Trails Edge Capital Partners, LP Concentrated Active

CIK: 0002077247 · Show all filings

Period: Q4 2025

Filing Date: Feb 17, 2026

Total Value ($000): $404,736 (100.0% shares, 0.0% debt)

Holdings (23)

ACAD ACADIA PHARMACEUTICALS INC 9.4%

Value ($000) $37,912 Shares 1,419,406 Est. Cost $23.90 Unrealized 0.0%

— MIND MEDICINE MINDMED INC 8.5%

Value ($000) $34,387 Shares 2,568,110 Est. Cost $13.39 Unrealized —

PCVX VAXCYTE INC 8.4%

Value ($000) $34,027 Shares 737,470 Est. Cost $44.73 Unrealized 0.0%

NRIX NURIX THERAPEUTICS INC 8.2%

Value ($000) $33,069 Shares 1,743,220 Est. Cost $14.37 Unrealized 0.0%

LBRX LB PHARMACEUTICALS INC 7.7%

Value ($000) $31,066 Shares 1,395,608 Est. Cost $17.47 Unrealized 0.0%

XENE XENON PHARMACEUTICALS INC 6.6%

Value ($000) $26,762 Shares 597,092 Est. Cost $42.00 Unrealized 0.0%

IMCR IMMUNOCORE HLDGS PLC 5.9%

Value ($000) $23,693 Shares 682,597 Est. Cost $34.71 Unrealized —

RCUS ARCUS BIOSCIENCES INC 5.4%

Value ($000) $21,836 Shares 916,313 Est. Cost $20.40 Unrealized 0.0%

TYRA TYRA BIOSCIENCES INC 4.5%

Value ($000) $18,403 Shares 700,000 Est. Cost $18.37 Unrealized 0.0%

NGNE NEUROGENE INC 4.0%

Value ($000) $16,171 Shares 785,000 Est. Cost $24.89 Unrealized 0.0%

FOLD AMICUS THERAPEUTICS INC 3.7%

Value ($000) $14,857 Shares 1,043,313 Est. Cost $9.82 Unrealized 0.0%

APGE APOGEE THERAPEUTICS INC 3.6%

Value ($000) $14,492 Shares 192,000 Est. Cost $62.99 Unrealized 0.0%

IKT INHIBIKASE THERAPEUTICS INC 3.1%

Value ($000) $12,665 Shares 6,178,124 Est. Cost $1.59 Unrealized 0.0%

IVA INVENTIVA SA 3.1%

Value ($000) $12,360 Shares 2,657,997 Est. Cost $4.65 Unrealized —

CAMP CAMP4 THERAPEUTICS CORP 3.0%

Value ($000) $12,162 Shares 1,983,986 Est. Cost $4.25 Unrealized 0.0%

TERN TERNS PHARMACEUTICALS INC 3.0%

Value ($000) $12,120 Shares 300,000 Est. Cost $23.11 Unrealized 0.0%

XFOR X4 PHARMACEUTICALS INC 2.5%

Value ($000) $10,286 Shares 2,571,478 Est. Cost $3.63 Unrealized 0.0%

MBX MBX BIOSCIENCES INC 2.5%

Value ($000) $9,940 Shares 315,158 Est. Cost $24.26 Unrealized 0.0%

VTVT VTV THERAPEUTICS INC 2.3%

Value ($000) $9,238 Shares 231,000 Est. Cost $27.73 Unrealized 0.0%

CMPX COMPASS THERAPEUTICS INC 1.9%

Value ($000) $7,600 Shares 1,415,273 Est. Cost $4.62 Unrealized 0.0%

IMVT IMMUNOVANT INC 1.5%

Value ($000) $6,105 Shares 240,165 Est. Cost $22.30 Unrealized 0.0%

ELVN ENLIVEN THERAPEUTICS INC 0.8%

Value ($000) $3,069 Shares 199,306 Est. Cost $19.92 Unrealized 0.0%

MIRM MIRUM PHARMACEUTICALS INC 0.6%

Value ($000) $2,517 Shares 31,862 Est. Cost $71.78 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACAD	ACADIA PHARMACEUTICALS INC	1,419,406	$37,912	9.4%	$23.90	0.0%	COM	004225108
—	MIND MEDICINE MINDMED INC	2,568,110	$34,387	8.5%	$13.39	—	COM NEW	60255C885
PCVX	VAXCYTE INC	737,470	$34,027	8.4%	$44.73	0.0%	COM	92243G108
NRIX	NURIX THERAPEUTICS INC	1,743,220	$33,069	8.2%	$14.37	0.0%	COM	67080M103
LBRX	LB PHARMACEUTICALS INC	1,395,608	$31,066	7.7%	$17.47	0.0%	COM SHS	50180M108
XENE	XENON PHARMACEUTICALS INC	597,092	$26,762	6.6%	$42.00	0.0%	COM	98420N105
IMCR	IMMUNOCORE HLDGS PLC	682,597	$23,693	5.9%	$34.71	—	ADS	45258D105
RCUS	ARCUS BIOSCIENCES INC	916,313	$21,836	5.4%	$20.40	0.0%	COM	03969F109
TYRA	TYRA BIOSCIENCES INC	700,000	$18,403	4.5%	$18.37	0.0%	COM	90240B106
NGNE	NEUROGENE INC	785,000	$16,171	4.0%	$24.89	0.0%	COM	64135M105
FOLD	AMICUS THERAPEUTICS INC	1,043,313	$14,857	3.7%	$9.82	0.0%	COM	03152W109
APGE	APOGEE THERAPEUTICS INC	192,000	$14,492	3.6%	$62.99	0.0%	COM	03770N101
IKT	INHIBIKASE THERAPEUTICS INC	6,178,124	$12,665	3.1%	$1.59	0.0%	COM NEW	45719W205
IVA	INVENTIVA SA	2,657,997	$12,360	3.1%	$4.65	—	ADS	46124U107
CAMP	CAMP4 THERAPEUTICS CORP	1,983,986	$12,162	3.0%	$4.25	0.0%	COM	13463J101
TERN	TERNS PHARMACEUTICALS INC	300,000	$12,120	3.0%	$23.11	0.0%	COM	880881107
XFOR	X4 PHARMACEUTICALS INC	2,571,478	$10,286	2.5%	$3.63	0.0%	COM NEW	98420X202
MBX	MBX BIOSCIENCES INC	315,158	$9,940	2.5%	$24.26	0.0%	COM	55287L101
VTVT	VTV THERAPEUTICS INC	231,000	$9,238	2.3%	$27.73	0.0%	CL A NEW	918385204
CMPX	COMPASS THERAPEUTICS INC	1,415,273	$7,600	1.9%	$4.62	0.0%	COM	20454B104
IMVT	IMMUNOVANT INC	240,165	$6,105	1.5%	$22.30	0.0%	COM	45258J102
ELVN	ENLIVEN THERAPEUTICS INC	199,306	$3,069	0.8%	$19.92	0.0%	COM	29337E102
MIRM	MIRUM PHARMACEUTICALS INC	31,862	$2,517	0.6%	$71.78	0.0%	COM	604749101