First Turn Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), First Turn Management, LLC reported 35 stock positions worth $536.0 million. Its top holding was Insmed (INSM) at 7.0% of the portfolio, followed by Verona Pharma (VRNA, 5.5%) and Mirum Pharmaceuticals (MIRM, 5.0%). Compared with Q1 2025, it opened 7 new positions, sold out of 7, added to 14 and reduced 14. The biggest buy was a new position in Disc Medicine (IRON) and the biggest sale an exit from Springworks Therapeutics (SWTX).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $536.0M (Q2 2025)
- SEC Filing
- 0001085146-25-005077 ↗ filed Aug 14, 2025
Holdings Value
Holdings 35 stocks · $536.0M
| INSM Insmed Inc. | 7.00% | 372,672 | $37.5M | Reduce -7.2% |
| VRNA Verona Pharma Ltd. | 5.47% | 309,988 | $29.3M | Reduce -28.8% |
| MIRM Mirum Pharmaceuticals Inc. | 5.01% | 527,540 | $26.8M | Add +4.9% |
| NUVL Nuvalent Inc. Class A | 4.57% | 320,798 | $24.5M | Reduce -3.4% |
| ARGX Argenx SE - ADR | 4.52% | 43,953 | $24.2M | Add +4.9% |
| BBIO Bridgebio Pharma Inc. | 4.44% | 551,684 | $23.8M | Reduce -16.0% |
| ASND Ascendis Pharma A/S | 4.34% | 134,687 | $23.2M | Add +18.9% |
| XENE Xenon Pharmaceuticals Inc. | 3.86% | 660,617 | $20.7M | Reduce -3.3% |
| ORIC Oric Pharmaceuticals Inc. | 3.81% | 2,009,923 | $20.4M | Reduce -0.9% |
| NTRA Natera Inc. | 3.72% | 118,130 | $20.0M | Reduce -15.6% |
| ADMA Adma Biologics Inc. | 3.71% | 1,092,361 | $19.9M | Add +92.7% |
| ISRG Intuitive Surgical Inc. | 3.27% | 32,305 | $17.6M | Add +46.1% |
| PODD Insulet Corp. | 3.01% | 51,408 | $16.2M | Add +4.2% |
| TGTX TG Therapeutics Inc. | 3.01% | 447,884 | $16.1M | Add +11.8% |
| IRON Disc Medicine Inc. | 2.96% | 299,464 | $15.9M | New |
| GH Guardant Health Inc. | 2.93% | 302,307 | $15.7M | Reduce -4.3% |
| MRUS Merus NV | 2.87% | 292,964 | $15.4M | Reduce -36.9% |
| RVMD Revolution Medicines Inc. | 2.85% | 415,591 | $15.3M | Add +22.2% |
| AXSM Axsome Therapeutics Inc. | 2.81% | 144,400 | $15.1M | Add +22.2% |
| BSX Boston Scientific Corp. | 2.78% | 138,834 | $14.9M | Reduce -22.1% |
| ACLX Arcellx Inc. | 2.64% | 215,223 | $14.2M | New |
| APGE Apogee Therapeutics Inc. | 2.52% | 311,490 | $13.5M | Add +35.6% |
| RDNT Radnet Inc. | 2.10% | 197,759 | $11.3M | Add +25.5% |
| JANX Janux Therapeutics Inc. | 1.93% | 447,420 | $10.3M | Add +4.0% |
| ELVN Enliven Therapeutics Inc. | 1.91% | 509,987 | $10.2M | Reduce -4.7% |
| NAMS Newamsterdam Pharma Co. NV | 1.76% | 521,097 | $9.4M | New |
| HQY Healthequity Inc. | 1.58% | 80,880 | $8.5M | Reduce -3.7% |
| SPRY Ars Pharmaceuticals Inc. | 1.48% | 455,953 | $8.0M | Reduce -31.9% |
| VERA Vera Therapeutics Inc. | 1.36% | 309,666 | $7.3M | Reduce -50.3% |
| SLNO Soleno Therapeutics Inc. | 1.35% | 86,332 | $7.2M | Add +196.5% |
| HROW Harrow Inc. | 1.30% | 228,761 | $7.0M | Add +21.1% |
| AKRO Akero Therapeutics Inc. | 1.14% | 114,554 | $6.1M | New |
| ALNY Alnylam Pharmaceuticals Inc. | 1.09% | 17,879 | $5.8M | New |
| KALV Kalvista Pharmaceuticals Inc. | 0.45% | 214,138 | $2.4M | New |
| BBNX Beta Bionics Inc. | 0.43% | 157,194 | $2.3M | New |
Portfolio Sells Q1 2025 → Q2 2025
