NEXTBio Capital Management LP
Long book
$215.4M
Q1 2026
Positions
24
Top-10 weight
71%
concentration
Last quarter
+15.0%
SPY +14.8%
Turnover
4%
of book per quarter
Strategy in plain words
auto-generated from filingsNEXTBio Capital Management LP is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $215.4M US long book across 24 positions.
The portfolio is concentrated: the top 10 names carry 71% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: TERNS PHARMACEUTICALS INC, PROTAGONIST THERAPEUTICS INC, SHATTUCK LABS INC, VOR BIOPHARMA INC, COMPASS PATHWAYS PLC.
We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2025
+12.4%
Q1 2026
+15.0%
Sector allocation
Healthcare 82%
Other 18%
Long book by quarter
What does NEXTBio Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| 430 TERNS PHARMACEUTICALS INC | — | 604.5K | $31.9M | 14.8% | +9.7% |
| PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 229.6K | $24.2M | 11.2% | Held |
| STTK SHATTUCK LABS INC | Healthcare | 3.1M | $20.3M | 9.4% | Held |
| VOR VOR BIOPHARMA INC | Healthcare | 1000.0K | $17.8M | 8.3% | Held |
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 126.1K | $11.0M | 5.1% | +86.5% |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 183.2K | $10.7M | 4.9% | -0.3% |
| PVLA PALVELLA THERAPEUTICS INC | Healthcare | 82.7K | $10.3M | 4.8% | Held |
| ZBIO ZENAS BIOPHARMA INC | Healthcare | 426.7K | $8.3M | 3.9% | +32.5% |
| VSTM VERASTEM INC | Healthcare | 1.3M | $6.9M | 3.2% | 0.0% |
| CBIO CRESCENT BIOPHARMA INC | Healthcare | 372.9K | $6.8M | 3.2% | Held |
| ORIC ORIC PHARMACEUTICALS INC | Healthcare | 523.6K | $6.6M | 3.1% | -15.0% |
| PCVX VAXCYTE INC | Healthcare | 95.2K | $5.5M | 2.6% | -0.3% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 131.2K | $5.0M | 2.3% | +36.9% |
| CMPX COMPASS THERAPEUTICS INC | Healthcare | 848.2K | $4.5M | 2.1% | -23.9% |
| EVMN EVOMMUNE INC | Healthcare | 184.1K | $4.2M | 2.0% | -19.4% |
| OCS OCULIS HOLDING AG | Healthcare | 149.6K | $4.0M | 1.8% | -0.1% |
| IRON DISC MEDICINE INC | Healthcare | 52.7K | $3.4M | 1.6% | +23.1% |
| 4XC1 KALVISTA PHARMACEUTICALS INC | — | 131.8K | $2.7M | 1.2% | Held |
| SMMT SUMMIT THERAPEUTICS INC | Healthcare | 89.7K | $1.7M | 0.8% | New |
| ACET ADICET BIO INC | Healthcare | 157.8K | $1.1M | 0.5% | Held |