TCG Crossover Management, LLC

Venture Capital

TCG Crossover Management, LLC is a Venture Capital based in Palo Alto, CA led by Chen Ming Yu, managing $2.0B across 39 long positions as of Q3 2025 with 61% Healthcare concentration, 67% concentrated in top 10 holdings, and 30% allocation to ABVX.

Managing PartnerChen Ming Yu

Portfolio Value: $2.0B
Positions: 39
Top Holding: ABVX at 30.14%
Last Reported: Q3 2025

Address705 High St., Palo Alto, CA, 94301, United States

Top Holdings

Largest long holdings in TCG Crossover Management, LLC's portfolio (66.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 ABVX Abivax ABVX	Unknown Unknown	$603.8M	30.14%	+$89.6M Bought	— 7.1M shares	Q2 2024 Held for 1y 5m
2 CG Oncology CGON	Biotechnology Healthcare	$147.8M	7.38%	—	4.81% 3.7M shares	Q1 2024 Held for 1y 8m
3 Cogent Biosciences, Inc. COGT	Biotechnology Healthcare	$97.6M	4.87%	-$2.4M Sold	4.87% 6.8M shares	Q4 2021 Held for 3y 11m
4 Amylyx Pharmaceuticals, Inc. AMLX	Biotechnology Healthcare	$84.9M	4.24%	+$4.1M Bought	5.85% 6.2M shares	Q3 2024 Held for 1y 2m
5 CNTA Centessa Pharmaceuticals CNTA	Unknown Unknown	$76.1M	3.80%	+$6.0M Bought	— 3.1M shares	Q3 2023 Held for 2y 2m
6 Tango Therapeutics TNGX	Biotechnology Healthcare	$71.7M	3.58%	-$18.5M Sold	7.67% 8.5M shares	Q4 2024 Held for 11 months
7 Ocular Therapeutix OCUL	Biotechnology Healthcare	$71.5M	3.57%	+$9.3M Bought	3.52% 6.1M shares	Q1 2024 Held for 1y 8m
8 Dianthus Therapeutics DNTH	Biotechnology Healthcare	$66.0M	3.29%	+$6.9M Bought	4.21% 1.7M shares	Q4 2024 Held for 11 months
9 Tourmaline Bio TRML	Biotechnology Healthcare	$62.7M	3.13%	-$7.9M Sold	5.11% 1.3M shares	Q4 2023 Held for 1y 11m
10 Dyne Therapeutics, Inc. DYN	Biotechnology Healthcare	$58.4M	2.91%	+$10.7M Bought	3.24% 4.6M shares	Q1 2023 Held for 2y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in TCG Crossover Management, LLC's latest filing

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Market Value

$2.0B

Prior: $875.5M

Q/Q Change

+128.8%

+$1.1B

Net Flows % of MV

+10.14%

Turnover Ratio

12.02%

New Purchases

11 stocks

$186.3M

Added To

7 stocks

+$156.0M

Sold Out Of

9 stocks

$96.9M

Reduced Holdings

5 stocks

-$42.3M

Increased Positions

Position	Shares Δ	Change
1 Liquidia Corporation LQDA	New	0 → 1.7M +$38.9M
2 LBRX LB Pharmaceuticals Inc Common Stock LBRX	New	0 → 1.7M +$27.6M
3 Revolution Medicines, Inc. RVMD	New	0 → 436.5K +$20.4M
4 Korro Bio, Inc. KRRO	New	0 → 416.3K +$19.9M
5 Spyre Therapeutics, Inc. SYRE	New	0 → 1.1M +$18.4M

Decreased Positions

Position	Shares Δ	Change
1 Cidara Therapeutics CDTX	Sold	1.0M → 0 −$49.0M
2 Soleno Therapeutics SLNO	Sold	186.3K → 0 −$15.6M
3 Third Harmonic Bio, Inc. THRD	Sold	1.9M → 0 −$10.4M
4 Enliven Therapeutics ELVN	Sold	498.0K → 0 −$10.0M
5 Nektar Therapeutics NKTR	Sold	266.7K → 0 −$6.9M