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Two Seas Capital LP

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13F filer, CIK 1823138, RYE, NY

Two Seas Capital LP reported $1,157,330,770 across 32 holdings for the quarter ended 2024-12-31, in a 13F-HR/A filed 2025-02-18. Its ten largest share positions make up 85.03% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001315863-25-000188

Period
2024-12-31
Reported value
$1.16B
Holdings
32
Top 10 weight
85.03%
New
11
Sold out
5

Part of the filer group Two Seas Capital LP

  • Sina Toussi
  • Two Seas Capital GP LLC
How groups are built

Stakes and trades reported after 2024-12-31

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.

  • NKTR NEKTAR THERAPEUTICS: 13G/A 3,345,978 shares, 9.8% of the class, 13G/A filed 2026-09-28, 0001193125-26-403411Timeline
    Accepted , ingested

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SHCadded+2,496,136$34.1M
CLMTadded+1,473,327$32.4M
TLNadded+119,360$24M
AVADEL PHARMACEUTICALSadded+2,042,669$21.5M
IMVTadded+835,000$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
EXELexited-453,103-$11.8M
METAreduced-17,442-$10.2M
INDIVIOR PLCreduced-572,513-$7.12M
ARQTexited-312,122-$2.9M
GOOGLreduced-15,000-$2.84M

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 2024

Share positions as resolved from 13F-HR/A 0001315863-25-000188, largest first. % of portfolio is the value over $846,302,252, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
INDIVIOR PLCINDIVIOR PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 12,457,514 shares 12,457,514$155M18.3%-572,513
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 10,167,807 shares 10,167,807$120M14.21%+442,914Timeline
TLNTALEN ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 568,475 shares 568,475$115M13.53%+119,360Timeline
CORZCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 6,232,888 shares 6,232,888$87.6M10.35%+527,097Timeline
VSTVISTRA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 379,085 shares 379,085$52.3M6.18%+126,419Timeline
AVADEL PHARMACEUTICALSAVADEL PHARMACEUTICALSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 4,296,449 shares 4,296,449$45.2M5.34%+2,042,669
SHCSOTERA HEALTH COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,896,136 shares 2,896,136$39.6M4.68%+2,496,136Timeline
CLMTCALUMET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,783,334 shares 1,783,334$39.3M4.64%+1,473,327Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,511,614 shares 1,511,614$37.4M4.42%+835,000Timeline
ABUSARBUTUS BIOPHARMA CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 8,740,956 shares 8,740,956$28.6M3.38%+353,568Timeline
CEGCONSTELLATION ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 98,463 shares 98,463$22M2.6%+73,463Timeline
ESPRESPERION THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 6,230,871 shares 6,230,871$13.7M1.62%-353,407Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 18,516 shares 18,516$10.8M1.28%-17,442Timeline
HUTHUT 8 CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 476,808 shares 476,808$9.77M1.15%+271,892Timeline
ARDXARDELYX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 1,855,337 shares 1,855,337$9.41M1.11%newTimeline
BTDRBITDEER TECHNOLOGIES GROUPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 433,028 shares 433,028$9.38M1.11%newTimeline
IRENIREN LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 860,000 shares 860,000$8.45M1%+585,000Timeline
ADAPYADAPTIMMUNE THERAPEUTICS PLC SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 14,835,146 shares 14,835,146$7.99M0.94%newTimeline
SONOSONOS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 528,928 shares 528,928$7.96M0.94%0Timeline
APLDAPPLIED DIGITAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 662,587 shares 662,587$5.06M0.6%newTimeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 25,000 shares 25,000$4.73M0.56%-15,000Timeline
SOCSABLE OFFSHORE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 158,518 shares 158,518$3.63M0.43%newTimeline
TDAYUSA TODAY CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 500,000 shares 500,000$2.53M0.3%newTimeline
CORZWCORE SCIENTIFIC INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 280,248 shares 280,248$2.31M0.27%0Timeline
BTBTBIT DIGITAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 662,414 shares 662,414$1.94M0.23%+250,000Timeline
OMEXODYSSEY MARINE EXPL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q1: restricted; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: restricted; 2024Q4: 2,549,049 shares 2,549,049$1.84M0.22%+2,449,049Timeline

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
SPYSTATE STR SPDR S&P 500 ETF T SHSput200,000$117Mnew
QQQINVESCO QQQ TR COMput199,000$102Mnew
TLNTALEN ENERGY CORP Stockcall350,000$70.5Mnew
TDAYUSA TODAY CO INC COMcall2,520,800$12.8Mnew
CLMTCALUMET INC COMcall400,000$8.81Mnew

Principal amounts

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

SecurityTypeAmountValueChange
Esperion Therapeutics IncEsperion Therapeutics Inc NOTE 4.000%11/15/25principal5,315,000$5.16M0

Sold out in Q4 2024

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

SecurityShares beforeValue beforeType
EXELEXELIXIS INC907,900$23.6Mcall
EXELEXELIXIS INC453,103$11.8Mshares
ARQTARCUTIS BIOTHERAPEUTICS INC312,122$2.9Mshares
PCRXPACIRA BIOSCIENCES INC158,400$2.38Mput
WULFTERAWULF INC432,626$2.02Mshares

How Q4 2024 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 0001315863-25-000179 superseded2025-02-14acceptance time not in the bulk data set
13F-HR/A 0001315863-25-000188 baserestatement2025-02-18acceptance time not in the bulk data set