Braidwell LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Braidwell LP reported 68 stock positions worth $2.6 billion. Its top holding was Caris Life Sciences (CAI) at 8.1% of the portfolio, followed by Edgewise Therapeutics (EWTX, 5.0%) and Neurocrine Biosciences (NBIX, 4.1%). Compared with Q3 2025, it opened 20 new positions, sold out of 16, added to 16 and reduced 29. The biggest buy was a new position in Kodiak Sciences (KOD) and the biggest sale Xenon Pharmaceuticals (XENE, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- STAMFORD, CT
- CIK
- 0001920938
- Portfolio Value
- $2.6B (Q4 2025)
- SEC Filing
- 0001420506-26-000586 ↗ filed Feb 17, 2026
Holdings Value
Holdings 68 stocks · $2.6B
| CAI Caris Life Sciences Inc. | 8.08% | 7,816,142 | $210.9M | Add +6.8% |
| EWTX Edgewise Therapeutics Inc. | 4.95% | 5,210,831 | $129.3M | No change |
| NBIX Neurocrine Biosciences Inc. | 4.08% | 751,534 | $106.6M | Reduce -14.6% |
| GKOS Glaukos Corp. | 3.99% | 921,979 | $104.1M | Add +18.2% |
| NUVL Nuvalent Inc. Class A | 3.16% | 821,406 | $82.6M | Reduce -18.9% |
| XENE Xenon Pharmaceuticals Inc. | 3.13% | 1,825,076 | $81.8M | Reduce -49.4% |
| CGON CG Oncology Inc. | 2.97% | 1,870,571 | $77.7M | Reduce -43.0% |
| HNGE Hinge Health Inc. Class A | 2.32% | 1,304,623 | $60.6M | Add +43.3% |
| ALGN Align Technology Inc. | 2.28% | 381,004 | $59.5M | Reduce -7.0% |
| KOD Kodiak Sciences Inc. | 2.22% | 2,072,788 | $58.0M | New |
| SLNO Soleno Therapeutics Inc. | 2.11% | 1,187,859 | $55.0M | Reduce -7.3% |
| CNTA Centessa Pharmaceuticals Ltd. | 2.10% | 2,188,320 | $54.7M | New |
| NEO Neogenomics Inc. | 2.09% | 4,632,801 | $54.5M | Add +161.6% |
| ACAD Acadia Pharmaceuticals Inc. | 2.08% | 2,032,021 | $54.3M | Reduce -14.6% |
| SYRE Spyre Therapeutics Inc. | 2.05% | 1,634,615 | $53.5M | Reduce -36.6% |
| DNTH Dianthus Therapeutics Inc. | 2.01% | 1,273,935 | $52.5M | Add +52.6% |
| CLDX Celldex Therapeutics Inc. | 1.93% | 1,858,109 | $50.5M | Add +214.0% |
| INSP Inspire Medical Systems Inc. | 1.91% | 540,890 | $49.9M | Reduce -38.8% |
| KRYS Krystal Biotech Inc. | 1.91% | 202,101 | $49.8M | Reduce -61.2% |
| ISRG Intuitive Surgical Inc. | 1.81% | 83,417 | $47.2M | Reduce -35.9% |
| TMO Thermo Fisher Scientific Inc. | 1.79% | 80,725 | $46.8M | Reduce -29.1% |
| BTSG Brightspring Health Services | 1.72% | 1,195,786 | $44.8M | New |
| CVS CVS Health Corp. | 1.72% | 564,200 | $44.8M | Add +28.6% |
| APGE Apogee Therapeutics Inc. | 1.66% | 575,067 | $43.4M | Reduce -60.0% |
| NRIX Nurix Therapeutics Inc. | 1.59% | 2,183,864 | $41.4M | New |
| VERA Vera Therapeutics Inc. | 1.52% | 784,742 | $39.7M | Add +66.0% |
| IRTC Irhythm Holdings Inc. | 1.48% | 217,345 | $38.6M | Reduce -3.8% |
| TMDX Transmedics Group Inc. | 1.47% | 315,341 | $38.4M | Reduce -10.2% |
| BMRN Biomarin Pharmaceutical Inc. | 1.37% | 601,520 | $35.7M | Add +13.9% |
| ILMN Illumina Inc. | 1.35% | 269,673 | $35.4M | New |
| KYMR Kymera Therapeutics Inc. | 1.35% | 454,259 | $35.3M | Add +64.2% |
