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TANG CAPITAL MANAGEMENT LLC

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13F filer, CIK 1232621, SAN DIEGO, CA

TANG CAPITAL MANAGEMENT LLC reported $2,024,360,609 across 75 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 52.91% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-26-002015

Period
2025-12-31
Reported value
$2.02B
Holdings
75
Top 10 weight
52.91%
New
9
Sold out
128

Part of the filer group TANG CAPITAL MANAGEMENT LLC

  • TANG KEVIN
  • TANG CAPITAL PARTNERS III, INC
  • TANG CAPITAL PARTNERS INTERNATIONAL, LP
  • TANG CAPITAL PARTNERS IV, INC
  • TANG CAPITAL PARTNERS, LP
How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
RNAMnew+900,000$64.9M
CAPRnew+1,700,000$49.1M
SPYnew+30,000$20.5M
BNTXadded+200,000$19M
ANIPadded+163,937$12.9M

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
TARSreduced-1,266,173-$104M
MERUS N Vexited-600,000-$56.5M
SYREreduced-1,307,800-$42.8M
RLAYexited-8,068,058-$42.1M
VERAexited-1,350,000-$39.2M

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 0001214659-26-002015, largest first. % of portfolio is the value over $2,024,360,609, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AUPHAURINIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,229,500 shares; 2024Q4: 8,429,500 shares; 2025Q1: 10,029,500 shares; 2025Q2: 10,029,500 shares; 2025Q3: 11,329,500 shares; 2025Q4: 11,329,500 shares 11,329,500$181M8.93%0Timeline
LKFTLAKEFRONT BIOTHERAPEUTICS NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 2,161,200 shares; 2025Q1: 3,961,797 shares; 2025Q2: 3,990,111 shares; 2025Q3: 4,151,194 shares; 2025Q4: 3,921,219 shares 3,921,219$128M6.33%-229,975Timeline
PTCTPTC THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,100,000 shares; 2025Q3: 1,500,000 shares; 2025Q4: 1,500,000 shares 1,500,000$114M5.63%0Timeline
CELCCELCUITY 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: 1,150,000 shares; 2025Q4: 1,050,000 shares 1,050,000$105M5.17%-100,000Timeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,287,107 shares; 2024Q4: 1,237,107 shares; 2025Q1: 1,237,107 shares; 2025Q2: 1,236,027 shares; 2025Q3: 1,236,027 shares; 2025Q4: 1,236,027 shares 1,236,027$97.6M4.82%0Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,254,797 shares; 2024Q4: 2,254,797 shares; 2025Q1: 2,454,797 shares; 2025Q2: 2,454,797 shares; 2025Q3: 2,454,797 shares; 2025Q4: 1,188,624 shares 1,188,624$97.3M4.81%-1,266,173Timeline
KNSAKINIKSA PHARMACEUTICALS INTLQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 628,609 shares; 2024Q4: 628,609 shares; 2025Q1: 2,118,579 shares; 2025Q2: 2,328,609 shares; 2025Q3: 2,328,609 shares; 2025Q4: 2,259,889 shares 2,259,889$93.2M4.6%-68,720Timeline
IMCRIMMUNOCORE HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,105,600 shares; 2024Q4: 1,555,600 shares; 2025Q1: 1,915,708 shares; 2025Q2: 2,105,608 shares; 2025Q3: 2,305,608 shares; 2025Q4: 2,628,538 shares 2,628,538$91.2M4.51%+322,930Timeline
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,812,995 shares; 2024Q4: 5,900,000 shares; 2025Q1: 11,052,632 shares; 2025Q2: 13,496,208 shares; 2025Q3: 16,811,963 shares; 2025Q4: 16,790,809 shares 16,790,809$90.2M4.45%-21,154Timeline
KALVKALVISTA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,321,547 shares; 2024Q4: 4,893,847 shares; 2025Q1: 4,941,798 shares; 2025Q2: 4,941,798 shares; 2025Q3: 5,041,798 shares; 2025Q4: 4,573,530 shares 4,573,530$73.9M3.65%-468,268Timeline
RNAMAVIDITY 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: 900,000 shares 900,000$64.9M3.21%newTimeline
ANABANAPTYSBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,330,879 shares; 2024Q4: 1,330,879 shares; 2025Q1: 1,545,153 shares; 2025Q2: 1,330,879 shares; 2025Q3: 1,333,639 shares; 2025Q4: 1,332,087 shares 1,332,087$64.6M3.19%-1,552Timeline
SYRESPYRE 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: 2,050,000 shares; 2025Q2: 3,200,000 shares; 2025Q3: 3,200,000 shares; 2025Q4: 1,892,200 shares 1,892,200$62M3.06%-1,307,800Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,242,925 shares; 2024Q4: 2,492,925 shares; 2025Q1: 2,792,925 shares; 2025Q2: 2,842,925 shares; 2025Q3: 2,842,925 shares; 2025Q4: 1,792,626 shares 1,792,626$55.8M2.76%-1,050,299Timeline
