Caligan Partners LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Caligan Partners LP disclosed 20 US equity positions worth $1.1bn in its Q4 2025 13F filing. The largest position was LQDA at 25.6% of the reported book, followed by ABVX and RVMD. Against the Q3 2025 filing, it opened 8 new positions, added to 7 and reduced 0 among the top 20 holdings.
What did Caligan Partners LP own in Q4 2025? Top 20 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | LQDA LIQUIDIA CORPORATION | Healthcare | 25.6% | $280.0m | 8,118,892 | 0% | held |
| 2 | ABVX ABIVAX SA | 17.9% | $195.8m | 1,451,924 | 0% | held | |
| 3 | RVMD REVOLUTION MEDICINES INC | Healthcare | 9.4% | $102.3m | 1,283,900 | 21% | added |
| 4 | MLYS MINERALYS THERAPEUTICS INC | Healthcare | 9.2% | $100.6m | 2,772,654 | 0% | held |
| 5 | PCVX VAXCYTE INC | Healthcare | 7.2% | $78.7m | 1,704,815 | – | new |
| 6 | EXEL EXELIXIS INC | Healthcare | 6.2% | $68.1m | 1,553,262 | 2% | added |
| 7 | ADMA ADMA BIOLOGICS INC | Healthcare | 5.0% | $54.9m | 3,012,508 | 14% | added |
| 8 | TNGX TANGO THERAPEUTICS INC | Healthcare | 3.0% | $33.0m | 3,729,895 | – | new |
| 9 | INBX INHIBRX BIOSCIENCES INC | 2.3% | $25.6m | 323,565 | 37% | added | |
| 10 | TYRA TYRA BIOSCIENCES INC | Healthcare | 2.3% | $24.8m | 944,257 | 36% | added |
| 11 | XENE XENON PHARMACEUTICALS INC | Healthcare | 2.3% | $24.6m | 549,665 | 24% | added |
| 12 | MAZE MAZE THERAPEUTICS INC | 2.1% | $22.8m | 550,191 | – | new | |
| 13 | RAPT RAPT THERAPEUTICS INC | 2.0% | $21.8m | 644,400 | – | new | |
| 14 | AVTX AVALO THERAPEUTICS INC | Healthcare | 1.5% | $16.0m | 881,533 | 6% | added |
| 15 | ANIK ANIKA THERAPEUTICS INC | Healthcare | 1.3% | $13.8m | 1,435,130 | 0% | held |
| 16 | VOR VOR BIOPHARMA INC | 0.9% | $10.0m | 925,067 | – | new | |
| 17 | IVA INVENTIVA SA | 0.9% | $9.3m | 2,000,000 | – | new | |
| 18 | VRCA VERRICA PHARMACEUTICALS INC | 0.7% | $7.7m | 923,910 | 0% | held | |
| 19 | SPRB SPRUCE BIOSCIENCES INC | 0.2% | $1.8m | 20,514 | – | new | |
| 20 | ELDN ELEDON PHARMACEUTICALS INC | 0.1% | $839.5k | 555,978 | – | new |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.