Braidwell LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Braidwell LP reported 64 stock positions worth $2.5 billion. Its top holding was Caris Life Sciences (CAI) at 9.0% of the portfolio, followed by Xenon Pharmaceuticals (XENE, 5.9%) and CG Oncology (CGON, 5.3%). Compared with Q2 2025, it opened 25 new positions, sold out of 6, added to 8 and reduced 18. The biggest buy was a new position in Soleno Therapeutics (SLNO) and the biggest sale Argenx SE - ADR (ARGX, shares −61%).
- Most Recent 13F
- Q2 2026
- Location
- STAMFORD, CT
- CIK
- 0001920938
- Portfolio Value
- $2.5B (Q3 2025)
- SEC Filing
- 0001420506-25-003410 ↗ filed Nov 14, 2025
Holdings Value
Holdings 64 stocks · $2.5B
| CAI Caris Life Sciences Inc. | 8.95% | 7,316,142 | $221.3M | No change |
| XENE Xenon Pharmaceuticals Inc. | 5.85% | 3,605,029 | $144.7M | No change |
| CGON CG Oncology Inc. | 5.35% | 3,283,317 | $132.3M | No change |
| NBIX Neurocrine Biosciences Inc. | 5.00% | 880,282 | $123.6M | Reduce -24.1% |
| KRYS Krystal Biotech Inc. | 3.72% | 520,401 | $91.9M | Reduce -28.5% |
| NUVL Nuvalent Inc. Class A | 3.54% | 1,012,982 | $87.6M | Reduce -13.8% |
| SLNO Soleno Therapeutics Inc. | 3.50% | 1,281,989 | $86.7M | New |
| EWTX Edgewise Therapeutics Inc. | 3.42% | 5,210,831 | $84.5M | No change |
| INSP Inspire Medical Systems Inc. | 2.65% | 883,747 | $65.6M | Add +69.2% |
| GKOS Glaukos Corp. | 2.57% | 780,164 | $63.6M | Add +29.3% |
| DHR Danaher Corp. | 2.48% | 309,339 | $61.3M | No change |
| LEGN Legend Biotech Corp.-ADR | 2.41% | 1,826,155 | $59.6M | Reduce -28.2% |
| ISRG Intuitive Surgical Inc. | 2.36% | 130,227 | $58.2M | Add +45.3% |
| APGE Apogee Therapeutics Inc. | 2.31% | 1,438,745 | $57.2M | Reduce -2.7% |
| ARGX Argenx SE - ADR | 2.27% | 76,091 | $56.1M | Reduce -60.9% |
| TMO Thermo Fisher Scientific Inc. | 2.23% | 113,933 | $55.3M | Reduce -15.8% |
| ALGN Align Technology Inc. | 2.07% | 409,691 | $51.3M | Reduce -17.5% |
| ACAD Acadia Pharmaceuticals Inc. | 2.05% | 2,378,655 | $50.8M | New |
| HNGE Hinge Health Inc. Class A | 1.81% | 910,476 | $44.7M | New |
| SYRE Spyre Therapeutics Inc. | 1.75% | 2,578,404 | $43.2M | No change |
| TMDX Transmedics Group Inc. | 1.59% | 351,248 | $39.4M | Add +37.7% |
| IRTC Irhythm Holdings Inc. | 1.57% | 225,845 | $38.8M | Reduce -24.7% |
| PEN Penumbra Inc. | 1.45% | 141,528 | $35.9M | Add +9.2% |
| DYN Dyne Therapeutics Inc. | 1.40% | 2,730,481 | $34.5M | Reduce -16.6% |
| CVS CVS Health Corp. | 1.34% | 438,600 | $33.1M | New |
| DNTH Dianthus Therapeutics Inc. | 1.33% | 835,057 | $32.9M | New |
| CDNA Caredx Inc. | 1.28% | 2,182,781 | $31.7M | New |
| BMRN Biomarin Pharmaceutical Inc. | 1.16% | 528,000 | $28.6M | New |
| GMED Globus Medical Inc. Class A | 1.15% | 498,000 | $28.5M | Add +101.5% |
| ORKA Oruka Therapeutics Inc. | 1.08% | 1,382,350 | $26.6M | Reduce -9.3% |
| RGEN Repligen Corp. | 1.06% | 195,656 | $26.2M | Add +35.4% |
| KNSA Kiniksa Pharmaceuticals Inte | 1.01% | 643,180 | $25.0M | Reduce -41.7% |
| THC Tenet Healthcare Corp. | 1.00% | 121,700 | $24.7M | New |
