Darwin Global Management, Ltd.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Darwin Global Management, Ltd. reported 5 stock positions worth $2.4 billion. Its top holding was Insmed (INSM) at 80.8% of the portfolio, followed by Verona Pharma (VRNA, 16.3%) and Cidara Therapeutics (CDTX, 1.6%). Compared with Q1 2025, it opened 2 new positions and added to 3. The biggest buy was a new position in Cidara Therapeutics (CDTX).

Most Recent 13F
Q2 2026
Location
ST. HELIER, Y9
CIK
0001839209
Portfolio Value
$2.4B (Q2 2025)
SEC Filing
0001892688-25-000159 ↗ filed Aug 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $751.2M Q1 2024 Q2 2024: $859.5M Q2 2024 Q3 2024: $1.2B Q3 2024 Q4 2024: $1.1B Q4 2024 Q1 2025: $1.5B Q1 2025 Q2 2025: $2.4B $2.4B Q2 2025 Q3 2025: $3.6B Q3 2025 Q4 2025: $4.9B Q4 2025 Q1 2026: $3.8B Q1 2026 Q2 2026: $3.8B Q2 2026

Holdings 5 stocks · $2.4B
INSM Insmed Inc. 80.75% 19,344,621 $1.9B Add +25.6%
VRNA Verona Pharma Ltd. 16.26% 4,129,618 $387.4M Add +5.3%
CDTX Cidara Therapeutics Inc. 1.59% 768,424 $38.0M New
MRUS Merus NV 0.88% 395,738 $21.0M New
ALLO Allogene Therapeutics Inc. 0.52% 10,479,791 $12.4M Add +0.3%

Portfolio Sells Q1 2025 → Q2 2025
None this quarter.

Portfolio Buys Q1 2025 → Q2 2025
CDTX Cidara Therapeutics Inc. New 1.59% +1.59
MRUS Merus NV New 0.88% +0.88
VRNA Verona Pharma Ltd. Add +5.3% 16.26% −0.56
ALLO Allogene Therapeutics Inc. Add +0.3% 0.52% −0.59
INSM Insmed Inc. Add +25.6% 80.75% −1.33

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 5$3.8BRVMD, INSM, BLTE, ABVX, ROIV
Q1 2026 6$3.8BINSM, BLTE, ABVX, RVMD, ROIV
Q4 2025 6$4.9BINSM, BLTE, ABVX, CDTX, WVE
Q3 2025 5$3.6BINSM, UTHR, ABVX, CDTX, QURE
Q2 2025 5$2.4BINSM, VRNA, CDTX, MRUS, ALLO
Q1 2025 3$1.5BINSM, VRNA, ALLO
Q4 2024 6$1.1BINSM, JAZZ, VRNA, GERN, KROS
Q3 2024 5$1.2BINSM, PCVX, GERN, KROS, SMMT
Q2 2024 9$859.5MCYTK, INSM, PCVX, GERN, KROS
Q1 2024 12$751.2MPCVX, NUVL, KROS, BHVN, ALPN