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SPHERA FUNDS MANAGEMENT LTD.

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13F filer, CIK 1496201, TEL AVIV, Israel

SPHERA FUNDS MANAGEMENT LTD. reported $474,069,298 across 114 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 36.86% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001496201-25-000017

Period
2025-09-30
Reported value
$474M
Holdings
114
Top 10 weight
36.86%
New
33
Sold out
29

Part of the filer group SPHERA FUNDS MANAGEMENT LTD.

How groups are built

Stakes and trades reported after 2025-09-30

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
NICEnew+157,400$22.8M
QQQnew+22,960$13.8M
RAREadded+252,473$7.59M
CLBTnew+298,948$5.54M
SOLAREDGE TECHNOLOGIES INCnew+4,000,000$5.33M

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
SNDXreduced-1,183,848-$18.2M
NVMIreduced-31,940-$10.2M
MLYSreduced-261,064-$9.9M
CYTKreduced-165,201-$9.08M
NVDAexited-54,515-$8.61M

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, Q3 2025

Share positions as resolved from 13F-HR 0001496201-25-000017, largest first. % of portfolio is the value over $421,601,350, 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; 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; 2025Q3: 1,507,025 shares 1,507,025$30.4M7.22%-113,965Timeline
NICENICE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,361 shares; 2024Q4: 42,500 shares; 2025Q1: 33,303 shares; 2025Q2: not reported; 2025Q3: 157,400 shares 157,400$22.8M5.41%newTimeline
TSEMTOWER SEMICONDUCTOR LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 209,441 shares; 2024Q4: 166,149 shares; 2025Q1: 61,549 shares; 2025Q2: 264,722 shares; 2025Q3: 311,802 shares 311,802$22.5M5.35%+47,080Timeline
NVMINOVA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,960 shares; 2024Q4: 68,146 shares; 2025Q1: 90,697 shares; 2025Q2: 75,836 shares; 2025Q3: 43,896 shares 43,896$14M3.33%-31,940Timeline
QQQINVESCO QQQ TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 22,960 shares 22,960$13.8M3.27%newTimeline
BIIBBIOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,455 shares; 2024Q4: 22,738 shares; 2025Q1: 22,738 shares; 2025Q2: 82,738 shares; 2025Q3: 82,738 shares 82,738$11.6M2.75%0Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,349 shares; 2024Q4: 228,776 shares; 2025Q1: 267,385 shares; 2025Q2: 100,085 shares; 2025Q3: 352,558 shares 352,558$10.6M2.52%+252,473Timeline
AZNASTRAZENECA PLC-SPONS ADRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 190,060 shares; 2024Q4: 225,060 shares; 2025Q1: 175,060 shares; 2025Q2: 135,060 shares; 2025Q3: 135,060 shares 135,060$10.4M2.46%0Timeline
SNYSANOFI SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 409,515 shares; 2024Q4: 384,515 shares; 2025Q1: 304,515 shares; 2025Q2: 219,515 shares; 2025Q3: 219,515 shares 219,515$10.4M2.46%0Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,021 shares; 2024Q4: 153,021 shares; 2025Q1: 144,961 shares; 2025Q2: 326,718 shares; 2025Q3: 161,517 shares 161,517$8.88M2.11%-165,201Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 272,472 shares; 2024Q4: 190,672 shares; 2025Q1: 465,526 shares; 2025Q2: 480,974 shares; 2025Q3: 219,910 shares 219,910$8.34M1.98%-261,064Timeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 990,718 shares; 2025Q3: 991,142 shares 991,142$7.81M1.85%+424Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,190 shares; 2024Q4: 13,190 shares; 2025Q1: 11,690 shares; 2025Q2: 11,540 shares; 2025Q3: 10,040 shares 10,040$7.66M1.82%-1,500Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,831 shares; 2024Q4: 69,831 shares; 2025Q1: 52,831 shares; 2025Q2: 40,831 shares; 2025Q3: 40,831 shares 40,831$7.57M1.8%0Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 17,128 shares; 2025Q2: 138,001 shares; 2025Q3: 75,743 shares 75,743$7.25M1.72%-62,258Timeline
FBRXFORTE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 495,109 shares; 2025Q3: 474,309 shares 474,309$7.11M1.69%-20,800Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 387,716 shares 387,716$5.97M1.41%-1,183,848Timeline
TRVITREVI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 799,957 shares; 2025Q3: 643,957 shares 643,957$5.89M1.4%-156,000Timeline
NVONOVO-NORDISK A SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,080 shares; 2024Q4: 98,080 shares; 2025Q1: 118,080 shares; 2025Q2: 105,677 shares; 2025Q3: 105,677 shares 105,677$5.86M1.39%0Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,000 shares; 2024Q4: 34,256 shares; 2025Q1: 30,256 shares; 2025Q2: 25,256 shares; 2025Q3: 25,256 shares 25,256$5.85M1.39%0Timeline
