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Boxer Capital Management, LLC

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13F filer, CIK 2018299, San Diego, CA

Boxer Capital Management, LLC reported $456,875,787 across 45 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 62.11% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0002018299-26-000006

Period
2025-12-31
Reported value
$457M
Holdings
45
Top 10 weight
62.11%
New
15
Sold out
4

Part of the filer group Boxer Capital Management, LLC

  • Aaron Davis
  • Boxer Holdings GP, LLC
  • Boxer Holdings, LP
How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TERNnew+375,000$15.2M
PRAXnew+46,457$13.7M
CELCadded+135,000$13.5M
PALInew+4,799,875$11.3M
KODadded+386,000$10.8M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
QUREreduced-510,000-$12.2M
MERUS N Vexited-120,000-$11.3M
NKTRexited-125,000-$7.11M
CYTKreduced-100,000-$6.35M
DNLIexited-250,000-$3.63M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0002018299-26-000006, largest first. % of portfolio is the value over $456,875,787, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 10,380,999 shares; 2025Q1: 10,380,999 shares; 2025Q2: 9,771,485 shares; 2025Q3: 9,771,485 shares; 2025Q4: 10,876,219 shares 10,876,219$96.4M21.09%+1,104,734Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 4,279,464 shares; 2025Q1: 1,317,977 shares; 2025Q2: 792,977 shares; 2025Q3: 400,000 shares; 2025Q4: 400,000 shares 400,000$31.9M6.97%0Timeline
KODKODIAK SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 1,000,000 shares; 2025Q1: 1,035,000 shares; 2025Q2: 750,000 shares; 2025Q3: 750,000 shares; 2025Q4: 1,136,000 shares 1,136,000$31.8M6.95%+386,000Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 425,000 shares; 2025Q1: 325,000 shares; 2025Q2: 432,010 shares; 2025Q3: 319,100 shares; 2025Q4: 329,100 shares 329,100$25.6M5.6%+10,000Timeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 90,000 shares; 2025Q4: 225,000 shares 225,000$22.4M4.91%+135,000Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 120,000 shares; 2025Q4: 125,000 shares 125,000$16.9M3.69%+5,000Timeline
PTCTPTC THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares; 2025Q4: 200,000 shares 200,000$15.2M3.33%0Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 752,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 375,000 shares 375,000$15.2M3.32%newTimeline
PTGXPROTAGONIST THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 60,000 shares; 2025Q3: 110,000 shares; 2025Q4: 170,000 shares 170,000$14.8M3.25%+60,000Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 46,457 shares 46,457$13.7M3%newTimeline
URGNUROGEN PHARMA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 575,000 shares; 2025Q3: 575,000 shares; 2025Q4: 500,000 shares 500,000$11.7M2.56%-75,000Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 55,000 shares; 2025Q3: 48,000 shares; 2025Q4: 53,000 shares 53,000$11.7M2.56%+5,000Timeline
PALIPALISADE BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 4,799,875 shares 4,799,875$11.3M2.47%newTimeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 1,750,000 shares; 2025Q1: 1,750,000 shares; 2025Q2: 1,225,000 shares; 2025Q3: 900,000 shares; 2025Q4: 800,000 shares 800,000$9.66M2.12%-100,000Timeline
SRZNSURROZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 416,150 shares 416,150$9.4M2.06%new2026-09-30, 13G/A: 1,360,683 shares, 11.6% of the class, 13G/A filed 2026-10-07 Timeline
CAPRCAPRICOR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 325,000 shares 325,000$9.38M2.05%newTimeline
MIND MEDICINE MINDMED INCMIND MEDICINE MINDMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 163,500 shares; 2025Q4: 598,500 shares 598,500$8.01M1.75%+435,000
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 225,000 shares 225,000$7.99M1.75%newTimeline
REPLREPLIMUNE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 1,796,341 shares; 2025Q1: 1,796,341 shares; 2025Q2: 2,211,341 shares; 2025Q3: 1,050,000 shares; 2025Q4: 750,000 shares 750,000$7.29M1.6%-300,000Timeline