| FULC Fulcrum Therapeutics Inc. | 1.33% | 3,061,222 | $34.6M | Add +1294.7% |
| PEN Penumbra Inc. | 1.31% | 110,152 | $34.2M | Reduce -22.2% |
| MBX MBX Biosciences Inc. | 1.23% | 1,018,600 | $32.1M | New |
| RAPT Rapt Therapeutics Inc. | 1.21% | 929,694 | $31.5M | New |
| CDNA Caredx Inc. | 1.14% | 1,585,220 | $29.9M | Reduce -27.4% |
| DYN Dyne Therapeutics Inc. | 1.11% | 1,478,329 | $28.9M | Reduce -45.9% |
| ENGN Engene Holdings Inc. | 1.08% | 3,131,319 | $28.3M | Add +38.2% |
| LEGN Legend Biotech Corp.-ADR | 1.08% | 1,298,142 | $28.2M | Reduce -28.9% |
| MRVI Maravai Lifesciences Hldgs-A | 1.04% | 8,353,287 | $27.1M | No change |
| DHR Danaher Corp. | 1.04% | 118,227 | $27.1M | Reduce -61.8% |
| ARGX Argenx SE - ADR | 1.00% | 31,007 | $26.1M | Reduce -59.3% |
| NTRA Natera Inc. | 0.98% | 111,500 | $25.5M | New |
| DRUG Bright Minds Biosciences Inc. | 0.97% | 324,358 | $25.3M | Add +6.8% |
| TERN Terns Pharmaceuticals Inc. | 0.89% | 575,321 | $23.2M | New |
| EOLS Evolus Inc. | 0.79% | 3,105,209 | $20.6M | New |
| BIIB Biogen Inc. | 0.78% | 115,700 | $20.4M | New |
| KIDS Orthopediatrics Corp. | 0.75% | 1,100,370 | $19.5M | Reduce -0.7% |
| TECX Tectonic Therapeutic Inc. | 0.74% | 927,524 | $19.3M | Add +25.9% |
| VTYX Ventyx Biosciences Inc. | 0.66% | 1,920,255 | $17.3M | New |
| ZURA Zura Bio Ltd. | 0.64% | 3,180,389 | $16.7M | Add +28.6% |
| CMPX Compass Therapeutics Inc. | 0.57% | 2,786,778 | $15.0M | New |
| GLUE Monte Rosa Therapeutics Inc. | 0.57% | 948,316 | $14.9M | New |
| HROW Harrow Inc. | 0.55% | 295,291 | $14.5M | Reduce -13.8% |
| XFOR X4 Pharmaceuticals Inc. | 0.52% | 3,368,904 | $13.5M | New |
| RGEN Repligen Corp. | 0.51% | 81,790 | $13.4M | Reduce -58.2% |
| ICLR Icon PLC | 0.51% | 73,370 | $13.4M | New |
| KNSA Kiniksa Pharmaceuticals Inte | 0.50% | 313,823 | $12.9M | Reduce -51.2% |
| GRAL Grail Inc. | 0.47% | 142,755 | $12.2M | New |
| SRZN Surrozen Inc. | 0.41% | 470,000 | $10.6M | Add +235.7% |
| RLMD Relmada Therapeutics Inc. | 0.29% | 1,582,257 | $7.6M | New |
| XNCR Xencor Inc. | 0.27% | 459,166 | $7.0M | Reduce -63.2% |
| CSTL Castle Biosciences Inc. | 0.26% | 177,183 | $6.9M | Reduce -78.5% |
| ADPT Adaptive Biotechnologies | 0.19% | 311,991 | $5.1M | Reduce -57.6% |
| BLLN Billiontoone Inc. Class A | 0.16% | 50,000 | $4.1M | New |
| ORKA Oruka Therapeutics Inc. | 0.10% | 84,795 | $2.6M | Reduce -93.9% |
| KPTI Karyopharm Therapeutics Inc. | 0.09% | 303,370 | $2.2M | New |
| LUNG Pulmonx Corp. | 0.06% | 752,541 | $1.7M | No change |
Other holdings (5): bonds, preferreds, convertibles and warrants · $516.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 104,854,000 | $192.3M | Reduce -52.2% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 101,000,000 | $110.8M | No change |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 100,381,000 | $89.7M | No change |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 52,000,000 | $72.8M | Reduce -16.1% |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | 53,405,000 | $50.5M | Reduce -35.0% |
Total filed on the 13F, all lines: $3.1B.
