Birchview Capital, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Birchview Capital, LP reported 68 stock positions worth $170.8 million. Its top holding was KLA (KLAC) at 15.6% of the portfolio, followed by Bristol-Myers Squibb (BMY, 9.6%) and Compass Therapeutics (CMPX, 5.0%). Compared with Q3 2025, it opened 11 new positions, sold out of 12, added to 19 and reduced 14. The biggest buy was a new position in Lam Research (LRCX) and the biggest sale Uniqure (QURE, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- BURLINGTON, VT
- CIK
- 0001618205
- Portfolio Value
- $170.8M (Q4 2025)
- SEC Filing
- 0001618205-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 68 stocks · $170.8M
| KLAC KLA Corp. | 15.57% | 21,883 | $26.6M | No change |
| BMY Bristol-Myers Squibb Co. | 9.56% | 302,842 | $16.3M | Reduce -4.4% |
| CMPX Compass Therapeutics Inc. | 5.01% | 1,592,938 | $8.6M | Add +82.5% |
| STOK Stoke Therapeutics Inc. | 4.83% | 260,000 | $8.3M | Add +23.8% |
| LRCX Lam Research Corp. | 4.04% | 40,329 | $6.9M | New |
| OLMA Olema Pharmaceuticals Inc. | 3.94% | 269,000 | $6.7M | Add +54.6% |
| GPCR Structure Therapeutics Inc. | 3.66% | 90,000 | $6.3M | Add +15.4% |
| PTGX Protagonist Therapeutics Inc. | 2.81% | 55,000 | $4.8M | Add +14.6% |
| ACAD Acadia Pharmaceuticals Inc. | 2.67% | 171,000 | $4.6M | No change |
| OVV Ovintiv Inc. | 2.47% | 107,500 | $4.2M | No change |
| PRTA Prothena Corp. PLC | 2.47% | 441,019 | $4.2M | Reduce -19.7% |
| SLDB Solid Biosciences Inc. | 2.33% | 705,955 | $4.0M | Add +137.7% |
| NBIX Neurocrine Biosciences Inc. | 2.26% | 27,190 | $3.9M | Reduce -5.2% |
| FOLD Amicus Therapeutics Inc. | 2.11% | 253,000 | $3.6M | No change |
| BCYC Bicycle Therapeutics PLC-ADR | 1.92% | 462,700 | $3.3M | Add +200.4% |
| PHAT Phathom Pharmaceuticals Inc. | 1.89% | 195,000 | $3.2M | Add +129.4% |
| CSTL Castle Biosciences Inc. | 1.84% | 80,600 | $3.1M | Reduce -27.1% |
| NTLA Intellia Therapeutics Inc. | 1.66% | 315,400 | $2.8M | Add +425.7% |
| IMNM Immunome Inc. | 1.63% | 130,000 | $2.8M | Add +23.8% |
| CORT Corcept Therapeutics Inc. | 1.37% | 67,200 | $2.3M | No change |
| VERA Vera Therapeutics Inc. | 1.30% | 44,000 | $2.2M | New |
| QDEL Quidelortho Corp. | 1.21% | 72,548 | $2.1M | No change |
| NVCR Novocure Ltd. | 1.15% | 152,100 | $2.0M | Add +49.0% |
| BDSX Biodesix Inc. | 1.14% | 286,804 | $2.0M | No change |
| CYTK Cytokinetics Inc. | 1.12% | 30,000 | $1.9M | No change |
| PHR Phreesia Inc. | 1.10% | 110,700 | $1.9M | Reduce -3.5% |
| EQT Eqt Corp. | 1.09% | 34,619 | $1.9M | No change |
| HROW Harrow Inc. | 0.98% | 34,000 | $1.7M | Reduce -15.0% |
| TVTX Travere Therapeutics Inc. | 0.96% | 43,000 | $1.6M | Reduce -0.1% |
| FHTX Foghorn Therapeutics Inc. | 0.89% | 281,730 | $1.5M | No change |
| UTHR United Therapeutics Corp. | 0.86% | 3,000 | $1.5M | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 0.83% | 62,000 | $1.4M | Add +181.8% |
| ALKS Alkermes PLC | 0.82% | 50,000 | $1.4M | No change |
| NKTR Nektar Therapeutics | 0.77% | 31,000 | $1.3M | Add +671.0% |
| APGE Apogee Therapeutics Inc. | 0.71% | 16,000 | $1.2M | No change |
