In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Tetragon Partners GP Ltd reported 27 stock positions worth $354.0 million . Its top holding was Uipath Class A (PATH) at 49.6% of the portfolio, followed by Kolibri Global Energy (KGEI, 13.8% ) and Autolus Therapeutics (AUTL, 6.1% ). Compared with Q1 2025, it opened 7 new positions, sold out of 3, added to 12 and reduced 3. The biggest buy was Uipath Class A (PATH, shares +53% ) and the biggest sale Kolibri Global Energy (KGEI, shares −0% ).
Location GRAND CAYMAN, E9
CIK 0001515070
Portfolio Value $354.0M (Q2 2025) Holdings 27 stocks · $354.0M 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 Q1 2025 PATH Uipath Inc. Class A 13,722,244 $175.6M Add +53.3% KGEI Kolibri Global Energy Inc. 7,068,857 $48.7M Reduce -0.0% AUTL Autolus Therapeutics PLC 9,500,000 $21.7M Add +10.5% CXM Sprinklr Inc. Class A 2,200,000 $18.6M No change LYFT LYFT Inc. Class A 1,000,000 $15.8M No change WK Workiva Inc. 150,000 $10.3M New TARS Tarsus Pharmaceuticals Inc. 250,000 $10.1M Add +40.1% ANNX Annexon Inc. 2,810,000 $6.7M Add +6.0% CLDX Celldex Therapeutics Inc. 316,150 $6.4M Add +21.1% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 68,660 $5.5M Add +8.7% TECX Tectonic Therapeutic Inc. 228,832 $4.5M Add +22.0% AXSM Axsome Therapeutics Inc. 41,531 $4.3M Add +22.9% SRRK Scholar Rock Holding Corp. 103,482 $3.7M New ACAD Acadia Pharmaceuticals Inc. 161,396 $3.5M Add +50.8% PHVS Pharvaris NV 188,100 $3.3M Add +48.1% RLAY Relay Therapeutics Inc. 699,000 $2.4M Add +12.9% IMVT Immunovant Inc. 147,817 $2.4M Add +12.7% SNOW Snowflake Inc. 10,000 $2.2M No change KROS Keros Therapeutics Inc. 128,000 $1.7M Reduce -30.1% CCJ Cameco Corp. 19,280 $1.4M Reduce -9.5% AMLX Amylyx Pharmaceuticals Inc. 218,750 $1.4M New DYN Dyne Therapeutics Inc. 138,375 $1.3M New HBM Hudbay Minerals Inc. 107,000 $1.1M No change ALKS Alkermes PLC 15,632 $447K New SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 7,700 $272K New TECK Teck Resources Ltd.-CLS B 6,368 $257K No change VYNE THERAPEUTICS INC 115,384 $190K New
Options reported separately and not counted above: HYG puts ($66.3M).
Other holdings (9): bonds, preferreds, convertibles and warrants · $200.5M (not counted above) Security Class Shares / Principal Value Change ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 100,000,000 $127.7M New JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 20,000,000 $20.9M New LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 16,609,000 $14.1M Reduce -28.7% OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal 20,020,027 $14.0M Add +4.6% TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 10,000,000 $11.1M New FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 7,500,000 $7.3M Reduce -54.5% CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal 5,000,000 $5.4M No change DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 301,200 $24K Reduce -0.2% SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 18,898 $178 No change
Total filed on the 13F, all lines: $554.5M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ KGEI Kolibri Global Energy Inc. Reduce -0.0% 13.75% −9.44 INFA Informatica Inc. Class A Sold out 0.00% −5.48 BVN Cia DE Minas Buenaventur-ADR Sold out 0.00% −0.34 OTLY Oatly Group AB Sold out 0.00% −0.31 KROS Keros Therapeutics Inc. Reduce -30.1% 0.48% −0.25 CCJ Cameco Corp. Reduce -9.5% 0.41% +0.06
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ PATH Uipath Inc. Class A Add +53.3% 49.62% +13.40 WK Workiva Inc. New 2.90% +2.90 SRRK Scholar Rock Holding Corp. New 1.04% +1.04 AUTL Autolus Therapeutics PLC Add +10.5% 6.12% +0.88 AMLX Amylyx Pharmaceuticals Inc. New 0.40% +0.40 DYN Dyne Therapeutics Inc. New 0.37% +0.37 ACAD Acadia Pharmaceuticals Inc. Add +50.8% 0.98% +0.29 PHVS Pharvaris NV Add +48.1% 0.94% +0.15 ALKS Alkermes PLC New 0.13% +0.13 SQM Quimica Y Minera Chil-SP ADR New 0.08% +0.08 VYNE THERAPEUTICS INC New 0.05% +0.05 RLAY Relay Therapeutics Inc. Add +12.9% 0.68% +0.05 TECX Tectonic Therapeutic Inc. Add +22.0% 1.28% −0.02 CLDX Celldex Therapeutics Inc. Add +21.1% 1.82% −0.04 ANNX Annexon Inc. Add +6.0% 1.91% −0.10 IMVT Immunovant Inc. Add +12.7% 0.67% −0.21 AXSM Axsome Therapeutics Inc. Add +22.9% 1.22% −0.32 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +8.7% 1.56% −0.39 TARS Tarsus Pharmaceuticals Inc. Add +40.1% 2.86% −0.74
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -48.7% 822,000 $66.3M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal New 100,000,000 $127.7M JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal New 20,000,000 $20.9M LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal Reduce -28.7% 16,609,000 $14.1M OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal Add +4.6% 20,020,027 $14.0M TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal New 10,000,000 $11.1M FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal Reduce -54.5% 7,500,000 $7.3M SSR MINING INC (SSRMCN 2.5 04/01/39) NOTE 2.500% 4/0 · principal Sold out 4,000,000 $4.1Mbefore exit DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 Reduce -0.2% 301,200 $24K
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