Superstring Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Superstring Capital Management LP reported 35 stock positions worth $80.3 million. Its top holding was Cogent Biosciences (COGT) at 8.6% of the portfolio, followed by Verona Pharma (VRNA, 8.1%) and Neurocrine Biosciences (NBIX, 6.4%). Compared with Q1 2025, it opened 13 new positions, sold out of 11, added to 9 and reduced 9. The biggest buy was a new position in Neurocrine Biosciences (NBIX) and the biggest sale Zai Lab Ltd.-ADR (ZLAB, shares −54%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001931118
- Portfolio Value
- $80.3M (Q2 2025)
- SEC Filing
- 0001931118-25-000006 ↗ filed Aug 14, 2025
Holdings Value
Holdings 35 stocks · $80.3M
| COGT Cogent Biosciences Inc. | 8.61% | 962,951 | $6.9M | Add +24.3% |
| VRNA Verona Pharma Ltd. | 8.13% | 68,982 | $6.5M | Reduce -28.8% |
| NBIX Neurocrine Biosciences Inc. | 6.36% | 40,608 | $5.1M | New |
| TERN Terns Pharmaceuticals Inc. | 5.98% | 1,286,681 | $4.8M | Reduce -5.2% |
| RARE Ultragenyx Pharmaceutical Inc. | 5.91% | 130,422 | $4.7M | New |
| ZLAB Zai Lab Ltd.-ADR | 5.88% | 134,895 | $4.7M | Reduce -54.3% |
| JAZZ Jazz Pharmaceuticals PLC | 5.83% | 44,107 | $4.7M | New |
| BBIO Bridgebio Pharma Inc. | 5.21% | 96,766 | $4.2M | Reduce -47.4% |
| TVTX Travere Therapeutics Inc. | 5.10% | 276,474 | $4.1M | Add +16.4% |
| IONS Ionis Pharmaceuticals Inc. | 4.84% | 98,267 | $3.9M | New |
| ORIC Oric Pharmaceuticals Inc. | 4.36% | 344,922 | $3.5M | Reduce -57.9% |
| SLNO Soleno Therapeutics Inc. | 3.52% | 33,691 | $2.8M | Add +74.3% |
| SVRA Savara Inc. | 3.17% | 1,115,379 | $2.5M | Add +15.4% |
| ETNB 89BIO Inc. | 2.60% | 212,377 | $2.1M | Add +94.6% |
| CYTK Cytokinetics Inc. | 2.52% | 61,103 | $2.0M | Reduce -16.3% |
| BCAX Bicara Therapeutics Inc. | 2.20% | 189,699 | $1.8M | New |
| CABA Cabaletta Bio Inc. | 2.01% | 1,060,764 | $1.6M | Add +131.1% |
| TECX Tectonic Therapeutic Inc. | 1.96% | 79,058 | $1.6M | Add +55.8% |
| INSM Insmed Inc. | 1.83% | 14,571 | $1.5M | New |
| UTHR United Therapeutics Corp. | 1.74% | 4,874 | $1.4M | New |
| RNAM Avidity Biosciences Inc. | 1.66% | 47,037 | $1.3M | Add +111.2% |
| URGN Urogen Pharma Ltd. | 1.50% | 87,912 | $1.2M | Reduce -79.3% |
| TARA Protara Therapeutic Inc. | 1.36% | 360,000 | $1.1M | No change |
| ZBIO Zenas Biopharma Inc. | 1.35% | 111,605 | $1.1M | No change |
| LQDA Liquidia Corp. | 1.10% | 71,071 | $886K | New |
| MLTX Moonlake Immunotherapeutics | 1.04% | 17,623 | $832K | Reduce -45.2% |
| OCUL Ocular Therapeutix Inc. | 1.03% | 88,980 | $826K | Add +110.4% |
| RCKT Rocket Pharmaceuticals Inc. | 0.65% | 214,412 | $525K | New |
| WVE Wave Life Sciences Ltd. | 0.57% | 70,242 | $457K | New |
| BMEA Biomea Fusion Inc. | 0.56% | 250,000 | $450K | New |
| KYTX Kyverna Therapeutics Inc. | 0.55% | 142,542 | $438K | Reduce -25.5% |
| IPSC Century Therapeutics Inc. | 0.32% | 462,963 | $259K | No change |
| SY So-Young International-ADR | 0.28% | 72,936 | $226K | New |
| RAPT Rapt Therapeutics Inc. | 0.26% | 26,034 | $208K | New |
| LSBCF Lakeshore Biopharma Co. Ltd. | 0.04% | 30,792 | $31K | No change |
Options reported separately and not counted above: SLNO puts ($4.2M).
