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Livermore
Livermore
ZHEN

Trails Edge Capital Partners, LP

SEC CIK
0002077247
Latest filing
Aug 14, 2026

The latest 13F from Trails Edge Capital Partners, LP covers Q2 2026 (filed Aug 14, 2026): 35 long positions worth $629.9M. The top 10 holdings make up 50.3% of the portfolio, and the largest is LB Pharmaceuticals Inc (LBRX) at 7.8%. Livermore has 3 filings on Form 13F from this institution, going back to Q4 2025.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
13
Est. +$192.4M
Added
10
Est. +$85.7M
Reduced
7
Est. −$46.4M
Sold out
4
Est. −$104.3M

Top 5 holdings

Share of this quarter's portfolio value

  1. LBRXLB Pharmaceuticals Inc
    7.8%$49.4MHistory
  2. NRIXNurix Therapeutics, Inc.
    6.1%$38.2MHistory
  3. IMCRImmunocore Holdings plc
    5.4%$33.8MHistory
  4. TRAXFirst Tracks Biotherapeutics, Inc.
    4.8%$30.5MHistory
  5. FDMT4D Molecular Therapeutics, Inc.
    4.7%$29.6MHistory

Share of portfolio

Top 5 holdings and the other 30 positions, by share of portfolio value

  1. LBRX7.8%
  2. NRIX6.1%
  3. IMCR5.4%
  4. TRAX4.8%
  5. FDMT4.7%
  6. Other 30 positions71.2%

Biggest buys

New and added positions, by estimated amount bought

  1. TRAXFirst Tracks Biotherapeutics, Inc.
    +$30.5MNewHistory
  2. BMRNBiomarin Pharmaceutical Inc
    +$29.3MNewHistory
  3. INSMINSMED Inc
    +$24.6MNewHistory
  4. KLRAKailera Therapeutics, Inc.
    +$21.7MNewHistory
  5. INCYIncyte Corp
    +$17.6MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. TRAXFirst Tracks Biotherapeutics, Inc.
    +4.84 pp0.0% → 4.8%History
  2. BMRNBiomarin Pharmaceutical Inc
    +4.65 pp0.0% → 4.7%History
  3. INSMINSMED Inc
    +3.90 pp0.0% → 3.9%History
  4. KLRAKailera Therapeutics, Inc.
    +3.44 pp0.0% → 3.4%History
  5. INCYIncyte Corp
    +2.79 pp0.0% → 2.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. PCVXVaxcyte, Inc.
    −$38.5MSold outHistory
  2. DFTXDefinium Therapeutics, Inc.
    −$32.9MSold outHistory
  3. RVMDRevolution Medicines, Inc.
    −$24.2MReducedHistory
  4. RCUSArcus Biosciences, Inc.
    −$22.6MSold outHistory
  5. MIRMMirum Pharmaceuticals, Inc.
    −$12.9MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. PCVXVaxcyte, Inc.
    −9.06 pp9.1% → 0.0%History
  2. DFTXDefinium Therapeutics, Inc.
    −7.73 pp7.7% → 0.0%History
  3. RCUSArcus Biosciences, Inc.
    −5.33 pp5.3% → 0.0%History
  4. MIRMMirum Pharmaceuticals, Inc.
    −3.10 pp7.2% → 4.2%History
  5. IMVTImmunovant, Inc.
    −2.42 pp2.4% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$629.9M
+$205.0M (+48.3%) vs. prior quarter
Positions
35
+9 vs. prior quarter
Top 10 concentration
50.3%
Top 10 as share of value
Turnover
28.6%
Q2 2026, one quarter
Average holding period
2.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2025), so positions held before then are understated.

13F filings by quarter

3 quarters, going back to Q4 2025. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $629.9M (Q2 2026)

Q4 2025: $404.7MQ1 2026: $424.9MQ2 2026: $629.9M
Q4 2025Q2 2026
13F filings of Trails Edge Capital Partners, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202635$629.9MLBRXNRIXIMCRvs. Q1 2026SEC
Q1 2026May 15, 202626$424.9MPCVXDFTXLBRXvs. Q4 2025SEC
Q4 2025Feb 17, 202623$404.7MACADDFTXPCVX–SEC

13D and 13G filings

Companies where Trails Edge Capital Partners, LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

10 companies, largest stake first.

