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SPHERA FUNDS MANAGEMENT LTD.

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13F filer, CIK 1496201, TEL AVIV, Israel

SPHERA FUNDS MANAGEMENT LTD. reported $426,139,939 across 110 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 34.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001496201-25-000010

Period
2025-06-30
Reported value
$426M
Holdings
110
Top 10 weight
34.79%
New
22
Sold out
27

Part of the filer group SPHERA FUNDS MANAGEMENT LTD.

How groups are built

Stakes and trades reported after 2025-06-30

13D, 13G and Form 4 filings by this filer's group, dated after the 13F period, on securities the quarter does not hold as shares.

  • TENX TENAX THERAPEUTICS INC: 13G/A 2,663,296 shares, 7.09% of the class, 13G/A filed 2026-10-13, 0001178913-26-004757Timeline
    Accepted , ingested

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TSEMadded+203,173$8.81M
BIIBadded+60,000$7.54M
FBRXnew+495,109$6.4M
CYTKadded+181,757$6.01M
CDTXadded+120,873$5.89M

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
BBIOreduced-279,500-$12.1M
RAREreduced-167,300-$6.08M
NICEexited-33,303-$5.13M
MERUS N Vexited-106,532-$4.48M
SNYreduced-85,000-$4.11M

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, Q2 2025

Share positions as resolved from 13F-HR 0001496201-25-000010, largest first. % of portfolio is the value over $382,494,339, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TEVATEVA PHARMACEUTICAL INDS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,130,216 shares; 2024Q4: 1,569,181 shares; 2025Q1: 1,572,181 shares; 2025Q2: 1,620,990 shares 1,620,990$27.2M7.1%+48,809Timeline
NVMINOVA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,960 shares; 2024Q4: 68,146 shares; 2025Q1: 90,697 shares; 2025Q2: 75,836 shares 75,836$20.9M5.46%-14,861Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,034,846 shares; 2024Q4: 1,381,241 shares; 2025Q1: 1,663,974 shares; 2025Q2: 1,571,564 shares 1,571,564$14.7M3.85%-92,410Timeline
TSEMTOWER SEMICONDUCTOR LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 209,441 shares; 2024Q4: 166,149 shares; 2025Q1: 61,549 shares; 2025Q2: 264,722 shares 264,722$11.5M3%+203,173Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,021 shares; 2024Q4: 153,021 shares; 2025Q1: 144,961 shares; 2025Q2: 326,718 shares 326,718$10.8M2.82%+181,757Timeline
SNYSANOFI SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 409,515 shares; 2024Q4: 384,515 shares; 2025Q1: 304,515 shares; 2025Q2: 219,515 shares 219,515$10.6M2.77%-85,000Timeline
BIIBBIOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,455 shares; 2024Q4: 22,738 shares; 2025Q1: 22,738 shares; 2025Q2: 82,738 shares 82,738$10.4M2.72%+60,000Timeline
AZNASTRAZENECA PLC-SPONS ADRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 190,060 shares; 2024Q4: 225,060 shares; 2025Q1: 175,060 shares; 2025Q2: 135,060 shares 135,060$9.44M2.47%-40,000Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,190 shares; 2024Q4: 13,190 shares; 2025Q1: 11,690 shares; 2025Q2: 11,540 shares 11,540$9M2.35%-150Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,355 shares; 2024Q4: not reported; 2025Q1: 29,605 shares; 2025Q2: 54,515 shares 54,515$8.61M2.25%+24,910Timeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 419,103 shares; 2024Q4: 474,103 shares; 2025Q1: 507,829 shares; 2025Q2: 419,540 shares 419,540$8.54M2.23%-88,289Timeline
NVONOVO-NORDISK A SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,080 shares; 2024Q4: 98,080 shares; 2025Q1: 118,080 shares; 2025Q2: 105,677 shares 105,677$7.29M1.91%-12,403Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 105,607 shares; 2024Q4: 62,607 shares; 2025Q1: 36,607 shares; 2025Q2: 32,441 shares 32,441$7.12M1.86%-4,166Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 17,128 shares; 2025Q2: 138,001 shares 138,001$6.72M1.76%+120,873Timeline
ORAORMAT TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 79,000 shares; 2025Q1: 84,000 shares; 2025Q2: 78,000 shares 78,000$6.53M1.71%-6,000Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 272,472 shares; 2024Q4: 190,672 shares; 2025Q1: 465,526 shares; 2025Q2: 480,974 shares 480,974$6.51M1.7%+15,448Timeline
