TANG CAPITAL MANAGEMENT LLC Q3 2025 Filing
Filed November 14, 2025
Portfolio Value
$2.6T
Holdings
194
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (194 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | TARSTARSUS PHARMACEUTICALS INC | 2,454,797 | $145.9B | 5.62% | |
| 2 | GLPGGALAPAGOS NV | 4,151,194 | $143.8B | 5.54% | |
| 3 | AUPHAURINIA PHARMACEUTICALS INC | 11,329,500 | $125.2B | 4.82% | |
| 4 | PTCTPTC THERAPEUTICS INC | 1,500,000 | $92.1B | 3.54% | |
| 5 | MIRMMIRUM PHARMACEUTICALS INC | 1,236,027 | $90.6B | 3.49% | |
| 6 | KNSAKINIKSA PHARMACEUTICALS INTL | 2,328,609 | $90.4B | 3.48% | |
| 7 | IMCRIMMUNOCORE HLDGS PLC | 2,305,608 | $83.8B | 3.22% | |
| 8 | KALVKALVISTA PHARMACEUTICALS INC | 5,041,798 | $61.4B | 2.36% | |
| 9 | VRDNVIRIDIAN THERAPEUTICS INC | 2,842,925 | $61.4B | 2.36% | |
| 10 | CMPXCOMPASS THERAPEUTICS INC | 16,811,963 | $58.8B | 2.27% | |
| 11 | CELCCELCUITY INC | 1,150,000 | $56.8B | 2.19% | |
| 12 | MRUSMERUS N V | 600,000 | $56.5B | 2.17% | |
| 13 | SYRESPYRE THERAPEUTICS INC | 3,200,000 | $53.6B | 2.06% | |
| 14 | RLAYRELAY THERAPEUTICS INC | 8,068,058 | $42.1B | 1.62% | |
| 15 | LENZLENZ THERAPEUTICS INC | 897,616 | $41.8B | 1.61% | |
| 16 | ANABANAPTYSBIO INC | 1,333,639 | $40.8B | 1.57% | |
| 17 | PGENPRECIGEN INC | 12,400,000 | $40.8B | 1.57% | |
| 18 | VERAVERA THERAPEUTICS INC CL A | 1,350,000 | $39.2B | 1.51% | |
| 19 | NKENIKE INC | 519,399 | $36.2B | 1.39% | |
| 20 | ISIIONIS PHARMACEUTICALS INC | 550,000 | $36.0B | 1.39% | |
| 21 | CTMXCYTOMX THERAPEUTICS INC | 11,065,662 | $35.3B | 1.36% | |
| 22 | EOLSEVOLUS INC | 5,488,299 | $33.7B | 1.30% | |
| 23 | AVDLAVADEL PHARMACEUTICALS PLC | 2,097,500 | $32.0B | 1.23% | |
| 24 | ACADACADIA PHARMACEUTICALS INC | 1,500,000 | $32.0B | 1.23% | |
| 25 | VRTXVERTEX PHARMACEUTICALS INC | 80,000 | $31.3B | 1.21% | |
| 26 | BSFAANI PHARMACEUTICALS INC | 317,500 | $29.1B | 1.12% | |
| 27 | IM8NINSMED INC | 200,000 | $28.8B | 1.11% | |
| 28 | LEGNLEGEND BIOTECH CORP | 830,000 | $27.1B | 1.04% | |
| 29 | BNTXBIONTECH SE | 270,000 | $26.6B | 1.02% | |
| 30 | LQDALIQUIDIA CORPORATION | 1,143,759 | $26.0B | 1.00% | |
| 31 | JAZZJAZZ PHARMACEUTICALS PLC | 190,000 | $25.0B | 0.96% | |
| 32 | NVDANVIDIA CORPORATION | 130,509 | $24.4B | 0.94% | |
| 33 | VKTXVIKING THERAPEUTICS INC | 870,000 | $22.9B | 0.88% | |
| 34 | KROSKEROS THERAPEUTICS INC | 1,418,984 | $22.4B | 0.86% | |
| 35 | NBIXNEUROCRINE BIOSCIENCES INC | 150,000 | $21.1B | 0.81% | |
| 36 | URGNUROGEN PHARMA LTD | 1,000,000 | $19.9B | 0.77% | |