CAPRCAPRICOR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 79,100 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,700,000 shares 1,700,000$49.1M2.42%newTimeline
BNTXBIONTECH SEQuarterly 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: 470,000 shares 470,000$44.7M2.21%+200,000Timeline
ANIPANI PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 450,000 shares; 2024Q4: 317,500 shares; 2025Q1: 317,500 shares; 2025Q2: 317,500 shares; 2025Q3: 317,500 shares; 2025Q4: 481,437 shares 481,437$38M1.88%+163,937Timeline
VRTXVERTEX 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: 10,000 shares; 2025Q3: 80,000 shares; 2025Q4: 80,000 shares 80,000$36.3M1.79%0Timeline
NUVBNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,900,000 shares; 2024Q4: 3,900,000 shares; 2025Q1: 3,900,000 shares; 2025Q2: 3,900,000 shares; 2025Q3: 4,200,000 shares; 2025Q4: 3,857,457 shares 3,857,457$34.6M1.71%-342,543Timeline
TVTXTRAVERE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 700,000 shares; 2025Q3: 700,000 shares; 2025Q4: 700,000 shares 700,000$26.7M1.32%0Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,100,000 shares; 2024Q4: 3,100,000 shares; 2025Q1: 3,100,000 shares; 2025Q2: 3,100,000 shares; 2025Q3: 3,100,000 shares; 2025Q4: 2,814,000 shares 2,814,000$25.4M1.26%-286,000Timeline
NVDANVIDIA CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 147,732 shares; 2024Q4: 142,569 shares; 2025Q1: 142,569 shares; 2025Q2: 130,509 shares; 2025Q3: 130,509 shares; 2025Q4: 127,788 shares 127,788$23.8M1.18%-2,721Timeline
PGENPRECIGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 12,400,000 shares; 2025Q4: 5,617,500 shares 5,617,500$23.5M1.16%-6,782,500Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly 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: 30,000 shares 30,000$20.5M1.01%newTimeline
MRNAMODERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 305,300 shares; 2025Q2: 305,300 shares; 2025Q3: 305,300 shares; 2025Q4: 692,820 shares 692,820$20.4M1.01%+387,520Timeline
VKTXVIKING THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 120,000 shares; 2024Q4: 320,000 shares; 2025Q1: 270,000 shares; 2025Q2: 370,000 shares; 2025Q3: 870,000 shares; 2025Q4: 500,000 shares 500,000$17.6M0.87%-370,000Timeline
AVIRATEA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,607,060 shares; 2024Q4: 4,788,912 shares; 2025Q1: 4,800,000 shares; 2025Q2: 4,889,200 shares; 2025Q3: 4,826,200 shares; 2025Q4: 4,814,700 shares 4,814,700$17.2M0.85%-11,5002026-10-06, 13G: 4,814,700 shares, 6% of the class, 13G filed 2026-10-06 Timeline
STOKSTOKE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares; 2025Q4: 500,000 shares 500,000$15.9M0.78%0Timeline
IDYAIDEAYA 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: 400,000 shares; 2025Q4: 450,000 shares 450,000$15.6M0.77%+50,000Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,855 shares; 2024Q4: 26,600 shares; 2025Q1: 27,575 shares; 2025Q2: 26,008 shares; 2025Q3: 26,008 shares; 2025Q4: 23,331 shares 23,331$15.4M0.76%-2,677Timeline
GSKGSK PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 450,000 shares; 2024Q4: 400,000 shares; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares; 2025Q4: 300,000 shares 300,000$14.7M0.73%-100,000Timeline
DERMJOURNEY MED CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,725,569 shares; 2025Q1: 1,854,596 shares; 2025Q2: 1,854,596 shares; 2025Q3: 1,854,596 shares; 2025Q4: 1,854,596 shares 1,854,596$14.3M0.71%0Timeline
LENZLENZ THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 766,940 shares; 2024Q4: 766,940 shares; 2025Q1: 766,940 shares; 2025Q2: 897,616 shares; 2025Q3: 897,616 shares; 2025Q4: 865,169 shares 865,169$13.8M0.68%-32,447Timeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 300,000 shares; 2025Q1: 300,000 shares; 2025Q2: 300,000 shares; 2025Q3: 300,000 shares; 2025Q4: 275,000 shares 275,000$12.7M0.63%-25,000Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 264,692 shares; 2024Q4: 264,692 shares; 2025Q1: 264,692 shares; 2025Q2: 264,692 shares; 2025Q3: 264,692 shares; 2025Q4: 264,692 shares 264,692$10.9M0.54%0Timeline
