MondegarAI
TANG CAPITAL MANAGEMENT LLC

Q3 2025 · 13F-HR

TANG CAPITAL MANAGEMENT LLCholdings as filed

Filed 2025-11-14 · accession 0001214659-25-016677

$2.60B
Reported value
194
Positions
2025-09-30
Period end
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The Brief · TANG CAPITAL MANAGEMENT LLC · Q3 2025

AI · grounded in 13F

TANG CAPITAL MANAGEMENT LLC established a new position in TARS valued at $145.9M. The fund also initiated new stakes in LKFT for $143.8M and AUPH for $125.2M. These moves contributed to a total AUM of $2.6B across 194 positions.

Holdings as filed

CUSIPTickerIssuerValue% port.SharesClassVoting
87650L103TARSTARSUS PHARMACEUTICALS INC$145.9M5.62%2,454,797CommonSHARED
36315X101LKFTGALAPAGOS NV$143.8M5.54%4,151,194CommonSHARED
05156V102AUPHAURINIA PHARMACEUTICALS INC$125.2M4.82%11,329,500CommonSHARED
69366J200PTCTPTC THERAPEUTICS INC$92.1M3.54%1,500,000CommonSHARED
604749101MIRMMIRUM PHARMACEUTICALS INC$90.6M3.49%1,236,027CommonSHARED
G52694109KNSAKINIKSA PHARMACEUTICALS INTL$90.4M3.48%2,328,609CommonSHARED
45258D105IMCRIMMUNOCORE HLDGS PLC$83.8M3.22%2,305,608CommonSHARED
483497103KALVKALVISTA PHARMACEUTICALS INC$61.4M2.36%5,041,798CommonSHARED
92790C104VRDNVIRIDIAN THERAPEUTICS INC$61.4M2.36%2,842,925CommonSHARED
20454B104CMPXCOMPASS THERAPEUTICS INC$58.8M2.27%16,811,963CommonSHARED
15102K100CELCCELCUITY INC$56.8M2.19%1,150,000CommonSHARED
N5749R1002GHMERUS N V$56.5M2.17%600,000CommonSHARED
00773J202SYRESPYRE THERAPEUTICS INC$53.6M2.06%3,200,000CommonSHARED
75943R102RLAYRELAY THERAPEUTICS INC$42.1M1.62%8,068,058CommonSHARED
52635N103LENZLENZ THERAPEUTICS INC$41.8M1.61%897,616CommonSHARED
032724106ANABANAPTYSBIO INC$40.8M1.57%1,333,639CommonSHARED
74017N105PGENPRECIGEN INC$40.8M1.57%12,400,000CommonSHARED
92337R101VERAVERA THERAPEUTICS INC CL A$39.2M1.51%1,350,000CommonSHARED
654106103NKENIKE INC$36.2M1.39%519,399CommonSHARED
462222100IONSIONIS PHARMACEUTICALS INC$36.0M1.39%550,000CommonSHARED
23284F105CTMXCYTOMX THERAPEUTICS INC$35.3M1.36%11,065,662CommonSHARED
30052C107EOLSEVOLUS INC$33.7M1.30%5,488,299CommonSHARED
G29687103AVDLAVADEL PHARMACEUTICALS PLC$32.0M1.23%2,097,500CommonSHARED
004225108ACADACADIA PHARMACEUTICALS INC$32.0M1.23%1,500,000CommonSHARED
92532F100VRTXVERTEX PHARMACEUTICALS INC$31.3M1.21%80,000CommonSHARED
00182C103ANIPANI PHARMACEUTICALS INC$29.1M1.12%317,500CommonSHARED
457669307INSMINSMED INC$28.8M1.11%200,000CommonSHARED
52490G102LEGNLEGEND BIOTECH CORP$27.1M1.04%830,000CommonSHARED
09075V102BNTXBIONTECH SE$26.6M1.02%270,000CommonSHARED
53635D202LQDALIQUIDIA CORPORATION$26.0M1.00%1,143,759CommonSHARED
