2026 Q1 Portfolio Activity
In 2026 Q1, Trails Edge Capital Partners, LP maintained a portfolio of 36 distinct positions. The most significant new addition was DEFINIUM THERAPEUTICS INC, now representing 7.53% of the total fund value. They heavily accumulated shares in MIRUM PHARMACEUTICALS INC, increasing the position by 946.1%. Conversely, Trails Edge Capital Partners, LP completely exited their position in ACADIA PHARMACEUTICALS INC.
Position History
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Total Positions
36
Quarter
2026 Q1
Top Holding
PCVX (8.8%)
Top 10 Concentration
62.8%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-36 of 36
Trails Edge Capital Partners, LP Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
PCVX
VAXCYTE INC
|
Healthcare | 8.82% | 8.41% |
#1
2
Prev: #3
|
6.0 |
—
|
-75,000 | -10.2% |
P
S
|
662,470 | $38,496,132 |
$46.14
+2.5%
|
2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
DFTX
DEFINIUM THERAP...
|
Healthcare | 7.53% | — |
#2
Prev: #—
|
8.0 |
—
|
1,738,110 | — |
NEW
|
1,738,110 | $32,850,280 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
LBRX
LB PHARMACEUTIC...
|
Healthcare | 7.45% | 7.68% |
#3
2
Prev: #5
|
4.5 |
—
|
-76,246 | -5.5% |
P
S
|
1,319,362 | $32,535,467 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MIRM
MIRUM PHARMACEU...
|
Healthcare | 7.05% | 0.62% |
#4
19
Prev: #23
|
6.3 |
—
|
301,450 | 946.1% |
P
S
|
333,312 | $30,791,363 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NRIX
NURIX THERAPEUT...
|
Healthcare | 6.19% | 8.17% |
#5
1
Prev: #4
|
4.0 |
—
|
no change | no change |
P
S
|
1,743,220 | $27,019,910 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
XENE
XENON PHARMACEU...
|
Healthcare | 5.86% | 6.61% |
#6
Prev: #6
|
2.3 |
—
|
-157,092 | -26.3% |
P
S
|
440,000 | $25,586,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RVMD
REVOLUTION MEDI...
|
Healthcare | 5.46% | — |
#7
Prev: #—
|
5.7 |
—
|
245,000 | — |
NEW
|
245,000 | $23,826,250 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RCUS
ARCUS BIOSCIENC...
|
Healthcare | 5.19% | 5.40% |
#8
Prev: #8
|
4.1 |
—
|
131,622 | 14.4% |
P
S
|
1,047,935 | $22,635,396 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IMCR
IMMUNOCORE HLDG...
|
Healthcare | 4.71% | 5.85% |
#9
2
Prev: #7
|
2.9 |
—
|
no change | no change |
P
S
|
682,597 | $20,580,300 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CYTK
CYTOKINETICS IN...
|
Healthcare | 4.53% | — |
#10
Prev: #—
|
5.3 |
—
|
300,000 | — |
NEW
|
300,000 | $19,773,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SNDX
SYNDAX PHARMACE...
|
Healthcare | 3.76% | — |
#11
Prev: #—
|
5.0 |
—
|
701,821 | — |
NEW
|
701,821 | $16,394,539 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NGNE
NEUROGENE INC
|
Healthcare | 3.62% | 4.00% |
#12
2
Prev: #10
|
1.9 |
—
|
-2,213 | -0.3% |
P
S
|
782,787 | $15,780,986 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IVA
INVENTIVA SA
|
Healthcare | 3.38% | 3.05% |
#13
1
Prev: #14
|
2.4 |
—
|
no change | no change |
P
S
|
2,657,997 | $14,751,883 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IKT
INHIBIKASE THER...
|
Healthcare | 3.10% | 3.13% |
#14
1
Prev: #13
|
3.7 |
—
|
1,879,221 | 30.4% |
P
S
|
8,057,345 | $13,536,340 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FDMT
4D MOLECULAR TH...
|
Healthcare | 2.78% | — |
#15
Prev: #—
|
4.6 |
—
|
1,302,917 | — |
NEW
|
1,302,917 | $12,130,157 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
XENE
PUT
XENON PHARMACEU...
