Merck & Co., Inc. Long-Term Concentrated

CIK: 0000310158 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $276,277 (100.0% shares, 0.0% debt)

Holdings (12)

Exited Positions (1)

— LAVA THERAPEUTICS NV 0.6%

Value ($000) $1,793 Shares 1,149,345 Est. Cost $0.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	LAVA THERAPEUTICS NV	1,149,345	$1,793	0.6%	$0.95	—	—	N51517105

Decreased Positions (1)

— SUTRO BIOPHARMA INC 1.1%

Value ($000) $3,151 (+33.2%) Shares 272,351 (-90.0%) Est. Cost $1.84 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SUTRO BIOPHARMA INC	272,351 (-90.0%)	$3,151 (+33.2%)	1.1%	$1.84	—	COM	869367102

Unchanged Positions (11)

PSNL PERSONALIS INC 40.5%

Value ($000) $111,798 Shares 14,044,943 Est. Cost $4.62 Unrealized +89.5%

KYMR KYMERA THERAPEUTICS INC 21.7%

Value ($000) $60,082 Shares 772,165 Est. Cost $45.17 Unrealized +49.5%

MRNA MODERNA INC 24.6%

Value ($000) $68,069 Shares 2,308,190 Est. Cost $47.80 Unrealized -43.2%

— ENTRADA THERAPEUTICS INC 6.5%

Value ($000) $17,885 Shares 1,739,768 Est. Cost $17.29 Unrealized —

ALEC ALECTOR INC 2.0%

Value ($000) $5,531 Shares 3,545,719 Est. Cost $3.76 Unrealized -52.9%

— EVAXION BIOTECH A/S 2.1%

Value ($000) $5,791 Shares 1,214,126 Est. Cost $1.40 Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 1.1%

Value ($000) $2,907 Shares 93,414 Est. Cost $21.74 Unrealized +26.1%

CARM CARISMA THERAPEUTICS INC 0.0%

Value ($000) $63 Shares 1,473,240 Est. Cost $0.82 Unrealized -91.1%

XLO XILIO THERAPEUTICS INC 0.3%

Value ($000) $950 Shares 1,483,758 Est. Cost $0.98 Unrealized -23.6%

NEUP NEUPHORIA THERAPEUTICS INC 0.0%

Value ($000) $39 Shares 10,027 Est. Cost $3.53 Unrealized +101.1%

HURA TUHURA BIOSCIENCES 0.0%

Value ($000) $11 Shares 13,950 Est. Cost $3.38 Unrealized -43.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSNL	PERSONALIS INC	14,044,943	$111,798	40.5%	$4.62	+89.5%	COM	71535D106
KYMR	KYMERA THERAPEUTICS INC	772,165	$60,082	21.7%	$45.17	+49.5%	COM	501575104
MRNA	MODERNA INC	2,308,190	$68,069	24.6%	$47.80	-43.2%	COM	60770K107
—	ENTRADA THERAPEUTICS INC	1,739,768	$17,885	6.5%	$17.29	—	COM	29384C908
ALEC	ALECTOR INC	3,545,719	$5,531	2.0%	$3.76	-52.9%	COM	014442107
—	EVAXION BIOTECH A/S	1,214,126	$5,791	2.1%	$1.40	—	SPONSORED ADS	29970R204
VRDN	VIRIDIAN THERAPEUTICS INC	93,414	$2,907	1.1%	$21.74	+26.1%	COM	92790C104
CARM	CARISMA THERAPEUTICS INC	1,473,240	$63	0.0%	$0.82	-91.1%	COM	14216R101
XLO	XILIO THERAPEUTICS INC	1,483,758	$950	0.3%	$0.98	-23.6%	COM	98422T100
NEUP	NEUPHORIA THERAPEUTICS INC	10,027	$39	0.0%	$3.53	+101.1%	COM	64136E102
HURA	TUHURA BIOSCIENCES	13,950	$11	0.0%	$3.38	-43.4%	COM	898920103