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Cormorant Asset Management, LP

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13F filer, CIK 1583977, BOSTON, MA

Cormorant Asset Management, LP reported $1,342,486,545 across 42 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 67.96% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001583977-25-000007

Period
2025-06-30
Reported value
$1.34B
Holdings
42
Top 10 weight
67.96%
New
3
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
VERONA PHARMA PLCnew+350,000$33.1M
MERUS N Vadded+380,000$20M
CABAnew+5,000,000$7.6M
VYNEnew+1,370,938$2.26M
EWTXadded+150,000$1.97M

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
BBIOreduced-400,000-$17.3M
ACLXreduced-250,000-$16.5M
AXSMreduced-150,000-$15.7M
NAMSreduced-650,000-$11.8M
JANXreduced-500,000-$11.6M

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 0001583977-25-000007, largest first. % of portfolio is the value over $1,342,486,545, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,494,151 shares; 2024Q4: 8,494,151 shares; 2025Q1: 8,494,151 shares; 2025Q2: 8,494,151 shares 8,494,151$401M29.86%0Timeline
EYPTEYEPOINT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,325,000 shares; 2024Q4: 8,325,000 shares; 2025Q1: 8,325,000 shares; 2025Q2: 8,325,000 shares 8,325,000$78.3M5.84%0Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,858,351 shares; 2024Q4: 1,600,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 1,600,000 shares 1,600,000$69.1M5.15%-400,000Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 870,000 shares; 2024Q4: 1,693,219 shares; 2025Q1: 1,745,000 shares; 2025Q2: 1,625,000 shares 1,625,000$68.3M5.09%-120,000Timeline
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: 740,000 shares; 2024Q4: 740,000 shares; 2025Q1: 740,000 shares; 2025Q2: 1,120,000 shares 1,120,000$58.9M4.39%+380,000
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,406,534 shares; 2024Q4: 3,406,534 shares; 2025Q1: 4,101,992 shares; 2025Q2: 4,251,992 shares 4,251,992$55.7M4.15%+150,000Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 650,000 shares; 2025Q1: 525,000 shares; 2025Q2: 540,000 shares 540,000$54.3M4.05%+15,000Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,250,000 shares; 2024Q4: 1,300,000 shares; 2025Q1: 1,050,000 shares; 2025Q2: 800,000 shares 800,000$52.7M3.92%-250,000Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,470,000 shares; 2024Q4: 3,250,000 shares; 2025Q1: 2,825,000 shares; 2025Q2: 2,175,000 shares 2,175,000$39.4M2.93%-650,000Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,000 shares; 2024Q4: 2,100,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 1,500,000 shares 1,500,000$34.6M2.58%-500,000Timeline
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,940,921 shares; 2024Q4: 2,940,921 shares; 2025Q1: 2,940,921 shares; 2025Q2: 2,940,921 shares 2,940,921$33.4M2.49%0Timeline
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: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 350,000 shares 350,000$33.1M2.47%new
HELIX ACQUISITION CORP IIHELIX ACQUISITION CORP IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,909,000 shares; 2024Q4: 2,909,000 shares; 2025Q1: 2,909,000 shares; 2025Q2: 2,909,000 shares 2,909,000$30.9M2.3%0
DRUGBRIGHT MINDS 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: 1,059,331 shares; 2025Q1: 1,059,331 shares; 2025Q2: 1,059,331 shares 1,059,331$27.7M2.06%0Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,561,600 shares; 2024Q4: 2,561,600 shares; 2025Q1: 2,261,600 shares; 2025Q2: 2,086,600 shares 2,086,600$27.4M2.04%-175,000Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,466,460 shares; 2024Q4: 1,466,460 shares; 2025Q1: 1,466,460 shares; 2025Q2: 1,454,660 shares 1,454,660$25.6M1.91%-11,800Timeline
GHRSGH RESEARCH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 593,043 shares; 2024Q4: 593,043 shares; 2025Q1: 2,009,482 shares; 2025Q2: 2,009,482 shares 2,009,482$24.5M1.82%0Timeline
