Darwin Global Management, Ltd. Quant / Systematic

CIK: 0001839209 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $4,939,420 (100.0% shares, 0.0% debt)

Holdings (6)

New Positions (3)

BLTE BELITE BIO INC 9.9%

Value ($000) $486,915 Shares 3,027,704 Est. Cost $160.82 Unrealized —

WVE WAVE LIFE SCIENCES LTD 2.5%

Value ($000) $125,168 Shares 7,298,421 Est. Cost $10.16 Unrealized 0.0%

CAPR CAPRICOR THERAPEUTICS INC 0.5%

Value ($000) $23,168 Shares 800,000 Est. Cost $13.06 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BLTE	BELITE BIO INC	3,027,704	$486,915	9.9%	$160.82	—	SPONSORED ADS	07782B104
WVE	WAVE LIFE SCIENCES LTD	7,298,421	$125,168	2.5%	$10.16	0.0%	SHS	Y95308105
CAPR	CAPRICOR THERAPEUTICS INC	800,000	$23,168	0.5%	$13.06	0.0%	COM NEW	14070B309

Increased Positions (1)

INSM INSMED INC 73.8%

Value ($000) $3,644,274 (+25.8%) Shares 20,933,277 (+2.3%) Est. Cost $73.54 Unrealized +148.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	20,933,277 (+2.3%)	$3,644,274 (+25.8%)	73.8%	$73.54	+148.1%	COM PAR $.01	457669307

Exited Positions (2)

UTHR UNITED THERAPEUTICS CORP DEL 6.4%

Value ($000) $317,617 Shares 748,550 Est. Cost $336.31 Unrealized +38.5%

QURE UNIQURE NV 0.5%

Value ($000) $23,760 Shares 400,000 Est. Cost $18.16 Unrealized +112.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UTHR	UNITED THERAPEUTICS CORP DEL	748,550	$317,617	6.4%	$336.31	+38.5%	—	91307C102
QURE	UNIQURE NV	400,000	$23,760	0.5%	$18.16	+112.5%	—	N90064101

Unchanged Positions (2)

ABVX ABIVAX SA 8.9%

Value ($000) $439,714 Shares 3,178,501 Est. Cost $83.33 Unrealized —

— CIDARA THERAPEUTICS INC 4.5%

Value ($000) $220,181 Shares 997,196 Est. Cost $59.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA	3,178,501	$439,714	8.9%	$83.33	—	SPONSORED ADS	00370M103
—	CIDARA THERAPEUTICS INC	997,196	$220,181	4.5%	$59.96	—	COM NEW	171757206