SR One Capital Management, LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), SR One Capital Management, LP reported 13 stock positions worth $706.4 million. Its top holding was Zenas Biopharma (ZBIO) at 25.9% of the portfolio, followed by Arcellx (ACLX, 21.7%) and Crispr Therapeutics (CRSP, 15.1%). Compared with Q3 2025, it opened 1 new position, added to 2 and reduced 1. The biggest buy was Zenas Biopharma (ZBIO, shares +3%) and the biggest sale Mineralys Therapeutics (MLYS, shares −26%).

Most Recent 13F
Q2 2026
Location
Redwood City, CA
CIK
0001910264
Portfolio Value
$706.4M (Q4 2025)
SEC Filing
0001193125-26-048808 ↗ filed Feb 12, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $364.1M Q1 2024 Q2 2024: $319.4M Q2 2024 Q3 2024: $498.7M Q3 2024 Q4 2024: $410.1M Q4 2024 Q1 2025: $389.3M Q1 2025 Q2 2025: $461.4M Q2 2025 Q3 2025: $691.4M Q3 2025 Q4 2025: $706.4M $706.4M Q4 2025 Q1 2026: $915.4M Q1 2026 Q2 2026: $1.0B Q2 2026

Holdings 13 stocks · $706.4M
ZBIO Zenas Biopharma Inc. 25.90% 5,037,854 $182.9M Add +2.6%
ACLX Arcellx Inc. 21.66% 2,346,630 $153.0M No change
CRSP Crispr Therapeutics AG 15.14% 2,038,763 $106.9M No change
DSGN Design Therapeutics Inc. 8.67% 6,526,476 $61.2M No change
MLYS Mineralys Therapeutics Inc. 8.03% 1,563,966 $56.8M Reduce -26.0%
SPRY Ars Pharmaceuticals Inc. 6.62% 4,012,903 $46.8M No change
ORIC Oric Pharmaceuticals Inc. 5.34% 4,514,929 $37.8M No change
ALMS Alumis Inc. 2.71% 1,959,896 $19.1M No change
ORKA Oruka Therapeutics Inc. 1.85% 430,330 $13.0M No change
OCS Oculis Holding AG 1.81% 641,022 $12.8M Add +98.8%
ENGN Engene Holdings Inc. 0.96% 747,750 $6.8M No change
NKTX Nkarta Inc. 0.87% 3,333,333 $6.2M No change
RARE Ultragenyx Pharmaceutical Inc. 0.45% 137,753 $3.2M New

Portfolio Sells Q3 2025 → Q4 2025
MLYS Mineralys Therapeutics Inc. Reduce -26.0% 8.03% −3.56

Portfolio Buys Q3 2025 → Q4 2025
ZBIO Zenas Biopharma Inc. Add +2.6% 25.90% +10.13
OCS Oculis Holding AG Add +98.8% 1.81% +0.99
RARE Ultragenyx Pharmaceutical Inc. New 0.45% +0.45

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 15$1.0BMANE, ZBIO, CRSP, AVLN, DSGN
Q1 2026 14$915.4MACLX, MANE, ZBIO, CRSP, DSGN
Q4 2025 13$706.4MZBIO, ACLX, CRSP, DSGN, MLYS
Q3 2025 12$691.4MACLX, CRSP, ZBIO, MLYS, ORIC
Q2 2025 13$461.4MACLX, SPRY, CRSP, ZBIO, ORIC
Q1 2025 12$389.3MACLX, SPRY, MLYS, ZBIO, CRSP
Q4 2024 11$410.1MACLX, SPRY, CRSP, DSGN, ZBIO
Q3 2024 11$498.7MACLX, ZBIO, SPRY, CRSP, DSGN
Q2 2024 9$319.4MACLX, CRSP, SPRY, ALMS, MLYS
Q1 2024 6$364.1MACLX, CRSP, SPRY, NKTX, DSGN