Checkpoint Capital L.P.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Checkpoint Capital L.P. reported 17 stock positions worth $149.6 million. Its top holding was Rhythm Pharmaceuticals (RYTM) at 23.9% of the portfolio, followed by Argenx SE - ADR (ARGX, 21.6%) and Cytokinetics (CYTK, 8.9%). Compared with Q4 2023, it opened 4 new positions, sold out of 4, added to 7 and reduced 6. The biggest buy was Avadel Pharmaceuticals plc (AVDL, shares +116%) and the biggest sale an exit from Springworks Therapeutics (SWTX).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001977548
- Portfolio Value
- $149.6M (Q1 2024)
- SEC Filing
- 0001977548-24-000006 ↗ filed May 15, 2024
Holdings Value
Holdings 17 stocks · $149.6M
| RYTM Rhythm Pharmaceuticals Inc. | 23.91% | 825,500 | $35.8M | Add +13.1% |
| ARGX Argenx SE - ADR | 21.58% | 82,000 | $32.3M | Add +17.1% |
| CYTK Cytokinetics Inc. | 8.90% | 190,000 | $13.3M | Reduce -17.4% |
| AVDL Avadel Pharmaceuticals plc | 7.92% | 701,387 | $11.8M | Add +115.8% |
| AXSM Axsome Therapeutics Inc. | 7.06% | 132,437 | $10.6M | Reduce -14.8% |
| MIRM Mirum Pharmaceuticals Inc. | 6.08% | 362,193 | $9.1M | Add +55.0% |
| PTGX Protagonist Therapeutics Inc. | 5.42% | 280,301 | $8.1M | Add +5.0% |
| CORT Corcept Therapeutics Inc. | 4.61% | 273,776 | $6.9M | New |
| IRWD Ironwood Pharmaceuticals Inc. | 3.60% | 618,528 | $5.4M | Reduce -29.7% |
| PHAT Phathom Pharmaceuticals Inc. | 3.16% | 445,161 | $4.7M | Add +23.9% |
| ATYR Atyr Pharma Inc. | 1.89% | 1,446,477 | $2.8M | Reduce -3.8% |
| VSTM Verastem Inc. | 1.33% | 168,739 | $2.0M | New |
| GHRS GH Research PLC | 1.32% | 185,653 | $2.0M | Reduce -36.8% |
| TRVI Trevi Therapeutics Inc. | 1.17% | 506,082 | $1.7M | Reduce -60.8% |
| APLT Applied Therapeutics Inc. | 1.00% | 220,000 | $1.5M | New |
| ALLK Allakos LLC | 0.65% | 767,964 | $968K | Add +72.7% |
| ATRA Atara Biotherapeutics Inc. | 0.41% | 892,853 | $620K | New |
Portfolio Sells Q4 2023 → Q1 2024
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −8.66 |
| CYTK Cytokinetics Inc. | Reduce -17.4% | 8.90% | −4.50 |
| IRWD Ironwood Pharmaceuticals Inc. | Reduce -29.7% | 3.60% | −3.42 |
| AXSM Axsome Therapeutics Inc. | Reduce -14.8% | 7.06% | −1.56 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −0.40 |
| ACRS Aclaris Therapeutics Inc. | Sold out | 0.00% | −0.33 |
| EWTX Edgewise Therapeutics Inc. | Sold out | 0.00% | −0.25 |
| TRVI Trevi Therapeutics Inc. | Reduce -60.8% | 1.17% | −0.04 |
| GHRS GH Research PLC | Reduce -36.8% | 1.32% | +0.13 |
| ATYR Atyr Pharma Inc. | Reduce -3.8% | 1.89% | +0.41 |
Portfolio Buys Q4 2023 → Q1 2024
| AVDL Avadel Pharmaceuticals plc | Add +115.8% | 7.92% | +4.71 |
| CORT Corcept Therapeutics Inc. | New | 4.61% | +4.61 |
| ARGX Argenx SE - ADR | Add +17.1% | 21.58% | +2.99 |
| VSTM Verastem Inc. | New | 1.33% | +1.33 |
| MIRM Mirum Pharmaceuticals Inc. | Add +55.0% | 6.08% | +1.27 |
| PTGX Protagonist Therapeutics Inc. | Add +5.0% | 5.42% | +1.15 |
| APLT Applied Therapeutics Inc. | New | 1.00% | +1.00 |
| PHAT Phathom Pharmaceuticals Inc. | Add +23.9% | 3.16% | +0.87 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +13.1% | 23.91% | +0.49 |
| ATRA Atara Biotherapeutics Inc. | New | 0.41% | +0.41 |
| ALLK Allakos LLC | Add +72.7% | 0.65% | −0.20 |
Options Activity Q4 2023 → Q1 2024
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 180,000 | $16.1Mbefore exit |
| IRWD Ironwood Pharmaceuticals Inc. | call | Sold out | 500,000 | $5.7Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 6 | $389.8M | RYTM, ARGX, RVMD, CYTK, IRON |
| Q1 2026 | 8 | $278.7M | ARGX, RYTM, RVMD, IRON, CYTK |
| Q4 2025 | 6 | $315.6M | ARGX, RYTM, IRON, RVMD, CORT |
| Q3 2025 | 10 | $298.5M | ARGX, RYTM, CORT, IRON, RVMD |
| Q2 2025 | 8 | $214.6M | ARGX, RYTM, CORT, IRON, RVMD |
| Q1 2025 | 14 | $182.3M | ARGX, RYTM, RVMD, SLNO, IRON |
| Q4 2024 | 16 | $196.5M | ARGX, RYTM, PHAT, AXSM, IRON |
| Q3 2024 | 16 | $201.6M | ARGX, RYTM, PHAT, CYTK, AXSM |
| Q2 2024 | 16 | $165.9M | RYTM, ARGX, AXSM, AVDL, PTGX |
| Q1 2024 | 17 | $149.6M | RYTM, ARGX, CYTK, AVDL, AXSM |