Portfolio Sells Q3 2025 → Q4 2025
| XENE Xenon Pharmaceuticals Inc. | Reduce -49.4% | 3.13% | −2.72 |
| CGON CG Oncology Inc. | Reduce -43.0% | 2.97% | −2.37 |
| KRYS Krystal Biotech Inc. | Reduce -61.2% | 1.91% | −1.81 |
| DHR Danaher Corp. | Reduce -61.8% | 1.04% | −1.44 |
| SLNO Soleno Therapeutics Inc. | Reduce -7.3% | 2.11% | −1.40 |
| LEGN Legend Biotech Corp.-ADR | Reduce -28.9% | 1.08% | −1.33 |
| ARGX Argenx SE - ADR | Reduce -59.3% | 1.00% | −1.27 |
| GMED Globus Medical Inc. Class A | Sold out | 0.00% | −1.15 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −1.00 |
| ORKA Oruka Therapeutics Inc. | Reduce -93.9% | 0.10% | −0.98 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.92 |
| NBIX Neurocrine Biosciences Inc. | Reduce -14.6% | 4.08% | −0.92 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −0.91 |
| ATEC Alphatec Holdings Inc. | Sold out | 0.00% | −0.89 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.81 |
| INSP Inspire Medical Systems Inc. | Reduce -38.8% | 1.91% | −0.74 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −0.72 |
| APGE Apogee Therapeutics Inc. | Reduce -60.0% | 1.66% | −0.65 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.65 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −0.62 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −0.58 |
| EHC Encompass Health Corp. | Sold out | 0.00% | −0.58 |
| ISRG Intuitive Surgical Inc. | Reduce -35.9% | 1.81% | −0.55 |
| RGEN Repligen Corp. | Reduce -58.2% | 0.51% | −0.54 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -51.2% | 0.50% | −0.51 |
| CSTL Castle Biosciences Inc. | Reduce -78.5% | 0.26% | −0.49 |
| REPL Replimune Group Inc. | Sold out | 0.00% | −0.47 |
| TMO Thermo Fisher Scientific Inc. | Reduce -29.1% | 1.79% | −0.44 |
| NUVL Nuvalent Inc. Class A | Reduce -18.9% | 3.16% | −0.38 |
| SION Sionna Therapeutics Inc. | Sold out | 0.00% | −0.37 |
| AMLX Amylyx Pharmaceuticals Inc. | Sold out | 0.00% | −0.34 |
| XNCR Xencor Inc. | Reduce -63.2% | 0.27% | −0.32 |
| DYN Dyne Therapeutics Inc. | Reduce -45.9% | 1.11% | −0.29 |
| RPRX Royalty Pharma PLC Class A | Sold out | 0.00% | −0.26 |
| ADPT Adaptive Biotechnologies | Reduce -57.6% | 0.19% | −0.25 |
| CDNA Caredx Inc. | Reduce -27.4% | 1.14% | −0.14 |
| PEN Penumbra Inc. | Reduce -22.2% | 1.31% | −0.14 |
| TMDX Transmedics Group Inc. | Reduce -10.2% | 1.47% | −0.12 |
| HROW Harrow Inc. | Reduce -13.8% | 0.55% | −0.11 |
| IRTC Irhythm Holdings Inc. | Reduce -3.8% | 1.48% | −0.09 |
| KIDS Orthopediatrics Corp. | Reduce -0.7% | 0.75% | −0.08 |
| HTFL Heartflow Inc. | Sold out | 0.00% | −0.07 |
| ACAD Acadia Pharmaceuticals Inc. | Reduce -14.6% | 2.08% | +0.03 |
| ALGN Align Technology Inc. | Reduce -7.0% | 2.28% | +0.20 |
| SYRE Spyre Therapeutics Inc. | Reduce -36.6% | 2.05% | +0.30 |
Portfolio Buys Q3 2025 → Q4 2025