QUREUNIQURE NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 750,000 shares; 2025Q1: 750,000 shares; 2025Q2: 899,500 shares; 2025Q3: 800,000 shares; 2025Q4: 290,000 shares 290,000$6.94M1.52%-510,000Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares; 2025Q4: 100,000 shares 100,000$6.35M1.39%-100,000Timeline
HELPCYBIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 715,000 shares 715,000$5.85M1.28%newTimeline
PGENPRECIGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 850,000 shares; 2025Q4: 1,375,000 shares 1,375,000$5.75M1.26%+525,000Timeline
CTNMCONTINEUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 494,000 shares 494,000$5.65M1.24%newTimeline
CBIOCRESCENT BIOPHARMA INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 453,686 shares; 2025Q3: 453,686 shares; 2025Q4: 453,686 shares 453,686$5.38M1.18%0Timeline
APGEAPOGEE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 86,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares; 2025Q4: 70,000 shares 70,000$5.28M1.16%+20,000Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 500,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 75,000 shares 75,000$5.22M1.14%newTimeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 125,000 shares; 2025Q4: 275,000 shares 275,000$4.99M1.09%+150,000Timeline
INOINOVIO PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,300,000 shares; 2025Q4: 2,420,122 shares 2,420,122$4.21M0.92%+120,122Timeline
UPBUPSTREAM BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$4.07M0.89%newTimeline
VIRVIR BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 625,000 shares 625,000$3.77M0.82%newTimeline
IVVDINVIVYD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,500,000 shares 1,500,000$3.71M0.81%newTimeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 250,000 shares; 2025Q4: 275,000 shares 275,000$3.62M0.79%+25,000Timeline
SRPTSAREPTA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 25,000 shares; 2025Q3: 250,000 shares; 2025Q4: 150,000 shares 150,000$3.23M0.71%-100,000Timeline
PEPGPEPGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 250,000 shares; 2025Q4: 373,892 shares 373,892$2.43M0.53%+123,892Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 563,067 shares; 2025Q1: 563,067 shares; 2025Q2: 175,000 shares; 2025Q3: 175,000 shares; 2025Q4: 100,000 shares 100,000$1.9M0.42%-75,000Timeline
KPTIKARYOPHARM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 252,536 shares 252,536$1.86M0.41%newTimeline
SLDBSOLID BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: 1,240,700 shares; 2025Q2: not reported; 2025Q3: 600,000 shares; 2025Q4: 300,000 shares 300,000$1.69M0.37%-300,000Timeline
LBRXLB PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 70,000 shares; 2025Q4: 70,000 shares 70,000$1.56M0.34%0Timeline
MISTMILESTONE PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 309,007 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 666,666 shares; 2025Q4: 666,666 shares 666,666$1.35M0.29%0Timeline
CLNNCLENE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 199,737 shares 199,737$1.17M0.26%newTimeline
KALVKALVISTA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 1,590,000 shares; 2025Q1: not reported; 2025Q2: 93,400 shares; 2025Q3: 20,400 shares; 2025Q4: 20,400 shares 20,400$329K0.07%0Timeline
ZURAZURA BIO LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 300,000 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 50,000 shares 50,000$262K0.06%newTimeline
NUVATION BIO INCNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 266,666 shares; 2025Q1: 266,666 shares; 2025Q2: 266,666 shares; 2025Q3: 266,666 shares; 2025Q4: 266,666 shares 266,666$88K0.02%0
SRZNWSURROZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 66,666 shares; 2025Q1: 66,666 shares; 2025Q2: 66,666 shares; 2025Q3: 66,666 shares; 2025Q4: 66,666 shares 66,666$1.33K<0.01%0Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
MERUS N VMERUS N V120,000$11.3Mshares
NKTRNEKTAR THERAPEUTICS125,000$7.11Mshares
DNLIDENALI THERAPEUTICS INC250,000$3.63Mshares
TILINSTIL BIO INC60,700$1.08Mshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0002018299-26-000006 base2026-02-17acceptance time not in the bulk data set