Managers / Q4 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 $320M in U.S.-listed holdings across 7 positions for Q4 2025.
The portfolio is heavily concentrated: ARGX alone accounts for 37.3% of reported value.
Compared with Q3 2025, the fund opened 0 new positions and exited 4.
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 · 62.7% · $201M
- ADR · 37.3% · $119M
Quarter-over-Quarter Changes full breakdown →
vs Q3 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CYTKCYTOKINETICS INC | ADDED | +129.2K | 166.8K | +$9M | $11M |
| CRNXCRINETICS PHARMACEUTICALS IN | SOLD OUT | −260.0K | 0 | −$11M | $0 |
| SEPNSEPTERNA INC | SOLD OUT | −283.2K | 0 | −$5M | $0 |
| STOKSTOKE THERAPEUTICS INC | SOLD OUT | −212.0K | 0 | −$5M | $0 |
| KYMRKYMERA THERAPEUTICS INC | SOLD OUT | −61.8K | 0 | −$3M | $0 |
| HTDCORCEPT THERAPEUTICS INC | ADDED | +137.4K | 529.7K | −$14M | $18M |
| RYTMRHYTHM PHARMACEUTICALS INC | ADDED | +228.5K | 992.2K | +$29M | $106M |
| RVMDREVOLUTION MEDICINES INC | TRIMMED | −122.3K | 370.0K | +$6M | $29M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ARGXARGENX SEhistory → | SPONSORED ADR | 37.31% | $119M | 142.0K |
| 2 | RYTMRHYTHM PHARMACEUTICALS INChistory → | COM | 33.18% | $106M | 992.2K |
| 3 | IRONDISC MEDICINE INChistory → | COM | 11.24% | $36M | 453.0K |
| 4 | RVMDREVOLUTION MEDICINES INChistory → | COM | 9.21% | $29M | 370.0K |
| 5 | HTDCORCEPT THERAPEUTICS INChistory → | COM | 4.36% | $14M | 401.4K |
| 6 | CYTKCYTOKINETICS INChistory → | COM NEW | 3.31% | $11M | 166.8K |
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 ↗.