| KOD Kodiak Sciences Inc. | New | 2.22% | +2.22 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 2.10% | +2.10 |
| BTSG Brightspring Health Services | New | 1.72% | +1.72 |
| NRIX Nurix Therapeutics Inc. | New | 1.59% | +1.59 |
| NEO Neogenomics Inc. | Add +161.6% | 2.09% | +1.53 |
| GKOS Glaukos Corp. | Add +18.2% | 3.99% | +1.41 |
| ILMN Illumina Inc. | New | 1.35% | +1.35 |
| CLDX Celldex Therapeutics Inc. | Add +214.0% | 1.93% | +1.31 |
| FULC Fulcrum Therapeutics Inc. | Add +1294.7% | 1.33% | +1.24 |
| MBX MBX Biosciences Inc. | New | 1.23% | +1.23 |
| RAPT Rapt Therapeutics Inc. | New | 1.21% | +1.21 |
| NTRA Natera Inc. | New | 0.98% | +0.98 |
| VERA Vera Therapeutics Inc. | Add +66.0% | 1.52% | +0.97 |
| TERN Terns Pharmaceuticals Inc. | New | 0.89% | +0.89 |
| EOLS Evolus Inc. | New | 0.79% | +0.79 |
| BIIB Biogen Inc. | New | 0.78% | +0.78 |
| KYMR Kymera Therapeutics Inc. | Add +64.2% | 1.35% | +0.72 |
| DNTH Dianthus Therapeutics Inc. | Add +52.6% | 2.01% | +0.68 |
| VTYX Ventyx Biosciences Inc. | New | 0.66% | +0.66 |
| CMPX Compass Therapeutics Inc. | New | 0.57% | +0.57 |
| GLUE Monte Rosa Therapeutics Inc. | New | 0.57% | +0.57 |
| XFOR X4 Pharmaceuticals Inc. | New | 0.52% | +0.52 |
| HNGE Hinge Health Inc. Class A | Add +43.3% | 2.32% | +0.51 |
| ICLR Icon PLC | New | 0.51% | +0.51 |
| GRAL Grail Inc. | New | 0.47% | +0.47 |
| ENGN Engene Holdings Inc. | Add +38.2% | 1.08% | +0.46 |
| CVS CVS Health Corp. | Add +28.6% | 1.72% | +0.38 |
| SRZN Surrozen Inc. | Add +235.7% | 0.41% | +0.33 |
| RLMD Relmada Therapeutics Inc. | New | 0.29% | +0.29 |
| TECX Tectonic Therapeutic Inc. | Add +25.9% | 0.74% | +0.27 |
| DRUG Bright Minds Biosciences Inc. | Add +6.8% | 0.97% | +0.22 |
| BMRN Biomarin Pharmaceutical Inc. | Add +13.9% | 1.37% | +0.21 |
| ZURA Zura Bio Ltd. | Add +28.6% | 0.64% | +0.21 |
| BLLN Billiontoone Inc. Class A | New | 0.16% | +0.16 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.09% | +0.09 |
| CAI Caris Life Sciences Inc. | Add +6.8% | 8.08% | −0.87 |
Notes & Other Activity Q3 2025 → Q4 2025
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | Sold out | 211,364,000 | $210.0Mbefore exit |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | Reduce -52.2% | 104,854,000 | $192.3M |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | Reduce -16.1% | 52,000,000 | $72.8M |
| IRONWOOD PHARMACEUTICALS (IRWD 1.5 06/15/26) | NOTE 1.500% 6/1 · principal | Reduce -35.0% | 53,405,000 | $50.5M |
| KARYOPHARM THERAPEUTICS (KPTI 6 05/13/29 *) | NOTE 6.000% 5/1 · principal | Sold out | 48,482,000 | $35.0Mbefore exit |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Sold out | 13,500,000 | $13.4Mbefore exit |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | Sold out | 6,828,000 | $6.2Mbefore 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 |