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Cormorant Asset Management, LP

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13F filer, CIK 1583977, BOSTON, MA

Cormorant Asset Management, LP reported $2,162,580,277 across 35 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 74.31% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001583977-26-000001

Period
2025-12-31
Reported value
$2.16B
Holdings
35
Top 10 weight
74.31%
New
6
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
OLMAnew+2,750,000$68.8M
MLTXadded+2,361,260$31.1M
ASNDnew+100,000$21.3M
ENGNadded+1,676,405$15.1M
ALMSadded+1,488,200$14.5M

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
ABVXreduced-600,000-$80.9M
ACLXexited-775,000-$63.6M
NAMSreduced-1,175,000-$41.2M
INSMreduced-155,000-$27M
CGONexited-625,000-$25.2M

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 0001583977-26-000001, largest first. % of portfolio is the value over $1,763,992,777, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 950,000 shares 950,000$280M15.87%-50,000Timeline
BBOTBRIDGEBIO ONCOLOGY THERAPEUTQuarterly 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: 17,878,594 shares; 2025Q4: 17,878,594 shares 17,878,594$224M12.69%0Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,350,000 shares 1,350,000$182M10.32%-600,000Timeline
EYPTEYEPOINT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 8,265,000 shares 8,265,000$151M8.56%-60,000Timeline
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,027,521 shares 3,027,521$91.9M5.21%-165,000Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,200,000 shares 1,200,000$91.8M5.2%-200,000Timeline
DRUGBRIGHT MINDS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,059,331 shares 1,059,331$82.7M4.69%0Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,285,000 shares 3,285,000$81.5M4.62%-725,000Timeline
OLMAOLEMA 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: 2,750,000 shares 2,750,000$68.8M3.9%newTimeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,355,433 shares 4,355,433$57.4M3.25%+2,361,260Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 650,000 shares; 2025Q1: 525,000 shares; 2025Q2: 540,000 shares; 2025Q3: 430,000 shares; 2025Q4: 275,000 shares 275,000$47.9M2.71%-155,000Timeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,000,000 shares 4,000,000$36.1M2.05%+1,676,405Timeline
ALMSALUMIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,635,596 shares 3,635,596$35.5M2.01%+1,488,200Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,120,000 shares 1,120,000$35.3M2%-105,000Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,000,000 shares 1,000,000$35.1M1.99%-1,175,000Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,325,000 shares 1,325,000$33.1M1.88%-600,000Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,083,000 shares 1,083,000$30.1M1.7%-280,200Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,040,605 shares 2,040,605$27M1.53%-100,000Timeline
ASNDASCENDIS PHARMA A/SQuarterly 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: 100,000 shares 100,000$21.3M1.21%newTimeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 400,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares; 2025Q4: 250,000 shares 250,000$20.5M1.16%-50,000Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,344,971 shares 2,344,971$19.1M1.08%-30,029Timeline
GHRSGH RESEARCH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,300,000 shares 1,300,000$16.5M0.94%-616,439Timeline
ORKAORUKA 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: 533,340 shares; 2025Q4: 533,340 shares 533,340$16.2M0.92%0Timeline
ARQTARCUTIS BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 500,000 shares 500,000$14.5M0.82%-275,000Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 300,000 shares 300,000$14M0.79%-100,000Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 325,000 shares; 2025Q1: 250,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares; 2025Q4: 75,000 shares 75,000$13.7M0.78%-25,000Timeline
CABACABALETTA BIO 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: 5,000,000 shares; 2025Q3: 5,000,000 shares; 2025Q4: 4,400,000 shares 4,400,000$9.64M0.55%-600,000Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 650,000 shares 650,000$8.97M0.51%-200,000Timeline
COGTCOGENT 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: 225,000 shares 225,000$7.99M0.45%newTimeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 125,000 shares 125,000$5.77M0.33%-50,000Timeline
AMLXAMYLYX 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: 500,000 shares; 2025Q4: 400,000 shares 400,000$4.83M0.27%-100,000Timeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 401,963 shares; 2024Q4: 55,539 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$113K0.01%0Timeline

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
QQQINVESCO QQQ TR COMput250,000$154Mnew
IWMISHARES TR SHSput500,000$123Mnew
XBISPDR SERIES TRUST S&P BIOTECHput1,000,000$122Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
ACLXARCELLX INC775,000$63.6Mshares
CGONCG ONCOLOGY INC625,000$25.2Mshares
KRROKORRO BIO INC465,000$22.3Mshares
MTSRMETSERA INC400,000$20.9Mshares
RNAMAVIDITY BIOSCIENCES INC300,000$13.1Mshares
BMEABIOMEA FUSION INC3,570,872$7.21Mshares
ELVNENLIVEN THERAPEUTICS INC200,000$4.09Mshares

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 0001583977-26-000001 base2026-02-17acceptance time not in the bulk data set