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Soleus Capital Management, L.P.

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13F filer, CIK 1802630, GREENWICH, CT

Soleus Capital Management, L.P. reported $2,710,906,126 across 95 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 47.37% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001802630-26-000002

Period
2025-12-31
Reported value
$2.71B
Holdings
95
Top 10 weight
47.37%
New
32
Sold out
25

Largest buys vs the previous quarter

SecurityShares changeApprox. value
DXCMnew+1,297,094$86.1M
CELCadded+629,398$62.8M
GMEDadded+711,000$62.1M
PODDnew+150,000$42.6M
ALKSnew+1,322,364$37M

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
TERNreduced-7,914,390-$320M
PRAXreduced-496,200-$146M
CDTXreduced-455,000-$101M
ELVexited-259,650-$83.9M
INDIVIOR PLCreduced-1,366,000-$49M

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 0001802630-26-000002, largest first. % of portfolio is the value over $2,357,309,126, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 216,979 shares; 2024Q4: 358,379 shares; 2025Q1: 441,758 shares; 2025Q2: 922,958 shares; 2025Q3: 1,018,831 shares; 2025Q4: 941,059 shares 941,059$232M9.84%-77,772Timeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,245,387 shares; 2024Q4: 2,565,087 shares; 2025Q1: 2,574,122 shares; 2025Q2: 3,011,818 shares; 2025Q3: 1,178,860 shares; 2025Q4: 1,808,258 shares 1,808,258$180M7.65%+629,398Timeline
NVCRNOVOCURE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,739,704 shares; 2025Q1: 5,521,414 shares; 2025Q2: 6,904,302 shares; 2025Q3: 9,644,872 shares; 2025Q4: 8,530,665 shares 8,530,665$110M4.68%-1,114,207Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 259,398 shares; 2024Q4: 243,540 shares; 2025Q1: 1,139,740 shares; 2025Q2: 966,740 shares; 2025Q3: 859,166 shares; 2025Q4: 362,966 shares 362,966$107M4.54%-496,200Timeline
TGTXTG THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,534,540 shares; 2024Q4: 2,681,242 shares; 2025Q1: 2,846,703 shares; 2025Q2: 2,243,935 shares; 2025Q3: 3,844,731 shares; 2025Q4: 3,139,312 shares 3,139,312$93.6M3.97%-705,419Timeline
DXCMDEXCOM 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: 1,297,094 shares 1,297,094$86.1M3.65%newTimeline
BMRNBIOMARIN PHARMACEUTICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,001,400 shares; 2025Q1: 1,079,304 shares; 2025Q2: 902,304 shares; 2025Q3: 890,304 shares; 2025Q4: 1,320,000 shares 1,320,000$78.4M3.33%+429,696Timeline
GMEDGLOBUS MED 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: 176,000 shares; 2025Q4: 887,000 shares 887,000$77.4M3.29%+711,000Timeline
BBNXBETA BIONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,395,341 shares; 2025Q2: 3,820,158 shares; 2025Q3: 3,870,158 shares; 2025Q4: 2,534,565 shares 2,534,565$77.2M3.28%-1,335,593Timeline
FOLDAMICUS THERAPEUTICQuarterly 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: 4,690,000 shares; 2025Q4: 5,207,284 shares 5,207,284$74.2M3.15%+517,284Timeline
TWSTTWIST BIOSCIENCE CORPQuarterly 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: 354,401 shares; 2025Q3: 1,866,234 shares; 2025Q4: 1,861,802 shares 1,861,802$59.1M2.51%-4,432Timeline
ORGOORGANOGENESIS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,839,876 shares; 2024Q4: 12,484,876 shares; 2025Q1: 12,478,351 shares; 2025Q2: 12,343,351 shares; 2025Q3: 12,131,699 shares; 2025Q4: 9,985,951 shares 9,985,951$51.7M2.19%-2,145,748Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,090,984 shares; 2024Q4: 2,492,000 shares; 2025Q1: 816,610 shares; 2025Q2: 1,092,110 shares; 2025Q3: 2,012,110 shares; 2025Q4: 2,247,110 shares 2,247,110$47.2M2%+235,000Timeline
MIRMMIRUM 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: 298,696 shares; 2025Q3: 148,696 shares; 2025Q4: 573,614 shares 573,614$45.3M1.92%+424,918Timeline
PODDINSULET CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,750 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 150,000 shares 150,000$42.6M1.81%newTimeline
NPCENEUROPACE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,433,168 shares; 2024Q4: 2,433,168 shares; 2025Q1: 2,608,168 shares; 2025Q2: 2,312,957 shares; 2025Q3: 2,957,957 shares; 2025Q4: 2,703,208 shares 2,703,208$41.7M1.77%-254,749Timeline
AXGNAXOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,005,943 shares; 2024Q4: 2,955,943 shares; 2025Q1: 1,446,117 shares; 2025Q2: 1,459,395 shares; 2025Q3: 1,726,553 shares; 2025Q4: 1,206,855 shares 1,206,855$39.5M1.68%-519,698Timeline
