Q4 2025 · 13F-HR
PERCEPTIVE ADVISORS LLCholdings as filed
Filed 2026-02-17 · accession 0001012975-26-000155
$5.61B
Reported value
116
Positions
2025-12-31
Period end
The Brief · PERCEPTIVE ADVISORS LLC · Q4 2025
AI · grounded in 13F
PERCEPTIVE ADVISORS LLC exited its position in MERUS N V 2GH, reducing its exposure by $127.4M. The fund also closed positions in INSMED INC INSM and VERONA PHARMA PLC VRNA, which decreased holdings by $101.1M and $55.9M respectively. On the buy side, the fund established a new position in SPDR SERIES TRUST XBI worth $134.1M and increased its stake in EXACT SCIENCES CORP EXK by 157.9%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $588.3M | 10.5% | 1,995,986 | Common | SOLE |
| 15102K100 | CELC | CELCUITY INC | $315.2M | 5.62% | 3,160,200 | Common | SOLE |
| 76243J105 | RYTM | RHYTHM PHARMACEUTICALS INC | $272.6M | 4.86% | 2,546,391 | Common | SOLE |
| 04351P101 | ASNDUSD | ASCENDIS PHARMA A/S | $230.6M | 4.11% | 1,081,421 | Common | SOLE |
| 03770N101 | APGE | APOGEE THERAPEUTICS INC | $175.9M | 3.14% | 2,330,651 | Common | SOLE |
| G76279101 | ROIV | ROIVANT SCIENCES LTD | $173.3M | 3.09% | 7,985,461 | Common | SOLE |
| 670703107 | NUVL | NUVALENT INC | $167.5M | 2.99% | 1,665,105 | Common | SOLE |
| 89422G107 | TVTX | TRAVERE THERAPEUTICS INC | $163.5M | 2.91% | 4,278,180 | Common | SOLE |
| 78464A870 | XBI | SPDR SERIES TRUST | $134.1M | 2.39% | 1,100,000 | PUT | SOLE |
| 30063P105 | EXK | EXACT SCIENCES CORP | $121.9M | 2.17% | 1,200,487 | Common | SOLE |
| 74366E102 | PTGX | PROTAGONIST THERAPEUTICS INC | $117.9M | 2.10% | 1,350,425 | Common | SOLE |
| 45720N103 | INBX | INHIBRX BIOSCIENCES INC | $114.8M | 2.05% | 1,452,707 | Common | SOLE |
| 28036F105 | EWTX | EDGEWISE THERAPEUTICS | $110.6M | 1.97% | 4,457,974 | Common | SOLE |
| N44445109 | IMTX | IMMATICS N.V | $109.0M | 1.94% | 10,383,456 | Common | SOLE |
| 00773J202 | SYRE | SPYRE THERAPEUTICS INC | $100.5M | 1.79% | 3,069,225 | Common | SOLE |
| 03237H101 | AMLX | AMYLYX PHARMACEUTICALS INC | $100.1M | 1.78% | 8,284,882 | Common | SOLE |
| 03940C100 | ACLXGBX | ARCELLX INC | $95.6M | 1.70% | 1,466,071 | Common | SOLE |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $94.7M | 1.69% | 3,042,703 | Common | SOLE |
| 101137107 | BSX | BOSTON SCIENTIFIC CORP | $93.3M | 1.66% | 979,000 | Common | SOLE |
| 03152W109 | AM6 | AMICUS THERAPEUTICS INC | $90.7M | 1.62% | 6,370,851 | Common | SOLE |
| 98985Y108 | ZYME | ZYMEWORKS INC | $85.9M | 1.53% | 3,261,850 | Common | SOLE |
| 04635X102 | CATBUSD | ASTRIA THERAPEUTICS INC | $84.9M | 1.51% | 6,485,420 | Common | SOLE |
| G59665102 | MGTX | MEIRAGTX HLDGS PLC | $82.1M | 1.46% | 10,326,103 | Common | SOLE |
