NEXTBio Capital Management LP Concentrated Active

CIK: 0002038158 · Show all filings

Period: Q4 2025

Filing Date: Feb 13, 2026

Total Value ($000): $170,492 (100.0% shares, 0.0% debt)

Holdings (23)

TERN TERNS PHARMACEUTICALS INC 13.1%

Value ($000) $22,268 Shares 551,190 Est. Cost $23.11 Unrealized 0.0%

PTGX PROTAGONIST THERAPEUTICS INC 11.8%

Value ($000) $20,055 Shares 229,619 Est. Cost $81.85 Unrealized 0.0%

VOR VOR BIOPHARMA INC 7.7%

Value ($000) $13,080 Shares 999,967 Est. Cost $18.62 Unrealized 0.0%

ZBIO ZENAS BIOPHARMA INC 6.9%

Value ($000) $11,691 Shares 321,983 Est. Cost $32.89 Unrealized 0.0%

STTK SHATTUCK LABS INC 6.7%

Value ($000) $11,497 Shares 3,149,907 Est. Cost $2.39 Unrealized 0.0%

VSTM VERASTEM INC 5.9%

Value ($000) $10,093 Shares 1,307,330 Est. Cost $8.91 Unrealized 0.0%

PVLA PALVELLA THERAPEUTICS INC NE 5.1%

Value ($000) $8,655 Shares 82,686 Est. Cost $85.31 Unrealized 0.0%

XENE XENON PHARMACEUTICALS INC 4.8%

Value ($000) $8,234 Shares 183,704 Est. Cost $42.00 Unrealized 0.0%

RYTM RHYTHM PHARMACEUTICALS INC 4.2%

Value ($000) $7,234 Shares 67,586 Est. Cost $106.08 Unrealized 0.0%

GPCR STRUCTURE THERAPEUTICS INC 3.9%

Value ($000) $6,569 Shares 94,443 Est. Cost $69.55 Unrealized —

IVA INVENTIVA SA 3.5%

Value ($000) $6,039 Shares 1,298,701 Est. Cost $4.65 Unrealized —

CMPX COMPASS THERAPEUTICS INC 3.5%

Value ($000) $5,982 Shares 1,114,005 Est. Cost $4.62 Unrealized 0.0%

CMPS COMPASS PATHWAYS PLC 3.0%

Value ($000) $5,193 Shares 752,631 Est. Cost $6.90 Unrealized —

ORIC ORIC PHARMACEUTICALS INC 3.0%

Value ($000) $5,037 Shares 615,720 Est. Cost $11.51 Unrealized 0.0%

CBIO CRESCENT BIOPHARMA INC. 2.6%

Value ($000) $4,422 Shares 372,856 Est. Cost $12.74 Unrealized 0.0%

PCVX VAXCYTE INC 2.6%

Value ($000) $4,406 Shares 95,485 Est. Cost $44.73 Unrealized 0.0%

EVMN EVOMMUNE INC 2.3%

Value ($000) $3,908 Shares 228,286 Est. Cost $18.78 Unrealized 0.0%

COGT COGENT BIOSCIENCES INC 2.0%

Value ($000) $3,403 Shares 95,819 Est. Cost $28.11 Unrealized 0.0%

IRON DISC MEDICINE INC 2.0%

Value ($000) $3,397 Shares 42,778 Est. Cost $84.50 Unrealized 0.0%

OCS OCULIS HOLDING AG 1.8%

Value ($000) $2,991 Shares 149,750 Est. Cost $20.00 Unrealized 0.0%

ZLAB ZAI LAB LTD 1.7%

Value ($000) $2,882 Shares 163,362 Est. Cost $17.64 Unrealized —

KALV KALVISTA PHARMACEUTICALS INC 1.2%

Value ($000) $2,129 Shares 131,796 Est. Cost $13.24 Unrealized 0.0%

ACET ADICET BIO INC 0.8%

Value ($000) $1,329 Shares 157,827 Est. Cost $11.05 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	551,190	$22,268	13.1%	$23.11	0.0%	COM	880881107
PTGX	PROTAGONIST THERAPEUTICS INC	229,619	$20,055	11.8%	$81.85	0.0%	COM	74366E102
VOR	VOR BIOPHARMA INC	999,967	$13,080	7.7%	$18.62	0.0%	COM NEW	929033207
ZBIO	ZENAS BIOPHARMA INC	321,983	$11,691	6.9%	$32.89	0.0%	COM	98937L105
STTK	SHATTUCK LABS INC	3,149,907	$11,497	6.7%	$2.39	0.0%	COM	82024L103
VSTM	VERASTEM INC	1,307,330	$10,093	5.9%	$8.91	0.0%	COM NEW	92337C203
PVLA	PALVELLA THERAPEUTICS INC NE	82,686	$8,655	5.1%	$85.31	0.0%	COM	697947109
XENE	XENON PHARMACEUTICALS INC	183,704	$8,234	4.8%	$42.00	0.0%	COM	98420N105
RYTM	RHYTHM PHARMACEUTICALS INC	67,586	$7,234	4.2%	$106.08	0.0%	COM	76243J105
GPCR	STRUCTURE THERAPEUTICS INC	94,443	$6,569	3.9%	$69.55	—	SPONSORED ADS	86366E106
IVA	INVENTIVA SA	1,298,701	$6,039	3.5%	$4.65	—	ADS	46124U107
CMPX	COMPASS THERAPEUTICS INC	1,114,005	$5,982	3.5%	$4.62	0.0%	COM	20454B104
CMPS	COMPASS PATHWAYS PLC	752,631	$5,193	3.0%	$6.90	—	SPONSORED ADS	20451W101
ORIC	ORIC PHARMACEUTICALS INC	615,720	$5,037	3.0%	$11.51	0.0%	COM	68622P109
CBIO	CRESCENT BIOPHARMA INC.	372,856	$4,422	2.6%	$12.74	0.0%	COM	G2545C104
PCVX	VAXCYTE INC	95,485	$4,406	2.6%	$44.73	0.0%	COM	92243G108
EVMN	EVOMMUNE INC	228,286	$3,908	2.3%	$18.78	0.0%	COM SHS	30054Y107
COGT	COGENT BIOSCIENCES INC	95,819	$3,403	2.0%	$28.11	0.0%	COM	19240Q201
IRON	DISC MEDICINE INC	42,778	$3,397	2.0%	$84.50	0.0%	COM	254604101
OCS	OCULIS HOLDING AG	149,750	$2,991	1.8%	$20.00	0.0%	ORDINARY SHARES	H5870P102
ZLAB	ZAI LAB LTD	163,362	$2,882	1.7%	$17.64	—	ADR	98887Q104
KALV	KALVISTA PHARMACEUTICALS INC	131,796	$2,129	1.2%	$13.24	0.0%	COM	483497103
ACET	ADICET BIO INC	157,827	$1,329	0.8%	$11.05	0.0%	COM NEW	007002207