# Trails Edge Capital Partners, LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2077247. Source: https://holderbook.com/funds/2077247-trails-edge-capital-partners-lp/

- Reported value: $629.9M
- Positions: 35
- Weight of the ten largest: 50.3%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| LB PHARMACEUTICALS INC | [LBRX](https://holderbook.com/stocks/LBRX/) | $49.4M | 1,523,022 | 7.8% | 3 |
| NURIX THERAPEUTICS INC | [NRIX](https://holderbook.com/stocks/NRIX/) | $38.2M | 1,573,220 | 6.1% | 3 |
| IMMUNOCORE HLDGS PLC | [IMCR](https://holderbook.com/stocks/IMCR/) | $33.8M | 1,063,234 | 5.4% | 3 |
| FIRST TRACKS BIOTHERAPEUTICS | [TRAX](https://holderbook.com/stocks/TRAX/) | $30.5M | 1,514,000 | 4.8% | 1 |
| 4D MOLECULAR THERAPEUTICS IN | [FDMT](https://holderbook.com/stocks/FDMT/) | $29.6M | 2,227,917 | 4.7% | 2 |
| BIOMARIN PHARMACEUTICAL INC | [BMRN](https://holderbook.com/stocks/BMRN/) | $29.3M | 512,000 | 4.7% | 1 |
| DESIGN THERAPEUTICS INC | [DSGN](https://holderbook.com/stocks/DSGN/) | $29.0M | 2,001,282 | 4.6% | 2 |
| XENON PHARMACEUTICALS INC | [XENE](https://holderbook.com/stocks/XENE/) | $26.6M | 440,000 | 4.2% | 3 |
| MIRUM PHARMACEUTICALS INC | [MIRM](https://holderbook.com/stocks/MIRM/) | $26.1M | 223,312 | 4.2% | 3 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $24.6M | 230,331 | 3.9% | 1 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $24.5M | 288,089 | 3.9% | 2 |
| SYNDAX PHARMACEUTICALS INC | [SNDX](https://holderbook.com/stocks/SNDX/) | $24.3M | 1,110,000 | 3.9% | 2 |
| NEUROGENE INC | [NGNE](https://holderbook.com/stocks/NGNE/) | $22.5M | 714,885 | 3.6% | 3 |
| KAILERA THERAPEUTICS INC | [KLRA](https://holderbook.com/stocks/KLRA/) | $21.7M | 984,786 | 3.4% | 1 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $21.7M | 115,750 | 3.4% | 2 |
| INHIBIKASE THERAPEUTICS INC | [IKT](https://holderbook.com/stocks/IKT/) | $18.4M | 9,051,318 | 2.9% | 3 |
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $17.6M | 155,000 | 2.8% | 1 |
| AVALO THERAPEUTICS INC | [AVTX](https://holderbook.com/stocks/AVTX/) | $16.5M | 891,881 | 2.6% | 1 |
| MOONLAKE IMMUNOTHERAPEUTICS | [MLTX](https://holderbook.com/stocks/MLTX/) | $14.6M | 750,000 | 2.3% | 1 |
| FAETH THERAPEUTICS INC | [FTH](https://holderbook.com/stocks/FTH/) | $12.9M | 515,335 | 2.0% | 2 |
| X4 PHARMACEUTICALS INC | [XFOR](https://holderbook.com/stocks/XFOR/) | $12.0M | 2,571,478 | 1.9% | 3 |
| OPUS GENETICS INC | [IRD](https://holderbook.com/stocks/IRD/) | $11.3M | 2,743,658 | 1.8% | 2 |
| SOL-GEL TECHNOLOGIES LTD | [SLGL](https://holderbook.com/stocks/SLGL/) | $10.3M | 139,445 | 1.6% | 2 |
| AURA BIOSCIENCES INC | [AURA](https://holderbook.com/stocks/AURA/) | $10.2M | 1,443,333 | 1.6% | 1 |
| CENTURY THERAPEUTICS INC | [IPSC](https://holderbook.com/stocks/IPSC/) | $10.1M | 4,134,969 | 1.6% | 2 |
| INVENTIVA SA | [IVA](https://holderbook.com/stocks/IVA/) | $10.0M | 2,657,997 | 1.6% | 3 |
| CAMP4 THERAPEUTICS CORP | [CAMP](https://holderbook.com/stocks/CAMP/) | $8.4M | 1,932,937 | 1.3% | 3 |
| ALTIMMUNE INC | [ALT](https://holderbook.com/stocks/ALT/) | $8.1M | 2,660,000 | 1.3% | 1 |
| MINERVA NEUROSCIENCES INC | [NERV](https://holderbook.com/stocks/NERV/) | $7.9M | 1,419,000 | 1.3% | 2 |
| PROMIS NEUROSCIENCES INC | [PMN](https://holderbook.com/stocks/PMN/) | $7.3M | 557,103 | 1.2% | 2 |
| ONKURE THERAPEUTICS INC | [OKUR](https://holderbook.com/stocks/OKUR/) | $6.6M | 1,438,456 | 1.0% | 1 |
| FORTE BIOSCIENCES INC | [FBRX](https://holderbook.com/stocks/FBRX/) | $5.8M | 273,181 | 0.9% | 1 |
| RESEARCH ALLIANCE CORP III | [RACC](https://holderbook.com/stocks/RACC/) | $5.3M | 500,000 | 0.8% | 1 |
| VTV THERAPEUTICS INC | [VTVT](https://holderbook.com/stocks/VTVT/) | $3.2M | 85,192 | 0.5% | 3 |
| IMAGENEBIO INC | [IMA](https://holderbook.com/stocks/IMA/) | $1.7M | 282,004 | 0.3% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +33.4% | +14.8% | +18.6% | 97% |
| Q1 2026 | +4.8% | -4.6% | +9.4% | 92% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $629.9M | 35 |
| Q1 2026 | $436.5M | 26 |
| Q4 2025 | $404.7M | 23 |