Checkpoint Capital L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Checkpoint Capital L.P. reported 14 stock positions worth $182.3 million. Its top holding was Argenx SE - ADR (ARGX) at 37.3% of the portfolio, followed by Rhythm Pharmaceuticals (RYTM, 26.4%) and Revolution Medicines (RVMD, 7.6%). Compared with Q4 2024, it opened 5 new positions, sold out of 7, added to 8 and reduced 1. The biggest buy was Argenx SE - ADR (ARGX, shares +24%) and the biggest sale an exit from Phathom Pharmaceuticals (PHAT).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001977548
- Portfolio Value
- $182.3M (Q1 2025)
- SEC Filing
- 0001977548-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 14 stocks · $182.3M
| ARGX Argenx SE - ADR | 37.34% | 115,000 | $68.1M | Add +24.3% |
| RYTM Rhythm Pharmaceuticals Inc. | 26.37% | 907,240 | $48.1M | Add +24.6% |
| RVMD Revolution Medicines Inc. | 7.61% | 392,011 | $13.9M | Add +86.7% |
| SLNO Soleno Therapeutics Inc. | 6.78% | 172,902 | $12.4M | Add +146.9% |
| IRON Disc Medicine Inc. | 6.63% | 243,311 | $12.1M | Add +31.5% |
| PTGX Protagonist Therapeutics Inc. | 4.65% | 175,184 | $8.5M | New |
| STOK Stoke Therapeutics Inc. | 2.67% | 730,717 | $4.9M | Add +139.3% |
| SEPN Septerna Inc. | 2.62% | 824,878 | $4.8M | New |
| KYMR Kymera Therapeutics Inc. | 2.05% | 136,605 | $3.7M | Add +76.2% |
| TCRX Tscan Therapeutics Inc. | 1.53% | 2,017,650 | $2.8M | Add +14.9% |
| CDTX Cidara Therapeutics Inc. | 1.23% | 104,380 | $2.2M | Reduce -47.0% |
| CORT Corcept Therapeutics Inc. | 0.31% | 5,000 | $571K | New |
| IMCR Immunocore Holdings PLC-ADR | 0.15% | 9,011 | $267K | New |
| RAPT THERAPEUTICS INC | 0.07% | 109,830 | $134K | New |
Portfolio Sells Q4 2024 → Q1 2025
| PHAT Phathom Pharmaceuticals Inc. | Sold out | 0.00% | −9.40 |
| AXSM Axsome Therapeutics Inc. | Sold out | 0.00% | −7.53 |
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −5.37 |
| PLRX Pliant Therapeutics Inc. | Sold out | 0.00% | −3.59 |
| TRVI Trevi Therapeutics Inc. | Sold out | 0.00% | −2.27 |
| CDTX Cidara Therapeutics Inc. | Reduce -47.0% | 1.23% | −1.37 |
| ATYR Atyr Pharma Inc. | Sold out | 0.00% | −0.80 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −0.48 |
Portfolio Buys Q4 2024 → Q1 2025
| ARGX Argenx SE - ADR | Add +24.3% | 37.34% | +8.39 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +24.6% | 26.37% | +5.63 |
| SLNO Soleno Therapeutics Inc. | Add +146.9% | 6.78% | +5.18 |
| PTGX Protagonist Therapeutics Inc. | New | 4.65% | +4.65 |
| RVMD Revolution Medicines Inc. | Add +86.7% | 7.61% | +2.93 |
| SEPN Septerna Inc. | New | 2.62% | +2.62 |
| STOK Stoke Therapeutics Inc. | Add +139.3% | 2.67% | +0.95 |
| IRON Disc Medicine Inc. | Add +31.5% | 6.63% | +0.66 |
| KYMR Kymera Therapeutics Inc. | Add +76.2% | 2.05% | +0.46 |
| CORT Corcept Therapeutics Inc. | New | 0.31% | +0.31 |
| IMCR Immunocore Holdings PLC-ADR | New | 0.15% | +0.15 |
| RAPT THERAPEUTICS INC | New | 0.07% | +0.07 |
| TCRX Tscan Therapeutics Inc. | Add +14.9% | 1.53% | −1.19 |
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 |