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PSC
Patient Square Capital Portfolio holdings
AUM
$564M
1-Year Est. Return
261.3%
This Fund
S&P 500
This Quarter
Est. Return
+47.28%
1 Year Est. Return
+261.3%
3 Year Est. Return
+328.19%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$467M
AUM Growth
+$93.3M
(+25%)
Cap. Flow
-$29.2M
Cap. Flow
% of AUM
-6.25%
Top 10 Holdings %
Top 10 Hldgs %
77.48%
Holding
33
New
9
Increased
11
Reduced
7
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ONC
BeOne Medicines Ltd
ONC
|
+$22.7M |
| 2 |
Mirum Pharmaceuticals
MIRM
|
+$14M |
| 3 |
argenx
ARGX
|
+$8.99M |
| 4 |
Cogent Biosciences
COGT
|
+$8.92M |
| 5 |
TERN
Terns Pharmaceuticals
TERN
|
+$7.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Roivant Sciences
ROIV
|
+$85.1M |
| 2 |
CDTX
Cidara Therapeutics
CDTX
|
+$11.6M |
| 3 |
Insmed
INSM
|
+$10.8M |
| 4 |
Agios Pharmaceuticals
AGIO
|
+$5.37M |
| 5 |
Liquidia Corp
LQDA
|
+$4.93M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Roivant Sciences
ROIV
$24.5B
| $177M | 37.93% |
8,166,047
-4,313,953
| -35% | -$85.1M |
|
|
2
Insmed
INSM
$21.4B
| $46.5M | 9.95% |
267,000
-59,400
| -18% | -$10.8M |
|
|
3
Mirum Pharmaceuticals
MIRM
$6.46B
| $23.6M | 5.05% |
298,682
+194,420
| +186% | +$14M |
|
|
4
argenx
ARGX
$54.6B
| $21.9M | 4.68% |
26,000
+10,500
| +68% | +$8.99M |
|
|
ONC
5
BeOne Medicines Ltd
ONC
$32.8B
| $21.1M | 4.51% |
+69,312
| New | +$22.7M |
|
|
ABVX
6
Abivax
ABVX
$10.8B
| $17.5M | 3.75% |
130,000
-21,833
| -14% | -$2.38M |
|
7
Pharvaris
PHVS
$2.28B
| $15.1M | 3.22% |
542,696
+197,315
| +57% | +$4.75M |
|
8
EyePoint Inc
EYPT
$1.03B
| $14.3M | 3.05% |
780,000
-231,839
| -23% | -$3.29M |
|
|
TERN
9
DELISTED
Terns Pharmaceuticals
TERN
| $12.9M | 2.77% |
+320,000
| New | +$7.4M |
|
10
Celcuity
CELC
$4.21B
| $12M | 2.56% |
120,000
+20,000
| +20% | +$1.64M |
|
|
11
Cogent Biosciences
COGT
$6.65B
| $11.3M | 2.41% |
+317,372
| New | +$8.92M |
|
12
Kymera Therapeutics
KYMR
$8.51B
| $10.8M | 2.32% |
139,000
+46,408
| +50% | +$3.13M |
|
|
13
Liquidia Corp
LQDA
$7.48B
| $7.83M | 1.68% |
227,000
-173,000
| -43% | -$4.93M |
|
|
DBVT
14
DBV Technologies
DBVT
$799M
| $6.88M | 1.47% |
+359,050
| New | +$5.61M |
|
15
Allogene Therapeutics
ALLO
$649M
| $6.8M | 1.46% |
4,963,756
+1,982,360
| +66% | +$2.61M |
|
16
Dianthus Therapeutics
DNTH
$5.84B
| $6.18M | 1.32% |
150,000
+25,000
| +20% | +$969K |
|
17
Xenon Pharmaceuticals
XENE
$6.06B
| $6.12M | 1.31% |
+136,500
| New | +$5.73M |
|
18
Arcutis Biotherapeutics
ARQT
$3.36B
| $6.1M | 1.31% |
+210,000
| New | +$5.38M |
|
19
Ocular Therapeutix
OCUL
$1.79B
| $5.95M | 1.27% |
490,000
-225,000
| -31% | -$2.73M |
|
20
Disc Medicine
IRON
$2.96B
| $5.88M | 1.26% |
74,000
| – | – |
|
21
Avalo Therapeutics
AVTX
$965M
| $5.67M | 1.21% |
311,966
+211,966
| +212% | +$3.58M |
|
22
Spyre Therapeutics
SYRE
$8.54B
| $4.91M | 1.05% |
+150,000
| New | +$3.92M |
|
23
Enliven Therapeutics
ELVN
$3.92B
| $4.75M | 1.02% |
308,141
+57,303
| +23% | +$1.14M |
|
24
Assembly Biosciences
ASMB
$498M
| $4.32M | 0.92% |
127,000
-8,182
| -6% | -$264K |
|
25
Amylyx Pharmaceuticals
AMLX
$2.26B
| $4.23M | 0.91% |
350,000
+33,688
| +11% | +$458K |
|
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Patient Square Capital's Q4 2025 Portfolio in Review
As of Q4 2025, Patient Square Capital held 33 positions worth $467M, up 25% from $374M the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Patient Square Capital withdrew a net $29.2M in Q4 2025, closing 5 positions and reducing 7 holdings. Its most notable exit was Cidara Therapeutics, an estimated $11.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.
Against the trend, Patient Square Capital opened a new position in BeOne Medicines Ltd worth $21.1M.
- Patient Square Capital's largest Q4 2025 buy was BeOne Medicines Ltd: 69,312 shares worth $21.1M.
- Patient Square Capital added most to Mirum Pharmaceuticals in Q4 2025, an estimated $14M increase.
- Patient Square Capital's biggest Q4 2025 reduction was Roivant Sciences, cutting an estimated $85.1M.
- Patient Square Capital fully exited Cidara Therapeutics in Q4 2025, selling an estimated $11.6M.
- Patient Square Capital's ten largest holdings make up 77% of its $467M portfolio in Q4 2025.
- Patient Square Capital opened 9 new positions and closed 5 in Q4 2025.
- Patient Square Capital's portfolio value rose 25% quarter-over-quarter to $467M.
Based on Patient Square Capital's 13F filing for Q4 2025, filed 12 Feb 2026.