ANIPANI PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 269,000 shares; 2024Q4: 205,294 shares; 2025Q1: 224,684 shares; 2025Q2: 50,743 shares; 2025Q3: 340,243 shares; 2025Q4: 486,243 shares 486,243$38.4M1.63%+146,000Timeline
ALKSALKERMES 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: 1,322,364 shares 1,322,364$37M1.57%newTimeline
LIVNLIVANOVA PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 117,040 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 567,500 shares 567,500$34.9M1.48%newTimeline
GSKGSK PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 37,500 shares; 2024Q4: 10,110 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 220,000 shares; 2025Q4: 639,000 shares 639,000$31.3M1.33%+419,000Timeline
GERNGERON CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,400,000 shares; 2025Q2: 16,140,000 shares; 2025Q3: 17,290,000 shares; 2025Q4: 23,290,000 shares 23,290,000$30.7M1.3%+6,000,000Timeline
UTHRUNITED THERAPEUTICS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,894 shares; 2024Q4: 109,394 shares; 2025Q1: 155,394 shares; 2025Q2: 209,794 shares; 2025Q3: 150,000 shares; 2025Q4: 60,000 shares 60,000$29.2M1.24%-90,000Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,678 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,110,000 shares 1,110,000$28.2M1.2%newTimeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,050 shares; 2024Q4: 99,050 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 608,958 shares 608,958$28.1M1.19%newTimeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,400 shares; 2024Q4: 76,800 shares; 2025Q1: not reported; 2025Q2: 106,750 shares; 2025Q3: 15,250 shares; 2025Q4: 70,000 shares 70,000$27.8M1.18%+54,750Timeline
INSPINSPIRE MED SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 39,000 shares; 2025Q2: 109,000 shares; 2025Q3: 728,188 shares; 2025Q4: 299,399 shares 299,399$27.6M1.17%-428,789Timeline
VCELVERICEL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 80,696 shares; 2025Q1: not reported; 2025Q2: 50,953 shares; 2025Q3: 497,953 shares; 2025Q4: 764,000 shares 764,000$27.5M1.17%+266,047Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 28,940 shares; 2025Q2: 42,876 shares; 2025Q3: 69,426 shares; 2025Q4: 31,726 shares 31,726$26.7M1.13%-37,700Timeline
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: 537,903 shares; 2025Q4: 764,000 shares 764,000$25.9M1.1%+226,097Timeline
NBIXNEUROCRINE 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: 138,000 shares; 2025Q4: 175,982 shares 175,982$25M1.06%+37,982Timeline
KNSAKINIKSA PHARMACEUTICALS INTLQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 302,500 shares; 2024Q4: not reported; 2025Q1: 469,500 shares; 2025Q2: 254,689 shares; 2025Q3: 150,000 shares; 2025Q4: 587,000 shares 587,000$24.2M1.03%+437,000Timeline
FOCLEDAP TMS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,309,254 shares; 2024Q4: 7,309,254 shares; 2025Q1: 7,309,254 shares; 2025Q2: 7,309,254 shares; 2025Q3: 7,309,254 shares; 2025Q4: 7,309,254 shares 7,309,254$24M1.02%0Timeline
TFXTELEFLEX INCORPORATEDQuarterly 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: 190,000 shares 190,000$23.2M0.98%newTimeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,065,834 shares; 2024Q4: 2,102,833 shares; 2025Q1: 2,422,833 shares; 2025Q2: 2,422,833 shares; 2025Q3: 2,422,833 shares; 2025Q4: 1,219,394 shares 1,219,394$23.1M0.98%-1,203,439Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 183,300 shares; 2025Q1: 72,300 shares; 2025Q2: 76,493 shares; 2025Q3: not reported; 2025Q4: 910,000 shares 910,000$22.6M0.96%newTimeline
IKTINHIBIKASE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 6,325,000 shares; 2025Q1: 6,325,000 shares; 2025Q2: 6,325,000 shares; 2025Q3: 6,325,000 shares; 2025Q4: 10,875,000 shares 10,875,000$22.3M0.95%+4,550,000Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 598,169 shares; 2024Q4: 814,652 shares; 2025Q1: 814,652 shares; 2025Q2: 732,968 shares; 2025Q3: 647,052 shares; 2025Q4: 702,052 shares 702,052$19.5M0.83%+55,000Timeline
IVVDINVIVYD 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: 7,708,727 shares 7,708,727$19M0.81%newTimeline
CAPRCAPRICOR 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: 646,390 shares 646,390$18.7M0.79%newTimeline
THCTENET HEALTHCARE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,027 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 92,500 shares 92,500$18.4M0.78%newTimeline
