Skip to content
Disclosery

SPHERA FUNDS MANAGEMENT LTD.

Follow

13F filer, CIK 1496201, TEL AVIV, Israel

SPHERA FUNDS MANAGEMENT LTD. reported $517,294,385 across 99 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 33.71% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001496201-26-000002

Period
2025-12-31
Reported value
$517M
Holdings
99
Top 10 weight
33.71%
New
26
Sold out
41

Part of the filer group SPHERA FUNDS MANAGEMENT LTD.

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
COGTadded+279,974$9.94M
BMRNnew+147,000$8.74M
MLYSadded+229,093$8.31M
SNDXadded+374,847$7.88M
SRRKnew+158,265$6.97M

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
NICEexited-157,400-$22.8M
TSEMreduced-189,289-$22.2M
QQQexited-22,960-$13.8M
TEVAreduced-383,500-$12M
GPCRreduced-132,931-$9.25M

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 0001496201-26-000002, largest first. % of portfolio is the value over $478,526,837, 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; 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; 2025Q4: 1,123,525 shares 1,123,525$35.1M7.33%-383,500Timeline
BIIBBIOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,455 shares; 2024Q4: 22,738 shares; 2025Q1: 22,738 shares; 2025Q2: 82,738 shares; 2025Q3: 82,738 shares; 2025Q4: 94,738 shares 94,738$16.7M3.48%+12,000Timeline
MLYSMINERALYS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 272,472 shares; 2024Q4: 190,672 shares; 2025Q1: 465,526 shares; 2025Q2: 480,974 shares; 2025Q3: 219,910 shares; 2025Q4: 449,003 shares 449,003$16.3M3.41%+229,093Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 762,563 shares 762,563$16M3.35%+374,847Timeline
NVMINOVA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 51,960 shares; 2024Q4: 68,146 shares; 2025Q1: 90,697 shares; 2025Q2: 75,836 shares; 2025Q3: 43,896 shares; 2025Q4: 47,846 shares 47,846$15.7M3.28%+3,950Timeline
TSEMTOWER SEMICONDUCTOR LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 209,441 shares; 2024Q4: 166,149 shares; 2025Q1: 61,549 shares; 2025Q2: 264,722 shares; 2025Q3: 311,802 shares; 2025Q4: 122,513 shares 122,513$14.4M3.01%-189,289Timeline
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: 335,024 shares; 2025Q2: 143,693 shares; 2025Q3: 98,526 shares; 2025Q4: 378,500 shares 378,500$13.4M2.81%+279,974Timeline
AZNASTRAZENECA PLC-SPONS ADRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 190,060 shares; 2024Q4: 225,060 shares; 2025Q1: 175,060 shares; 2025Q2: 135,060 shares; 2025Q3: 135,060 shares; 2025Q4: 135,060 shares 135,060$12.4M2.59%0Timeline
SNYSANOFI SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 409,515 shares; 2024Q4: 384,515 shares; 2025Q1: 304,515 shares; 2025Q2: 219,515 shares; 2025Q3: 219,515 shares; 2025Q4: 239,515 shares 239,515$11.6M2.43%+20,000Timeline
LLYELI LILLY & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,190 shares; 2024Q4: 13,190 shares; 2025Q1: 11,690 shares; 2025Q2: 11,540 shares; 2025Q3: 10,040 shares; 2025Q4: 9,040 shares 9,040$9.72M2.03%-1,000Timeline
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: 990,718 shares; 2025Q3: 991,142 shares; 2025Q4: 658,377 shares 658,377$9.38M1.96%-332,765Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 721,111 shares; 2024Q4: 921,111 shares; 2025Q1: 921,111 shares; 2025Q2: 583,105 shares; 2025Q3: 583,105 shares; 2025Q4: 861,105 shares 861,105$9.04M1.89%+278,000Timeline
BMRNBIOMARIN PHARMACEUTICAL 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: 147,000 shares 147,000$8.74M1.83%newTimeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 842,644 shares; 2024Q4: 905,279 shares; 2025Q1: 366,608 shares; 2025Q2: 87,108 shares; 2025Q3: 40,746 shares; 2025Q4: 107,746 shares 107,746$8.24M1.72%+67,000Timeline
ORICORIC PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 128,396 shares; 2024Q4: 273,213 shares; 2025Q1: 234,834 shares; 2025Q2: 394,693 shares; 2025Q3: 431,693 shares; 2025Q4: 1,004,378 shares 1,004,378$8.22M1.72%+572,685Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 56,504 shares; 2024Q4: 236,262 shares; 2025Q1: 329,262 shares; 2025Q2: 221,416 shares; 2025Q3: 426,518 shares; 2025Q4: 392,894 shares 392,894$7.69M1.61%-33,624Timeline
