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

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