Q4 2025 · 13F-HR
TANG CAPITAL MANAGEMENT LLCholdings as filed
Filed 2026-02-17 · accession 0001214659-26-002015
$2.02B
Reported value
75
Positions
2025-12-31
Period end
The Brief · TANG CAPITAL MANAGEMENT LLC · Q4 2025
AI · grounded in 13F
TANG CAPITAL MANAGEMENT LLC closed its position in Merus N V 2GH, reducing exposure by $56.49M. The fund established new positions in Avidity Biosciences Inc RNAGBP for $64.92M and Capricor Therapeutics Inc CAPR for $49.06M. Other notable exits included Relay Therapeutics Inc RLAY at $42.12M and Vera Therapeutics Inc Cl A VERA at $39.23M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 05156V102 | AUPH | AURINIA PHARMACEUTICALS INC | $180.7M | 8.93% | 11,329,500 | Common | SHARED |
| 36315X101 | LKFT | GALAPAGOS NV | $128.2M | 6.33% | 3,921,219 | Common | SHARED |
| 69366J200 | PTCT | PTC THERAPEUTICS INC | $113.9M | 5.63% | 1,500,000 | Common | SHARED |
| 15102K100 | CELC | CELCUITY INC | $104.7M | 5.17% | 1,050,000 | Common | SHARED |
| 604749101 | MIRM | MIRUM PHARMACEUTICALS INC | $97.6M | 4.82% | 1,236,027 | Common | SHARED |
| 87650L103 | TARS | TARSUS PHARMACEUTICALS INC | $97.3M | 4.81% | 1,188,624 | Common | SHARED |
| G52694109 | KNSA | KINIKSA PHARMACEUTICALS INTL | $93.2M | 4.60% | 2,259,889 | Common | SHARED |
| 45258D105 | IMCR | IMMUNOCORE HLDGS PLC | $91.2M | 4.51% | 2,628,538 | Common | SHARED |
| 20454B104 | CMPX | COMPASS THERAPEUTICS INC | $90.2M | 4.45% | 16,790,809 | Common | SHARED |
| 483497103 | KALV | KALVISTA PHARMACEUTICALS INC | $73.9M | 3.65% | 4,573,530 | Common | SHARED |
| 05370A108 | RNAGBP | AVIDITY BIOSCIENCES INC | $64.9M | 3.21% | 900,000 | Common | SHARED |
| 032724106 | ANAB | ANAPTYSBIO INC | $64.6M | 3.19% | 1,332,087 | Common | SHARED |
| 00773J202 | SYRE | SPYRE THERAPEUTICS INC | $62.0M | 3.06% | 1,892,200 | Common | SHARED |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $55.8M | 2.76% | 1,792,626 | Common | SHARED |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $49.1M | 2.42% | 1,700,000 | Common | SHARED |
| 09075V102 | BNTX | BIONTECH SE | $44.7M | 2.21% | 470,000 | Common | SHARED |
| 00182C103 | ANIP | ANI PHARMACEUTICALS INC | $38.0M | 1.88% | 481,437 | Common | SHARED |
| 92532F100 | VRTX | VERTEX PHARMACEUTICALS INC | $36.3M | 1.79% | 80,000 | Common | SHARED |
| 67080N101 | NUVB | NUVATION BIO INC | $34.6M | 1.71% | 3,857,457 | Common | SHARED |
| 89422G107 | TVTX | TRAVERE THERAPEUTICS INC | $26.7M | 1.32% | 700,000 | Common | SHARED |
| 92332V107 | VTYXUSD | VENTYX BIOSCIENCES INC | $25.4M | 1.26% | 2,814,000 | Common | SHARED |
| 67066G104 | NVDA | NVIDIA CORPORATION | $23.8M | 1.18% | 127,788 | Common | SHARED |
| 74017N105 | PGEN | PRECIGEN INC | $23.5M | 1.16% | 5,617,500 | Common | SHARED |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $20.5M | 1.01% | 30,000 | Common | SHARED |
| 60770K107 | MRNA | MODERNA INC | $20.4M | 1.01% | 692,820 | Common | SHARED |
| 92686J106 | VKTX | VIKING THERAPEUTICS INC | $17.6M | 0.87% | 500,000 | Common | SHARED |
| 04683R106 | AVIR | ATEA PHARMACEUTICALS INC | $17.2M | 0.85% | 4,814,700 | Common | SHARED |
| 86150R107 | STOK | STOKE THERAPEUTICS INC | $15.9M | 0.78% | 500,000 | Common | SHARED |
| 45166A102 | IDYA | IDEAYA BIOSCIENCES INC | $15.6M | 0.77% | 450,000 | Common | SHARED |
| 30303M102 | META | META PLATFORMS INC | $15.4M | 0.76% | 23,331 | Common | SHARED |
| 37733W204 | GSK | GSK PLC | $14.7M | 0.73% | 300,000 | Common | SHARED |
| 48115J109 | DERM | JOURNEY MED CORP | $14.3M | 0.71% | 1,854,596 | Common | SHARED |
| 52635N103 | LENZ | LENZ THERAPEUTICS INC | $13.8M | 0.68% | 865,169 | Common | SHARED |
| 92243G108 | PCVX | VAXCYTE INC | $12.7M | 0.63% | 275,000 | Common | SHARED |