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: 799,957 shares; 2025Q3: 643,957 shares; 2025Q4: 598,534 shares 598,534$7.49M1.57%-45,423Timeline
JNJJOHNSON & JOHNSONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,831 shares; 2024Q4: 69,831 shares; 2025Q1: 52,831 shares; 2025Q2: 40,831 shares; 2025Q3: 40,831 shares; 2025Q4: 35,831 shares 35,831$7.42M1.55%-5,000Timeline
SVRASAVARA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,178,164 shares 1,178,164$7.1M1.48%-172,169Timeline
SRRKSCHOLAR ROCK HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,866 shares; 2024Q4: 90,193 shares; 2025Q1: 78,193 shares; 2025Q2: 57,497 shares; 2025Q3: not reported; 2025Q4: 158,265 shares 158,265$6.97M1.46%newTimeline
WVEWAVE LIFE SCIENCES 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: 50,000 shares; 2025Q4: 408,166 shares 408,166$6.94M1.45%+358,166Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,349 shares; 2024Q4: 228,776 shares; 2025Q1: 267,385 shares; 2025Q2: 100,085 shares; 2025Q3: 352,558 shares; 2025Q4: 300,623 shares 300,623$6.91M1.44%-51,935Timeline
HELPCYBIN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 933,225 shares; 2024Q4: 538,111 shares; 2025Q1: 527,222 shares; 2025Q2: 398,309 shares; 2025Q3: 370,376 shares; 2025Q4: 825,576 shares 825,576$6.75M1.41%+455,200Timeline
ANNXANNEXON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,316,212 shares 1,316,212$6.61M1.38%-478,175Timeline
BCRXBIOCRYST 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: not reported; 2025Q4: 837,889 shares 837,889$6.54M1.37%newTimeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 419,103 shares; 2024Q4: 474,103 shares; 2025Q1: 507,829 shares; 2025Q2: 419,540 shares; 2025Q3: 207,764 shares; 2025Q4: 239,764 shares 239,764$6.51M1.36%+32,000Timeline
SLNOSOLENO 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: 41,606 shares; 2025Q4: 136,314 shares 136,314$6.31M1.32%+94,708Timeline
APLSAPELLIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 215,873 shares; 2024Q4: 206,251 shares; 2025Q1: 181,346 shares; 2025Q2: 114,346 shares; 2025Q3: 63,660 shares; 2025Q4: 250,961 shares 250,961$6.3M1.32%+187,301Timeline
GSKGSK PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 130,000 shares; 2025Q1: 130,000 shares; 2025Q2: 122,000 shares; 2025Q3: 122,000 shares; 2025Q4: 122,000 shares 122,000$5.98M1.25%0Timeline
ENPHENPHASE ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,224 shares; 2024Q4: 50,198 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 26,700 shares; 2025Q4: 186,500 shares 186,500$5.98M1.25%+159,800Timeline
NVONOVO-NORDISK A SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 78,080 shares; 2024Q4: 98,080 shares; 2025Q1: 118,080 shares; 2025Q2: 105,677 shares; 2025Q3: 105,677 shares; 2025Q4: 115,677 shares 115,677$5.89M1.23%+10,000Timeline
CYTKCYTOKINETICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,021 shares; 2024Q4: 153,021 shares; 2025Q1: 144,961 shares; 2025Q2: 326,718 shares; 2025Q3: 161,517 shares; 2025Q4: 91,717 shares 91,717$5.83M1.22%-69,800Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,000 shares; 2024Q4: 34,256 shares; 2025Q1: 30,256 shares; 2025Q2: 25,256 shares; 2025Q3: 25,256 shares; 2025Q4: 25,256 shares 25,256$5.77M1.21%0Timeline
SEDGSOLAREDGE TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 375,000 shares; 2025Q1: 309,216 shares; 2025Q2: 127,966 shares; 2025Q3: 140,966 shares; 2025Q4: 196,536 shares 196,536$5.67M1.18%+55,570Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 252,539 shares; 2024Q4: 288,539 shares; 2025Q1: not reported; 2025Q2: 174,900 shares; 2025Q3: 148,900 shares; 2025Q4: 212,202 shares 212,202$5.67M1.18%+63,302Timeline
