRTA Prothena Corp. PLC 4.05% 549,019 $5.4M Add +21.7%
STOK Stoke Therapeutics Inc. 3.73% 210,000 $4.9M No change
QURE Uniqure NV 3.47% 78,728 $4.6M Reduce -20.2%
OVV Ovintiv Inc. 3.28% 107,500 $4.3M No change
NBIX Neurocrine Biosciences Inc. 3.04% 28,690 $4.0M Reduce -7.3%
ACAD Acadia Pharmaceuticals Inc. 2.76% 171,000 $3.6M Reduce -8.9%
PTGX Protagonist Therapeutics Inc. 2.41% 48,000 $3.2M No change
CMPX Compass Therapeutics Inc. 2.31% 872,938 $3.1M New
PHR Phreesia Inc. 2.04% 114,700 $2.7M No change
CSTL Castle Biosciences Inc. 1.90% 110,600 $2.5M No change
GPCR Structure Therapeutics Inc. 1.65% 78,000 $2.2M Add +116.7%
BDSX Biodesix Inc. 1.63% 286,804 $2.2M Reduce -95.0%
QDEL Quidelortho Corp. 1.61% 72,548 $2.1M No change
AXGN Axogen Inc. 1.60% 119,078 $2.1M Reduce -26.0%
FOLD Amicus Therapeutics Inc. 1.51% 253,000 $2.0M Add +803.6%
HROW Harrow Inc. 1.46% 40,000 $1.9M Reduce -33.3%
EQT Eqt Corp. 1.42% 34,619 $1.9M No change
SLDB Solid Biosciences Inc. 1.38% 296,955 $1.8M Add +66.1%
OLMA Olema Pharmaceuticals Inc. 1.29% 174,000 $1.7M Add +29.9%
CYTK Cytokinetics Inc. 1.24% 30,000 $1.6M Add +200.0%
ALKS Alkermes PLC 1.13% 50,000 $1.5M No change
FHTX Foghorn Therapeutics Inc. 1.04% 281,730 $1.4M Reduce -9.4%
NVCR Novocure Ltd. 1.00% 102,100 $1.3M Add +1.1%
UTHR United Therapeutics Corp. 0.95% 3,000 $1.3M Reduce -29.4%
IMNM Immunome Inc. 0.93% 105,000 $1.2M Add +75.0%
MASI Masimo Corp. 0.92% 8,280 $1.2M No change
BCYC Bicycle Therapeutics PLC-ADR 0.90% 154,000 $1.2M New
TMCI Treace Medical Concepts Inc. 0.90% 176,947 $1.2M No change
KNSA Kiniksa Pharmaceuticals Ltd. 0.88% 30,000 $1.2M No change
OM Outset Medical Inc. filed as OUSTER INC A 0.84% 78,584 $1.1M Add +127.2%
INBX Inhibrx Biosciences Inc. 0.81% 31,698 $1.1M Reduce -1.3%
DCGO Docgo Inc. 0.78% 764,062 $1.0M No change
NTLA Intellia Therapeutics Inc. 0.78% 60,000 $1.0M No change
TVTX Travere Therapeutics Inc. 0.78% 43,060 $1.0M Reduce -58.2%
PHAT Phathom Pharmaceuticals Inc. 0.76% 85,000 $1.0M Add +240.0%
SRRK Scholar Rock Holding Corp. 0.73% 26,000 $968K Add +62.5%
XENE Xenon Pharmaceuticals Inc. 0.64% 21,000 $843K No change
KALV Kalvista Pharmaceuticals Inc. 0.62% 67,000 $816K No change
HALO Halozyme Therapeutics Inc. 0.56% 10,100 $741K Add +1.0%
AXSM Axsome Therapeutics Inc. 0.55% 6,000 $729K No change
FCX Freeport-McMoran Inc. 0.53% 18,044 $708K Add +0.1%
RARE Ultragenyx Pharmaceutical Inc. 0.50% 22,000 $662K Add +22.2%
PACB Pacific Biosciences of Calif 0.48% 500,000 $640K Add +25.0%
APGE Apogee Therapeutics Inc. 0.48% 16,000 $636K No change
ELUT Elutia Inc. 0.48% 711,175 $633K Reduce -38.6%
VYGR Voyager Therapeutics Inc. 0.48% 134,918 $630K New
ATEC Alphatec Holdings Inc. 0.36% 33,000 $480K No change
BBIO Bridgebio Pharma Inc. 0.34% 8,688 $451K Add +73.8%
AVTX Avalo Therapeutics Inc. 0.30% 31,000 $394K New
GH Guardant Health Inc. 0.28% 6,000 $375K New
PHVS Pharvaris NV 0.28% 14,847 $370K New
ZBIO Zenas Biopharma Inc. 0.28% 16,500 $366K No change
GOSS Gossamer Bio Inc. 0.27% 138,176 $363K No change
APLS Apellis Pharmaceuticals Inc. 0.24% 14,000 $317K No change
VTYX Ventyx Biosciences Inc. 0.23% 98,827 $307K Add +243.2%
CADL Candel Therapeutics Inc. 0.23% 60,000 $306K No change
KIDS Orthopediatrics Corp. 0.22% 16,000 $296K Reduce -38.5%
TELA Tela Bio Inc. 0.17% 155,000 $231K No change
NKTR Nektar Therapeutics 0.17% 4,021 $229K New
XLV SS Health Care Select Sector 0.16% 1,498 $208K New
KPTI Karyopharm Therapeutics Inc. 0.14% 27,985 $183K No change
APLT Applied Therapeutics Inc. 0.10% 225,000 $136K Reduce -19.6%
CGEM Cullinan Therapeutics Inc. 0.09% 20,000 $119K No change
IFRX Inflarx NV 0.05% 50,000 $67K No change
ALMS Alumis Inc. 0.03% 10,000 $40K No change
ZNTL Zentalis Pharmaceuticals Inc. 0.02% 17,000 $26K No change

