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Caligan Partners LP

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13F filer, CIK 1727492, NEW YORK, NY

Caligan Partners LP reported $520,168,469 across 17 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 93.96% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-25-002188

Period
2025-06-30
Reported value
$520M
Holdings
17
Top 10 weight
93.96%
New
2
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
MERUS N Vadded+280,045$14.7M
AGIOadded+369,978$12.3M
RVMDadded+171,835$6.32M
RZLTadded+1,401,705$6.25M
EOLSadded+610,816$5.63M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SAGE THERAPEUTICS INCexited-3,052,538-$24.3M
BCRXreduced-2,468,761-$22.1M
MLYSreduced-132,315-$1.79M

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, Q2 2025

Share positions as resolved from 13F-HR 0001420506-25-002188, largest first. % of portfolio is the value over $515,131,469, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VERONA PHARMA PLCVERONA PHARMA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,436,878 shares; 2024Q4: 1,436,878 shares; 2025Q1: 1,436,878 shares; 2025Q2: 1,436,878 shares 1,436,878$136M26.38%0
LQDALIQUIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,118,592 shares; 2024Q4: 8,118,592 shares; 2025Q1: 8,118,592 shares; 2025Q2: 8,118,892 shares 8,118,892$101M19.64%+300Timeline
EXELEXELIXIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,525,730 shares; 2024Q4: 1,525,730 shares; 2025Q1: 1,525,730 shares; 2025Q2: 1,525,730 shares 1,525,730$67.2M13.05%0Timeline
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 579,717 shares; 2024Q4: 626,280 shares; 2025Q1: 701,280 shares; 2025Q2: 1,071,258 shares 1,071,258$35.6M6.92%+369,978Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 255,000 shares; 2025Q1: 376,954 shares; 2025Q2: 656,999 shares 656,999$34.6M6.71%+280,045
EOLSEVOLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,193,488 shares; 2024Q4: 2,692,388 shares; 2025Q1: 2,731,154 shares; 2025Q2: 3,341,970 shares 3,341,970$30.8M5.98%+610,816Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 981,155 shares; 2024Q4: 1,011,155 shares; 2025Q1: 2,149,667 shares; 2025Q2: 2,017,352 shares 2,017,352$27.3M5.3%-132,315Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 465,000 shares; 2025Q2: 636,835 shares 636,835$23.4M4.55%+171,835Timeline
ANIKANIKA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,435,130 shares; 2024Q4: 1,435,130 shares; 2025Q1: 1,435,130 shares; 2025Q2: 1,435,130 shares 1,435,130$15.2M2.95%0Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 752,167 shares; 2025Q1: 1,269,119 shares; 2025Q2: 1,674,400 shares 1,674,400$12.8M2.49%+405,281Timeline
Y-mAbs Therapeutics IncY-mAbs Therapeutics IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,195,253 shares; 2024Q4: 1,767,982 shares; 2025Q1: 2,342,609 shares; 2025Q2: 2,342,609 shares 2,342,609$10.6M2.05%0
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 141,309 shares; 2025Q2: 1,543,014 shares 1,543,014$6.88M1.34%+1,401,705Timeline
BCRXBIOCRYST PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,583,585 shares; 2024Q4: 2,995,932 shares; 2025Q1: 3,107,669 shares; 2025Q2: 638,908 shares 638,908$5.72M1.11%-2,468,761Timeline
VERRICA PHARMACEUTICALS INCVERRICA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 7,429,687 shares; 2025Q1: 8,992,954 shares; 2025Q2: 9,239,119 shares 9,239,119$4.9M0.95%+246,165
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 25,000 shares; 2025Q2: 189,950 shares 189,950$1.82M0.35%+164,950Timeline
AURAAURA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 200,000 shares 200,000$1.25M0.24%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
SLSSELLAS LIFE SCIENCES GROUP I COM NEWcall2,300,000$5.04Mnew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
SAGE THERAPEUTICS INCSAGE THERAPEUTICS INC3,052,538$24.3Mshares

How Q2 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 0001420506-25-002188 base2025-08-14acceptance time not in the bulk data set