Managers / Q1 2025 · view latest →
Qiming U.S. Ventures Management, LLC
CIK 0001909617 · 11100 NE 8TH ST., SUITE 200, BELLEVUE, WA, 98004 · (425) 709-0772
Summary
Qiming U.S. Ventures Management, LLC reported $23M in U.S.-listed holdings across 6 positions for Q1 2025.
The portfolio is heavily concentrated: TRML alone accounts for 48.8% of reported value.
The book was largely unchanged from Q4 2024.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 97.7% · $23M
- Other · 2.3% · $540,292
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| JSPRJASPER THERAPEUTICS INC | HELD | +0 | 929.0K | −$16M | $4M |
| KRROKORRO BIO INC | HELD | +0 | 368.1K | −$8M | $6M |
| TRMLTOURMALINE BIO INC | HELD | +0 | 741.7K | −$4M | $11M |
| VENTYX BIOSCIENCES INC | HELD | +0 | 412.2K | −$428,714 | $474,059 |
| HILLEVAX INC | HELD | +0 | 372.6K | −$231,021 | $540,292 |
| KEZAR LIFE SCIENCES INC | HELD | +0 | 82.9K | −$152,483 | $404,410 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | TRMLTOURMALINE BIO INChistory → | COM | 48.83% | $11M | 741.7K |
| 2 | KRROKORRO BIO INChistory → | COM | 27.74% | $6M | 368.1K |
| 3 | JSPRJASPER THERAPEUTICS INChistory → | COM NEW | 17.29% | $4M | 929.0K |
| 4 | HILLEVAX INC | COM | 2.34% | $540,292 | 372.6K |
| 5 | VENTYX BIOSCIENCES INC | COM | 2.05% | $474,059 | 412.2K |
| 6 | KEZAR LIFE SCIENCES INC | COM NEW | 1.75% | $404,410 | 82.9K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2025 | $56M | 4 | Nov 10, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $24M | 6 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $23M | 6 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $51M | 6 | Jan 28, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $51M | 6 | Nov 7, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $53M | 6 | Aug 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $90M | 6 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $109M | 8 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $75M | 7 | Nov 9, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $95M | 7 | Jul 24, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $83M | 7 | Apr 25, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $76M | 7 | Jan 24, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $69M | 7 | Nov 8, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $72M | 7 | Jul 22, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $106M | 6 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $217M | 6 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.