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Livermore
Livermore
ZHEN

First Turn Management, LLC

SEC CIK
0001993440
Latest filing
Aug 14, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Nov 14, 2025. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
29
−6 vs. Q2 2025
Portfolio value
$666.0M
+$130.0M (+24.2%) vs. Q2 2025
Filed
Nov 14, 2025
SEC
Holdings of First Turn Management, LLC in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
INSMINSMED IncCOM PAR $.01319,773$46.1M6.9%−52,899−14.2%ReducedHistory
MIRMMirum Pharmaceuticals, Inc.COM570,569$41.8M6.3%+43,029+8.2%AddedHistory
UTHRUnited Therapeutics CorpCOM85,318$35.8M5.4%+85,318NewHistory
MRUSMerus N.V.COM372,022$35.0M5.3%+79,058+27.0%AddedHistory
NUVLNuvalent, Inc.COM394,754$34.1M5.1%+73,956+23.1%AddedHistory
XENEXenon Pharmaceuticals Inc.COM799,743$32.1M4.8%+139,126+21.1%AddedHistory
BBIOBridgeBio Pharma, Inc.COM589,729$30.6M4.6%+38,045+6.9%AddedHistory
RVMDRevolution Medicines, Inc.COM643,050$30.0M4.5%+227,459+54.7%AddedHistory
ASNDAscendis Pharma A/SSPONSORED ADR146,291$29.1M4.4%+11,604+8.6%AddedHistory
ARGXArgenx SESPONSORED ADR38,767$28.6M4.3%−5,186−11.8%ReducedHistory
IRONDisc Medicine, Inc.COM397,693$26.3M3.9%+98,229+32.8%AddedHistory
ORICOric Pharmaceuticals, Inc.COM2,159,474$25.9M3.9%+149,551+7.4%AddedHistory
ACLXArcellx, Inc.COMMON STOCK313,733$25.8M3.9%+98,510+45.8%AddedHistory
NBIXNeurocrine Biosciences IncStock181,897$25.5M3.8%+181,897NewHistory
ABVXAbivax S.A.SPONSORED ADS291,820$24.8M3.7%+291,820NewHistory
NAMSNewAmsterdam Pharma Co N.V.ORDINARY SHARES716,971$20.4M3.1%+195,874+37.6%AddedHistory
AKROAkero Therapeutics, Inc.COM397,010$18.9M2.8%+282,456+246.6%AddedHistory
AXSMAxsome Therapeutics, Inc.COM152,614$18.5M2.8%+8,214+5.7%AddedHistory
ELVNEnliven Therapeutics, Inc.COM783,411$16.0M2.4%+273,424+53.6%AddedHistory
APGEApogee Therapeutics, Inc.COM402,811$16.0M2.4%+91,321+29.3%AddedHistory
KYMRKymera Therapeutics, Inc.COM277,726$15.7M2.4%+277,726NewHistory
JANXJanux Therapeutics, Inc.COM639,699$15.6M2.3%+192,279+43.0%AddedHistory
ROIVRoivant Sciences Ltd.SHS959,703$14.5M2.2%+959,703NewHistory
CYTKCytokinetics IncCOM NEW254,795$14.0M2.1%+254,795NewHistory
NTRANatera, Inc.COM80,875$13.0M2.0%−37,255−31.5%ReducedHistory
ADMAAdma Biologics, Inc.COM808,673$11.9M1.8%−283,688−26.0%ReducedHistory
VERAVera Therapeutics, Inc.CL A354,529$10.3M1.5%+44,863+14.5%AddedHistory
HROWHarrow, Inc.COM160,234$7.72M1.2%−68,527−30.0%ReducedHistory
MLTXMoonLake ImmunotherapeuticsCLASS A ORD262,643$1.88M0.3%+262,643NewHistory

Sold out since Q2 2025 (13)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of First Turn Management, LLC sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
VRNAVerona Pharma plcSPONSORED ADS309,988$29.3M5.5%History
ISRGIntuitive Surgical IncCOM NEW32,305$17.6M3.3%History
PODDInsulet CorpStock51,408$16.2M3.0%History
TGTXTG Therapeutics, Inc.COM447,884$16.1M3.0%History
GHGuardant Health, Inc.COM302,307$15.7M2.9%History
BSXBoston Scientific CorpStock138,834$14.9M2.8%History
RDNTRadNet, Inc.COM197,759$11.3M2.1%History
HQYHealthequity, Inc.COM80,880$8.47M1.6%History
SPRYARS Pharmaceuticals, Inc.COM455,953$7.96M1.5%History
SLNOSoleno Therapeutics IncCOM86,332$7.23M1.3%History
ALNYAlnylam Pharmaceuticals, Inc.COM17,879$5.83M1.1%History
KALVKalVista Pharmaceuticals, Inc.COM214,138$2.42M0.5%History
BBNXBeta Bionics, Inc.COM157,194$2.29M0.4%History