MPM Bioimpact LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), MPM Bioimpact LLC reported 38 stock positions worth $874.0 million. Its top holding was Cullinan Therapeutics (CGEM) at 9.1% of the portfolio, followed by Madrigal Pharmaceuticals (MDGL, 6.4%) and Liquidia (LQDA, 5.5%). Compared with Q3 2025, it opened 15 new positions, sold out of 17, added to 6 and reduced 16. The biggest buy was Liquidia (LQDA, shares +600%) and the biggest sale an exit from Avidity Biosciences (RNAM).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001687078
- Portfolio Value
- $874.0M (Q4 2025)
- SEC Filing
- 0001193125-26-054813 ↗ filed Feb 17, 2026
Holdings Value
Holdings 38 stocks · $874.0M
| CGEM Cullinan Therapeutics Inc. | 9.06% | 7,648,268 | $79.2M | No change |
| MDGL Madrigal Pharmaceuticals Inc. | 6.45% | 96,780 | $56.4M | Reduce -3.6% |
| LQDA Liquidia Corp. | 5.53% | 1,400,869 | $48.3M | Add +600.4% |
| TRVI Trevi Therapeutics Inc. | 4.71% | 3,287,087 | $41.2M | Reduce -3.5% |
| EWTX Edgewise Therapeutics Inc. | 4.70% | 1,655,256 | $41.1M | Reduce -3.8% |
| RVMD Revolution Medicines Inc. | 4.61% | 505,672 | $40.3M | Add +60.2% |
| AGIO Agios Pharmaceuticals Inc. | 4.06% | 1,303,373 | $35.5M | New |
| QURE Uniqure NV | 3.78% | 1,381,628 | $33.1M | New |
| PTCT PTC Therapeutics Inc. | 3.74% | 430,013 | $32.7M | Reduce -1.9% |
| SNDX Syndax Pharmaceuticals Inc. | 3.22% | 1,337,702 | $28.1M | Reduce -2.8% |
| DYN Dyne Therapeutics Inc. | 3.15% | 1,405,388 | $27.5M | Reduce -2.8% |
| TARS Tarsus Pharmaceuticals Inc. | 3.08% | 328,869 | $26.9M | Reduce -3.7% |
| STOK Stoke Therapeutics Inc. | 2.80% | 770,289 | $24.4M | Reduce -2.5% |
| ALMS Alumis Inc. | 2.68% | 2,401,992 | $23.4M | New |
| URGN Urogen Pharma Ltd. | 2.52% | 941,378 | $22.0M | Add +597.3% |
| XENE Xenon Pharmaceuticals Inc. | 2.49% | 485,620 | $21.8M | Reduce -3.5% |
| PVLA Palvella Therapeutics Inc. | 2.46% | 205,745 | $21.5M | Add +205.2% |
| NTRA Natera Inc. | 2.45% | 93,551 | $21.4M | Reduce -5.4% |
| CRVS Corvus Pharmaceuticals Inc. | 2.42% | 2,743,671 | $21.1M | New |
| DBVT DBV Technologies SA-Spon ADR | 2.19% | 996,825 | $19.1M | Reduce -5.5% |
| RLAY Relay Therapeutics Inc. | 2.16% | 2,232,451 | $18.9M | Reduce -2.2% |
| GLUE Monte Rosa Therapeutics Inc. | 2.11% | 1,173,376 | $18.4M | New |
| DRUG Bright Minds Biosciences Inc. | 2.06% | 230,147 | $18.0M | New |
| PTGX Protagonist Therapeutics Inc. | 1.99% | 199,471 | $17.4M | New |
| ENGN Engene Holdings Inc. | 1.90% | 1,840,898 | $16.6M | Add +247.1% |
| CNTX Context Therapeutics Inc. | 1.80% | 10,679,391 | $15.7M | Reduce -27.4% |
| ARQT Arcutis Biotherapeutics Inc. | 1.77% | 531,200 | $15.4M | New |
| VTYX Ventyx Biosciences Inc. | 1.69% | 1,639,061 | $14.8M | New |
| ORIC Oric Pharmaceuticals Inc. | 1.68% | 1,798,717 | $14.7M | Add +4.0% |
| BLTE Belite Bio Inc. - ADR | 1.61% | 87,760 | $14.0M | New |
| RAPT Rapt Therapeutics Inc. | 1.54% | 397,906 | $13.5M | New |
| CLYM Climb Bio Inc. | 1.22% | 2,671,480 | $10.7M | New |
| ABVX Abivax SA-ADR | 0.87% | 56,316 | $7.6M | New |
| RCKT Rocket Pharmaceuticals Inc. | 0.64% | 1,586,076 | $5.6M | Reduce -59.4% |
| MAZE Maze Therapeutics Inc. | 0.38% | 81,145 | $3.4M | New |
| EVMN Evommune Inc. | 0.22% | 113,022 | $1.9M | New |
| SRPT Sarepta Therapeutics Inc. | 0.17% | 70,000 | $1.5M | Reduce -90.0% |
| HOWL Werewolf Therapeutics Inc. | 0.10% | 1,393,557 | $884K | Reduce -42.1% |
Portfolio Sells Q3 2025 → Q4 2025
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −5.42 |
| ZLAB Zai Lab Ltd.-ADR | Sold out | 0.00% | −4.13 |
| CMPX Compass Therapeutics Inc. | Sold out | 0.00% | −2.91 |
| ALKS Alkermes PLC | Sold out | 0.00% | −2.70 |
