JOHNSON & JOHNSON

The portfolio's architecture is visible in its two-anchor structure. Protagonist Therapeutics ($258.1M, 39.6%, 2.45M shares) — a GI-and-inflammatory-disease biotech with a late-stage programmed-epithelial-repair platform targeting ulcerative colitis and Crohn's disease — was raised $44.2M and 424,000 shares (+20.7%). Protagonist's lead candidate (PTG-100 for ulcerative colitis) has shown Phase 2b results that approach the efficacy of anti-TNF biologics (Humira, Remicade) with a differentiated mechanism; the 39.6% weight signals J&J's investment arm believes Protagonist will either acquire FDA approval as a best-in-class therapy or become an acquisition target for J&J's immunology franchise. Nanobiotix ($173.6M, 26.6%, 5.6M shares) — a nanomedicine company developing a lipid-nanoparticle-and-radiosensitization platform for solid tumors — was raised $43.6M and 1.4M shares (+33.5%). Nanobiotix's lead product (NBTXR8, a hafnium-oxide nanoparticle activated by radiation therapy) has shown Phase 2/3 results in head-and-neck cancer and is being tested in prostate and soft-tissue sarcoma; the 26.6% weight is a vote that the radiosensitization platform will gain regulatory approval and that J&J's radiation-oncology franchise would be a natural acquirer or development partner.

Together, Protagonist and Nanobiotix at 66.2% of AUM define the portfolio's identity: this is not a diversified biotech venture fund; it is a concentrated bet on two clinical-stage names with mechanisms that are directly relevant to J&J's existing therapeutic categories (immunology and oncology). The remaining 14 positions — MeiraGTx ($57.5M, 8.8%, 6.6M shares, gene therapy for retinal diseases), Rapport Therapeutics ($55.8M, 8.6%, 1.8M shares, epilepsy-and-seizure therapy), CVRx ($38.1M, 5.8%, 4.0M shares, renal-denervation for hypertension), Contineum Therapeutics ($25.8M, 4.0%, 2.0M shares, oral-peptide metabolic disease), Legend Biotech ($14.7M, 2.3%, 815K shares, CAR-T and bispecific oncology), Xencor ($9.0M, 1.4%, 748K shares, bispecific antibodies), Procept BioRobotics ($9.0M, 1.4%, 358K shares, prostate-cancer-focused surgical robotics), Fate Therapeutics ($4.1M, 0.6%, 3.4M shares, allogeneic CAR-T), Neumora Therapeutics ($3.6M, 0.6%, 1.8M shares, CNS-and-pain), Rallybio ($1.4M, 0.2%, 153K shares — CUSIP-switch artifact), Vor Biopharma ($958K, 0.1%, 54K shares, allogeneic CAR-T), Standard BioTools ($287K, 0.04%, 312K shares, proteomics), Nano-X Imaging ($190K, 0.03%, 84K shares, AI-driven medical imaging), and Adicet Bio ($155K, 0.02%, 23K shares, allogeneic CAR-T) — represent a diversified tail of early-stage biotech ventures that fit the J&J strategic-investment thesis: names in immunology, oncology, cardiovascular, metabolic disease, gene therapy, and medical technology that could become J&J acquisition targets or licensed partners.