# EDGAR Filing Document

**Accession Number:** 0002106939
**File Stem:** 0001951757-26-000380
**Filing Date:** 2026-2
**Character Count:** 12091
**Document Hash:** 413eb1c4eb99e7cbbc442d8c07cf615e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001951757-26-000380.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001951757-26-000380

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PSP Research LLC
- **CENTRAL INDEX KEY:** 0002106939

**ORGANIZATION NAME:**
- **EIN:** 994724655
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26116
- **FILM NUMBER:** 26605752

**BUSINESS ADDRESS:**
- **STREET 1:** 4 GREYSTONE CIRCLE
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073
- **BUSINESS PHONE:** 617-483-5981

**MAIL ADDRESS:**
- **STREET 1:** 4 GREYSTONE CIRCLE
- **CITY:** NEWTOWN SQUARE
- **STATE:** PA
- **ZIP:** 19073

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** PSP Research LLC<br>**Address:** 4 GREYSTONE CIRCLE<br>NEWTOWN SQUARE, PA 19073

**Form 13F File Number:** 028-26116

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Santhosh Palani<br>**Title:** Chief Compliance Officer<br>**Phone:** 617-483-5981

**Signature, Place, and Date of Signing:**

Santhosh Palani  Newtown Square, PA  02-06-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 85