VORVOR BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 410,417 shares 410,417$5.37M1.12%newTimeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,600 shares; 2024Q4: 59,600 shares; 2025Q1: 59,600 shares; 2025Q2: 48,600 shares; 2025Q3: 48,600 shares; 2025Q4: 48,600 shares 48,600$5.12M1.07%0Timeline
NVSNOVARTIS AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 37,000 shares; 2025Q3: 37,000 shares; 2025Q4: 37,000 shares 37,000$5.1M1.07%0Timeline
FBRXFORTE 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: 495,109 shares; 2025Q3: 474,309 shares; 2025Q4: 185,869 shares 185,869$5.07M1.06%-288,440Timeline
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: not reported; 2025Q4: 175,500 shares 175,500$4.91M1.03%newTimeline
TNGXTANGO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 50,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 544,563 shares 544,563$4.82M1.01%newTimeline
SOLAREDGE TECHNOLOGIES INCSOLAREDGE TECHNOLOGIES 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: 4,000,000 shares; 2025Q4: 4,000,000 shares 4,000,000$4.7M0.98%0
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,582 shares; 2024Q4: 139,800 shares; 2025Q1: 189,800 shares; 2025Q2: 257,402 shares; 2025Q3: 251,225 shares; 2025Q4: 355,725 shares 355,725$4.66M0.97%+104,500
MDWDMEDIWOUND 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: 185,270 shares; 2025Q4: 230,347 shares 230,347$4.25M0.89%+45,077Timeline
CAMTCAMTEK LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,287 shares; 2024Q4: 36,287 shares; 2025Q1: 23,086 shares; 2025Q2: 31,976 shares; 2025Q3: 29,048 shares; 2025Q4: 39,498 shares 39,498$4.2M0.88%+10,450Timeline
RVMDREVOLUTION MEDICINES 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: 60,000 shares; 2025Q4: 52,500 shares 52,500$4.18M0.87%-7,500Timeline
AMDADVANCED MICRO DEVICES 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: 8,250 shares; 2025Q3: 15,470 shares; 2025Q4: 18,040 shares 18,040$3.86M0.81%+2,570Timeline
CLYMCLIMB BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 181,970 shares; 2024Q4: 251,935 shares; 2025Q1: 241,935 shares; 2025Q2: 209,837 shares; 2025Q3: 434,837 shares; 2025Q4: 932,247 shares 932,247$3.73M0.78%+497,410Timeline
ACOGALPHA COGNITION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 620,000 shares; 2025Q1: 596,992 shares; 2025Q2: 376,649 shares; 2025Q3: 338,752 shares; 2025Q4: 567,616 shares 567,616$3.69M0.77%+228,864Timeline
ELVNENLIVEN 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: 111,743 shares; 2025Q2: 128,515 shares; 2025Q3: 166,765 shares; 2025Q4: 226,765 shares 226,765$3.49M0.73%+60,000Timeline
TARAPROTARA 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: 650,000 shares 650,000$3.46M0.72%newTimeline
AVGOBROADCOM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,880 shares; 2024Q4: 16,880 shares; 2025Q1: 11,695 shares; 2025Q2: not reported; 2025Q3: 6,555 shares; 2025Q4: 9,755 shares 9,755$3.38M0.71%+3,200Timeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,132,131 shares 2,132,131$3.22M0.67%+851,898Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 243,035 shares 243,035$3.22M0.67%newTimeline
CRVSCORVUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 500,491 shares; 2025Q1: 205,859 shares; 2025Q2: 183,094 shares; 2025Q3: 407,709 shares; 2025Q4: 407,709 shares 407,709$3.14M0.66%0Timeline
ESLTELBIT SYS 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: 6,000 shares; 2025Q3: 6,740 shares; 2025Q4: 5,340 shares 5,340$3.08M0.64%-1,400Timeline
KURAKURA ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 610,087 shares; 2024Q4: 610,087 shares; 2025Q1: 343,522 shares; 2025Q2: 235,522 shares; 2025Q3: 245,522 shares; 2025Q4: 295,522 shares 295,522$3.07M0.64%+50,000Timeline
MAZEMAZE 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: 355,554 shares; 2025Q2: 356,453 shares; 2025Q3: 154,343 shares; 2025Q4: 71,843 shares 71,843$2.98M0.62%-82,500Timeline
ZIMZIM INTEGRATED SHIPPING SERVQuarterly 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: 136,005 shares 136,005$2.89M0.6%newTimeline
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: 84,000 shares; 2025Q2: 95,931 shares; 2025Q3: 173,931 shares; 2025Q4: 41,000 shares 41,000$2.85M0.6%-132,931Timeline
EVMNEVOMMUNE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 166,147 shares 166,147$2.84M0.59%newTimeline
VSTMVERASTEM 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: 163,307 shares; 2025Q3: 78,307 shares; 2025Q4: 343,678 shares 343,678$2.65M0.55%+265,371Timeline
AMGNAMGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 10,000 shares; 2025Q2: 9,500 shares; 2025Q3: 9,500 shares; 2025Q4: 7,500 shares 7,500$2.45M0.51%-2,000Timeline
NRIXNURIX 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: 124,000 shares 124,000$2.35M0.49%newTimeline
ASNDASCENDIS PHARMA A/SQuarterly 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$2.35M0.49%newTimeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,166 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 190,111 shares 190,111$2.32M0.48%new2026-09-30, 13G/A: 2,663,296 shares, 7.09% of the class, 13G/A filed 2026-10-13 Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 68,333 shares; 2025Q1: 125,840 shares; 2025Q2: 85,840 shares; 2025Q3: 85,840 shares; 2025Q4: 157,840 shares 157,840$2.18M0.46%+72,000Timeline
PFEPFIZER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,000 shares; 2024Q4: 90,000 shares; 2025Q1: 90,000 shares; 2025Q2: 86,000 shares; 2025Q3: 86,000 shares; 2025Q4: 86,000 shares 86,000$2.14M0.45%0Timeline
TSHATAYSHA GENE THERAPIES 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: 420,000 shares; 2025Q3: 408,146 shares; 2025Q4: 368,146 shares 368,146$2.02M0.42%-40,000Timeline
CTNMCONTINEUM 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: 173,475 shares 173,475$1.98M0.41%newTimeline
MDGLMADRIGAL 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: not reported; 2025Q4: 3,300 shares 3,300$1.92M0.4%newTimeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 439,292 shares; 2024Q4: 388,183 shares; 2025Q1: 383,856 shares; 2025Q2: 309,931 shares; 2025Q3: 119,406 shares; 2025Q4: 63,953 shares 63,953$1.77M0.37%-55,453Timeline
VRNSVARONIS 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: not reported; 2025Q2: not reported; 2025Q3: 73,900 shares; 2025Q4: 52,500 shares 52,500$1.72M0.36%-21,400Timeline
DTILPRECISION BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 396,116 shares 396,116$1.65M0.34%newTimeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 180,114 shares 180,114$1.63M0.34%-260,000Timeline
IBITISHARES BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 8,150 shares; 2025Q2: 21,455 shares; 2025Q3: 21,455 shares; 2025Q4: 30,055 shares 30,055$1.49M0.31%+8,600Timeline
DAWNDAY ONE BIOPHARMACEUTICALS IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 347,627 shares; 2024Q4: 334,987 shares; 2025Q1: 334,987 shares; 2025Q2: 175,371 shares; 2025Q3: 175,371 shares; 2025Q4: 145,371 shares 145,371$1.35M0.28%-30,000Timeline
VYGRVOYAGER 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: 199,761 shares; 2025Q4: 339,761 shares 339,761$1.34M0.28%+140,000Timeline
TRDAENTRADA 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: 110,942 shares 110,942$1.14M0.24%newTimeline
TNYATENAYA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,500,000 shares 1,500,000$1.07M0.22%newTimeline
CATXPERSPECTIVE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 589,295 shares; 2024Q4: 460,247 shares; 2025Q1: 460,247 shares; 2025Q2: 310,343 shares; 2025Q3: 510,343 shares; 2025Q4: 349,973 shares 349,973$962K0.2%-160,370Timeline
BMYBRISTOL-MYERS SQUIBB COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 20,000 shares; 2025Q1: 20,000 shares; 2025Q2: 17,500 shares; 2025Q3: 17,500 shares; 2025Q4: 17,500 shares 17,500$944K0.2%0Timeline
JSPRJASPER THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 189,270 shares; 2024Q4: 135,720 shares; 2025Q1: 122,017 shares; 2025Q2: 14,671 shares; 2025Q3: 629,470 shares; 2025Q4: 485,401 shares 485,401$888K0.19%-144,069Timeline