| VSTM Verastem Inc. | 0.68% | 150,000 | $1.2M | New |
| AXSM Axsome Therapeutics Inc. | 0.65% | 6,061 | $1.1M | Add +1.0% |
| MASI Masimo Corp. | 0.63% | 8,280 | $1.1M | No change |
| TXG 10X Genomics Inc. Class A | 0.56% | 59,000 | $962K | New |
| XENE Xenon Pharmaceuticals Inc. | 0.55% | 21,000 | $941K | No change |
| PACB Pacific Biosciences of Calif | 0.55% | 500,000 | $935K | No change |
| KALV Kalvista Pharmaceuticals Inc. | 0.54% | 57,000 | $921K | Reduce -14.9% |
| FCX Freeport-McMoran Inc. | 0.54% | 18,046 | $917K | Add +0.0% |
| VTYX Ventyx Biosciences Inc. | 0.53% | 100,827 | $910K | Add +2.0% |
| PHVS Pharvaris NV | 0.48% | 29,847 | $828K | Add +101.0% |
| ILMN Illumina Inc. | 0.46% | 6,000 | $787K | New |
| QURE Uniqure NV | 0.43% | 30,789 | $737K | Reduce -60.9% |
| HALO Halozyme Therapeutics Inc. | 0.40% | 10,100 | $680K | No change |
| BIOHAVEN PHARMACEUTICAL HOLD | 0.39% | 59,365 | $670K | New |
| BBIO Bridgebio Pharma Inc. | 0.39% | 8,688 | $665K | No change |
| TMCI Treace Medical Concepts Inc. | 0.33% | 226,947 | $556K | Add +28.3% |
| LUNG Pulmonx Corp. | 0.32% | 250,573 | $554K | New |
| RAPT Rapt Therapeutics Inc. | 0.30% | 15,000 | $508K | New |
| GOSS Gossamer Bio Inc. | 0.25% | 138,176 | $428K | No change |
| ATEC Alphatec Holdings Inc. | 0.22% | 18,058 | $380K | Reduce -45.3% |
| OM Outset Medical Inc. filed as OUSTER INC A | 0.21% | 98,913 | $367K | Add +25.9% |
| APLS Apellis Pharmaceuticals Inc. | 0.21% | 14,000 | $352K | No change |
| LQDA Liquidia Corp. | 0.20% | 10,000 | $345K | New |
| CADL Candel Therapeutics Inc. | 0.20% | 60,000 | $339K | No change |
| VYGR Voyager Therapeutics Inc. | 0.17% | 74,918 | $294K | Reduce -44.5% |
| TRIN Trinity Capital Inc. | 0.17% | 20,000 | $293K | New |
| INBX Inhibrx Biosciences Inc. | 0.17% | 3,698 | $292K | Reduce -88.3% |
| KBDC Kayne Anderson BDC Inc. | 0.17% | 20,000 | $286K | New |
| CGEM Cullinan Therapeutics Inc. | 0.12% | 20,000 | $207K | No change |
| ELUT Elutia Inc. | 0.11% | 263,018 | $182K | Reduce -63.0% |
| ALMS Alumis Inc. | 0.06% | 10,000 | $98K | No change |
| DCGO Docgo Inc. | 0.03% | 49,908 | $44K | Reduce -93.5% |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.01% | 17,000 | $23K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| QURE Uniqure NV | Reduce -60.9% | 0.43% | −3.04 |
| AXGN Axogen Inc. | Sold out | 0.00% | −1.60 |
| PRTA Prothena Corp. PLC | Reduce -19.7% | 2.47% | −1.58 |
| BMY Bristol-Myers Squibb Co. | Reduce -4.4% | 9.56% | −1.22 |
| PHR Phreesia Inc. | Reduce -3.5% | 1.10% | −0.94 |
| KNSA Kiniksa Pharmaceuticals Ltd. | Sold out | 0.00% | −0.88 |
| NBIX Neurocrine Biosciences Inc. | Reduce -5.2% | 2.26% | −0.78 |
| DCGO Docgo Inc. | Reduce -93.5% | 0.03% | −0.76 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −0.73 |
| INBX Inhibrx Biosciences Inc. | Reduce -88.3% | 0.17% | −0.64 |
| HROW Harrow Inc. | Reduce -15.0% | 0.98% | −0.48 |
| ELUT Elutia Inc. | Reduce -63.0% | 0.11% | −0.37 |
| VYGR Voyager Therapeutics Inc. | Reduce -44.5% | 0.17% | −0.30 |
| AVTX Avalo Therapeutics Inc. | Sold out | 0.00% | −0.30 |
