TCG Crossover Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), TCG Crossover Management, LLC reported 40 stock positions worth $2.0 billion. Its top holding was Abivax SA-ADR (ABVX) at 29.7% of the portfolio, followed by CG Oncology (CGON, 7.3%) and Cogent Biosciences (COGT, 4.8%). Compared with Q2 2025, it opened 11 new positions, sold out of 8, added to 7 and reduced 5. The biggest buy was Abivax SA-ADR (ABVX, shares +17%) and the biggest sale an exit from Cidara Therapeutics (CDTX).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001839948
- Portfolio Value
- $2.0B (Q3 2025)
- SEC Filing
- 0001214659-25-016751 ↗ filed Nov 17, 2025
Holdings Value
Holdings 40 stocks · $2.0B
| ABVX Abivax SA-ADR | 29.70% | 7,111,596 | $603.8M | Add +17.4% |
| CGON CG Oncology Inc. | 7.27% | 3,670,206 | $147.8M | No change |
| COGT Cogent Biosciences Inc. | 4.80% | 6,798,162 | $97.6M | Reduce -2.4% |
| AMLX Amylyx Pharmaceuticals Inc. | 4.17% | 6,243,812 | $84.9M | Add +5.0% |
| CNTA Centessa Pharmaceuticals Ltd. | 3.74% | 3,136,480 | $76.1M | Add +8.5% |
| TNGX Tango Therapeutics Inc. | 3.53% | 8,536,196 | $71.7M | Reduce -20.5% |
| OCUL Ocular Therapeutix Inc. | 3.52% | 6,117,232 | $71.5M | Add +15.0% |
| DNTH Dianthus Therapeutics Inc. | 3.25% | 1,676,624 | $66.0M | Add +11.7% |
| TRML Tourmaline Bio Inc. | 3.09% | 1,311,783 | $62.7M | Reduce -11.2% |
| DYN Dyne Therapeutics Inc. | 2.87% | 4,615,144 | $58.4M | Add +22.5% |
| AGIO Agios Pharmaceuticals Inc. | 2.82% | 1,430,041 | $57.4M | Add +105.2% |
| EYPT Eyepoint Inc. | 2.50% | 3,572,335 | $50.9M | No change |
| FULC Fulcrum Therapeutics Inc. | 2.38% | 5,250,000 | $48.3M | No change |
| SVRA Savara Inc. | 2.17% | 12,362,205 | $44.1M | No change |
| RAPT Rapt Therapeutics Inc. | 2.08% | 1,636,275 | $42.2M | No change |
| TYRA Tyra Biosciences Inc. | 1.99% | 2,898,103 | $40.5M | No change |
| UPB Upstream Bio Inc. | 1.96% | 2,117,103 | $39.8M | Reduce -24.4% |
| LQDA Liquidia Corp. | 1.91% | 1,710,084 | $38.9M | New |
| IRON Disc Medicine Inc. | 1.51% | 465,257 | $30.7M | No change |
| GPCR Structure Therapeutics Inc. | 1.46% | 1,063,000 | $29.8M | No change |
| XNCR Xencor Inc. | 1.41% | 2,452,138 | $28.8M | No change |
| LBRX LB Pharmaceuticals Inc. | 1.36% | 1,745,016 | $27.6M | New |
| RVMD Revolution Medicines Inc. | 1.00% | 436,473 | $20.4M | New |
| ATXS Astria Therapeutics Inc. | 0.99% | 2,761,861 | $20.1M | No change |
| KRRO Korro Bio Inc. | 0.98% | 416,301 | $19.9M | New |
| KOD Kodiak Sciences Inc. | 0.92% | 1,145,538 | $18.8M | No change |
| SYRE Spyre Therapeutics Inc. | 0.91% | 1,100,582 | $18.4M | New |
| SLN Silence Therapeutics PLC-ADR | 0.77% | 3,033,560 | $15.7M | No change |
| URGN Urogen Pharma Ltd. | 0.70% | 717,347 | $14.3M | New |
