TCG Crossover Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), TCG Crossover Management, LLC reported 37 stock positions worth $875.5 million. Its top holding was CG Oncology (CGON) at 10.9% of the portfolio, followed by Tango Therapeutics (TNGX, 6.3%) and Cogent Biosciences (COGT, 5.7%). Compared with Q1 2025, it opened 4 new positions, sold out of 4, added to 1 and reduced 3. The biggest buy was a new position in Agios Pharmaceuticals (AGIO) and the biggest sale an exit from Mineralys Therapeutics (MLYS).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001839948
- Portfolio Value
- $875.5M (Q2 2025)
- SEC Filing
- 0001214659-25-012291 ↗ filed Aug 14, 2025
Holdings Value
Holdings 37 stocks · $875.5M
| CGON CG Oncology Inc. | 10.90% | 3,670,206 | $95.4M | No change |
| TNGX Tango Therapeutics Inc. | 6.28% | 10,736,000 | $55.0M | No change |
| COGT Cogent Biosciences Inc. | 5.71% | 6,964,375 | $50.0M | No change |
| OCUL Ocular Therapeutix Inc. | 5.64% | 5,319,148 | $49.4M | No change |
| CDTX Cidara Therapeutics Inc. | 5.60% | 1,005,901 | $49.0M | No change |
| ABVX Abivax SA-ADR | 5.29% | 6,056,596 | $46.3M | No change |
| AMLX Amylyx Pharmaceuticals Inc. | 4.35% | 5,943,812 | $38.1M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 4.34% | 2,890,816 | $38.0M | No change |
| FULC Fulcrum Therapeutics Inc. | 4.13% | 5,250,000 | $36.1M | No change |
| DYN Dyne Therapeutics Inc. | 4.10% | 3,766,660 | $35.9M | Add +42.1% |
| EYPT Eyepoint Inc. | 3.84% | 3,572,335 | $33.6M | No change |
| UPB Upstream Bio Inc. | 3.51% | 2,801,763 | $30.8M | No change |
| SVRA Savara Inc. | 3.22% | 12,362,205 | $28.2M | No change |
| DNTH Dianthus Therapeutics Inc. | 3.20% | 1,501,624 | $28.0M | No change |
| TYRA Tyra Biosciences Inc. | 3.17% | 2,898,103 | $27.7M | No change |
| IRON Disc Medicine Inc. | 2.81% | 465,257 | $24.6M | No change |
| TRML Tourmaline Bio Inc. | 2.70% | 1,477,593 | $23.6M | No change |
| AGIO Agios Pharmaceuticals Inc. | 2.65% | 697,003 | $23.2M | New |
| GPCR Structure Therapeutics Inc. | 2.52% | 1,063,000 | $22.0M | No change |
| XNCR Xencor Inc. | 2.20% | 2,452,138 | $19.3M | No change |
| SLN Silence Therapeutics PLC-ADR | 2.01% | 3,033,560 | $17.6M | No change |
| SLNO Soleno Therapeutics Inc. | 1.78% | 186,250 | $15.6M | Reduce -32.3% |
| ATXS Astria Therapeutics Inc. | 1.69% | 2,761,861 | $14.8M | No change |
| RAPT Rapt Therapeutics Inc. | 1.50% | 1,636,275 | $13.1M | New |
| THRD Third Harmonic Bio Inc. | 1.19% | 1,915,424 | $10.4M | Reduce -23.6% |
| ELVN Enliven Therapeutics Inc. | 1.14% | 498,000 | $10.0M | New |
| MBX MBX Biosciences Inc. | 0.85% | 650,000 | $7.4M | No change |
| NKTR Nektar Therapeutics | 0.79% | 266,666 | $6.9M | No change |
| VTGN Vistagen Therapeutics Inc. | 0.61% | 2,676,580 | $5.4M | No change |
| KOD Kodiak Sciences Inc. | 0.49% | 1,145,538 | $4.3M | No change |
| KURA Kura Oncology Inc. | 0.48% | 735,184 | $4.2M | Reduce -48.4% |
| TRDA Entrada Therapeutics Inc. | 0.45% | 584,955 | $3.9M | No change |
| ADVM Adverum Biotechnologies Inc. | 0.44% | 1,796,482 | $3.9M | No change |
| AVTX Avalo Therapeutics Inc. | 0.28% | 483,000 | $2.4M | No change |
| VTYX Ventyx Biosciences Inc. | 0.08% | 316,195 | $677K | No change |
| JBIO Jade Biosciences Inc. | 0.07% | 64,023 | $640K | New |
| CABA Cabaletta Bio Inc. | 0.02% | 86,795 | $132K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| MLYS Mineralys Therapeutics Inc. | Sold out | 0.00% | −5.35 |
| RAPT THERAPEUTICS INC | Sold out | 0.00% | −2.18 |
| CMPS Compass Pathways PLC | Sold out | 0.00% | −1.51 |
| SLNO Soleno Therapeutics Inc. | Reduce -32.3% | 1.78% | −0.90 |
| KURA Kura Oncology Inc. | Reduce -48.4% | 0.48% | −0.80 |
| AEROVATE THERAPEUTICS INC | Sold out | 0.00% | −0.77 |
| THRD Third Harmonic Bio Inc. | Reduce -23.6% | 1.19% | +0.00 |
Portfolio Buys Q1 2025 → Q2 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 54 | $4.2B | ABVX, TNGX, CGON, COGT, IMVT |
| Q1 2026 | 49 | $3.5B | ABVX, CGON, TNGX, COGT, CNTA |
| Q4 2025 | 43 | $3.0B | ABVX, COGT, CGON, TNGX, CNTA |
| Q3 2025 | 40 | $2.0B | ABVX, CGON, COGT, AMLX, CNTA |
| Q2 2025 | 37 | $875.5M | CGON, TNGX, COGT, OCUL, CDTX |
| Q1 2025 | 37 | $733.1M | CGON, COGT, CNTA, MLYS, OCUL |
| Q4 2024 | 38 | $1.0B | CGON, DYN, XNCR, COGT, CNTA |
| Q3 2024 | 36 | $1.2B | CGON, DYN, COGT, ABVX, EWTX |
| Q2 2024 | 32 | $959.5M | CGON, DYN, ABVX, SLN, COGT |
| Q1 2024 | 33 | $1.3B | CGON, DYN, ATXS, SLN, GPCR |