Superstring Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Superstring Capital Management LP reported 35 stock positions worth $101.5 million. Its top holding was Zai Lab Ltd.-ADR (ZLAB) at 6.7% of the portfolio, followed by Cidara Therapeutics (CDTX, 6.5%) and Terns Pharmaceuticals (TERN, 5.8%). Compared with Q2 2025, it opened 16 new positions, sold out of 16, added to 7 and reduced 8. The biggest buy was a new position in Cidara Therapeutics (CDTX) and the biggest sale an exit from Verona Pharma (VRNA).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001931118
- Portfolio Value
- $101.5M (Q3 2025)
- SEC Filing
- 0001931118-25-000010 ↗ filed Nov 14, 2025
Holdings Value
Holdings 35 stocks · $101.5M
| ZLAB Zai Lab Ltd.-ADR | 6.70% | 200,628 | $6.8M | Add +48.7% |
| CDTX Cidara Therapeutics Inc. | 6.46% | 68,463 | $6.6M | New |
| TERN Terns Pharmaceuticals Inc. | 5.84% | 789,646 | $5.9M | Reduce -38.6% |
| ETNB 89BIO Inc. | 5.57% | 384,652 | $5.7M | Add +81.1% |
| IMVT Immunovant Inc. | 5.42% | 341,348 | $5.5M | New |
| JAZZ Jazz Pharmaceuticals PLC | 5.31% | 40,893 | $5.4M | Reduce -7.3% |
| COGT Cogent Biosciences Inc. | 5.11% | 361,408 | $5.2M | Reduce -62.5% |
| SVRA Savara Inc. | 4.60% | 1,309,236 | $4.7M | Add +17.4% |
| BBIO Bridgebio Pharma Inc. | 4.54% | 88,658 | $4.6M | Reduce -8.4% |
| SMMT Summit Therapeutics Inc. | 4.01% | 197,253 | $4.1M | New |
| IQV Iqvia Holdings Inc. | 3.58% | 19,114 | $3.6M | New |
| CABA Cabaletta Bio Inc. | 3.56% | 1,544,525 | $3.6M | Add +45.6% |
| REGN Regeneron Pharmaceuticals | 3.55% | 6,401 | $3.6M | New |
| DRUG Bright Minds Biosciences Inc. | 3.22% | 53,950 | $3.3M | New |
| NKTR Nektar Therapeutics | 2.87% | 51,270 | $2.9M | New |
| INSM Insmed Inc. | 2.81% | 19,786 | $2.8M | Add +35.8% |
| BCAX Bicara Therapeutics Inc. | 2.74% | 175,902 | $2.8M | Reduce -7.3% |
| AVTX Avalo Therapeutics Inc. | 2.36% | 188,080 | $2.4M | New |
| SNY Sanofi-ADR | 2.34% | 50,407 | $2.4M | New |
| ZBIO Zenas Biopharma Inc. | 2.11% | 96,665 | $2.1M | Reduce -13.4% |
| QURE Uniqure NV | 1.91% | 33,175 | $1.9M | New |
| TECX Tectonic Therapeutic Inc. | 1.84% | 119,286 | $1.9M | Add +50.9% |
| URGN Urogen Pharma Ltd. | 1.73% | 87,912 | $1.8M | No change |
| TARA Protara Therapeutic Inc. | 1.54% | 360,000 | $1.6M | No change |
| KROS Keros Therapeutics Inc. | 1.48% | 95,083 | $1.5M | New |
| SRRK Scholar Rock Holding Corp. | 1.45% | 39,521 | $1.5M | New |
| PTGX Protagonist Therapeutics Inc. | 1.33% | 20,358 | $1.4M | New |
| TVTX Travere Therapeutics Inc. | 1.26% | 53,627 | $1.3M | Reduce -80.6% |
| ORIC Oric Pharmaceuticals Inc. | 1.06% | 89,346 | $1.1M | Reduce -74.1% |
| RAPT Rapt Therapeutics Inc. | 0.88% | 34,449 | $888K | Add +32.3% |
| VIR Vir Biotechnology Inc. | 0.85% | 150,312 | $858K | New |
| CRBP Corbus Pharmaceuticals Holdi | 0.72% | 57,644 | $729K | New |
| NBP Novabridge Biosciences filed as I MAB | 0.52% | 139,886 | $529K | New |
| BMEA Biomea Fusion Inc. | 0.50% | 250,000 | $505K | No change |
