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Lion Point Capital, LP

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13F filer, CIK 1643354, NEW YORK, NY

Lion Point Capital, LP reported $19,323,534 across 39 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 48.51% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001013594-26-000252

Period
2025-12-31
Reported value
$19.3M
Holdings
39
Top 10 weight
48.51%
New
15
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CUEnew+2,202,854$673K
SRPTnew+28,500$613K
HUMAadded+416,500$400K
VTYXnew+41,500$375K
LNTHnew+5,500$366K

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
MLYSreduced-28,500-$1.03M
AVADEL PHARMACEUTICALSexited-59,700-$912K
KNSAexited-23,400-$909K
INSMexited-6,250-$900K
ARQTreduced-30,050-$873K

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 0001013594-26-000252, largest first. % of portfolio is the value over $19,323,534, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MISTMILESTONE PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,654,154 shares; 2024Q4: 1,025,806 shares; 2025Q1: 548,806 shares; 2025Q2: 548,806 shares; 2025Q3: 658,553 shares; 2025Q4: 755,000 shares 755,000$1.53M7.89%+96,447Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly 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: 5,700 shares; 2025Q4: 4,450 shares 4,450$1.31M6.79%-1,250Timeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly 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: 67,500 shares; 2025Q4: 67,500 shares 67,500$890K4.6%0Timeline
FENCFENNEC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 215,000 shares; 2024Q4: 195,700 shares; 2025Q1: 195,700 shares; 2025Q2: 195,700 shares; 2025Q3: 123,000 shares; 2025Q4: 112,434 shares 112,434$866K4.48%-10,566Timeline
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,000 shares; 2024Q4: 32,000 shares; 2025Q1: 146,500 shares; 2025Q2: 146,500 shares; 2025Q3: 398,558 shares; 2025Q4: 465,000 shares 465,000$851K4.4%+66,442Timeline
BNTCBENITEC BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,000 shares; 2024Q4: 62,000 shares; 2025Q1: 62,000 shares; 2025Q2: 62,000 shares; 2025Q3: 62,000 shares; 2025Q4: 62,000 shares 62,000$835K4.32%0Timeline
RPRXROYALTY PHARMA PLCQuarterly 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: 21,400 shares; 2025Q4: 21,400 shares 21,400$827K4.28%0Timeline
GERNGERON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 630,000 shares; 2024Q4: 500,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares; 2025Q4: 578,000 shares 578,000$763K3.95%+78,000Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,200 shares; 2024Q4: 55,000 shares; 2025Q1: 55,000 shares; 2025Q2: 55,000 shares; 2025Q3: 55,000 shares; 2025Q4: 36,000 shares 36,000$756K3.91%-19,000Timeline
ARDXARDELYX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 370,000 shares; 2024Q4: 335,400 shares; 2025Q1: 335,400 shares; 2025Q2: 335,400 shares; 2025Q3: 162,750 shares; 2025Q4: 128,650 shares 128,650$750K3.88%-34,100Timeline
CUECUE 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: 2,202,854 shares 2,202,854$673K3.48%newTimeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,700 shares; 2024Q4: 10,600 shares; 2025Q1: 10,600 shares; 2025Q2: 10,600 shares; 2025Q3: 10,600 shares; 2025Q4: 8,100 shares 8,100$643K3.33%-2,500Timeline
SRPTSAREPTA 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: 28,500 shares 28,500$613K3.17%newTimeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,400 shares; 2024Q4: 22,700 shares; 2025Q1: 22,700 shares; 2025Q2: 22,700 shares; 2025Q3: 22,700 shares; 2025Q4: 51,700 shares 51,700$584K3.02%+29,000Timeline
HUMAHUMACYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 83,500 shares; 2025Q2: 83,500 shares; 2025Q3: 83,500 shares; 2025Q4: 500,000 shares 500,000$480K2.49%+416,500Timeline
KURAKURA ONCOLOGY 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: 46,000 shares; 2025Q4: 46,000 shares 46,000$478K2.47%0Timeline
MCRBSERES 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: 17,038 shares; 2025Q3: 27,138 shares; 2025Q4: 31,570 shares 31,570$470K2.43%+4,432Timeline
CMPSCOMPASS PATHWAYS PLCQuarterly 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: 58,000 shares; 2025Q4: 58,000 shares 58,000$400K2.07%0Timeline
DAWNDAY ONE BIOPHARMACEUTICALS IQuarterly 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: 42,000 shares; 2025Q4: 42,000 shares 42,000$391K2.03%0Timeline
RGNXREGENXBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 57,750 shares; 2024Q4: 57,750 shares; 2025Q1: 57,750 shares; 2025Q2: 57,750 shares; 2025Q3: 57,750 shares; 2025Q4: 26,600 shares 26,600$383K1.98%-31,150Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 49,000 shares; 2024Q4: 40,300 shares; 2025Q1: 26,000 shares; 2025Q2: 26,000 shares; 2025Q3: 13,300 shares; 2025Q4: 5,000 shares 5,000$382K1.98%-8,300Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,000 shares; 2024Q4: 79,000 shares; 2025Q1: 79,000 shares; 2025Q2: 79,000 shares; 2025Q3: 39,000 shares; 2025Q4: 10,500 shares 10,500$381K1.97%-28,500Timeline
VTYXVENTYX 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: 41,500 shares 41,500$375K1.94%newTimeline
LNTHLANTHEUS HLDGS 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: 5,500 shares 5,500$366K1.89%newTimeline
DYNDYNE 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: 18,000 shares 18,000$352K1.82%newTimeline
QUREUNIQURE NVQuarterly 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: 14,700 shares 14,700$352K1.82%newTimeline
PCRXPACIRA 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: 13,500 shares 13,500$349K1.81%newTimeline
VTRSVIATRIS 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: 27,700 shares 27,700$345K1.78%newTimeline
AZTAAZENTA 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: 9,700 shares 9,700$323K1.67%newTimeline
RCKTROCKET 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: 86,000 shares; 2025Q4: 86,000 shares 86,000$302K1.56%0Timeline
JANXJANUX 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: 19,000 shares 19,000$262K1.36%newTimeline
EWTXEDGEWISE 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: 9,100 shares 9,100$226K1.17%newTimeline
INVAINNOVIVA 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: 8,200 shares 8,200$164K0.85%newTimeline
ARQTARCUTIS BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,100 shares; 2024Q4: 46,300 shares; 2025Q1: 46,300 shares; 2025Q2: 46,300 shares; 2025Q3: 35,300 shares; 2025Q4: 5,250 shares 5,250$152K0.79%-30,050Timeline
IPHAINNATE PHARMA S AQuarterly 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: 81,151 shares 81,151$142K0.73%newTimeline
NERVMINERVA NEUROSCIENCES 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: 35,000 shares 35,000$141K0.73%newTimeline
GHRSGH RESEARCH PLCQuarterly 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: 10,200 shares 10,200$130K0.67%newTimeline
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: 1,000 shares; 2025Q4: 1,000 shares 1,000$87.1K0.45%0Timeline
MERSANA THERAPEUTICS INCMERSANA 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: 25,760 shares; 2025Q4: 100 shares 100$2.89K0.01%-25,660

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALS59,700$912Kshares
KNSAKINIKSA PHARMACEUTICALS INTL23,400$909Kshares
INSMINSMED INC6,250$900Kshares

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 0001013594-26-000252 base2026-02-17acceptance time not in the bulk data set