FBRXFORTE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 495,109 shares 495,109$6.4M1.67%newTimeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,316 shares; 2024Q4: 21,001 shares; 2025Q1: 9,962 shares; 2025Q2: 8,526 shares 8,526$6.29M1.65%-1,436Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,831 shares; 2024Q4: 69,831 shares; 2025Q1: 52,831 shares; 2025Q2: 40,831 shares 40,831$6.24M1.63%-12,000Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 33,427 shares; 2024Q4: 22,327 shares; 2025Q1: 4,592 shares; 2025Q2: 11,792 shares 11,792$5.87M1.53%+7,200Timeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 990,718 shares 990,718$5.68M1.48%newTimeline
ORMAT TECHNOLOGIES INCORMAT TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,037,000 shares; 2024Q4: 5,037,000 shares; 2025Q1: 5,037,000 shares; 2025Q2: 5,037,000 shares 5,037,000$5.61M1.47%0
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 439,292 shares; 2024Q4: 388,183 shares; 2025Q1: 383,856 shares; 2025Q2: 309,931 shares 309,931$5.45M1.43%-73,925Timeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,297,321 shares; 2024Q4: 2,551,619 shares; 2025Q1: 2,307,119 shares; 2025Q2: 1,959,610 shares 1,959,610$5.31M1.39%-347,509Timeline
TVTXTRAVERE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 220,700 shares; 2025Q1: 200,000 shares; 2025Q2: 335,333 shares 335,333$4.96M1.3%+135,333Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,000 shares; 2024Q4: 34,256 shares; 2025Q1: 30,256 shares; 2025Q2: 25,256 shares 25,256$4.69M1.23%-5,000Timeline
GSKGSK PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 130,000 shares; 2025Q1: 130,000 shares; 2025Q2: 122,000 shares 122,000$4.68M1.22%-8,000Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 152,307 shares; 2024Q4: 91,583 shares; 2025Q1: 140,660 shares; 2025Q2: 109,757 shares 109,757$4.62M1.21%-30,903Timeline
NVSNOVARTIS AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 37,000 shares 37,000$4.48M1.17%-13,000Timeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 799,957 shares 799,957$4.38M1.14%newTimeline
MAZEMAZE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 355,554 shares; 2025Q2: 356,453 shares 356,453$4.37M1.14%+899Timeline
ANNXANNEXON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,243,039 shares; 2025Q1: 1,764,387 shares; 2025Q2: 1,764,387 shares 1,764,387$4.23M1.11%0Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 194,638 shares; 2025Q2: 256,743 shares 256,743$4.11M1.07%+62,105Timeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 128,396 shares; 2024Q4: 273,213 shares; 2025Q1: 234,834 shares; 2025Q2: 394,693 shares 394,693$4.01M1.05%+159,859Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,600 shares; 2024Q4: 59,600 shares; 2025Q1: 59,600 shares; 2025Q2: 48,600 shares 48,600$3.85M1.01%-11,000Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 252,539 shares; 2024Q4: 288,539 shares; 2025Q1: not reported; 2025Q2: 174,900 shares 174,900$3.77M0.99%newTimeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 842,644 shares; 2024Q4: 905,279 shares; 2025Q1: 366,608 shares; 2025Q2: 87,108 shares 87,108$3.76M0.98%-279,500Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,349 shares; 2024Q4: 228,776 shares; 2025Q1: 267,385 shares; 2025Q2: 100,085 shares 100,085$3.64M0.95%-167,300Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 106,000 shares; 2025Q2: 126,000 shares 126,000$3.58M0.94%+20,000Timeline
ACOGALPHA COGNITION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 620,000 shares; 2025Q1: 596,992 shares; 2025Q2: 376,649 shares 376,649$3.51M0.92%-220,343Timeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,196,938 shares; 2024Q4: 1,165,895 shares; 2025Q1: 1,081,447 shares; 2025Q2: 751,447 shares 751,447$3.35M0.88%-330,000Timeline
HELPCYBIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 933,225 shares; 2024Q4: 538,111 shares; 2025Q1: 527,222 shares; 2025Q2: 398,309 shares 398,309$3.34M0.87%-128,913Timeline
AMATAPPLIED MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 18,000 shares; 2025Q2: 18,000 shares 18,000$3.3M0.86%0Timeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 197,550 shares; 2025Q1: 277,550 shares; 2025Q2: 202,996 shares 202,996$3.21M0.84%-74,554Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 721,111 shares; 2024Q4: 921,111 shares; 2025Q1: 921,111 shares; 2025Q2: 583,105 shares 583,105$3.14M0.82%-338,006Timeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 563,107 shares; 2024Q4: 1,211,533 shares; 2025Q1: 1,284,151 shares; 2025Q2: 1,310,233 shares 1,310,233$2.99M0.78%+26,082Timeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 30,000 shares; 2025Q1: 30,000 shares; 2025Q2: 30,000 shares 30,000$2.8M0.73%0Timeline
