Trails Edge Capital Partners, LP
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Trails Edge Capital Partners, LP reported 35 stock positions worth $629.9 million. Its top holding was LB Pharmaceuticals (LBRX) at 7.8% of the portfolio, followed by Nurix Therapeutics (NRIX, 6.1%) and Immunocore Holdings PLC-ADR (IMCR, 5.4%). Compared with Q1 2026, it opened 13 new positions, sold out of 4, added to 10 and reduced 7. The biggest buy was a new position in First Tracks Biotherapeutics (TRAX) and the biggest sale an exit from Vaxcyte (PCVX).
- Most Recent 13F
- Q2 2026
- Location
- ATLANTA, GA
- CIK
- 0002077247
- Portfolio Value
- $629.9M (Q2 2026)
- SEC Filing
- 0002077247-26-000004 ↗ filed Aug 14, 2026
Holdings Value
Holdings 35 stocks · $629.9M
| LBRX LB Pharmaceuticals Inc. | 7.85% | 1,523,022 | $49.4M | Add +15.4% |
| NRIX Nurix Therapeutics Inc. | 6.06% | 1,573,220 | $38.2M | Reduce -9.8% |
| IMCR Immunocore Holdings PLC-ADR | 5.36% | 1,063,234 | $33.8M | Add +55.8% |
| TRAX First Tracks Biotherapeutics | 4.84% | 1,514,000 | $30.5M | New |
| FDMT 4D Molecular Therapeutics Inc. | 4.70% | 2,227,917 | $29.6M | Add +71.0% |
| BMRN Biomarin Pharmaceutical Inc. | 4.65% | 512,000 | $29.3M | New |
| DSGN Design Therapeutics Inc. | 4.60% | 2,001,282 | $29.0M | Add +134.9% |
| XENE Xenon Pharmaceuticals Inc. | 4.22% | 440,000 | $26.6M | No change |
| MIRM Mirum Pharmaceuticals Inc. | 4.15% | 223,312 | $26.1M | Reduce -33.0% |
| INSM Insmed Inc. | 3.90% | 230,331 | $24.6M | New |
| CYTK Cytokinetics Inc. | 3.90% | 288,089 | $24.5M | Reduce -4.0% |
| SNDX Syndax Pharmaceuticals Inc. | 3.85% | 1,110,000 | $24.3M | Add +58.2% |
| NGNE Neurogene Inc. | 3.57% | 714,885 | $22.5M | Reduce -8.7% |
| KLRA Kailera Therapeutics Inc. | 3.44% | 984,786 | $21.7M | New |
| RVMD Revolution Medicines Inc. | 3.44% | 115,750 | $21.7M | Reduce -52.8% |
| IKT Inhibikase Therapeutics Inc. | 2.92% | 9,051,318 | $18.4M | Add +12.3% |
| INCY Incyte Corp. | 2.79% | 155,000 | $17.6M | New |
| AVTX Avalo Therapeutics Inc. | 2.62% | 891,881 | $16.5M | New |
| MLTX Moonlake Immunotherapeutics | 2.32% | 750,000 | $14.6M | New |
| FTH Faeth Therapeutics Inc. | 2.05% | 515,335 | $12.9M | Add +312.3% |
| XFOR X4 Pharmaceuticals Inc. | 1.91% | 2,571,478 | $12.0M | No change |
| IRD Opus Genetics Inc. | 1.79% | 2,743,658 | $11.3M | Add +448.7% |
| SLGL Sol-Gel Technologies Ltd. | 1.64% | 139,445 | $10.3M | Add +63.1% |
| AURA Aura Biosciences Inc. | 1.63% | 1,443,333 | $10.2M | New |
| IPSC Century Therapeutics Inc. | 1.61% | 4,134,969 | $10.1M | Add +68.8% |
| IVA Inventiva SA - ADR | 1.59% | 2,657,997 | $10.0M | No change |
| CAMP CAMP4 Therapeutics Corp. | 1.34% | 1,932,937 | $8.4M | Reduce -0.3% |
| ALT Altimmune Inc. | 1.28% | 2,660,000 | $8.1M | New |
