Deep Track Capital, LP

2. Key Holdings

The portfolio is dominated by mid-cap to large-cap biotechnology and healthcare companies, with the top five positions commanding nearly half of the fund's total assets.

• Guardant Health, Inc. (GH): Remaining the largest position at $259.55M (10.75%), Deep Track has maintained a dominant stake despite a minor reduction of 2.3%. This indicates continued conviction in the oncology diagnostics space.
• Cytokinetics, Inc. (CYTK): The second-largest holding at $236.33M (9.79%) was also the subject of the largest capital infusion this quarter. The firm added $115.73M (+17.8%), signaling strong bullishness on the company's late-stage cardiovascular pipeline.
• Akero Therapeutics, Inc. (AKRO) & APELLIS Pharmaceuticals (APLS): These positions represent 7.87% and 7.50% of the portfolio, respectively. Both saw substantial increases in stake size (AKRO +31.5%, APLS +14.3%), suggesting the fund is doubling down on its winners in the metabolic and ophthalmic therapy spaces.
• Tarsus Pharmaceuticals, Inc. (TARS): A major focus area for the quarter, TARS saw its position value grow by 71.4% via an injection of $107.40M, bringing its total weight to 7.39%.