Patient Square Capital LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Patient Square Capital LP reported 29 stock positions worth $563.6 million. Its top holding was Roivant Sciences (ROIV) at 40.1% of the portfolio, followed by Argenx SE - ADR (ARGX, 4.8%) and Insmed (INSM, 4.6%). Compared with Q4 2025, it opened 7 new positions, sold out of 6, added to 11 and reduced 10. The biggest buy was a new position in Belite Bio Inc. - ADR (BLTE) and the biggest sale Insmed (INSM, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001819257
- Portfolio Value
- $563.6M (Q1 2026)
- SEC Filing
- 0001819257-26-000003 ↗ filed May 15, 2026
Holdings Value
Holdings 29 stocks · $563.6M
| ROIV Roivant Sciences Ltd. | 40.13% | 8,166,047 | $226.2M | No change |
| ARGX Argenx SE - ADR | 4.76% | 36,718 | $26.8M | Add +41.2% |
| INSM Insmed Inc. | 4.57% | 157,500 | $25.8M | Reduce -41.0% |
| ONC Beone Medicines Ltd.-ADR | 4.24% | 80,542 | $23.9M | Add +16.2% |
| COGT Cogent Biosciences Inc. | 4.07% | 596,000 | $22.9M | Add +87.8% |
| MIRM Mirum Pharmaceuticals Inc. | 3.77% | 230,000 | $21.2M | Reduce -23.0% |
| BLTE Belite Bio Inc. - ADR | 3.30% | 116,684 | $18.6M | New |
| LEGN Legend Biotech Corp.-ADR | 3.18% | 990,000 | $17.9M | New |
| NKTR Nektar Therapeutics | 2.68% | 210,000 | $15.1M | New |
| DBVT DBV Technologies SA-Spon ADR | 2.57% | 693,534 | $14.5M | Add +93.2% |
| PHVS Pharvaris NV | 2.47% | 493,000 | $13.9M | Reduce -9.2% |
| ABVX Abivax SA-ADR | 2.40% | 121,245 | $13.5M | Reduce -6.7% |
| XENE Xenon Pharmaceuticals Inc. | 2.34% | 227,000 | $13.2M | Add +66.3% |
| CELC Celcuity Inc. | 1.92% | 95,000 | $10.8M | Reduce -20.8% |
| EYPT Eyepoint Inc. | 1.82% | 795,000 | $10.2M | Add +1.9% |
| MRK Merck & Co. Inc. | 1.71% | 80,000 | $9.6M | New |
| ARQT Arcutis Biotherapeutics Inc. | 1.67% | 400,645 | $9.4M | Add +90.8% |
| ALLO Allogene Therapeutics Inc. | 1.49% | 3,450,000 | $8.4M | Reduce -30.5% |
| KYMR Kymera Therapeutics Inc. | 1.48% | 100,000 | $8.3M | Reduce -28.1% |
| DNTH Dianthus Therapeutics Inc. | 1.40% | 93,882 | $7.9M | Reduce -37.4% |
| ELVN Enliven Therapeutics Inc. | 1.39% | 200,000 | $7.8M | Reduce -35.1% |
| CATX Perspective Therapeutics Inc. | 1.20% | 1,625,000 | $6.8M | Add +43.5% |
| DFTX Definium Therapeutics Inc. | 1.11% | 331,000 | $6.3M | New |
| HROW Harrow Inc. | 1.03% | 165,209 | $5.8M | Add +2249.7% |
| TARA Protara Therapeutic Inc. | 0.95% | 1,030,846 | $5.4M | New |
| CTMX Cytomx Therapeutics Inc. | 0.91% | 1,085,790 | $5.1M | New |
| RCUS Arcus Biosciences Inc. | 0.75% | 195,000 | $4.2M | Add +14.7% |
| ASMB Assembly Biosciences Inc. | 0.67% | 136,315 | $3.8M | Add +7.3% |
| SYRE Spyre Therapeutics Inc. | 0.01% | 1,000 | $50K | Reduce -99.3% |
Portfolio Sells Q4 2025 → Q1 2026
| INSM Insmed Inc. | Reduce -41.0% | 4.57% | −5.38 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −2.77 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −1.68 |
| ABVX Abivax SA-ADR | Reduce -6.7% | 2.40% | −1.36 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -23.0% | 3.77% | −1.28 |
| OCUL Ocular Therapeutix Inc. | Sold out | 0.00% | −1.27 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −1.26 |
| AVTX Avalo Therapeutics Inc. | Sold out | 0.00% | −1.21 |
| SYRE Spyre Therapeutics Inc. | Reduce -99.3% | 0.01% | −1.04 |
| AMLX Amylyx Pharmaceuticals Inc. | Sold out | 0.00% | −0.91 |
| KYMR Kymera Therapeutics Inc. | Reduce -28.1% | 1.48% | −0.84 |
| PHVS Pharvaris NV | Reduce -9.2% | 2.47% | −0.75 |
| CELC Celcuity Inc. | Reduce -20.8% | 1.92% | −0.64 |
| ALLO Allogene Therapeutics Inc. | Reduce -30.5% | 1.49% | +0.04 |
| DNTH Dianthus Therapeutics Inc. | Reduce -37.4% | 1.40% | +0.07 |
| ELVN Enliven Therapeutics Inc. | Reduce -35.1% | 1.39% | +0.38 |
Portfolio Buys Q4 2025 → Q1 2026
| BLTE Belite Bio Inc. - ADR | New | 3.30% | +3.30 |
| LEGN Legend Biotech Corp.-ADR | New | 3.18% | +3.18 |
| NKTR Nektar Therapeutics | New | 2.68% | +2.68 |
| MRK Merck & Co. Inc. | New | 1.71% | +1.71 |
| COGT Cogent Biosciences Inc. | Add +87.8% | 4.07% | +1.66 |
| DFTX Definium Therapeutics Inc. | New | 1.11% | +1.11 |
| DBVT DBV Technologies SA-Spon ADR | Add +93.2% | 2.57% | +1.10 |
| XENE Xenon Pharmaceuticals Inc. | Add +66.3% | 2.34% | +1.03 |
| HROW Harrow Inc. | Add +2249.7% | 1.03% | +0.96 |
| TARA Protara Therapeutic Inc. | New | 0.95% | +0.95 |
| CTMX Cytomx Therapeutics Inc. | New | 0.91% | +0.91 |
| CATX Perspective Therapeutics Inc. | Add +43.5% | 1.20% | +0.54 |
| ARQT Arcutis Biotherapeutics Inc. | Add +90.8% | 1.67% | +0.37 |
| ARGX Argenx SE - ADR | Add +41.2% | 4.76% | +0.08 |
| RCUS Arcus Biosciences Inc. | Add +14.7% | 0.75% | −0.12 |
| ASMB Assembly Biosciences Inc. | Add +7.3% | 0.67% | −0.25 |
| ONC Beone Medicines Ltd.-ADR | Add +16.2% | 4.24% | −0.26 |
| EYPT Eyepoint Inc. | Add +1.9% | 1.82% | −1.23 |
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 |