| NERV Minerva Neurosciences Inc. | 1.25% | 1,419,000 | $7.9M | No change |
| PMN Promis Neurosciences Inc. | 1.16% | 557,103 | $7.3M | No change |
| OKUR Onkure Therapeutics Inc. Class A | 1.04% | 1,438,456 | $6.6M | New |
| FBRX Forte Biosciences Inc. | 0.92% | 273,181 | $5.8M | New |
| RACC Research Alliance Corp. Class A | 0.85% | 500,000 | $5.3M | New |
| VTVT VTV Therapeutics Inc. Class A | 0.51% | 85,192 | $3.2M | Reduce -39.0% |
| IMA Imagenebio Inc. | 0.26% | 282,004 | $1.7M | New |
Portfolio Sells Q1 2026 → Q2 2026
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −9.06 |
| DFTX Definium Therapeutics Inc. | Sold out | 0.00% | −7.73 |
| RCUS Arcus Biosciences Inc. | Sold out | 0.00% | −5.33 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -33.0% | 4.15% | −3.10 |
| IMVT Immunovant Inc. | Sold out | 0.00% | −2.42 |
| RVMD Revolution Medicines Inc. | Reduce -52.8% | 3.44% | −2.17 |
| VTVT VTV Therapeutics Inc. Class A | Reduce -39.0% | 0.51% | −0.79 |
| CYTK Cytokinetics Inc. | Reduce -4.0% | 3.90% | −0.76 |
| CAMP CAMP4 Therapeutics Corp. | Reduce -0.3% | 1.34% | −0.67 |
| NRIX Nurix Therapeutics Inc. | Reduce -9.8% | 6.06% | −0.30 |
| NGNE Neurogene Inc. | Reduce -8.7% | 3.57% | −0.14 |
Portfolio Buys Q1 2026 → Q2 2026
| TRAX First Tracks Biotherapeutics | New | 4.84% | +4.84 |
| BMRN Biomarin Pharmaceutical Inc. | New | 4.65% | +4.65 |
| INSM Insmed Inc. | New | 3.90% | +3.90 |
| KLRA Kailera Therapeutics Inc. | New | 3.44% | +3.44 |
| INCY Incyte Corp. | New | 2.79% | +2.79 |
| AVTX Avalo Therapeutics Inc. | New | 2.62% | +2.62 |
| DSGN Design Therapeutics Inc. | Add +134.9% | 4.60% | +2.46 |
| MLTX Moonlake Immunotherapeutics | New | 2.32% | +2.32 |
| FDMT 4D Molecular Therapeutics Inc. | Add +71.0% | 4.70% | +1.85 |
| AURA Aura Biosciences Inc. | New | 1.63% | +1.63 |
| ALT Altimmune Inc. | New | 1.28% | +1.28 |
| IRD Opus Genetics Inc. | Add +448.7% | 1.79% | +1.25 |
| FTH Faeth Therapeutics Inc. | Add +312.3% | 2.05% | +1.12 |
| OKUR Onkure Therapeutics Inc. Class A | New | 1.04% | +1.04 |
| FBRX Forte Biosciences Inc. | New | 0.92% | +0.92 |
| RACC Research Alliance Corp. Class A | New | 0.85% | +0.85 |
| IMCR Immunocore Holdings PLC-ADR | Add +55.8% | 5.36% | +0.52 |
| IPSC Century Therapeutics Inc. | Add +68.8% | 1.61% | +0.31 |
| IMA Imagenebio Inc. | New | 0.26% | +0.26 |
| LBRX LB Pharmaceuticals Inc. | Add +15.4% | 7.85% | +0.19 |
| SLGL Sol-Gel Technologies Ltd. | Add +63.1% | 1.64% | +0.05 |
| SNDX Syndax Pharmaceuticals Inc. | Add +58.2% | 3.85% | −0.01 |
| IKT Inhibikase Therapeutics Inc. | Add +12.3% | 2.92% | −0.27 |
Options Activity Q1 2026 → Q2 2026
| XENE Xenon Pharmaceuticals Inc. | put | Sold out | 200,000 | $11.6Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.