Krensavage Asset Management, LLC Long-Term Concentrated

CIK: 0001609251 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 18, 2026

Total Value ($000): $283 (100.0% shares, 0.0% debt)

Holdings (18)

New Positions (1)

RARE ULTRAGENYX PHARMACEUTICAL IN 1.2%

Value ($000) $3 Shares 149,634 Est. Cost $32.88 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RARE	ULTRAGENYX PHARMACEUTICAL IN	149,634	$3	1.2%	$32.88	0.0%	COM	90400D108

Increased Positions (3)

ENTA ENANTA PHARMACEUTICALS INC 15.4%

Value ($000) $44 (+72.4%) Shares 2,766,390 (+30.8%) Est. Cost $19.93 Unrealized -36.3%

BMRN BIOMARIN PHARMACEUTICAL INC 11.0%

Value ($000) $31 (+42.0%) Shares 524,786 (+29.4%) Est. Cost $56.56 Unrealized -3.8%

BNTX BIONTECH SE-ADR 3.3%

Value ($000) $9 (+21.1%) Shares 99,523 (+25.4%) Est. Cost $0.09 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ENTA	ENANTA PHARMACEUTICALS INC	2,766,390 (+30.8%)	$44 (+72.4%)	15.4%	$19.93	-36.3%	COM	29251M106
BMRN	BIOMARIN PHARMACEUTICAL INC	524,786 (+29.4%)	$31 (+42.0%)	11.0%	$56.56	-3.8%	COM	09061G101
BNTX	BIONTECH SE-ADR	99,523 (+25.4%)	$9 (+21.1%)	3.3%	$0.09	—	COM	09075V102

Decreased Positions (6)

GSK GSK PLC-SPON ADR 1.7%

Value ($000) $5 (-59.5%) Shares 96,729 (-64.4%) Est. Cost $0.04 Unrealized —

— AVADEL PHARMACEUTICALS 6.5%

Value ($000) $18 (+26.4%) Shares 855,860 (-10.5%) Est. Cost $0.01 Unrealized —

UTHR UNITED THERAPEUTICS CORP 15.7%

Value ($000) $44 (+8.7%) Shares 91,282 (-6.5%) Est. Cost $146.00 Unrealized +219.0%

ALKS ALKERMES PLC 1.1%

Value ($000) $3 (-51.6%) Shares 107,822 (-48.1%) Est. Cost $18.83 Unrealized +59.1%

SUPN SUPERNUS PHARMACEUTICALS INC 5.5%

Value ($000) $16 (-10.3%) Shares 313,499 (-13.8%) Est. Cost $35.15 Unrealized +38.3%

EXEL EXELIXIS INC 7.6%

Value ($000) $22 (+1.0%) Shares 493,526 (-4.8%) Est. Cost $19.77 Unrealized +109.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GSK	GSK PLC-SPON ADR	96,729 (-64.4%)	$5 (-59.5%)	1.7%	$0.04	—	COM	37733W204
—	AVADEL PHARMACEUTICALS	855,860 (-10.5%)	$18 (+26.4%)	6.5%	$0.01	—	COM	G29687103
UTHR	UNITED THERAPEUTICS CORP	91,282 (-6.5%)	$44 (+8.7%)	15.7%	$146.00	+219.0%	COM	91307C102
ALKS	ALKERMES PLC	107,822 (-48.1%)	$3 (-51.6%)	1.1%	$18.83	+59.1%	COM	G01767105
SUPN	SUPERNUS PHARMACEUTICALS INC	313,499 (-13.8%)	$16 (-10.3%)	5.5%	$35.15	+38.3%	COM	868459108
EXEL	EXELIXIS INC	493,526 (-4.8%)	$22 (+1.0%)	7.6%	$19.77	+109.3%	COM	30161Q104

Unchanged Positions (8)

JAZZ JAZZ PHARMACEUTICALS PLC 10.1%

Value ($000) $29 Shares 167,816 Est. Cost $117.78 Unrealized +30.2%

VNDA VANDA PHARMACEUTICALS INC 3.7%

Value ($000) $10 Shares 1,180,388 Est. Cost $4.75 Unrealized +15.8%

— INDIVIOR PLC 4.3%

Value ($000) $12 Shares 339,532 Est. Cost $0.01 Unrealized —

CAH CARDINAL HEALTH INC 5.4%

Value ($000) $15 Shares 73,745 Est. Cost $56.53 Unrealized +232.1%

REGN REGENERON PHARMACEUTICALS 1.1%

Value ($000) $3 Shares 4,000 Est. Cost $556.12 Unrealized +22.0%

SNY SANOFI-ADR 5.5%

Value ($000) $16 Shares 323,946 Est. Cost $0.05 Unrealized —

BIIB BIOGEN INC 0.6%

Value ($000) $2 Shares 10,000 Est. Cost $135.17 Unrealized +20.9%

EOLS EVOLUS INC 0.2%

Value ($000) $1 Shares 100,000 Est. Cost $7.80 Unrealized -13.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JAZZ	JAZZ PHARMACEUTICALS PLC	167,816	$29	10.1%	$117.78	+30.2%	COM	G50871105
VNDA	VANDA PHARMACEUTICALS INC	1,180,388	$10	3.7%	$4.75	+15.8%	COM	921659108
—	INDIVIOR PLC	339,532	$12	4.3%	$0.01	—	COM	G4766E116
CAH	CARDINAL HEALTH INC	73,745	$15	5.4%	$56.53	+232.1%	COM	14149Y108
REGN	REGENERON PHARMACEUTICALS	4,000	$3	1.1%	$556.12	+22.0%	COM	75886F107
SNY	SANOFI-ADR	323,946	$16	5.5%	$0.05	—	COM	80105N105
BIIB	BIOGEN INC	10,000	$2	0.6%	$135.17	+20.9%	COM	09062X103
EOLS	EVOLUS INC	100,000	$1	0.2%	$7.80	-13.1%	COM	30052C107