| 228903100 | AORT | ARTIVION INC | $78.6M | 1.40% | 1,722,290 | Common | SOLE |
| 152309100 | CNTA | CENTESSA PHARMACEUTICALS PLC | $73.0M | 1.30% | 2,917,634 | Common | SOLE |
| 26818M108 | DYN | DYNE THERAPEUTICS INC | $68.0M | 1.21% | 3,478,944 | Common | SOLE |
| 67080M103 | NRIX | NURIX THERAPEUTICS INC | $67.5M | 1.20% | 3,555,877 | Common | SOLE |
| 83422E204 | SLDB | SOLID BIOSCIENCES INC | $66.7M | 1.19% | 11,833,539 | Common | SOLE |
| 07782B104 | BLTE | BELITE BIO INC | $66.3M | 1.18% | 414,239 | Common | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $61.8M | 1.10% | 458,343 | Common | SOLE |
| 00534A102 | IVVD | INVIVYD INC | $53.8M | 0.96% | 21,785,166 | Common | SOLE |
| 29286M105 | — | ENGENE HOLDINGS INC | $53.0M | 0.94% | 5,869,076 | Common | SOLE |
| 759916109 | RGEN | REPLIGEN CORP | $51.7M | 0.92% | 315,541 | Common | SOLE |
| 45258J102 | IMVT | IMMUNOVANT INC | $50.7M | 0.90% | 1,994,890 | Common | SOLE |
| 46120E602 | ISRG | INTUITIVE SURGICAL INC | $49.8M | 0.89% | 87,919 | Common | SOLE |
| 829401108 | SION | SIONNA THERAPEUTICS INC | $48.5M | 0.86% | 1,179,098 | Common | SOLE |
| 64125C109 | NBIX | NEUROCRINE BIOSCIENCES INC | $47.0M | 0.84% | 331,050 | Common | SOLE |
| 235851102 | DHR | DANAHER CORPORATION | $45.8M | 0.82% | 200,000 | Common | SOLE |
| 687604108 | ORKA | ORUKA THERAPEUTICS INC | $44.8M | 0.80% | 1,476,501 | Common | SOLE |
| 23284F105 | CTMX | CYTOMX THERAPEUTICS INC | $41.2M | 0.74% | 9,680,185 | Common | SOLE |
| 68170A108 | OMDA | OMADA HEALTH INC | $37.8M | 0.67% | 2,396,330 | Common | SOLE |
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $36.5M | 0.65% | 165,131 | Common | SOLE |
| 254604101 | IRON | DISC MEDICINE INC | $35.8M | 0.64% | 450,743 | Common | SOLE |
| 10919W405 | DRUG | BRIGHT MINDS BIOSCIENCES INC | $35.1M | 0.62% | 449,290 | Common | SOLE |
| 70975L107 | PEN | PENUMBRA INC | $34.4M | 0.61% | 110,529 | Common | SOLE |
| 02157Q109 | ANRO | ALTO NEUROSCIENCE INC | $31.8M | 0.57% | 1,784,393 | Common | SOLE |
| 142152107 | CAI | CARIS LIFE SCIENCES INC | $30.7M | 0.55% | 1,136,206 | Common | SOLE |
| G50871105 | JAZZ | JAZZ PHARMACEUTICALS PLC | $28.9M | 0.52% | 170,000 | Common | SOLE |
| 696389402 | PALI | PALISADE BIO INC | $28.3M | 0.50% | 12,050,000 | Common | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $28.0M | 0.50% | 825,890 | Common | SOLE |
| 697947109 | PVLA | PALVELLA THERAPEUTICS INC NE | $27.9M | 0.50% | 266,287 | Common | SOLE |
| 05464T104 | AXSM | AXSOME THERAPEUTICS INC | $27.2M | 0.48% | 148,900 | Common | SOLE |
| 05463X106 | AXGN | AXOGEN INC | $25.7M | 0.46% | 784,140 | Common | SOLE |
| 98420X202 | XFOR | X4 PHARMACEUTICALS INC | $25.3M | 0.45% | 6,314,452 | Common | SOLE |
