Patient Square Capital LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Patient Square Capital LP reported 24 stock positions worth $373.9 million. Its top holding was Roivant Sciences (ROIV) at 50.5% of the portfolio, followed by Insmed (INSM, 12.6%) and Eyepoint (EYPT, 3.9%). Compared with Q2 2025, it opened 8 new positions, sold out of 3, added to 6 and reduced 8. The biggest buy was a new position in Abivax SA-ADR (ABVX) and the biggest sale Argenx SE - ADR (ARGX, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001819257
- Portfolio Value
- $373.9M (Q3 2025)
- SEC Filing
- 0001819257-25-000002 ↗ filed Nov 10, 2025
Holdings Value
Holdings 24 stocks · $373.9M
| ROIV Roivant Sciences Ltd. | 50.51% | 12,480,000 | $188.8M | No change |
| INSM Insmed Inc. | 12.57% | 326,400 | $47.0M | Reduce -9.0% |
| EYPT Eyepoint Inc. | 3.85% | 1,011,839 | $14.4M | Reduce -25.2% |
| ABVX Abivax SA-ADR | 3.45% | 151,833 | $12.9M | New |
| CDTX Cidara Therapeutics Inc. | 3.10% | 121,000 | $11.6M | Add +706.7% |
| ARGX Argenx SE - ADR | 3.06% | 15,500 | $11.4M | Reduce -46.5% |
| LQDA Liquidia Corp. | 2.43% | 400,000 | $9.1M | Reduce -60.8% |
| PHVS Pharvaris NV | 2.31% | 345,381 | $8.6M | Add +41.4% |
| OCUL Ocular Therapeutix Inc. | 2.24% | 715,000 | $8.4M | Reduce -12.6% |
| MIRM Mirum Pharmaceuticals Inc. | 2.04% | 104,262 | $7.6M | Reduce -8.1% |
| AGIO Agios Pharmaceuticals Inc. | 1.44% | 133,827 | $5.4M | Reduce -4.2% |
| KYMR Kymera Therapeutics Inc. | 1.40% | 92,592 | $5.2M | Reduce -33.9% |
| ELVN Enliven Therapeutics Inc. | 1.37% | 250,838 | $5.1M | Add +2.0% |
| CELC Celcuity Inc. | 1.32% | 100,000 | $4.9M | New |
| DNTH Dianthus Therapeutics Inc. | 1.32% | 125,000 | $4.9M | New |
| IRON Disc Medicine Inc. | 1.31% | 74,000 | $4.9M | No change |
| QURE Uniqure NV | 1.17% | 75,000 | $4.4M | New |
| AMLX Amylyx Pharmaceuticals Inc. | 1.15% | 316,312 | $4.3M | New |
| NRIX Nurix Therapeutics Inc. | 1.08% | 437,237 | $4.0M | Add +6.0% |
| ALLO Allogene Therapeutics Inc. | 0.99% | 2,981,396 | $3.7M | Add +13.2% |
| ASMB Assembly Biosciences Inc. | 0.93% | 135,182 | $3.5M | New |
| AVTX Avalo Therapeutics Inc. | 0.34% | 100,000 | $1.3M | New |
| CATX Perspective Therapeutics Inc. | 0.32% | 349,323 | $1.2M | New |
| GERN Geron Corp. | 0.31% | 845,000 | $1.2M | Add +18.0% |
Portfolio Sells Q2 2025 → Q3 2025
| ARGX Argenx SE - ADR | Reduce -46.5% | 3.06% | −2.70 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −2.36 |
| LQDA Liquidia Corp. | Reduce -60.8% | 2.43% | −2.15 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −1.97 |
| KYMR Kymera Therapeutics Inc. | Reduce -33.9% | 1.40% | −0.80 |
| EYPT Eyepoint Inc. | Reduce -25.2% | 3.85% | −0.74 |
| OCUL Ocular Therapeutix Inc. | Reduce -12.6% | 2.24% | −0.50 |
| INSM Insmed Inc. | Reduce -9.0% | 12.57% | −0.44 |
| AGIO Agios Pharmaceuticals Inc. | Reduce -4.2% | 1.44% | −0.24 |
| VYNE THERAPEUTICS INC | Sold out | 0.00% | −0.19 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -8.1% | 2.04% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| ABVX Abivax SA-ADR | New | 3.45% | +3.45 |
| CDTX Cidara Therapeutics Inc. | Add +706.7% | 3.10% | +2.84 |
| CELC Celcuity Inc. | New | 1.32% | +1.32 |
| DNTH Dianthus Therapeutics Inc. | New | 1.32% | +1.32 |
| QURE Uniqure NV | New | 1.17% | +1.17 |
| AMLX Amylyx Pharmaceuticals Inc. | New | 1.15% | +1.15 |
| ASMB Assembly Biosciences Inc. | New | 0.93% | +0.93 |
| PHVS Pharvaris NV | Add +41.4% | 2.31% | +0.76 |
| AVTX Avalo Therapeutics Inc. | New | 0.34% | +0.34 |
| CATX Perspective Therapeutics Inc. | New | 0.32% | +0.32 |
| GERN Geron Corp. | Add +18.0% | 0.31% | −0.05 |
| ALLO Allogene Therapeutics Inc. | Add +13.2% | 0.99% | −0.08 |
| ELVN Enliven Therapeutics Inc. | Add +2.0% | 1.37% | −0.40 |
| NRIX Nurix Therapeutics Inc. | Add +6.0% | 1.08% | −0.61 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 23 | $645.5M | ROIV, RVMD, MIRM, ABVX, ONC |
| Q1 2026 | 29 | $563.6M | ROIV, ARGX, INSM, ONC, COGT |
| Q4 2025 | 28 | $467.1M | ROIV, INSM, MIRM, ARGX, ONC |
| Q3 2025 | 24 | $373.9M | ROIV, INSM, EYPT, ABVX, CDTX |
| Q2 2025 | 19 | $277.4M | ROIV, INSM, ARGX, EYPT, LQDA |
| Q1 2025 | 19 | $241.7M | ROIV, INSM, LQDA, EYPT, OCUL |
| Q4 2024 | 20 | $267.4M | ROIV, LQDA, INSM, CGEM, EYPT |
| Q3 2024 | 11 | $269.4M | ROIV, LQDA, CGEM, INSM, EYPT |
| Q2 2024 | 2 | $215.4M | ROIV, LQDA |
| Q1 2024 | 2 | $234.8M | ROIV, LQDA |