RCUSARCUS 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: 711,983 shares 711,983$17M0.72%newTimeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 239,705 shares; 2024Q4: 75,405 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,025,000 shares 1,025,000$15.8M0.67%newTimeline
MBXMBX 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: 275,000 shares; 2025Q4: 408,900 shares 408,900$12.9M0.55%+133,900Timeline
RIGLRIGEL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 934,788 shares; 2024Q4: 1,130,679 shares; 2025Q1: 1,130,679 shares; 2025Q2: 658,145 shares; 2025Q3: 330,010 shares; 2025Q4: 300,034 shares 300,034$12.9M0.55%-29,976Timeline
JBIOJADE 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: 796,744 shares; 2025Q3: 796,744 shares; 2025Q4: 796,744 shares 796,744$12.3M0.52%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: not reported; 2025Q2: 700,000 shares; 2025Q3: 25,000 shares; 2025Q4: 900,000 shares 900,000$11.3M0.48%+875,000Timeline
SIONSIONNA 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: 240,000 shares; 2025Q2: 376,000 shares; 2025Q3: 413,500 shares; 2025Q4: 268,500 shares 268,500$11M0.47%-145,000Timeline
SEPNSEPTERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 675,409 shares; 2025Q1: 751,353 shares; 2025Q2: 75,456 shares; 2025Q3: 18,260 shares; 2025Q4: 383,368 shares 383,368$10.7M0.45%+365,108Timeline
KIDSORTHOPEDIATRICS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 288,945 shares; 2024Q4: not reported; 2025Q1: 45,000 shares; 2025Q2: 45,000 shares; 2025Q3: 128,000 shares; 2025Q4: 525,447 shares 525,447$9.33M0.4%+397,447Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,223,544 shares; 2024Q4: 8,142,500 shares; 2025Q1: 8,167,100 shares; 2025Q2: 8,167,100 shares; 2025Q3: 8,127,100 shares; 2025Q4: 212,710 shares 212,710$8.59M0.36%-7,914,390Timeline
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: 462,811 shares; 2025Q3: 493,811 shares; 2025Q4: 38,811 shares 38,811$8.57M0.36%-455,000Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,272 shares; 2024Q4: 320,272 shares; 2025Q1: 274,272 shares; 2025Q2: 72,772 shares; 2025Q3: 2,550 shares; 2025Q4: 48,500 shares 48,500$8.44M0.36%+45,950Timeline
CERSCERUS CORPQuarterly 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: 4,000,000 shares 4,000,000$8.24M0.35%newTimeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,162,162 shares; 2024Q4: 2,162,162 shares; 2025Q1: 2,162,162 shares; 2025Q2: 2,162,162 shares; 2025Q3: 2,162,162 shares; 2025Q4: 2,162,162 shares 2,162,162$8.04M0.34%0Timeline
AVTXAVALO 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: 441,978 shares 441,978$8.03M0.34%newTimeline
CCCCC4 THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,603,996 shares; 2024Q4: 6,978,942 shares; 2025Q1: 6,978,942 shares; 2025Q2: 6,978,942 shares; 2025Q3: 7,053,942 shares; 2025Q4: 3,803,942 shares 3,803,942$7.27M0.31%-3,250,000Timeline
EOLSEVOLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,037,680 shares; 2024Q4: 697,158 shares; 2025Q1: 1,079,158 shares; 2025Q2: 2,119,000 shares; 2025Q3: 1,450,000 shares; 2025Q4: 1,070,000 shares 1,070,000$7.12M0.3%-380,000Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 340,585 shares; 2024Q4: 328,585 shares; 2025Q1: 303,585 shares; 2025Q2: 155,000 shares; 2025Q3: 290,000 shares; 2025Q4: 170,000 shares 170,000$7.06M0.3%-120,000Timeline
ANABANAPTYSBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 414,000 shares; 2025Q1: 102,052 shares; 2025Q2: 321,040 shares; 2025Q3: 626,040 shares; 2025Q4: 135,000 shares 135,000$6.54M0.28%-491,040Timeline
BLTEBELITE 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: 210,000 shares; 2025Q4: 40,354 shares 40,354$6.46M0.27%-169,646Timeline
GPCRSTRUCTURE 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: 90,000 shares 90,000$6.26M0.27%newTimeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,000 shares; 2024Q4: 125,000 shares; 2025Q1: 125,000 shares; 2025Q2: 125,000 shares; 2025Q3: not reported; 2025Q4: 45,000 shares 45,000$6.07M0.26%newTimeline
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: not reported; 2025Q4: 190,000 shares 190,000$5.76M0.24%newTimeline
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: not reported; 2025Q4: 400,000 shares 400,000$5.27M0.22%newTimeline
NEONEOGENOMICS 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: 427,504 shares 427,504$5.03M0.21%newTimeline
NTRANATERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,900 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 20,000 shares 20,000$4.58M0.19%newTimeline