|
PUT Option | 2.66% | — |
#16
Prev: #—
|
4.6 |
—
|
200,000 | — |
NEW
|
200,000 | $11,630,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
XFOR
X4 PHARMACEUTIC...
|
Healthcare | 2.43% | 2.54% |
#17
Prev: #17
|
2.0 |
—
|
no change | no change |
P
S
|
2,571,478 | $10,620,204 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IMVT
IMMUNOVANT INC
|
Healthcare | 2.36% | 1.51% |
#18
3
Prev: #21
|
3.9 |
—
|
173,889 | 72.4% |
P
S
|
414,054 | $10,285,102 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
DSGN
DESIGN THERAPEU...
|
Healthcare | 2.08% | — |
#19
Prev: #—
|
4.3 |
—
|
852,013 | — |
NEW
|
852,013 | $9,065,418 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CAMP
CAMP4 THERAPEUT...
|
Healthcare | 1.96% | 3.00% |
#20
5
Prev: #15
|
1.3 |
—
|
-44,423 | -2.2% |
P
S
|
1,939,563 | $8,553,472 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NERV
MINERVA NEUROSC...
|
Healthcare | 1.96% | — |
#21
Prev: #—
|
4.3 |
—
|
1,419,000 | — |
NEW
|
1,419,000 | $8,549,475 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PMN
PROMIS NEUROSCI...
|
Healthcare | 1.62% | — |
#22
Prev: #—
|
4.1 |
—
|
557,103 | — |
NEW
|
557,103 | $7,075,208 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SLGL
SOL-GEL TECHNOL...
|
Healthcare | 1.55% | — |
#23
Prev: #—
|
4.1 |
—
|
85,496 | — |
NEW
|
85,496 | $6,772,993 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IPSC
CENTURY THERAPE...
|
Healthcare | 1.27% | — |
#24
Prev: #—
|
4.0 |
—
|
2,449,993 | — |
NEW
|
2,449,993 | $5,536,984 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
VTVT
VTV THERAPEUTIC...
|
Healthcare | 1.27% | 2.28% |
#25
6
Prev: #19
|
0.5 |
—
|
-91,422 | -39.6% |
P
S
|
139,578 | $5,535,663 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SNSE
SENSEI BIOTHERA...
|
Healthcare | 0.90% | — |
#26
Prev: #—
|
3.9 |
—
|
125,000 | — |
NEW
|
125,000 | $3,940,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IRD
OPUS GENETICS I...
|
Healthcare | 0.52% | — |
#27
Prev: #—
|
3.7 |
—
|
500,000 | — |
NEW
|
500,000 | $2,275,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ELVN
ENLIVEN THERAPE...
|
Healthcare | 0.00% | 0.76% |
Sold All 😨
(Was: #22) |
0.0 |
—
|
-199,306 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CMPX
COMPASS THERAPE...
|
Healthcare | 0.00% | 1.88% |
Sold All 😨
(Was: #20) |
0.0 |
—
|
-1,415,273 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MBX
MBX BIOSCIENCES...
|
Healthcare | 0.00% | 2.46% |
Sold All 😨
(Was: #18) |
0.0 |
—
|
-315,158 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TERN
TERNS PHARMACEU...
|
Healthcare | 0.00% | 2.99% |
Sold All 😨
(Was: #16) |
0.0 |
—
|
-300,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
APGE
APOGEE THERAPEU...
|
Healthcare | 0.00% | 3.58% |
Sold All 😨
(Was: #12) |
0.0 |
—
|
-192,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FOLD
AMICUS THERAPEU...
|
Healthcare | 0.00% | 3.67% |
Sold All 😨
(Was: #11) |
0.0 |
—
|
-1,043,313 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TYRA
TYRA BIOSCIENCE...
|
Healthcare | 0.00% | 4.55% |
Sold All 😨
(Was: #9) |
0.0 |
—
|
-700,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MNMD
MIND MEDICINE M...
|
Unknown | 0.00% | 8.50% |
Sold All 😨
(Was: #2) |
0.0 |
—
|
-2,568,110 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ACAD
ACADIA PHARMACE...
|
Healthcare | 0.00% | 9.37% |
Sold All 😨
(Was: #1) |
0.0 |
—
|
-1,419,406 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 |
Showing 1-36 of 36 holdings