Superstring Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Superstring Capital Management LP reported 45 stock positions worth $186.8 million. Its top holding was Cidara Therapeutics (CDTX) at 10.1% of the portfolio, followed by Terns Pharmaceuticals (TERN, 9.6%) and Urogen Pharma (URGN, 9.0%). Compared with Q3 2025, it opened 29 new positions, sold out of 19, added to 5 and reduced 8. The biggest buy was Urogen Pharma (URGN, shares +717%) and the biggest sale an exit from 89BIO (ETNB).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001931118
- Portfolio Value
- $186.8M (Q4 2025)
- SEC Filing
- 0001931118-26-000003 ↗ filed Feb 17, 2026
Holdings Value
Holdings 45 stocks · $186.8M
| CDTX Cidara Therapeutics Inc. | 10.06% | 85,098 | $18.8M | Add +24.3% |
| TERN Terns Pharmaceuticals Inc. | 9.60% | 443,777 | $17.9M | Reduce -43.8% |
| URGN Urogen Pharma Ltd. | 9.01% | 718,354 | $16.8M | Add +717.1% |
| COGT Cogent Biosciences Inc. | 6.96% | 366,238 | $13.0M | Add +1.3% |
| DVAX Dynavax Technologies Corp. | 4.33% | 525,592 | $8.1M | New |
| SION Sionna Therapeutics Inc. | 3.98% | 180,593 | $7.4M | New |
| IMVT Immunovant Inc. | 3.93% | 288,677 | $7.3M | Reduce -15.4% |
| AXSM Axsome Therapeutics Inc. | 3.66% | 37,433 | $6.8M | New |
| SVRA Savara Inc. | 3.21% | 995,353 | $6.0M | Reduce -24.0% |
| MIND MEDICINE MINDMED INC | 3.05% | 425,202 | $5.7M | New |
| TSHA Taysha Gene Therapies Inc. | 2.89% | 980,768 | $5.4M | New |
| OCUL Ocular Therapeutix Inc. | 2.72% | 418,080 | $5.1M | New |
| FOLD Amicus Therapeutics Inc. | 2.69% | 352,896 | $5.0M | New |
| CABA Cabaletta Bio Inc. | 2.64% | 2,253,550 | $4.9M | Add +45.9% |
| UTHR United Therapeutics Corp. | 2.47% | 9,451 | $4.6M | New |
| RVMD Revolution Medicines Inc. | 2.34% | 54,879 | $4.4M | New |
| BLTE Belite Bio Inc. - ADR | 2.12% | 24,703 | $4.0M | New |
| DRUG Bright Minds Biosciences Inc. | 1.98% | 47,278 | $3.7M | Reduce -12.4% |
| ZLAB Zai Lab Ltd.-ADR | 1.86% | 196,853 | $3.5M | Reduce -1.9% |
| ZBIO Zenas Biopharma Inc. | 1.62% | 83,353 | $3.0M | Reduce -13.8% |
| QUINCE THERAPEUTICS INC | 1.54% | 858,711 | $2.9M | New |
| AVTX Avalo Therapeutics Inc. | 1.49% | 153,313 | $2.8M | Reduce -18.5% |
| CAPR Capricor Therapeutics Inc. | 1.49% | 96,334 | $2.8M | New |
| PVLA Palvella Therapeutics Inc. | 1.43% | 25,469 | $2.7M | New |
| CLDX Celldex Therapeutics Inc. | 1.28% | 88,308 | $2.4M | New |
| ASMB Assembly Biosciences Inc. | 1.19% | 65,273 | $2.2M | New |
| ORIC Oric Pharmaceuticals Inc. | 1.12% | 255,370 | $2.1M | Add +185.8% |
| TARA Protara Therapeutic Inc. | 1.03% | 360,000 | $1.9M | No change |
| TRVI Trevi Therapeutics Inc. | 0.99% | 148,292 | $1.9M | New |
| TYRA Tyra Biosciences Inc. | 0.83% | 58,677 | $1.5M | New |
| TVTX Travere Therapeutics Inc. | 0.78% | 38,022 | $1.5M | Reduce -29.1% |
| VRDN Viridian Therapeutics Inc. | 0.72% | 43,230 | $1.3M | New |
| RZLT Rezolute Inc. | 0.65% | 513,765 | $1.2M | New |
| DNTH Dianthus Therapeutics Inc. | 0.58% | 26,249 | $1.1M | New |
| SPRB Spruce Biosciences Inc. | 0.57% | 12,137 | $1.1M | New |
| AARD Aardvark Therapeutics Inc. | 0.49% | 69,496 | $912K | New |
| GMAB Genmab A/S -SP ADR | 0.48% | 29,162 | $898K | New |
| PALI Palisade Bio Inc. | 0.46% | 367,103 | $863K | New |
| FULC Fulcrum Therapeutics Inc. | 0.44% | 72,060 | $815K | New |
| RARE Ultragenyx Pharmaceutical Inc. | 0.39% | 31,738 | $730K | New |
| PTN Palatin Technologies Inc. | 0.28% | 33,971 | $522K | New |
| IVA Inventiva SA - ADR | 0.25% | 100,000 | $465K | New |
| IPSC Century Therapeutics Inc. | 0.25% | 462,963 | $461K | No change |
| BMEA Biomea Fusion Inc. | 0.17% | 250,000 | $310K | No change |
