Checkpoint Capital L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Checkpoint Capital L.P. reported 6 stock positions worth $315.6 million. Its top holding was Argenx SE - ADR (ARGX) at 37.8% of the portfolio, followed by Rhythm Pharmaceuticals (RYTM, 33.6%) and Disc Medicine (IRON, 11.4%). Compared with Q3 2025, it sold out of 4, added to 4 and reduced 2. The biggest buy was Rhythm Pharmaceuticals (RYTM, shares +30%) and the biggest sale an exit from Crinetics Pharmaceuticals (CRNX).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001977548
- Portfolio Value
- $315.6M (Q4 2025)
- SEC Filing
- 0001977548-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 6 stocks · $315.6M
| ARGX Argenx SE - ADR | 37.83% | 142,000 | $119.4M | Reduce -5.3% |
| RYTM Rhythm Pharmaceuticals Inc. | 33.65% | 992,200 | $106.2M | Add +29.9% |
| IRON Disc Medicine Inc. | 11.40% | 452,992 | $36.0M | Add +5.3% |
| RVMD Revolution Medicines Inc. | 9.34% | 370,000 | $29.5M | Reduce -24.8% |
| CORT Corcept Therapeutics Inc. | 4.43% | 401,395 | $14.0M | Add +2.3% |
| CYTK Cytokinetics Inc. | 3.36% | 166,823 | $10.6M | Add +343.8% |
Options reported separately and not counted above: CORT calls ($4.5M).
Portfolio Sells Q3 2025 → Q4 2025
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −3.63 |
| SEPN Septerna Inc. | Sold out | 0.00% | −1.78 |
| STOK Stoke Therapeutics Inc. | Sold out | 0.00% | −1.67 |
| KYMR Kymera Therapeutics Inc. | Sold out | 0.00% | −1.17 |
| ARGX Argenx SE - ADR | Reduce -5.3% | 37.83% | +0.77 |
| RVMD Revolution Medicines Inc. | Reduce -24.8% | 9.34% | +1.63 |
Portfolio Buys Q3 2025 → Q4 2025
Options Activity Q3 2025 → Q4 2025
| CORT Corcept Therapeutics Inc. | call | New | 128,300 | $4.5M |
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 |