Trails Edge Capital Partners, LP In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Trails Edge Capital Partners, LP reported 26 stock positions worth $424.9 million . Its top holding was Vaxcyte (PCVX) at 9.1% of the portfolio, followed by Definium Therapeutics (DFTX, 7.7% ) and LB Pharmaceuticals (LBRX, 7.7% ). Compared with Q4 2025, it opened 11 new positions, sold out of 8, added to 4 and reduced 7. The biggest buy was Mirum Pharmaceuticals (MIRM, shares +946% ) and the biggest sale an exit from Acadia Pharmaceuticals (ACAD).
Location ATLANTA, GA
CIK 0002077247
Portfolio Value $424.9M (Q1 2026) Holdings 26 stocks · $424.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 PCVX Vaxcyte Inc. 662,470 $38.5M Reduce -10.2% DFTX Definium Therapeutics Inc. 1,738,110 $32.9M Reduce -32.3% LBRX LB Pharmaceuticals Inc. 1,319,362 $32.5M Reduce -5.5% MIRM Mirum Pharmaceuticals Inc. 333,312 $30.8M Add +946.1% NRIX Nurix Therapeutics Inc. 1,743,220 $27.0M No change XENE Xenon Pharmaceuticals Inc. 440,000 $25.6M Reduce -26.3% RVMD Revolution Medicines Inc. 245,000 $23.8M New RCUS Arcus Biosciences Inc. 1,047,935 $22.6M Add +14.4% IMCR Immunocore Holdings PLC-ADR 682,597 $20.6M No change CYTK Cytokinetics Inc. 300,000 $19.8M New SNDX Syndax Pharmaceuticals Inc. 701,821 $16.4M New NGNE Neurogene Inc. 782,787 $15.8M Reduce -0.3% IVA Inventiva SA - ADR 2,657,997 $14.8M No change IKT Inhibikase Therapeutics Inc. 8,057,345 $13.5M Add +30.4% FDMT 4D Molecular Therapeutics Inc. 1,302,917 $12.1M New XFOR X4 Pharmaceuticals Inc. 2,571,478 $10.6M No change IMVT Immunovant Inc. 414,054 $10.3M Add +72.4% DSGN Design Therapeutics Inc. 852,013 $9.1M New CAMP CAMP4 Therapeutics Corp. 1,939,563 $8.6M Reduce -2.2% NERV Minerva Neurosciences Inc. 1,419,000 $8.5M New PMN Promis Neurosciences Inc. 557,103 $7.1M New SLGL Sol-Gel Technologies Ltd. 85,496 $6.8M New IPSC Century Therapeutics Inc. 2,449,993 $5.5M New VTVT VTV Therapeutics Inc. Class A 139,578 $5.5M Reduce -39.6% FTH Faeth Therapeutics Inc. filed as SENSEI BIOTHERAPEUTICS INC 125,000 $3.9M New IRD Opus Genetics Inc. 500,000 $2.3M New
Options reported separately and not counted above: XENE puts ($11.6M).
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ ACAD Acadia Pharmaceuticals Inc. Sold out 0.00% −9.37 TYRA Tyra Biosciences Inc. Sold out 0.00% −4.55 FOLD Amicus Therapeutics Inc. Sold out 0.00% −3.67 APGE Apogee Therapeutics Inc. Sold out 0.00% −3.58 TERN Terns Pharmaceuticals Inc. Sold out 0.00% −2.99 MBX MBX Biosciences Inc. Sold out 0.00% −2.46 CMPX Compass Therapeutics Inc. Sold out 0.00% −1.88 CAMP CAMP4 Therapeutics Corp. Reduce -2.2% 2.01% −0.99 VTVT VTV Therapeutics Inc. Class A Reduce -39.6% 1.30% −0.98 DFTX Definium Therapeutics Inc. Reduce -32.3% 7.73% −0.76 ELVN Enliven Therapeutics Inc. Sold out 0.00% −0.76 XENE Xenon Pharmaceuticals Inc. Reduce -26.3% 6.02% −0.59 NGNE Neurogene Inc. Reduce -0.3% 3.71% −0.28 LBRX LB Pharmaceuticals Inc. Reduce -5.5% 7.66% −0.02 PCVX Vaxcyte Inc. Reduce -10.2% 9.06% +0.65
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ MIRM Mirum Pharmaceuticals Inc. Add +946.1% 7.25% +6.62 RVMD Revolution Medicines Inc. New 5.61% +5.61 CYTK Cytokinetics Inc. New 4.65% +4.65 SNDX Syndax Pharmaceuticals Inc. New 3.86% +3.86 FDMT 4D Molecular Therapeutics Inc. New 2.85% +2.85 DSGN Design Therapeutics Inc. New 2.13% +2.13 NERV Minerva Neurosciences Inc. New 2.01% +2.01 PMN Promis Neurosciences Inc. New 1.67% +1.67 SLGL Sol-Gel Technologies Ltd. New 1.59% +1.59 IPSC Century Therapeutics Inc. New 1.30% +1.30 FTH Faeth Therapeutics Inc. New 0.93% +0.93 IMVT Immunovant Inc. Add +72.4% 2.42% +0.91 IRD Opus Genetics Inc. New 0.54% +0.54 IKT Inhibikase Therapeutics Inc. Add +30.4% 3.19% +0.06 RCUS Arcus Biosciences Inc. Add +14.4% 5.33% −0.07
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ XENE Xenon Pharmaceuticals Inc. put New 200,000 $11.6M
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 35 $629.9M LBRX, NRIX, IMCR, TRAX, FDMT Q1 2026 26 $424.9M PCVX, DFTX, LBRX, MIRM, NRIX Q4 2025 23 $404.7M ACAD, MIND MEDICINE MINDMED INC, PCVX, NRIX, LBRX