HRMYHARMONY BIOSCIENCES HLDGS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 281,200 shares; 2024Q4: 281,200 shares; 2025Q1: 281,200 shares; 2025Q2: 281,200 shares; 2025Q3: 281,200 shares; 2025Q4: 290,292 shares 290,292$10.9M0.54%+9,092Timeline
BMYBRISTOL-MYERS SQUIBB COQuarterly 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: 200,000 shares 200,000$10.8M0.53%newTimeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 100,000 shares; 2024Q4: 100,000 shares; 2025Q1: 100,000 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares; 2025Q4: 60,000 shares 60,000$10.4M0.52%-140,000Timeline
CBIOCRESCENT BIOPHARMA INC.Quarterly 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: 50,152 shares; 2025Q3: 679,824 shares; 2025Q4: 872,398 shares 872,398$10.3M0.51%+192,574Timeline
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: not reported; 2025Q4: 600,000 shares 600,000$10.2M0.5%newTimeline
TDOCTELADOC HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,400,000 shares; 2024Q4: 1,400,000 shares; 2025Q1: 1,400,000 shares; 2025Q2: 1,400,000 shares; 2025Q3: 1,400,000 shares; 2025Q4: 1,400,000 shares 1,400,000$9.8M0.48%0Timeline
DVAXDYNAVAX TECHNOLOGIES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,900,000 shares; 2024Q4: 1,850,000 shares; 2025Q1: 5,750,000 shares; 2025Q2: 1,949,500 shares; 2025Q3: 1,949,500 shares; 2025Q4: 556,359 shares 556,359$8.56M0.42%-1,393,141Timeline
EOLSEVOLUS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,847,399 shares; 2024Q4: 4,997,399 shares; 2025Q1: 4,997,399 shares; 2025Q2: 4,997,399 shares; 2025Q3: 5,488,299 shares; 2025Q4: 1,245,692 shares 1,245,692$8.28M0.41%-4,242,607Timeline
VSTMVERASTEM 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: 789,810 shares; 2025Q4: 1,069,810 shares 1,069,810$8.26M0.41%+280,000Timeline
URGNUROGEN PHARMA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,000,000 shares; 2025Q3: 1,000,000 shares; 2025Q4: 350,000 shares 350,000$8.2M0.4%-650,000Timeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,850,000 shares; 2024Q4: 2,140,271 shares; 2025Q1: 2,235,459 shares; 2025Q2: 2,135,459 shares; 2025Q3: 3,450,000 shares; 2025Q4: 6,250,000 shares 6,250,000$8.12M0.4%+2,800,000Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,500,000 shares; 2024Q4: 1,500,000 shares; 2025Q1: 1,500,000 shares; 2025Q2: 1,500,000 shares; 2025Q3: 1,500,000 shares; 2025Q4: 300,000 shares 300,000$8.01M0.4%-1,200,000Timeline
ALTALTIMMUNE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,750,000 shares; 2024Q4: 2,750,000 shares; 2025Q1: 2,750,000 shares; 2025Q2: 2,750,000 shares; 2025Q3: 2,131,307 shares; 2025Q4: 2,131,307 shares 2,131,307$7.69M0.38%0Timeline
SRPTSAREPTA 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: 420,300 shares; 2025Q3: 600,000 shares; 2025Q4: 349,220 shares 349,220$7.52M0.37%-250,780Timeline
PLRXPLIANT 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: 6,000,000 shares; 2025Q2: 6,000,000 shares; 2025Q3: 6,003,446 shares; 2025Q4: 6,143,132 shares 6,143,132$7.49M0.37%+139,686Timeline
ARVNARVINAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 180,000 shares; 2024Q4: not reported; 2025Q1: 1,393,800 shares; 2025Q2: 1,393,800 shares; 2025Q3: 1,393,800 shares; 2025Q4: 569,698 shares 569,698$6.76M0.33%-824,102Timeline
TBPHTHERAVANCE BIOPHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 262,896 shares; 2024Q4: 262,896 shares; 2025Q1: 262,896 shares; 2025Q2: 264,308 shares; 2025Q3: 264,308 shares; 2025Q4: 351,252 shares 351,252$6.57M0.32%+86,944Timeline
BCRXBIOCRYST PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 800,000 shares; 2024Q4: 800,000 shares; 2025Q1: 800,000 shares; 2025Q2: 800,000 shares; 2025Q3: 800,000 shares; 2025Q4: 800,000 shares 800,000$6.24M0.31%0Timeline
PMVPPMV 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: 4,785,201 shares; 2025Q4: 4,940,000 shares 4,940,000$6.17M0.31%+154,799Timeline
REGNREGENERON PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,000 shares; 2025Q1: 10,000 shares; 2025Q2: 10,000 shares; 2025Q3: 10,000 shares; 2025Q4: 8,000 shares 8,000$6.17M0.31%-2,000Timeline
BIIBBIOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,000 shares; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares; 2025Q2: 35,000 shares; 2025Q3: 35,000 shares; 2025Q4: 35,000 shares 35,000$6.16M0.3%0Timeline
CORTCORCEPT 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: 156,764 shares 156,764$5.46M0.27%newTimeline
ABEOABEONA 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: 1,000,000 shares 1,000,000$5.27M0.26%newTimeline
IBRXIMMUNITYBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,814,192 shares; 2025Q1: 2,333,333 shares; 2025Q2: 2,333,333 shares; 2025Q3: 2,333,333 shares; 2025Q4: 2,333,333 shares 2,333,333$4.62M0.23%0Timeline
KZRKEZAR LIFE SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 720,000 shares; 2025Q1: 720,000 shares; 2025Q2: 720,000 shares; 2025Q3: 720,000 shares; 2025Q4: 664,314 shares 664,314$4.18M0.21%-55,686Timeline
CHRSCOHERUS ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,350,000 shares; 2024Q4: 3,650,000 shares; 2025Q1: 5,097,362 shares; 2025Q2: 5,097,362 shares; 2025Q3: 5,097,362 shares; 2025Q4: 2,724,509 shares 2,724,509$3.87M0.19%-2,372,853Timeline
ERASERASCA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 502,915 shares; 2024Q4: 602,915 shares; 2025Q1: 1,190,012 shares; 2025Q2: 1,502,915 shares; 2025Q3: 1,502,915 shares; 2025Q4: 900,000 shares 900,000$3.35M0.17%-602,915Timeline
NKTXNKARTA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 650,000 shares; 2024Q4: 2,293,719 shares; 2025Q1: 7,055,576 shares; 2025Q2: 7,055,576 shares; 2025Q3: 7,055,576 shares; 2025Q4: 1,480,823 shares 1,480,823$2.74M0.14%-5,574,753Timeline
NUVLNUVALENT INCQuarterly 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: 50,000 shares; 2025Q3: 50,000 shares; 2025Q4: 21,880 shares 21,880$2.2M0.11%-28,120Timeline
AREALEXANDRIA REAL ESTATE EQ INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 40,000 shares; 2025Q1: 40,000 shares; 2025Q2: 40,000 shares; 2025Q3: 40,000 shares; 2025Q4: 40,000 shares 40,000$1.96M0.1%0Timeline
NMRANEUMORA THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,400,000 shares; 2025Q2: 1,400,000 shares; 2025Q3: 1,400,000 shares; 2025Q4: 967,235 shares 967,235$1.73M0.09%-432,765Timeline
STROSUTRO 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: 139,617 shares 139,617$1.62M0.08%newTimeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 140,000 shares; 2024Q4: 140,000 shares; 2025Q1: 140,000 shares; 2025Q2: 140,000 shares; 2025Q3: 140,000 shares; 2025Q4: 140,000 shares 140,000$1.58M0.08%0Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,000 shares; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares; 2025Q4: 15,640 shares 15,640$1.25M0.06%-84,360Timeline
FATEFATE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 1,855,954 shares; 2025Q1: 1,867,773 shares; 2025Q2: 1,867,773 shares; 2025Q3: 1,867,773 shares; 2025Q4: 1,167,773 shares 1,167,773$1.15M0.06%-700,000Timeline
ZYMEZYMEWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,100,000 shares; 2024Q4: 1,100,000 shares; 2025Q1: 1,100,000 shares; 2025Q2: 1,100,000 shares; 2025Q3: 1,100,000 shares; 2025Q4: 34,631 shares 34,631$912K0.05%-1,065,369Timeline
RCKTROCKET PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 750,000 shares; 2024Q4: 750,000 shares; 2025Q1: 850,000 shares; 2025Q2: 850,000 shares; 2025Q3: 850,000 shares; 2025Q4: 100,000 shares 100,000$351K0.02%-750,000Timeline
ACETADICET 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: 6,158 shares 6,158$51.9K<0.01%newTimeline
TCRXTSCAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 117,847 shares; 2025Q1: 600,000 shares; 2025Q2: 600,000 shares; 2025Q3: 600,000 shares; 2025Q4: 46,131 shares 46,131$46.1K<0.01%-553,869Timeline
FLNAFILANA 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: 200,000 shares; 2025Q2: 239,820 shares; 2025Q3: 7,073 shares; 2025Q4: 7,073 shares 7,073$14K<0.01%0Timeline

Sold out in Q4 2025

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

The largest 100 of 128. All 128

SecurityShares beforeValue beforeType
MERUS N VMERUS N V600,000$56.5Mshares
RLAYRELAY THERAPEUTICS INC8,068,058$42.1Mshares
VERAVERA THERAPEUTICS INC1,350,000$39.2Mshares
NKENIKE INC519,399$36.2Mshares
IONSIONIS PHARMACEUTICALS INC550,000$36Mshares
CTMXCYTOMX THERAPEUTICS INC.11,065,662$35.3Mshares
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALS2,097,500$32Mshares
LEGNLEGEND BIOTECH CORP830,000$27.1Mshares
LQDALIQUIDIA CORPORATION1,143,759$26Mshares
JAZZJAZZ PHARMACEUTICALS PLC190,000$25Mshares
KROSKEROS THERAPEUTICS INC1,418,984$22.4Mshares
NBIXNEUROCRINE BIOSCIENCES INC150,000$21.1Mshares
JANXJANUX THERAPEUTICS INC700,000$17.1Mshares
ADMAADMA BIOLOGICS INC1,050,000$15.4Mshares
REPLREPLIMUNE GROUP INC3,400,000$14.2Mshares
DSGNDESIGN THERAPEUTICS INC1,780,975$13.4Mshares
ABCLABCELLERA BIOLOGICS INC2,600,000$13.1Mshares
CMPSCOMPASS PATHWAYS PLC2,200,000$12.6Mshares
BABAALIBABA GROUP HLDG LTD70,000$12.5Mshares
VNDAVANDA PHARMACEUTICALS INC2,353,307$11.7Mshares
AZNASTRAZENECA PLC-SPONS ADR150,000$11.5Mshares
SMMTSUMMIT THERAPEUTICS INC550,000$11.4Mshares
HELPCYBIN INC1,830,097$10.8Mshares
WGSGENEDX HOLDINGS CORP100,000$10.8Mshares
IDXXIDEXX LABS INC16,000$10.2Mshares
BIOABIOAGE LABS INC1,600,000$9.41Mshares
BHCBAUSCH HEALTH COS INC1,300,000$8.38Mshares
APGEAPOGEE THERAPEUTICS INC200,000$7.95Mshares
BDTXBLACK DIAMOND THERAPEUTICS I2,070,209$7.85Mshares
LLYELI LILLY & CO10,000$7.63Mshares
MLYSMINERALYS THERAPEUTICS INC200,000$7.58Mshares
MIND MEDICINE MINDMED INCMIND MEDICINE MINDMED INC600,200$7.08Mshares
EWTXEDGEWISE THERAPEUTICS INC431,300$7Mshares
BLCOBAUSCH PLUS LOMB CORP444,467$6.7Mshares
ADICET BIO INCADICET BIO INC8,223,612$6.66Mshares
CGEMCULLINAN THERAPEUTICS INC1,121,138$6.65Mshares
CRSPCRISPR THERAPEUTICS AG100,000$6.48Mshares
BEAMBEAM THERAPEUTICS INC255,000$6.19Mshares
GMABGENMAB A/S200,000$6.13Mshares
PYXSPYXIS ONCOLOGY INC2,500,000$5.55Mshares
CYTKCYTOKINETICS INC100,000$5.5Mshares
CNTACENTESSA PHARMACEUTICALS PLC200,000$4.85Mshares
SNYSANOFI SA100,000$4.72Mshares
ALMSALUMIS INC1,167,009$4.66Mshares
TGTXTG THERAPEUTICS INC100,000$3.61Mshares
DTILPRECISION BIOSCIENCES INC653,649$3.61Mshares
CGONCG ONCOLOGY INC87,500$3.52Mshares
