NEA Management Company, LLC Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $1,961,137 (100.0% shares, 0.0% debt)

Holdings (27)

New Positions (1)

Value ($000) $3,515 Shares 464,398 Est. Cost $4.58 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LONA	LeonaBio, Inc.	464,398	$3,515	0.2%	$4.58	0.0%	COM	04746L203

Increased Positions (3)

CELC Celcuity Inc. 18.0%

Value ($000) $352,637 (+232.9%) Shares 3,535,561 (+64.9%) Est. Cost $38.74 Unrealized +112.2%

ZBIO Zenas BioPharma, Inc. 6.5%

Value ($000) $127,928 (+110.8%) Shares 3,523,219 (+28.9%) Est. Cost $21.04 Unrealized +56.3%

— X4 Pharmaceuticals, Inc. 0.7%

Value ($000) $12,935 (+69.3%) Shares 3,233,743 (+44.8%) Est. Cost $3.30 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CELC	Celcuity Inc.	3,535,561 (+64.9%)	$352,637 (+232.9%)	18.0%	$38.74	+112.2%	COM	15102K100
ZBIO	Zenas BioPharma, Inc.	3,523,219 (+28.9%)	$127,928 (+110.8%)	6.5%	$21.04	+56.3%	COM	98937L105
—	X4 Pharmaceuticals, Inc.	3,233,743 (+44.8%)	$12,935 (+69.3%)	0.7%	$3.30	—	COM	98420X103

Exited Positions (3)

— VERONA PHARMA PLC 12.3%

Value ($000) $240,417 Shares 2,252,994 Est. Cost $8.67 Unrealized —

— NEUEHEALTH INC 0.9%

Value ($000) $18,189 Shares 2,726,917 Est. Cost $12.22 Unrealized —

OMDA OMADA HEALTH INC 0.4%

Value ($000) $8,051 Shares 364,115 Est. Cost $17.31 Unrealized +17.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	VERONA PHARMA PLC	2,252,994	$240,417	12.3%	$8.67	—	—	925050106
—	NEUEHEALTH INC	2,726,917	$18,189	0.9%	$12.22	—	—	10920V404
OMDA	OMADA HEALTH INC	364,115	$8,051	0.4%	$17.31	+17.2%	—	68170A108

Unchanged Positions (23)