CALCCALCIMEDICA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 783,904 shares; 2024Q4: 783,904 shares; 2025Q1: 783,904 shares; 2025Q2: 783,904 shares; 2025Q3: 683,904 shares; 2025Q4: 683,904 shares 683,904$4.51M0.19%0Timeline
LUNGPULMONX CORPQuarterly 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: 2,038,323 shares 2,038,323$4.5M0.19%newTimeline
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: 120,000 shares 120,000$4.26M0.18%newTimeline
INDIVIOR PLCINDIVIOR 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: 1,466,000 shares; 2025Q4: 100,000 shares 100,000$3.59M0.15%-1,366,000
URGNUROGEN PHARMA LTDQuarterly 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: 2,185,000 shares; 2025Q3: 679,000 shares; 2025Q4: 150,000 shares 150,000$3.51M0.15%-529,000Timeline
TYRATYRA 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: 125,000 shares 125,000$3.29M0.14%newTimeline
KPTIKARYOPHARM 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: 440,000 shares 440,000$3.24M0.14%newTimeline
ZYMEZYMEWORKS 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: 100,000 shares 100,000$2.63M0.11%newTimeline
VKTXVIKING 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: 70,000 shares 70,000$2.46M0.1%newTimeline
QDELQUIDELORTHO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 686,000 shares; 2024Q4: 547,082 shares; 2025Q1: not reported; 2025Q2: 174,000 shares; 2025Q3: 375,000 shares; 2025Q4: 75,000 shares 75,000$2.14M0.09%-300,000Timeline
NSPRINSPIREMD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,378,128 shares; 2024Q4: 1,378,128 shares; 2025Q1: 945,376 shares; 2025Q2: 1,886,207 shares; 2025Q3: 1,470,934 shares; 2025Q4: 1,150,000 shares 1,150,000$2.05M0.09%-320,934Timeline
INBXINHIBRX 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: 25,000 shares 25,000$1.98M0.08%newTimeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 93,031 shares; 2024Q4: 121,031 shares; 2025Q1: 153,031 shares; 2025Q2: 123,031 shares; 2025Q3: 100,000 shares; 2025Q4: 30,000 shares 30,000$1.96M0.08%-70,000Timeline
OLMAOLEMA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 103,500 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 619,874 shares; 2025Q4: 69,874 shares 69,874$1.75M0.07%-550,000Timeline
BCAXBICARA 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: 100,000 shares 100,000$1.68M0.07%newTimeline
KODKODIAK SCIENCES 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: 19,644 shares; 2025Q4: 60,000 shares 60,000$1.68M0.07%+40,356Timeline
GRALGRAIL 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: 11,000 shares 11,000$941K0.04%newTimeline
GUTSFRACTYL HEALTH 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: 2,500,000 shares; 2025Q4: 400,000 shares 400,000$880K0.04%-2,100,000Timeline
STAASTAAR SURGICAL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 2,562,893 shares; 2025Q2: 2,984,733 shares; 2025Q3: 500,000 shares; 2025Q4: 25,000 shares 25,000$577K0.02%-475,000Timeline
VCYTVERACYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,303 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 715,439 shares; 2025Q3: 422,055 shares; 2025Q4: 10,000 shares 10,000$421K0.02%-412,055Timeline
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,343,665 shares; 2024Q4: 1,494,420 shares; 2025Q1: 1,494,420 shares; 2025Q2: 1,494,420 shares; 2025Q3: 1,494,420 shares; 2025Q4: 200,000 shares 200,000$366K0.02%-1,294,420Timeline
QNRXQUOIN PHARMACEUTICALS LTDQuarterly 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: 25,000 shares 25,000$361K0.02%newTimeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 10,900 shares; 2025Q1: 67,500 shares; 2025Q2: 8,000 shares; 2025Q3: 68,336 shares; 2025Q4: 500 shares 500$291K0.01%-67,836Timeline
LBRXLB 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: 400,000 shares; 2025Q4: 10,000 shares 10,000$223K0.01%-390,000Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,500 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 10,000 shares 10,000$196K0.01%newTimeline
DCTHDELCATH SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 801,000 shares; 2025Q1: 232,722 shares; 2025Q2: 25,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$101K<0.01%0Timeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 343,152 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 730,000 shares; 2025Q3: 300,000 shares; 2025Q4: 10,000 shares 10,000$88.6K<0.01%-290,000Timeline