| 252828108 | DNTH | DIANTHUS THERAPEUTICS INC | $10.9M | 0.54% | 264,692 | Common | SHARED |
| 413197104 | HRMY | HARMONY BIOSCIENCES HLDGS IN | $10.9M | 0.54% | 290,292 | Common | SHARED |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $10.8M | 0.53% | 200,000 | Common | SHARED |
| 457669307 | INSM | INSMED INC | $10.4M | 0.52% | 60,000 | Common | SHARED |
| G2545C104 | CBIO | CRESCENT BIOPHARMA INC. | $10.3M | 0.51% | 872,398 | Common | SHARED |
| Y95308105 | WVE | WAVE LIFE SCIENCES LTD | $10.2M | 0.50% | 600,000 | Common | SHARED |
| 87918A105 | TDOC | TELADOC HEALTH INC | $9.8M | 0.48% | 1,400,000 | Common | SHARED |
| 268158201 | DVAX | DYNAVAX TECHNOLOGIES CORP | $8.6M | 0.42% | 556,359 | Common | SHARED |
| 30052C107 | EOLS | EVOLUS INC | $8.3M | 0.41% | 1,245,692 | Common | SHARED |
| 92337C203 | VSTM | VERASTEM INC | $8.3M | 0.41% | 1,069,810 | Common | SHARED |
| M96088105 | URGN | UROGEN PHARMA LTD | $8.2M | 0.40% | 350,000 | Common | SHARED |
| 427746102 | HRTX | HERON THERAPEUTICS INC | $8.1M | 0.40% | 6,250,000 | Common | SHARED |
| 004225108 | ACAD | ACADIA PHARMACEUTICALS INC | $8.0M | 0.40% | 300,000 | Common | SHARED |
| 02155H200 | ALT | ALTIMMUNE INC | $7.7M | 0.38% | 2,131,307 | Common | SHARED |
| 803607100 | SRPT | SAREPTA THERAPEUTICS INC | $7.5M | 0.37% | 349,220 | Common | SHARED |
| 729139105 | PLRX | PLIANT THERAPEUTICS INC | $7.5M | 0.37% | 6,143,132 | Common | SHARED |
| 04335A105 | ARVN | ARVINAS INC | $6.8M | 0.33% | 569,698 | Common | SHARED |
| G8807B106 | TBPH | THERAVANCE BIOPHARMA INC | $6.6M | 0.32% | 351,252 | Common | SHARED |
| 09058V103 | BCRX | BIOCRYST PHARMACEUTICALS INC | $6.2M | 0.31% | 800,000 | Common | SHARED |
| 69353Y103 | PMVP | PMV PHARMACEUTICALS INC | $6.2M | 0.31% | 4,940,000 | Common | SHARED |
| 75886F107 | REGN | REGENERON PHARMACEUTICALS | $6.2M | 0.31% | 8,000 | Common | SHARED |
| 09062X103 | BIIB | BIOGEN INC | $6.2M | 0.30% | 35,000 | Common | SHARED |
| 218352102 | CORT | CORCEPT THERAPEUTICS INC | $5.5M | 0.27% | 156,764 | Common | SHARED |
| 00289Y206 | ABEO | ABEONA THERAPEUTICS INC | $5.3M | 0.26% | 1,000,000 | Common | SHARED |
| 45256X103 | IBRX | IMMUNITYBIO INC | $4.6M | 0.23% | 2,333,333 | Common | SHARED |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $4.2M | 0.21% | 664,314 | Common | SHARED |
| 19249H103 | CHRS | COHERUS ONCOLOGY INC | $3.9M | 0.19% | 2,724,509 | Common | SHARED |
| 29479A108 | ERAS | ERASCA INC | $3.3M | 0.17% | 900,000 | Common | SHARED |
| 65487U108 | NKTX | NKARTA INC | $2.7M | 0.14% | 1,480,823 | Common | SHARED |
| 670703107 | NUVL | NUVALENT INC | $2.2M | 0.11% | 21,880 | Common | SHARED |
| 015271109 | ARE | ALEXANDRIA REAL ESTATE EQ IN | $2.0M | 0.10% | 40,000 | Common | SHARED |
| 640979100 | NMRA | NEUMORA THERAPEUTICS INC. | $1.7M | 0.09% | 967,235 | Common | SHARED |
| 869367201 | STRO | SUTRO BIOPHARMA INC | $1.6M | 0.08% | 139,617 | Common | SHARED |
| G1110E107 | BHVN | BIOHAVEN LTD | $1.6M | 0.08% | 140,000 | Common | SHARED |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $1.2M | 0.06% | 15,640 | Common | SHARED |
| 31189P102 | FATE | FATE THERAPEUTICS INC | $1.1M | 0.06% | 1,167,773 | Common | SHARED |
| 98985Y108 | ZYME | ZYMEWORKS INC | $911,834 | 0.05% | 34,631 | Common | SHARED |
| 77313F106 | RCKT | ROCKET PHARMACEUTICALS INC | $351,000 | 0.02% | 100,000 | Common | SHARED |
| 007002207 | ACET | ADICET BIO INC | $51,850 | 0.00% | 6,158 | Common | SHARED |
| 89854M101 | TCRX | TSCAN THERAPEUTICS INC | $46,131 | 0.00% | 46,131 | Common | SHARED |
| 14817C107 | FLNA | CASSAVA SCIENCES INC | $14,005 | 0.00% | 7,073 | Common | SHARED |
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.