SRPTSAREPTA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,846 shares; 2024Q4: 98,921 shares; 2025Q1: 157,931 shares; 2025Q2: 159,323 shares 159,323$2.72M0.71%+1,392Timeline
CAMTCAMTEK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,287 shares; 2024Q4: 36,287 shares; 2025Q1: 23,086 shares; 2025Q2: 31,976 shares 31,976$2.7M0.71%+8,890Timeline
ESLTELBIT SYS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,000 shares 6,000$2.7M0.71%newTimeline
PANWPALO ALTO NETWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 13,114 shares 13,114$2.68M0.7%newTimeline
WIXWIX COM LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,253 shares; 2024Q4: 39,253 shares; 2025Q1: 8,800 shares; 2025Q2: 16,931 shares 16,931$2.68M0.7%+8,131Timeline
AMGNAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 10,000 shares; 2025Q2: 9,500 shares 9,500$2.65M0.69%-500Timeline
SEDGSOLAREDGE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 375,000 shares; 2025Q1: 309,216 shares; 2025Q2: 127,966 shares 127,966$2.61M0.68%-181,250Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 111,743 shares; 2025Q2: 128,515 shares 128,515$2.58M0.67%+16,772Timeline
SKYESKYE BIOSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,563,522 shares; 2024Q4: 1,564,628 shares; 2025Q1: 1,476,353 shares; 2025Q2: 538,434 shares 538,434$2.25M0.59%-937,919Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,504 shares; 2024Q4: 236,262 shares; 2025Q1: 329,262 shares; 2025Q2: 221,416 shares 221,416$2.11M0.55%-107,846Timeline
PFEPFIZER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,000 shares; 2024Q4: 90,000 shares; 2025Q1: 90,000 shares; 2025Q2: 86,000 shares 86,000$2.08M0.55%-4,000Timeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,323 shares; 2024Q4: 156,494 shares; 2025Q1: 99,784 shares; 2025Q2: 145,372 shares 145,372$2.05M0.54%+45,588Timeline
SRRKSCHOLAR ROCK HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,866 shares; 2024Q4: 90,193 shares; 2025Q1: 78,193 shares; 2025Q2: 57,497 shares 57,497$2.04M0.53%-20,696Timeline
89BIO INC89BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 536,547 shares; 2024Q4: 556,532 shares; 2025Q1: 618,343 shares; 2025Q2: 205,675 shares 205,675$2.02M0.53%-412,668
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 84,000 shares; 2025Q2: 95,931 shares 95,931$1.99M0.52%+11,931Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 68,333 shares; 2025Q1: 125,840 shares; 2025Q2: 85,840 shares 85,840$1.98M0.52%-40,000Timeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 215,873 shares; 2024Q4: 206,251 shares; 2025Q1: 181,346 shares; 2025Q2: 114,346 shares 114,346$1.98M0.52%-67,000Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 9,100 shares; 2025Q2: 6,800 shares 6,800$1.85M0.48%-2,300Timeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 560,000 shares; 2025Q1: 528,365 shares; 2025Q2: 504,409 shares 504,409$1.84M0.48%-23,956Timeline
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,000 shares 4,000$1.63M0.43%new
MRVLMARVELL TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 87,611 shares; 2024Q4: 78,611 shares; 2025Q1: 15,070 shares; 2025Q2: 18,730 shares 18,730$1.45M0.38%+3,660Timeline
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,582 shares; 2024Q4: 139,800 shares; 2025Q1: 189,800 shares; 2025Q2: 257,402 shares 257,402$1.38M0.36%+67,602
KURAKURA ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 610,087 shares; 2024Q4: 610,087 shares; 2025Q1: 343,522 shares; 2025Q2: 235,522 shares 235,522$1.36M0.36%-108,000Timeline
IBITISHARES BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 8,150 shares; 2025Q2: 21,455 shares 21,455$1.31M0.34%+13,305Timeline
NTLAINTELLIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 291,080 shares; 2024Q4: 466,080 shares; 2025Q1: 381,080 shares; 2025Q2: 128,780 shares 128,780$1.21M0.32%-252,300Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,012,749 shares; 2024Q4: 1,012,749 shares; 2025Q1: 1,012,749 shares; 2025Q2: 555,814 shares 555,814$1.19M0.31%-456,935Timeline
