NVP Associates, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), NVP Associates, LLC reported 6 stock positions worth $255.2 million. Its top holding was MBX Biosciences (MBX) at 26.4% of the portfolio, followed by Zenas Biopharma (ZBIO, 26.2%) and Billiontoone Class A (BLLN, 16.5%). Compared with Q3 2025, it opened 1 new position. The biggest buy was a new position in Billiontoone Class A (BLLN).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001545692
- Portfolio Value
- $255.2M (Q4 2025)
- SEC Filing
- 0001545692-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 6 stocks · $255.2M
| MBX MBX Biosciences Inc. | 26.40% | 2,136,335 | $67.4M | No change |
| ZBIO Zenas Biopharma Inc. | 26.16% | 1,838,482 | $66.8M | No change |
| BLLN Billiontoone Inc. Class A | 16.46% | 513,330 | $42.0M | New |
| OMDA Omada Health Inc. | 15.65% | 2,531,000 | $39.9M | No change |
| TALK Talkspace Inc. | 13.94% | 9,802,972 | $35.6M | No change |
| GROV Grove Collaborative Holdings | 1.39% | 3,225,097 | $3.5M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| None this quarter. | |||
Portfolio Buys Q3 2025 → Q4 2025
| BLLN Billiontoone Inc. Class A | New | 16.46% | +16.46 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 7 | $328.2M | MBX, AVLN, OMDA, ZBIO, SNOW |
| Q1 2026 | 5 | $176.2M | MBX, BLLN, ZBIO, OMDA, GROV |
| Q4 2025 | 6 | $255.2M | MBX, ZBIO, BLLN, OMDA, TALK |
| Q3 2025 | 5 | $166.1M | OMDA, ZBIO, MBX, TALK, GROV |
| Q2 2025 | 7 | $184.2M | DAVE, OMDA, TALK, MBX, ZBIO |
| Q1 2025 | 6 | $112.2M | DAVE, TALK, MBX, ZBIO, GROV |
| Q4 2024 | 7 | $186.9M | DAVE, TALK, MBX, UDMY, ZBIO |
| Q3 2024 | 8 | $176.1M | MBX, ZBIO, TALK, DAVE, UDMY |
| Q2 2024 | 6 | $91.3M | TALK, UDMY, DAVE, OPEN, GROV |
| Q1 2024 | 6 | $125.9M | TALK, UDMY, DAVE, OPEN, GROV |