Novo Holdings A/S Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $1,287,677 (100.0% shares, 0.0% debt)

Holdings (24)

New Positions (1)

Value ($000) $64,756 Shares 3,686,622 Est. Cost $16.75 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPLT	MAPLIGHT THERAPEUTICS INC	3,686,622	$64,756	5.0%	$16.75	0.0%	COM	56565P103

Increased Positions (4)

APGE APOGEE THERAPEUTICS INC 3.3%

Value ($000) $43,024 (+116.6%) Shares 570,000 (+14.0%) Est. Cost $41.12 Unrealized +53.2%

FDMT 4D MOLECULAR THERAPEUTICS IN 2.1%

Value ($000) $27,381 (+57.5%) Shares 3,650,737 (+82.5%) Est. Cost $12.43 Unrealized -18.4%

ELVN ENLIVEN THERAPEUTICS INC 1.8%

Value ($000) $22,792 (-21.9%) Shares 1,480,000 (+3.8%) Est. Cost $19.25 Unrealized +3.5%

BN BROOKFIELD CORP 12.5%

Value ($000) $160,443 (+0.4%) Shares 3,496,245 (+50.0%) Est. Cost $29.96 Unrealized +52.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APGE	APOGEE THERAPEUTICS INC	570,000 (+14.0%)	$43,024 (+116.6%)	3.3%	$41.12	+53.2%	COM	03770N101
FDMT	4D MOLECULAR THERAPEUTICS IN	3,650,737 (+82.5%)	$27,381 (+57.5%)	2.1%	$12.43	-18.4%	COM	35104E100
ELVN	ENLIVEN THERAPEUTICS INC	1,480,000 (+3.8%)	$22,792 (-21.9%)	1.8%	$19.25	+3.5%	COM	29337E102
BN	BROOKFIELD CORP	3,496,245 (+50.0%)	$160,443 (+0.4%)	12.5%	$29.96	+52.0%	CL A LTD VT SH	11271J107

Exited Positions (4)

VTI VANGUARD INDEX FDS 26.5%

Value ($000) $340,821 Shares 1,038,550 Est. Cost $267.51 Unrealized —

— MERUS N V 5.5%

Value ($000) $70,613 Shares 750,000 Est. Cost $56.95 Unrealized —

RXRX RECURSION PHARMACEUTICALS IN 3.0%

Value ($000) $38,698 Shares 7,929,835 Est. Cost $6.72 Unrealized -26.3%

GLTO GALECTO INC 0.0%

Value ($000) $322 Shares 86,579 Est. Cost $13.05 Unrealized +33.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD INDEX FDS	1,038,550	$340,821	26.5%	$267.51	—	—	922908769
—	MERUS N V	750,000	$70,613	5.5%	$56.95	—	—	N5749R100
RXRX	RECURSION PHARMACEUTICALS IN	7,929,835	$38,698	3.0%	$6.72	-26.3%	—	75629V104
GLTO	GALECTO INC	86,579	$322	0.0%	$13.05	+33.2%	—	36322Q206

Decreased Positions (3)

ASML ASML HOLDING N V 9.5%

Value ($000) $121,906 (-13.7%) Shares 113,946 (-21.9%) Est. Cost $662.32 Unrealized —

VALN VALNEVA SE 1.6%

Value ($000) $20,330 (-28.9%) Shares 2,305,000 (-1.7%) Est. Cost $5.67 Unrealized —

ZBIO ZENAS BIOPHARMA INC 4.1%

Value ($000) $52,650 (+18.6%) Shares 1,450,000 (-27.5%) Est. Cost $14.60 Unrealized +125.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASML	ASML HOLDING N V	113,946 (-21.9%)	$121,906 (-13.7%)	9.5%	$662.32	—	N Y REGISTRY SHS	N07059210
VALN	VALNEVA SE	2,305,000 (-1.7%)	$20,330 (-28.9%)	1.6%	$5.67	—	SPONSORED ADS	92025Y103
ZBIO	ZENAS BIOPHARMA INC	1,450,000 (-27.5%)	$52,650 (+18.6%)	4.1%	$14.60	+125.3%	COM	98937L105

Unchanged Positions (16)

