Managers / Q3 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 $298M in U.S.-listed holdings across 10 positions for Q3 2025.
The portfolio is heavily concentrated: ARGX alone accounts for 37.1% of reported value.
Compared with Q2 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, 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 · 62.9% · $188M
- ADR · 37.1% · $111M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CRNXCRINETICS PHARMACEUTICALS IN | NEW | +260.0K | 260.0K | +$11M | $11M |
| STOKSTOKE THERAPEUTICS INC | NEW | +212.0K | 212.0K | +$5M | $5M |
| CYTKCYTOKINETICS INC | NEW | +37.6K | 37.6K | +$2M | $2M |
| PTGXPROTAGONIST THERAPEUTICS INC | SOLD OUT | −81.3K | 0 | −$4M | $0 |
| RVMDREVOLUTION MEDICINES INC | ADDED | +212.3K | 492.3K | +$13M | $23M |
| IRONDISC MEDICINE INC | ADDED | +165.0K | 430.0K | +$14M | $28M |
| SEPNSEPTERNA INC | TRIMMED | −303.3K | 283.2K | −$872,818 | $5M |
| KYMRKYMERA THERAPEUTICS INC | TRIMMED | −45.2K | 61.8K | −$1M | $3M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ARGXARGENX SEhistory → | SPONSORED ADR | 37.07% | $111M | 150.0K |
| 2 | RYTMRHYTHM PHARMACEUTICALS INChistory → | COM | 25.84% | $77M | 763.7K |
| 3 | HTDCORCEPT THERAPEUTICS INChistory → | COM | 10.92% | $33M | 392.3K |
| 4 | IRONDISC MEDICINE INChistory → | COM | 9.52% | $28M | 430.0K |
| 5 | RVMDREVOLUTION MEDICINES INChistory → | COM | 7.70% | $23M | 492.3K |
| 6 | CRNXCRINETICS PHARMACEUTICALS INhistory → | COM | 3.63% | $11M | 260.0K |
| 7 | SEPNSEPTERNA INChistory → | COM | 1.78% | $5M | 283.2K |
| 8 | STOKSTOKE THERAPEUTICS INChistory → | COM | 1.67% | $5M | 212.0K |
| 9 | KYMRKYMERA THERAPEUTICS INChistory → | COM | 1.17% | $3M | 61.8K |
| 10 | CYTKCYTOKINETICS INC | COM NEW | 0.69% | $2M | 37.6K |
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 ↗.