| 09058V103 | BCRX | BIOCRYST PHARMACEUTICALS INC | $24.7M | 0.44% | 3,162,529 | Common | SOLE |
| 63909J108 | NAUT | NAUTILUS BIOTECHNOLOGY INC | $24.6M | 0.44% | 12,594,211 | Common | SOLE |
| 50015M109 | KOD | KODIAK SCIENCES INC | $23.7M | 0.42% | 848,900 | Common | SOLE |
| 09062X103 | BIIB | BIOGEN INC | $21.8M | 0.39% | 124,000 | Common | SOLE |
| 01438T106 | ALDX | ALDEYRA THERAPEUTICS INC | $21.7M | 0.39% | 4,185,632 | Common | SOLE |
| 68572M106 | OBIO | ORCHESTRA BIOMED HLDGS INC | $21.3M | 0.38% | 5,127,256 | Common | SOLE |
| 604749101 | MIRM | MIRUM PHARMACEUTICALS INC | $20.5M | 0.37% | 259,545 | Common | SOLE |
| 75383L102 | RAPP | RAPPORT THERAPEUTICS INC | $20.4M | 0.36% | 673,923 | Common | SOLE |
| 384747101 | GRAL | GRAIL INC | $20.3M | 0.36% | 237,342 | Common | SOLE |
| 450056106 | IRTC | IRHYTHM TECHNOLOGIES INC | $19.2M | 0.34% | 108,000 | Common | SOLE |
| 08659B102 | BBNX | BETA BIONICS INC | $18.4M | 0.33% | 602,944 | Common | SOLE |
| 126650100 | CVS | CVS HEALTH CORP | $17.5M | 0.31% | 220,000 | Common | SOLE |
| 21217B100 | CTNM | CONTINEUM THERAPEUTICS INC | $16.7M | 0.30% | 1,464,592 | Common | SOLE |
| 40131M109 | GH | GUARDANT HEALTH INC | $16.3M | 0.29% | 160,000 | Common | SOLE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $16.1M | 0.29% | 883,468 | Common | SOLE |
| 75943R102 | RLAY | RELAY THERAPEUTICS INC | $16.1M | 0.29% | 1,903,245 | Common | SOLE |
| 377322102 | GKOS | GLAUKOS CORP | $15.8M | 0.28% | 140,000 | Common | SOLE |
| 252131107 | DXCM | DEXCOM INC | $15.0M | 0.27% | 225,758 | Common | SOLE |
| 805111101 | SVRA | SAVARA INC | $14.5M | 0.26% | 2,400,000 | Common | SOLE |
| 15102KAA8 | CELC 2.75 08/01/31 | CELCUITY INC | $14.1M | 0.25% | 6,500,000 | Common | SOLE |
| 04746L203 | LONA | ATHIRA PHARMA INC | $14.1M | 0.25% | 1,859,322 | Common | SOLE |
| 81734D104 | SEPN | SEPTERNA INC | $12.1M | 0.22% | 433,160 | Common | SOLE |
| 45719W205 | IKT | INHIBIKASE THERAPEUTICS INC | $11.1M | 0.20% | 5,421,568 | Common | SOLE |
| 00534B100 | ADGM | ADAGIO MED HLDGS INC | $10.3M | 0.18% | 9,876,576 | Common | SOLE |
| H5870P102 | OCS | OCULIS HOLDING AG | $9.9M | 0.18% | 493,827 | Common | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $9.7M | 0.17% | 3,139,669 | Common | SOLE |
| 56565P103 | MPLT | MAPLIGHT THERAPEUTICS INC | $9.7M | 0.17% | 550,000 | Common | SOLE |
| 98420N105 | XENE | XENON PHARMACEUTICALS INC | $9.0M | 0.16% | 200,791 | Common | SOLE |
| 67577R102 | IRD | OPUS GENETICS INC | $8.7M | 0.15% | 4,325,000 | Common | SOLE |
| 03675P102 | AVR | ANTERIS TECHNOLOGIES GLOBAL | $8.4M | 0.15% | 1,675,476 | Common | SOLE |
| G52441105 | KMTS | KESTRA MED TECHNOLOGIES LTD | $7.6M | 0.13% | 285,000 | Common | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $7.0M | 0.12% | 242,100 | CALL | SOLE |