AMDADVANCED MICRO DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 8,250 shares 8,250$1.17M0.31%newTimeline
NNDMNANO DIMENSION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 717,518 shares; 2025Q2: 717,518 shares 717,518$1.16M0.3%0Timeline
DAWNDAY ONE BIOPHARMACEUTICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 347,627 shares; 2024Q4: 334,987 shares; 2025Q1: 334,987 shares; 2025Q2: 175,371 shares 175,371$1.14M0.3%-159,616Timeline
CEVACEVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 48,920 shares; 2025Q2: 48,920 shares 48,920$1.08M0.28%0Timeline
CATXPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 589,295 shares; 2024Q4: 460,247 shares; 2025Q1: 460,247 shares; 2025Q2: 310,343 shares 310,343$1.07M0.28%-149,904Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 335,024 shares; 2025Q2: 143,693 shares 143,693$1.03M0.27%-191,331Timeline
KRYSKRYSTAL BIOTECH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 7,335 shares 7,335$1.01M0.26%newTimeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 420,000 shares 420,000$970K0.25%newTimeline
PROMIS NEUROSCIENCES INCPROMIS NEUROSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,929,297 shares; 2024Q4: 1,929,297 shares; 2025Q1: 1,929,297 shares; 2025Q2: 1,899,297 shares 1,899,297$919K0.24%-30,000
VTGNVISTAGEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 808,550 shares; 2024Q4: 808,550 shares; 2025Q1: 790,550 shares; 2025Q2: 447,939 shares 447,939$896K0.23%-342,611Timeline
CHEMOMAB THERAPEUTICS LTDCHEMOMAB THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,214,575 shares; 2024Q4: 1,214,575 shares; 2025Q1: 900,428 shares; 2025Q2: 738,048 shares 738,048$856K0.22%-162,380
BMYBRISTOL-MYERS SQUIBB COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 20,000 shares; 2025Q1: 20,000 shares; 2025Q2: 17,500 shares 17,500$810K0.21%-2,500Timeline
CRVSCORVUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 500,491 shares; 2025Q1: 205,859 shares; 2025Q2: 183,094 shares 183,094$732K0.19%-22,765Timeline
HOWLWEREWOLF THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 626,810 shares; 2024Q4: 626,810 shares; 2025Q1: 626,810 shares; 2025Q2: 626,810 shares 626,810$683K0.18%0Timeline
VSTMVERASTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 163,307 shares 163,307$678K0.18%newTimeline
BCAXBICARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 65,679 shares 65,679$610K0.16%newTimeline
LRMRLARIMAR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 414,478 shares; 2024Q4: 455,604 shares; 2025Q1: 366,304 shares; 2025Q2: 196,635 shares 196,635$568K0.15%-169,669Timeline
SSENTINELONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,554 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 27,000 shares 27,000$494K0.13%newTimeline
APREAPREA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 270,000 shares; 2024Q4: 270,000 shares; 2025Q1: 270,000 shares; 2025Q2: 270,000 shares 270,000$456K0.12%0Timeline
CGNTCOGNYTE SOFTWARE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 45,181 shares 45,181$417K0.11%newTimeline
KZRKEZAR LIFE SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 108,473 shares; 2025Q1: 108,473 shares; 2025Q2: 58,539 shares 58,539$268K0.07%-49,934Timeline
CLYMCLIMB BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 181,970 shares; 2024Q4: 251,935 shares; 2025Q1: 241,935 shares; 2025Q2: 209,837 shares 209,837$260K0.07%-32,098Timeline
SLDBSOLID BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 50,190 shares 50,190$244K0.06%newTimeline
PEPGPEPGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 156,467 shares 156,467$174K0.05%newTimeline
OKURONKURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 87,354 shares; 2025Q1: 80,454 shares; 2025Q2: 60,454 shares 60,454$144K0.04%-20,000Timeline
ELEVATION ONCOLOGY INC COMELEVATION ONCOLOGY INC COMQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,079,762 shares; 2024Q4: 1,018,562 shares; 2025Q1: 358,562 shares; 2025Q2: 328,562 shares 328,562$121K0.03%-30,000
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 189,270 shares; 2024Q4: 135,720 shares; 2025Q1: 122,017 shares; 2025Q2: 14,671 shares 14,671$81.4K0.02%-107,346Timeline
Applied Therapeutics IncApplied Therapeutics IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 311,572 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares 50,000$15.6K<0.01%0

