Patient Square Capital LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Patient Square Capital LP reported 28 stock positions worth $467.1 million. Its top holding was Roivant Sciences (ROIV) at 37.9% of the portfolio, followed by Insmed (INSM, 9.9%) and Mirum Pharmaceuticals (MIRM, 5.1%). Compared with Q3 2025, it opened 9 new positions, sold out of 5, added to 11 and reduced 7. The biggest buy was a new position in Beone Medicines Ltd.-ADR (ONC) and the biggest sale Roivant Sciences (ROIV, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001819257
- Portfolio Value
- $467.1M (Q4 2025)
- SEC Filing
- 0001819257-26-000002 ↗ filed Feb 12, 2026
Holdings Value
Holdings 28 stocks · $467.1M
| ROIV Roivant Sciences Ltd. | 37.93% | 8,166,047 | $177.2M | Reduce -34.6% |
| INSM Insmed Inc. | 9.95% | 267,000 | $46.5M | Reduce -18.2% |
| MIRM Mirum Pharmaceuticals Inc. | 5.05% | 298,682 | $23.6M | Add +186.5% |
| ARGX Argenx SE - ADR | 4.68% | 26,000 | $21.9M | Add +67.7% |
| ONC Beone Medicines Ltd.-ADR | 4.51% | 69,312 | $21.1M | New |
| ABVX Abivax SA-ADR | 3.75% | 130,000 | $17.5M | Reduce -14.4% |
| PHVS Pharvaris NV | 3.22% | 542,696 | $15.1M | Add +57.1% |
| EYPT Eyepoint Inc. | 3.05% | 780,000 | $14.3M | Reduce -22.9% |
| TERN Terns Pharmaceuticals Inc. | 2.77% | 320,000 | $12.9M | New |
| CELC Celcuity Inc. | 2.56% | 120,000 | $12.0M | Add +20.0% |
| COGT Cogent Biosciences Inc. | 2.41% | 317,372 | $11.3M | New |
| KYMR Kymera Therapeutics Inc. | 2.32% | 139,000 | $10.8M | Add +50.1% |
| LQDA Liquidia Corp. | 1.68% | 227,000 | $7.8M | Reduce -43.3% |
| DBVT DBV Technologies SA-Spon ADR | 1.47% | 359,050 | $6.9M | New |
| ALLO Allogene Therapeutics Inc. | 1.46% | 4,963,756 | $6.8M | Add +66.5% |
| DNTH Dianthus Therapeutics Inc. | 1.32% | 150,000 | $6.2M | Add +20.0% |
| XENE Xenon Pharmaceuticals Inc. | 1.31% | 136,500 | $6.1M | New |
| ARQT Arcutis Biotherapeutics Inc. | 1.31% | 210,000 | $6.1M | New |
| OCUL Ocular Therapeutix Inc. | 1.27% | 490,000 | $5.9M | Reduce -31.5% |
| IRON Disc Medicine Inc. | 1.26% | 74,000 | $5.9M | No change |
| AVTX Avalo Therapeutics Inc. | 1.21% | 311,966 | $5.7M | Add +212.0% |
| SYRE Spyre Therapeutics Inc. | 1.05% | 150,000 | $4.9M | New |
| ELVN Enliven Therapeutics Inc. | 1.02% | 308,141 | $4.7M | Add +22.8% |
| ASMB Assembly Biosciences Inc. | 0.92% | 127,000 | $4.3M | Reduce -6.0% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.91% | 350,000 | $4.2M | Add +10.7% |
| RCUS Arcus Biosciences Inc. | 0.87% | 170,000 | $4.1M | New |
| CATX Perspective Therapeutics Inc. | 0.67% | 1,132,815 | $3.1M | Add +224.3% |
| HROW Harrow Inc. | 0.07% | 7,031 | $345K | New |
Portfolio Sells Q3 2025 → Q4 2025
| ROIV Roivant Sciences Ltd. | Reduce -34.6% | 37.93% | −12.57 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −3.10 |
| INSM Insmed Inc. | Reduce -18.2% | 9.95% | −2.63 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −1.44 |
| QURE Uniqure NV | Sold out | 0.00% | −1.17 |
| NRIX Nurix Therapeutics Inc. | Sold out | 0.00% | −1.08 |
| OCUL Ocular Therapeutix Inc. | Reduce -31.5% | 1.27% | −0.96 |
| EYPT Eyepoint Inc. | Reduce -22.9% | 3.05% | −0.80 |
| LQDA Liquidia Corp. | Reduce -43.3% | 1.68% | −0.76 |
| GERN Geron Corp. | Sold out | 0.00% | −0.31 |
| ASMB Assembly Biosciences Inc. | Reduce -6.0% | 0.92% | −0.00 |
| ABVX Abivax SA-ADR | Reduce -14.4% | 3.75% | +0.30 |
Portfolio Buys Q3 2025 → Q4 2025
| ONC Beone Medicines Ltd.-ADR | New | 4.51% | +4.51 |
| MIRM Mirum Pharmaceuticals Inc. | Add +186.5% | 5.05% | +3.01 |
| TERN Terns Pharmaceuticals Inc. | New | 2.77% | +2.77 |
| COGT Cogent Biosciences Inc. | New | 2.41% | +2.41 |
| ARGX Argenx SE - ADR | Add +67.7% | 4.68% | +1.62 |
| DBVT DBV Technologies SA-Spon ADR | New | 1.47% | +1.47 |
| XENE Xenon Pharmaceuticals Inc. | New | 1.31% | +1.31 |
| ARQT Arcutis Biotherapeutics Inc. | New | 1.31% | +1.31 |
| CELC Celcuity Inc. | Add +20.0% | 2.56% | +1.24 |
| SYRE Spyre Therapeutics Inc. | New | 1.05% | +1.05 |
| PHVS Pharvaris NV | Add +57.1% | 3.22% | +0.92 |
| KYMR Kymera Therapeutics Inc. | Add +50.1% | 2.32% | +0.91 |
| AVTX Avalo Therapeutics Inc. | Add +212.0% | 1.21% | +0.87 |
| RCUS Arcus Biosciences Inc. | New | 0.87% | +0.87 |
| ALLO Allogene Therapeutics Inc. | Add +66.5% | 1.46% | +0.47 |
| CATX Perspective Therapeutics Inc. | Add +224.3% | 0.67% | +0.35 |
| HROW Harrow Inc. | New | 0.07% | +0.07 |
| DNTH Dianthus Therapeutics Inc. | Add +20.0% | 1.32% | +0.01 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +10.7% | 0.91% | −0.24 |
| ELVN Enliven Therapeutics Inc. | Add +22.8% | 1.02% | −0.36 |
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 |