Qiming U.S. Ventures Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Qiming U.S. Ventures Management, LLC reported 4 stock positions worth $55.6 million. Its top holding was Tourmaline Bio (TRML) at 63.8% of the portfolio, followed by Korro Bio (KRRO, 31.7%) and Jasper Therapeutics (JSPR, 4.0%). Compared with Q2 2025, it sold out of 2. The biggest sale was an exit from Ventyx Biosciences (VTYX).

Most Recent 13F
Q3 2025
Location
BELLEVUE, WA
CIK
0001909617
Portfolio Value
$55.6M (Q3 2025)
SEC Filing
0001909617-25-000004 ↗ filed Nov 10, 2025

Holdings Value

0$20.0M$40.0M$60.0M$80.0M$100.0M Q1 2024: $89.7M Q1 2024 Q2 2024: $52.6M Q2 2024 Q3 2024: $51.4M Q3 2024 Q4 2024: $51.1M Q4 2024 Q1 2025: $23.1M Q1 2025 Q2 2025: $23.6M Q2 2025 Q3 2025: $55.6M $55.6M Q3 2025

Holdings 4 stocks · $55.6M
TRML Tourmaline Bio Inc. 63.76% 741,691 $35.5M No change
KRRO Korro Bio Inc. 31.68% 368,085 $17.6M No change
JSPR Jasper Therapeutics Inc. 3.97% 928,964 $2.2M No change
KZR Kezar Life Sciences Inc. 0.58% 82,871 $323K No change

Portfolio Sells Q2 2025 → Q3 2025
VTYX Ventyx Biosciences Inc. Sold out 0.00% −3.74
HLVX Hillevax Inc. Sold out 0.00% −3.14

Portfolio Buys Q2 2025 → Q3 2025
None this quarter.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 4$55.6MTRML, KRRO, JSPR, KZR
Q2 2025 6$23.6MTRML, JSPR, KRRO, VTYX, HLVX
Q1 2025 6$23.1MTRML, KRRO, JSPR, HLVX, VTYX
Q4 2024 6$51.1MJSPR, TRML, KRRO, VTYX, HLVX
Q3 2024 6$51.4MTRML, JSPR, KRRO, HLVX, VTYX
Q2 2024 6$52.6MJSPR, KRRO, TRML, HLVX, VTYX
Q1 2024 6$89.7MKRRO, JSPR, TRML, HLVX, VTYX