Managers / Q1 2025 · view latest →
Checkpoint Capital L.P.
CIK 0001977548 · 345 CALIFORNIA STREET, SUITE 600, SAN FRANCISCO, CA, 94104 · 914-355-0570
Summary
Checkpoint Capital L.P. reported $182M in U.S.-listed holdings across 14 positions for Q1 2025.
The portfolio is heavily concentrated: ARGX alone accounts for 37.3% of reported value.
Compared with Q4 2024, the fund opened 5 new positions and exited 7.
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 · 62.4% · $114M
- ADR · 37.5% · $68M
- Other · 0.1% · $133,993
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| PTGXPROTAGONIST THERAPEUTICS INC | NEW | +175.2K | 175.2K | +$8M | $8M |
| SEPNSEPTERNA INC | NEW | +824.9K | 824.9K | +$5M | $5M |
| HTDCORCEPT THERAPEUTICS INC | NEW | +5.0K | 5.0K | +$571,100 | $571,100 |
| IMCRIMMUNOCORE HLDGS PLC | NEW | +9.0K | 9.0K | +$267,356 | $267,356 |
| RAPT THERAPEUTICS INC | NEW | +109.8K | 109.8K | +$133,993 | $133,993 |
| SLNOEURSOLENO THERAPEUTICS INC | ADDED | +102.9K | 172.9K | +$9M | $12M |
| STOKSTOKE THERAPEUTICS INC | ADDED | +425.3K | 730.7K | +$1M | $5M |
| PHATPHATHOM PHARMACEUTICALS INC | SOLD OUT | −2.27M | 0 | −$18M | $0 |
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 | ARGXARGENX SEhistory → | SPONSORED ADR | 37.34% | $68M | 115.0K |
| 2 | RYTMRHYTHM PHARMACEUTICALS INChistory → | COM | 26.37% | $48M | 907.2K |
| 3 | RVMDREVOLUTION MEDICINES INChistory → | COM | 7.61% | $14M | 392.0K |
| 4 | SLNOEURSOLENO THERAPEUTICS INChistory → | COM | 6.78% | $12M | 172.9K |
| 5 | IRONDISC MEDICINE INChistory → | COM | 6.63% | $12M | 243.3K |
| 6 | PTGXPROTAGONIST THERAPEUTICS INChistory → | COM | 4.65% | $8M | 175.2K |
| 7 | STOKSTOKE THERAPEUTICS INChistory → | COM | 2.67% | $5M | 730.7K |
| 8 | SEPNSEPTERNA INChistory → | COM | 2.62% | $5M | 824.9K |
| 9 | KYMRKYMERA THERAPEUTICS INChistory → | COM | 2.05% | $4M | 136.6K |
| 10 | TCRXTSCAN THERAPEUTICS INChistory → | COM | 1.53% | $3M | 2.02M |
| 11 | CDTXCIDARA THERAPEUTICS INChistory → | COM NEW | 1.23% | $2M | 104.4K |
| 12 | HTDCORCEPT THERAPEUTICS INC | COM | 0.31% | $571,100 | 5.0K |
| 13 | IMCRIMMUNOCORE HLDGS PLC | ADS | 0.15% | $267,356 | 9.0K |
| 14 | RAPT THERAPEUTICS INC | COM | 0.07% | $133,993 | 109.8K |
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 ↗.