The fourth surface of the Helixa Bio concept, after the website, the brand system and the investor deck: what the firm sends its investors every quarter.
The quarterly report someone rebuilds from a blank file every quarter — built once as a template. Eight master pages, one data sheet, and a build that refuses to print a report whose numbers do not agree with each other.
Everything here is invented: Helixa Bio stands in for a real firm we pitched, and its fund, people, companies and figures are illustrative.
On a phone the pages reflow to stay readable. The PDF has them page for page.
Fund position, portfolio and capital activity as of 31 March 2026. Unaudited. Issued May 2026.
Dear partners,
Fund II ended March with a net asset value of $145.8M. On 20 March we returned $7.0M to you from a sale of Palisomer shares, made in the first open window after its dose-escalation data. Distributions now total $26.2M, or 0.29× of paid-in capital. We know that is the number you watch, and that it is still too low for a fund in its eighth year.
Nothing private was marked up. The quarter's $4.9M gain came entirely from Palisomer's share price, which the market sets. Vellumark is still held at its 2023 Series C price, and will stay there until it has data.
That data is now dated. The VM-1195 Phase 2b passed its second safety review without changes, and the interim readout is guided to the fourth quarter. Vellumark is 45% of unrealized value, so page 5 shows the fund if the readout fails, not only if it works.
We called $0.7M in January for fees and the audit. The next investment call, for Orrisfield's Series C, should come in the third quarter.
| 12 Jan | Capital call 16: fees for H1 2026 and the annual audit | $0.7M called |
| 26 Jan | Palisomer completes Phase 1 dose escalation of PSM-207 and selects its Phase 2 dose | — |
| 18 Feb | Corrindel's partner confirms the Phase 2 start that triggers the next development milestone | — |
| 20 Mar | Distribution 4: proceeds of 0.50M Palisomer shares at $14.00 | $7.0M paid |
| 27 Mar | Vellumark VM-1195 Phase 2b: safety review 2, continue unmodified | 131 / 240 enrolled |
| Q2 2026 | Palisomer opens PSM-207 expansion cohorts | — |
| 11 Jun | Annual partners' meeting, Boston | — |
| Jun 2026 | Vellumark's interim cohort fully enrolled (156 patients) | — |
| Jul 2026 | Capital call 17: fees for H2 2026 | about $0.5M |
| Q3 2026 | Orrisfield Series C: Fund II's share | about $3.5M |
| Q4 2026 | Vellumark VM-1195 interim readout | — |
$M unless noted, as of 31 March 2026. Net figures are after fees, fund expenses and carried interest accrued as if the fund were sold at NAV.
| NAV at 31 Dec 2025 | 148.4 | |
| Capital called | +0.7 | |
| Distributions | −7.0 | |
| Gain on investments | +4.9 | |
| Fees and expenses | −0.3 | |
| Change in accrued carry | −0.9 | |
| NAV at 31 Mar 2026 | 145.8 |
| Fund | Helixa Bio Fund II, L.P. |
| Size | $120.0M committed, first close 29 Jun 2018 |
| Term | 10 years + two 1-year extensions |
| Investing | Ended 30 Jun 2023; follow-ons only since |
| Fees | 2.0% of commitments, then 1.5% of net invested capital |
| Carry | 20% over an 8% preferred return, whole-fund |
| Accrued carry | $20.7M, not paid; nothing is paid before LPs have $89.0M back plus 8% |
$72.0M invested in five companies, $15.1M of management fees and $1.9M of fund expenses make the $89.0M paid in.
$0.29 back in cash and $1.64 still held: $1.93 of value for every dollar paid in. The rule marks $1.00.
Gross of fees and carried interest. Private companies at their most recent priced round unless noted; Palisomer at its quoted price. Same companies and figures as the Fund II table in the Helixa investor deck.
| Company | Stage | Since | Invested | Realized | Unrealized | Total value | MOIC |
|---|---|---|---|---|---|---|---|
| Vellumark TherapeuticsImmunology · VM-1195, oral, ulcerative colitis | Series C | 2018 | 18.0 | — | 74.2 | 74.2 | 4.1× |
| Corrindel BioPharmaOncology · out-licensed lead asset | Series C | 2019 | 22.5 | 9.8 | 52.1 | 61.9 | 2.8× |
| Palisomer TherapeuticsOncology · PSM-207, solid tumors | Public | 2019 | 12.0 | 16.4 | 13.4 | 29.8 | 2.5× |
| Orrisfield BiologicsImmunology · bispecific antibodies | Series B | 2021 | 15.0 | — | 21.0 | 21.0 | 1.4× |
| Undisclosed (oncology)Oncology · discovery, solid tumors | Seed | 2022 | 4.5 | — | 4.5 | 4.5 | 1.0× |
| Fund II, gross | 72.0 | 26.2 | 165.2 | 191.4 | 2.66× |
An oral, gut-restricted drug for moderate-to-severe ulcerative colitis. Fund II led the Series A in 2018 and has put in $18.0M across three rounds; the position is carried at $74.2M.
| If Vellumark is | Vellumark value | Portfolio value | Gross MOIC |
|---|---|---|---|
| Written off | 0.0 | 117.2 | 1.63× |
| Held at cost | 18.0 | 135.2 | 1.88× |
| Current mark | 74.2 | 191.4 | 2.66× |
$M, before fees and carried interest. Every other company held at its Q1 2026 value. The fund returns its paid-in capital, gross, in all three cases.
| Round | Year | Invested |
|---|---|---|
| Series A | 2018 | 6.0 |
| Series B | 2020 | 7.0 |
| Series C | 2023 | 5.0 |
| Total, carried at 74.2 | 18.0 |
At its Series C price, unchanged since the round closed in 2023. The mark moves only on a priced round, a partnership or a sale; a good readout does not move it by itself, and a failed one would be written down in the quarter it is announced.