G50871105JAZZJAZZ PHARMACEUTICALS PLC$25.0M0.96%190,000CommonSHARED
67066G104NVDANVIDIA CORPORATION$24.4M0.94%130,509CommonSHARED
92686J106VKTXVIKING THERAPEUTICS INC$22.9M0.88%870,000CommonSHARED
492327101KROSKEROS THERAPEUTICS INC$22.4M0.86%1,418,984CommonSHARED
64125C109NBIXNEUROCRINE BIOSCIENCES INC$21.1M0.81%150,000CommonSHARED
M96088105URGNUROGEN PHARMA LTD$19.9M0.77%1,000,000CommonSHARED
268158201DVAXDYNAVAX TECHNOLOGIES CORP$19.4M0.75%1,949,500CommonSHARED
30303M102METAMETA PLATFORMS INC$19.1M0.74%26,008CommonSHARED
98985Y108ZYMEZYMEWORKS INC$18.8M0.72%1,100,000CommonSHARED
37733W204GSKGSK PLC$17.3M0.66%400,000CommonSHARED
47103J105JANXJANUX THERAPEUTICS INC$17.1M0.66%700,000CommonSHARED
89422G107TVTXTRAVERE THERAPEUTICS INC$16.7M0.64%700,000CommonSHARED
67080N101NUVBNUVATION BIO INC$15.5M0.60%4,200,000CommonSHARED
000899104ADMAADMA BIOLOGICS INC$15.4M0.59%1,050,000CommonSHARED
65487U108NKTXNKARTA INC$14.6M0.56%7,055,576CommonSHARED
76029N106REPLREPLIMUNE GROUP INC$14.2M0.55%3,400,000CommonSHARED
04683R106AVIRATEA PHARMACEUTICALS INC$14.0M0.54%4,826,200CommonSHARED
25056L103DSGNDESIGN THERAPEUTICS INC$13.4M0.52%1,780,975CommonSHARED
48115J109DERMJOURNEY MED CORP$13.2M0.51%1,854,596CommonSHARED
00288U106ABCLABCELLERA BIOLOGICS INC$13.1M0.50%2,600,000CommonSHARED
20451W101CMPSCOMPASS PATHWAYS PLC$12.6M0.49%2,200,000CommonSHARED
01609W102BABAALIBABA GROUP HOLDING LTD ADR$12.5M0.48%70,000CommonSHARED
04335A105ARVNARVINAS INC$11.9M0.46%1,393,800CommonSHARED
86150R107STOKSTOKE THERAPEUTICS INC$11.8M0.45%500,000CommonSHARED
921659108VNDAVANDA PHARMACEUTICALS INC$11.7M0.45%2,353,307CommonSHARED
803607100SRPTSAREPTA THERAPEUTICS INC$11.6M0.45%600,000CommonSHARED
046353108AZNNASTRAZENECA PLC$11.5M0.44%150,000CommonSHARED
86627T108SMMTSUMMIT THERAPEUTICS INC$11.4M0.44%550,000CommonSHARED
45166A102IDYAIDEAYA BIOSCIENCES INC$10.9M0.42%400,000CommonSHARED
87918A105TDOCTELADOC HEALTH INC$10.8M0.42%1,400,000CommonSHARED
92243G108PCVXVAXCYTE INC$10.8M0.42%300,000CommonSHARED
23256X407HELPCYBIN INC$10.8M0.41%1,830,097CommonSHARED
81663L200WGSGENEDX HOLDINGS CORP$10.8M0.41%100,000CommonSHARED
252828108DNTHDIANTHUS THERAPEUTICS INC$10.4M0.40%264,692CommonSHARED
45168D104IDXXIDEXX LABS INC$10.2M0.39%16,000CommonSHARED
92332V107VTYXUSDVENTYX BIOSCIENCES INC$9.6M0.37%3,100,000CommonSHARED
09077V100BIOABIOAGE LABS INC$9.4M0.36%1,600,000CommonSHARED
729139105PLRXPLIANT THERAPEUTICS INC$8.9M0.34%6,003,446CommonSHARED
071734107BHCBAUSCH HEALTH COS INC$8.4M0.32%1,300,000CommonSHARED
19249H103CHRSCOHERUS ONCOLOGY INC$8.4M0.32%5,097,362CommonSHARED
