Patient Square Capital LP

CIK

1819257

Location

MENLO PARK, CA

Portfolio Value

Small $563,607,111

Diversification

Moderately concentrated

Filing Date

Global Rank

#2,161 / 8,232 ▲ 392

Top Industry

Biotechnology 96.1%

3Y Alpha vs SPY

+17.6%

Period ended 2 months ago

Filed May 15, 2026 · 29d

14 quarters · since Dec 2022

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+166.7%

SPY

+76.5%

Annualised alpha

+17.8%

Max drawdown

−36.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

29 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

40.1%

+2.2 pts

Top 5

57.8%

−4.3 pts

Top 10

73.3%

−4.2 pts

HHI

1,783

Moderately concentrated+96

Portfolio Trend

14 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$563,607,111	29

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
CATX	Perspective Therapeutics, Inc.	+492,185	1,625,000	$6,776,250
DBVT	DBV Technologies S.A.	+334,484	693,534	$14,487,925
COGT	Cogent Biosciences, Inc.	+278,628	596,000	$22,940,040
ARQT	Arcutis Biotherapeutics, Inc.	+190,645	400,645	$9,439,196
HROW	Harrow, Inc.	+158,178	165,209	$5,825,269
XENE	Xenon Pharmaceuticals Inc.	+90,500	227,000	$13,200,050
RCUS	Arcus Biosciences, Inc.	+25,000	195,000	$4,212,000
EYPT	EyePoint, Inc.	+15,000	795,000	$10,247,550
ONC	BeOne Medicines Ltd.	+11,230	80,542	$23,918,557
ARGX	Argenx SE	+10,718	36,718	$26,813,319
ASMB	Assembly Biosciences, Inc.	+9,315	136,315	$3,782,741
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
ALLO	Allogene Therapeutics, Inc.	−1,513,756	3,450,000	$8,418,000
SYRE	Spyre Therapeutics, Inc.	−149,000	1,000	$50,440
INSM	INSMED Inc	−109,500	157,500	$25,754,400
ELVN	Enliven Therapeutics, Inc.	−108,141	200,000	$7,840,000
MIRM	Mirum Pharmaceuticals, Inc.	−68,682	230,000	$21,247,400
DNTH	Dianthus Therapeutics, Inc. /DE/	−56,118	93,882	$7,878,577
PHVS	Pharvaris N.V.	−49,696	493,000	$13,927,250
KYMR	Kymera Therapeutics, Inc.	−39,000	100,000	$8,329,000
CELC	Celcuity Inc.	−25,000	95,000	$10,843,300
ABVX	Abivax S.A.	−8,755	121,245	$13,500,630
No positions match the current search.

New Positions

Positions the filer opened this quarter

7 positions

Ticker	Company	Shares	Value
BLTE	Belite Bio, Inc	116,684	$18,604,096
LEGN	Legend Biotech Corp	990,000	$17,909,100
NKTR	Nektar Therapeutics	210,000	$15,109,500
MRK	Merck & Co., Inc.	80,000	$9,623,200
DFTX	Definium Therapeutics, Inc.	331,000	$6,255,900
TARA	Protara Therapeutics, Inc.	1,030,846	$5,370,707
CTMX	CytomX Therapeutics, Inc.	1,085,790	$5,103,213
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
TERN	Terns Pharmaceuticals, Inc.	320,000	$12,928,000
LQDA	Liquidia Corp	227,000	$7,829,230
OCUL	Ocular Therapeutix, Inc	490,000	$5,948,600
IRON	Disc Medicine, Inc.	74,000	$5,876,340
AVTX	Avalo Therapeutics, Inc.	311,966	$5,665,302
AMLX	Amylyx Pharmaceuticals, Inc.	350,000	$4,228,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

29 positions · $563,607,111 total · as of Mar 31, 2026

All sectors Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
ROIV	Roivant Sciences Ltd. Healthcare	Held	8,166,047	0	$226,199,501	+27.6%	40.13%
ARGX	Argenx SE Healthcare	Added	36,718	+10,718	$26,813,319	+22.6%	4.76%
INSM	INSMED Inc Healthcare	Reduced	157,500	-109,500	$25,754,400	−44.6%	4.57%
ONC	BeOne Medicines Ltd. Healthcare	Added	80,542	+11,230	$23,918,557	+13.6%	4.24%
COGT	Cogent Biosciences, Inc. Healthcare	Added	596,000	+278,628	$22,940,040	+103.5%	4.07%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	Reduced	230,000	-68,682	$21,247,400	−9.9%	3.77%
BLTE	Belite Bio, Inc Healthcare	NEW	116,684	NEW	$18,604,096	NEW	3.30%
LEGN	Legend Biotech Corp Healthcare	NEW	990,000	NEW	$17,909,100	NEW	3.18%
NKTR	Nektar Therapeutics Healthcare	NEW	210,000	NEW	$15,109,500	NEW	2.68%
DBVT	DBV Technologies S.A. Healthcare	Added	693,534	+334,484	$14,487,925	+110.5%	2.57%
PHVS	Pharvaris N.V. Healthcare	Reduced	493,000	-49,696	$13,927,250	−7.5%	2.47%
ABVX	Abivax S.A. Healthcare	Reduced	121,245	-8,755	$13,500,630	−23.0%	2.40%
XENE	Xenon Pharmaceuticals Inc. Healthcare	Added	227,000	+90,500	$13,200,050	+115.8%	2.34%
CELC	Celcuity Inc. Healthcare	Reduced	95,000	-25,000	$10,843,300	−9.4%	1.92%
EYPT	EyePoint, Inc. Healthcare	Added	795,000	+15,000	$10,247,550	−28.1%	1.82%
MRK	Merck & Co., Inc. Healthcare	NEW	80,000	NEW	$9,623,200	NEW	1.71%
ARQT	Arcutis Biotherapeutics, Inc. Healthcare	Added	400,645	+190,645	$9,439,196	+54.8%	1.67%
ALLO	Allogene Therapeutics, Inc. Healthcare	Reduced	3,450,000	-1,513,756	$8,418,000	+23.8%	1.49%
KYMR	Kymera Therapeutics, Inc. Healthcare	Reduced	100,000	-39,000	$8,329,000	−23.0%	1.48%
DNTH	Dianthus Therapeutics, Inc. /DE/ Healthcare	Reduced	93,882	-56,118	$7,878,577	+27.5%	1.40%
ELVN	Enliven Therapeutics, Inc. Healthcare	Reduced	200,000	-108,141	$7,840,000	+65.2%	1.39%
CATX	Perspective Therapeutics, Inc. Healthcare	Added	1,625,000	+492,185	$6,776,250	+117.5%	1.20%
DFTX	Definium Therapeutics, Inc. Healthcare	NEW	331,000	NEW	$6,255,900	NEW	1.11%
HROW	Harrow, Inc. Healthcare	Added	165,209	+158,178	$5,825,269	+1590.8%	1.03%
TARA	Protara Therapeutics, Inc. Healthcare	NEW	1,030,846	NEW	$5,370,707	NEW	0.95%
CTMX	CytomX Therapeutics, Inc. Healthcare	NEW	1,085,790	NEW	$5,103,213	NEW	0.91%
RCUS	Arcus Biosciences, Inc. Healthcare	Added	195,000	+25,000	$4,212,000	+4.0%	0.75%
ASMB	Assembly Biosciences, Inc. Healthcare	Added	136,315	+9,315	$3,782,741	−12.4%	0.67%
SYRE	Spyre Therapeutics, Inc. Healthcare	Reduced	1,000	-149,000	$50,440	−99.0%	0.01%