Q4 2025 · 13F-HR
Caligan Partners LPholdings as filed
Filed 2026-02-17 · accession 0001420506-26-000584
$1.21B
Reported value
24
Positions
2025-12-31
Period end
The Brief · Caligan Partners LP · Q4 2025
AI · grounded in 13F
Caligan Partners LP established a new position in PCVX valued at $78.66M. The fund also opened a new position in TNGX for $33.05M and increased its stake in XENE by 147.29%. On the selling side, the fund closed its positions in EOLS and 2GH, resulting in reductions of $25.41M and $20.43M respectively.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 53635D202 | LQDA | LIQUIDIA CORPORATION | $280.0M | 23.1% | 8,118,892 | Common | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $195.8M | 16.1% | 1,451,924 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $102.3M | 8.42% | 1,283,900 | Common | SOLE |
| 603170101 | MLYS | MINERALYS THERAPEUTICS INC | $100.6M | 8.28% | 2,772,654 | Common | SOLE |
| 603170101 | MLYS | MINERALYS THERAPEUTICS INC | $83.4M | 6.87% | 2,298,400 | PUT | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $78.7M | 6.48% | 1,704,815 | Common | SOLE |
| 30161Q104 | EXEL | EXELIXIS INC | $68.1M | 5.60% | 1,553,262 | Common | SOLE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $54.9M | 4.52% | 3,012,508 | Common | SOLE |
| 87583X109 | TNGX | TANGO THERAPEUTICS INC | $33.0M | 2.72% | 3,729,895 | Common | SOLE |
| 45720N103 | INBX | INHIBRX BIOSCIENCES INC | $25.6M | 2.10% | 323,565 | Common | SOLE |
| 90240B106 | TYRA | TYRA BIOSCIENCES INC | $24.8M | 2.04% | 944,257 | Common | SOLE |
| 98420N105 | XENE | XENON PHARMACEUTICALS INC | $24.6M | 2.03% | 549,700 | PUT | SOLE |
| 98420N105 | XENE | XENON PHARMACEUTICALS INC | $24.6M | 2.03% | 549,665 | Common | SOLE |
| 578784100 | MAZE | MAZE THERAPEUTICS INC | $22.8M | 1.88% | 550,191 | Common | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $21.8M | 1.80% | 644,400 | Common | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $16.0M | 1.32% | 881,533 | Common | SOLE |
| 035255108 | ANIK | ANIKA THERAPEUTICS INC | $13.8M | 1.14% | 1,435,130 | Common | SOLE |
| 45720N103 | INBX | INHIBRX BIOSCIENCES INC | $11.8M | 0.98% | 150,000 | CALL | SOLE |
| 929033207 | VOR | VOR BIOPHARMA INC | $10.0M | 0.82% | 925,067 | Common | SOLE |
| 46124U107 | IVA | INVENTIVA SA | $9.3M | 0.77% | 2,000,000 | Common | SOLE |
| 92511W207 | VRCA | VERRICA PHARMACEUTICALS INC | $7.7M | 0.63% | 923,910 | Common | SOLE |
| 00847X104 | AGIO | AGIOS PHARMACEUTICALS INC | $2.4M | 0.20% | 90,000 | CALL | SOLE |
| 85209E208 | SPRB | SPRUCE BIOSCIENCES INC | $1.8M | 0.15% | 20,514 | Common | SOLE |
| 28617K101 | ELDN | ELEDON PHARMACEUTICALS INC | $839,527 | 0.07% | 555,978 | 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.