SR ONE CAPITAL MANAGEMENT, LP

2. Key Holdings

The portfolio is dominated by mid-cap biotechnology firms, with the top three positions commanding the majority of assets:

• Arcellx, Inc. (ACLX): This is the largest holding, valued at $192.66 million, representing 32.37% of the portfolio. With 2.35 million shares held, SR ONE has maintained a massive, concentrated bet on this company, indicating strong confidence in their cell therapy pipeline.
• CRISPR Therapeutics AG (CRSP): This is the most dynamic position in the quarter. The firm increased its stake by 94.4%, adding $81.11 million to bring the total value to $132.13 million (22.20% of the portfolio). This aggressive accumulation suggests the manager views the current valuation as a significant opportunity, likely driven by clinical progress or gene-editing sector momentum.
• Zenas BioPharma, Inc.: The third-largest position, valued at $109.04 million (18.32%), involves 4.91 million shares. This substantial stake implies a favorable view of Zenas's autoimmune and immunology-focused therapeutic candidates.