Boxer Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed February 17, 2026), Boxer Capital Management, LLC reported 26 stock positions worth $332.4 million. Its top holding was Revolution Medicines (RVMD) at 14.0% of the portfolio, followed by Nuvalent Class A (NUVL, 9.6%) and Merus (MRUS, 8.9%). Compared with Q4 2024, it opened 2 new positions, sold out of 34, added to 2 and reduced 10. The biggest buy was a new position in Solid Biosciences (SLDB) and the biggest sale an exit from Springworks Therapeutics (SWTX).
- Most Recent 13F
- Q2 2026
- Location
- San Diego, CA
- CIK
- 0002018299
- Portfolio Value
- $332.4M (Q1 2025)
- SEC Filing
- 0002018299-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 26 stocks · $332.4M
| RVMD Revolution Medicines Inc. | 14.02% | 1,317,977 | $46.6M | Reduce -69.2% |
| NUVL Nuvalent Inc. Class A | 9.60% | 450,000 | $31.9M | Reduce -59.8% |
| MRUS Merus NV | 8.86% | 700,000 | $29.5M | Reduce -63.2% |
| RNAM Avidity Biosciences Inc. | 7.68% | 865,000 | $25.5M | Reduce -49.9% |
| ANAB Anaptysbio Inc. | 7.27% | 1,300,000 | $24.2M | No change |
| XENE Xenon Pharmaceuticals Inc. | 6.06% | 600,000 | $20.1M | No change |
| REPL Replimune Group Inc. | 5.27% | 1,796,341 | $17.5M | No change |
| APLS Apellis Pharmaceuticals Inc. | 4.69% | 713,000 | $15.6M | Reduce -50.0% |
| CMRX Chimerix Inc. | 4.63% | 1,810,000 | $15.4M | Reduce -12.1% |
| TNGX Tango Therapeutics Inc. | 4.28% | 10,380,999 | $14.2M | No change |
| ELVN Enliven Therapeutics Inc. | 3.98% | 671,358 | $13.2M | No change |
| ORIC Oric Pharmaceuticals Inc. | 2.91% | 1,732,571 | $9.7M | No change |
| DAWN Day One Biopharmaceuticals I | 2.84% | 1,189,943 | $9.4M | No change |
| KYMR Kymera Therapeutics Inc. | 2.68% | 325,000 | $8.9M | Reduce -23.5% |
| PRTA Prothena Corp. PLC | 2.57% | 690,000 | $8.5M | No change |
| QURE Uniqure NV | 2.39% | 750,000 | $8.0M | No change |
| LEGN Legend Biotech Corp.-ADR | 2.04% | 200,000 | $6.8M | Reduce -71.4% |
| NRIX Nurix Therapeutics Inc. | 2.01% | 563,067 | $6.7M | No change |
| AMLX Amylyx Pharmaceuticals Inc. | 1.86% | 1,750,000 | $6.2M | No change |
| SLDB Solid Biosciences Inc. | 1.38% | 1,240,700 | $4.6M | New |
| DNLI Denali Therapeutics Inc. | 1.02% | 250,000 | $3.4M | New |
| KOD Kodiak Sciences Inc. | 0.88% | 1,035,000 | $2.9M | Add +3.5% |
| PRLD Prelude Therapeutics Inc. | 0.49% | 2,108,014 | $1.6M | Add +23.4% |
| TIL Instil Bio Inc. | 0.42% | 80,125 | $1.4M | Reduce -77.5% |
| BOLD Boundless Bio Inc. | 0.11% | 250,000 | $378K | No change |
| CLYM Climb Bio Inc. | 0.05% | 145,000 | $177K | Reduce -94.4% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $87K (not counted above)
Total filed on the 13F, all lines: $332.5M.
