In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Tetragon Partners GP Ltd reported 28 stock positions worth $474.3 million . Its top holding was Uipath Class A (PATH) at 60.3% of the portfolio, followed by Kolibri Global Energy (KGEI, 5.7% ) and LYFT Class A (LYFT, 4.1% ). Compared with Q3 2025, it opened 9 new positions, sold out of 15, added to 7 and reduced 6. The biggest buy was Uipath Class A (PATH, shares +3% ) and the biggest sale Kolibri Global Energy (KGEI, shares −2% ).
Location GRAND CAYMAN, E9
CIK 0001515070
Portfolio Value $474.3M (Q4 2025) Holdings 28 stocks · $474.3M 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 Q3 2025 PATH Uipath Inc. Class A 17,450,000 $286.0M Add +3.0% KGEI Kolibri Global Energy Inc. 6,934,504 $27.3M Reduce -1.9% LYFT LYFT Inc. Class A 1,000,000 $19.4M No change AUTL Autolus Therapeutics PLC 9,500,000 $18.9M No change CXM Sprinklr Inc. Class A 2,200,000 $17.1M No change WK Workiva Inc. 150,000 $12.9M No change ANNX Annexon Inc. 2,032,455 $10.2M Reduce -3.8% PRAX Praxis Precision Medicines I 22,952 $6.8M New CLDX Celldex Therapeutics Inc. 243,800 $6.6M Reduce -19.7% ARWR Arrowhead Pharmaceuticals Inc. 96,935 $6.4M Add +18.4% PHVS Pharvaris NV 194,612 $5.4M No change AXSM Axsome Therapeutics Inc. 26,934 $4.9M Reduce -42.0% DYN Dyne Therapeutics Inc. 247,997 $4.9M Add +11.1% MBX MBX Biosciences Inc. 143,327 $4.5M Reduce -19.4% RAPT Rapt Therapeutics Inc. 131,770 $4.5M New AGIO Agios Pharmaceuticals Inc. 162,018 $4.4M New IMVT Immunovant Inc. 166,187 $4.2M Reduce -11.8% ALKS Alkermes PLC 141,172 $3.9M Add +57.5% FOLD Amicus Therapeutics Inc. 260,771 $3.7M Add +115.1% AMLX Amylyx Pharmaceuticals Inc. 272,828 $3.3M Add +5.7% HRMY Harmony Biosciences Holdings 82,824 $3.1M New NKTR Nektar Therapeutics 69,287 $2.9M New KRYS Krystal Biotech Inc. 11,814 $2.9M Add +142.6% MPLT Maplight Therapeutics Inc. 164,525 $2.9M New SLN Silence Therapeutics PLC-ADR 365,369 $2.2M New SNOW Snowflake Inc. 10,000 $2.2M No change ZVRA Zevra Therapeutics Inc. 192,518 $1.7M New AVDL Avadel Pharmaceuticals Ltd. 43,763 $943K New
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ KGEI Kolibri Global Energy Inc. Reduce -1.9% 5.75% −3.71 TARS Tarsus Pharmaceuticals Inc. Sold out 0.00% −1.79 HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −1.43 SRRK Scholar Rock Holding Corp. Sold out 0.00% −1.06 TECX Tectonic Therapeutic Inc. Sold out 0.00% −0.92 ABVX Abivax SA-ADR Sold out 0.00% −0.62 CLDX Celldex Therapeutics Inc. Reduce -19.7% 1.40% −0.50 ACAD Acadia Pharmaceuticals Inc. Sold out 0.00% −0.44 HBM Hudbay Minerals Inc. Sold out 0.00% −0.43 AXSM Axsome Therapeutics Inc. Reduce -42.0% 1.04% −0.33 CCJ Cameco Corp. Sold out 0.00% −0.32 RLAY Relay Therapeutics Inc. Sold out 0.00% −0.28 TECK Teck Resources Ltd.-CLS B Sold out 0.00% −0.19 KROS Keros Therapeutics Inc. Sold out 0.00% −0.16 LAR Lithium Argentina AG Sold out 0.00% −0.16 RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −0.13 WBI Waterbridge Infrastruc Class A Sold out 0.00% −0.12 NXE Nexgen Energy Ltd. Sold out 0.00% −0.09 IMVT Immunovant Inc. Reduce -11.8% 0.89% +0.16 MBX MBX Biosciences Inc. Reduce -19.4% 0.95% +0.20 ANNX Annexon Inc. Reduce -3.8% 2.15% +0.59
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ PATH Uipath Inc. Class A Add +3.0% 60.30% +5.52 PRAX Praxis Precision Medicines I New 1.43% +1.43 RAPT Rapt Therapeutics Inc. New 0.94% +0.94 AGIO Agios Pharmaceuticals Inc. New 0.93% +0.93 ARWR Arrowhead Pharmaceuticals Inc. Add +18.4% 1.36% +0.68 HRMY Harmony Biosciences Holdings New 0.65% +0.65 NKTR Nektar Therapeutics New 0.62% +0.62 MPLT Maplight Therapeutics Inc. New 0.61% +0.61 FOLD Amicus Therapeutics Inc. Add +115.1% 0.78% +0.55 SLN Silence Therapeutics PLC-ADR New 0.47% +0.47 KRYS Krystal Biotech Inc. Add +142.6% 0.61% +0.41 ZVRA Zevra Therapeutics Inc. New 0.36% +0.36 DYN Dyne Therapeutics Inc. Add +11.1% 1.02% +0.34 AVDL Avadel Pharmaceuticals Ltd. New 0.20% +0.20 ALKS Alkermes PLC Add +57.5% 0.83% +0.18 AMLX Amylyx Pharmaceuticals Inc. Add +5.7% 0.69% −0.15
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 726,900 $59.0Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Sold out 95,000,000 $174.8Mbefore exit LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal Sold out 27,109,000 $24.6Mbefore exit CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal Sold out 21,255,000 $20.8Mbefore exit PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) NOTE 1.000% 4/1 · principal Sold out 20,500,000 $20.6Mbefore exit OATLY GROUP AB (OTLY 9.25 09/14/28) NOTE 9.250% 9/1 · principal Sold out 20,020,027 $18.4Mbefore exit FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) NOTE 0.375% 1/1 · principal Sold out 7,500,000 $8.0Mbefore exit CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal Sold out 5,550,000 $7.4Mbefore exit DSX.WS Diana Shipping Inc.-28 *W EXP 12/14/202 Sold out 233,400 $23Kbefore exit SONWQ Gores Metropoulos II -CW28 *W EXP 01/18/202 Sold out 18,898 $204before 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