California-based TCG Crossover Management reported a buy of 300,000 shares in Amylyx Pharmaceuticals (AMLX +9.22%) during the third quarter, increasing its position by approximately $46.8 million, according to an SEC filing on Friday.
What Happened
According to a filing submitted to the Securities and Exchange Commission on Friday, TCG Crossover Management increased its stake in Amylyx Pharmaceuticals (AMLX +9.22%) by purchasing an additional 300,000 shares during the third quarter. The fund’s position in the company grew to 6.2 million shares with a reported market value of $84.9 million as of September 30.
What Else toKnow
The fund's AMLX position now represents 4.2% of its $2 billion in 13F reportable AUM.
Top holdings after the filing:
- NASDAQ:ABVX: $603.8 million (29.7% of AUM)
- NASDAQ:CGON: $147.8 million (7.3% of AUM)
- NASDAQ:COGT: $97.6 million (4.8% of AUM)
- NASDAQ:AMLX: $84.9 million (4.2% of AUM)
- NASDAQ:CNTA: $76.1 million (3.7% of AUM)
As of Monday, shares were priced at $13.40, up 182% over the prior year and far outperforming the S&P 500's nearly 15% gain in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Monday) | $13.40 |
| Market Capitalization | $1.5 billion |
| Revenue (TTM) | ($665,000) |
| Net Income (TTM) | ($149.3 million) |
Company Snapshot
Amylyx Pharmaceuticals, Inc. is a biotechnology company specializing in the development of novel therapeutics for neurodegenerative diseases, most notably ALS. The company leverages its proprietary compound, AMX0035, to address significant unmet medical needs in the neurology space.
With a focused pipeline and a clinical-stage approach, Amylyx aims to establish a competitive edge through innovative science and targeted product development. The company’s strategy centers on advancing its lead candidate while expanding indications to maximize long-term value. It targets healthcare providers, research institutions, and patients affected by ALS and other neurodegenerative disorders as its primary customer base.
Foolish Take
TCG Crossover is leaning into Amylyx as the breakthrough biology stock's clinical visibility improves and its balance sheet strengthens. With enrollment for its pivotal Phase 3 LUCIDITY trial reaching its final stretch, early ALS data emerging from potential treatment AMX0114, and a cash runway now extending into 2028 after a $191 million offering, the setup offers multiple paths to value—exactly the type of opportunity TCGX says it's designed to support.
Meanwhile, Amylyx’s third-quarter numbers reinforce its stability. The firm's net loss narrowed sharply to $34.4 million from $72.7 million a year ago, while R&D and SG&A both declined year over year as restructuring costs rolled off. Cash, cash equivalents, and marketable securities jumped to $344 million, up from $180.8 million in the prior quarter. Pipeline momentum also continues: Early Phase 1 data in ALS will be presented in December, and the pivotal LUCIDITY trial remains on track for topline results in the third quarter of 2026.
Within TCGX’s portfolio, Amylyx now stands as a large conviction bet, all as the firm's co-CEOs teased a "transformational" year ahead in the latest earnings release. With a derisking balance sheet, advancing neuro and endocrine programs, and a pivotal Phase 3 readout ahead, long-term holders may benefit if 2026 delivers the validation the company is positioning for.
Glossary
13F reportable assets under management (AUM): The portion of a fund’s assets required to be disclosed in SEC Form 13F filings.
Position: The total amount of a particular security owned by an investor or fund.
Stake: The ownership interest or share held in a company by an investor or fund.
Holding: A specific investment owned within a portfolio or fund.
Clinical-stage biopharmaceutical: A company developing drugs that are still being tested in human clinical trials, not yet fully approved for sale.
Proprietary compound: A drug or molecule owned and developed exclusively by a company.
Indication: A specific disease or condition for which a drug is developed or approved.
Neurodegenerative diseases: Disorders characterized by progressive loss of nerve cell function, such as ALS or Alzheimer’s disease.
Pipeline: The portfolio of drug candidates a biopharmaceutical company is researching or developing.
TTM: The 12-month period ending with the most recent quarterly report.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Outperforming: Achieving better returns than a benchmark or comparable investment, such as the S&P 500.