| IPSC Century Therapeutics Inc. | 0.23% | 462,963 | $231K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −8.13 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −6.36 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −5.91 |
| IONS Ionis Pharmaceuticals Inc. | Sold out | 0.00% | −4.84 |
| TVTX Travere Therapeutics Inc. | Reduce -80.6% | 1.26% | −3.83 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −3.52 |
| COGT Cogent Biosciences Inc. | Reduce -62.5% | 5.11% | −3.50 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -74.1% | 1.06% | −3.31 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −2.52 |
| UTHR United Therapeutics Corp. | Sold out | 0.00% | −1.74 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −1.66 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −1.10 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −1.04 |
| OCUL Ocular Therapeutix Inc. | Sold out | 0.00% | −1.03 |
| BBIO Bridgebio Pharma Inc. | Reduce -8.4% | 4.54% | −0.67 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.65 |
| WVE Wave Life Sciences Ltd. | Sold out | 0.00% | −0.57 |
| KYTX Kyverna Therapeutics Inc. | Sold out | 0.00% | −0.55 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -7.3% | 5.31% | −0.52 |
| SY So-Young International-ADR | Sold out | 0.00% | −0.28 |
| TERN Terns Pharmaceuticals Inc. | Reduce -38.6% | 5.84% | −0.14 |
| LSBCF Lakeshore Biopharma Co. Ltd. | Sold out | 0.00% | −0.04 |
| BCAX Bicara Therapeutics Inc. | Reduce -7.3% | 2.74% | +0.54 |
| ZBIO Zenas Biopharma Inc. | Reduce -13.4% | 2.11% | +0.77 |
Portfolio Buys Q2 2025 → Q3 2025
| CDTX Cidara Therapeutics Inc. | New | 6.46% | +6.46 |
| IMVT Immunovant Inc. | New | 5.42% | +5.42 |
| SMMT Summit Therapeutics Inc. | New | 4.01% | +4.01 |
| IQV Iqvia Holdings Inc. | New | 3.58% | +3.58 |
| REGN Regeneron Pharmaceuticals | New | 3.55% | +3.55 |
| DRUG Bright Minds Biosciences Inc. | New | 3.22% | +3.22 |
| ETNB 89BIO Inc. | Add +81.1% | 5.57% | +2.97 |
| NKTR Nektar Therapeutics | New | 2.87% | +2.87 |
| AVTX Avalo Therapeutics Inc. | New | 2.36% | +2.36 |
| SNY Sanofi-ADR | New | 2.34% | +2.34 |
| QURE Uniqure NV | New | 1.91% | +1.91 |
| CABA Cabaletta Bio Inc. | Add +45.6% | 3.56% | +1.55 |
| KROS Keros Therapeutics Inc. | New | 1.48% | +1.48 |
| SRRK Scholar Rock Holding Corp. | New | 1.45% | +1.45 |
| SVRA Savara Inc. | Add +17.4% | 4.60% | +1.44 |
| PTGX Protagonist Therapeutics Inc. | New | 1.33% | +1.33 |
| INSM Insmed Inc. | Add +35.8% | 2.81% | +0.98 |
| VIR Vir Biotechnology Inc. | New | 0.85% | +0.85 |
| ZLAB Zai Lab Ltd.-ADR | Add +48.7% | 6.70% | +0.82 |
| CRBP Corbus Pharmaceuticals Holdi | New | 0.72% | +0.72 |
| RAPT Rapt Therapeutics Inc. | Add +32.3% | 0.88% | +0.62 |
| NBP Novabridge Biosciences | New | 0.52% | +0.52 |
| TECX Tectonic Therapeutic Inc. | Add +50.9% | 1.84% | −0.11 |
Options Activity Q2 2025 → Q3 2025
| SLNO Soleno Therapeutics Inc. | put | Sold out | 50,000 | $4.2Mbefore 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 |