CLBTCELLEBRITE DI LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 298,948 shares 298,948$5.54M1.31%newTimeline
ANNXANNEXON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,243,039 shares; 2025Q1: 1,764,387 shares; 2025Q2: 1,764,387 shares; 2025Q3: 1,794,387 shares 1,794,387$5.47M1.3%+30,000Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,504 shares; 2024Q4: 236,262 shares; 2025Q1: 329,262 shares; 2025Q2: 221,416 shares; 2025Q3: 426,518 shares 426,518$5.4M1.28%+205,102Timeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 419,103 shares; 2024Q4: 474,103 shares; 2025Q1: 507,829 shares; 2025Q2: 419,540 shares; 2025Q3: 207,764 shares 207,764$5.37M1.27%-211,776Timeline
SOLAREDGE TECHNOLOGIES INCSOLAREDGE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,000,000 shares 4,000,000$5.33M1.26%new
GSKGSK PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 130,000 shares; 2025Q1: 130,000 shares; 2025Q2: 122,000 shares; 2025Q3: 122,000 shares 122,000$5.27M1.25%0Timeline
SEDGSOLAREDGE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 375,000 shares; 2025Q1: 309,216 shares; 2025Q2: 127,966 shares; 2025Q3: 140,966 shares 140,966$5.22M1.24%+13,000Timeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 128,396 shares; 2024Q4: 273,213 shares; 2025Q1: 234,834 shares; 2025Q2: 394,693 shares; 2025Q3: 431,693 shares 431,693$5.18M1.23%+37,000Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 721,111 shares; 2024Q4: 921,111 shares; 2025Q1: 921,111 shares; 2025Q2: 583,105 shares; 2025Q3: 583,105 shares 583,105$4.97M1.18%0Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 84,000 shares; 2025Q2: 95,931 shares; 2025Q3: 173,931 shares 173,931$4.87M1.16%+78,000Timeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,350,333 shares 1,350,333$4.82M1.14%+40,100Timeline
NVSNOVARTIS AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 37,000 shares; 2025Q3: 37,000 shares 37,000$4.74M1.13%0Timeline
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 157,533 shares 157,533$4.68M1.11%newTimeline
VRNSVARONIS SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 73,900 shares 73,900$4.25M1.01%newTimeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 194,638 shares; 2025Q2: 256,743 shares; 2025Q3: 256,743 shares 256,743$4.14M0.98%0Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,600 shares; 2024Q4: 59,600 shares; 2025Q1: 59,600 shares; 2025Q2: 48,600 shares; 2025Q3: 48,600 shares 48,600$4.08M0.97%0Timeline
MAZEMAZE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 355,554 shares; 2025Q2: 356,453 shares; 2025Q3: 154,343 shares 154,343$4M0.95%-202,110Timeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 560,000 shares; 2025Q1: 528,365 shares; 2025Q2: 504,409 shares; 2025Q3: 504,409 shares 504,409$3.45M0.82%0Timeline
ESLTELBIT SYS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,000 shares; 2025Q3: 6,740 shares 6,740$3.44M0.82%+740Timeline
RZLTREZOLUTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 363,947 shares 363,947$3.42M0.81%-387,500Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 111,743 shares; 2025Q2: 128,515 shares; 2025Q3: 166,765 shares 166,765$3.41M0.81%+38,250Timeline
MDWDMEDIWOUND LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 185,270 shares 185,270$3.34M0.79%newTimeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,280,233 shares 1,280,233$3.32M0.79%-679,377Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 252,539 shares; 2024Q4: 288,539 shares; 2025Q1: not reported; 2025Q2: 174,900 shares; 2025Q3: 148,900 shares 148,900$3.18M0.75%-26,000Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 152,307 shares; 2024Q4: 91,583 shares; 2025Q1: 140,660 shares; 2025Q2: 109,757 shares; 2025Q3: 57,901 shares 57,901$3.07M0.73%-51,856Timeline
CAMTCAMTEK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,287 shares; 2024Q4: 36,287 shares; 2025Q1: 23,086 shares; 2025Q2: 31,976 shares; 2025Q3: 29,048 shares 29,048$3.05M0.72%-2,928Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 105,607 shares; 2024Q4: 62,607 shares; 2025Q1: 36,607 shares; 2025Q2: 32,441 shares; 2025Q3: 13,760 shares 13,760$3.02M0.72%-18,681Timeline
CRVSCORVUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 500,491 shares; 2025Q1: 205,859 shares; 2025Q2: 183,094 shares; 2025Q3: 407,709 shares 407,709$3M0.71%+224,615Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 439,292 shares; 2024Q4: 388,183 shares; 2025Q1: 383,856 shares; 2025Q2: 309,931 shares; 2025Q3: 119,406 shares 119,406$2.98M0.71%-190,525Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,316 shares; 2024Q4: 21,001 shares; 2025Q1: 9,962 shares; 2025Q2: 8,526 shares; 2025Q3: 3,924 shares 3,924$2.88M0.68%-4,602Timeline
SLNOSOLENO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 41,606 shares 41,606$2.81M0.67%newTimeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 60,000 shares 60,000$2.8M0.66%newTimeline
ORAORMAT TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 79,000 shares; 2025Q1: 84,000 shares; 2025Q2: 78,000 shares; 2025Q3: 29,000 shares 29,000$2.79M0.66%-49,000Timeline
IDYAIDEAYA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 100,000 shares 100,000$2.72M0.65%newTimeline
AMGNAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 10,000 shares; 2025Q2: 9,500 shares; 2025Q3: 9,500 shares 9,500$2.68M0.64%0Timeline
AMDADVANCED MICRO DEVICES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 8,250 shares; 2025Q3: 15,470 shares 15,470$2.5M0.59%+7,220Timeline
ACOGALPHA COGNITION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 620,000 shares; 2025Q1: 596,992 shares; 2025Q2: 376,649 shares; 2025Q3: 338,752 shares 338,752$2.21M0.52%-37,897Timeline
PFEPFIZER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,000 shares; 2024Q4: 90,000 shares; 2025Q1: 90,000 shares; 2025Q2: 86,000 shares; 2025Q3: 86,000 shares 86,000$2.19M0.52%0Timeline
HELPCYBIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 933,225 shares; 2024Q4: 538,111 shares; 2025Q1: 527,222 shares; 2025Q2: 398,309 shares; 2025Q3: 370,376 shares 370,376$2.18M0.52%-27,933Timeline
KURAKURA ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 610,087 shares; 2024Q4: 610,087 shares; 2025Q1: 343,522 shares; 2025Q2: 235,522 shares; 2025Q3: 245,522 shares 245,522$2.17M0.52%+10,000Timeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,880 shares; 2024Q4: 16,880 shares; 2025Q1: 11,695 shares; 2025Q2: not reported; 2025Q3: 6,555 shares 6,555$2.16M0.51%newTimeline
CEVACEVA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 48,920 shares; 2025Q2: 48,920 shares; 2025Q3: 81,085 shares 81,085$2.14M0.51%+32,165Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 842,644 shares; 2024Q4: 905,279 shares; 2025Q1: 366,608 shares; 2025Q2: 87,108 shares; 2025Q3: 40,746 shares 40,746$2.12M0.5%-46,362Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 68,333 shares; 2025Q1: 125,840 shares; 2025Q2: 85,840 shares; 2025Q3: 85,840 shares 85,840$2.1M0.5%0Timeline
SKYESKYE BIOSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 478,928 shares 478,928$1.88M0.45%-59,506Timeline
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,582 shares; 2024Q4: 139,800 shares; 2025Q1: 189,800 shares; 2025Q2: 257,402 shares; 2025Q3: 251,225 shares 251,225$1.83M0.43%-6,177
TECXTECTONIC THERAPEUTIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 115,908 shares 115,908$1.82M0.43%newTimeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares 50,000$1.8M0.43%newTimeline
CATXPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 589,295 shares; 2024Q4: 460,247 shares; 2025Q1: 460,247 shares; 2025Q2: 310,343 shares; 2025Q3: 510,343 shares 510,343$1.75M0.42%+200,000Timeline
IMNMIMMUNOME INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 147,200 shares 147,200$1.72M0.41%newTimeline
MISTMILESTONE PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 820,000 shares 820,000$1.64M0.39%newTimeline
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 189,270 shares; 2024Q4: 135,720 shares; 2025Q1: 122,017 shares; 2025Q2: 14,671 shares; 2025Q3: 629,470 shares 629,470$1.5M0.36%+614,799Timeline
QUREUNIQURE NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 24,900 shares 24,900$1.45M0.34%newTimeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 215,873 shares; 2024Q4: 206,251 shares; 2025Q1: 181,346 shares; 2025Q2: 114,346 shares; 2025Q3: 63,660 shares 63,660$1.44M0.34%-50,686Timeline
COGTCOGENT BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 335,024 shares; 2025Q2: 143,693 shares; 2025Q3: 98,526 shares 98,526$1.41M0.34%-45,167Timeline
IBITISHARES BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 8,150 shares; 2025Q2: 21,455 shares; 2025Q3: 21,455 shares 21,455$1.39M0.33%0Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 440,114 shares 440,114$1.37M0.32%-115,700Timeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,323 shares; 2024Q4: 156,494 shares; 2025Q1: 99,784 shares; 2025Q2: 145,372 shares; 2025Q3: 91,155 shares 91,155$1.37M0.32%-54,217Timeline
BCAXBICARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 65,679 shares; 2025Q3: 85,747 shares 85,747$1.35M0.32%+20,068Timeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 420,000 shares; 2025Q3: 408,146 shares 408,146$1.33M0.32%-11,854Timeline
DAWNDAY ONE BIOPHARMACEUTICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 347,627 shares; 2024Q4: 334,987 shares; 2025Q1: 334,987 shares; 2025Q2: 175,371 shares; 2025Q3: 175,371 shares 175,371$1.24M0.29%0Timeline
HOWLWEREWOLF THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 626,810 shares; 2024Q4: 626,810 shares; 2025Q1: 626,810 shares; 2025Q2: 626,810 shares; 2025Q3: 626,810 shares 626,810$1.23M0.29%0Timeline
SABSSAB BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 566,395 shares 566,395$1.14M0.27%newTimeline
ENPHENPHASE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,224 shares; 2024Q4: 50,198 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 26,700 shares 26,700$945K0.22%newTimeline
VYGRVOYAGER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 199,761 shares 199,761$933K0.22%newTimeline
CLYMCLIMB BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 181,970 shares; 2024Q4: 251,935 shares; 2025Q1: 241,935 shares; 2025Q2: 209,837 shares; 2025Q3: 434,837 shares 434,837$874K0.21%+225,000Timeline
LRMRLARIMAR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 414,478 shares; 2024Q4: 455,604 shares; 2025Q1: 366,304 shares; 2025Q2: 196,635 shares; 2025Q3: 260,385 shares 260,385$841K0.2%+63,750Timeline
PEPGPEPGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 156,467 shares; 2025Q3: 171,467 shares 171,467$792K0.19%+15,000Timeline
BMYBRISTOL-MYERS SQUIBB COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 20,000 shares; 2025Q1: 20,000 shares; 2025Q2: 17,500 shares; 2025Q3: 17,500 shares 17,500$789K0.19%0Timeline
VSTMVERASTEM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 163,307 shares; 2025Q3: 78,307 shares 78,307$691K0.16%-85,000Timeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 42,571 shares 42,571$644K0.15%newTimeline
89BIO INC89BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 536,547 shares; 2024Q4: 556,532 shares; 2025Q1: 618,343 shares; 2025Q2: 205,675 shares; 2025Q3: 39,675 shares 39,675$583K0.14%-166,000
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 71,010 shares 71,010$509K0.12%newTimeline
CMMBCHEMOMAB THERAPEUTICS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 179,425 shares 179,425$472K0.11%newTimeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 197,550 shares; 2025Q1: 277,550 shares; 2025Q2: 202,996 shares; 2025Q3: 12,496 shares 12,496$431K0.1%-190,500Timeline
APREAPREA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 270,000 shares; 2024Q4: 270,000 shares; 2025Q1: 270,000 shares; 2025Q2: 270,000 shares; 2025Q3: 270,000 shares 270,000$398K0.09%0Timeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares 50,000$366K0.09%newTimeline
OKURONKURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 87,354 shares; 2025Q1: 80,454 shares; 2025Q2: 60,454 shares; 2025Q3: 60,454 shares 60,454$166K0.04%0Timeline
DSGNDESIGN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 21,918 shares 21,918$165K0.04%newTimeline
PROMIS NEUROSCIENCES INCPROMIS NEUROSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 295,187 shares 295,187$125K0.03%-1,604,110
Applied Therapeutics IncApplied Therapeutics IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 311,572 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares 50,000$30.2K0.01%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
MERUS N VMERUS N V COMcall150,000$14.1Mnew
CDTXCIDARA THERAPEUTICS INC COM NEWcall100,000$9.58Mnew
BBIOBRIDGEBIO PHARMA INC COMcall130,000$6.75Mnew
QUREUNIQURE NV SHSput75,000$4.38Mnew
TLTISHARES TR 20 YR TR BD ETFcall47,000$4.2M0
SRPTSAREPTA THERAPEUTICS INC COMcall150,000$2.89M0
PRAXPRAXIS PRECISION MEDICINES I COM NEWcall50,000$2.65M-50,000
TVTXTRAVERE THERAPEUTICS INC COMcall101,800$2.43Mnew
ROIVROIVANT SCIENCES LTD SHScall151,600$2.29Mnew
GPCRSTRUCTURE THERAPEUTICS INC EQUITYcall50,000$1.4Mnew
TRVITREVI THERAPEUTICS INC Stockcall129,200$1.18Mnew
ELDNELEDON PHARMACEUTICALS INC COMput200,000$518Knew
MLTXMOONLAKE IMMUNOTHERAPEUTICS Stockcall10,000$71.7K-115,000