G2545C104CBIOCRESCENT BIOPHARMA INC.$8.1M0.31%679,824CommonSHARED
02155H200ALTALTIMMUNE INC$8.0M0.31%2,131,307CommonSHARED
03770N101APGEAPOGEE THERAPEUTICS INC$7.9M0.31%200,000CommonSHARED
60770K107MRNAMODERNA INC$7.9M0.30%305,300CommonSHARED
09203E105BDTXBLACK DIAMOND THERAPEUTICS I$7.8M0.30%2,070,209CommonSHARED
413197104HRMYHARMONY BIOSCIENCES HLDGS IN$7.7M0.30%281,200CommonSHARED
532457108LLYELI LILLY & CO$7.6M0.29%10,000CommonSHARED
603170101MLYSMINERALYS THERAPEUTICS INC$7.6M0.29%200,000CommonSHARED
60255C885BRD1EURMIND MEDICINE MINDMED INC$7.1M0.27%600,200CommonSHARED
28036F105EWTXEDGEWISE THERAPEUTICS INC$7.0M0.27%431,300CommonSHARED
92337C203VSTMVERASTEM INC$7.0M0.27%789,810CommonSHARED
69353Y103PMVPPMV PHARMACEUTICALS, INC.$6.7M0.26%4,785,201CommonSHARED
071705107BLCOBAUSCH PLUS LOMB CORP$6.7M0.26%444,467CommonSHARED
007002108TORCEURADICET BIO INC$6.7M0.26%8,223,612CommonSHARED
230031106CGEMCULLINAN THERAPEUTICS INC$6.6M0.26%1,121,138CommonSHARED
H17182108CRSPCRISPR THERAPEUTICS AG$6.5M0.25%100,000CommonSHARED
07373V105BEAMBEAM THERAPEUTICS INC$6.2M0.24%255,000CommonSHARED
372303206GMABGENMAB A/S$6.1M0.24%200,000CommonSHARED
09058V103BCRXBIOCRYST PHARMACEUTICALS INC$6.1M0.23%800,000CommonSHARED
45256X103IBRXIMMUNITYBIO INC$5.7M0.22%2,333,333CommonSHARED
75886F107REGNREGENERON PHARMACEUTICALS$5.6M0.22%10,000CommonSHARED
747324101PYXSPYXIS ONCOLOGY INC$5.5M0.21%2,500,000CommonSHARED
23282W605CYTKCYTOKINETICS INC$5.5M0.21%100,000CommonSHARED
09062X103BIIBBIOGEN INC$4.9M0.19%35,000CommonSHARED
152309100CNTACENTESSA PHARMACEUTICALS PLC$4.8M0.19%200,000CommonSHARED
80105N105SNYSANOFI$4.7M0.18%100,000CommonSHARED
76155X100RVMDREVOLUTION MEDICINES INC$4.7M0.18%100,000CommonSHARED
022307102ALMSALUMIS INC$4.7M0.18%1,167,009CommonSHARED
427746102HRTXHERON THERAPEUTICS INC$4.3M0.17%3,450,000CommonSHARED
670703107NUVLNUVALENT INC$4.3M0.17%50,000CommonSHARED
G8807B106TBPHTHERAVANCE BIOPHARMA INC$3.9M0.15%264,308CommonSHARED
88322Q108TGTXTG THERAPEUTICS INC$3.6M0.14%100,000CommonSHARED
74019P207DTILPRECISION BIOSCIENCES INC$3.6M0.14%653,649CommonSHARED
156944100CGONCG ONCOLOGY INC$3.5M0.14%87,500CommonSHARED
834203309SLNOSOLENO THERAPEUTICS INC$3.4M0.13%50,000CommonSHARED
015271109AREALEXANDRIA REAL ESTATE EQ IN$3.3M0.13%40,000CommonSHARED
29479A108ERASERASCA INC$3.3M0.13%1,502,915CommonSHARED
31447P100FENCFENNEC PHARMACEUTICALS INC$3.1M0.12%334,593CommonSHARED
87164F105SNDXSYNDAX PHARMACEUTICALS INC$3.1M0.12%200,000CommonSHARED
877619106TSHATAYSHA GENE THERAPIES INC$2.9M0.11%900,000CommonSHARED
