Checkpoint Capital L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Checkpoint Capital L.P. reported 16 stock positions worth $196.5 million. Its top holding was Argenx SE - ADR (ARGX) at 29.0% of the portfolio, followed by Rhythm Pharmaceuticals (RYTM, 20.7%) and Phathom Pharmaceuticals (PHAT, 9.4%). Compared with Q3 2024, it opened 2 new positions, sold out of 2, added to 9 and reduced 4. The biggest buy was Disc Medicine (IRON, shares +624%) and the biggest sale Cytokinetics (CYTK, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001977548
- Portfolio Value
- $196.5M (Q4 2024)
- SEC Filing
- 0001977548-25-000004 ↗ filed Feb 14, 2025
Holdings Value
Holdings 16 stocks · $196.5M
| ARGX Argenx SE - ADR | 28.95% | 92,500 | $56.9M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 20.74% | 727,982 | $40.8M | Add +9.7% |
| PHAT Phathom Pharmaceuticals Inc. | 9.40% | 2,274,157 | $18.5M | Add +51.2% |
| AXSM Axsome Therapeutics Inc. | 7.53% | 174,769 | $14.8M | Reduce -16.6% |
| IRON Disc Medicine Inc. | 5.97% | 185,000 | $11.7M | Add +624.3% |
| AVDL Avadel Pharmaceuticals Ltd. | 5.37% | 1,004,790 | $10.6M | Reduce -8.7% |
| RVMD Revolution Medicines Inc. | 4.67% | 210,000 | $9.2M | New |
| PLRX Pliant Therapeutics Inc. | 3.59% | 535,494 | $7.1M | Add +40.9% |
| TCRX Tscan Therapeutics Inc. | 2.72% | 1,755,987 | $5.3M | Add +112.8% |
| CDTX Cidara Therapeutics Inc. | 2.60% | 196,949 | $5.1M | Add +8.0% |
| TRVI Trevi Therapeutics Inc. | 2.27% | 1,084,135 | $4.5M | Add +333.6% |
| STOK Stoke Therapeutics Inc. | 1.71% | 305,387 | $3.4M | Add +93.9% |
| SLNO Soleno Therapeutics Inc. | 1.60% | 70,027 | $3.1M | Add +20.8% |
| KYMR Kymera Therapeutics Inc. | 1.59% | 77,535 | $3.1M | New |
| ATYR Atyr Pharma Inc. | 0.80% | 432,561 | $1.6M | Reduce -75.1% |
| CYTK Cytokinetics Inc. | 0.48% | 20,000 | $941K | Reduce -95.7% |
Portfolio Sells Q3 2024 → Q4 2024
| CYTK Cytokinetics Inc. | Reduce -95.7% | 0.48% | −11.75 |
| PTGX Protagonist Therapeutics Inc. | Sold out | 0.00% | −5.36 |
| AXSM Axsome Therapeutics Inc. | Reduce -16.6% | 7.53% | −1.82 |
| AVDL Avadel Pharmaceuticals Ltd. | Reduce -8.7% | 5.37% | −1.78 |
| ATYR Atyr Pharma Inc. | Reduce -75.1% | 0.80% | −0.72 |
| ALLK Allakos LLC | Sold out | 0.00% | −0.21 |
Portfolio Buys Q3 2024 → Q4 2024
| IRON Disc Medicine Inc. | Add +624.3% | 5.97% | +5.35 |
| RVMD Revolution Medicines Inc. | New | 4.67% | +4.67 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +9.7% | 20.74% | +3.50 |
| TRVI Trevi Therapeutics Inc. | Add +333.6% | 2.27% | +1.86 |
| CDTX Cidara Therapeutics Inc. | Add +8.0% | 2.60% | +1.63 |
| KYMR Kymera Therapeutics Inc. | New | 1.59% | +1.59 |
| PLRX Pliant Therapeutics Inc. | Add +40.9% | 3.59% | +1.48 |
| STOK Stoke Therapeutics Inc. | Add +93.9% | 1.71% | +0.75 |
| TCRX Tscan Therapeutics Inc. | Add +112.8% | 2.72% | +0.68 |
| SLNO Soleno Therapeutics Inc. | Add +20.8% | 1.60% | +0.15 |
| PHAT Phathom Pharmaceuticals Inc. | Add +51.2% | 9.40% | −4.09 |
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 |