NEA Management Company, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), NEA Management Company, LLC reported 27 stock positions worth $2.0 billion. Its top holding was Celcuity (CELC) at 18.0% of the portfolio, followed by Rhythm Pharmaceuticals (RYTM, 15.9%) and Arcellx (ACLX, 10.1%). Compared with Q3 2025, it opened 1 new position, sold out of 3 and added to 3. The biggest buy was Celcuity (CELC, shares +65%) and the biggest sale an exit from Verona Pharma (VRNA).
- Most Recent 13F
- Q2 2026
- Location
- TIMONIUM, MD
- CIK
- 0001512848
- Portfolio Value
- $2.0B (Q4 2025)
- SEC Filing
- 0001072613-26-000191 ↗ filed Feb 17, 2026
Holdings Value
Holdings 27 stocks · $2.0B
| CELC Celcuity Inc. | 17.98% | 3,535,561 | $352.6M | Add +64.9% |
| RYTM Rhythm Pharmaceuticals Inc. | 15.88% | 2,909,956 | $311.5M | No change |
| ACLX Arcellx Inc. | 10.12% | 3,045,262 | $198.6M | No change |
| TRVI Trevi Therapeutics Inc. | 8.44% | 13,222,228 | $165.5M | No change |
| SVRA Savara Inc. | 7.52% | 24,471,264 | $147.6M | No change |
| ZBIO Zenas Biopharma Inc. | 6.52% | 3,523,219 | $127.9M | Add +28.9% |
| GLUE Monte Rosa Therapeutics Inc. | 6.15% | 7,692,298 | $120.6M | No change |
| MBX MBX Biosciences Inc. | 5.81% | 3,614,486 | $114.0M | No change |
| COUR Coursera Inc. | 4.83% | 12,867,769 | $94.7M | No change |
| AUPH Aurinia Pharmaceuticals Inc. | 3.23% | 3,969,834 | $63.3M | No change |
| GOSS Gossamer Bio Inc. | 2.86% | 18,093,034 | $56.1M | No change |
| CRSP Crispr Therapeutics AG | 2.83% | 1,058,570 | $55.5M | No change |
| ORIC Oric Pharmaceuticals Inc. | 1.72% | 4,118,621 | $33.7M | No change |
| PHAT Phathom Pharmaceuticals Inc. | 1.66% | 1,960,169 | $32.5M | No change |
| CVRX CVRX Inc. | 0.73% | 2,026,083 | $14.4M | No change |
| XFOR X4 Pharmaceuticals Inc. | 0.66% | 3,233,743 | $12.9M | Add +44.8% |
| CSBR Champions Oncology Inc. | 0.60% | 1,713,720 | $11.8M | No change |
| BDTX Black Diamond Therapeutics I | 0.55% | 4,448,757 | $10.8M | No change |
| KRRO Korro Bio Inc. | 0.45% | 1,090,793 | $8.7M | No change |
| IVA Inventiva SA - ADR | 0.35% | 1,462,586 | $6.8M | No change |
| NKTX Nkarta Inc. | 0.34% | 3,568,781 | $6.6M | No change |
| SNTI Senti Biosciences Inc. | 0.20% | 3,775,615 | $3.9M | No change |
| LONA Leonabio Inc. filed as ATHIRA PHARMA INC | 0.18% | 464,398 | $3.5M | New |
| SYBX Synlogic Inc. | 0.17% | 2,922,772 | $3.3M | No change |
| MRKR Marker Therapeutics Inc. | 0.12% | 1,625,678 | $2.4M | No change |
| OKUR Onkure Therapeutics Inc. Class A | 0.07% | 478,548 | $1.4M | No change |
| IMA Imagenebio Inc. | 0.02% | 50,005 | $345K | No change |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 26 | $1.6B | TRVI, MBX, GLUE, CELC, SGP |
| Q1 2026 | 26 | $1.8B | ACLX, CELC, SGP, TRVI, SVRA |
| Q4 2025 | 27 | $2.0B | CELC, RYTM, ACLX, TRVI, SVRA |
| Q3 2025 | 29 | $1.8B | RYTM, ACLX, VRNA, COUR, TRVI |
| Q2 2025 | 32 | $1.3B | ACLX, VRNA, RYTM, COUR, CRSP |
| Q1 2025 | 37 | $1.3B | ACLX, VRNA, RYTM, TEM, COUR |
| Q4 2024 | 41 | $1.8B | ACLX, VRNA, TEM, RYTM, NN |
| Q3 2024 | 42 | $1.8B | ACLX, TEM, VRNA, RYTM, SVRA |
| Q2 2024 | 41 | $1.3B | ACLX, TEM, RYTM, SVRA, COUR |
| Q1 2024 | 44 | $1.6B | ACLX, CRSP, RYTM, SVRA, COUR |