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Cormorant Asset Management, LP

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13F filer, CIK 1583977, BOSTON, MA

Cormorant Asset Management, LP reported $1,449,259,159 across 36 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 67.3% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001583977-25-000011

Period
2025-09-30
Reported value
$1.45B
Holdings
36
Top 10 weight
67.3%
New
3
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BBOTnew+17,878,594$207M
ORKAnew+533,340$10.3M
MBXadded+525,000$9.19M
RAPPadded+251,600$7.47M
AMLXnew+500,000$6.79M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MERUS N Vexited-1,120,000-$58.9M
MLTXreduced-6,499,978-$46.6M
PRAXreduced-625,000-$33.1M
VERONA PHARMA PLCexited-350,000-$33.1M
HELIX ACQUISITION CORP IIexited-2,909,000-$30.9M

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, Q3 2025

Share positions as resolved from 13F-HR 0001583977-25-000011, largest first. % of portfolio is the value over $1,449,259,159, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BBOTBRIDGEBIO ONCOLOGY THERAPEUTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 17,878,594 shares 17,878,594$207M14.29%newTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,950,000 shares 1,950,000$166M11.42%-180,000Timeline
EYPTEYEPOINT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 8,325,000 shares 8,325,000$119M8.18%0Timeline
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,192,521 shares 3,192,521$94.8M6.54%+251,600Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,400,000 shares 1,400,000$72.7M5.02%-200,000Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,010,000 shares 4,010,000$65M4.49%-241,992Timeline
DRUGBRIGHT MINDS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,059,331 shares; 2025Q1: 1,059,331 shares; 2025Q2: 1,059,331 shares; 2025Q3: 1,059,331 shares 1,059,331$64.3M4.43%0Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 775,000 shares 775,000$63.6M4.39%-25,000Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 650,000 shares; 2025Q1: 525,000 shares; 2025Q2: 540,000 shares; 2025Q3: 430,000 shares 430,000$61.9M4.27%-110,000Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,175,000 shares 2,175,000$61.9M4.27%0Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,000,000 shares 1,000,000$53M3.66%-625,000Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,925,000 shares 1,925,000$46.7M3.22%-161,600Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,363,200 shares 1,363,200$34M2.35%-91,460Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,375,000 shares 2,375,000$30M2.07%0Timeline
GHRSGH RESEARCH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 593,043 shares; 2024Q4: 593,043 shares; 2025Q1: 2,009,482 shares; 2025Q2: 2,009,482 shares; 2025Q3: 1,916,439 shares 1,916,439$27.4M1.89%-93,043Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 975,000 shares; 2024Q4: 775,000 shares; 2025Q1: 775,000 shares; 2025Q2: 625,000 shares; 2025Q3: 625,000 shares 625,000$25.2M1.74%0Timeline
KRROKORRO BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,826 shares; 2024Q4: not reported; 2025Q1: 380,303 shares; 2025Q2: 465,000 shares; 2025Q3: 465,000 shares 465,000$22.3M1.54%0Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 700,000 shares; 2025Q2: 700,000 shares; 2025Q3: 1,225,000 shares 1,225,000$21.4M1.48%+525,000Timeline
MTSRMETSERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares 400,000$20.9M1.44%0Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 850,000 shares 850,000$20.8M1.43%-650,000Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 400,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares 300,000$17.8M1.23%0Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,100,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 600,000 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares 400,000$16.7M1.15%0Timeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,323,595 shares 2,323,595$15.9M1.1%0Timeline
ARQTARCUTIS BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 775,000 shares 775,000$14.6M1.01%-225,000Timeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,994,173 shares 1,994,173$14.3M0.99%-6,499,978Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,000 shares; 2024Q4: 1,050,000 shares; 2025Q1: 400,000 shares; 2025Q2: 200,000 shares; 2025Q3: 300,000 shares 300,000$13.1M0.9%+100,000Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,140,605 shares 2,140,605$12.6M0.87%0Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 325,000 shares; 2025Q1: 250,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares 100,000$12.1M0.84%0Timeline
CABACABALETTA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,000,000 shares; 2025Q3: 5,000,000 shares 5,000,000$11.7M0.81%0Timeline
ORKAORUKA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 533,340 shares 533,340$10.3M0.71%newTimeline
ALMSALUMIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,147,396 shares 2,147,396$8.57M0.59%0Timeline
BMEABIOMEA FUSION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,570,872 shares 3,570,872$7.21M0.5%0Timeline
AMLXAMYLYX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 500,000 shares 500,000$6.79M0.47%newTimeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 425,000 shares; 2025Q1: 175,000 shares; 2025Q2: 175,000 shares; 2025Q3: 175,000 shares 175,000$6.3M0.43%0Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 250,000 shares; 2025Q1: 250,000 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares 200,000$4.09M0.28%0Timeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 401,963 shares; 2024Q4: 55,539 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares 10,000$150K0.01%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
MERUS N VMERUS N V1,120,000$58.9Mshares
VERONA PHARMA PLCVERONA PHARMA PLC350,000$33.1Mshares
HELIX ACQUISITION CORP IIHELIX ACQUISITION CORP II2,909,000$30.9Mshares
SPRYARS PHARMACEUTICALS INC1,100,000$19.2Mshares
CARGO THERAPEUTICS INC COMCARGO THERAPEUTICS INC COM3,381,277$13.9Mshares
AARDAARDVARK THERAPEUTICS INC800,189$10.8Mshares
STOKSTOKE THERAPEUTICS INC254,161$2.88Mshares
KALAKALA BIO INC603,027$2.87Mshares
VYNEVYNE THERAPEUTICS INC1,370,938$2.26Mshares

How Q3 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 0001583977-25-000011 base2025-11-14acceptance time not in the bulk data set