Lynx1 Capital Management LP

Lynx1 Capital Management's Q1 2026 13F is a $633M (up from $494M, +$139M or +28.1%) 23-position concentrated biotech portfolio -- among the most idiosyncratic and single-sector-concentrated books in this filing cohort. The portfolio is dominated by three RNA-and-antisense-therapeutics mega-positions: Stoke Therapeutics (STOK, $155M, 24.5%, 4.76M shares, -11.9% shares, -$16M from $172M) as the largest holding; GH Research (G3855L106, $151M, 23.9%, 10.8M shares, +3.4% shares, +$19M); and Cullinan Therapeutics (CGEM, $127M, 20.1%, 8.96M shares, unchanged) -- together these three names account for 68.5% of the entire portfolio. The fourth position, Agios Pharmaceuticals (AGIO, $88M, 14.0%, 2.61M shares, +3179.9% shares from 80K to 2.61M, +$86M from $2.2M) was the portfolio's defining trade: a 32x increase in share count that made Agios the fourth-largest holding. Denali Therapeutics (DNLI, $36M, 5.71%, 1.88M shares, +8.1%) rounds out the five-name core. The remaining 18 positions are tiny satellite biotechs (C4 Therapeutics, Korro Bio, TScan, Xencor, Precision Biosciences, Passage Bio, Neuphoria, Entrada, CG Oncology, Immatics, Design Therapeutics, Vyne, Werewolf, iBio, Bolt, ProQR, Absci, Traws) each under $19M. The Q1 2026 activity: 6 new opens (Neuphoria, Vyne, iBio, Bolt, Absci, Traws), 7 increased (Agios +3179%, GH +3.4%, Denali +8.1%, Korro +127%, Entrada +309%, Design +72%, Werewolf +0.3%), 5 decreased (Stoke -11.9%, Immatics -76.5%, C4 -1.4%, Xencor -24.0%, Precision -0.9%), 5 sold (Arrowhead, Maplight, Generation Bio, Applied Therapeutics, plus Neuphoria old-low-class? Actually Neuphoria appears as both SOLD in previous at 875K shares/3395885 value and NEW in current at 875K shares/3562585 -- this is likely a CUSIP change reclassification). The +28.1% AUM increase reflects mark-to-market on the core RNA-and-antisense names. The 75.75 whaleScore on $633M reflects AUM. The portfolio's identity is a pure-concentrated-biotech long book focused on RNA-and-antisense therapeutics (Stoke, GH Research, Cullinan), oncology-and-metabolism (Agios, Denali, CG Oncology), and protein-degradation (C4, Korro, Design). The Q1 2026 delta is best read as: Lynx1 Capital executed an aggressive core-rotation within its biotech sleeve in Q1 2026 -- dramatically increasing Agios from a $2.2M residual to an $88M core position (+3179% shares, the portfolio's defining trade), increasing Korro (+127%) and Entrada (+309%) and Design (+72%), adding six new tiny biotech opens (Neuphoria, Vyne, iBio, Bolt, Absci, Traws), while trimming Stoke (-11.9%, still the #1 position), slashing Immatics (-76.5%), and exiting five legacy names (Arrowhead, Maplight, Generation Bio, Applied Therapeutics). The +28.1% AUM increase from $494M to $633M is notable against a backdrop where most biotech names drew down -- Lynx1's core names appreciated while the broader sector fell, suggesting either stock-picking skill or a favorable marker portfolio for their specific RNA-and-antisense focus.