Portfolio Sells Q2 2025 → Q3 2025

BMY Bristol-Myers Squibb Co. Reduce -2.0% 10.79% −4.08
ELUT Elutia Inc. Reduce -38.6% 0.48% −1.80
ACAD Acadia Pharmaceuticals Inc. Reduce -8.9% 2.76% −1.27
NBIX Neurocrine Biosciences Inc. Reduce -7.3% 3.04% −0.82
TVTX Travere Therapeutics Inc. Reduce -58.2% 0.78% −0.74
XNCR Xencor Inc. Sold out 0.00% −0.55
FHTX Foghorn Therapeutics Inc. Reduce -9.4% 1.04% −0.41
MLTX Moonlake Immunotherapeutics Sold out 0.00% −0.38
HROW Harrow Inc. Reduce -33.3% 1.46% −0.36
BCRX Biocryst Pharmaceuticals Inc. Sold out 0.00% −0.36
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.34
KIDS Orthopediatrics Corp. Reduce -38.5% 0.22% −0.33
COGT Cogent Biosciences Inc. Sold out 0.00% −0.29
UTHR United Therapeutics Corp. Reduce -29.4% 0.95% −0.26
WVE Wave Life Sciences Ltd. Sold out 0.00% −0.26
TXG 10X Genomics Inc. Class A Sold out 0.00% −0.25
NPCE Neuropace Inc. Sold out 0.00% −0.18
AXGN Axogen Inc. Reduce -26.0% 1.60% −0.13
APVO Aptevo Therapeutics Inc. Sold out 0.00% −0.03
ACCELERATE DIAGNOSTICS INC Sold out 0.00% −0.00
APLT Applied Therapeutics Inc. Reduce -19.6% 0.10% +0.02
BDSX Biodesix Inc. Reduce -95.0% 1.63% +0.03
INBX Inhibrx Biosciences Inc. Reduce -1.3% 0.81% +0.35
QURE Uniqure NV Reduce -20.2% 3.47% +2.10

Portfolio Buys Q2 2025 → Q3 2025

KLAC KLA Corp. Add +38.1% 17.82% +3.72
CMPX Compass Therapeutics Inc. New 2.31% +2.31
FOLD Amicus Therapeutics Inc. Add +803.6% 1.51% +1.35
PRTA Prothena Corp. PLC Add +21.7% 4.05% +1.33
CYTK Cytokinetics Inc. Add +200.0% 1.24% +0.92
GPCR Structure Therapeutics Inc. Add +116.7% 1.65% +0.91
BCYC Bicycle Therapeutics PLC-ADR New 0.90% +0.90
OLMA Olema Pharmaceuticals Inc. Add +29.9% 1.29% +0.72
SLDB Solid Biosciences Inc. Add +66.1% 1.38% +0.52
PHAT Phathom Pharmaceuticals Inc. Add +240.0% 0.76% +0.52
VYGR Voyager Therapeutics Inc. New 0.48% +0.48
IMNM Immunome Inc. Add +75.0% 0.93% +0.37
AVTX Avalo Therapeutics Inc. New 0.30% +0.30
GH Guardant Health Inc. New 0.28% +0.28
PHVS Pharvaris NV New 0.28% +0.28
OM Outset Medical Inc. Add +127.2% 0.84% +0.18
NKTR Nektar Therapeutics New 0.17% +0.17
VTYX Ventyx Biosciences Inc. Add +243.2% 0.23% +0.17
SRRK Scholar Rock Holding Corp. Add +62.5% 0.73% +0.17
XLV SS Health Care Select Sector New 0.16% +0.16
BBIO Bridgebio Pharma Inc. Add +73.8% 0.34% +0.13
HALO Halozyme Therapeutics Inc. Add +1.0% 0.56% +0.04
PACB Pacific Biosciences of Calif Add +25.0% 0.48% −0.01
RARE Ultragenyx Pharmaceutical Inc. Add +22.2% 0.50% −0.15
FCX Freeport-McMoran Inc. Add +0.1% 0.53% −0.24
NVCR Novocure Ltd. Add +1.1% 1.00% −0.79

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