Group 1 - TimesSquare Capital Management's "U.S. Small Cap Growth Strategy" reported a gross return of 2.26% and a net return of 2.01% for Q3 2025, significantly underperforming the Russell 2000 Growth Index, which returned 12.19% [1] - All asset classes except fixed income outside the U.S. posted positive returns during the quarter [1] - The fund's top five holdings were highlighted as key investment picks for 2025 [1] Group 2 - Soleno Therapeutics, Inc. (NASDAQ:SLNO) is a clinical-stage biopharmaceutical company that experienced a one-month return of -9.58% and a 52-week loss of 2.16%, with a market capitalization of $2.429 billion as of January 5, 2026 [2] - TimesSquare Capital added to its holdings in Soleno Therapeutics as shares pulled back by -19%, believing that allegations regarding the safety of its Vykat treatment for Prader-Willi Syndrome were inaccurate or exaggerated [3] - Soleno Therapeutics' net revenue more than doubled to $66 million in Q3 2025 compared to Q2 2025, with an increase in hedge fund interest from 52 to 58 portfolios [4]

Takeda Pharmaceutical - Rhonda Pacheco will become the head of Takeda's U.S. business unit on September 29, succeeding Julie Kim, who will transition to CEO in June 2026 [2] Maze Therapeutics - Shares of Maze Therapeutics increased by over 50% following positive Phase 1 data for its oral medicine MZE782, which showed good tolerance and exceeded expectations for amino acid levels [2] - Maze Therapeutics raised $150 million in a private stock offering alongside the positive results [2] Intercept Pharmaceuticals - Intercept Pharmaceuticals will withdraw its liver disease drug Ocaliva from the U.S. market at the FDA's request, which has also suspended all clinical trials for the drug due to safety concerns [2] - Ocaliva has faced scrutiny since its approval in 2016, with a black box warning added in 2018 and ongoing issues with approval for other indications [2] Soleno Therapeutics - Soleno Therapeutics' stock fell nearly 20% after a patient death was reported to the FDA, although the treating physician did not believe the drug Vykat was related to the incident [2] - The company has seen its shares lose about one-third of their value since a report by Scorpion Capital raised safety concerns about Vykat, the first approved drug for Prader-Willi syndrome [2]