Braidwell LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Braidwell LP reported 45 stock positions worth $2.1 billion. Its top holding was Caris Life Sciences (CAI) at 9.3% of the portfolio, followed by Neurocrine Biosciences (NBIX, 7.0%) and Xenon Pharmaceuticals (XENE, 5.4%). Compared with Q1 2025, it opened 6 new positions, sold out of 13, added to 13 and reduced 17. The biggest buy was a new position in Caris Life Sciences (CAI) and the biggest sale an exit from Blueprint Medicines (BPMC).
- Most Recent 13F
- Q2 2026
- Location
- STAMFORD, CT
- CIK
- 0001920938
- Portfolio Value
- $2.1B (Q2 2025)
- SEC Filing
- 0001420506-25-002183 ↗ filed Aug 14, 2025
Holdings Value
Holdings 45 stocks · $2.1B
| CAI Caris Life Sciences Inc. | 9.35% | 7,316,142 | $195.5M | New |
| NBIX Neurocrine Biosciences Inc. | 6.98% | 1,160,425 | $145.9M | Reduce -2.6% |
| XENE Xenon Pharmaceuticals Inc. | 5.40% | 3,605,029 | $112.8M | Add +33.0% |
| ARGX Argenx SE - ADR | 5.13% | 194,491 | $107.2M | Add +20.9% |
| KRYS Krystal Biotech Inc. | 4.78% | 727,811 | $100.0M | Add +81.6% |
| ALGN Align Technology Inc. | 4.50% | 496,730 | $94.0M | Reduce -6.4% |
| LEGN Legend Biotech Corp.-ADR | 4.31% | 2,542,104 | $90.2M | Reduce -14.6% |
| NUVL Nuvalent Inc. Class A | 4.29% | 1,175,876 | $89.7M | Add +39.8% |
| CGON CG Oncology Inc. | 4.08% | 3,283,317 | $85.4M | No change |
| EWTX Edgewise Therapeutics Inc. | 3.27% | 5,210,831 | $68.3M | Add +111.9% |
| INSP Inspire Medical Systems Inc. | 3.24% | 522,410 | $67.8M | Add +72.8% |
| APGE Apogee Therapeutics Inc. | 3.07% | 1,478,512 | $64.2M | Reduce -4.0% |
| GKOS Glaukos Corp. | 2.98% | 603,414 | $62.3M | Reduce -3.4% |
| DHR Danaher Corp. | 2.92% | 309,339 | $61.1M | No change |
| TMO Thermo Fisher Scientific Inc. | 2.62% | 135,233 | $54.8M | Add +5.9% |
| ISRG Intuitive Surgical Inc. | 2.33% | 89,600 | $48.7M | Add +1.8% |
| IRTC Irhythm Holdings Inc. | 2.21% | 300,029 | $46.2M | Reduce -46.1% |
| ADPT Adaptive Biotechnologies | 2.15% | 3,863,107 | $45.0M | Reduce -19.6% |
| GH Guardant Health Inc. | 2.09% | 837,800 | $43.6M | Reduce -36.9% |
| ATEC Alphatec Holdings Inc. | 1.93% | 3,635,172 | $40.4M | Reduce -14.7% |
| SYRE Spyre Therapeutics Inc. | 1.85% | 2,578,404 | $38.6M | No change |
| VKTX Viking Therapeutics Inc. | 1.82% | 1,437,555 | $38.1M | Add +0.1% |
| TMDX Transmedics Group Inc. | 1.63% | 255,048 | $34.2M | Reduce -70.2% |
| PEN Penumbra Inc. | 1.59% | 129,628 | $33.3M | Add +17.7% |
| DYN Dyne Therapeutics Inc. | 1.49% | 3,273,349 | $31.2M | Reduce -9.6% |
| KNSA Kiniksa Pharmaceuticals Inte | 1.46% | 1,102,580 | $30.5M | Reduce -43.8% |
| HROW Harrow Inc. | 1.27% | 872,246 | $26.6M | Reduce -8.8% |
| KIDS Orthopediatrics Corp. | 1.14% | 1,107,770 | $23.8M | No change |
| MRVI Maravai Lifesciences Hldgs-A | 0.96% | 8,353,287 | $20.1M | No change |
| APLS Apellis Pharmaceuticals Inc. | 0.93% | 1,121,034 | $19.4M | Reduce -32.1% |
| SION Sionna Therapeutics Inc. | 0.90% | 1,081,855 | $18.8M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 0.88% | 60,781 | $18.4M | Add +24.8% |
