PATHWAY CAPITAL MANAGEMENT, LP

Key Holdings

The portfolio is dominated by three core positions, each held with roughly equal weighting, suggesting a barbell strategy focused on specific high-growth or turnaround themes within healthcare and technology.

• Arcellx, Inc. (ACLX): Representing 33.20% of the portfolio ($4.19M), this is the largest holding. As a clinical-stage biotechnology company, its inclusion indicates a willingness to take on idiosyncratic risk in the healthcare sector, likely betting on specific clinical trial catalysts or commercialization potential.
• GoodRx Holdings, Inc. (GDRX): Accounting for 33.04% of the portfolio ($4.17M), this position is a notable outlier. GoodRx, a telehealth and digital prescription discount platform, has faced market headwinds regarding its business model. The firm increased this stake by 69.0% during the quarter, adding $1.27 million. This aggressive accumulation suggests a contrarian view that the stock is undervalued or poised for a recovery.
• CRISPR Therapeutics AG (CRSP): Making up 25.69% of the portfolio ($3.24M), this is a new position. It reinforces the firm's heavy tilt toward biotechnology and gene editing, pairing with ACLX to form a concentrated healthcare bet.