Portfolio Sells Q1 2025 → Q2 2025
| ZLAB Zai Lab Ltd.-ADR | Reduce -54.3% | 5.88% | −6.84 |
| LEGN Legend Biotech Corp.-ADR | Sold out | 0.00% | −6.49 |
| PFE Pfizer Inc. | Sold out | 0.00% | −5.93 |
| URGN Urogen Pharma Ltd. | Reduce -79.3% | 1.50% | −4.09 |
| SMMT Summit Therapeutics Inc. | Sold out | 0.00% | −3.04 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −2.85 |
| CAPR Capricor Therapeutics Inc. | Sold out | 0.00% | −2.73 |
| VSTM Verastem Inc. | Sold out | 0.00% | −2.42 |
| BBIO Bridgebio Pharma Inc. | Reduce -47.4% | 5.21% | −2.38 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −1.74 |
| MDGL Madrigal Pharmaceuticals Inc. | Sold out | 0.00% | −1.51 |
| TSHA Taysha Gene Therapies Inc. | Sold out | 0.00% | −1.25 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -57.9% | 4.36% | −1.09 |
| CYTK Cytokinetics Inc. | Reduce -16.3% | 2.52% | −0.98 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.51 |
| MLTX Moonlake Immunotherapeutics | Reduce -45.2% | 1.04% | −0.46 |
| SDGR Schrodinger Inc. | Sold out | 0.00% | −0.33 |
| KYTX Kyverna Therapeutics Inc. | Reduce -25.5% | 0.55% | +0.10 |
| VRNA Verona Pharma Ltd. | Reduce -28.8% | 8.13% | +0.80 |
| TERN Terns Pharmaceuticals Inc. | Reduce -5.2% | 5.98% | +1.51 |
Portfolio Buys Q1 2025 → Q2 2025
| NBIX Neurocrine Biosciences Inc. | New | 6.36% | +6.36 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 5.91% | +5.91 |
| JAZZ Jazz Pharmaceuticals PLC | New | 5.83% | +5.83 |
| IONS Ionis Pharmaceuticals Inc. | New | 4.84% | +4.84 |
| COGT Cogent Biosciences Inc. | Add +24.3% | 8.61% | +3.08 |
| BCAX Bicara Therapeutics Inc. | New | 2.20% | +2.20 |
| SLNO Soleno Therapeutics Inc. | Add +74.3% | 3.52% | +1.87 |
| INSM Insmed Inc. | New | 1.83% | +1.83 |
| UTHR United Therapeutics Corp. | New | 1.74% | +1.74 |
| ETNB 89BIO Inc. | Add +94.6% | 2.60% | +1.65 |
| CABA Cabaletta Bio Inc. | Add +131.1% | 2.01% | +1.25 |
| LQDA Liquidia Corp. | New | 1.10% | +1.10 |
| TECX Tectonic Therapeutic Inc. | Add +55.8% | 1.96% | +0.89 |
| RNAM Avidity Biosciences Inc. | Add +111.2% | 1.66% | +0.88 |
| OCUL Ocular Therapeutix Inc. | Add +110.4% | 1.03% | +0.66 |
| RCKT Rocket Pharmaceuticals Inc. | New | 0.65% | +0.65 |
| WVE Wave Life Sciences Ltd. | New | 0.57% | +0.57 |
| BMEA Biomea Fusion Inc. | New | 0.56% | +0.56 |
| SY So-Young International-ADR | New | 0.28% | +0.28 |
| RAPT Rapt Therapeutics Inc. | New | 0.26% | +0.26 |
| TVTX Travere Therapeutics Inc. | Add +16.4% | 5.10% | +0.02 |
| SVRA Savara Inc. | Add +15.4% | 3.17% | −0.02 |
Options Activity Q1 2025 → Q2 2025
| SLNO Soleno Therapeutics Inc. | put | New | 50,000 | $4.2M |
| CPIX Cumberland Pharmaceuticals | call | Sold out | 50,000 | $212Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 32 | $158.4M | COGT, AXSM, GMAB, CLDX, TRVI |
| Q1 2026 | 35 | $140.0M | SMMT, IMVT, COGT, SVRA, URGN |
| Q4 2025 | 45 | $186.8M | CDTX, TERN, URGN, COGT, DVAX |
| Q3 2025 | 35 | $101.5M | ZLAB, CDTX, TERN, ETNB, IMVT |
| Q2 2025 | 35 | $80.3M | COGT, VRNA, NBIX, TERN, RARE |
| Q1 2025 | 33 | $83.8M | ZLAB, BBIO, VRNA, LEGN, PFE |
| Q4 2024 | 38 | $113.9M | ORIC, TERN, ZLAB, NVCR, BBIO |
| Q3 2024 | 27 | $111.8M | ZLAB, CYTK, TERN, GPCR, ORIC |
| Q2 2024 | 39 | $79.3M | CYTK, LEGN, TERN, BBIO, ETNB |
| Q1 2024 | 37 | $151.2M | CYTK, NKTX, ETNB, BBIO, SVRA |