| RGEN Repligen Corp. | 0.86% | 144,556 | $18.0M | Add +77.0% |
| ORKA Oruka Therapeutics Inc. | 0.82% | 1,524,842 | $17.1M | Reduce -3.0% |
| CSTL Castle Biosciences Inc. | 0.80% | 822,735 | $16.8M | Add +125.3% |
| UNH Unitedhealth Group Inc. | 0.74% | 49,400 | $15.4M | New |
| GMED Globus Medical Inc. Class A | 0.70% | 247,200 | $14.6M | New |
| DAWN Day One Biopharmaceuticals I | 0.68% | 2,181,598 | $14.2M | Reduce -38.3% |
| XNCR Xencor Inc. | 0.62% | 1,655,690 | $13.0M | No change |
| CELC Celcuity Inc. | 0.56% | 884,306 | $11.8M | No change |
| CBIO Crescent Biopharma Inc. | 0.20% | 261,504 | $4.2M | New |
| REPL Replimune Group Inc. | 0.19% | 422,887 | $3.9M | Reduce -71.1% |
| ZURA Zura Bio Ltd. | 0.12% | 2,472,806 | $2.6M | No change |
| LUNG Pulmonx Corp. | 0.09% | 752,541 | $1.9M | No change |
| SRZN Surrozen Inc. | 0.06% | 140,000 | $1.3M | New |
Other holdings (10): bonds, preferreds, convertibles and warrants · $833.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 219,454,000 | $256.4M | No change |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 140,834,000 | $137.8M | No change |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 101,000,000 | $100.5M | Add +3.1% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 70,000,000 | $90.0M | Reduce -18.6% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 101,381,000 | $87.1M | No change |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | 92,740,000 | $78.4M | No change |
| KARYOPHARM THERAPEUTICS (KPTI 6 05/13/29 *) | NOTE 6.000% 5/1 · principal | 48,482,000 | $35.5M | New |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 26,828,000 | $23.3M | Reduce -48.2% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 18,500,000 | $18.2M | No change |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 5,818,000 | $5.8M | No change |
Total filed on the 13F, all lines: $2.9B.
Portfolio Sells Q1 2025 → Q2 2025
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −2.03 |
| BCAX Bicara Therapeutics Inc. | Sold out | 0.00% | −1.47 |
| TMDX Transmedics Group Inc. | Reduce -70.2% | 1.63% | −1.36 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -32.1% | 0.93% | −0.96 |
| LEGN Legend Biotech Corp.-ADR | Reduce -14.6% | 4.31% | −0.95 |
| ASND Ascendis Pharma A/S | Sold out | 0.00% | −0.87 |
| GH Guardant Health Inc. | Reduce -36.9% | 2.09% | −0.86 |
| IRTC Irhythm Holdings Inc. | Reduce -46.1% | 2.21% | −0.83 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -43.8% | 1.46% | −0.81 |
| DAWN Day One Biopharmaceuticals I | Reduce -38.3% | 0.68% | −0.78 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.78 |
| REPL Replimune Group Inc. | Reduce -71.1% | 0.19% | −0.56 |
| IRWD Ironwood Pharmaceuticals Inc. | Sold out | 0.00% | −0.51 |
| DYN Dyne Therapeutics Inc. | Reduce -9.6% | 1.49% | −0.48 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −0.39 |
| DNTH Dianthus Therapeutics Inc. | Sold out | 0.00% | −0.35 |
| ATEC Alphatec Holdings Inc. | Reduce -14.7% | 1.93% | −0.32 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.25 |
| GKOS Glaukos Corp. | Reduce -3.4% | 2.98% | −0.22 |