PSM-207, a targeted oncology drug for solid tumors, finished Phase 1 dose escalation in January and selected its Phase 2 dose; expansion cohorts start in Q2 2026. Every Palisomer dollar the fund has realized has gone straight to limited partners.
| Sold | Shares | Price | Proceeds | × cost |
|---|---|---|---|---|
| Mar 2022 | 0.45M | $9.11 | 4.1 | 1.8× |
| Sep 2023 | 0.50M | $10.60 | 5.3 | 2.1× |
| Mar 2026 | 0.50M | $14.00 | 7.0 | 2.8× |
| Held at 31 Mar | 0.95M | $14.10 | 13.4 | 2.8× |
| Position | 2.40M | $5.00 cost | 29.8 | 2.5× |
$M. $16.4M realized plus $13.4M held makes the $29.8M on the portfolio page, on $12.0M invested.
$M, for the fund as a whole. Your own share of every line is on your capital account statement, sent with this report.
| Year | Calls | Investments | Fees | Expenses | Called | Distributed | Paid-in to date | % of commitments |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1 | 6.0 | 1.2 | 0.6 | 7.8 | — | 7.8 | 6.5% |
| 2019 | 2 | 15.0 | 2.4 | 0.2 | 17.6 | — | 25.4 | 21.2% |
| 2020 | 2 | 7.0 | 2.4 | 0.2 | 9.6 | — | 35.0 | 29.2% |
| 2021 | 2 | 20.0 | 2.4 | 0.2 | 22.6 | — | 57.6 | 48.0% |
| 2022 | 2 | 8.5 | 2.4 | 0.2 | 11.1 | 4.1 | 68.7 | 57.3% |
| 2023 | 2 | 5.0 | 1.7 | 0.1 | 6.8 | 5.3 | 75.5 | 62.9% |
| 2024 | 2 | 10.5 | 1.1 | 0.1 | 11.7 | — | 87.2 | 72.7% |
| 2025 | 2 | — | 1.0 | 0.1 | 1.1 | 9.8 | 88.3 | 73.6% |
| 2026 (Q1) | 1 | — | 0.5 | 0.2 | 0.7 | 7.0 | 89.0 | 74.2% |
| Total | 16 | 72.0 | 15.1 | 1.9 | 89.0 | 26.2 | 89.0 | 74.2% |
| 15 Mar 2022 | Palisomer0.45M shares sold after IPO lock-up | 4.1 |
| 14 Sep 2023 | Palisomer0.50M shares sold in an open window | 5.3 |
| 16 Jun 2025 | CorrindelPartial sale to the licensing partner | 9.8 |
| 20 Mar 2026 | Palisomer0.50M shares sold after dose-escalation data | 7.0 |
| All return of capital | 26.2 |
About $4.5M: Orrisfield Series C (our share about $3.5M, expected Q3 2026) and the fee calls in July and January.
Not forecast. The remaining 0.95M Palisomer shares are for sale in open windows at our discretion; no Vellumark liquidity is expected before its readout.
Figures are unaudited and in US dollars. Quarterly valuations are prepared by the general partner under the fund's valuation policy and reviewed by the advisory committee; year-end valuations are audited. Net IRR uses the actual dates of each capital call and distribution (actual/365). Carried interest is accrued on a whole-fund basis under the European waterfall in the limited partnership agreement: limited partners receive their paid-in capital and an 8% preferred return before any carry is paid.
Totals may not add due to rounding. Palisomer is valued at its quoted closing price on 31 March 2026; no discount for the size of the holding has been applied.
This report is confidential and is provided to limited partners of Helixa Bio Fund II, L.P. for information only. It is not an offer to sell or a solicitation of an offer to buy any interest in any fund. Past performance is not a guide to future results; unrealized values may never be realized. Statements about clinical timelines, financings and exits are forward-looking, reflect the general partner's view on the report date and may change.
| Q2 2026 report and capital account statements | August 2026 |
| Q3 2026 report and capital account statements | November 2026 |
| Audited financial statements, fiscal 2026 | March 2027 |
| Tax forms (Schedule K-1) | March 2027 |
A cover, a running head, a footer with the page count and the disclaimer, and six page types — letter, fund summary, portfolio, highlight, capital activity, appendix. Every size is set in one page unit, so a sheet is the same on screen, in the PDF and in print.
One file holds what changes each quarter: commitments, each capital call, each distribution, each company's cost and value, and the trial timeline. Multiples, net IRR, the NAV bridge, accrued carry and the yearly schedule are computed from it, never typed.
The build stops, and says why, if: