Redmile Group, LLC

The portfolio's defining feature is its extreme single-name concentration in Scholar Rock Holdings. Scholar Rock ($445.7M, 29.5%, 9.07M shares, +73.7% shares, +$215.7M from Q4's $230.0M) -- a clinical-stage biotech focused on latent TGF-beta and myostatin inhibition for autoimmune, muscle-wasting, and fibrotic diseases -- is the portfolio's largest position and the quarter's most significant trade. The +73.7% share increase means the manager more than doubled its Scholar Rock position in a single quarter, deploying roughly $215M of new capital at Q1 prices. Scholar Rock's lead program (SRK-181 for cancer immunotherapy, SRK-014 for muscle disease) is in late-stage clinical development; a positive readout would be transformative. At 29.5% of AUM, Scholar Rock is treated as the portfolio's anchor conviction -- effectively the fund's largest binary bet. Krystal Biotech ($174.0M, 11.5%, 673,505 shares, -0.6% shares, +$6.9M) -- gene-therapy-for-dermatology (HSV, skin cancer) -- is the portfolio's second-largest position and was held steady. Krystal's Vyjuvek topical gene therapy for dystrophic epidermolysis bullosa received FDA approval in 2023 and is commercial; the position represents both a commercial-stage revenue compounder AND a platform for additional gene-therapy indications. Stoke Therapeutics ($135.6M, 9.0%, 4.16M shares, +3.2% shares, +$7.5M) -- antisense oligonucleotides for neurology (Dravet syndrome, epilepsy) -- was slightly increased. Stoke's lead program (STK-001 for Dravet) is in Phase 3; a positive readout would be a major catalyst.

Immunome ($121.6M, 8.1%, 5.56M shares, essentially flat) -- a precision-neurology biotech using its DISCoVER platform -- was held steady as the portfolio's fourth-largest position. Nurix Therapeutics ($119.9M, 7.9%, 7.73M shares, -4.5% shares, -$33.7M from $153.5M) -- a protein-degrader (PROTAC) oncology platform -- was slightly reduced. Nurix's lead program (NX-2127 for multiple myeloma) is in Phase 1/2; the position has been a top-5 holding and the slight reduction may reflect partial-profit-taking or a modest reduction in conviction ahead of clinical data. Annexon ($80.6M, 5.3%, 14.5M shares, +44.8% shares, +$30.2M from $50.5M) -- complement-inhibition for autoimmune-and-neurological diseases (ANX005 for neuromyelitis optica, ANX009 for Alzheimer's) -- was a major increase: the manager added roughly 4.5M shares at a cost of ~$30M, making Annexon the portfolio's fifth-largest position. ADC Therapeutics ($58.0M, 3.8%, 15.5M shares, -1.3% shares, +$2.7M) -- antibody-drug conjugates for oncology (ZYNVOLTA for lymphoma) -- was held steady. Regenxbio ($36.6M, 2.4%, 4.37M shares, flat) -- AAV gene-therapy for ophthalmology (RGX-314 for wet AMD) -- was held. Shattuck Labs ($35.6M, 2.4%, 5.54M shares, flat) -- immuno-oncology (ST-055 for solid tumors) -- held. Beam Therapeutics ($29.5M, 2.0%, 1.24M shares, -3.7% shares, -$6.2M) -- base-editing gene therapy (BEAM-101 for sickle cell, BEAM-200 for ocular) -- was reduced. Neurogene ($29.4M, 1.9%, 1.46M shares, flat) -- AAV gene-therapy for neurology -- held. Cogent Biosciences ($26.5M, 1.8%, 688K shares, -52.2% shares, -$24.6M from $51.1M) -- precision kinase inhibitors for oncology -- was significantly reduced, roughly halved. Absci ($24.8M, 1.6%, 8.25M shares, flat) -- AI-driven antibody discovery platform -- held. Ideaya ($17.4M, 1.2%, 521K shares, -29.8% shares, -$8.3M) -- synthetic-lethal oncology targets -- reduced. ALX Oncology ($16.0M, 1.1%, 7.96M shares, +143.9% shares, +$12.3M from $3.7M) -- CD47-blocking immuno-oncology -- was a major increase from a de minimis base.