| MRVI Maravai Lifesciences Hldgs-A | 0.97% | 8,353,287 | $24.0M | No change |
| EXAS Exact Sciences Corp. | 0.92% | 414,600 | $22.7M | New |
| AKRO Akero Therapeutics Inc. | 0.91% | 475,400 | $22.6M | New |
| ATEC Alphatec Holdings Inc. | 0.89% | 1,514,604 | $22.0M | Reduce -58.3% |
| KIDS Orthopediatrics Corp. | 0.83% | 1,107,770 | $20.5M | No change |
| VKTX Viking Therapeutics Inc. | 0.81% | 759,455 | $20.0M | Reduce -47.2% |
| CSTL Castle Biosciences Inc. | 0.76% | 822,735 | $18.7M | No change |
| DRUG Bright Minds Biosciences Inc. | 0.74% | 303,685 | $18.4M | New |
| RARE Ultragenyx Pharmaceutical Inc. | 0.72% | 588,700 | $17.7M | New |
| HROW Harrow Inc. | 0.67% | 342,391 | $16.5M | Reduce -60.8% |
| SRPT Sarepta Therapeutics Inc. | 0.65% | 832,100 | $16.0M | New |
| KYMR Kymera Therapeutics Inc. | 0.63% | 276,692 | $15.7M | New |
| ENGN Engene Holdings Inc. | 0.63% | 2,266,319 | $15.5M | New |
| DAWN Day One Biopharmaceuticals I | 0.62% | 2,181,598 | $15.4M | No change |
| CLDX Celldex Therapeutics Inc. | 0.62% | 591,689 | $15.3M | New |
| XNCR Xencor Inc. | 0.59% | 1,246,280 | $14.6M | Reduce -24.7% |
| RNAM Avidity Biosciences Inc. | 0.58% | 331,907 | $14.5M | New |
| EHC Encompass Health Corp. | 0.58% | 113,335 | $14.4M | New |
| VERA Vera Therapeutics Inc. | 0.56% | 472,739 | $13.7M | New |
| NEO Neogenomics Inc. | 0.55% | 1,771,146 | $13.7M | New |
| TECX Tectonic Therapeutic Inc. | 0.47% | 736,867 | $11.6M | New |
| REPL Replimune Group Inc. | 0.47% | 2,750,092 | $11.5M | Add +550.3% |
| ADPT Adaptive Biotechnologies | 0.45% | 736,014 | $11.0M | Reduce -81.0% |
| ZURA Zura Bio Ltd. | 0.43% | 2,472,806 | $10.7M | No change |
| SION Sionna Therapeutics Inc. | 0.37% | 314,013 | $9.2M | Reduce -71.0% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.34% | 612,841 | $8.3M | New |
| RPRX Royalty Pharma PLC Class A | 0.26% | 182,068 | $6.4M | New |
| FULC Fulcrum Therapeutics Inc. | 0.08% | 219,488 | $2.0M | New |
| SRZN Surrozen Inc. | 0.07% | 140,000 | $1.8M | No change |
| HTFL Heartflow Inc. | 0.07% | 50,000 | $1.7M | New |
| LUNG Pulmonx Corp. | 0.05% | 752,541 | $1.2M | No change |
Other holdings (9): bonds, preferreds, convertibles and warrants · $897.8M (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 | $286.3M | No change |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 211,364,000 | $210.0M | Add +50.1% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 101,000,000 | $101.8M | No change |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 100,381,000 | $86.8M | Reduce -1.0% |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 62,000,000 | $85.4M | Reduce -11.4% |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | 82,140,000 | $72.9M | Reduce -11.4% |
| KARYOPHARM THERAPEUTICS (KPTI 6 05/13/29 *) | NOTE 6.000% 5/1 · principal | 48,482,000 | $35.0M | No change |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 13,500,000 | $13.4M | Reduce -27.0% |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 6,828,000 | $6.2M | Reduce -74.5% |
Total filed on the 13F, all lines: $3.4B.