GLUE Monte Rosa Therapeutics, Inc. 6.2%

Value ($000) $120,615 Shares 7,692,298 Est. Cost $20.37 Unrealized -33.8%

SVRA Savara, Inc. 7.5%

Value ($000) $147,562 Shares 24,471,264 Est. Cost $1.74 Unrealized +182.1%

COUR Coursera, Inc. 4.8%

Value ($000) $94,707 Shares 12,867,769 Est. Cost $45.00 Unrealized -80.6%

ACLX Arcellx, Inc. 10.1%

Value ($000) $198,551 Shares 3,045,262 Est. Cost $16.54 Unrealized +382.2%

MBX MBX Biosciences, Inc. 5.8%

Value ($000) $114,001 Shares 3,614,486 Est. Cost $22.87 Unrealized +6.1%

TRVI Trevi Therapeutics, Inc. 8.4%

Value ($000) $165,542 Shares 13,222,228 Est. Cost $2.98 Unrealized +287.2%

KRRO Korro Bio, Inc. 0.4%

Value ($000) $8,737 Shares 1,090,793 Est. Cost $33.32 Unrealized -29.8%

AUPH Aurinia Pharmaceuticals, Inc. 3.2%

Value ($000) $63,319 Shares 3,969,834 Est. Cost $6.46 Unrealized +119.4%

RYTM Rhythm Pharmaceuticals, Inc. 15.9%

Value ($000) $311,482 Shares 2,909,956 Est. Cost $26.40 Unrealized +301.8%

ORIC ORIC Pharmaceuticals, Inc. 1.7%

Value ($000) $33,690 Shares 4,118,621 Est. Cost $8.94 Unrealized +28.7%

CRSP CRISPR Therapeutics AG 2.8%

Value ($000) $55,511 Shares 1,058,570 Est. Cost $20.40 Unrealized +193.6%

PHAT Phathom Pharmaceauticals, Inc. 1.7%

Value ($000) $32,519 Shares 1,960,169 Est. Cost $10.51 Unrealized +35.8%

GOSS Gossamer Bio, Inc. 2.9%

Value ($000) $56,088 Shares 18,093,034 Est. Cost $3.27 Unrealized -12.9%

BDTX Black Diamond Therapeutics, Inc. 0.6%

Value ($000) $10,810 Shares 4,448,757 Est. Cost $23.88 Unrealized -85.2%

CVRX CVRx, Inc. 0.7%

Value ($000) $14,385 Shares 2,026,083 Est. Cost $28.00 Unrealized -67.4%

SYBX Synlogic, Inc. 0.2%

Value ($000) $3,274 Shares 2,922,772 Est. Cost $2.94 Unrealized -49.1%

IVA Inventiva SA 0.3%

Value ($000) $6,801 Shares 1,462,586 Est. Cost $7.21 Unrealized —

SNTI Senti Biosciences, Inc. 0.2%

Value ($000) $3,927 Shares 3,775,615 Est. Cost $3.75 Unrealized -52.8%

MRKR Marker Therapeutics, Inc. 0.1%

Value ($000) $2,422 Shares 1,625,678 Est. Cost $2.77 Unrealized -59.2%

NKTX Nkarta, Inc. 0.3%

Value ($000) $6,602 Shares 3,568,781 Est. Cost $26.42 Unrealized -92.4%

CSBR Champions Oncology, Inc. 0.6%

Value ($000) $11,842 Shares 1,713,720 Est. Cost $6.16 Unrealized +8.0%

OKUR OnKure Therapeutics, Inc. 0.1%

Value ($000) $1,388 Shares 478,548 Est. Cost $15.14 Unrealized -80.2%

IMA ImageneBio, Inc. 0.0%

Value ($000) $345 Shares 50,005 Est. Cost $13.25 Unrealized -44.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLUE	Monte Rosa Therapeutics, Inc.	7,692,298	$120,615	6.2%	$20.37	-33.8%	COM	61225M102
SVRA	Savara, Inc.	24,471,264	$147,562	7.5%	$1.74	+182.1%	COM	805111101
COUR	Coursera, Inc.	12,867,769	$94,707	4.8%	$45.00	-80.6%	COM	22266M104
ACLX	Arcellx, Inc.	3,045,262	$198,551	10.1%	$16.54	+382.2%	COMMON STOCK	03940C100
MBX	MBX Biosciences, Inc.	3,614,486	$114,001	5.8%	$22.87	+6.1%	COM	55287L101
TRVI	Trevi Therapeutics, Inc.	13,222,228	$165,542	8.4%	$2.98	+287.2%	COM	89532M101
KRRO	Korro Bio, Inc.	1,090,793	$8,737	0.4%	$33.32	-29.8%	COM	500946108
AUPH	Aurinia Pharmaceuticals, Inc.	3,969,834	$63,319	3.2%	$6.46	+119.4%	COM	05156V102
RYTM	Rhythm Pharmaceuticals, Inc.	2,909,956	$311,482	15.9%	$26.40	+301.8%	COM	76243J105
ORIC	ORIC Pharmaceuticals, Inc.	4,118,621	$33,690	1.7%	$8.94	+28.7%	COM	68622P109
CRSP	CRISPR Therapeutics AG	1,058,570	$55,511	2.8%	$20.40	+193.6%	NAMEN AKT	H17182108
PHAT	Phathom Pharmaceauticals, Inc.	1,960,169	$32,519	1.7%	$10.51	+35.8%	COM	71722W107
GOSS	Gossamer Bio, Inc.	18,093,034	$56,088	2.9%	$3.27	-12.9%	COM	38341P102
BDTX	Black Diamond Therapeutics, Inc.	4,448,757	$10,810	0.6%	$23.88	-85.2%	COM	09203E105
CVRX	CVRx, Inc.	2,026,083	$14,385	0.7%	$28.00	-67.4%	COM	126638105
SYBX	Synlogic, Inc.	2,922,772	$3,274	0.2%	$2.94	-49.1%	COM NEW	87166L209
IVA	Inventiva SA	1,462,586	$6,801	0.3%	$7.21	—	ADS	46124U107
SNTI	Senti Biosciences, Inc.	3,775,615	$3,927	0.2%	$3.75	-52.8%	COM NEW	81726A209
MRKR	Marker Therapeutics, Inc.	1,625,678	$2,422	0.1%	$2.77	-59.2%	COM NEW	57055L206
NKTX	Nkarta, Inc.	3,568,781	$6,602	0.3%	$26.42	-92.4%	COM	65487U108
CSBR	Champions Oncology, Inc.	1,713,720	$11,842	0.6%	$6.16	+8.0%	COM NEW	15870P307
OKUR	OnKure Therapeutics, Inc.	478,548	$1,388	0.1%	$15.14	-80.2%	COM CL A	68277Q105
IMA	ImageneBio, Inc.	50,005	$345	0.0%	$13.25	-44.1%	COM	45175G207