| ENTX Entera Bio Ltd. | 0.02% | 17,142 | $33K | New |
Portfolio Sells Q3 2025 → Q4 2025
| ETNB 89BIO Inc. | Sold out | 0.00% | −5.57 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −5.31 |
| ZLAB Zai Lab Ltd.-ADR | Reduce -1.9% | 1.86% | −4.84 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −4.54 |
| SMMT Summit Therapeutics Inc. | Sold out | 0.00% | −4.01 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −3.58 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −3.55 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −2.87 |
| INSM Insmed Inc. | Sold out | 0.00% | −2.81 |
| BCAX Bicara Therapeutics Inc. | Sold out | 0.00% | −2.74 |
| SNY Sanofi-ADR | Sold out | 0.00% | −2.34 |
| QURE Uniqure NV | Sold out | 0.00% | −1.91 |
| TECX Tectonic Therapeutic Inc. | Sold out | 0.00% | −1.84 |
| IMVT Immunovant Inc. | Reduce -15.4% | 3.93% | −1.49 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −1.48 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −1.45 |
| SVRA Savara Inc. | Reduce -24.0% | 3.21% | −1.39 |
| PTGX Protagonist Therapeutics Inc. | Sold out | 0.00% | −1.33 |
| DRUG Bright Minds Biosciences Inc. | Reduce -12.4% | 1.98% | −1.25 |
| RAPT Rapt Therapeutics Inc. | Sold out | 0.00% | −0.88 |
| AVTX Avalo Therapeutics Inc. | Reduce -18.5% | 1.49% | −0.86 |
| VIR Vir Biotechnology Inc. | Sold out | 0.00% | −0.85 |
| CRBP Corbus Pharmaceuticals Holdi | Sold out | 0.00% | −0.72 |
| NBP Novabridge Biosciences | Sold out | 0.00% | −0.52 |
| ZBIO Zenas Biopharma Inc. | Reduce -13.8% | 1.62% | −0.49 |
| TVTX Travere Therapeutics Inc. | Reduce -29.1% | 0.78% | −0.48 |
| TERN Terns Pharmaceuticals Inc. | Reduce -43.8% | 9.60% | +3.76 |
Portfolio Buys Q3 2025 → Q4 2025
| URGN Urogen Pharma Ltd. | Add +717.1% | 9.01% | +7.28 |
| DVAX Dynavax Technologies Corp. | New | 4.33% | +4.33 |
| SION Sionna Therapeutics Inc. | New | 3.98% | +3.98 |
| AXSM Axsome Therapeutics Inc. | New | 3.66% | +3.66 |
| CDTX Cidara Therapeutics Inc. | Add +24.3% | 10.06% | +3.60 |
| MIND MEDICINE MINDMED INC | New | 3.05% | +3.05 |
| TSHA Taysha Gene Therapies Inc. | New | 2.89% | +2.89 |
| OCUL Ocular Therapeutix Inc. | New | 2.72% | +2.72 |
| FOLD Amicus Therapeutics Inc. | New | 2.69% | +2.69 |
| UTHR United Therapeutics Corp. | New | 2.47% | +2.47 |
| RVMD Revolution Medicines Inc. | New | 2.34% | +2.34 |
| BLTE Belite Bio Inc. - ADR | New | 2.12% | +2.12 |
| COGT Cogent Biosciences Inc. | Add +1.3% | 6.96% | +1.85 |
| QUINCE THERAPEUTICS INC | New | 1.54% | +1.54 |
| CAPR Capricor Therapeutics Inc. | New | 1.49% | +1.49 |
| PVLA Palvella Therapeutics Inc. | New | 1.43% | +1.43 |
| CLDX Celldex Therapeutics Inc. | New | 1.28% | +1.28 |
| ASMB Assembly Biosciences Inc. | New | 1.19% | +1.19 |
| TRVI Trevi Therapeutics Inc. | New | 0.99% | +0.99 |
| TYRA Tyra Biosciences Inc. | New | 0.83% | +0.83 |
| VRDN Viridian Therapeutics Inc. | New | 0.72% | +0.72 |
| RZLT Rezolute Inc. | New | 0.65% | +0.65 |
| DNTH Dianthus Therapeutics Inc. | New | 0.58% | +0.58 |
| SPRB Spruce Biosciences Inc. | New | 0.57% | +0.57 |
| AARD Aardvark Therapeutics Inc. | New | 0.49% | +0.49 |
| GMAB Genmab A/S -SP ADR | New | 0.48% | +0.48 |
| PALI Palisade Bio Inc. | New | 0.46% | +0.46 |
| FULC Fulcrum Therapeutics Inc. | New | 0.44% | +0.44 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.39% | +0.39 |
| PTN Palatin Technologies Inc. | New | 0.28% | +0.28 |
| IVA Inventiva SA - ADR | New | 0.25% | +0.25 |
| ORIC Oric Pharmaceuticals Inc. | Add +185.8% | 1.12% | +0.06 |
| ENTX Entera Bio Ltd. | New | 0.02% | +0.02 |
| CABA Cabaletta Bio Inc. | Add +45.9% | 2.64% | −0.92 |
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 |