STEMPOINT CAPITAL LP

STEMPOINT Capital manages a $515 million book that is 99% healthcare. There is no diversification sleeve, no macro hedge, no dividend ballast — just a concentrated portfolio of clinical-stage and commercial-stage biotech names designed to capture binary event moves. The result is a fund that looks more like a thematic long-biotech portfolio than a traditional 13F, and the Q1 2026 activity was extreme even by that standard: 27 new positions, 27 eliminations, 11 increases, and 12 decreases in a single quarter.

The sales were led by Centessa Pharmaceuticals, which was closed after a $28.9 million position had been one of the fund’s largest holdings. Structure Therapeutics, Arcellx, Terns Pharmaceuticals, and Twist Bioscience were all eliminated at losses ranging from $7 million to $24 million. Roivant Sciences was cut by 60%, Xenon Pharmaceuticals by 60%, Dyne Therapeutics by 39%, and Surrozen by 68%. The common thread across the exits is a rotation away from larger-cap or later-stage names toward earlier-stage, higher-upside clinical programs.