| GH Guardant Health Inc. | Sold out | 0.00% | −0.28 |
| ZBIO Zenas Biopharma Inc. | Sold out | 0.00% | −0.28 |
| KIDS Orthopediatrics Corp. | Sold out | 0.00% | −0.22 |
| TELA Tela Bio Inc. | Sold out | 0.00% | −0.17 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −0.16 |
| ATEC Alphatec Holdings Inc. | Reduce -45.3% | 0.22% | −0.14 |
| KPTI Karyopharm Therapeutics Inc. | Sold out | 0.00% | −0.14 |
| APLT Applied Therapeutics Inc. | Sold out | 0.00% | −0.10 |
| KALV Kalvista Pharmaceuticals Inc. | Reduce -14.9% | 0.54% | −0.08 |
| CSTL Castle Biosciences Inc. | Reduce -27.1% | 1.84% | −0.07 |
| IFRX Inflarx NV | Sold out | 0.00% | −0.05 |
| TVTX Travere Therapeutics Inc. | Reduce -0.1% | 0.96% | +0.18 |
Portfolio Buys Q3 2025 → Q4 2025
| LRCX Lam Research Corp. | New | 4.04% | +4.04 |
| CMPX Compass Therapeutics Inc. | Add +82.5% | 5.01% | +2.70 |
| OLMA Olema Pharmaceuticals Inc. | Add +54.6% | 3.94% | +2.65 |
| GPCR Structure Therapeutics Inc. | Add +15.4% | 3.66% | +2.02 |
| VERA Vera Therapeutics Inc. | New | 1.30% | +1.30 |
| PHAT Phathom Pharmaceuticals Inc. | Add +129.4% | 1.89% | +1.14 |
| STOK Stoke Therapeutics Inc. | Add +23.8% | 4.83% | +1.11 |
| BCYC Bicycle Therapeutics PLC-ADR | Add +200.4% | 1.92% | +1.02 |
| SLDB Solid Biosciences Inc. | Add +137.7% | 2.33% | +0.95 |
| NTLA Intellia Therapeutics Inc. | Add +425.7% | 1.66% | +0.88 |
| IMNM Immunome Inc. | Add +23.8% | 1.63% | +0.71 |
| VSTM Verastem Inc. | New | 0.68% | +0.68 |
| NKTR Nektar Therapeutics | Add +671.0% | 0.77% | +0.59 |
| TXG 10X Genomics Inc. Class A | New | 0.56% | +0.56 |
| ILMN Illumina Inc. | New | 0.46% | +0.46 |
| PTGX Protagonist Therapeutics Inc. | Add +14.6% | 2.81% | +0.41 |
| BIOHAVEN PHARMACEUTICAL HOLD | New | 0.39% | +0.39 |
| RARE Ultragenyx Pharmaceutical Inc. | Add +181.8% | 0.83% | +0.34 |
| LUNG Pulmonx Corp. | New | 0.32% | +0.32 |
| VTYX Ventyx Biosciences Inc. | Add +2.0% | 0.53% | +0.30 |
| RAPT Rapt Therapeutics Inc. | New | 0.30% | +0.30 |
| PHVS Pharvaris NV | Add +101.0% | 0.48% | +0.21 |
| LQDA Liquidia Corp. | New | 0.20% | +0.20 |
| TRIN Trinity Capital Inc. | New | 0.17% | +0.17 |
| KBDC Kayne Anderson BDC Inc. | New | 0.17% | +0.17 |
| NVCR Novocure Ltd. | Add +49.0% | 1.15% | +0.16 |
| AXSM Axsome Therapeutics Inc. | Add +1.0% | 0.65% | +0.10 |
| FCX Freeport-McMoran Inc. | Add +0.0% | 0.54% | +0.00 |
| TMCI Treace Medical Concepts Inc. | Add +28.3% | 0.33% | −0.57 |
| OM Outset Medical Inc. | Add +25.9% | 0.21% | −0.62 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 72 | $213.8M | KLAC, BMY, LRCX, NTLA, SLDB |
| Q1 2026 | 73 | $175.7M | KLAC, BMY, CMPX, LRCX, STOK |
| Q4 2025 | 68 | $170.8M | KLAC, BMY, CMPX, STOK, LRCX |
| Q3 2025 | 69 | $132.4M | KLAC, BMY, CORT, PRTA, STOK |
| Q2 2025 | 71 | $100.7M | BMY, KLAC, CORT, OVV, ACAD |
| Q1 2025 | 68 | $115.2M | BMY, CORT, ACAD, PRTA, BDSX |
| Q4 2024Amended | 68 | $122.9M | BMY, BDSX, ACAD, ELUT, PRTA |
| Q3 2024Amended | 61 | $115.5M | BMY, BDSX, ACAD, ELUT, UTHR |
| Q2 2024Amended | 60 | $108.2M | BMY, BDSX, ELUT, NBIX, SILK |
| Q1 2024Amended | 59 | $122.7M | BMY, NBIX, BDSX, ELUT, ACAD |