Paradigm Biocapital Advisors LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Paradigm Biocapital Advisors LP reported 29 stock positions worth $3.7 billion . Its top holding was Nuvalent Class A (NUVL) at 14.2% of the portfolio, followed by Revolution Medicines (RVMD, 14.2% ) and Arcellx (ACLX, 10.0% ). Compared with Q3 2025, it opened 8 new positions, sold out of 12, added to 11 and reduced 7. The biggest buy was Revolution Medicines (RVMD, shares +7% ) and the biggest sale an exit from Merus (MRUS).
Location NEW YORK, NY
CIK 0001855655
Portfolio Value $3.7B (Q4 2025) Holdings 29 stocks · $3.7B 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 Q3 2025 NUVL Nuvalent Inc. Class A 5,269,433 $530.1M No change RVMD Revolution Medicines Inc. 6,644,403 $529.2M Add +6.8% ACLX Arcellx Inc. 5,724,016 $373.2M Add +23.1% GMAB Genmab A/S -SP ADR 7,039,834 $216.8M Add +84.4% TARS Tarsus Pharmaceuticals Inc. 2,562,154 $209.8M Reduce -3.9% ABVX Abivax SA-ADR 1,417,473 $191.2M Reduce -9.4% OLMA Olema Pharmaceuticals Inc. 7,544,172 $188.6M Add +11.0% PCVX Vaxcyte Inc. 4,068,020 $187.7M Add +7.5% CDTX Cidara Therapeutics Inc. 759,565 $167.8M Reduce -21.0% EWTX Edgewise Therapeutics Inc. 6,541,210 $162.3M Add +6.0% SRRK Scholar Rock Holding Corp. 3,062,157 $134.9M Add +52.4% URGN Urogen Pharma Ltd. 4,473,648 $104.8M Add +6.1% CRNX Crinetics Pharmaceuticals Inc. 2,210,774 $102.9M Reduce -13.3% APGE Apogee Therapeutics Inc. 1,123,243 $84.8M Reduce -26.2% EYPT Eyepoint Inc. 3,691,475 $67.4M Add +84.1% ERAS Erasca Inc. 14,159,095 $52.7M Add +4.4% BBIO Bridgebio Pharma Inc. 684,277 $52.3M No change ORKA Oruka Therapeutics Inc. 1,710,316 $51.8M New SYRE Spyre Therapeutics Inc. 1,467,266 $48.1M No change LXEO Lexeo Therapeutics Inc. 4,763,198 $47.3M New VRDN Viridian Therapeutics Inc. 1,443,102 $44.9M Reduce -44.7% OCUL Ocular Therapeutix Inc. 2,935,284 $35.6M Reduce -16.1% TERN Terns Pharmaceuticals Inc. 810,286 $32.7M New BBOT Bridgebio Oncology Therapeut 2,261,749 $28.3M Add +21.2% VOR Vor Biopharma Inc. 1,750,000 $22.9M New ASMB Assembly Biosciences Inc. 665,251 $22.6M New ORIC Oric Pharmaceuticals Inc. 2,401,217 $19.6M New IVA Inventiva SA - ADR 4,000,000 $18.6M New KLRS Kalaris Therapeutics Inc. 700,000 $5.9M New
Options reported separately and not counted above: XBI puts ($182.9M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ MRUS Merus NV Sold out 0.00% −12.18 AGIO Agios Pharmaceuticals Inc. Sold out 0.00% −3.18 JANX Janux Therapeutics Inc. Sold out 0.00% −2.11 ALKS Alkermes PLC Sold out 0.00% −1.53 LENZ Lenz Therapeutics Inc. Sold out 0.00% −1.48 PHVS Pharvaris NV Sold out 0.00% −1.35 COGT Cogent Biosciences Inc. Sold out 0.00% −1.34 TNGX Tango Therapeutics Inc. Sold out 0.00% −0.77 AMLX Amylyx Pharmaceuticals Inc. Sold out 0.00% −0.76 DYN Dyne Therapeutics Inc. Sold out 0.00% −0.71 IRON Disc Medicine Inc. Sold out 0.00% −0.48 VRDN Viridian Therapeutics Inc. Reduce -44.7% 1.20% −0.46 CRNX Crinetics Pharmaceuticals Inc. Reduce -13.3% 2.76% −0.39 GPCR Structure Therapeutics Inc. Sold out 0.00% −0.31 OCUL Ocular Therapeutix Inc. Reduce -16.1% 0.95% −0.26 APGE Apogee Therapeutics Inc. Reduce -26.2% 2.27% +0.48 TARS Tarsus Pharmaceuticals Inc. Reduce -3.9% 5.62% +0.93 ABVX Abivax SA-ADR Reduce -9.4% 5.12% +1.19 CDTX Cidara Therapeutics Inc. Reduce -21.0% 4.49% +1.77
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ RVMD Revolution Medicines Inc. Add +6.8% 14.17% +5.57 OLMA Olema Pharmaceuticals Inc. Add +11.0% 5.05% +3.08 GMAB Genmab A/S -SP ADR Add +84.4% 5.81% +2.34 SRRK Scholar Rock Holding Corp. Add +52.4% 3.61% +1.40 ORKA Oruka Therapeutics Inc. New 1.39% +1.39 EWTX Edgewise Therapeutics Inc. Add +6.0% 4.35% +1.38 LXEO Lexeo Therapeutics Inc. New 1.27% +1.27 PCVX Vaxcyte Inc. Add +7.5% 5.03% +0.99 EYPT Eyepoint Inc. Add +84.1% 1.81% +0.96 TERN Terns Pharmaceuticals Inc. New 0.88% +0.88 VOR Vor Biopharma Inc. New 0.61% +0.61 ASMB Assembly Biosciences Inc. New 0.61% +0.61 ERAS Erasca Inc. Add +4.4% 1.41% +0.54 ORIC Oric Pharmaceuticals Inc. New 0.53% +0.53 IVA Inventiva SA - ADR New 0.50% +0.50 URGN Urogen Pharma Ltd. Add +6.1% 2.81% +0.32 KLRS Kalaris Therapeutics Inc. New 0.16% +0.16 BBOT Bridgebio Oncology Therapeut Add +21.2% 0.76% +0.12 ACLX Arcellx Inc. Add +23.1% 9.99% −1.30
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ XBI SS SPDR S&P Biotech ETF put Add +50.0% 1,500,000 $182.9M MRUS Merus NV call Sold out 300,000 $28.2Mbefore exit AGIO Agios Pharmaceuticals Inc. call Sold out 200,000 $8.0Mbefore exit
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