First Turn Management, LLC Diversified Active

Location: Del Mar, CA

CIK: 0001993440 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value: $666M (100.0% shares, 0.0% debt)

Holdings (29)

INSM INSMED INC 6.9%

Value $46.05M Shares 319,773 Est. Cost $48.11 Unrealized +154.6%

MIRM MIRUM PHARMACEUTICALS INC 6.3%

Value $41.83M Shares 570,569 Est. Cost $33.08 Unrealized +92.2%

UTHR UNITED THERAPEUTICS CORP DEL 5.4%

Value $35.77M Shares 85,318 Est. Cost $336.31 Unrealized 0.0%

— MERUS N V 5.3%

Value $35.03M Shares 372,022 Est. Cost $61.42 Unrealized —

NUVL NUVALENT INC 5.1%

Value $34.14M Shares 394,754 Est. Cost $71.10 Unrealized +11.2%

XENE XENON PHARMACEUTICALS INC 4.8%

Value $32.11M Shares 799,743 Est. Cost $37.92 Unrealized -7.1%

BBIO BRIDGEBIO PHARMA INC 4.6%

Value $30.63M Shares 589,729 Est. Cost $29.85 Unrealized +63.4%

RVMD REVOLUTION MEDICINES INC 4.5%

Value $30.03M Shares 643,050 Est. Cost $45.05 Unrealized -13.1%

ASND ASCENDIS PHARMA A/S 4.4%

Value $29.08M Shares 146,291 Est. Cost $144.94 Unrealized —

ARGX ARGENX SE 4.3%

Value $28.59M Shares 38,767 Est. Cost $388.36 Unrealized —

IRON DISC MEDICINE INC 3.9%

Value $26.28M Shares 397,693 Est. Cost $50.06 Unrealized +18.8%

ORIC ORIC PHARMACEUTICALS INC 3.9%

Value $25.91M Shares 2,159,474 Est. Cost $10.42 Unrealized +1.0%

ACLX ARCELLX INC 3.9%

Value $25.76M Shares 313,733 Est. Cost $65.31 Unrealized +10.2%

NBIX NEUROCRINE BIOSCIENCES INC 3.8%

Value $25.53M Shares 181,897 Est. Cost $135.50 Unrealized 0.0%

ABVX ABIVAX SA 3.7%

Value $24.78M Shares 291,820 Est. Cost $84.90 Unrealized —

NAMS NEWAMSTERDAM PHARMA COMPANY 3.1%

Value $20.39M Shares 716,971 Est. Cost $19.81 Unrealized +21.0%

— AKERO THERAPEUTICS INC 2.8%

Value $18.85M Shares 397,010 Est. Cost $49.18 Unrealized —

AXSM AXSOME THERAPEUTICS INC 2.8%

Value $18.53M Shares 152,614 Est. Cost $77.83 Unrealized +44.7%

ELVN ENLIVEN THERAPEUTICS INC 2.4%

Value $16.04M Shares 783,411 Est. Cost $21.05 Unrealized -4.2%

APGE APOGEE THERAPEUTICS INC 2.4%

Value $16M Shares 402,811 Est. Cost $45.46 Unrealized -16.0%

KYMR KYMERA THERAPEUTICS INC 2.4%

Value $15.72M Shares 277,726 Est. Cost $45.10 Unrealized 0.0%

JANX JANUX THERAPEUTICS INC 2.3%

Value $15.63M Shares 639,699 Est. Cost $42.49 Unrealized -42.7%

ROIV ROIVANT SCIENCES LTD 2.2%

Value $14.52M Shares 959,703 Est. Cost $12.38 Unrealized 0.0%

CYTK CYTOKINETICS INC 2.1%

Value $14M Shares 254,795 Est. Cost $41.20 Unrealized 0.0%

NTRA NATERA INC 2.0%

Value $13.02M Shares 80,875 Est. Cost $128.20 Unrealized +23.4%

ADMA ADMA BIOLOGICS INC 1.8%

Value $11.86M Shares 808,673 Est. Cost $17.93 Unrealized -4.4%

VERA VERA THERAPEUTICS INC 1.5%

Value $10.3M Shares 354,529 Est. Cost $35.85 Unrealized -35.5%

HROW HARROW INC 1.2%

Value $7.72M Shares 160,234 Est. Cost $32.60 Unrealized +15.6%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.3%

