KVP Capital Advisors, LP Concentrated Active

CIK: 0001858198 · Show all filings

Period: Q4 2025

Filing Date: Feb 18, 2026

Total Value ($000): $103,340 (100.0% shares, 0.0% debt)

Holdings (27)

TERN TERNS PHARMACEUTICALS INC 17.2%

Value ($000) $17,776 Shares 440,000 Est. Cost $23.11 Unrealized 0.0%

PRAX PRAXIS PRECISION MEDICINES I 12.2%

Value ($000) $12,644 Shares 42,900 Est. Cost $186.22 Unrealized 0.0%

AXSM AXSOME THERAPEUTICS INC 6.4%

Value ($000) $6,612 Shares 36,200 Est. Cost $139.61 Unrealized 0.0%

— JAZZ PHARMACEUTICALS PLC 5.1%

Value ($000) $5,270 Shares 31,000 Est. Cost — Unrealized —

WHWK WHITEHAWK THERAPEUTICS INC 5.1%

Value ($000) $5,242 Shares 2,165,997 Est. Cost $2.29 Unrealized 0.0%

TRVI TREVI THERAPEUTICS INC 5.0%

Value ($000) $5,183 Shares 414,000 Est. Cost $11.56 Unrealized 0.0%

INSM INSMED INC 4.8%

Value ($000) $4,960 Shares 28,497 Est. Cost $182.48 Unrealized 0.0%

PTGX PROTAGONIST THERAPEUTICS INC 4.5%

Value ($000) $4,629 Shares 53,000 Est. Cost $81.85 Unrealized 0.0%

IRON DISC MEDICINE INC 4.5%

Value ($000) $4,626 Shares 58,250 Est. Cost $84.50 Unrealized 0.0%

MBX MBX BIOSCIENCES INC 3.7%

Value ($000) $3,833 Shares 121,524 Est. Cost $24.26 Unrealized 0.0%

SVRA SAVARA INC 3.5%

Value ($000) $3,650 Shares 605,280 Est. Cost $4.90 Unrealized 0.0%

TVTX TRAVERE THERAPEUTICS INC 3.4%

Value ($000) $3,477 Shares 91,000 Est. Cost $32.52 Unrealized 0.0%

EWTX EDGEWISE THERAPEUTICS INC 3.2%

Value ($000) $3,300 Shares 133,000 Est. Cost $20.07 Unrealized 0.0%

JAZZ JAZZ PHARMACEUTICALS PLC 2.9%

Value ($000) $2,975 Shares 17,500 Est. Cost $153.31 Unrealized 0.0%

SLNO SOLENO THERAPEUTICS INC 2.7%

Value ($000) $2,764 Shares 59,700 Est. Cost $54.83 Unrealized 0.0%

UTHR UNITED THERAPEUTICS CORP DEL 2.2%

Value ($000) $2,314 Shares 4,750 Est. Cost $465.69 Unrealized 0.0%

ACHV ACHIEVE LIFE SCIENCES INC 2.2%

Value ($000) $2,298 Shares 462,355 Est. Cost $4.36 Unrealized 0.0%

RVMD REVOLUTION MEDICINES INC 2.1%

Value ($000) $2,190 Shares 27,500 Est. Cost $65.57 Unrealized 0.0%

SRRK SCHOLAR ROCK HLDG CORP 1.9%

Value ($000) $1,982 Shares 45,000 Est. Cost $37.51 Unrealized 0.0%

VERA VERA THERAPEUTICS INC 1.6%

Value ($000) $1,656 Shares 32,700 Est. Cost $35.52 Unrealized 0.0%

— FULCRUM THERAPEUTICS INC 1.2%

Value ($000) $1,254 Shares 110,900 Est. Cost — Unrealized —

IMMX IMMIX BIOPHARMA INC 1.2%

Value ($000) $1,205 Shares 230,423 Est. Cost $4.12 Unrealized 0.0%

