KVP Capital Advisors, LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), KVP Capital Advisors, LP reported 32 stock positions worth $133.9 million. Its top holding was Terns Pharmaceuticals (TERN) at 17.3% of the portfolio, followed by Praxis Precision Medicines I (PRAX, 10.3%) and Whitehawk Therapeutics (WHWK, 5.6%). Compared with Q4 2025, it opened 9 new positions, sold out of 2 and added to 1. The biggest buy was a new position in Sutro Biopharma (STRO) and the biggest sale an exit from Jazz Pharmaceuticals (JAZZ).

Most Recent 13F
Q2 2026
Location
SAN FRANCISCO, CA
CIK
0001858198
Portfolio Value
$133.9M (Q1 2026)
SEC Filing
0001104659-26-060329 ↗ filed May 13, 2026

Holdings Value

0$50.0M$100.0M$150.0M Q4 2025: $96.8M Q4 2025 Q1 2026: $133.9M $133.9M Q1 2026 Q2 2026: $136.2M Q2 2026

Holdings 32 stocks · $133.9M
TERN Terns Pharmaceuticals Inc. 17.32% 440,000 $23.2M No change
PRAX Praxis Precision Medicines I 10.32% 42,900 $13.8M No change
WHWK Whitehawk Therapeutics Inc. 5.58% 2,165,997 $7.5M No change
AXSM Axsome Therapeutics Inc. 4.57% 36,200 $6.1M No change
STRO Sutro Biopharma Inc. 4.22% 226,575 $5.6M New
PTGX Protagonist Therapeutics Inc. 4.17% 53,000 $5.6M No change
ERAS Erasca Inc. 4.11% 340,000 $5.5M New
TRVI Trevi Therapeutics Inc. 3.69% 414,000 $4.9M No change
TNGX Tango Therapeutics Inc. 3.60% 230,264 $4.8M New
INSM Insmed Inc. 3.48% 28,497 $4.7M No change
EWTX Edgewise Therapeutics Inc. 3.13% 133,000 $4.2M No change
RVMD Revolution Medicines Inc. 2.92% 40,200 $3.9M Add +46.2%
IRON Disc Medicine Inc. 2.78% 58,250 $3.7M No change
MBX MBX Biosciences Inc. 2.71% 121,524 $3.6M No change
SVRA Savara Inc. 2.47% 605,280 $3.3M No change
UTHR United Therapeutics Corp. 2.10% 4,750 $2.8M No change
TVTX Travere Therapeutics Inc. 2.02% 91,000 $2.7M No change
IDYA Ideaya Biosciences Inc. 1.98% 79,700 $2.7M New
CMPX Compass Therapeutics Inc. 1.98% 500,000 $2.6M New
OCUL Ocular Therapeutix Inc. 1.90% 300,000 $2.5M New
VRDN Viridian Therapeutics Inc. 1.83% 125,000 $2.4M New
DRUG Bright Minds Biosciences Inc. 1.73% 31,813 $2.3M New
ZURA Zura Bio Ltd. 1.66% 373,128 $2.2M New
SRRK Scholar Rock Holding Corp. 1.65% 45,000 $2.2M No change
IMMX Immix Biopharma Inc. 1.57% 230,423 $2.1M No change
SLNO Soleno Therapeutics Inc. 1.49% 59,700 $2.0M No change
NKTR Nektar Therapeutics 1.45% 26,900 $1.9M No change
CABA Cabaletta Bio Inc. 1.02% 505,431 $1.4M No change
ACHV Achieve Life Sciences Inc. 1.02% 462,355 $1.4M No change
VERA Vera Therapeutics Inc. 0.98% 32,700 $1.3M No change
CELC Celcuity Inc. 0.34% 4,000 $457K No change
VYNE THERAPEUTICS INC 0.22% 500,551 $299K No change

Portfolio Sells Q4 2025 → Q1 2026
JAZZ Jazz Pharmaceuticals PLC Sold out 0.00% −3.07
FULC Fulcrum Therapeutics Inc. Sold out 0.00% −0.58

Portfolio Buys Q4 2025 → Q1 2026
STRO Sutro Biopharma Inc. New 4.22% +4.22
ERAS Erasca Inc. New 4.11% +4.11
TNGX Tango Therapeutics Inc. New 3.60% +3.60
IDYA Ideaya Biosciences Inc. New 1.98% +1.98
CMPX Compass Therapeutics Inc. New 1.98% +1.98
OCUL Ocular Therapeutix Inc. New 1.90% +1.90
VRDN Viridian Therapeutics Inc. New 1.83% +1.83
DRUG Bright Minds Biosciences Inc. New 1.73% +1.73
ZURA Zura Bio Ltd. New 1.66% +1.66
RVMD Revolution Medicines Inc. Add +46.2% 2.92% +0.66

Options Activity Q4 2025 → Q1 2026
JAZZ PHARMACEUTICALS PLC call Sold out 31,000 $5.3Mbefore exit
FULCRUM THERAPEUTICS INC call Sold out 110,900 $1.3Mbefore 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 35$136.2MPRAX, WHWK, ERAS, TRVI, STRO
Q1 2026 32$133.9MTERN, PRAX, WHWK, AXSM, STRO
Q4 2025 25$96.8MTERN, PRAX, AXSM, WHWK, TRVI