CIK: 0001819257
Total reported value
$563.6M
Reporting period: 2026-03-31 · Number of holdings: 29
Patient Square Capital LP disclosed 29 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $563.6M and a quarterly turnover rate of 51.2%.
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Patient Square Capital LP's disclosed holdings carry a Herfindahl concentration index of 0.178 — mathematically equivalent to about 6 equally-sized positions, well below its 29 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.08), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 51% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim INSM
-41.0% -$20.7M
Add ROIV
0.0% $49.0M
Add COGT
+87.8% $11.7M
Trim ABVX
-6.7% -$4.0M
Trim MIRM
-23.0% -$2.3M
Trim EYPT
+1.9% -$4.0M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 40.13% | +2.20% | — | |
| 2 | ARGX | Argenx Se - Adr | Stock-Healthcare | 4.76% | +0.08% | +41.22% | |
| 3 | INSM | Insmed INC | Stock-Healthcare | 4.57% | -5.38% | -41.01% | |
| 4 | ONC | Beone Medicines Ltd-adr | Stock-Other | 4.24% | -0.27% | +16.20% | |
| 5 | COGT | Cogent Biosciences INC | Stock-Other | 4.07% | +1.66% | +87.79% | |
| 6 | MIRM | Mirum Pharmaceuticals INC | Stock-Other | 3.77% | -1.28% | -23.00% | |
| 7 | BLTE | Belite Bio INC - Adr | Stock-Other | 3.30% | +3.30% | NEW | |
| 8 | LEGN | Legend Biotech Corp-adr | Stock-Other | 3.18% | +3.18% | NEW | |
| 9 | NKTR | Nektar Therapeutics | Stock-Other | 2.68% | +2.68% | NEW | |
| 10 | DBVT | Dbv Technologies Sa-spon Adr | Stock-Other | 2.57% | +1.10% | +93.16% | |
| 11 | PHVS | Pharvaris N.V. | Stock-Other | 2.47% | -0.75% | -9.16% | |
| 12 | ABVX | Abivax Sa-adr | Stock-Other | 2.40% | -1.35% | -6.73% | |
| 13 | XENE | Xenon Pharmaceuticals INC | Stock-Other | 2.34% | +1.03% | +66.30% | |
| 14 | CELC | Celcuity INC | Stock-Other | 1.92% | -0.64% | -20.83% | |
| 15 | EYPT | Eyepoint INC | Stock-Other | 1.82% | -1.23% | +1.92% | |
| 16 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.71% | +1.71% | NEW | |
| 17 | ARQT | Arcutis Biotherapeutics INC | Stock-Other | 1.67% | +0.36% | +90.78% | |
| 18 | ALLO | Allogene Therapeutics INC | Stock-Other | 1.49% | +0.03% | -30.50% | |
| 19 | KYMR | Kymera Therapeutics INC | Stock-Other | 1.48% | -0.84% | -28.06% | |
| 20 | DNTH | Dianthus Therapeutics INC | Stock-Other | 1.40% | +0.08% | -37.41% | |
| 21 | ELVN | Enliven Therapeutics INC | Stock-Other | 1.39% | +0.37% | -35.09% | |
| 22 | CATX | Perspective Therapeutics INC | Stock-Other | 1.20% | +0.53% | +43.45% | |
| 23 | DFTX | Definium Therapeutics INC | Stock-Other | 1.11% | +1.11% | NEW | |
| 24 | HROW | Harrow INC | Stock-Other | 1.03% | +0.96% | +2249.72% | |
| 25 | TARA | Protara Therapeutic INC | Stock-Other | 0.95% | +0.95% | NEW | |
| 26 | CTMX | Cytomx Therapeutics INC | Stock-Other | 0.91% | +0.91% | NEW | |
| 27 | RCUS | Arcus Biosciences INC | Stock-Other | 0.75% | -0.12% | +14.71% | |
| 28 | ASMB | Assembly Biosciences INC | Stock-Other | 0.67% | -0.25% | +7.33% | |
| 29 | SYRE | Spyre Therapeutics INC | Stock-Other | 0.01% | -1.04% | -99.33% |
Performance for Q3 2026
+14.6%
Performance Last 4 Quarters
