Business Context and Reporting Period
This filing is a Form 13F Information Table submitted to the U.S. Securities and Exchange Commission. The document details the equity holdings of a reporting manager as of the period ending March 31, 2025. The filing lists positions in various biotechnology and healthcare-related issuers, including Equillium, Inc., Ovid Therapeutics, Inc., and HilleVax, Inc.
Key Financial Metrics and Holdings
The filing provides a snapshot of investment values and share counts for specific securities. It does not contain corporate financial statements (revenue, profit, cash flow) for the issuers themselves, but rather the value of the reporting manager's portfolio.
| Issuer | Shares Held | Value (USD) | Voting Authority |
|---|---|---|---|
| HilleVax, Inc. | 9,750,200 | 6,724,000 | Discretionary |
| Ovid Therapeutics, Inc. (Discretionary) | 1,794,000 | 5,750,000 | Discretionary |
| Ovid Therapeutics, Inc. (Sole) | 555,805 | 1,781,996 | Sole |
| Equillium, Inc. | 711,741 | 1,824,977 | Discretionary |
| Xilio Therapeutics, Inc. | 1,067,988 | 1,475,121 | Discretionary |
| Lyell Immunopharma, Inc. | 442,945 | 823,317 | Discretionary |
| Turnstone Biologics | 367,288 | 895,824 | Discretionary |
| Shattuck Labs, Inc. | 489,838 | 515,619 | Discretionary |
| Rani Therapeutics Holdings, Inc. | 256,019 | 203,190 | Discretionary |
| American Well Corporation | 612,539 | 77,733 | Discretionary |
| Third Harmonic Bio, Inc. | 127,817 | 36,835 | Discretionary |
| Standard Biotools, Inc. | 17,836 | 16,515 | Discretionary |
Note: The filing text does not provide aggregate portfolio totals, revenue, profit, cash flow, debt, or liquidity metrics for the reporting manager or the underlying issuers.
Material Changes
The filing text does not provide comparative data from the prior quarter or year. Consequently, material changes in holdings, values, or voting authority versus the prior comparable period cannot be determined from this document alone.
Guidance, Outlook, and Risks
This Form 13F is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, risk factors, or contingencies regarding the issuers or the reporting manager's strategy. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Portfolio Concentration: Verify the total value of the reporting manager's portfolio to assess the significance of the listed positions (e.g., HilleVax and Ovid Therapeutics represent the largest disclosed values).
- Voting Authority: Confirm the distinction between "Discretionary" (DFND) and "Sole" voting authority, particularly for Ovid Therapeutics, which appears in both categories.
- Issuer Fundamentals: As this is a holdings report, investors must consult the individual 10-K or 10-Q filings of the listed biotech companies (e.g., Equillium, Lyell Immunopharma) to verify their financial health, cash burn rates, and clinical trial progress.
- Price Volatility: Given the biotech sector focus, verify current market prices against the reported values to understand potential mark-to-market fluctuations since the March 31, 2025 reporting date.