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
XBISPDR SERIES TRUST200,000$16.6Mput
NVDANVIDIA CORPORATION54,515$8.61Mshares
RAREULTRAGENYX PHARMACEUTICAL IN180,600$6.57Mcall
MSFTMICROSOFT CORP11,792$5.87Mshares
ORMAT TECHNOLOGIES INCORMAT TECHNOLOGIES INC5,037,000$5.61Mshares
TVTXTRAVERE THERAPEUTICS INC335,333$4.96Mshares
RNAMAVIDITY BIOSCIENCES INC126,000$3.58Mshares
AMATAPPLIED MATLS INC18,000$3.3Mshares
UBERUBER TECHNOLOGIES INC30,000$2.8Mshares
SRPTSAREPTA THERAPEUTICS INC159,323$2.72Mshares
PANWPALO ALTO NETWORKS INC13,114$2.68Mshares
WIXWIX COM LTD16,931$2.68Mshares
BBIOBRIDGEBIO PHARMA INC49,900$2.15Mput
SRRKSCHOLAR ROCK HLDG CORP57,497$2.04Mshares
CRMSALESFORCE INC6,800$1.85Mshares
CYBERARK SOFTWARE LTD/ISRAELCYBERARK SOFTWARE LTD/ISRAEL4,000$1.63Mshares
MRVLMARVELL TECHNOLOGY INC18,730$1.45Mshares
COGTCOGENT BIOSCIENCES INC200,000$1.44Mcall
NTLAINTELLIA THERAPEUTICS INC128,780$1.21Mshares
NNDMNANO DIMENSION LTD717,518$1.16Mshares
KRYSKRYSTAL BIOTECH INC7,335$1.01Mshares
VTGNVISTAGEN THERAPEUTICS INC447,939$896Kshares
CHEMOMAB THERAPEUTICS LTDCHEMOMAB THERAPEUTICS LTD738,048$856Kshares
SSENTINELONE INC27,000$494Kshares
CGNTCOGNYTE SOFTWARE LTD45,181$417Kshares
KZRKEZAR LIFE SCIENCES INC58,539$268Kshares
SLDBSOLID BIOSCIENCES INC50,190$244Kshares
ELEVATION ONCOLOGY INC COMELEVATION ONCOLOGY INC COM328,562$121Kshares
ELDNELEDON PHARMACEUTICALS INC31,200$84.6Kcall

How Q3 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 0001496201-25-000017 base2025-11-14acceptance time not in the bulk data set