+134.3%
Based on 88% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 29 | $563.6M | 51 | |
| 2025-12-31 | 28 | $467.1M | 43 | |
| 2025-09-30 | 24 | $373.9M | 61 | |
| 2025-06-30 | 19 | $277.4M | 0 | |
| 2025-03-31 | 19 | $241.7M | 0 | |
| 2024-12-31 | 20 | $267.4M | 0 | |
| 2024-09-30 | 11 | $269.4M | 0 | |
| 2024-06-30 | 2 | $215.4M | 0 | |
| 2024-03-31 | 2 | $234.8M | 0 | |
| 2023-12-31 | 2 | $182.9M | 0 | 1ROIV2270087 |
| 2023-09-30 | 2 | $182.0M | 0 | 1ROIV2270087 |
| 2023-06-30 | 2 | $205.4M | 0 | 1ROIV2270087 |
| 2023-03-31 | 2 | $124.4M | 0 | 12700872ROIV |
| 2022-12-31 | 2 | $236.5B | 0 | 12700872ROIV |
Patient Square Capital LP's most significant position changes for 2026-03-31: New buy: Belite Bio INC - Adr (BLTE); New buy: Legend Biotech Corp-adr (LEGN); New buy: Nektar Therapeutics (NKTR); Sold out: Terns Pharmaceuticals INC (430); New buy: Merck & Co. INC. (MRK).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ROIV | Roivant Sciences Ltd. | +2.2% | — | Unchanged |
| 2 | COGT | Cogent Biosciences INC | +1.7% | +87.79% | Add |
| 3 | DBVT | Dbv Technologies Sa-spon Adr | +1.1% | +93.16% | Add |
| 4 | XENE | Xenon Pharmaceuticals INC | +1% | +66.30% | Add |
| 5 | HROW | Harrow INC | +1% | +2249.72% | Add |
| 6 | CATX | Perspective Therapeutics INC | +0.5% | +43.45% | Add |
| 7 | ELVN | Enliven Therapeutics INC | +0.4% | -35.09% | Trim |
| 8 | ARQT | Arcutis Biotherapeutics INC | +0.4% | +90.78% | Add |
| 9 | ARGX | Argenx Se - Adr | +0.1% | +41.22% | Add |
| 10 | DNTH | Dianthus Therapeutics INC | +0.1% | -37.41% | Trim |
| 11 | ALLO | Allogene Therapeutics INC | 0% | -30.50% | Trim |
| 12 | RCUS | Arcus Biosciences INC | -0.1% | +14.71% | Add |
| 13 | ASMB | Assembly Biosciences INC | -0.3% | +7.33% | Add |
| 14 | ONC | Beone Medicines Ltd-adr | -0.3% | +16.20% | Add |
| 15 | CELC | Celcuity INC | -0.6% | -20.83% | Trim |
| 16 | PHVS | Pharvaris N.V. | -0.8% | -9.16% | Trim |
| 17 | KYMR | Kymera Therapeutics INC | -0.8% | -28.06% | Trim |
| 18 | SYRE | Spyre Therapeutics INC | -1% | -99.33% | Trim |
| 19 | EYPT | Eyepoint INC | -1.2% | +1.92% | Add |
| 20 | MIRM | Mirum Pharmaceuticals INC | -1.3% | -23.00% | Trim |
| 21 | ABVX | Abivax Sa-adr | -1.4% | -6.73% | Trim |
| 22 | INSM | Insmed INC | -5.4% | -41.01% | Trim |
| 23 | BLTE | Belite Bio INC - Adr | — | NEW | New buy |
| 24 | LEGN | Legend Biotech Corp-adr | — | NEW | New buy |
| 25 | NKTR | Nektar Therapeutics | — | NEW | New buy |
| 26 | 430 | Terns Pharmaceuticals INC | — | EXIT | Sold out |
| 27 | MRK | Merck & Co. INC. | — | NEW | New buy |
| 28 | LQDA | Liquidia CORP | — | EXIT | Sold out |
| 29 | DFTX | Definium Therapeutics INC | — | NEW | New buy |
| 30 | OCUL | Ocular Therapeutix INC | — | EXIT | Sold out |
| 31 | IRON | Disc Medicine INC | — | EXIT | Sold out |
| 32 | AVTX | Avalo Therapeutics INC | — | EXIT | Sold out |
| 33 | TARA | Protara Therapeutic INC | — | NEW | New buy |
| 34 | CTMX | Cytomx Therapeutics INC | — | NEW | New buy |
| 35 | AMLX | Amylyx Pharmaceuticals INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
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