81578P106SEERSEER INC$2.9M0.11%1,344,423CommonSHARED
878972108TECXTECTONIC THERAPEUTIC INC$2.8M0.11%179,166CommonSHARED
49372L2092KZ0KEZAR LIFE SCIENCES INC$2.8M0.11%720,000CommonSHARED
77313F106RCKTROCKET PHARMACEUTICALS INC$2.8M0.11%850,000CommonSHARED
516544103LNTHLANTHEUS HLDGS INC$2.6M0.10%50,000CommonSHARED
640979100NMRANEUMORA THERAPEUTICS INC$2.5M0.10%1,400,000CommonSHARED
869367102STROSUTRO BIOPHARMA INC$2.5M0.09%2,828,717CommonSHARED
929033207VORVOR BIOPHARMA INC$2.4M0.09%50,000CommonSHARED
482929106KLRSKALARIS THERAPEUTICS, INC$2.4M0.09%418,241CommonSHARED
592688105MTDMETTLER-TOLEDO INTERNATIONAL$2.4M0.09%1,969CommonSHARED
31189P102FATEFATE THERAPEUTICS INC$2.4M0.09%1,867,773CommonSHARED
98943L107ZNTLZENTALIS PHARMACEUTICALS INC$2.3M0.09%1,550,000CommonSHARED
458140100INTCINTEL CORP$2.2M0.09%66,216CommonSHARED
38341P102GOSSGOSSAMER BIO INC$2.1M0.08%800,000CommonSHARED
G1110E107BHVNBIOHAVEN LTD$2.1M0.08%140,000CommonSHARED
68401U204OPRXOPTIMIZERX CORP$2.0M0.08%100,000CommonSHARED
28658R106CLYMCLIMB BIO INC$2.0M0.08%1,000,000CommonSHARED
12529R107CCCCC4 THERAPEUTICS INC$2.0M0.08%900,000CommonSHARED
46625H100JPMJPMORGAN CHASE & CO.$2.0M0.08%6,312CommonSHARED
594918104MSFTMICROSOFT CORP$1.8M0.07%3,546CommonSHARED
931142103WMTWALMART INC$1.8M0.07%17,242CommonSHARED
478160104JNJJOHNSON & JOHNSON$1.8M0.07%9,472CommonSHARED
92826C839VVISA INC$1.7M0.06%4,869CommonSHARED
254687106DISDISNEY WALT CO$1.7M0.06%14,493CommonSHARED
50015M109KODKODIAK SCIENCES INC$1.6M0.06%100,000CommonSHARED
084670702BRK/BBERKSHIRE HATHAWAY INC DEL$1.6M0.06%3,250CommonSHARED
19243B102CGTXCOGNITION THERAPEUTICS INC$1.6M0.06%1,200,000CommonSHARED
21833P301CRBPCORBUS PHARMACEUTICALS HLDGS$1.6M0.06%127,520CommonSHARED
92343V104VZVERIZON COMMUNICATIONS INC$1.6M0.06%36,266CommonSHARED
29251M106ENTAENANTA PHARMACEUTICALS INC$1.5M0.06%126,655CommonSHARED
191216100KOCOCA COLA CO$1.5M0.06%22,712CommonSHARED
437076102HDHOME DEPOT INC$1.5M0.06%3,646CommonSHARED
14167L103CDNACAREDX INC$1.5M0.06%100,000CommonSHARED
30231G102XOMEXXON MOBIL CORP$1.4M0.05%12,651CommonSHARED
742718109PGPROCTER AND GAMBLE CO$1.4M0.05%8,952CommonSHARED
882508104TXNTEXAS INSTRS INC$1.4M0.05%7,415CommonSHARED
03237H101AMLXAMYLYX PHARMACEUTICALS INC$1.4M0.05%100,000CommonSHARED
717081103PFEPFIZER INC$1.4M0.05%53,039CommonSHARED
92556V106VTRSVIATRIS INC$1.3M0.05%128,359CommonSHARED
462260100IOVAIOVANCE BIOTHERAPEUTICS INC$1.2M0.05%543,760CommonSHARED
70450Y103PYPLPAYPAL HLDGS INC$1.2M0.04%17,323CommonSHARED
89854M101TCRXTSCAN THERAPEUTICS INC$1.1M0.04%600,000CommonSHARED
74587V107PBYIPUMA BIOTECHNOLOGY INC$1.1M0.04%200,000CommonSHARED