| AARD Aardvark Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| AEROVATE THERAPEUTICS INC | Sold out | 0.00% | −0.19 |
| BBNX Beta Bionics Inc. | Sold out | 0.00% | −0.09 |
| SKYE Skye Bioscience Inc. | Sold out | 0.00% | −0.07 |
| HROW Harrow Inc. | Reduce -8.8% | 1.27% | −0.05 |
| TRVI Trevi Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| ORKA Oruka Therapeutics Inc. | Reduce -3.0% | 0.82% | −0.02 |
| APGE Apogee Therapeutics Inc. | Reduce -4.0% | 3.07% | +0.07 |
| NBIX Neurocrine Biosciences Inc. | Reduce -2.6% | 6.98% | +0.10 |
| ALGN Align Technology Inc. | Reduce -6.4% | 4.50% | +0.10 |
| ADPT Adaptive Biotechnologies | Reduce -19.6% | 2.15% | +0.29 |
Portfolio Buys Q1 2025 → Q2 2025
| CAI Caris Life Sciences Inc. | New | 9.35% | +9.35 |
| NUVL Nuvalent Inc. Class A | Add +39.8% | 4.29% | +1.18 |
| KRYS Krystal Biotech Inc. | Add +81.6% | 4.78% | +1.02 |
| SION Sionna Therapeutics Inc. | New | 0.90% | +0.90 |
| UNH Unitedhealth Group Inc. | New | 0.74% | +0.74 |
| INSP Inspire Medical Systems Inc. | Add +72.8% | 3.24% | +0.73 |
| GMED Globus Medical Inc. Class A | New | 0.70% | +0.70 |
| XENE Xenon Pharmaceuticals Inc. | Add +33.0% | 5.40% | +0.66 |
| EWTX Edgewise Therapeutics Inc. | Add +111.9% | 3.27% | +0.45 |
| CSTL Castle Biosciences Inc. | Add +125.3% | 0.80% | +0.42 |
| RGEN Repligen Corp. | Add +77.0% | 0.86% | +0.32 |
| CBIO Crescent Biopharma Inc. | New | 0.20% | +0.20 |
| ARGX Argenx SE - ADR | Add +20.9% | 5.13% | +0.16 |
| SRZN Surrozen Inc. | New | 0.06% | +0.06 |
| ISRG Intuitive Surgical Inc. | Add +1.8% | 2.33% | +0.06 |
| PEN Penumbra Inc. | Add +17.7% | 1.59% | +0.06 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +24.8% | 0.88% | +0.04 |
| VKTX Viking Therapeutics Inc. | Add +0.1% | 1.82% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +5.9% | 2.62% | −0.69 |
Notes & Other Activity Q1 2025 → Q2 2025
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Add +3.1% | 101,000,000 | $100.5M |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | Reduce -18.6% | 70,000,000 | $90.0M |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | Sold out | 62,838,000 | $72.0Mbefore exit |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Sold out | 48,594,000 | $43.8Mbefore exit |
| KARYOPHARM THERAPEUTICS (KPTI 6 05/13/29 *) | NOTE 6.000% 5/1 · principal | New | 48,482,000 | $35.5M |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | Reduce -48.2% | 26,828,000 | $23.3M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Sold out | 25,450,000 | $22.8Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 83 | $2.6B | CAI, HNGE, GKOS, EWTX, SYRE |
| Q1 2026 | 82 | $2.6B | CAI, NBIX, GKOS, CNTA, XENE |
| Q4 2025 | 68 | $2.6B | CAI, EWTX, NBIX, GKOS, NUVL |
| Q3 2025 | 64 | $2.5B | CAI, XENE, CGON, NBIX, KRYS |
| Q2 2025 | 45 | $2.1B | CAI, NBIX, XENE, ARGX, KRYS |
| Q1 2025 | 52 | $1.9B | NBIX, LEGN, ARGX, XENE, ALGN |
| Q4 2024 | 59 | $2.2B | NBIX, XENE, LEGN, CGON, GH |
| Q3 2024 | 65 | $2.3B | CGON, XENE, NBIX, APGE, APLS |
| Q2 2024 | 58 | $2.0B | NBIX, CGON, XENE, APGE, GH |
| Q1 2024 | 51 | $1.8B | APGE, NBIX, ARGX, PCVX, LEGN |