Patient Square Capital LP
CIK
1819257
Location
MENLO PARK, CA
Portfolio Value
Small
$563,607,111
Diversification
Moderately concentrated
Filing Date
Global Rank
#2,455
/ 8,622
▲ 307
· as of Mar 2026
Top Industry
Biotechnology
96.1%
3Y Alpha vs SPY
+21.2%
Period ended 4 months ago
Filed May 15, 2026 · 2mo
14 quarters · since Dec 2022
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+145.5%
SPY
+67.9%
Annualised alpha
+16.1%
Max drawdown
−36.5%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
29 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top 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 |
|---|---|---|
| Healthcare | 100.0% | $563,607,111 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
11 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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 | Open |
|---|---|---|---|---|
| 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. | ||||
29 tracked positions ·
$563,607,111 total
· as of Mar 31, 2026
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| ROIV |
Roivant Sciences Ltd.
Healthcare
|
Held | 8,166,047 | $226,199,501 | 40.13% | |
| ARGX |
Argenx SE
Healthcare
|
Added | 36,718 | $26,813,319 | 4.76% | |
| INSM |
INSMED Inc
Healthcare
|
Reduced | 157,500 | $25,754,400 | 4.57% | |
| ONC |
BeOne Medicines Ltd.
Healthcare
|
Added | 80,542 | $23,918,557 | 4.24% | |
| COGT |
Cogent Biosciences, Inc.
Healthcare
|
Added | 596,000 | $22,940,040 | 4.07% | |
| MIRM |
Mirum Pharmaceuticals, Inc.
Healthcare
|
Reduced | 230,000 | $21,247,400 | 3.77% | |
| BLTE |
Belite Bio, Inc
Healthcare
|
NEW | 116,684 | $18,604,096 | 3.30% | |
| LEGN |
Legend Biotech Corp
Healthcare
|
NEW | 990,000 | $17,909,100 | 3.18% | |
| NKTR |
Nektar Therapeutics
Healthcare
|
NEW | 210,000 | $15,109,500 | 2.68% | |
| DBVT |
DBV Technologies S.A.
Healthcare
|
Added | 693,534 | $14,487,925 | 2.57% | |
| PHVS |
Pharvaris N.V.
Healthcare
|
Reduced | 493,000 | $13,927,250 | 2.47% | |
| ABVX |
Abivax S.A.
Healthcare
|
Reduced | 121,245 | $13,500,630 | 2.40% | |
| XENE |
Xenon Pharmaceuticals Inc.
Healthcare
|
Added | 227,000 | $13,200,050 | 2.34% | |
| CELC |
Celcuity Inc.
Healthcare
|
Reduced | 95,000 | $10,843,300 | 1.92% | |
| EYPT |
EyePoint, Inc.
Healthcare
|
Added | 795,000 | $10,247,550 | 1.82% | |
| MRK |
Merck & Co., Inc.
Healthcare
|
NEW | 80,000 | $9,623,200 | 1.71% | |
| ARQT |
Arcutis Biotherapeutics, Inc.
Healthcare
|
Added | 400,645 | $9,439,196 | 1.67% | |
| ALLO |
Allogene Therapeutics, Inc.
Healthcare
|
Reduced | 3,450,000 | $8,418,000 | 1.49% | |
| KYMR |
Kymera Therapeutics, Inc.
Healthcare
|
Reduced | 100,000 | $8,329,000 | 1.48% | |
| DNTH |
Dianthus Therapeutics, Inc. /DE/
Healthcare
|
Reduced | 93,882 | $7,878,577 | 1.40% | |
| ELVN |
Enliven Therapeutics, Inc.
Healthcare
|
Reduced | 200,000 | $7,840,000 | 1.39% | |
| CATX |
Perspective Therapeutics, Inc.
Healthcare
|
Added | 1,625,000 | $6,776,250 | 1.20% | |
| DFTX |
Definium Therapeutics, Inc.
Healthcare
|
NEW | 331,000 | $6,255,900 | 1.11% | |
| HROW |
Harrow, Inc.
Healthcare
|
Added | 165,209 | $5,825,269 | 1.03% | |
| TARA |
Protara Therapeutics, Inc.
Healthcare
|
NEW | 1,030,846 | $5,370,707 | 0.95% | |
| CTMX |
CytomX Therapeutics, Inc.
Healthcare
|
NEW | 1,085,790 | $5,103,213 | 0.91% | |
| RCUS |
Arcus Biosciences, Inc.
Healthcare
|
Added | 195,000 | $4,212,000 | 0.75% | |
| ASMB |
Assembly Biosciences, Inc.
Healthcare
|
Added | 136,315 | $3,782,741 | 0.67% | |
| SYRE |
Spyre Therapeutics, Inc.
Healthcare
|
Reduced | 1,000 | $50,440 | 0.01% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.