Value $1.883M Shares 262,643 Est. Cost $52.12 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	319,773	$46.05M	6.9%	$48.11	+154.6%	COM PAR $.01	457669307
MIRM	MIRUM PHARMACEUTICALS INC	570,569	$41.83M	6.3%	$33.08	+92.2%	COM	604749101
UTHR	UNITED THERAPEUTICS CORP DEL	85,318	$35.77M	5.4%	$336.31	0.0%	COM	91307C102
—	MERUS N V	372,022	$35.03M	5.3%	$61.42	—	COM	N5749R100
NUVL	NUVALENT INC	394,754	$34.14M	5.1%	$71.10	+11.2%	COM	670703107
XENE	XENON PHARMACEUTICALS INC	799,743	$32.11M	4.8%	$37.92	-7.1%	COM	98420N105
BBIO	BRIDGEBIO PHARMA INC	589,729	$30.63M	4.6%	$29.85	+63.4%	COM	10806X102
RVMD	REVOLUTION MEDICINES INC	643,050	$30.03M	4.5%	$45.05	-13.1%	COM	76155X100
ASND	ASCENDIS PHARMA A/S	146,291	$29.08M	4.4%	$144.94	—	SPONSORED ADR	04351P101
ARGX	ARGENX SE	38,767	$28.59M	4.3%	$388.36	—	SPONSORED ADR	04016X101
IRON	DISC MEDICINE INC	397,693	$26.28M	3.9%	$50.06	+18.8%	COM	254604101
ORIC	ORIC PHARMACEUTICALS INC	2,159,474	$25.91M	3.9%	$10.42	+1.0%	COM	68622P109
ACLX	ARCELLX INC	313,733	$25.76M	3.9%	$65.31	+10.2%	COMMON STOCK	03940C100
NBIX	NEUROCRINE BIOSCIENCES INC	181,897	$25.53M	3.8%	$135.50	0.0%	COM	64125C109
ABVX	ABIVAX SA	291,820	$24.78M	3.7%	$84.90	—	SPONSORED ADS	00370M103
NAMS	NEWAMSTERDAM PHARMA COMPANY	716,971	$20.39M	3.1%	$19.81	+21.0%	ORDINARY SHARES	N62509109
—	AKERO THERAPEUTICS INC	397,010	$18.85M	2.8%	$49.18	—	COM	00973Y108
AXSM	AXSOME THERAPEUTICS INC	152,614	$18.53M	2.8%	$77.83	+44.7%	COM	05464T104
ELVN	ENLIVEN THERAPEUTICS INC	783,411	$16.04M	2.4%	$21.05	-4.2%	COM	29337E102
APGE	APOGEE THERAPEUTICS INC	402,811	$16M	2.4%	$45.46	-16.0%	COM	03770N101
KYMR	KYMERA THERAPEUTICS INC	277,726	$15.72M	2.4%	$45.10	0.0%	COM	501575104
JANX	JANUX THERAPEUTICS INC	639,699	$15.63M	2.3%	$42.49	-42.7%	COM	47103J105
ROIV	ROIVANT SCIENCES LTD	959,703	$14.52M	2.2%	$12.38	0.0%	SHS	G76279101
CYTK	CYTOKINETICS INC	254,795	$14M	2.1%	$41.20	0.0%	COM NEW	23282W605
NTRA	NATERA INC	80,875	$13.02M	2.0%	$128.20	+23.4%	COM	632307104
ADMA	ADMA BIOLOGICS INC	808,673	$11.86M	1.8%	$17.93	-4.4%	COM	000899104
VERA	VERA THERAPEUTICS INC	354,529	$10.3M	1.5%	$35.85	-35.5%	CL A	92337R101
HROW	HARROW INC	160,234	$7.72M	1.2%	$32.60	+15.6%	COM	415858109
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	262,643	$1.883M	0.3%	$52.12	0.0%	CLASS A ORD	61559X104