**Form 13F Information Table Value Total:** $114419671

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 527950 | 19766 | SH |  | SOLE |  | 0 | 0 | 19766 |
| ARCELLX INC | COMMON STOCK | 03940C100 |  | 536205 | 8224 | SH |  | SOLE |  | 0 | 0 | 8224 |
| ALKERMES PLC | SHS | G01767105 |  | 539454 | 19280 | SH |  | SOLE |  | 0 | 0 | 19280 |
| ALUMIS INC | COM | 022307102 |  | 427185 | 43769 | SH |  | SOLE |  | 0 | 0 | 43769 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 524103 | 1318 | SH |  | SOLE |  | 0 | 0 | 1318 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 534214 | 44223 | SH |  | SOLE |  | 0 | 0 | 44223 |
| APOGEE THERAPEUTICS INC | COM | 03770N101 |  | 527152 | 6984 | SH |  | SOLE |  | 0 | 0 | 6984 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 549274 | 21866 | SH |  | SOLE |  | 0 | 0 | 21866 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 529799 | 630 | SH |  | SOLE |  | 0 | 0 | 630 |
| ARCUTIS BIOTHERAPEUTICS INC | COM | 03969K108 |  | 543513 | 18716 | SH |  | SOLE |  | 0 | 0 | 18716 |
| ARROWHEAD PHARMACEUTICALS IN | COM | 04280A100 |  | 444083 | 6689 | SH |  | SOLE |  | 0 | 0 | 6689 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 549946 | 2579 | SH |  | SOLE |  | 0 | 0 | 2579 |
| AURINIA PHARMACEUTICALS INC | COM | 05156V102 |  | 541550 | 33953 | SH |  | SOLE |  | 0 | 0 | 33953 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 546139 | 7140 | SH |  | SOLE |  | 0 | 0 | 7140 |
| BEAM THERAPEUTICS INC | COM | 07373V105 |  | 508218 | 18334 | SH |  | SOLE |  | 0 | 0 | 18334 |
| BELITE BIO INC | SPONSORED ADS | 07782B104 |  | 550742 | 3443 | SH |  | SOLE |  | 0 | 0 | 3443 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 521320 | 8772 | SH |  | SOLE |  | 0 | 0 | 8772 |
| CELCUITY INC | COM | 15102K100 |  | 523037 | 5244 | SH |  | SOLE |  | 0 | 0 | 5244 |
| CG ONCOLOGY INC | COM | 156944100 |  | 551925 | 13293 | SH |  | SOLE |  | 0 | 0 | 13293 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 553195 | 20368 | SH |  | SOLE |  | 0 | 0 | 20368 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 547194 | 21879 | SH |  | SOLE |  | 0 | 0 | 21879 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 470036 | 13233 | SH |  | SOLE |  | 0 | 0 | 13233 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 526760 | 11316 | SH |  | SOLE |  | 0 | 0 | 11316 |
| CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 |  | 502375 | 9580 | SH |  | SOLE |  | 0 | 0 | 9580 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 528208 | 8313 | SH |  | SOLE |  | 0 | 0 | 8313 |
| DENALI THERAPEUTICS INC | COM | 24823R105 |  | 524391 | 31762 | SH |  | SOLE |  | 0 | 0 | 31762 |
| DIANTHUS THERAPEUTICS INC | COM | 252828108 |  | 524397 | 12725 | SH |  | SOLE |  | 0 | 0 | 12725 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 421225 | 21535 | SH |  | SOLE |  | 0 | 0 | 21535 |
| EXELIXIS INC | COM | 30161Q104 |  | 523681 | 11948 | SH |  | SOLE |  | 0 | 0 | 11948 |
| EYEPOINT INC | COM NEW | 30233G209 |  | 539513 | 29530 | SH |  | SOLE |  | 0 | 0 | 29530 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 467306 | 6719 | SH |  | SOLE |  | 0 | 0 | 6719 |
| HALOZYME THERAPEUTICS INC | COM | 40637H109 |  | 540150 | 8026 | SH |  | SOLE |  | 0 | 0 | 8026 |
| HARMONY BIOSCIENCES HLDGS IN | COM | 413197104 |  | 534470 | 14283 | SH |  | SOLE |  | 0 | 0 | 14283 |
| IMMUNOCORE HLDGS PLC | ADS | 45258D105 |  | 500657 | 14424 | SH |  | SOLE |  | 0 | 0 | 14424 |
| IMMUNOME INC | COM | 45257U108 |  | 542263 | 25245 | SH |  | SOLE |  | 0 | 0 | 25245 |
| IMMUNOVANT INC | COM | 45258J102 |  | 516153 | 20305 | SH |  | SOLE |  | 0 | 0 | 20305 |
| INHIBRX BIOSCIENCES INC | COM | 45720N103 |  | 504731 | 6389 | SH |  | SOLE |  | 0 | 0 | 6389 |
| INCYTE CORP | COM | 45337C102 |  | 528420 | 5350 | SH |  | SOLE |  | 0 | 0 | 5350 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 530648 | 3049 | SH |  | SOLE |  | 0 | 0 | 3049 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 537948 | 6800 | SH |  | SOLE |  | 0 | 0 | 6800 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 553860 | 3258 | SH |  | SOLE |  | 0 | 0 | 3258 |
| KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 |  | 522019 | 12655 | SH |  | SOLE |  | 0 | 0 | 12655 |
| KODIAK SCIENCES INC | COM | 50015M109 |  | 542927 | 19418 | SH |  | SOLE |  | 0 | 0 | 19418 |
