TCG Crossover Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), TCG Crossover Management, LLC reported 43 stock positions worth $3.0 billion. Its top holding was Abivax SA-ADR (ABVX) at 31.7% of the portfolio, followed by Cogent Biosciences (COGT, 6.9%) and CG Oncology (CGON, 5.0%). Compared with Q3 2025, it opened 8 new positions, sold out of 5, added to 9 and reduced 7. The biggest buy was a new position in Monte Rosa Therapeutics (GLUE) and the biggest sale an exit from Tourmaline Bio (TRML).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001839948
- Portfolio Value
- $3.0B (Q4 2025)
- SEC Filing
- 0001214659-26-001871 ↗ filed Feb 17, 2026
Holdings Value
Holdings 43 stocks · $3.0B
| ABVX Abivax SA-ADR | 31.74% | 7,111,596 | $959.0M | No change |
| COGT Cogent Biosciences Inc. | 6.90% | 5,868,162 | $208.4M | Reduce -13.7% |
| CGON CG Oncology Inc. | 5.04% | 3,670,206 | $152.4M | No change |
| TNGX Tango Therapeutics Inc. | 3.74% | 12,762,094 | $113.1M | Add +49.5% |
| CNTA Centessa Pharmaceuticals Ltd. | 3.55% | 4,286,480 | $107.2M | Add +36.7% |
| DYN Dyne Therapeutics Inc. | 2.99% | 4,615,144 | $90.3M | No change |
| RAPT Rapt Therapeutics Inc. | 2.89% | 2,582,408 | $87.5M | Add +57.8% |
| TYRA Tyra Biosciences Inc. | 2.52% | 2,898,103 | $76.2M | No change |
| AMLX Amylyx Pharmaceuticals Inc. | 2.50% | 6,243,812 | $75.4M | No change |
| SVRA Savara Inc. | 2.47% | 12,362,205 | $74.5M | No change |
| GLUE Monte Rosa Therapeutics Inc. | 2.40% | 4,622,151 | $72.5M | New |
| OCUL Ocular Therapeutix Inc. | 2.31% | 5,740,231 | $69.7M | Reduce -6.2% |
| DNTH Dianthus Therapeutics Inc. | 2.29% | 1,676,624 | $69.1M | No change |
| EYPT Eyepoint Inc. | 2.16% | 3,572,335 | $65.3M | No change |
| GPCR Structure Therapeutics Inc. | 2.12% | 920,857 | $64.0M | Reduce -13.4% |
| SYRE Spyre Therapeutics Inc. | 2.06% | 1,900,582 | $62.3M | Add +72.7% |
| FULC Fulcrum Therapeutics Inc. | 1.97% | 5,250,000 | $59.4M | No change |
| LQDA Liquidia Corp. | 1.95% | 1,710,084 | $59.0M | No change |
| BHVN Biohaven Ltd. | 1.73% | 4,631,317 | $52.3M | New |
| IMVT Immunovant Inc. | 1.40% | 1,660,933 | $42.2M | New |
| KOD Kodiak Sciences Inc. | 1.34% | 1,445,538 | $40.4M | Add +26.2% |
| ADCT Adc Therapeutics SA | 1.33% | 11,390,175 | $40.2M | Add +719.3% |
| LBRX LB Pharmaceuticals Inc. | 1.29% | 1,745,015 | $38.8M | Reduce 0.0% |
| XNCR Xencor Inc. | 1.24% | 2,452,138 | $37.5M | No change |
| RVMD Revolution Medicines Inc. | 1.15% | 436,473 | $34.8M | No change |
| AGIO Agios Pharmaceuticals Inc. | 1.06% | 1,181,841 | $32.2M | Reduce -17.4% |
| ARVN Arvinas Inc. | 1.05% | 2,666,216 | $31.6M | Add +64.8% |
| RLAY Relay Therapeutics Inc. | 0.90% | 3,220,186 | $27.2M | Add +77.9% |
| JANX Janux Therapeutics Inc. | 0.82% | 1,789,617 | $24.7M | New |