| 090168105 | BLLN | BILLIONTOONE INC | $6.0M | 0.11% | 72,812 | Common | SOLE |
| G1110E107 | BHVN | BIOHAVEN LTD | $5.6M | 0.10% | 500,000 | CALL | SOLE |
| 501575104 | KYMR | KYMERA THERAPEUTICS INC | $5.4M | 0.10% | 69,935 | Common | SOLE |
| 713317105 | PEPG | PEPGEN INC | $5.4M | 0.10% | 829,870 | Common | SOLE |
| G2545C104 | CBIO | CRESCENT BIOPHARMA INC. | $5.4M | 0.10% | 453,686 | Common | SOLE |
| 88032L605 | TENX | TENAX THERAPEUTICS INC | $5.4M | 0.10% | 439,142 | Common | SOLE |
| 221015100 | CRVS | CORVUS PHARMACEUTICALS INC | $5.3M | 0.10% | 692,441 | Common | SOLE |
| 878972108 | TECX | TECTONIC THERAPEUTIC INC | $5.2M | 0.09% | 250,000 | CALL | SOLE |
| 03843E104 | AQST | AQUESTIVE THERAPEUTICS INC | $4.8M | 0.09% | 747,193 | Common | SOLE |
| 87583X109 | TNGX | TANGO THERAPEUTICS INC | $4.5M | 0.08% | 513,035 | Common | SOLE |
| 501147102 | KRYS | KRYSTAL BIOTECH INC | $4.3M | 0.08% | 17,500 | Common | SOLE |
| 19240Q201 | COGT | COGENT BIOSCIENCES INC | $4.3M | 0.08% | 121,082 | Common | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $4.1M | 0.07% | 165,713 | Common | SOLE |
| 80810D103 | SDGR | SCHRODINGER INC | $3.6M | 0.06% | 202,400 | Common | SOLE |
| 690145206 | OM | OUTSET MED INC | $3.1M | 0.06% | 833,333 | Common | SOLE |
| 78397T202 | SABS | SAB BIOTHERAPEUTICS INC | $3.0M | 0.05% | 803,210 | Common | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $2.5M | 0.05% | 139,667 | Common | SOLE |
| G23549101 | CNTB | CONNECT BIOPHARMA HLDGS LTD | $2.2M | 0.04% | 792,696 | Common | SOLE |
| 45258H106 | IMMX | IMMIX BIOPHARMA INC | $1.8M | 0.03% | 338,941 | Common | SOLE |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $1.4M | 0.02% | 139,835 | Common | SOLE |
| 230770109 | CPIX | CUMBERLAND PHARMACEUTICALS I | $1.4M | 0.02% | 341,087 | Common | SOLE |
| 58507V107 | MDLN | MEDLINE INC | $1.2M | 0.02% | 28,000 | Common | SOLE |
| 696077601 | PTN | PALATIN TECHNOLOGIES INC | $1.1M | 0.02% | 70,000 | Common | SOLE |
| 52635N103 | LENZ | LENZ THERAPEUTICS INC | $800,000 | 0.01% | 50,000 | Common | SOLE |
| 09075X207 | BDSX | BIODESIX | $739,119 | 0.01% | 108,694 | Common | SOLE |
| 29415J106 | NVNO | ENVVENO MEDICAL CORPORATION | $564,298 | 0.01% | 1,759,035 | Common | SOLE |
| 462260100 | IOVA | IOVANCE BIOTHERAPEUTICS INC | $416,909 | 0.01% | 152,714 | Common | SOLE |
| 76155X118 | RVMDW | REVOLUTION MEDICINES INC | $234,975 | 0.00% | 250,000 | Common | SOLE |
| 293602504 | ENSC | ENSYSCE BIOSCIENCES INC | $79,733 | 0.00% | 86,666 | Common | SOLE |
| 86889P117 | SRZNW | SURROZEN INC | $3,333 | 0.00% | 166,666 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.