SPRYARS 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: 500,000 shares; 2025Q1: 1,600,000 shares; 2025Q2: 1,100,000 shares 1,100,000$19.2M1.43%-500,000Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,375,000 shares; 2024Q4: 2,375,000 shares; 2025Q1: 2,375,000 shares; 2025Q2: 2,375,000 shares 2,375,000$16.4M1.22%0Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,130,000 shares; 2024Q4: 2,130,000 shares; 2025Q1: 2,130,000 shares; 2025Q2: 2,130,000 shares 2,130,000$16.3M1.21%0Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 975,000 shares; 2024Q4: 775,000 shares; 2025Q1: 775,000 shares; 2025Q2: 625,000 shares 625,000$16.2M1.21%-150,000Timeline
ARQTARCUTIS BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,325,000 shares; 2024Q4: 1,825,000 shares; 2025Q1: 1,350,000 shares; 2025Q2: 1,000,000 shares 1,000,000$14M1.04%-350,000Timeline
CARGO THERAPEUTICS INC COMCARGO THERAPEUTICS INC COMQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,182,563 shares; 2024Q4: 1,182,563 shares; 2025Q1: 3,381,277 shares; 2025Q2: 3,381,277 shares 3,381,277$13.9M1.04%0
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 400,000 shares; 2025Q2: 300,000 shares 300,000$12.2M0.91%-100,000Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,100,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 600,000 shares; 2025Q2: 400,000 shares 400,000$11.5M0.86%-200,000Timeline
MTSRMETSERA 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: 400,000 shares; 2025Q2: 400,000 shares 400,000$11.4M0.85%0Timeline
AARDAARDVARK THERAPEUTICS 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: 800,189 shares; 2025Q2: 800,189 shares 800,189$10.8M0.81%0Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 325,000 shares; 2025Q1: 250,000 shares; 2025Q2: 100,000 shares 100,000$10.4M0.78%-150,000Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,629,529 shares; 2024Q4: 2,629,529 shares; 2025Q1: 2,629,529 shares; 2025Q2: 2,140,605 shares 2,140,605$8.84M0.66%-488,924Timeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 2,323,595 shares; 2025Q1: 2,323,595 shares; 2025Q2: 2,323,595 shares 2,323,595$8.46M0.63%0Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 700,000 shares; 2025Q2: 700,000 shares 700,000$7.99M0.59%0Timeline
CABACABALETTA BIO 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: 5,000,000 shares 5,000,000$7.6M0.57%newTimeline
ALMSALUMIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,147,396 shares; 2024Q4: 2,147,396 shares; 2025Q1: 2,147,396 shares; 2025Q2: 2,147,396 shares 2,147,396$6.44M0.48%0Timeline
BMEABIOMEA FUSION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,570,872 shares; 2024Q4: 3,570,872 shares; 2025Q1: 3,570,872 shares; 2025Q2: 3,570,872 shares 3,570,872$6.43M0.48%0Timeline
KRROKORRO BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,826 shares; 2024Q4: not reported; 2025Q1: 380,303 shares; 2025Q2: 465,000 shares 465,000$5.81M0.43%+84,697Timeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 425,000 shares; 2025Q1: 175,000 shares; 2025Q2: 175,000 shares 175,000$5.69M0.42%0Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,000 shares; 2024Q4: 1,050,000 shares; 2025Q1: 400,000 shares; 2025Q2: 200,000 shares 200,000$5.68M0.42%-200,000Timeline
ELVNENLIVEN THERAPEUTICS 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: 250,000 shares; 2025Q1: 250,000 shares; 2025Q2: 200,000 shares 200,000$4.01M0.3%-50,000Timeline
STOKSTOKE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 427,163 shares; 2024Q4: 254,161 shares; 2025Q1: 254,161 shares; 2025Q2: 254,161 shares 254,161$2.88M0.21%0Timeline
KALAKALA BIO 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: 603,027 shares; 2025Q1: 603,027 shares; 2025Q2: 603,027 shares 603,027$2.87M0.21%0Timeline
VYNEVYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,394,336 shares; 2024Q4: 1,394,336 shares; 2025Q1: not reported; 2025Q2: 1,370,938 shares 1,370,938$2.26M0.17%newTimeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 401,963 shares; 2024Q4: 55,539 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares 10,000$141K0.01%0Timeline

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
RYTMRHYTHM PHARMACEUTICALS INC150,000$7.95Mshares
OKURONKURE THERAPEUTICS INC1,837,739$7.9Mshares
NAMSNEWAMSTERDAM PHARMA COMPANY250,000$5.12Mcall
PLRXPLIANT THERAPEUTICS INC3,000,000$4.05Mshares
JANXJANUX THERAPEUTICS INC150,000$4.05Mcall

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 0001583977-25-000007 base2025-08-14acceptance time not in the bulk data set