PEPGPEPGEN 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: 156,467 shares; 2025Q3: 171,467 shares; 2025Q4: 121,467 shares 121,467$791K0.17%-50,000Timeline
STTKSHATTUCK LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 195,212 shares 195,212$713K0.15%newTimeline
PALIPALISADE BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 184,100 shares 184,100$433K0.09%newTimeline
HOWLWEREWOLF THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 626,810 shares; 2024Q4: 626,810 shares; 2025Q1: 626,810 shares; 2025Q2: 626,810 shares; 2025Q3: 626,810 shares; 2025Q4: 626,810 shares 626,810$397K0.08%0Timeline
SKYESKYE BIOSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 478,928 shares 478,928$359K0.08%0Timeline
PRLDPRELUDE 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: 122,752 shares 122,752$356K0.07%newTimeline
APREAPREA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 270,000 shares; 2024Q4: 270,000 shares; 2025Q1: 270,000 shares; 2025Q2: 270,000 shares; 2025Q3: 270,000 shares; 2025Q4: 270,000 shares 270,000$230K0.05%0Timeline
OKURONKURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 87,354 shares; 2025Q1: 80,454 shares; 2025Q2: 60,454 shares; 2025Q3: 60,454 shares; 2025Q4: 60,454 shares 60,454$175K0.04%0Timeline
MREOMEREO BIOPHARMA GROUP 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: 255,400 shares 255,400$106K0.02%newTimeline
PMNPROMIS NEUROSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 11,807 shares 11,807$80.6K0.02%newTimeline
Applied Therapeutics IncApplied Therapeutics IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 311,572 shares; 2024Q4: 50,000 shares; 2025Q1: 50,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$5K<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
PRAXPRAXIS PRECISION MEDICINES I COM NEWcall40,000$11.8M-10,000
XBISPDR SERIES TRUST S&P BIOTECHput70,000$8.54Mnew
RAREULTRAGENYX PHARMACEUTICAL IN COMcall350,000$8.05Mnew
NICENICE LTD ADRcall55,700$6.3Mnew
TLTISHARES TR 20 YR TR BD ETFcall47,000$4.1M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
NICENICE LTD157,400$22.8Mshares
MERUS N VMERUS N V150,000$14.1Mcall
QQQINVESCO QQQ TR22,960$13.8Mshares
CDTXCIDARA THERAPEUTICS INC100,000$9.58Mcall
CDTXCIDARA THERAPEUTICS INC75,743$7.25Mshares
BBIOBRIDGEBIO PHARMA INC130,000$6.75Mcall
CLBTCELLEBRITE DI LTD298,948$5.54Mshares
RAPPRAPPORT THERAPEUTICS INC157,533$4.68Mshares
QUREUNIQURE NV75,000$4.38Mput
IMVTIMMUNOVANT INC256,743$4.14Mshares
ENGNENGENE HOLDINGS INC504,409$3.45Mshares
RZLTREZOLUTE INC363,947$3.42Mshares
PRAXPRAXIS PRECISION MEDICINES I57,901$3.07Mshares
AMZNAMAZON COM INC13,760$3.02Mshares
SRPTSAREPTA THERAPEUTICS INC150,000$2.89Mcall
METAMETA PLATFORMS INC3,924$2.88Mshares
ORAORMAT TECHNOLOGIES INC29,000$2.79Mshares
IDYAIDEAYA BIOSCIENCES INC100,000$2.72Mshares
TVTXTRAVERE THERAPEUTICS INC101,800$2.43Mcall
ROIVROIVANT SCIENCES LTD151,600$2.29Mcall
CEVACEVA INC81,085$2.14Mshares
TECXTECTONIC THERAPEUTIC INC115,908$1.82Mshares
PCVXVAXCYTE INC50,000$1.8Mshares
IMNMIMMUNOME INC147,200$1.72Mshares
MISTMILESTONE PHARMACEUTICALS IN820,000$1.64Mshares
QUREUNIQURE NV24,900$1.45Mshares
GPCRSTRUCTURE THERAPEUTICS INC50,000$1.4Mcall
BHVNBIOHAVEN LTD91,155$1.37Mshares
BCAXBICARA THERAPEUTICS INC85,747$1.35Mshares
TRVITREVI THERAPEUTICS INC129,200$1.18Mcall
SABSSAB BIOTHERAPEUTICS INC566,395$1.14Mshares
LRMRLARIMAR THERAPEUTICS INC260,385$841Kshares
ROIVROIVANT SCIENCES LTD42,571$644Kshares
89BIO INC89BIO INC39,675$583Kshares
ELDNELEDON PHARMACEUTICALS INC200,000$518Kput
MLTXMOONLAKE IMMUNOTHERAPEUTICS71,010$509Kshares
CMMBCHEMOMAB THERAPEUTICS LTD179,425$472Kshares
ARWRARROWHEAD PHARMACEUTICALS IN12,496$431Kshares
DSGNDESIGN THERAPEUTICS INC21,918$165Kshares
PROMIS NEUROSCIENCES INCPROMIS NEUROSCIENCES INC295,187$125Kshares
MLTXMOONLAKE IMMUNOTHERAPEUTICS10,000$71.7Kcall

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 0001496201-26-000002 base2026-02-17acceptance time not in the bulk data set