In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Tetragon Partners GP Ltd reported 34 stock positions worth $414.0 million . Its top holding was Uipath Class A (PATH) at 54.8% of the portfolio, followed by Kolibri Global Energy (KGEI, 9.5% ) and LYFT Class A (LYFT, 5.3% ). Compared with Q2 2025, it opened 9 new positions, sold out of 2, added to 13 and reduced 7. The biggest buy was Uipath Class A (PATH, shares +24% ) and the biggest sale Tarsus Pharmaceuticals (TARS, shares −50% ).
Location GRAND CAYMAN, E9
CIK 0001515070
Portfolio Value $414.0M (Q3 2025) Holdings 34 stocks · $414.0M 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 Q2 2025 PATH Uipath Inc. Class A 16,950,000 $226.8M Add +23.5% KGEI Kolibri Global Energy Inc. 7,070,568 $39.2M Add +0.0% LYFT LYFT Inc. Class A 1,000,000 $22.0M No change CXM Sprinklr Inc. Class A 2,200,000 $17.0M No change AUTL Autolus Therapeutics PLC 9,500,000 $15.5M No change WK Workiva Inc. 150,000 $12.9M No change CLDX Celldex Therapeutics Inc. 303,600 $7.9M Reduce -4.0% TARS Tarsus Pharmaceuticals Inc. 125,000 $7.4M Reduce -50.0% ANNX Annexon Inc. 2,112,455 $6.4M Reduce -24.8% HYG Ishr Ibx Usd Hiyld CB ETF-Ui 72,961 $5.9M Add +6.3% AXSM Axsome Therapeutics Inc. 46,456 $5.6M Add +11.9% PHVS Pharvaris NV 194,612 $4.9M Add +3.5% SRRK Scholar Rock Holding Corp. 117,882 $4.4M Add +13.9% TECX Tectonic Therapeutic Inc. 243,728 $3.8M Add +6.5% AMLX Amylyx Pharmaceuticals Inc. 258,242 $3.5M Add +18.1% MBX MBX Biosciences Inc. 177,840 $3.1M New IMVT Immunovant Inc. 188,379 $3.0M Add +27.4% DYN Dyne Therapeutics Inc. 223,181 $2.8M Add +61.3% ARWR Arrowhead Pharmaceuticals Inc. 81,841 $2.8M New ALKS Alkermes PLC 89,612 $2.7M Add +473.3% ABVX Abivax SA-ADR 30,000 $2.5M New SNOW Snowflake Inc. 10,000 $2.3M No change ACAD Acadia Pharmaceuticals Inc. 86,071 $1.8M Reduce -46.7% HBM Hudbay Minerals Inc. 117,500 $1.8M Add +9.8% CCJ Cameco Corp. 16,015 $1.3M Reduce -16.9% RLAY Relay Therapeutics Inc. 223,123 $1.2M Reduce -68.1% FOLD Amicus Therapeutics Inc. 121,212 $955K New KRYS Krystal Biotech Inc. 4,870 $860K New TECK Teck Resources Ltd.-CLS B 18,068 $793K Add +183.7% KROS Keros Therapeutics Inc. 43,000 $680K Reduce -66.4% LAR Lithium Argentina AG 200,000 $668K New RARE Ultragenyx Pharmaceutical Inc. 17,718 $533K New WBI Waterbridge Infrastruc Class A 20,000 $504K New NXE Nexgen Energy Ltd. 42,000 $376K New
Options reported separately and not counted above: HYG puts ($59.0M).
Other holdings (9): bonds, preferreds, convertibles and warrants · $274.6M (not counted above) Security Class Shares / Principal Value Change ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 95,000,000 $174.8M Reduce -5.0% LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 27,109,000 $24.6M Add +63.2% CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 21,255,000 $20.8M New PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) NOTE 1.000% 4/1 · principal 20,500,000 $20.6M New OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal 20,020,027 $18.4M No change FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal 7,500,000 $8.0M No change CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal 5,550,000 $7.4M New DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 233,400 $23K Reduce -22.5% SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 18,898 $204 No change
Total filed on the 13F, all lines: $688.6M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ TARS Tarsus Pharmaceuticals Inc. Reduce -50.0% 1.79% −1.07 ACAD Acadia Pharmaceuticals Inc. Reduce -46.7% 0.44% −0.54 RLAY Relay Therapeutics Inc. Reduce -68.1% 0.28% −0.40 ANNX Annexon Inc. Reduce -24.8% 1.56% −0.35 KROS Keros Therapeutics Inc. Reduce -66.4% 0.16% −0.32 CCJ Cameco Corp. Reduce -16.9% 0.32% −0.08 SQM Quimica Y Minera Chil-SP ADR Sold out 0.00% −0.08 VYNE THERAPEUTICS INC Sold out 0.00% −0.05 CLDX Celldex Therapeutics Inc. Reduce -4.0% 1.90% +0.08
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ PATH Uipath Inc. Class A Add +23.5% 54.78% +5.16 MBX MBX Biosciences Inc. New 0.75% +0.75 ARWR Arrowhead Pharmaceuticals Inc. New 0.68% +0.68 ABVX Abivax SA-ADR New 0.62% +0.62 ALKS Alkermes PLC Add +473.3% 0.65% +0.52 AMLX Amylyx Pharmaceuticals Inc. Add +18.1% 0.85% +0.45 DYN Dyne Therapeutics Inc. Add +61.3% 0.68% +0.31 PHVS Pharvaris NV Add +3.5% 1.17% +0.24 FOLD Amicus Therapeutics Inc. New 0.23% +0.23 KRYS Krystal Biotech Inc. New 0.21% +0.21 LAR Lithium Argentina AG New 0.16% +0.16 AXSM Axsome Therapeutics Inc. Add +11.9% 1.36% +0.14 RARE Ultragenyx Pharmaceutical Inc. New 0.13% +0.13 WBI Waterbridge Infrastruc Class A New 0.12% +0.12 TECK Teck Resources Ltd.-CLS B Add +183.7% 0.19% +0.12 HBM Hudbay Minerals Inc. Add +9.8% 0.43% +0.11 NXE Nexgen Energy Ltd. New 0.09% +0.09 IMVT Immunovant Inc. Add +27.4% 0.73% +0.07 SRRK Scholar Rock Holding Corp. Add +13.9% 1.06% +0.02 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +6.3% 1.43% −0.13 TECX Tectonic Therapeutic Inc. Add +6.5% 0.92% −0.36 KGEI Kolibri Global Energy Inc. Add +0.0% 9.46% −4.29
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -11.6% 726,900 $59.0M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Reduce -5.0% 95,000,000 $174.8M LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal Add +63.2% 27,109,000 $24.6M JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal Sold out 20,000,000 $20.9Mbefore exit CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal New 21,255,000 $20.8M PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) NOTE 1.000% 4/1 · principal New 20,500,000 $20.6M TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal Sold out 10,000,000 $11.1Mbefore exit CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal New 5,550,000 $7.4M CYTOKINETICS INC (CYTK 3.5 07/01/27) NOTE 3.500% 7/0 · principal Sold out 5,000,000 $5.4Mbefore exit DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 Reduce -22.5% 233,400 $23K
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