In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Tetragon Partners GP Ltd reported 34 stock positions worth $508.9 million . Its top holding was Uipath Class A (PATH) at 55.0% of the portfolio, followed by Kolibri Global Energy (KGEI, 7.4% ) and Warner Bros Discovery (WBD, 5.0% ). Compared with Q4 2025, it opened 10 new positions, sold out of 4, added to 15 and reduced 5. The biggest buy was a new position in Warner Bros Discovery (WBD) and the biggest sale an exit from Rapt Therapeutics (RAPT).
Location GRAND CAYMAN, E9
CIK 0001515070
Portfolio Value $508.9M (Q1 2026) Holdings 34 stocks · $508.9M 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 2025 PATH Uipath Inc. Class A 25,207,628 $279.8M Add +44.5% KGEI Kolibri Global Energy Inc. 6,834,504 $37.5M Reduce -1.4% WBD Warner Bros Discovery Inc. 923,725 $25.4M New WK Workiva Inc. 250,000 $14.9M Add +66.7% LYFT LYFT Inc. Class A 1,000,000 $13.3M No change CXM Sprinklr Inc. Class A 2,200,000 $13.2M No change AUTL Autolus Therapeutics PLC 9,500,000 $13.1M No change CLDX Celldex Therapeutics Inc. 312,316 $9.9M Add +28.1% ARWR Arrowhead Pharmaceuticals Inc. 127,198 $8.0M Add +31.2% NKTR Nektar Therapeutics 103,037 $7.4M Add +48.7% ANNX Annexon Inc. 1,292,455 $7.2M Reduce -36.4% PHVS Pharvaris NV 221,611 $6.3M Add +13.9% ALKS Alkermes PLC 159,791 $5.7M Add +13.2% AGIO Agios Pharmaceuticals Inc. 164,839 $5.6M Add +1.7% IMVT Immunovant Inc. 218,507 $5.4M Add +31.5% PRAX Praxis Precision Medicines I 15,952 $5.1M Reduce -30.5% KRYS Krystal Biotech Inc. 19,668 $5.1M Add +66.5% DYN Dyne Therapeutics Inc. 258,132 $4.7M Add +4.1% AMLX Amylyx Pharmaceuticals Inc. 317,877 $4.4M Add +16.5% MBX MBX Biosciences Inc. 145,480 $4.3M Add +1.5% DFTX Definium Therapeutics Inc. 199,994 $3.8M New SLNO Soleno Therapeutics Inc. 102,125 $3.4M New AXSM Axsome Therapeutics Inc. 20,059 $3.4M Reduce -25.5% HRMY Harmony Biosciences Holdings 119,340 $3.3M Add +44.1% SLN Silence Therapeutics PLC-ADR 630,161 $3.3M Add +72.5% ACAD Acadia Pharmaceuticals Inc. 144,620 $3.2M New IONS Ionis Pharmaceuticals Inc. 41,764 $3.1M New MPLT Maplight Therapeutics Inc. 112,115 $2.3M Reduce -31.9% RLAY Relay Therapeutics Inc. 181,543 $1.8M New SNOW Snowflake Inc. 10,000 $1.5M No change AARD Aardvark Therapeutics Inc. 316,621 $1.2M New TECX Tectonic Therapeutic Inc. 37,588 $1.2M New RARE Ultragenyx Pharmaceutical Inc. 39,473 $827K New KPTI Karyopharm Therapeutics Inc. 52,984 $295K New
Options reported separately and not counted above: AXSM calls ($5.9M), KPTI calls ($279K).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ RAPT Rapt Therapeutics Inc. Sold out 0.00% −0.94 FOLD Amicus Therapeutics Inc. Sold out 0.00% −0.78 ANNX Annexon Inc. Reduce -36.4% 1.41% −0.74 PRAX Praxis Precision Medicines I Reduce -30.5% 1.01% −0.42 AXSM Axsome Therapeutics Inc. Reduce -25.5% 0.67% −0.37 ZVRA Zevra Therapeutics Inc. Sold out 0.00% −0.36 AVDL Avadel Pharmaceuticals Ltd. Sold out 0.00% −0.20 MPLT Maplight Therapeutics Inc. Reduce -31.9% 0.45% −0.16 KGEI Kolibri Global Energy Inc. Reduce -1.4% 7.37% +1.63
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ WBD Warner Bros Discovery Inc. New 4.98% +4.98 NKTR Nektar Therapeutics Add +48.7% 1.46% +0.84 DFTX Definium Therapeutics Inc. New 0.74% +0.74 SLNO Soleno Therapeutics Inc. New 0.67% +0.67 ACAD Acadia Pharmaceuticals Inc. New 0.63% +0.63 IONS Ionis Pharmaceuticals Inc. New 0.62% +0.62 CLDX Celldex Therapeutics Inc. Add +28.1% 1.95% +0.55 KRYS Krystal Biotech Inc. Add +66.5% 1.00% +0.38 RLAY Relay Therapeutics Inc. New 0.35% +0.35 ALKS Alkermes PLC Add +13.2% 1.11% +0.28 AARD Aardvark Therapeutics Inc. New 0.23% +0.23 TECX Tectonic Therapeutic Inc. New 0.23% +0.23 ARWR Arrowhead Pharmaceuticals Inc. Add +31.2% 1.57% +0.21 WK Workiva Inc. Add +66.7% 2.93% +0.20 SLN Silence Therapeutics PLC-ADR Add +72.5% 0.65% +0.18 IMVT Immunovant Inc. Add +31.5% 1.07% +0.18 AMLX Amylyx Pharmaceuticals Inc. Add +16.5% 0.87% +0.17 AGIO Agios Pharmaceuticals Inc. Add +1.7% 1.10% +0.17 RARE Ultragenyx Pharmaceutical Inc. New 0.16% +0.16 PHVS Pharvaris NV Add +13.9% 1.23% +0.09 KPTI Karyopharm Therapeutics Inc. New 0.06% +0.06 HRMY Harmony Biosciences Holdings Add +44.1% 0.66% +0.00 MBX MBX Biosciences Inc. Add +1.5% 0.85% −0.10 DYN Dyne Therapeutics Inc. Add +4.1% 0.92% −0.10 PATH Uipath Inc. Class A Add +44.5% 54.98% −5.32
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ AXSM Axsome Therapeutics Inc. call New 35,000 $5.9M KPTI Karyopharm Therapeutics Inc. call New 50,000 $279K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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