NKTR NEKTAR THERAPEUTICS 1.1%

Value ($000) $1,137 Shares 26,900 Est. Cost $55.96 Unrealized 0.0%

CABA CABALETTA BIO INC 1.1%

Value ($000) $1,107 Shares 505,431 Est. Cost $2.48 Unrealized 0.0%

FULC FULCRUM THERAPEUTICS INC 0.5%

Value ($000) $566 Shares 50,000 Est. Cost $10.18 Unrealized 0.0%

CELC CELCUITY INC 0.4%

Value ($000) $399 Shares 4,000 Est. Cost $82.21 Unrealized 0.0%

VYNE VYNE THERAPEUTICS INC 0.3%

Value ($000) $290 Shares 500,551 Est. Cost $0.40 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	440,000	$17,776	17.2%	$23.11	0.0%	COM	880881107
PRAX	PRAXIS PRECISION MEDICINES I	42,900	$12,644	12.2%	$186.22	0.0%	COM NEW	74006W207
AXSM	AXSOME THERAPEUTICS INC	36,200	$6,612	6.4%	$139.61	0.0%	COM	05464T104
—	JAZZ PHARMACEUTICALS PLC	31,000	$5,270	5.1%	—	—	Call	G50871905
WHWK	WHITEHAWK THERAPEUTICS INC	2,165,997	$5,242	5.1%	$2.29	0.0%	COM	00032Q104
TRVI	TREVI THERAPEUTICS INC	414,000	$5,183	5.0%	$11.56	0.0%	COM	89532M101
INSM	INSMED INC	28,497	$4,960	4.8%	$182.48	0.0%	COM PAR $.01	457669307
PTGX	PROTAGONIST THERAPEUTICS INC	53,000	$4,629	4.5%	$81.85	0.0%	COM	74366E102
IRON	DISC MEDICINE INC	58,250	$4,626	4.5%	$84.50	0.0%	COM	254604101
MBX	MBX BIOSCIENCES INC	121,524	$3,833	3.7%	$24.26	0.0%	COM	55287L101
SVRA	SAVARA INC	605,280	$3,650	3.5%	$4.90	0.0%	COM	805111101
TVTX	TRAVERE THERAPEUTICS INC	91,000	$3,477	3.4%	$32.52	0.0%	COM	89422G107
EWTX	EDGEWISE THERAPEUTICS INC	133,000	$3,300	3.2%	$20.07	0.0%	COM	28036F105
JAZZ	JAZZ PHARMACEUTICALS PLC	17,500	$2,975	2.9%	$153.31	0.0%	SHS USD	G50871105
SLNO	SOLENO THERAPEUTICS INC	59,700	$2,764	2.7%	$54.83	0.0%	COM	834203309
UTHR	UNITED THERAPEUTICS CORP DEL	4,750	$2,314	2.2%	$465.69	0.0%	COM	91307C102
ACHV	ACHIEVE LIFE SCIENCES INC	462,355	$2,298	2.2%	$4.36	0.0%	COM	004468500
RVMD	REVOLUTION MEDICINES INC	27,500	$2,190	2.1%	$65.57	0.0%	COM	76155X100
SRRK	SCHOLAR ROCK HLDG CORP	45,000	$1,982	1.9%	$37.51	0.0%	COM	80706P103
VERA	VERA THERAPEUTICS INC	32,700	$1,656	1.6%	$35.52	0.0%	CL A	92337R101
—	FULCRUM THERAPEUTICS INC	110,900	$1,254	1.2%	—	—	Call	359616909
IMMX	IMMIX BIOPHARMA INC	230,423	$1,205	1.2%	$4.12	0.0%	COM	45258H106
NKTR	NEKTAR THERAPEUTICS	26,900	$1,137	1.1%	$55.96	0.0%	COM NEW	640268306
CABA	CABALETTA BIO INC	505,431	$1,107	1.1%	$2.48	0.0%	COM	12674W109
FULC	FULCRUM THERAPEUTICS INC	50,000	$566	0.5%	$10.18	0.0%	COM	359616109
CELC	CELCUITY INC	4,000	$399	0.4%	$82.21	0.0%	COM	15102K100
VYNE	VYNE THERAPEUTICS INC	500,551	$290	0.3%	$0.40	0.0%	COM	92941V308