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Livermore
Livermore
ZHEN

First Turn Management, LLC

SEC CIK
0001993440
Latest filing
Aug 14, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Feb 13, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
33
+4 vs. Q3 2025
Portfolio value
$875.2M
+$209.2M (+31.4%) vs. Q3 2025
Filed
Feb 13, 2026
SEC
Holdings of First Turn Management, LLC in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
ABVXAbivax S.A.SPONSORED ADS381,233$51.4M5.9%+89,413+30.6%AddedHistory
RVMDRevolution Medicines, Inc.COM638,385$50.8M5.8%−4,665−0.7%ReducedHistory
INSMINSMED IncCOM PAR $.01264,293$46.0M5.3%−55,480−17.3%ReducedHistory
BBIOBridgeBio Pharma, Inc.COM595,473$45.5M5.2%+5,744+1.0%AddedHistory
MIRMMirum Pharmaceuticals, Inc.COM481,564$38.0M4.3%−89,005−15.6%ReducedHistory
AXSMAxsome Therapeutics, Inc.COM206,921$37.8M4.3%+54,307+35.6%AddedHistory
NUVLNuvalent, Inc.COM368,697$37.1M4.2%−26,057−6.6%ReducedHistory
XENEXenon Pharmaceuticals Inc.COM799,743$35.8M4.1%00.0%UnchangedHistory
APGEApogee Therapeutics, Inc.COM474,839$35.8M4.1%+72,028+17.9%AddedHistory
TERNTerns Pharmaceuticals, Inc.COM872,049$35.2M4.0%+872,049NewHistory
NAMSNewAmsterdam Pharma Co N.V.ORDINARY SHARES893,473$31.3M3.6%+176,502+24.6%AddedHistory
UTHRUnited Therapeutics CorpCOM63,580$31.0M3.5%−21,738−25.5%ReducedHistory
VERAVera Therapeutics, Inc.CL A601,774$30.5M3.5%+247,245+69.7%AddedHistory
COGTCogent Biosciences, Inc.COM824,283$29.3M3.3%+824,283NewHistory
ASNDAscendis Pharma A/SSPONSORED ADR131,808$28.1M3.2%−14,483−9.9%ReducedHistory
GHGuardant Health, Inc.COM271,685$27.7M3.2%+271,685NewHistory
ROIVRoivant Sciences Ltd.SHS1,186,817$25.8M2.9%+227,114+23.7%AddedHistory
IDYAIDEAYA Biosciences, Inc.COM723,653$25.0M2.9%+723,653NewHistory
VRDNViridian Therapeutics, Inc.COM690,528$21.5M2.5%+690,528NewHistory
FULCFulcrum Therapeutics, Inc.COM1,892,683$21.4M2.4%+1,892,683NewHistory
CYTKCytokinetics IncCOM NEW325,668$20.7M2.4%+70,873+27.8%AddedHistory
SRRKScholar Rock Holding CorpCOM459,727$20.3M2.3%+459,727NewHistory
ARGXArgenx SESPONSORED ADR23,256$19.6M2.2%−15,511−40.0%ReducedHistory
NTRANatera, Inc.COM80,875$18.5M2.1%00.0%UnchangedHistory
ORICOric Pharmaceuticals, Inc.COM2,010,307$16.4M1.9%−149,167−6.9%ReducedHistory
KYMRKymera Therapeutics, Inc.COM206,445$16.1M1.8%−71,281−25.7%ReducedHistory
RYTMRhythm Pharmaceuticals, Inc.COM146,303$15.7M1.8%+146,303NewHistory
OLMAOlema Pharmaceuticals, Inc.COM617,714$15.4M1.8%+617,714NewHistory
RCUSArcus Biosciences, Inc.COM565,142$13.5M1.5%+565,142NewHistory
IRONDisc Medicine, Inc.COM153,206$12.2M1.4%−244,487−61.5%ReducedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW35,749$10.5M1.2%+35,749NewHistory
QUREuniQure N.V.SHS321,655$7.70M0.9%+321,655NewHistory
MLTXMoonLake ImmunotherapeuticsCLASS A ORD262,643$3.46M0.4%00.0%UnchangedHistory

Sold out since Q3 2025 (8)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of First Turn Management, LLC sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
MRUSMerus N.V.COM372,022$35.0M5.3%History
ACLXArcellx, Inc.COMMON STOCK313,733$25.8M3.9%History
NBIXNeurocrine Biosciences IncStock181,897$25.5M3.8%History
AKROAkero Therapeutics, Inc.COM397,010$18.9M2.8%History
ELVNEnliven Therapeutics, Inc.COM783,411$16.0M2.4%History
JANXJanux Therapeutics, Inc.COM639,699$15.6M2.3%History
ADMAAdma Biologics, Inc.COM808,673$11.9M1.8%History
HROWHarrow, Inc.COM160,234$7.72M1.2%History