First Turn Management, LLC Diversified Active

Location: Del Mar, CA

CIK: 0001993440 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 13, 2026

Total Value: $875M (100.0% shares, 0.0% debt)

Holdings (33)

ABVX ABIVAX SA 5.9%

Value $51.41M Shares 381,233 Est. Cost $96.62 Unrealized —

RVMD REVOLUTION MEDICINES INC 5.8%

Value $50.85M Shares 638,385 Est. Cost $45.05 Unrealized +45.5%

INSM INSMED INC 5.3%

Value $46M Shares 264,293 Est. Cost $48.11 Unrealized +279.3%

BBIO BRIDGEBIO PHARMA INC 5.2%

Value $45.55M Shares 595,473 Est. Cost $29.85 Unrealized +119.9%

MIRM MIRUM PHARMACEUTICALS INC 4.3%

Value $38.04M Shares 481,564 Est. Cost $33.08 Unrealized +117.0%

AXSM AXSOME THERAPEUTICS INC 4.3%

Value $37.79M Shares 206,921 Est. Cost $94.05 Unrealized +48.4%

NUVL NUVALENT INC 4.2%

Value $37.09M Shares 368,697 Est. Cost $71.10 Unrealized +38.7%

XENE XENON PHARMACEUTICALS INC 4.1%

Value $35.84M Shares 799,743 Est. Cost $37.92 Unrealized +10.8%

APGE APOGEE THERAPEUTICS INC 4.1%

Value $35.84M Shares 474,839 Est. Cost $48.12 Unrealized +30.9%

TERN TERNS PHARMACEUTICALS INC 4.0%

Value $35.23M Shares 872,049 Est. Cost $23.11 Unrealized 0.0%

NAMS NEWAMSTERDAM PHARMA COMPANY 3.6%

Value $31.34M Shares 893,473 Est. Cost $23.08 Unrealized +57.7%

UTHR UNITED THERAPEUTICS CORP DEL 3.5%

Value $30.98M Shares 63,580 Est. Cost $336.31 Unrealized +38.5%

VERA VERA THERAPEUTICS INC 3.5%

Value $30.47M Shares 601,774 Est. Cost $35.71 Unrealized -0.5%

COGT COGENT BIOSCIENCES INC 3.3%

Value $29.28M Shares 824,283 Est. Cost $28.11 Unrealized 0.0%

ASND ASCENDIS PHARMA A/S 3.2%

Value $28.11M Shares 131,808 Est. Cost $144.94 Unrealized —

GH GUARDANT HEALTH INC 3.2%

Value $27.75M Shares 271,685 Est. Cost $89.46 Unrealized 0.0%

ROIV ROIVANT SCIENCES LTD 2.9%

Value $25.75M Shares 1,186,817 Est. Cost $13.79 Unrealized +43.1%

IDYA IDEAYA BIOSCIENCES INC 2.9%

Value $25.02M Shares 723,653 Est. Cost $31.88 Unrealized 0.0%

VRDN VIRIDIAN THERAPEUTICS INC 2.5%

Value $21.49M Shares 690,528 Est. Cost $27.43 Unrealized 0.0%

FULC FULCRUM THERAPEUTICS INC 2.4%

Value $21.41M Shares 1,892,683 Est. Cost $10.18 Unrealized 0.0%

CYTK CYTOKINETICS INC 2.4%

Value $20.69M Shares 325,668 Est. Cost $45.77 Unrealized +35.9%

SRRK SCHOLAR ROCK HLDG CORP 2.3%

Value $20.25M Shares 459,727 Est. Cost $37.51 Unrealized 0.0%

ARGX ARGENX SE 2.2%

Value $19.56M Shares 23,256 Est. Cost $388.36 Unrealized —

NTRA NATERA INC 2.1%

Value $18.53M Shares 80,875 Est. Cost $128.20 Unrealized +62.7%

ORIC ORIC PHARMACEUTICALS INC 1.9%

Value $16.44M Shares 2,010,307 Est. Cost $10.42 Unrealized +10.5%

KYMR KYMERA THERAPEUTICS INC 1.8%

Value $16.06M Shares 206,445 Est. Cost $45.10 Unrealized +49.7%

RYTM RHYTHM PHARMACEUTICALS INC 1.8%

Value $15.66M Shares 146,303 Est. Cost $106.08 Unrealized 0.0%

OLMA OLEMA PHARMACEUTICALS INC 1.8%

Value $15.44M Shares 617,714 Est. Cost $17.79 Unrealized 0.0%

RCUS ARCUS BIOSCIENCES INC 1.5%

Value $13.47M Shares 565,142 Est. Cost $20.40 Unrealized 0.0%

IRON DISC MEDICINE INC 1.4%

Value $12.17M Shares 153,206 Est. Cost $50.06 Unrealized +68.8%

PRAX PRAXIS PRECISION MEDICINES I 1.2%

Value $10.54M Shares 35,749 Est. Cost $186.22 Unrealized 0.0%

QURE UNIQURE NV 0.9%

Value $7.697M Shares 321,655 Est. Cost $38.59 Unrealized 0.0%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.4%

