Checkpoint Capital L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Checkpoint Capital L.P. reported 10 stock positions worth $298.5 million. Its top holding was Argenx SE - ADR (ARGX) at 37.1% of the portfolio, followed by Rhythm Pharmaceuticals (RYTM, 25.8%) and Corcept Therapeutics (CORT, 10.9%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 4 and reduced 3. The biggest buy was a new position in Crinetics Pharmaceuticals (CRNX) and the biggest sale Rhythm Pharmaceuticals (RYTM, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001977548
- Portfolio Value
- $298.5M (Q3 2025)
- SEC Filing
- 0001977548-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 10 stocks · $298.5M
| ARGX Argenx SE - ADR | 37.07% | 150,000 | $110.6M | Add +0.0% |
| RYTM Rhythm Pharmaceuticals Inc. | 25.84% | 763,707 | $77.1M | Reduce -27.9% |
| CORT Corcept Therapeutics Inc. | 10.92% | 392,331 | $32.6M | Add +14.1% |
| IRON Disc Medicine Inc. | 9.52% | 430,000 | $28.4M | Add +62.3% |
| RVMD Revolution Medicines Inc. | 7.70% | 492,300 | $23.0M | Add +75.8% |
| CRNX Crinetics Pharmaceuticals Inc. | 3.63% | 260,000 | $10.8M | New |
| SEPN Septerna Inc. | 1.78% | 283,158 | $5.3M | Reduce -51.7% |
| STOK Stoke Therapeutics Inc. | 1.67% | 212,049 | $5.0M | New |
| KYMR Kymera Therapeutics Inc. | 1.17% | 61,750 | $3.5M | Reduce -42.3% |
| CYTK Cytokinetics Inc. | 0.69% | 37,587 | $2.1M | New |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| CRNX Crinetics Pharmaceuticals Inc. | New | 3.63% | +3.63 |
| IRON Disc Medicine Inc. | Add +62.3% | 9.52% | +2.98 |
| RVMD Revolution Medicines Inc. | Add +75.8% | 7.70% | +2.90 |
| STOK Stoke Therapeutics Inc. | New | 1.67% | +1.67 |
| CYTK Cytokinetics Inc. | New | 0.69% | +0.69 |
| CORT Corcept Therapeutics Inc. | Add +14.1% | 10.92% | −0.84 |
| ARGX Argenx SE - ADR | Add +0.0% | 37.07% | −1.46 |
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 |