| TRDA Entrada Therapeutics Inc. | 0.71% | 2,088,392 | $21.5M | Add +257.0% |
| MBX MBX Biosciences Inc. | 0.68% | 650,000 | $20.5M | No change |
| UPB Upstream Bio Inc. | 0.67% | 743,886 | $20.2M | Reduce -64.9% |
| SLN Silence Therapeutics PLC-ADR | 0.61% | 3,033,560 | $18.4M | No change |
| URGN Urogen Pharma Ltd. | 0.56% | 717,347 | $16.8M | No change |
| ALEC Alector Inc. | 0.52% | 10,000,000 | $15.6M | New |
| MNPR Monopar Therapeutics Inc. | 0.31% | 141,915 | $9.3M | Reduce -7.3% |
| AVTX Avalo Therapeutics Inc. | 0.29% | 483,000 | $8.8M | No change |
| MAZE Maze Therapeutics Inc. | 0.24% | 173,816 | $7.2M | New |
| MIRM Mirum Pharmaceuticals Inc. | 0.16% | 62,049 | $4.9M | New |
| LONA Leonabio Inc. filed as ATHIRA PHARMA INC | 0.11% | 464,398 | $3.3M | New |
| KRRO Korro Bio Inc. | 0.11% | 416,301 | $3.3M | No change |
| VTYX Ventyx Biosciences Inc. | 0.09% | 316,195 | $2.9M | No change |
| VTGN Vistagen Therapeutics Inc. | 0.06% | 2,676,580 | $1.8M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −3.09 |
| AGIO Agios Pharmaceuticals Inc. | Reduce -17.4% | 1.06% | −1.76 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −1.51 |
| UPB Upstream Bio Inc. | Reduce -64.9% | 0.67% | −1.29 |
| OCUL Ocular Therapeutix Inc. | Reduce -6.2% | 2.31% | −1.21 |
| ATXS Astria Therapeutics Inc. | Sold out | 0.00% | −0.99 |
| ADVM Adverum Biotechnologies Inc. | Sold out | 0.00% | −0.37 |
| MNPR Monopar Therapeutics Inc. | Reduce -7.3% | 0.31% | −0.31 |
| PEPG Pepgen Inc. | Sold out | 0.00% | −0.27 |
| LBRX LB Pharmaceuticals Inc. | Reduce 0.0% | 1.29% | −0.07 |
| GPCR Structure Therapeutics Inc. | Reduce -13.4% | 2.12% | +0.66 |
| COGT Cogent Biosciences Inc. | Reduce -13.7% | 6.90% | +2.10 |
Portfolio Buys Q3 2025 → Q4 2025
| GLUE Monte Rosa Therapeutics Inc. | New | 2.40% | +2.40 |
| BHVN Biohaven Ltd. | New | 1.73% | +1.73 |
| IMVT Immunovant Inc. | New | 1.40% | +1.40 |
| SYRE Spyre Therapeutics Inc. | Add +72.7% | 2.06% | +1.15 |
| ADCT Adc Therapeutics SA | Add +719.3% | 1.33% | +1.06 |
| RAPT Rapt Therapeutics Inc. | Add +57.8% | 2.89% | +0.82 |
| JANX Janux Therapeutics Inc. | New | 0.82% | +0.82 |
| TRDA Entrada Therapeutics Inc. | Add +257.0% | 0.71% | +0.54 |
| ALEC Alector Inc. | New | 0.52% | +0.52 |
| RLAY Relay Therapeutics Inc. | Add +77.9% | 0.90% | +0.44 |
| KOD Kodiak Sciences Inc. | Add +26.2% | 1.34% | +0.42 |
| ARVN Arvinas Inc. | Add +64.8% | 1.05% | +0.37 |
| MAZE Maze Therapeutics Inc. | New | 0.24% | +0.24 |
| TNGX Tango Therapeutics Inc. | Add +49.5% | 3.74% | +0.21 |
| MIRM Mirum Pharmaceuticals Inc. | New | 0.16% | +0.16 |
| LONA Leonabio Inc. | New | 0.11% | +0.11 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +36.7% | 3.55% | −0.19 |
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 |