| KYMERA THERAPEUTICS INC | COM | 501575104 |  | 493938 | 6348 | SH |  | SOLE |  | 0 | 0 | 6348 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 530391 | 24397 | SH |  | SOLE |  | 0 | 0 | 24397 |
| LIQUIDIA CORPORATION | COM NEW | 53635D202 |  | 534078 | 15485 | SH |  | SOLE |  | 0 | 0 | 15485 |
| MAZE THERAPEUTICS INC | COM | 578784100 |  | 525001 | 12672 | SH |  | SOLE |  | 0 | 0 | 12672 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 519447 | 892 | SH |  | SOLE |  | 0 | 0 | 892 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 541397 | 6854 | SH |  | SOLE |  | 0 | 0 | 6854 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 537745 | 14818 | SH |  | SOLE |  | 0 | 0 | 14818 |
| MIND MEDICINE MINDMED INC | COM NEW | 60255C885 |  | 466521 | 34841 | SH |  | SOLE |  | 0 | 0 | 34841 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 523394 | 14920 | SH |  | SOLE |  | 0 | 0 | 14920 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 529593 | 3734 | SH |  | SOLE |  | 0 | 0 | 3734 |
| NURIX THERAPEUTICS INC | COM | 67080M103 |  | 544686 | 28713 | SH |  | SOLE |  | 0 | 0 | 28713 |
| NUVALENT INC | COM | 670703107 |  | 529204 | 5261 | SH |  | SOLE |  | 0 | 0 | 5261 |
| OCULAR THERAPEUTIX INC | COM | 67576A100 |  | 520235 | 42853 | SH |  | SOLE |  | 0 | 0 | 42853 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 476575 | 19063 | SH |  | SOLE |  | 0 | 0 | 19063 |
| PHARVARIS N V | COM | N69605108 |  | 569180 | 20511 | SH |  | SOLE |  | 0 | 0 | 20511 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 584175 | 1982 | SH |  | SOLE |  | 0 | 0 | 1982 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 535214 | 7046 | SH |  | SOLE |  | 0 | 0 | 7046 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 534608 | 6121 | SH |  | SOLE |  | 0 | 0 | 6121 |
| PALVELLA THERAPEUTICS INC NE | COM | 697947109 |  | 532142 | 5084 | SH |  | SOLE |  | 0 | 0 | 5084 |
| RAPPORT THERAPEUTICS INC | COM | 75383L102 |  | 531132 | 17506 | SH |  | SOLE |  | 0 | 0 | 17506 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 534276 | 24621 | SH |  | SOLE |  | 0 | 0 | 24621 |
| ROYALTY PHARMA PLC | SHS CLASS A | G7709Q104 |  | 534237 | 13826 | SH |  | SOLE |  | 0 | 0 | 13826 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 547355 | 6872 | SH |  | SOLE |  | 0 | 0 | 6872 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 507156 | 4738 | SH |  | SOLE |  | 0 | 0 | 4738 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 70266000 | 700000 | SH |  | SOLE |  | 0 | 0 | 700000 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 519283 | 24716 | SH |  | SOLE |  | 0 | 0 | 24716 |
| STOKE THERAPEUTICS INC | COM | 86150R107 |  | 527551 | 16621 | SH |  | SOLE |  | 0 | 0 | 16621 |
| SUPERNUS PHARMACEUTICALS INC | COM | 868459108 |  | 534673 | 10758 | SH |  | SOLE |  | 0 | 0 | 10758 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 518918 | 15840 | SH |  | SOLE |  | 0 | 0 | 15840 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 |  | 533776 | 6519 | SH |  | SOLE |  | 0 | 0 | 6519 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 547824 | 13560 | SH |  | SOLE |  | 0 | 0 | 13560 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 530827 | 17807 | SH |  | SOLE |  | 0 | 0 | 17807 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 583543 | 15272 | SH |  | SOLE |  | 0 | 0 | 15272 |
| TYRA BIOSCIENCES INC | COM | 90240B106 |  | 574515 | 21853 | SH |  | SOLE |  | 0 | 0 | 21853 |
| UPSTREAM BIO INC | COM | 91678A107 |  | 478763 | 17634 | SH |  | SOLE |  | 0 | 0 | 17634 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 526230 | 1080 | SH |  | SOLE |  | 0 | 0 | 1080 |
| VERA THERAPEUTICS INC | CL A | 92337R101 |  | 506197 | 9996 | SH |  | SOLE |  | 0 | 0 | 9996 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 517639 | 14714 | SH |  | SOLE |  | 0 | 0 | 14714 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 528013 | 16967 | SH |  | SOLE |  | 0 | 0 | 16967 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 527680 | 31040 | SH |  | SOLE |  | 0 | 0 | 31040 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 523408 | 11678 | SH |  | SOLE |  | 0 | 0 | 11678 |
| ZYMEWORKS INC | COM | 98985Y108 |  | 534815 | 20312 | SH |  | SOLE |  | 0 | 0 | 20312 |

---