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Octagon Capital Advisors LP

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13F filer, CIK 1839435, NEW YORK, NY

Octagon Capital Advisors LP reported $823,679,402 across 27 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 69.5% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001839435-26-000002

Period
2025-12-31
Reported value
$824M
Holdings
27
Top 10 weight
69.5%
New
8
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ALMSnew+2,530,700$24.7M
PALInew+9,567,898$22.5M
BIOAnew+1,598,000$21.1M
RAPTnew+574,000$19.4M
LXEOnew+1,725,000$17.1M

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-569,000-$76.7M
MERUS N Vexited-308,000-$29M
APLSexited-903,500-$20.4M
COGTreduced-524,111-$18.6M
NUVBexited-2,633,334-$9.74M

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 0001839435-26-000002, largest first. % of portfolio is the value over $798,767,402, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,230,000 shares; 2025Q2: 1,267,000 shares; 2025Q3: 1,325,000 shares; 2025Q4: 756,000 shares 756,000$102M12.76%-569,000Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,746,667 shares; 2024Q4: 2,110,167 shares; 2025Q1: 2,341,667 shares; 2025Q2: 2,341,667 shares; 2025Q3: 2,416,667 shares; 2025Q4: 2,416,667 shares 2,416,667$99.6M12.47%0Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,305,000 shares; 2024Q4: 2,763,000 shares; 2025Q1: 2,763,000 shares; 2025Q2: 2,763,000 shares; 2025Q3: 2,874,111 shares; 2025Q4: 2,350,000 shares 2,350,000$83.5M10.45%-524,111Timeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,572,222 shares; 2024Q4: 10,450,000 shares; 2025Q1: 10,700,000 shares; 2025Q2: 12,592,500 shares; 2025Q3: 9,067,500 shares; 2025Q4: 8,859,911 shares 8,859,911$48.7M6.1%-207,589Timeline
GOSSGOSSAMER BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,187,883 shares; 2024Q4: 18,350,000 shares; 2025Q1: 18,350,000 shares; 2025Q2: 18,350,000 shares; 2025Q3: 17,050,000 shares; 2025Q4: 13,915,371 shares 13,915,371$43.1M5.4%-3,134,629Timeline
KYMRKYMERA 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: 266,000 shares; 2025Q3: 360,000 shares; 2025Q4: 535,000 shares 535,000$41.6M5.21%+175,000Timeline
AVBPARRIVENT BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,976,387 shares; 2024Q4: 2,059,387 shares; 2025Q1: 2,059,387 shares; 2025Q2: 1,946,054 shares; 2025Q3: 1,971,054 shares; 2025Q4: 1,971,054 shares 1,971,054$39.7M4.96%0Timeline
TRVITREVI 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: 3,322,000 shares; 2025Q2: 3,672,000 shares; 2025Q3: 2,815,000 shares; 2025Q4: 2,815,000 shares 2,815,000$35.2M4.41%0Timeline
OCULOCULAR THERAPEUTIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,425,000 shares; 2024Q4: 2,425,000 shares; 2025Q1: 2,425,000 shares; 2025Q2: 2,425,000 shares; 2025Q3: 2,624,000 shares; 2025Q4: 2,623,600 shares 2,623,600$31.9M3.99%-400Timeline
MIND MEDICINE MINDMED INCMIND MEDICINE MINDMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,018,000 shares; 2024Q4: 3,018,000 shares; 2025Q1: 3,018,000 shares; 2025Q2: 2,130,000 shares; 2025Q3: 2,130,000 shares; 2025Q4: 2,230,000 shares 2,230,000$29.9M3.74%+100,000
ALMSALUMIS 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: 2,530,700 shares 2,530,700$24.7M3.09%newTimeline
PALIPALISADE 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: not reported; 2025Q3: not reported; 2025Q4: 9,567,898 shares 9,567,898$22.5M2.81%newTimeline
CDTXCIDARA 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: 100,000 shares; 2025Q4: 100,000 shares 100,000$22.1M2.77%0Timeline
BIOABIOAGE LABS 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: 1,598,000 shares 1,598,000$21.1M2.65%newTimeline
KALVKALVISTA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,370,000 shares; 2025Q1: 1,370,000 shares; 2025Q2: 1,273,333 shares; 2025Q3: 1,273,333 shares; 2025Q4: 1,273,333 shares 1,273,333$20.6M2.57%0Timeline
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: 574,000 shares 574,000$19.4M2.43%newTimeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,012,052 shares; 2024Q4: 1,993,052 shares; 2025Q1: 1,425,000 shares; 2025Q2: 1,030,000 shares; 2025Q3: 830,000 shares; 2025Q4: 750,000 shares 750,000$18.8M2.35%-80,000Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 620,470 shares; 2024Q4: 778,000 shares; 2025Q1: 769,815 shares; 2025Q2: 672,595 shares; 2025Q3: 722,595 shares; 2025Q4: 671,465 shares 671,465$18.6M2.33%-51,130Timeline
LXEOLEXEO 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: 1,725,000 shares 1,725,000$17.1M2.14%newTimeline
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: 1,043,110 shares; 2025Q4: 1,043,110 shares 1,043,110$13.1M1.63%0Timeline
DBVTDBV TECHNOLOGIES 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: 1,018,021 shares; 2025Q3: 1,018,021 shares; 2025Q4: 574,200 shares 574,200$11M1.38%-443,821Timeline
EVMNEVOMMUNE 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: 500,000 shares 500,000$8.56M1.07%newTimeline
DTILPRECISION 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: 1,917,995 shares 1,917,995$7.98M1%newTimeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,115,000 shares; 2024Q4: 1,115,000 shares; 2025Q1: 1,115,000 shares; 2025Q2: 1,115,000 shares; 2025Q3: 1,115,000 shares; 2025Q4: 955,000 shares 955,000$7.77M0.97%-160,000Timeline
UNCYUNICYCIVE 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: 1,000,000 shares; 2025Q3: 1,000,000 shares; 2025Q4: 1,000,000 shares 1,000,000$5.77M0.72%0Timeline
PEPGPEPGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 376,117 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 700,000 shares; 2025Q4: 700,000 shares 700,000$4.56M0.57%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
CGONCG ONCOLOGY INC COMMON STOCKcall600,000$24.9Mnew

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MERUS N VMERUS N V308,000$29Mshares
APLSAPELLIS PHARMACEUTICALS INC903,500$20.4Mshares
CDTXCIDARA THERAPEUTICS INC200,000$19.2Mcall
NUVBNUVATION BIO INC2,633,334$9.74Mshares
MAZEMAZE THERAPEUTICS INC177,667$4.61Mshares
NGNENEUROGENE INC252,000$4.37Mshares
GPCRSTRUCTURE THERAPEUTICS INC115,000$3.22Mshares
NUVATION BIO INCNUVATION BIO INC104,112$385Kshares

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 0001839435-26-000002 base2026-02-17acceptance time not in the bulk data set