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −2.71 |
| GKOS Glaukos Corp. | Sold out | 0.00% | −2.70 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −2.63 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −2.11 |
| VERA Vera Therapeutics Inc. | Reduce -50.3% | 1.36% | −1.66 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −1.64 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −1.41 |
| MRUS Merus NV | Reduce -36.9% | 2.87% | −1.06 |
| BSX Boston Scientific Corp. | Reduce -22.1% | 2.78% | −0.84 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -3.3% | 3.86% | −0.77 |
| PRAX Praxis Precision Medicines I | Sold out | 0.00% | −0.55 |
| NTRA Natera Inc. | Reduce -15.6% | 3.72% | −0.27 |
| ELVN Enliven Therapeutics Inc. | Reduce -4.7% | 1.91% | −0.21 |
| SPRY Ars Pharmaceuticals Inc. | Reduce -31.9% | 1.48% | −0.21 |
| NUVL Nuvalent Inc. Class A | Reduce -3.4% | 4.57% | −0.18 |
| BBIO Bridgebio Pharma Inc. | Reduce -16.0% | 4.44% | −0.13 |
| VRNA Verona Pharma Ltd. | Reduce -28.8% | 5.47% | −0.10 |
| HQY Healthequity Inc. | Reduce -3.7% | 1.58% | +0.08 |
| GH Guardant Health Inc. | Reduce -4.3% | 2.93% | +0.22 |
| INSM Insmed Inc. | Reduce -7.2% | 7.00% | +0.82 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -0.9% | 3.81% | +1.53 |
Portfolio Buys Q1 2025 → Q2 2025
| IRON Disc Medicine Inc. | New | 2.96% | +2.96 |
| ACLX Arcellx Inc. | New | 2.64% | +2.64 |
| NAMS Newamsterdam Pharma Co. NV | New | 1.76% | +1.76 |
| ADMA Adma Biologics Inc. | Add +92.7% | 3.71% | +1.44 |
| AKRO Akero Therapeutics Inc. | New | 1.14% | +1.14 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 1.09% | +1.09 |
| ISRG Intuitive Surgical Inc. | Add +46.1% | 3.27% | +1.07 |
| SLNO Soleno Therapeutics Inc. | Add +196.5% | 1.35% | +0.93 |
| APGE Apogee Therapeutics Inc. | Add +35.6% | 2.52% | +0.79 |
| ASND Ascendis Pharma A/S | Add +18.9% | 4.34% | +0.78 |
| RDNT Radnet Inc. | Add +25.5% | 2.10% | +0.52 |
| KALV Kalvista Pharmaceuticals Inc. | New | 0.45% | +0.45 |
| MIRM Mirum Pharmaceuticals Inc. | Add +4.9% | 5.01% | +0.44 |
| RVMD Revolution Medicines Inc. | Add +22.2% | 2.85% | +0.43 |
| BBNX Beta Bionics Inc. | New | 0.43% | +0.43 |
| PODD Insulet Corp. | Add +4.2% | 3.01% | +0.40 |
| HROW Harrow Inc. | Add +21.1% | 1.30% | +0.29 |
| AXSM Axsome Therapeutics Inc. | Add +22.2% | 2.81% | +0.03 |
| TGTX TG Therapeutics Inc. | Add +11.8% | 3.01% | −0.18 |
| JANX Janux Therapeutics Inc. | Add +4.0% | 1.93% | −0.41 |
| ARGX Argenx SE - ADR | Add +4.9% | 4.52% | −0.48 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $934.7M | RVMD, ABVX, AXSM, ELVN, BBIO |
| Q1 2026 | 33 | $895.1M | UTHR, ABVX, BBIO, XENE, RVMD |
| Q4 2025 | 33 | $875.2M | ABVX, RVMD, INSM, BBIO, MIRM |
| Q3 2025 | 29 | $666.0M | INSM, MIRM, UTHR, MRUS, NUVL |
| Q2 2025 | 35 | $536.0M | INSM, VRNA, MIRM, NUVL, ARGX |
| Q1 2025 | 35 | $496.1M | INSM, VRNA, ARGX, NUVL, XENE |
| Q4 2024 | 36 | $558.3M | INSM, VRNA, XENE, ARGX, ITCI |
| Q3 2024 | 38 | $631.6M | NUVL, ARGX, INSM, MIRM, PCVX |
| Q2 2024 | 36 | $614.7M | ARGX, SRPT, AXSM, ASND, MIRM |
| Q1 2024 | 34 | $668.5M | SWAV, ARGX, CYTK, XENE, SRPT |