Portfolio Sells Q4 2024 → Q1 2025
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −10.53 |
| AXSM Axsome Therapeutics Inc. | Sold out | 0.00% | −3.39 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −2.76 |
| TYRA Tyra Biosciences Inc. | Sold out | 0.00% | −2.40 |
| RCUS Arcus Biosciences Inc. | Sold out | 0.00% | −2.03 |
| RVMD Revolution Medicines Inc. | Reduce -69.2% | 14.02% | −1.92 |
| GERN Geron Corp. | Sold out | 0.00% | −1.81 |
| THRD Third Harmonic Bio Inc. | Sold out | 0.00% | −1.75 |
| IMVT Immunovant Inc. | Sold out | 0.00% | −1.74 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −1.73 |
| PSTX Poseida Therapeutics Inc. | Sold out | 0.00% | −1.63 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −1.57 |
| GPCR Structure Therapeutics Inc. | Sold out | 0.00% | −1.15 |
| KALV Kalvista Pharmaceuticals Inc. | Sold out | 0.00% | −1.15 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −0.94 |
| SYRE Spyre Therapeutics Inc. | Sold out | 0.00% | −0.93 |
| JSPR Jasper Therapeutics Inc. | Sold out | 0.00% | −0.64 |
| ITOS Iteos Therapeutics Inc. | Sold out | 0.00% | −0.62 |
| IOVA Iovance Biotherapeutics Inc. | Sold out | 0.00% | −0.47 |
| SMMT Summit Therapeutics Inc. | Sold out | 0.00% | −0.38 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −0.35 |
| CLYM Climb Bio Inc. | Reduce -94.4% | 0.05% | −0.35 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −0.34 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −0.33 |
| OLMA Olema Pharmaceuticals Inc. | Sold out | 0.00% | −0.32 |
| MERSANA THERAPEUTICS INC | Sold out | 0.00% | −0.32 |
| SANA Sana Biotechnology Inc. | Sold out | 0.00% | −0.21 |
| BCAX Bicara Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| RLAY Relay Therapeutics Inc. | Sold out | 0.00% | −0.19 |
| TIL Instil Bio Inc. | Reduce -77.5% | 0.42% | −0.16 |
| ZNTL Zentalis Pharmaceuticals Inc. | Sold out | 0.00% | −0.12 |
| BDTX Black Diamond Therapeutics I | Sold out | 0.00% | −0.09 |
| OBIO Orchestra Biomed Holdings Inc. | Sold out | 0.00% | −0.08 |
| ZURA Zura Bio Ltd. | Sold out | 0.00% | −0.06 |
| MIST Milestone Pharmaceuticals Inc. | Sold out | 0.00% | −0.06 |
| BCAB Bioatla Inc. | Sold out | 0.00% | −0.03 |
| DBVT DBV Technologies SA-Spon ADR | Sold out | 0.00% | −0.01 |
| LEGN Legend Biotech Corp.-ADR | Reduce -71.4% | 2.04% | +0.10 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -50.0% | 4.69% | +0.82 |
| KYMR Kymera Therapeutics Inc. | Reduce -23.5% | 2.68% | +1.22 |
| MRUS Merus NV | Reduce -63.2% | 8.86% | +2.06 |
| NUVL Nuvalent Inc. Class A | Reduce -59.8% | 9.60% | +2.14 |
| RNAM Avidity Biosciences Inc. | Reduce -49.9% | 7.68% | +3.41 |
| CMRX Chimerix Inc. | Reduce -12.1% | 4.63% | +4.02 |
Portfolio Buys Q4 2024 → Q1 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 62 | $1.3B | TNGX, RVMD, ABVX, QURE, KOD |
| Q1 2026 | 53 | $761.7M | TNGX, KOD, RVMD, KYMR, CELC |
| Q4 2025 | 43 | $456.8M | TNGX, RVMD, KOD, KYMR, CELC |
| Q3 2025Amended | 32 | $313.7M | TNGX, QURE, RVMD, KYMR, KOD |
| Q2 2025Amended | 18 | $198.6M | TNGX, RVMD, REPL, MRUS, KYMR |
| Q1 2025Amended | 26 | $332.4M | RVMD, NUVL, MRUS, RNAM, ANAB |
| Q4 2024 | 58 | $1.2B | RVMD, SWTX, NUVL, MRUS, RNAM |