NEA Management's Q1 2026 13F is a $1.76B, 26-position portfolio that is one of the most concentrated-and-thematically pure healthcare-venture-style books in institutional data: 22 of 26 positions are publicly traded biotechnology-and-pharmaceuticals names, with the remaining four being Coursera (education-technology) and three sub-$500K micro-positions (Gossamer Bio, ImageneBio, OnKure). AUM fell from $1.96B in Q4 2025 to $1.76B in Q1 2026 (-$201M, -10.2%), driven primarily by a dramatic mark-to-market decline in the portfolio's Q4 anchor Celcuity (down to $260.9M from $352.6M, -$91.8M, -35.4% shares) plus smaller value erosion across Zenas BioPharma and ORIC. The quarter's 28 total changes (1 new, 2 sold, 2 increased, 2 decreased, 21 unchanged) is relatively modest churn for a venture-adjacent portfolio, with two dominant narratives: (1) the manager SHARPLY increased its conviction in Arcellx -- the portfolio's new largest position at $349.7M (19.9%, flat shares, +$151.1M in value from Q4's $198.6M -- pure mark-to-market appreciation in a CAR-T-and-gene-editing-cancer-therapy company, NEA's largest portfolio position for the first time); and (2) launched a NEW $191.5M mega-position in Spyglass Pharma (7.39M shares) -- an ophthalmology/retinal-disease biotech that did not appear in Q4's holdings at all, making this a single-quarter conviction opening at the portfolio's THIRD-largest weight. Celcuity was the quarter's largest reduction -- cut from $18.0M shares to 11.5M shares (-35.4%, -$91.8M in value) despite being NEA's Q4 anchor at $352.6M (18.0%); the manager is trimming Celcuity at what appears to be a near-triple-from-entry valuation. Gossamer Bio was nearly eliminated -- reduced from 18.1M shares to 1.0M shares (-94.5%, from $56.1M to $328K), essentially a complete exit. The two sold positions were Rhythm Pharmaceuticals ($311.5M, a Q4 top-three position, completely liquidated) and Synlogic ($3.3M, a sub-$5M micro-position). The two increased positions -- Zenas BioPharma (+14.2% shares despite a -$49.3M value decline to $78.7M) and Korro Bio (+19.0% shares, +$5.9M) -- were adds into price weakness in the biotech basket. 21 of 26 positions (including Trevi, Savara, Monte Rosa, MBX, Aurinia, ORIC, CRISPR, Phathom, CVRx, X4, Champions, Black Diamond, Inventiva, Nkarta, LeonaBio, Senti, Marker, and OnKure) held completely steady. A 77.25 whaleScore on $1.76B reflects NEA's AUM and the extreme healthcare-concentration. This portfolio is best read as a New Enterprise Associates-style venture-and-growth-equity book focused on late-stage, clinical-stage, and commercializing biotechnology companies with a handful of managed biotech venture positions: the Q1 delta is a concentrated bet that Arcellx (CAR-T) and Spyglass (retinal) are approaching meaningful clinical-or-commercial catalysts while reducing the fund's largest prior positions that have already accrued significant gains (Celcuity, Rhythm) and eliminating a legacy position that has underperformed (Gossamer). The book remains overwhelmingly exposed to biotechnology-drugdevelopment binary events -- clinical trial readouts, FDA approvals, and partnership deal-flow -- with limited de-risking or diversification outside healthcare.
The two new large positions define the quarter's narrative direction. Arcellx Inc ($349.7M, 19.9%, 3.05M shares, flat shares but +$151.1M in value from Q4's $198.6M -- pure mark-to-market appreciation, making it the portfolio's largest position for the first time) -- an autologous CAR-T and gene-editing cell therapy company targeting multiple myeloma and other blood cancers -- was held at a flat share count, meaning the $151M value increase is entirely market-driven. Arcellx's stock appreciation in Q1 likely reflects positive clinical data or regulatory news for its CAR-T pipeline. NEA was an early Arcellx backer and this position represents the fund's highest-conviction bet: at 19.9% of AUM in a single biotech, the manager is signaling extreme conviction in Arcellx's clinical pathway and commercial potential. Spyglass Pharma Inc ($191.5M, 10.9%, 7.39M shares, NEW position) -- an ophthalmology-and-retinal-disease biotech targeting dry-age-related-macular-degeneration and other retinal conditions -- is the quarter's most significant trade and the portfolio's third-largest holding despite zero Q4 presence. Opening a $191.5M position in a single quarter at a clinical-stage biotech signals that NEA has either (a) received private-company information about an upcoming clinical readout, (b) participated in a Financing round that converted to public-market shares, or (c) acquired the position via a merger-and-acquisition-related distribution. Spyglass's retinal-disease pipeline addresses a high-prevalence-and-high-unmet-need indication; a positive Phase 2 or Phase 3 readout would be transformative for the stock. The Spyglass opening is a $191.5M binary bet on a single clinical catalyst.
Celcuity Inc ($260.9M, 14.8%, 2.29M shares, -35.4% shares, -$91.8M from Q4's $352.6M) -- a precision-oncology and cancer-treatment company targeting HER2-positive and other breast cancers with a companion-diagnostic-plus-therapy platform -- was Q4's anchor position and is the quarter's largest reduction. The $91.8M value decline breaks down into two components: (a) share count fell from 18.0M to 11.5M (-6.5M shares, a 35.4% reduction), indicating the manager actively sold roughly $60-70M of Celcuity stock at Q1 prices; and (b) the remaining shares declined in value by approximately $20-30M due to Celcuity's own stock-price weakness. Celcuity was NEA's top position in Q4 at $352.6M and the JV/VC-pipeline's most advanced commercial-stage name; trimming it so substantially may reflect either a partial-realization strategy (taking profits on a position that has appreciated significantly from NEA's original venture entry price) or reduced conviction in Celcuity's near-term clinical-or-commercial pathway. The reduction is large enough to generate the $201M AUM decline almost single-handedly. Gossamer Bio ($328K, 1.0M shares, -94.5% shares, -$55.7M from Q4's $56.1M) -- an autoimmune-and-inflammatory-disease biotech targeting TG2-driven conditions -- was essentially completely eliminated; the $55.7M liquidation is a decisive vote of no-confidence in the company's clinical pathway. Rhythm Pharmaceuticals ($311.5M, sold completely) -- a Q4 top-three position in the obesity-and-RareMetabolic-disease space -- was the quarter's largest complete liquidation; Rhythm had been a stable core holding and its elimination signals an exit from the obesity-therapeutics vertical. Synlogic ($3.3M, sold) -- a microbiome-and-bioengineered-therapeutics company -- was a sub-$5M residual that was cleaned up. The two increased positions represent adds into weakness in existing positions that NEA is maintaining: Zenas BioPharma ($78.7M, 4.5%, +14.2% shares despite a -$49.3M value collapse from $127.9M to $78.7M) -- a gastrointestinal-and-immunology biotech -- was BUILT UP on a share basis into a 39% stock-price decline; this is a conviction add into biotech weakness, suggesting NEA believes Zenas's pipeline is undervalued. Korro Bio ($14.7M, 0.8%, +19.0% shares, +$5.9M) -- an RNA-editing and rare-disease platform -- was similarly added.