| ARVN Arvinas Inc. | 0.68% | 1,617,365 | $13.8M | New |
| MNPR Monopar Therapeutics Inc. | 0.61% | 153,000 | $12.5M | New |
| MBX MBX Biosciences Inc. | 0.56% | 650,000 | $11.4M | No change |
| VTGN Vistagen Therapeutics Inc. | 0.47% | 2,676,580 | $9.5M | No change |
| RLAY Relay Therapeutics Inc. | 0.46% | 1,810,351 | $9.5M | New |
| ADVM Adverum Biotechnologies Inc. | 0.37% | 1,668,174 | $7.6M | Reduce -7.1% |
| AVTX Avalo Therapeutics Inc. | 0.30% | 483,000 | $6.1M | No change |
| ADCT Adc Therapeutics SA | 0.27% | 1,390,175 | $5.6M | New |
| PEPG Pepgen Inc. | 0.27% | 1,200,000 | $5.5M | New |
| TRDA Entrada Therapeutics Inc. | 0.17% | 584,955 | $3.4M | No change |
| VTYX Ventyx Biosciences Inc. | 0.05% | 316,195 | $983K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −5.60 |
| TNGX Tango Therapeutics Inc. | Reduce -20.5% | 3.53% | −2.75 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −1.78 |
| UPB Upstream Bio Inc. | Reduce -24.4% | 1.96% | −1.55 |
| THRD Third Harmonic Bio Inc. | Sold out | 0.00% | −1.19 |
| ELVN Enliven Therapeutics Inc. | Sold out | 0.00% | −1.14 |
| COGT Cogent Biosciences Inc. | Reduce -2.4% | 4.80% | −0.91 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −0.79 |
| KURA Kura Oncology Inc. | Sold out | 0.00% | −0.48 |
| JBIO Jade Biosciences Inc. | Sold out | 0.00% | −0.07 |
| ADVM Adverum Biotechnologies Inc. | Reduce -7.1% | 0.37% | −0.07 |
| CABA Cabaletta Bio Inc. | Sold out | 0.00% | −0.02 |
| TRML Tourmaline Bio Inc. | Reduce -11.2% | 3.09% | +0.39 |
Portfolio Buys Q2 2025 → Q3 2025
| ABVX Abivax SA-ADR | Add +17.4% | 29.70% | +24.41 |
| LQDA Liquidia Corp. | New | 1.91% | +1.91 |
| LBRX LB Pharmaceuticals Inc. | New | 1.36% | +1.36 |
| RVMD Revolution Medicines Inc. | New | 1.00% | +1.00 |
| KRRO Korro Bio Inc. | New | 0.98% | +0.98 |
| SYRE Spyre Therapeutics Inc. | New | 0.91% | +0.91 |
| URGN Urogen Pharma Ltd. | New | 0.70% | +0.70 |
| ARVN Arvinas Inc. | New | 0.68% | +0.68 |
| MNPR Monopar Therapeutics Inc. | New | 0.61% | +0.61 |
| RLAY Relay Therapeutics Inc. | New | 0.46% | +0.46 |
| ADCT Adc Therapeutics SA | New | 0.27% | +0.27 |
| PEPG Pepgen Inc. | New | 0.27% | +0.27 |
| AGIO Agios Pharmaceuticals Inc. | Add +105.2% | 2.82% | +0.18 |
| DNTH Dianthus Therapeutics Inc. | Add +11.7% | 3.25% | +0.05 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +5.0% | 4.17% | −0.18 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +8.5% | 3.74% | −0.60 |
| DYN Dyne Therapeutics Inc. | Add +22.5% | 2.87% | −1.22 |
| OCUL Ocular Therapeutix Inc. | Add +15.0% | 3.52% | −2.12 |
Notes & Other Activity Q2 2025 → Q3 2025
| KROS Keros Therapeutics Inc. | COM | Sold out | 0 | $0before exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |