Paradigm Biocapital Advisors LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Paradigm Biocapital Advisors LP reported 33 stock positions worth $3.4 billion . Its top holding was Nuvalent Class A (NUVL) at 13.5% of the portfolio, followed by Merus (MRUS, 12.2% ) and Arcellx (ACLX, 11.3% ). Compared with Q2 2025, it opened 10 new positions, sold out of 5, added to 13 and reduced 7. The biggest buy was a new position in Abivax SA-ADR (ABVX) and the biggest sale an exit from Beone Medicines Ltd.-ADR (ONC).
Location NEW YORK, NY
CIK 0001855655
Portfolio Value $3.4B (Q3 2025) Holdings 33 stocks · $3.4B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 NUVL Nuvalent Inc. Class A 5,269,433 $455.7M No change MRUS Merus NV 4,373,770 $411.8M Add +2.1% ACLX Arcellx Inc. 4,649,016 $381.7M No change RVMD Revolution Medicines Inc. 6,223,291 $290.6M Add +2.1% TARS Tarsus Pharmaceuticals Inc. 2,665,698 $158.4M Reduce -10.4% PCVX Vaxcyte Inc. 3,784,755 $136.3M Add +12.2% ABVX Abivax SA-ADR 1,564,196 $132.8M New GMAB Genmab A/S -SP ADR 3,816,851 $117.1M New AGIO Agios Pharmaceuticals Inc. 2,673,555 $107.3M Add +134.0% CRNX Crinetics Pharmaceuticals Inc. 2,550,774 $106.2M Add +8.8% EWTX Edgewise Therapeutics Inc. 6,170,131 $100.1M Add +0.5% CDTX Cidara Therapeutics Inc. 961,164 $92.0M New URGN Urogen Pharma Ltd. 4,216,084 $84.1M New SRRK Scholar Rock Holding Corp. 2,009,745 $74.8M Add +25.6% JANX Janux Therapeutics Inc. 2,920,258 $71.4M No change OLMA Olema Pharmaceuticals Inc. 6,794,172 $66.5M Add +0.4% APGE Apogee Therapeutics Inc. 1,521,757 $60.5M Add +58.7% VRDN Viridian Therapeutics Inc. 2,609,353 $56.3M Reduce -4.8% ALKS Alkermes PLC 1,719,334 $51.6M Add +25.0% LENZ Lenz Therapeutics Inc. 1,073,461 $50.0M Reduce -37.5% PHVS Pharvaris NV 1,835,494 $45.8M Add +72.7% COGT Cogent Biosciences Inc. 3,156,398 $45.3M Reduce -69.5% OCUL Ocular Therapeutix Inc. 3,497,307 $40.9M Add +2.3% BBIO Bridgebio Pharma Inc. 684,277 $35.5M Reduce -29.1% ERAS Erasca Inc. 13,560,017 $29.6M Add +13.9% EYPT Eyepoint Inc. 2,005,365 $28.6M New TNGX Tango Therapeutics Inc. 3,086,184 $25.9M New AMLX Amylyx Pharmaceuticals Inc. 1,900,000 $25.8M New SYRE Spyre Therapeutics Inc. 1,467,266 $24.6M Reduce -21.6% DYN Dyne Therapeutics Inc. 1,898,950 $24.0M New BBOT Bridgebio Oncology Therapeut 1,866,141 $21.6M New IRON Disc Medicine Inc. 247,716 $16.4M Reduce -79.5% GPCR Structure Therapeutics Inc. 372,869 $10.4M New
Options reported separately and not counted above: XBI puts ($100.2M), MRUS calls ($28.2M), AGIO calls ($8.0M).
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ ONC Beone Medicines Ltd.-ADR Sold out 0.00% −3.59 IRON Disc Medicine Inc. Reduce -79.5% 0.48% −2.25 COGT Cogent Biosciences Inc. Reduce -69.5% 1.34% −1.83 MLTX Moonlake Immunotherapeutics Sold out 0.00% −1.77 YMAB Y-Mabs Therapeutics Inc. Sold out 0.00% −0.82 BBIO Bridgebio Pharma Inc. Reduce -29.1% 1.05% −0.73 IMTX Immatics NV Sold out 0.00% −0.72 LENZ Lenz Therapeutics Inc. Reduce -37.5% 1.48% −0.67 SYRE Spyre Therapeutics Inc. Reduce -21.6% 0.73% −0.47 TARS Tarsus Pharmaceuticals Inc. Reduce -10.4% 4.69% −0.46 CBIO Crescent Biopharma Inc. Sold out 0.00% −0.44 VRDN Viridian Therapeutics Inc. Reduce -4.8% 1.67% +0.03
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ ABVX Abivax SA-ADR New 3.93% +3.93 GMAB Genmab A/S -SP ADR New 3.46% +3.46 CDTX Cidara Therapeutics Inc. New 2.72% +2.72 MRUS Merus NV Add +2.1% 12.18% +2.57 URGN Urogen Pharma Ltd. New 2.49% +2.49 AGIO Agios Pharmaceuticals Inc. Add +134.0% 3.18% +1.55 EYPT Eyepoint Inc. New 0.84% +0.84 TNGX Tango Therapeutics Inc. New 0.77% +0.77 AMLX Amylyx Pharmaceuticals Inc. New 0.76% +0.76 OLMA Olema Pharmaceuticals Inc. Add +0.4% 1.97% +0.74 DYN Dyne Therapeutics Inc. New 0.71% +0.71 BBOT Bridgebio Oncology Therapeut New 0.64% +0.64 PHVS Pharvaris NV Add +72.7% 1.35% +0.56 GPCR Structure Therapeutics Inc. New 0.31% +0.31 CRNX Crinetics Pharmaceuticals Inc. Add +8.8% 3.14% +0.27 ERAS Erasca Inc. Add +13.9% 0.87% +0.23 APGE Apogee Therapeutics Inc. Add +58.7% 1.79% +0.01 OCUL Ocular Therapeutix Inc. Add +2.3% 1.21% −0.15 ALKS Alkermes PLC Add +25.0% 1.53% −0.15 SRRK Scholar Rock Holding Corp. Add +25.6% 2.21% −0.21 EWTX Edgewise Therapeutics Inc. Add +0.5% 2.96% −0.48 PCVX Vaxcyte Inc. Add +12.2% 4.03% −0.65 RVMD Revolution Medicines Inc. Add +2.1% 8.60% −0.97
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ XBI SS SPDR S&P Biotech ETF put New 1,000,000 $100.2M MRUS Merus NV call New 300,000 $28.2M AGIO Agios Pharmaceuticals Inc. call New 200,000 $8.0M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 28 $5.3B RVMD, NUVL, EWTX, GMAB, SYRE Q1 2026 35 $4.9B ACLX, RVMD, NUVL, PCVX, EWTX Q4 2025 29 $3.7B NUVL, RVMD, ACLX, GMAB, TARS Q3 2025 33 $3.4B NUVL, MRUS, ACLX, RVMD, TARS Q2 2025 28 $2.3B NUVL, ACLX, MRUS, RVMD, TARS Q1 2025 27 $2.2B NUVL, ACLX, RVMD, ONC, MRUS Q4 2024 28 $2.9B NUVL, ACLX, ARGX, RVMD, JANX Q3 2024 31 $2.9B NUVL, ACLX, ARGX, RVMD, CRNX Q2 2024 35 $2.6B NUVL, ARGX, ACLX, RVMD, SRPT Q1 2024 34 $2.8B NUVL, ACLX, ARGX, IRON, CRNX