Companies where Trails Edge Capital Partners, LP owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
IMAImageneBio, Inc.13G9.90%1.18M sharesNewApr 21, 20261 filingApr 21, 2026SEC
PMNProMIS Neurosciences Inc.13G9.90%933.5K sharesNewFeb 10, 20261 filingFeb 10, 2026SEC
VTVTvTv Therapeutics Inc.13G9.90%340.5K sharesNewSep 8, 20251 filingSep 8, 2025SEC
IMUXImmunic, Inc.13G8.70%11.5M sharesNewFeb 24, 20261 filingFeb 24, 2026SEC
IKTInhibikase Therapeutics, Inc.13G/A6.10%8.06M shares+1.00 ppfrom 5.10%Dec 31, 20252 filingsMay 15, 2026SEC
CAMPCamp4 Therapeutics Corp13G6.00%3.79M sharesNewAug 10, 20261 filingAug 10, 2026SEC
XFORX4 Pharmaceuticals, Inc13G/A5.80%5.23M shares−4.10 ppfrom 9.90%Aug 18, 20252 filingsFeb 17, 2026SEC
RACDResearch Alliance Corp IV13G5.50%500.0K sharesNewJul 21, 20261 filingJul 21, 2026SEC
RACCResearch Alliance Corp III13G5.50%500.0K sharesNewMay 29, 20261 filingMay 29, 2026SEC
LBRXLB Pharmaceuticals Inc13G5.00%1.27M sharesNewDec 31, 20251 filingDec 31, 2025SEC

Latest filings

21 filings on file made by Trails Edge Capital Partners, LP or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Trails Edge Capital Partners, LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
NGNENeurogene Inc.Aug 14, 20264:15 PM ET13G/A4.50%714.9K shares−0.60 ppfrom 5.10%Below 5%Jun 30, 2026SEC
OKUROnKure Therapeutics, Inc.Aug 14, 20264:15 PM ET13G/A3.60%1.44M shares−2.40 ppfrom 6.00%Below 5%Jun 30, 2026SEC
FTHFaeth Therapeutics, Inc.Aug 14, 20264:15 PM ET13G/A2.00%515.3K shares−7.90 ppfrom 9.90%Below 5%Jun 30, 2026SEC
CAMPCamp4 Therapeutics CorpAug 10, 20265:30 PM ET13G6.00%3.79M sharesNewAug 3, 2026SEC
RACDResearch Alliance Corp IVJul 21, 20264:15 PM ET13G5.50%500.0K sharesNewJul 14, 2026SEC
RACCResearch Alliance Corp IIIMay 29, 20264:15 PM ET13G5.50%500.0K sharesNewMay 21, 2026SEC
IKTInhibikase Therapeutics, Inc.May 15, 20264:15 PM ET13G/A6.10%8.06M shares+1.00 ppfrom 5.10%Mar 31, 2026SEC
IMAImageneBio, Inc.Apr 21, 20264:30 PM ET13G9.90%1.18M sharesNewApr 14, 2026SEC
OKUROnKure Therapeutics, Inc.Apr 7, 20264:30 PM ET13G6.00%2.41M sharesNewMar 31, 2026SEC
MISTMilestone Pharmaceuticals Inc.Mar 26, 20265:37 PM ET13G/A4.30%5.33M shares−5.60 ppfrom 9.90%Below 5%Mar 20, 2026SEC
FTHFaeth Therapeutics, Inc.Feb 25, 20264:15 PM ET13G9.90%126.0K sharesNewFeb 18, 2026SEC
IMUXImmunic, Inc.Feb 24, 20264:15 PM ET13G8.70%11.5M sharesNewFeb 17, 2026SEC
XFORX4 Pharmaceuticals, IncFeb 17, 20264:30 PM ET13G/A5.80%5.23M shares−4.10 ppfrom 9.90%Dec 31, 2025SEC
PMNProMIS Neurosciences Inc.Feb 10, 20264:15 PM ET13G9.90%933.5K sharesNewFeb 3, 2026SEC
IKTInhibikase Therapeutics, Inc.Dec 31, 20255:00 PM ET13G5.10%6.15M sharesNewDec 23, 2025SEC
LBRXLB Pharmaceuticals IncDec 31, 20255:00 PM ET13G5.00%1.27M sharesNewDec 24, 2025SEC
NGNENeurogene Inc.Dec 15, 20256:00 PM ET13G5.10%785.0K sharesNewDec 8, 2025SEC
MISTMilestone Pharmaceuticals Inc.Nov 14, 20254:05 PM ET13G/A9.90%9.02M shares0.00 ppfrom 9.90%Sep 30, 2025SEC
VTVTvTv Therapeutics Inc.Sep 8, 20256:00 PM ET13G9.90%340.5K sharesNewAug 29, 2025SEC
XFORX4 Pharmaceuticals, IncAug 18, 20255:00 PM ET13G9.90%2.32M sharesNewAug 11, 2025SEC