Managers / Q2 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 $215M in U.S.-listed holdings across 8 positions for Q2 2025.
The portfolio is heavily concentrated: ARGX alone accounts for 38.5% of reported value.
Compared with Q1 2025, the fund opened 0 new positions and exited 6.
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 · 61.5% · $132M
- ADR · 38.5% · $83M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| HTDCORCEPT THERAPEUTICS INC | ADDED | +338.9K | 343.9K | +$25M | $25M |
| SLNOEURSOLENO THERAPEUTICS INC | SOLD OUT | −172.9K | 0 | −$12M | $0 |
| STOKSTOKE THERAPEUTICS INC | SOLD OUT | −730.7K | 0 | −$5M | $0 |
| TCRXTSCAN THERAPEUTICS INC | SOLD OUT | −2.02M | 0 | −$3M | $0 |
| CDTXCIDARA THERAPEUTICS INC | SOLD OUT | −104.4K | 0 | −$2M | $0 |
| IMCRIMMUNOCORE HLDGS PLC | SOLD OUT | −9.0K | 0 | −$267,356 | $0 |
| RAPT THERAPEUTICS INC | SOLD OUT | −109.8K | 0 | −$133,993 | $0 |
| PTGXPROTAGONIST THERAPEUTICS INC | TRIMMED | −93.9K | 81.3K | −$4M | $4M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ARGXARGENX SEhistory → | SPONSORED ADR | 38.52% | $83M | 150.0K |
| 2 | RYTMRHYTHM PHARMACEUTICALS INChistory → | COM | 31.21% | $67M | 1.06M |
| 3 | HTDCORCEPT THERAPEUTICS INChistory → | COM | 11.76% | $25M | 343.9K |
| 4 | IRONDISC MEDICINE INChistory → | COM | 6.54% | $14M | 265.0K |
| 5 | RVMDREVOLUTION MEDICINES INChistory → | COM | 4.80% | $10M | 280.0K |
| 6 | SEPNSEPTERNA INChistory → | COM | 2.89% | $6M | 586.5K |
| 7 | KYMRKYMERA THERAPEUTICS INChistory → | COM | 2.18% | $5M | 107.0K |
| 8 | PTGXPROTAGONIST THERAPEUTICS INChistory → | COM | 2.09% | $4M | 81.3K |
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 ↗.