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TANG CAPITAL MANAGEMENT LLC

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13F filer, CIK 1232621, SAN DIEGO, CA

TANG CAPITAL MANAGEMENT LLC reported $2,201,787,906 across 41 holdings for the quarter ended 2026-06-30, in a 13F-HR filed 2026-08-14. Its ten largest share positions make up 62.67% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001214659-26-010416

Period
2026-06-30
Reported value
$2.2B
Holdings
41
Top 10 weight
62.67%
New
5
Sold out
15

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
NVCTnew+1,550,000$28.5M
CELCadded+264,594$27.7M
TARSadded+379,642$23.9M
FULCnew+6,521,412$23.9M
NNDMnew+14,292,813$20.7M

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
KALVexited-4,573,530-$92.1M
SPYreduced-45,000-$33.6M
INSMreduced-160,000-$17.1M
JANXexited-500,000-$6.95M
STOKreduced-200,000-$6.54M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2026

Share positions as resolved from 13F-HR 0001214659-26-010416, largest first. % of portfolio is the value over $2,201,787,906, 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; 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; 2026Q1: 12,229,500 shares; 2026Q2: 13,044,106 shares 13,044,106$221M10.05%+814,606Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,892,200 shares; 2026Q2: 1,892,200 shares 1,892,200$168M7.63%0Timeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,236,027 shares; 2026Q2: 1,236,027 shares 1,236,027$145M6.57%0Timeline
KNSAKINIKSA PHARMACEUTICALS INTLQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,259,889 shares; 2026Q2: 2,259,889 shares 2,259,889$145M6.56%0Timeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,150,000 shares; 2025Q4: 1,050,000 shares; 2026Q1: 1,050,000 shares; 2026Q2: 1,314,594 shares 1,314,594$138M6.25%+264,594Timeline
CORTCORCEPT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 156,764 shares; 2026Q1: 1,500,000 shares; 2026Q2: 1,500,000 shares 1,500,000$130M5.92%0Timeline
PTCTPTC THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,500,000 shares; 2026Q2: 1,500,000 shares 1,500,000$122M5.56%0Timeline
LKFTLAKEFRONT BIOTHERAPEUTICS NVQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,785,991 shares; 2026Q2: 3,785,991 shares 3,785,991$114M5.16%0Timeline
CAPRCAPRICOR THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 79,100 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,700,000 shares; 2026Q1: 3,399,900 shares; 2026Q2: 4,099,900 shares 4,099,900$98.7M4.48%+700,000Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,188,624 shares; 2026Q2: 1,568,266 shares 1,568,266$98.7M4.48%+379,642Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 30,000 shares; 2026Q1: 168,000 shares; 2026Q2: 123,000 shares 123,000$91.9M4.17%-45,000Timeline
ANABANAPTYSBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,330,879 shares; 2026Q2: 1,330,879 shares 1,330,879$89.8M4.08%0Timeline
IMCRIMMUNOCORE HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,649,368 shares; 2026Q2: 2,649,368 shares 2,649,368$84.1M3.82%0Timeline
CMPSCOMPASS PATHWAYS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: 1,000,000 shares; 2025Q1: 1,400,000 shares; 2025Q2: 1,300,000 shares; 2025Q3: 2,200,000 shares; 2025Q4: not reported; 2026Q1: 4,002,200 shares; 2026Q2: 5,000,000 shares 5,000,000$70.8M3.21%+997,800Timeline
ANIPANI PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 450,000 shares; 2024Q4: 317,500 shares; 2025Q1: 317,500 shares; 2025Q2: 317,500 shares; 2025Q3: 317,500 shares; 2025Q4: 481,437 shares; 2026Q1: 707,500 shares; 2026Q2: 707,500 shares 707,500$58.6M2.66%0Timeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 270,000 shares; 2024Q4: 270,000 shares; 2025Q1: 270,000 shares; 2025Q2: 270,000 shares; 2025Q3: 270,000 shares; 2025Q4: 470,000 shares; 2026Q1: 470,000 shares; 2026Q2: 470,000 shares 470,000$43.7M1.99%0Timeline
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 16,790,809 shares; 2026Q2: 17,990,782 shares 17,990,782$39.4M1.79%+1,199,973Timeline
PGENPRECIGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 500,000 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 12,400,000 shares; 2025Q4: 5,617,500 shares; 2026Q1: 6,417,500 shares; 2026Q2: 6,417,500 shares 6,417,500$36.6M1.66%0Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,792,626 shares; 2026Q2: 1,792,626 shares 1,792,626$32.9M1.5%0Timeline
NVCTNUVECTIS PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 1,550,000 shares 1,550,000$28.5M1.29%newTimeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 264,692 shares; 2024Q4: 264,692 shares; 2025Q1: 264,692 shares; 2025Q2: 264,692 shares; 2025Q3: 264,692 shares; 2025Q4: 264,692 shares; 2026Q1: 264,692 shares; 2026Q2: 264,692 shares 264,692$25.8M1.17%0Timeline
FULCFULCRUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 6,521,412 shares 6,521,412$23.9M1.08%newTimeline
AVIRATEA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,814,700 shares; 2026Q2: 4,814,700 shares 4,814,700$22.4M1.02%02026-10-06, 13G: 4,814,700 shares, 6% of the class, 13G filed 2026-10-06 Timeline
CBIOCRESCENT BIOPHARMA INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 50,152 shares; 2025Q3: 679,824 shares; 2025Q4: 872,398 shares; 2026Q1: 1,160,000 shares; 2026Q2: 1,160,000 shares 1,160,000$20.9M0.95%0Timeline
NNDMNANO DIMENSION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 14,292,813 shares 14,292,813$20.7M0.94%newTimeline
VKTXVIKING THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 120,000 shares; 2024Q4: 320,000 shares; 2025Q1: 270,000 shares; 2025Q2: 370,000 shares; 2025Q3: 870,000 shares; 2025Q4: 500,000 shares; 2026Q1: 500,000 shares; 2026Q2: 500,000 shares 500,000$19.5M0.89%0Timeline
NUVBNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,149,557 shares; 2026Q2: 3,299,557 shares 3,299,557$18.7M0.85%+150,000Timeline
IDYAIDEAYA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 400,000 shares; 2025Q4: 450,000 shares; 2026Q1: 450,000 shares; 2026Q2: 450,000 shares 450,000$16.8M0.76%0Timeline
DERMJOURNEY MED CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,610,000 shares; 2026Q2: 1,610,000 shares 1,610,000$11.4M0.52%0Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 100,000 shares; 2024Q4: 100,000 shares; 2025Q1: 100,000 shares; 2025Q2: 200,000 shares; 2025Q3: 200,000 shares; 2025Q4: 60,000 shares; 2026Q1: 260,000 shares; 2026Q2: 100,000 shares 100,000$10.7M0.48%-160,000Timeline
STOKSTOKE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares; 2025Q3: 500,000 shares; 2025Q4: 500,000 shares; 2026Q1: 500,000 shares; 2026Q2: 300,000 shares 300,000$9.82M0.45%-200,000Timeline
PLRXPLIANT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 6,143,132 shares; 2026Q2: 6,141,261 shares 6,141,261$7M0.32%-1,871Timeline
BOLDBOUNDLESS BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: not reported; 2026Q2: 2,559,875 shares 2,559,875$6.4M0.29%newTimeline
PMVPPMV PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,785,201 shares; 2025Q4: 4,940,000 shares; 2026Q1: 4,245,085 shares; 2026Q2: 4,245,085 shares 4,245,085$5.69M0.26%0Timeline
MRNAMODERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: 300,000 shares; 2025Q1: 305,300 shares; 2025Q2: 305,300 shares; 2025Q3: 305,300 shares; 2025Q4: 692,820 shares; 2026Q1: 100,000 shares; 2026Q2: 50,000 shares 50,000$3.5M0.16%-50,000Timeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 600,000 shares; 2026Q1: 600,000 shares; 2026Q2: 600,000 shares 600,000$3.49M0.16%0Timeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 6,250,000 shares; 2026Q2: 6,250,000 shares 6,250,000$2.67M0.12%0Timeline
LENZLENZ THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 766,940 shares; 2024Q4: 766,940 shares; 2025Q1: 766,940 shares; 2025Q2: 897,616 shares; 2025Q3: 897,616 shares; 2025Q4: 865,169 shares; 2026Q1: 451,114 shares; 2026Q2: 451,114 shares 451,114$2.56M0.12%0Timeline
ALTALTIMMUNE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 666,022 shares; 2026Q2: 666,022 shares 666,022$2.02M0.09%0Timeline
RCKTROCKET PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q3: 750,000 shares; 2024Q4: 750,000 shares; 2025Q1: 850,000 shares; 2025Q2: 850,000 shares; 2025Q3: 850,000 shares; 2025Q4: 100,000 shares; 2026Q1: 100,000 shares; 2026Q2: 100,000 shares 100,000$342K0.02%0Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
GOSSAMER BIO INCGOSSAMER BIO INC NOTE 5.000% 6/0principal17,841,000$11.5Mnew

Sold out in Q2 2026

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

SecurityShares beforeValue beforeType
KALVKALVISTA PHARMACEUTICALS INC4,573,530$92.1Mshares
JANXJANUX THERAPEUTICS INC500,000$6.95Mshares
BIIBBIOGEN INC35,000$6.42Mshares
URGNUROGEN PHARMA LTD350,000$6.29Mshares
ARVNARVINAS INC538,658$5.71Mshares
KZRKEZAR LIFE SCIENCES INC664,314$4.93Mshares
AGIOAGIOS PHARMACEUTICALS INC100,000$3.38Mshares
ERASERASCA INC200,000$3.24Mshares
CHRSCOHERUS ONCOLOGY INC1,886,748$3.19Mshares
NKTXNKARTA INC1,480,823$3.12Mshares
EOLSEVOLUS INC483,021$1.99Mshares
ABEOABEONA THERAPEUTICS INC400,000$1.79Mshares
FATEFATE THERAPEUTICS INC1,167,773$1.4Mshares
NMRANEUMORA THERAPEUTICS INC.439,878$858Kshares
LXRXLEXICON PHARMACEUTICALS INC399,700$624Kshares

How Q2 2026 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 0001214659-26-010416 base2026-08-14acceptance time not in the bulk data set