Fairmount Funds Management LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Fairmount Funds Management LLC reported 15 stock positions worth $1.2 billion. Its top holding was Axsome Therapeutics (AXSM) at 17.2% of the portfolio, followed by Nuvalent Class A (NUVL, 14.0%) and Apogee Therapeutics (APGE, 9.8%). Compared with Q2 2024, it opened 4 new positions, sold out of 2, added to 1 and reduced 3. The biggest buy was a new position in Oruka Therapeutics (ORKA) and the biggest sale an exit from Protagonist Therapeutics (PTGX).

Most Recent 13F
Q2 2026
Location
WEST CONSHOHOCKEN, PA
CIK
0001802528
Portfolio Value
$1.2B (Q3 2024)
SEC Filing
0001104659-24-118833 ↗ filed Nov 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $917.4M Q1 2024 Q2 2024: $885.1M Q2 2024 Q3 2024: $1.2B $1.2B Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $644.6M Q1 2025 Q2 2025: $771.9M Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.3B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 15 stocks · $1.2B
AXSM Axsome Therapeutics Inc. 17.20% 2,360,077 $212.1M No change
NUVL Nuvalent Inc. Class A 13.99% 1,687,064 $172.6M Reduce -12.3%
APGE Apogee Therapeutics Inc. 9.76% 2,048,647 $120.3M No change
SYRE Spyre Therapeutics Inc. 9.58% 4,018,101 $118.2M No change
ELVN Enliven Therapeutics Inc. 6.63% 3,202,798 $81.8M No change
KNSA Kiniksa Pharmaceuticals Inte 6.49% 3,204,841 $80.1M No change
ORKA Oruka Therapeutics Inc. 6.38% 3,211,922 $78.7M New
VRDN Viridian Therapeutics Inc. 6.36% 3,445,813 $78.4M Add +86.7%
DNTH Dianthus Therapeutics Inc. 6.00% 2,700,691 $73.9M Reduce -2.3%
COGT Cogent Biosciences Inc. 5.45% 6,225,641 $67.2M No change
DAWN Day One Biopharmaceuticals I 3.51% 3,103,448 $43.2M New
ATXS Astria Therapeutics Inc. 3.17% 3,554,129 $39.1M No change
BCAX Bicara Therapeutics Inc. 2.65% 1,284,169 $32.7M New
ZBIO Zenas Biopharma Inc. 2.60% 1,892,806 $32.0M New
BCYC Bicycle Therapeutics PLC-ADR 0.23% 123,538 $2.8M Reduce -88.5%

Portfolio Sells Q2 2024 → Q3 2024
PTGX Protagonist Therapeutics Inc. Sold out 0.00% −3.65
NUVL Nuvalent Inc. Class A Reduce -12.3% 13.99% −2.50
BCYC Bicycle Therapeutics PLC-ADR Reduce -88.5% 0.23% −2.22
DNTH Dianthus Therapeutics Inc. Reduce -2.3% 6.00% −2.08
TERN Terns Pharmaceuticals Inc. Sold out 0.00% −0.58

Portfolio Buys Q2 2024 → Q3 2024
ORKA Oruka Therapeutics Inc. New 6.38% +6.38
VRDN Viridian Therapeutics Inc. Add +86.7% 6.36% +3.64
DAWN Day One Biopharmaceuticals I New 3.51% +3.51
BCAX Bicara Therapeutics Inc. New 2.65% +2.65
ZBIO Zenas Biopharma Inc. New 2.60% +2.60

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 12$1.5BORKA, DNTH, DMRA, COGT, JBIO
Q1 2026 12$1.4BDMRA, DNTH, COGT, SYRE, ORKA
Q4 2025 13$1.3BCOGT, APGE, SYRE, VRDN, ORKA
Q3 2025 17$1.1BDNTH, COGT, AXSM, APGE, ELVN
Q2 2025 17$771.9MAPGE, AXSM, ELVN, SRRK, SYRE
Q1 2025 15$644.6MAXSM, APGE, SYRE, ELVN, NUVL
Q4 2024 17$1.0BAXSM, NUVL, SYRE, APGE, SRRK
Q3 2024 15$1.2BAXSM, NUVL, APGE, SYRE, ELVN
Q2 2024 13$885.1MAXSM, NUVL, SYRE, APGE, ELVN
Q1 2024 15$917.4MAXSM, NUVL, APGE, DNTH, KNSA