Deep Track Capital

David Kroin spent over 12 years at Great Point Partners, a Greenwich-based healthcare investment firm, where he rose to co-manage the healthcare portfolio and led investments across biotechnology, medical devices, and healthcare services. During that tenure, he was involved in dozens of growth-stage and structured-equity transactions, particularly in companies preparing for or executing public listings. That track record formed the foundation for the institutional backing he received when launching Deep Track in 2021 (per Great Point Partners personnel disclosures and SEC Form ADV filings, 2010–2021).

The firm sources primarily through direct relationships with biotechnology management teams, sell-side banking desks focused on healthcare, and venture-capital syndicates seeking crossover participation in late-stage private rounds. Kroin's two-decade network — built at Great Point Partners and through board-level engagement at portfolio companies — provides early visibility into companies considering PIPEs or registered directs. Unlike multi-sector crossover funds, Deep Track relies on domain specialization: heads of clinical development and sell-side analysts covering biotech frequently approach the firm when companies seek structured financing ahead of data readouts or regulatory filings.

No. The firm's mandate is exclusively healthcare, with a concentration in therapeutics-focused biotechnology and a smaller allocation to tools and diagnostics companies that support drug development. Kroin has publicly maintained that the complexity of clinical-regulatory analysis — and the specialist network required to diligence it effectively — compels a single-sector focus. Other healthcare subsectors, such as health insurance or healthcare services, appear only incidentally, typically when a portfolio company's platform extends into diagnostic testing or companion diagnostics.

Deep Track targets the full continuum from late-stage clinical development through early commercialization. In practice, that means positions are typically initiated when a company has Phase 2 or Phase 3 data, needs capital for a pivotal trial, or is filing a New Drug Application with the FDA. The firm also participates in pre-IPO crossover rounds 6–18 months before an anticipated listing. Kroin rarely enters at Series A or earlier stages, preferring to underwrite clinical data and regulatory strategy rather than platform-science risk.

Yes. Deep Track Capital LP is a registered investment adviser with the U.S. Securities and Exchange Commission (per SEC IAPD records). The firm files quarterly 13F reports detailing its U.S.-listed equity holdings, which have ranged from 20 to 35 positions in recent quarters, and files Form ADV disclosures annually outlining its business structure and regulatory assets under management.

Yes. The firm regularly co-invests alongside other specialist crossover healthcare funds, including RA Capital Management, Perceptive Advisors, and Avidity Partners, particularly in PIPEs and pre-IPO rounds where syndicate formation is necessary to fill a financing. Kroin's participation often signals to the market that a company has attracted a lifecycle-oriented investor willing to hold through volatility — a signal management teams value when negotiating terms with shorter-horizon crossover participants.

The firm diversifies within healthcare across therapeutic areas (oncology, cardiovascular, genetic medicine, ophthalmology, immunology) and across stages of clinical and commercial maturity. It also structures position sizes relative to the company's cash runway and forthcoming catalysts, so that no single binary event — a Phase 3 readout or an FDA advisory committee vote — can impair more than a bounded percentage of total fund NAV. Additionally, Kroin maintains a reserve allocation for follow-on financings, allowing the firm to average down or up as clinical data evolves, rather than being forced into dilution by later-stage crossover vehicles.