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 BIOTECHput200,000$16.6Mnew
RAREULTRAGENYX PHARMACEUTICAL IN COMcall180,600$6.57M+130,600
MLTXMOONLAKE IMMUNOTHERAPEUTICS Stockcall125,000$5.9Mnew
PRAXPRAXIS PRECISION MEDICINES I COM NEWcall100,000$4.21M0
TLTISHARES TR 20 YR TR BD ETFcall47,000$4.15M-208,100
SRPTSAREPTA THERAPEUTICS INC COMcall150,000$2.56Mnew
BBIOBRIDGEBIO PHARMA INC COMput49,900$2.15Mnew
COGTCOGENT BIOSCIENCES INC COMcall200,000$1.44Mnew
ELDNELEDON PHARMACEUTICALS INC COMcall31,200$84.6Knew

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
NICENICE LTD33,303$5.13Mshares
MERUS N VMERUS N V106,532$4.48Mshares
VIGIL NEUROSCIENCE INCVIGIL NEUROSCIENCE INC1,604,429$2.86Mshares
WDAYWORKDAY INC10,000$2.34Mshares
SPRINGWORKS THERAPEUTICS INCSPRINGWORKS THERAPEUTICS INC52,009$2.3Mshares
GOOGALPHABET INC13,500$2.11Mshares
VKTXVIKING THERAPEUTICS INC83,270$2.01Mshares
AVGOBROADCOM INC11,695$1.96Mshares
IONSIONIS PHARMACEUTICALS INC63,821$1.93Mshares
NKENIKE INC30,050$1.91Mshares
CHKPCHECK POINT SOFTWARE TECH LT8,334$1.9Mshares
RCKTROCKET PHARMACEUTICALS INC271,792$1.81Mshares
NTRNUTRIEN LTD30,894$1.53Mshares
FROGJFROG LTD42,871$1.37Mshares
SHL TELEMEDICINE LTD SPONSO…SHL TELEMEDICINE LTD SPONSORED ADS632,456$1.31Mshares
INOZYME PHARMA INCINOZYME PHARMA INC1,191,140$1.08Mshares
OTLKOUTLOOK THERAPEUTICS INC857,142$1.05Mshares
ARVNARVINAS INC125,000$878Kshares
XENEXENON PHARMACEUTICALS INC26,097$876Kshares
PERIPERION NETWORK LTD102,612$835Kshares
REGULUS THERAPEUTICS INCREGULUS THERAPEUTICS INC452,845$792Kshares
VIRVIR BIOTECHNOLOGY INC90,855$589Kshares
ZURAZURA BIO LTD421,229$543Kshares
FATEFATE THERAPEUTICS INC397,177$314Kshares
ALECALECTOR INC109,208$134Kshares
LAVA THERAPEUTICS NVLAVA THERAPEUTICS NV48,420$61.5Kshares
IMMATICS N.VIMMATICS N.V100,000$1.58Kshares

How Q2 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 0001496201-25-000010 base2025-08-14acceptance time not in the bulk data set