| VERA Vera Therapeutics Inc. | Sold out | 0.00% | −2.68 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −2.46 |
| SPRY Ars Pharmaceuticals Inc. | Sold out | 0.00% | −2.14 |
| SRPT Sarepta Therapeutics Inc. | Reduce -90.0% | 0.17% | −2.04 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −1.95 |
| WVE Wave Life Sciences Ltd. | Sold out | 0.00% | −1.80 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −1.66 |
| SLDB Solid Biosciences Inc. | Sold out | 0.00% | −1.65 |
| RCKT Rocket Pharmaceuticals Inc. | Reduce -59.4% | 0.64% | −1.45 |
| AKBA Akebia Therapeutics Inc. | Sold out | 0.00% | −1.29 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -3.6% | 6.45% | −1.09 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -3.5% | 2.49% | −0.82 |
| DSGN Design Therapeutics Inc. | Sold out | 0.00% | −0.68 |
| HOWL Werewolf Therapeutics Inc. | Reduce -42.1% | 0.10% | −0.68 |
| PTCT PTC Therapeutics Inc. | Reduce -1.9% | 3.74% | −0.67 |
| RNAC Cartesian Therapeutics Inc. | Sold out | 0.00% | −0.64 |
| CNTX Context Therapeutics Inc. | Reduce -27.4% | 1.80% | −0.54 |
| TRVI Trevi Therapeutics Inc. | Reduce -3.5% | 4.71% | −0.39 |
| RAPP Rapport Therapeutics Inc. | Sold out | 0.00% | −0.35 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -2.8% | 3.22% | −0.25 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -3.7% | 3.08% | −0.24 |
| STOK Stoke Therapeutics Inc. | Reduce -2.5% | 2.80% | −0.24 |
| RPTX Repare Therapeutics Inc. | Sold out | 0.00% | −0.24 |
| ASMB Assembly Biosciences Inc. | Sold out | 0.00% | −0.17 |
| NTRA Natera Inc. | Reduce -5.4% | 2.45% | −0.15 |
| EWTX Edgewise Therapeutics Inc. | Reduce -3.8% | 4.70% | +0.13 |
| DYN Dyne Therapeutics Inc. | Reduce -2.8% | 3.15% | +0.15 |
| RLAY Relay Therapeutics Inc. | Reduce -2.2% | 2.16% | +0.21 |
| DBVT DBV Technologies SA-Spon ADR | Reduce -5.5% | 2.19% | +0.46 |
Portfolio Buys Q3 2025 → Q4 2025
| LQDA Liquidia Corp. | Add +600.4% | 5.53% | +4.78 |
| AGIO Agios Pharmaceuticals Inc. | New | 4.06% | +4.06 |
| QURE Uniqure NV | New | 3.78% | +3.78 |
| ALMS Alumis Inc. | New | 2.68% | +2.68 |
| CRVS Corvus Pharmaceuticals Inc. | New | 2.42% | +2.42 |
| RVMD Revolution Medicines Inc. | Add +60.2% | 4.61% | +2.19 |
| GLUE Monte Rosa Therapeutics Inc. | New | 2.11% | +2.11 |
| URGN Urogen Pharma Ltd. | Add +597.3% | 2.52% | +2.08 |
| DRUG Bright Minds Biosciences Inc. | New | 2.06% | +2.06 |
| PTGX Protagonist Therapeutics Inc. | New | 1.99% | +1.99 |
| PVLA Palvella Therapeutics Inc. | Add +205.2% | 2.46% | +1.77 |
| ARQT Arcutis Biotherapeutics Inc. | New | 1.77% | +1.77 |
| VTYX Ventyx Biosciences Inc. | New | 1.69% | +1.69 |
| BLTE Belite Bio Inc. - ADR | New | 1.61% | +1.61 |
| RAPT Rapt Therapeutics Inc. | New | 1.54% | +1.54 |
| ENGN Engene Holdings Inc. | Add +247.1% | 1.90% | +1.31 |
| CLYM Climb Bio Inc. | New | 1.22% | +1.22 |
| ABVX Abivax SA-ADR | New | 0.87% | +0.87 |
| MAZE Maze Therapeutics Inc. | New | 0.38% | +0.38 |
| EVMN Evommune Inc. | New | 0.22% | +0.22 |
| ORIC Oric Pharmaceuticals Inc. | Add +4.0% | 1.68% | −1.71 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 37 | $1.6B | CGEM, AKTS, LQDA, RVMD, CORT |
| Q1 2026 | 41 | $1.3B | DBVT, CGEM, AKTS, LQDA, ALMS |
| Q4 2025 | 38 | $874.0M | CGEM, MDGL, LQDA, TRVI, EWTX |
| Q3 2025 | 40 | $610.9M | MDGL, CGEM, RNAM, TRVI, EWTX |
| Q2 2025 | 44 | $577.2M | CGEM, MDGL, ZLAB, GH, SPRY |
| Q1 2025 | 43 | $581.7M | CGEM, MDGL, ZLAB, EWTX, LNTH |
| Q4 2024 | 47 | $704.4M | CGEM, CRNX, EWTX, INSM, NTRA |
| Q3 2024 | 43 | $666.6M | CGEM, INSM, OLMA, RNAM, CRNX |
| Q2 2024 | 44 | $643.5M | CGEM, INSM, OLMA, ITOS, CRNX |
| Q1 2024 | 38 | $622.0M | CGEM, GERN, IOVA, ZNTL, ITOS |