024013104AATAMERICAN ASSETS TR INC$1.0M0.04%50,000CommonSHARED
09077B104BCABGBPBIOATLA INC$945,2270.04%1,374,076CommonSHARED
91324P102UNHUNITEDHEALTH GROUP INC$939,5100.04%2,721CommonSHARED
369604301GEGE AEROSPACE$900,8000.03%2,994CommonSHARED
50127T109KURAKURA ONCOLOGY INC$885,0000.03%100,000CommonSHARED
36828A101GEVGE VERNOVA INC$847,4050.03%1,378CommonSHARED
34965K107FTREFORTREA HLDGS INC$842,0000.03%100,000CommonSHARED
64110L106NFLXNETFLIX INC$819,3290.03%683CommonSHARED
90384S303ULTAULTA BEAUTY INC$756,4990.03%1,384CommonSHARED
04635X102CATBUSDASTRIA THERAPEUTICS INC$728,0000.03%100,000CommonSHARED
097023105BABOEING CO$696,0760.03%3,225CommonSHARED
025816109AXPAMERICAN EXPRESS CO$641,2680.02%1,931CommonSHARED
910047109UALUNITED AIRLS HLDGS INC$607,5960.02%6,296CommonSHARED
702712209PASGPASSAGE BIO INC$602,2500.02%75,000CommonSHARED
020002101ALLALLSTATE CORP$579,6110.02%2,700CommonSHARED
42824C109HPEHEWLETT PACKARD ENTERPRISE C$578,7000.02%23,563CommonSHARED
023135106AMZNAMAZON COM INC$567,1320.02%2,583CommonSHARED
872590104TMUST-MOBILE US INC$546,8930.02%2,285CommonSHARED
34385P108LABSTANDARD BIOTOOLS INC$530,0820.02%407,755CommonSHARED
580135101MCDMCDONALDS CORP$519,5210.02%1,710CommonSHARED
345370860FFORD MTR CO$518,8330.02%43,381CommonSHARED
81211K100SDASEALED AIR CORP NEW$504,5840.02%14,274CommonSHARED
824348106SHWSHERWIN WILLIAMS CO$484,2070.02%1,398CommonSHARED
002120202ATYRATYR PHARMA INC$484,1560.02%671,134CommonSHARED
68218J103OABIOMNIAB INC$480,0000.02%300,000CommonSHARED
166764100CVXCHEVRON CORP NEW$469,4310.02%3,023CommonSHARED
704326107PAYXPAYCHEX INC$448,9720.02%3,542CommonSHARED
15673T100IPSCCENTURY THERAPEUTICS INC$448,2000.02%900,000CommonSHARED
00534A102IVVDINVIVYD INC$440,0000.02%400,000CommonSHARED
440452100HRLHORMEL FOODS CORP$400,3230.02%16,181CommonSHARED
31428X106FDXFEDEX CORP$399,3390.02%1,693CommonSHARED
189054109CLXCLOROX CO DEL$376,2540.01%3,052CommonSHARED
556099109MGNXMACROGENICS INC$367,6780.01%218,856CommonSHARED
097702203BOLTBOLT BIOTHERAPEUTICS INC$355,7960.01%66,879CommonSHARED
G3855L106GHRSGH RESEARCH PLC$343,6290.01%24,030CommonSHARED
963320106WHRWHIRLPOOL CORP$340,7220.01%4,335CommonSHARED
68277Q105OKURONKURE THERAPEUTICS INC$320,0860.01%116,395CommonSHARED
04746L203LONAATHIRA PHARMA INC$248,3920.01%59,998CommonSHARED
59102M104MGXMETAGENOMI INC$66,3790.00%28,008CommonSHARED
69404D108PACBPACIFIC BIOSCIENCES CALIF IN$32,0000.00%25,000CommonSHARED
14817C107FLNACASSAVA SCIENCES INC COMMON STOCK$20,5820.00%7,073CommonSHARED

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.