Managers / Q1 2026
Checkpoint Capital L.P.
CIK 0001977548 · 345 CALIFORNIA STREET, SUITE 600, SAN FRANCISCO, CA, 94104 · 914-355-0570
Summary
Checkpoint Capital L.P. reported $279M in U.S.-listed holdings across 8 positions for Q1 2026.
The portfolio is heavily concentrated: ARGX alone accounts for 40.1% of reported value.
Compared with Q4 2025, the fund opened 3 new positions and exited 1.
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. 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 · 59.9% · $167M
- ADR · 40.1% · $112M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SEPNSEPTERNA INC | NEW | +100.3K | 100.3K | +$2M | $2M |
| CRNXCRINETICS PHARMACEUTICALS IN | NEW | +40.2K | 40.2K | +$1M | $1M |
| TRVITREVI THERAPEUTICS INC | NEW | +50.0K | 50.0K | +$596,500 | $596,500 |
| HTDCORCEPT THERAPEUTICS INC | SOLD OUT | −529.7K | 0 | −$18M | $0 |
| IRONDISC MEDICINE INC | TRIMMED | −166.3K | 286.7K | −$18M | $18M |
| RVMDREVOLUTION MEDICINES INC | TRIMMED | −107.5K | 262.5K | −$4M | $26M |
| RYTMRHYTHM PHARMACEUTICALS INC | ADDED | +235.0K | 1.23M | +$524,496 | $107M |
| CYTKCYTOKINETICS INC | ADDED | +13.2K | 180.0K | +$1M | $12M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ARGXARGENX SEhistory → | SPONSORED ADR | 40.10% | $112M | 153.0K |
| 2 | RYTMRHYTHM PHARMACEUTICALS INChistory → | COM | 38.30% | $107M | 1.23M |
| 3 | RVMDREVOLUTION MEDICINES INChistory → | COM | 9.16% | $26M | 262.5K |
| 4 | IRONDISC MEDICINE INChistory → | COM | 6.58% | $18M | 286.7K |
| 5 | CYTKCYTOKINETICS INChistory → | COM NEW | 4.26% | $12M | 180.0K |
| 6 | SEPNSEPTERNA INC | COM | 0.86% | $2M | 100.3K |
| 7 | CRNXCRINETICS PHARMACEUTICALS IN | COM | 0.52% | $1M | 40.2K |
| 8 | TRVITREVI THERAPEUTICS INC | COM | 0.21% | $596,500 | 50.0K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $279M | 8 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $320M | 7 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $298M | 10 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $215M | 8 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $182M | 14 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $196M | 16 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $202M | 16 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $166M | 16 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $150M | 17 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $165M | 19 | Feb 14, 2024 | 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 ↗.