Checkpoint Capital L.P.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Checkpoint Capital L.P. reported 8 stock positions worth $278.7 million. Its top holding was Argenx SE - ADR (ARGX) at 40.1% of the portfolio, followed by Rhythm Pharmaceuticals (RYTM, 38.3%) and Revolution Medicines (RVMD, 9.2%). Compared with Q4 2025, it opened 3 new positions, sold out of 1, added to 3 and reduced 2. The biggest buy was Rhythm Pharmaceuticals (RYTM, shares +24%) and the biggest sale Disc Medicine (IRON, shares −37%).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001977548
Portfolio Value
$278.7M (Q1 2026)
SEC Filing
0001977548-26-000004 ↗ filed May 15, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $149.6M Q1 2024 Q2 2024: $165.9M Q2 2024 Q3 2024: $201.6M Q3 2024 Q4 2024: $196.5M Q4 2024 Q1 2025: $182.3M Q1 2025 Q2 2025: $214.6M Q2 2025 Q3 2025: $298.5M Q3 2025 Q4 2025: $315.6M Q4 2025 Q1 2026: $278.7M $278.7M Q1 2026 Q2 2026: $389.8M Q2 2026

Holdings 8 stocks · $278.7M
ARGX Argenx SE - ADR 40.10% 153,000 $111.7M Add +7.8%
RYTM Rhythm Pharmaceuticals Inc. 38.30% 1,227,200 $106.7M Add +23.7%
RVMD Revolution Medicines Inc. 9.16% 262,539 $25.5M Reduce -29.0%
IRON Disc Medicine Inc. 6.58% 286,661 $18.3M Reduce -36.7%
CYTK Cytokinetics Inc. 4.26% 180,000 $11.9M Add +7.9%
SEPN Septerna Inc. 0.86% 100,300 $2.4M New
CRNX Crinetics Pharmaceuticals Inc. 0.52% 40,230 $1.5M New
TRVI Trevi Therapeutics Inc. 0.21% 50,000 $597K New

Portfolio Sells Q4 2025 → Q1 2026
IRON Disc Medicine Inc. Reduce -36.7% 6.58% −4.82
CORT Corcept Therapeutics Inc. Sold out 0.00% −4.43
RVMD Revolution Medicines Inc. Reduce -29.0% 9.16% −0.17

Portfolio Buys Q4 2025 → Q1 2026
RYTM Rhythm Pharmaceuticals Inc. Add +23.7% 38.30% +4.65
ARGX Argenx SE - ADR Add +7.8% 40.10% +2.26
CYTK Cytokinetics Inc. Add +7.9% 4.26% +0.90
SEPN Septerna Inc. New 0.86% +0.86
CRNX Crinetics Pharmaceuticals Inc. New 0.52% +0.52
TRVI Trevi Therapeutics Inc. New 0.21% +0.21

Options Activity Q4 2025 → Q1 2026
CORT Corcept Therapeutics Inc. call Sold out 128,300 $4.5Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 6$389.8MRYTM, ARGX, RVMD, CYTK, IRON
Q1 2026 8$278.7MARGX, RYTM, RVMD, IRON, CYTK
Q4 2025 6$315.6MARGX, RYTM, IRON, RVMD, CORT
Q3 2025 10$298.5MARGX, RYTM, CORT, IRON, RVMD
Q2 2025 8$214.6MARGX, RYTM, CORT, IRON, RVMD
Q1 2025 14$182.3MARGX, RYTM, RVMD, SLNO, IRON
Q4 2024 16$196.5MARGX, RYTM, PHAT, AXSM, IRON
Q3 2024 16$201.6MARGX, RYTM, PHAT, CYTK, AXSM
Q2 2024 16$165.9MRYTM, ARGX, AXSM, AVDL, PTGX
Q1 2024 17$149.6MRYTM, ARGX, CYTK, AVDL, AXSM