Value $3.462M Shares 262,643 Est. Cost $52.12 Unrealized -77.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA	381,233	$51.41M	5.9%	$96.62	—	SPONSORED ADS	00370M103
RVMD	REVOLUTION MEDICINES INC	638,385	$50.85M	5.8%	$45.05	+45.5%	COM	76155X100
INSM	INSMED INC	264,293	$46M	5.3%	$48.11	+279.3%	COM PAR $.01	457669307
BBIO	BRIDGEBIO PHARMA INC	595,473	$45.55M	5.2%	$29.85	+119.9%	COM	10806X102
MIRM	MIRUM PHARMACEUTICALS INC	481,564	$38.04M	4.3%	$33.08	+117.0%	COM	604749101
AXSM	AXSOME THERAPEUTICS INC	206,921	$37.79M	4.3%	$94.05	+48.4%	COM	05464T104
NUVL	NUVALENT INC	368,697	$37.09M	4.2%	$71.10	+38.7%	COM	670703107
XENE	XENON PHARMACEUTICALS INC	799,743	$35.84M	4.1%	$37.92	+10.8%	COM	98420N105
APGE	APOGEE THERAPEUTICS INC	474,839	$35.84M	4.1%	$48.12	+30.9%	COM	03770N101
TERN	TERNS PHARMACEUTICALS INC	872,049	$35.23M	4.0%	$23.11	0.0%	COM	880881107
NAMS	NEWAMSTERDAM PHARMA COMPANY	893,473	$31.34M	3.6%	$23.08	+57.7%	ORDINARY SHARES	N62509109
UTHR	UNITED THERAPEUTICS CORP DEL	63,580	$30.98M	3.5%	$336.31	+38.5%	COM	91307C102
VERA	VERA THERAPEUTICS INC	601,774	$30.47M	3.5%	$35.71	-0.5%	CL A	92337R101
COGT	COGENT BIOSCIENCES INC	824,283	$29.28M	3.3%	$28.11	0.0%	COM	19240Q201
ASND	ASCENDIS PHARMA A/S	131,808	$28.11M	3.2%	$144.94	—	SPONSORED ADR	04351P101
GH	GUARDANT HEALTH INC	271,685	$27.75M	3.2%	$89.46	0.0%	COM	40131M109
ROIV	ROIVANT SCIENCES LTD	1,186,817	$25.75M	2.9%	$13.79	+43.1%	SHS	G76279101
IDYA	IDEAYA BIOSCIENCES INC	723,653	$25.02M	2.9%	$31.88	0.0%	COM	45166A102
VRDN	VIRIDIAN THERAPEUTICS INC	690,528	$21.49M	2.5%	$27.43	0.0%	COM	92790C104
FULC	FULCRUM THERAPEUTICS INC	1,892,683	$21.41M	2.4%	$10.18	0.0%	COM	359616109
CYTK	CYTOKINETICS INC	325,668	$20.69M	2.4%	$45.77	+35.9%	COM NEW	23282W605
SRRK	SCHOLAR ROCK HLDG CORP	459,727	$20.25M	2.3%	$37.51	0.0%	COM	80706P103
ARGX	ARGENX SE	23,256	$19.56M	2.2%	$388.36	—	SPONSORED ADR	04016X101
NTRA	NATERA INC	80,875	$18.53M	2.1%	$128.20	+62.7%	COM	632307104
ORIC	ORIC PHARMACEUTICALS INC	2,010,307	$16.44M	1.9%	$10.42	+10.5%	COM	68622P109
KYMR	KYMERA THERAPEUTICS INC	206,445	$16.06M	1.8%	$45.10	+49.7%	COM	501575104
RYTM	RHYTHM PHARMACEUTICALS INC	146,303	$15.66M	1.8%	$106.08	0.0%	COM	76243J105
OLMA	OLEMA PHARMACEUTICALS INC	617,714	$15.44M	1.8%	$17.79	0.0%	COM	68062P106
RCUS	ARCUS BIOSCIENCES INC	565,142	$13.47M	1.5%	$20.40	0.0%	COM	03969F109
IRON	DISC MEDICINE INC	153,206	$12.17M	1.4%	$50.06	+68.8%	COM	254604101
PRAX	PRAXIS PRECISION MEDICINES I	35,749	$10.54M	1.2%	$186.22	0.0%	COM NEW	74006W207
QURE	UNIQURE NV	321,655	$7.697M	0.9%	$38.59	0.0%	SHS	N90064101
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	262,643	$3.462M	0.4%	$52.12	-77.4%	CLASS A ORD	61559X104