SLNOSOLENO THERAPEUTICS INC50,000$3.38Mshares
FENCFENNEC PHARMACEUTICALS INC334,593$3.13Mshares
SNDXSYNDAX PHARMACEUTICALS INC200,000$3.08Mshares
TSHATAYSHA GENE THERAPIES INC900,000$2.94Mshares
SEERSEER INC1,344,423$2.92Mshares
TECXTECTONIC THERAPEUTIC INC179,166$2.81Mshares
LNTHLANTHEUS HLDGS INC50,000$2.56Mshares
SUTRO BIOPHARMA INCSUTRO BIOPHARMA INC2,828,717$2.46Mshares
VORVOR BIOPHARMA INC50,000$2.44Mshares
KLRSKALARIS THERAPEUTICS INC418,241$2.42Mshares
MTDMETTLER TOLEDO INTERNATIONAL1,969$2.42Mshares
ZNTLZENTALIS PHARMACEUTICALS INC1,550,000$2.34Mshares
INTCINTEL CORP66,216$2.22Mshares
GOSSGOSSAMER BIO INC800,000$2.1Mshares
OPRXOPTIMIZERX CORP100,000$2.05Mshares
CLYMCLIMB BIO INC1,000,000$2.01Mshares
CCCCC4 THERAPEUTICS INC900,000$2Mshares
JPMJPMORGAN CHASE & CO6,312$1.99Mshares
MSFTMICROSOFT CORP3,546$1.84Mshares
WMTWALMART INC17,242$1.78Mshares
JNJJOHNSON & JOHNSON9,472$1.76Mshares
VVISA INC4,869$1.66Mshares
DISDISNEY WALT CO14,493$1.66Mshares
KODKODIAK SCIENCES INC100,000$1.64Mshares
BRK-BBERKSHIRE HATHAWAY INC DEL3,250$1.63Mshares
CGTXCOGNITION THERAPEUTICS INC1,200,000$1.62Mshares
CRBPCORBUS PHARMACEUTICALS HLDGS127,520$1.61Mshares
VZVERIZON COMMUNICATIONS INC36,266$1.59Mshares
ENTAENANTA PHARMACEUTICALS INC126,655$1.52Mshares
KOCOCA COLA CO22,712$1.51Mshares
HDHOME DEPOT INC3,646$1.48Mshares
CDNACAREDX INC100,000$1.45Mshares
XOMEXXON MOBIL CORP12,651$1.43Mshares
PGPROCTER & GAMBLE CO8,952$1.38Mshares
TXNTEXAS INSTRS INC7,415$1.36Mshares
AMLXAMYLYX PHARMACEUTICALS INC100,000$1.36Mshares
PFEPFIZER INC53,039$1.35Mshares
VTRSVIATRIS INC128,359$1.27Mshares
IOVAIOVANCE BIOTHERAPEUTICS INC543,760$1.18Mshares
PYPLPAYPAL HLDGS INC17,323$1.16Mshares
PBYIPUMA BIOTECHNOLOGY INC200,000$1.06Mshares
AATAMERICAN ASSETS TR INC50,000$1.02Mshares
BCABBIOATLA INC1,374,076$945Kshares
UNHUNITEDHEALTH GROUP INC2,721$940Kshares
GEGE AEROSPACE2,994$901Kshares
KURAKURA ONCOLOGY INC100,000$885Kshares
GEVGE VERNOVA INC1,378$847Kshares
FTREFORTREA HLDGS INC100,000$842Kshares
NFLXNETFLIX INC.683$819Kshares
ULTAULTA BEAUTY INC1,384$756Kshares
ASTRIA THERAPEUTICS INCASTRIA THERAPEUTICS INC100,000$728Kshares
BABOEING CO3,225$696Kshares
AXPAMERICAN EXPRESS CO1,931$641Kshares

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 0001214659-26-002015 base2026-02-17acceptance time not in the bulk data set