Trails Edge Capital Partners, LP reported 31 positions worth $598.54M for the quarter ended Jun 30, 2026, up 44.6% on the prior quarter. It opened 11 new positions, added to 9, trimmed 7 and exited 4. Its largest holding is Lb Pharmaceuticals Inc at 8.3% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| TRAX First Tracks Biotherapeutics, Inc. | +1.51M | – | $30.46M | 5.09% |
| BMRN Biomarin Pharmaceutical Inc | +512.0K | – | $29.30M | 4.89% |
| INSM INSMED Inc | +230.3K | – | $24.56M | 4.1% |
| KLRA Kailera Therapeutics, Inc. | +984.8K | – | $21.69M | 3.62% |
| INCY Incyte Corp | +155.0K | – | $17.57M | 2.94% |
| DSGN Design Therapeutics, Inc. | +1.15M | +134.9% | $16.63M | 4.84% |
| AVTX Avalo Therapeutics, Inc. | +891.9K | – | $16.48M | 2.75% |
| MLTX MoonLake Immunotherapeutics | +750.0K | – | $14.60M | 2.44% |
| FDMT 4D Molecular Therapeutics, Inc. | +925.0K | +71.0% | $12.30M | 4.95% |
| IMCR Immunocore Holdings plc | +380.6K | +55.8% | $12.09M | 5.64% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| PCVX Vaxcyte, Inc. | -662.5K | -100.0% | $38.50M | Exited |
| DFTX Definium Therapeutics, Inc. | -1.74M | -100.0% | $32.85M | Exited |
| RVMD Revolution Medicines, Inc. | -129.3K | -52.8% | $24.21M | 3.62% |
| RCUS Arcus Biosciences, Inc. | -1.05M | -100.0% | $22.64M | Exited |
| MIRM Mirum Pharmaceuticals, Inc. | -110.0K | -33.0% | $12.88M | 4.37% |
| IMVT Immunovant, Inc. | -414.1K | -100.0% | $10.29M | Exited |
| NRIX Nurix Therapeutics, Inc. | -170.0K | -9.8% | $4.12M | 6.38% |
| NGNE Neurogene Inc. | -67.9K | -8.7% | $2.14M | 3.76% |
| VTVT vTv Therapeutics Inc. | -54.4K | -39.0% | $2.05M | 0.536% |
| CYTK Cytokinetics Inc | -11.9K | -4.0% | $1.01M | 4.1% |
| Holding | Shares | Trade Value | Weight |
|---|---|---|---|
| TRAX First Tracks Biotherapeutics, Inc. | +1.51M | $30.46M | 5.09% |
| BMRN Biomarin Pharmaceutical Inc | +512.0K | $29.30M | 4.89% |
| INSM INSMED Inc | +230.3K | $24.56M | 4.1% |
| KLRA Kailera Therapeutics, Inc. | +984.8K | $21.69M | 3.62% |
| INCY Incyte Corp | +155.0K | $17.57M | 2.94% |
| AVTX Avalo Therapeutics, Inc. | +891.9K | $16.48M | 2.75% |
| MLTX MoonLake Immunotherapeutics | +750.0K | $14.60M | 2.44% |
| AURA Aura Biosciences, Inc. | +1.44M | $10.25M | 1.71% |
| ALT Altimmune, Inc. | +2.66M | $8.09M | 1.35% |
| OKUR OnKure Therapeutics, Inc. | +1.44M | $6.56M | 1.1% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | LBRX Lb Pharmaceuticals Inc | Healthcare | 1.52M | $49.43M | 8.26% | +203.7K | +15.4% | Added | 5.05% |
| 2 | NRIX Nurix Therapeutics, Inc. | Healthcare | 1.57M | $38.17M | 6.38% | -170.0K | -9.8% | Reduced | 1.42% |
| 3 | IMCR Immunocore Holdings plc | Healthcare | 1.06M | $33.76M | 5.64% | +380.6K | +55.8% | Added | 2.07% |
| 4 | TRAX First Tracks Biotherapeutics, Inc. | Healthcare | 1.51M | $30.46M | 5.09% | +1.51M | – | New | 4.28% |
| 5 | FDMT 4D Molecular Therapeutics, Inc. | Healthcare | 2.23M | $29.63M | 4.95% | +925.0K | +71.0% | Added | 3.17% |
| 6 | BMRN Biomarin Pharmaceutical Inc | Healthcare | 512.0K | $29.30M | 4.89% | +512.0K | – | New | 0.26% |
| 7 | DSGN Design Therapeutics, Inc. | Healthcare | 2.00M | $28.96M | 4.84% | +1.15M | +134.9% | Added | 3.2% |
| 8 | XENE Xenon Pharmaceuticals Inc. | Healthcare | 440.0K | $26.56M | 4.44% | 0 | 0.0% | Unchanged | 0.44% |
| 9 | MIRM Mirum Pharmaceuticals, Inc. | Healthcare | 223.3K | $26.14M | 4.37% | -110.0K | -33.0% | Reduced | 0.34% |
| 10 | INSM INSMED Inc | Healthcare | 230.3K | $24.56M | 4.1% | +230.3K | – | New | 0.11% |
| 11 | CYTK Cytokinetics Inc | Healthcare | 288.1K | $24.54M | 4.1% | -11.9K | -4.0% | Reduced | 0.21% |
| 12 | SNDX Syndax Pharmaceuticals Inc | Healthcare | 1.11M | $24.26M | 4.05% | +408.2K | +58.2% | Added | 1.25% |
| 13 | NGNE Neurogene Inc. | Healthcare | 714.9K | $22.48M | 3.76% | -67.9K | -8.7% | Reduced | 3.17% |
| 14 | KLRA Kailera Therapeutics, Inc. | Healthcare | 984.8K | $21.69M | 3.62% | +984.8K | – | New | 0.76% |
| 15 | RVMD Revolution Medicines, Inc. | Healthcare | 115.8K | $21.68M | 3.62% | -129.3K | -52.8% | Reduced | 0.05% |
Tip. Select a row to see that position’s full history at Trails Edge Capital Partners.
As of its Q2 2026 13F filing, Trails Edge Capital Partners, LP’s five largest positions were Lb Pharmaceuticals Inc (LBRX) at 8.3%, Nurix Therapeutics, Inc. (NRIX) at 6.4%, Immunocore Holdings plc (IMCR) at 5.6%, First Tracks Biotherapeutics, Inc. (TRAX) at 5.1%, 4D Molecular Therapeutics, Inc. (FDMT) at 5.0% of the reported portfolio.
Trails Edge Capital Partners, LP reported a 13F portfolio worth $598.54M across 31 positions for Q2 2026. That is up 44.6% from the previous quarter.
Its largest purchases by value were First Tracks Biotherapeutics, Inc. ($30.46M), Biomarin Pharmaceutical Inc ($29.30M), INSMED Inc ($24.56M). It opened 11 new positions.
Its largest sales by value were Vaxcyte, Inc. ($38.50M), Definium Therapeutics, Inc. ($32.85M), Revolution Medicines, Inc. ($24.21M). It exited 4 positions entirely.
From the Form 13F-HR reports Trails Edge Capital Partners, LP files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.