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Caligan Partners LP

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13F filer, CIK 1727492, NEW YORK, NY

Caligan Partners LP reported $1,214,792,770 across 24 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 88.23% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-26-000584

Period
2025-12-31
Reported value
$1.21B
Holdings
24
Top 10 weight
88.23%
New
12
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PCVXnew+1,704,815$78.7M
TNGXnew+3,729,895$33M
MAZEnew+550,191$22.8M
RAPTnew+644,400$21.8M
RVMDadded+219,651$17.5M

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
AGIOexited-1,131,205-$45.4M
EOLSexited-4,138,943-$25.4M
MERUS N Vexited-216,954-$20.4M
AURAexited-227,174-$1.4M

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 0001420506-26-000584, largest first. % of portfolio is the value over $1,092,446,480, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
LQDALIQUIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,118,592 shares; 2024Q4: 8,118,592 shares; 2025Q1: 8,118,592 shares; 2025Q2: 8,118,892 shares; 2025Q3: 8,118,892 shares; 2025Q4: 8,118,892 shares 8,118,892$280M25.63%0Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 752,167 shares; 2025Q1: 1,269,119 shares; 2025Q2: 1,674,400 shares; 2025Q3: 1,451,924 shares; 2025Q4: 1,451,924 shares 1,451,924$196M17.92%0Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 465,000 shares; 2025Q2: 636,835 shares; 2025Q3: 1,064,249 shares; 2025Q4: 1,283,900 shares 1,283,900$102M9.36%+219,651Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 981,155 shares; 2024Q4: 1,011,155 shares; 2025Q1: 2,149,667 shares; 2025Q2: 2,017,352 shares; 2025Q3: 2,772,654 shares; 2025Q4: 2,772,654 shares 2,772,654$101M9.21%0Timeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,704,815 shares 1,704,815$78.7M7.2%newTimeline
EXELEXELIXIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,525,730 shares; 2024Q4: 1,525,730 shares; 2025Q1: 1,525,730 shares; 2025Q2: 1,525,730 shares; 2025Q3: 1,525,730 shares; 2025Q4: 1,553,262 shares 1,553,262$68.1M6.23%+27,532Timeline
ADMAADMA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,636,609 shares; 2025Q4: 3,012,508 shares 3,012,508$54.9M5.03%+375,899Timeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 3,729,895 shares 3,729,895$33M3.03%newTimeline
INBXINHIBRX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 236,383 shares; 2025Q4: 323,565 shares 323,565$25.6M2.34%+87,182Timeline
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 25,000 shares; 2025Q2: 189,950 shares; 2025Q3: 696,825 shares; 2025Q4: 944,257 shares 944,257$24.8M2.27%+247,432Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 444,565 shares; 2025Q4: 549,665 shares 549,665$24.6M2.26%+105,100Timeline
MAZEMAZE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 550,191 shares 550,191$22.8M2.09%newTimeline
RAPTRAPT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 644,400 shares 644,400$21.8M2%newTimeline
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 833,333 shares; 2025Q4: 881,533 shares 881,533$16M1.47%+48,200Timeline
ANIKANIKA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,435,130 shares; 2024Q4: 1,435,130 shares; 2025Q1: 1,435,130 shares; 2025Q2: 1,435,130 shares; 2025Q3: 1,435,130 shares; 2025Q4: 1,435,130 shares 1,435,130$13.8M1.26%0Timeline
VORVOR BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 925,067 shares 925,067$9.96M0.91%newTimeline
IVAINVENTIVA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,000,000 shares 2,000,000$9.3M0.85%newTimeline
VRCAVERRICA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 923,910 shares; 2025Q4: 923,910 shares 923,910$7.68M0.7%0Timeline
SPRBSPRUCE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,514 shares 20,514$1.79M0.16%newTimeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 555,978 shares 555,978$840K0.08%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
MLYSMINERALYS THERAPEUTICS INC COMput2,298,400$83.4Mnew
XENEXENON PHARMACEUTICALS INC Stockput549,700$24.6Mnew
INBXINHIBRX BIOSCIENCES INC COMcall150,000$11.8Mnew
AGIOAGIOS PHARMACEUTICALS INC COMcall90,000$2.45Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
AGIOAGIOS PHARMACEUTICALS INC1,131,205$45.4Mshares
AGIOAGIOS PHARMACEUTICALS INC975,000$39.1Mput
EOLSEVOLUS INC4,138,943$25.4Mshares
MERUS N VMERUS N V216,954$20.4Mshares
SLSSELLAS LIFE SCIENCES GROUP I2,300,000$3.7Mcall
AURAAURA BIOSCIENCES INC227,174$1.4Mshares

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 0001420506-26-000584 base2026-02-17acceptance time not in the bulk data set