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
XBISPDR SERIES TRUST S&P BIOTECHput2,900,000$354M+1,750,000

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
ELVELEVANCE HEALTH INC FORMERLY259,650$83.9Mshares
GRFSGRIFOLS S A2,500,000$24.9Mshares
IARTINTEGRA LIFESCIENCES HLDGS C1,440,818$20.6Mshares
QUREUNIQURE NV200,000$11.7Mshares
ADMAADMA BIOLOGICS INC738,000$10.8Mshares
VSTMVERASTEM INC935,909$8.26Mshares
NUVLNUVALENT INC88,000$7.61Mshares
ESTAESTABLISHMENT LABS HLDGS INC139,512$5.72Mshares
ETONETON PHARMACEUTICALS INC200,000$4.35Mshares
CBLLCERIBELL INC360,000$4.14Mshares
HROWHARROW INC85,498$4.12Mshares
AKROAKERO THERAPEUTICS INC71,000$3.37Mshares
IDYAIDEAYA BIOSCIENCES INC100,000$2.72Mshares
CBIOCRESCENT BIOPHARMA INC.200,000$2.38Mshares
RAPPRAPPORT THERAPEUTICS INC80,000$2.38Mshares
IOVAIOVANCE BIOTHERAPEUTICS INC976,707$2.12Mshares
VTGNVISTAGEN THERAPEUTICS INC550,000$1.95Mshares
MNKDMANNKIND CORP300,000$1.61Mshares
IMUXIMMUNIC INC1,580,007$1.39Mshares
ADVERUM BIOTECHNOLOGIES INCADVERUM BIOTECHNOLOGIES INC287,246$1.3Mshares
LQDALIQUIDIA CORPORATION50,000$1.14Mshares
ESSA PHARMA INCESSA PHARMA INC4,362,026$833Kshares
MYOMYOMO INC704,275$628Kshares
MREOMEREO BIOPHARMA GROUP PLC299,711$617Kshares
TECXTECTONIC THERAPEUTIC INC25,000$392Kshares

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 0001802630-26-000002 base2026-02-12acceptance time not in the bulk data set