Portfolio Sells Q2 2025 → Q3 2025
| ARGX Argenx SE - ADR | Reduce -60.9% | 2.27% | −2.86 |
| ALGN Align Technology Inc. | Reduce -17.5% | 2.07% | −2.42 |
| GH Guardant Health Inc. | Sold out | 0.00% | −2.09 |
| NBIX Neurocrine Biosciences Inc. | Reduce -24.1% | 5.00% | −1.98 |
| LEGN Legend Biotech Corp.-ADR | Reduce -28.2% | 2.41% | −1.91 |
| ADPT Adaptive Biotechnologies | Reduce -81.0% | 0.45% | −1.71 |
| KRYS Krystal Biotech Inc. | Reduce -28.5% | 3.72% | −1.07 |
| ATEC Alphatec Holdings Inc. | Reduce -58.3% | 0.89% | −1.04 |
| VKTX Viking Therapeutics Inc. | Reduce -47.2% | 0.81% | −1.01 |
| APLS Apellis Pharmaceuticals Inc. | Sold out | 0.00% | −0.93 |
| MDGL Madrigal Pharmaceuticals Inc. | Sold out | 0.00% | −0.88 |
| APGE Apogee Therapeutics Inc. | Reduce -2.7% | 2.31% | −0.76 |
| NUVL Nuvalent Inc. Class A | Reduce -13.8% | 3.54% | −0.75 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.74 |
| IRTC Irhythm Holdings Inc. | Reduce -24.7% | 1.57% | −0.64 |
| HROW Harrow Inc. | Reduce -60.8% | 0.67% | −0.61 |
| CELC Celcuity Inc. | Sold out | 0.00% | −0.56 |
| SION Sionna Therapeutics Inc. | Reduce -71.0% | 0.37% | −0.52 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -41.7% | 1.01% | −0.45 |
| TMO Thermo Fisher Scientific Inc. | Reduce -15.8% | 2.23% | −0.39 |
| CBIO Crescent Biopharma Inc. | Sold out | 0.00% | −0.20 |
| DYN Dyne Therapeutics Inc. | Reduce -16.6% | 1.40% | −0.09 |
| XNCR Xencor Inc. | Reduce -24.7% | 0.59% | −0.03 |
| ORKA Oruka Therapeutics Inc. | Reduce -9.3% | 1.08% | +0.26 |
Portfolio Buys Q2 2025 → Q3 2025
| SLNO Soleno Therapeutics Inc. | New | 3.50% | +3.50 |
| ACAD Acadia Pharmaceuticals Inc. | New | 2.05% | +2.05 |
| HNGE Hinge Health Inc. Class A | New | 1.81% | +1.81 |
| CVS CVS Health Corp. | New | 1.34% | +1.34 |
| DNTH Dianthus Therapeutics Inc. | New | 1.33% | +1.33 |
| CDNA Caredx Inc. | New | 1.28% | +1.28 |
| BMRN Biomarin Pharmaceutical Inc. | New | 1.16% | +1.16 |
| THC Tenet Healthcare Corp. | New | 1.00% | +1.00 |
| EXAS Exact Sciences Corp. | New | 0.92% | +0.92 |
| AKRO Akero Therapeutics Inc. | New | 0.91% | +0.91 |
| DRUG Bright Minds Biosciences Inc. | New | 0.74% | +0.74 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.72% | +0.72 |
| SRPT Sarepta Therapeutics Inc. | New | 0.65% | +0.65 |
| KYMR Kymera Therapeutics Inc. | New | 0.63% | +0.63 |
| ENGN Engene Holdings Inc. | New | 0.63% | +0.63 |
| CLDX Celldex Therapeutics Inc. | New | 0.62% | +0.62 |
| RNAM Avidity Biosciences Inc. | New | 0.58% | +0.58 |
| EHC Encompass Health Corp. | New | 0.58% | +0.58 |
| VERA Vera Therapeutics Inc. | New | 0.56% | +0.56 |
| NEO Neogenomics Inc. | New | 0.55% | +0.55 |
| TECX Tectonic Therapeutic Inc. | New | 0.47% | +0.47 |
| GMED Globus Medical Inc. Class A | Add +101.5% | 1.15% | +0.46 |
| AMLX Amylyx Pharmaceuticals Inc. | New | 0.34% | +0.34 |
| REPL Replimune Group Inc. | Add +550.3% | 0.47% | +0.28 |
| RPRX Royalty Pharma PLC Class A | New | 0.26% | +0.26 |
| RGEN Repligen Corp. | Add +35.4% | 1.06% | +0.20 |
| FULC Fulcrum Therapeutics Inc. | New | 0.08% | +0.08 |
| HTFL Heartflow Inc. | New | 0.07% | +0.07 |
| ISRG Intuitive Surgical Inc. | Add +45.3% | 2.36% | +0.03 |
| TMDX Transmedics Group Inc. | Add +37.7% | 1.59% | −0.04 |
| PEN Penumbra Inc. | Add +9.2% | 1.45% | −0.14 |
| GKOS Glaukos Corp. | Add +29.3% | 2.57% | −0.41 |
| INSP Inspire Medical Systems Inc. | Add +69.2% | 2.65% | −0.59 |
Notes & Other Activity Q2 2025 → Q3 2025
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | Add +50.1% | 211,364,000 | $210.0M |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | Reduce -1.0% | 100,381,000 | $86.8M |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | Reduce -11.4% | 62,000,000 | $85.4M |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | Reduce -11.4% | 82,140,000 | $72.9M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Reduce -27.0% | 13,500,000 | $13.4M |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | Reduce -74.5% | 6,828,000 | $6.2M |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | Sold out | 5,818,000 | $5.8Mbefore 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 |