EWTX EDGEWISE THERAPEUTICS INC 10.3%

Value ($000) $132,760 Shares 5,350,000 Est. Cost $18.02 Unrealized +11.4%

VRDN VIRIDIAN THERAPEUTICS INC 5.8%

Value ($000) $74,066 Shares 2,380,000 Est. Cost $16.63 Unrealized +64.9%

PCVX VAXCYTE INC 3.3%

Value ($000) $42,272 Shares 916,160 Est. Cost $39.88 Unrealized +12.1%

CRM SALESFORCE INC 6.8%

Value ($000) $87,470 Shares 330,187 Est. Cost $205.72 Unrealized +20.6%

BABA ALIBABA GROUP HLDG LTD 2.9%

Value ($000) $37,719 Shares 257,327 Est. Cost $165.09 Unrealized —

CRNX CRINETICS PHARMACEUTICALS IN 5.9%

Value ($000) $75,644 Shares 1,625,000 Est. Cost $25.38 Unrealized +75.4%

MIRM MIRUM PHARMACEUTICALS INC 7.8%

Value ($000) $99,846 Shares 1,264,028 Est. Cost $12.27 Unrealized +485.2%

INSM INSMED INC 2.7%

Value ($000) $34,808 Shares 200,000 Est. Cost $23.10 Unrealized +689.9%

PHVS PHARVARIS N V 3.8%

Value ($000) $48,563 Shares 1,750,000 Est. Cost $15.36 Unrealized +56.8%

BMRN BIOMARIN PHARMACEUTICAL INC 3.0%

Value ($000) $39,224 Shares 660,000 Est. Cost $77.70 Unrealized -29.9%

AVBP ARRIVENT BIOPHARMA INC 3.0%

Value ($000) $39,076 Shares 1,942,142 Est. Cost $20.49 Unrealized +1.6%

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 1.9%

Value ($000) $24,556 Shares 1,961,317 Est. Cost $11.58 Unrealized —

LNZA LANZATECH GLOBAL INC 0.2%

Value ($000) $2,176 Shares 158,148 Est. Cost $28.70 Unrealized -34.8%

CLDX CELLDEX THERAPEUTICS INC NEW 2.5%

Value ($000) $32,592 Shares 1,200,000 Est. Cost $34.88 Unrealized -24.5%

IOBT IO BIOTECH INC 0.1%

Value ($000) $1,530 Shares 2,512,453 Est. Cost $6.26 Unrealized -88.1%

MQ MARQETA INC 0.2%

Value ($000) $2,097 Shares 441,558 Est. Cost $22.37 Unrealized -78.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EWTX	EDGEWISE THERAPEUTICS INC	5,350,000	$132,760	10.3%	$18.02	+11.4%	COM	28036F105
VRDN	VIRIDIAN THERAPEUTICS INC	2,380,000	$74,066	5.8%	$16.63	+64.9%	COM	92790C104
PCVX	VAXCYTE INC	916,160	$42,272	3.3%	$39.88	+12.1%	COM	92243G108
CRM	SALESFORCE INC	330,187	$87,470	6.8%	$205.72	+20.6%	COM	79466L302
BABA	ALIBABA GROUP HLDG LTD	257,327	$37,719	2.9%	$165.09	—	SPONSORED ADS	01609W102
CRNX	CRINETICS PHARMACEUTICALS IN	1,625,000	$75,644	5.9%	$25.38	+75.4%	COM	22663K107
MIRM	MIRUM PHARMACEUTICALS INC	1,264,028	$99,846	7.8%	$12.27	+485.2%	COM	604749101
INSM	INSMED INC	200,000	$34,808	2.7%	$23.10	+689.9%	COM PAR $.01	457669307
PHVS	PHARVARIS N V	1,750,000	$48,563	3.8%	$15.36	+56.8%	COM	N69605108
BMRN	BIOMARIN PHARMACEUTICAL INC	660,000	$39,224	3.0%	$77.70	-29.9%	COM	09061G101
AVBP	ARRIVENT BIOPHARMA INC	1,942,142	$39,076	3.0%	$20.49	+1.6%	COM	04272N102
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	1,961,317	$24,556	1.9%	$11.58	—	COM NEW	107924102
LNZA	LANZATECH GLOBAL INC	158,148	$2,176	0.2%	$28.70	-34.8%	COM NEW	51655R200
CLDX	CELLDEX THERAPEUTICS INC NEW	1,200,000	$32,592	2.5%	$34.88	-24.5%	COM NEW	15117B202
IOBT	IO BIOTECH INC	2,512,453	$1,530	0.1%	$6.26	-88.1%	COM	449778109
MQ	MARQETA INC	441,558	$2,097	0.2%	$22.37	-78.5%	CLASS A COM	57142B104