In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Tetragon Partners GP Ltd reported 23 stock positions worth $254.6 million . Its top holding was Uipath Class A (PATH) at 36.2% of the portfolio, followed by Kolibri Global Energy (KGEI, 23.2% ) and Sprinklr Class A (CXM, 7.2% ). Compared with Q4 2024, it opened 7 new positions, sold out of 1, added to 8 and reduced 3. The biggest buy was a new position in Tectonic Therapeutic (TECX) and the biggest sale an exit from Bigbear.ai (BBAI).
Location GRAND CAYMAN, E9
CIK 0001515070
Portfolio Value $254.6M (Q1 2025) Holdings 23 stocks · $254.6M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 PATH Uipath Inc. Class A 8,950,000 $92.2M Add +28.8% KGEI Kolibri Global Energy Inc. 7,070,568 $59.0M No change CXM Sprinklr Inc. Class A 2,200,000 $18.4M No change INFA Informatica Inc. Class A 800,000 $14.0M Add +33.3% AUTL Autolus Therapeutics PLC 8,600,000 $13.3M Add +4.2% LYFT LYFT Inc. Class A 1,000,000 $11.9M No change TARS Tarsus Pharmaceuticals Inc. 178,470 $9.2M Reduce -10.8% ANNX Annexon Inc. 2,650,000 $5.1M Add +89.3% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 63,142 $5.0M Reduce -30.1% CLDX Celldex Therapeutics Inc. 261,000 $4.7M Add +35.9% AXSM Axsome Therapeutics Inc. 33,806 $3.9M Reduce -18.1% TECX Tectonic Therapeutic Inc. 187,500 $3.3M New IMVT Immunovant Inc. 131,167 $2.2M New PHVS Pharvaris NV 126,995 $2.0M New KROS Keros Therapeutics Inc. 183,000 $1.9M Add +77.7% ACAD Acadia Pharmaceuticals Inc. 107,000 $1.8M New RLAY Relay Therapeutics Inc. 619,000 $1.6M New SNOW Snowflake Inc. 10,000 $1.5M No change CCJ Cameco Corp. 21,300 $877K New BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 55,500 $867K Add +50.0% HBM Hudbay Minerals Inc. 107,000 $812K Add +84.5% OTLY Oatly Group AB 81,210 $798K New TECK Teck Resources Ltd.-CLS B 6,368 $232K No change
Options reported separately and not counted above: HYG puts ($126.4M).
Other holdings (7): bonds, preferreds, convertibles and warrants · $57.2M (not counted above) Security Class Shares / Principal Value Change LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 23,309,000 $19.3M Reduce -9.7% FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 16,500,000 $15.6M Add +6.5% OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal 19,135,034 $12.4M No change CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 5,000,000 $5.8M Reduce -16.7% SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal 4,000,000 $4.1M Reduce -80.0% DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 301,800 $33K No change SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 18,898 $130 No change
Total filed on the 13F, all lines: $311.8M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ BBAI Bigbear.ai Holdings Inc. Sold out 0.00% −1.71 TARS Tarsus Pharmaceuticals Inc. Reduce -10.8% 3.60% −1.12 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Reduce -30.1% 1.96% −1.07 AXSM Axsome Therapeutics Inc. Reduce -18.1% 1.55% +0.06
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ TECX Tectonic Therapeutic Inc. New 1.30% +1.30 IMVT Immunovant Inc. New 0.88% +0.88 PHVS Pharvaris NV New 0.78% +0.78 ACAD Acadia Pharmaceuticals Inc. New 0.70% +0.70 RLAY Relay Therapeutics Inc. New 0.64% +0.64 CCJ Cameco Corp. New 0.34% +0.34 OTLY Oatly Group AB New 0.31% +0.31 BVN Cia DE Minas Buenaventur-ADR Add +50.0% 0.34% +0.16 HBM Hudbay Minerals Inc. Add +84.5% 0.32% +0.12 KROS Keros Therapeutics Inc. Add +77.7% 0.73% +0.04 CLDX Celldex Therapeutics Inc. Add +35.9% 1.86% −0.21 ANNX Annexon Inc. Add +89.3% 2.01% −1.05 INFA Informatica Inc. Class A Add +33.3% 5.48% −1.15 PATH Uipath Inc. Class A Add +28.8% 36.21% −1.47 AUTL Autolus Therapeutics PLC Add +4.2% 5.24% −3.03
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +61.5% 1,601,900 $126.4M MPT Medical Properties Trust Inc. call Sold out 902,500 $3.6Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal Reduce -9.7% 23,309,000 $19.3M FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal Add +6.5% 16,500,000 $15.6M CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal Reduce -16.7% 5,000,000 $5.8M SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal Reduce -80.0% 4,000,000 $4.1M CUTERA INC (CUTR 4 06/01/29) NOTE 4.000% 6/0 · principal Sold out 5,019,000 $519Kbefore 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 32 $614.3M PATH, KGEI, AUTL, LYFT, DFTX Q1 2026 34 $508.9M PATH, KGEI, WBD, WK, LYFT Q4 2025 28 $474.3M PATH, KGEI, LYFT, AUTL, CXM Q3 2025 34 $414.0M PATH, KGEI, LYFT, CXM, AUTL Q2 2025 27 $354.0M PATH, KGEI, AUTL, CXM, LYFT Q1 2025 23 $254.6M PATH, KGEI, CXM, INFA, AUTL Q4 2024 Amended 17 $234.4M PATH, KGEI, AUTL, CXM, INFA Q3 2024 13 $222.3M PATH, AUTL, KGEI, TARS, CXM Q2 2024 13 $213.8M PATH, AUTL, KGEI, CXM, BALY Q1 2024 11 $211.9M PATH, AUTL, CXM, KGEI, BALY