Kynam Capital Management, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Kynam Capital Management, LP reported 35 stock positions worth $1.3 billion. Its top holding was Celldex Therapeutics (CLDX) at 11.8% of the portfolio, followed by Syndax Pharmaceuticals (SNDX, 9.8%) and Vera Therapeutics (VERA, 8.7%). Compared with Q2 2025, it opened 5 new positions, sold out of 1, added to 7 and reduced 4. The biggest buy was a new position in MBX Biosciences (MBX) and the biggest sale CG Oncology (CGON, shares −18%).

Most Recent 13F
Q2 2026
Location
PRINCETON, NJ
CIK
0001907884
Portfolio Value
$1.3B (Q3 2025)
SEC Filing
0001907884-25-000002 ↗ filed Nov 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $898.9M Q1 2024 Q2 2024: $955.2M Q2 2024 Q3 2024: $1.3B Q3 2024 Q4 2024: $1.5B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $928.8M Q2 2025 Q3 2025: $1.3B $1.3B Q3 2025 Q4 2025: $1.5B Q4 2025 Q1 2026: $1.6B Q1 2026 Q2 2026: $1.8B Q2 2026

Holdings 35 stocks · $1.3B

CLDX Celldex Therapeutics Inc. 11.75% 6,100,729 $157.8M No change
SNDX Syndax Pharmaceuticals Inc. 9.76% 8,520,000 $131.1M No change
VERA Vera Therapeutics Inc. 8.71% 4,027,800 $117.0M Add +17.5%
COGT Cogent Biosciences Inc. 8.43% 7,886,172 $113.2M Reduce -7.1%
PCVX Vaxcyte Inc. 8.24% 3,071,588 $110.6M No change
VRDN Viridian Therapeutics Inc. 7.11% 4,427,927 $95.6M No change
CGON CG Oncology Inc. 6.01% 2,005,205 $80.8M Reduce -18.4%
BCRX Biocryst Pharmaceuticals Inc. 5.31% 9,390,270 $71.3M Add +10.9%
BEAM Beam Therapeutics Inc. 4.55% 2,517,647 $61.1M Add +4.1%
IMCR Immunocore Holdings PLC-ADR 2.73% 1,009,267 $36.7M Add +3.4%
MBX MBX Biosciences Inc. 2.61% 2,000,000 $35.0M New
ENGN Engene Holdings Inc. 2.54% 4,994,090 $34.1M No change
WVE Wave Life Sciences Ltd. 2.49% 4,560,053 $33.4M No change
TYRA Tyra Biosciences Inc. 2.43% 2,329,998 $32.6M No change
TVTX Travere Therapeutics Inc. 1.69% 949,727 $22.7M Reduce -38.4%
DVAX Dynavax Technologies Corp. 1.59% 2,145,319 $21.3M No change
NRIX Nurix Therapeutics Inc. 1.49% 2,168,605 $20.0M Add +84.8%
UTHR United Therapeutics Corp. 1.49% 67,588 $20.0M New
APLS Apellis Pharmaceuticals Inc. 1.36% 808,607 $18.3M New
PHVS Pharvaris NV 1.25% 675,000 $16.8M New
RLAY Relay Therapeutics Inc. 1.12% 2,887,014 $15.1M No change
CGEM Cullinan Therapeutics Inc. 1.02% 2,302,172 $13.7M Add +9.8%
CTMX Cytomx Therapeutics Inc. 0.87% 3,646,503 $11.6M Add +69.3%
AMRN Amarin Corp. PLC -ADR 0.70% 576,111 $9.4M No change
BNR Burning Rock Biotech Ltd.-ADR 0.64% 994,883 $8.6M No change
DSGN Design Therapeutics Inc. 0.58% 1,029,579 $7.8M No change
KALV Kalvista Pharmaceuticals Inc. 0.55% 606,171 $7.4M New
IRWD Ironwood Pharmaceuticals Inc. 0.53% 5,466,825 $7.2M No change
CRBU Caribou Biosciences Inc. 0.53% 3,067,774 $7.1M No change
URGN Urogen Pharma Ltd. 0.52% 282,412 $6.9M Reduce -57.0%
GERN Geron Corp. 0.35% 3,456,318 $4.7M No change
STRO Sutro Biopharma Inc. Com SHS 0.33% 5,088,099 $4.4M No change
EWTX Edgewise Therapeutics Inc. 0.31% 253,979 $4.1M No change
PRQR Proqr Therapeutics NV 0.26% 1,649,462 $3.5M No change
CLYM Climb Bio Inc. 0.15% 1,028,341 $2.1M No change

Portfolio Sells Q2 2025 → Q3 2025

CGON CG Oncology Inc. Reduce -18.4% 6.01% −0.87
TVTX Travere Therapeutics Inc. Reduce -38.4% 1.69% −0.77
URGN Urogen Pharma Ltd. Reduce -57.0% 0.52% −0.45
LQDA Liquidia Corp. Sold out 0.00% −0.27
COGT Cogent Biosciences Inc. Reduce -7.1% 8.43% +1.87

Portfolio Buys Q2 2025 → Q3 2025

MBX MBX Biosciences Inc. New 2.61% +2.61
UTHR United Therapeutics Corp. New 1.49% +1.49
APLS Apellis Pharmaceuticals Inc. New 1.36% +1.36
PHVS Pharvaris NV New 1.25% +1.25
KALV Kalvista Pharmaceuticals Inc. New 0.55% +0.55
CTMX Cytomx Therapeutics Inc. Add +69.3% 0.87% +0.34
BEAM Beam Therapeutics Inc. Add +4.1% 4.55% +0.12
NRIX Nurix Therapeutics Inc. Add +84.8% 1.49% +0.05
VERA Vera Therapeutics Inc. Add +17.5% 8.71% +0.02
IMCR Immunocore Holdings PLC-ADR Add +3.4% 2.73% −0.57
CGEM Cullinan Therapeutics Inc. Add +9.8% 1.02% −0.68
BCRX Biocryst Pharmaceuticals Inc. Add +10.9% 5.31% −2.86

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 32$1.8BCLDX, SNDX, PCVX, COGT, VERA
Q1 2026 36$1.6BSNDX, CLDX, PCVX, COGT, VERA
Q4 2025 35$1.5BCOGT, VERA, SNDX, CLDX, PCVX
Q3 2025 35$1.3BCLDX, SNDX, VERA, COGT, PCVX
Q2 2025 31$928.8MCLDX, PCVX, VERA, SNDX, BCRX
Q1 2025 31$1.2BNTRA, PCVX, CLDX, SNDX, BCRX
Q4 2024 29$1.5BNTRA, PCVX, CLDX, SNDX, DVAX
Q3 2024 24$1.3BNTRA, PCVX, CLDX, SNDX, COGT
Q2 2024 22$955.2MNTRA, CLDX, SNDX, DVAX, COGT
Q1 2024 21$898.9MNTRA, SNDX, CLDX, VERA, COGT