Catalys Pacific, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Catalys Pacific, LLC reported 2 stock positions worth $310.5 million. Its top holding was Mineralys Therapeutics (MLYS) at 92.4% of the portfolio, followed by Phathom Pharmaceuticals (PHAT, 7.6%). Compared with Q3 2025, it added to 1 and reduced 1. The biggest buy was Phathom Pharmaceuticals (PHAT, shares +22%) and the biggest sale Mineralys Therapeutics (MLYS, shares −11%).

Most Recent 13F
Q2 2026
Location
TOKYO, M0
CIK
0002011385
Portfolio Value
$310.5M (Q4 2025)
SEC Filing
0001104659-26-012485 ↗ filed Feb 10, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $148.1M Q1 2024 Q2 2024: $132.5M Q2 2024 Q3 2024: $125.4M Q3 2024 Q4 2024: $115.9M Q4 2024 Q1 2025: $148.7M Q1 2025 Q2 2025: $131.7M Q2 2025 Q3 2025: $351.4M Q3 2025 Q4 2025: $310.5M $310.5M Q4 2025 Q1 2026: $230.7M Q1 2026 Q2 2026: $229.5M Q2 2026

Holdings 2 stocks · $310.5M
MLYS Mineralys Therapeutics Inc. 92.37% 7,903,838 $286.8M Reduce -11.2%
PHAT Phathom Pharmaceuticals Inc. 7.63% 1,429,014 $23.7M Add +22.4%

Portfolio Sells Q3 2025 → Q4 2025
MLYS Mineralys Therapeutics Inc. Reduce -11.2% 92.37% −3.72

Portfolio Buys Q3 2025 → Q4 2025
PHAT Phathom Pharmaceuticals Inc. Add +22.4% 7.63% +3.72

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 2$229.5MMLYS, PHAT
Q1 2026 2$230.7MMLYS, PHAT
Q4 2025 2$310.5MMLYS, PHAT
Q3 2025 2$351.4MMLYS, PHAT
Q2 2025 2$131.7MMLYS, PHAT
Q1 2025Amended 2$148.7MMLYS, PHAT
Q4 2024 2$115.9MMLYS, PHAT
Q3 2024 3$125.4MMLYS, PHAT, HLVX
Q2 2024 3$132.5MMLYS, HLVX, PHAT
Q1 2024 3$148.1MMLYS, HLVX, PHAT