| 37 | DVAXDYNAVAX TECHNOLOGIES CORP | 1,949,500 | $19.4B | 0.75% | |
| 38 | METAMETA PLATFORMS INC | 26,008 | $19.1B | 0.74% | |
| 39 | ZYMEZYMEWORKS INC | 1,100,000 | $18.8B | 0.72% | |
| 40 | GSKGSK PLC | 400,000 | $17.3B | 0.66% | |
| 41 | JANXJANUX THERAPEUTICS INC | 700,000 | $17.1B | 0.66% | |
| 42 | TVTXTRAVERE THERAPEUTICS INC | 700,000 | $16.7B | 0.64% | |
| 43 | NUVBNUVATION BIO INC | 4,200,000 | $15.5B | 0.60% | |
| 44 | ADMAADMA BIOLOGICS INC | 1,050,000 | $15.4B | 0.59% | |
| 45 | NKTXNKARTA INC | 7,055,576 | $14.6B | 0.56% | |
| 46 | REPLREPLIMUNE GROUP INC | 3,400,000 | $14.2B | 0.55% | |
| 47 | AVIRATEA PHARMACEUTICALS INC | 4,826,200 | $14.0B | 0.54% | |
| 48 | DSGNDESIGN THERAPEUTICS INC | 1,780,975 | $13.4B | 0.52% | |
| 49 | DERMJOURNEY MED CORP | 1,854,596 | $13.2B | 0.51% | |
| 50 | ABCLABCELLERA BIOLOGICS INC | 2,600,000 | $13.1B | 0.50% | |
| 51 | CMPSCOMPASS PATHWAYS PLC | 2,200,000 | $12.6B | 0.49% | |
| 52 | BABAALIBABA GROUP HOLDING LTD ADR | 70,000 | $12.5B | 0.48% | |
| 53 | ARVNARVINAS INC | 1,393,800 | $11.9B | 0.46% | |
| 54 | STOKSTOKE THERAPEUTICS INC | 500,000 | $11.8B | 0.45% | |
| 55 | VNDAVANDA PHARMACEUTICALS INC | 2,353,307 | $11.7B | 0.45% | |
| 56 | SRPTSAREPTA THERAPEUTICS INC | 600,000 | $11.6B | 0.45% | |
| 57 | AZNASTRAZENECA PLC | 150,000 | $11.5B | 0.44% | |
| 58 | SMMTSUMMIT THERAPEUTICS INC | 550,000 | $11.4B | 0.44% | |
| 59 | IDYAIDEAYA BIOSCIENCES INC | 400,000 | $10.9B | 0.42% | |
| 60 | TDOCTELADOC HEALTH INC | 1,400,000 | $10.8B | 0.42% | |
| 61 | PCVXVAXCYTE INC | 300,000 | $10.8B | 0.42% | |
| 62 | HELPCYBIN INC | 1,830,097 | $10.8B | 0.41% | |
| 63 | WGSGENEDX HOLDINGS CORP | 100,000 | $10.8B | 0.41% | |
| 64 | DNTHDIANTHUS THERAPEUTICS INC | 264,692 | $10.4B | 0.40% | |
| 65 | IDXXIDEXX LABS INC | 16,000 | $10.2B | 0.39% | |
| 66 | VTYXVENTYX BIOSCIENCES INC | 3,100,000 | $9.6B | 0.37% | |
| 67 | BIOABIOAGE LABS INC | 1,600,000 | $9.4B | 0.36% | |
| 68 | PLRXPLIANT THERAPEUTICS INC | 6,003,446 | $8.9B | 0.34% | |
| 69 | BHCBAUSCH HEALTH COS INC | 1,300,000 | $8.4B | 0.32% | |
| 70 | CHRSCOHERUS ONCOLOGY INC | 5,097,362 | $8.4B | 0.32% | |
| 71 | CBIOCRESCENT BIOPHARMA INC. | 679,824 | $8.1B | 0.31% | |
| 72 | ALTALTIMMUNE INC | 2,131,307 | $8.0B | 0.31% | |
| 73 | APGEAPOGEE THERAPEUTICS INC | 200,000 | $7.9B | 0.31% | |
| 74 | MRNAMODERNA INC | 305,300 | $7.9B | 0.30% | |
| 75 | BDTXBLACK DIAMOND THERAPEUTICS I | 2,070,209 | $7.8B | 0.30% | |
| 76 | HRMYHARMONY BIOSCIENCES HLDGS IN | 281,200 | $7.7B | 0.30% | |
| 77 | LLYELI LILLY & CO | 10,000 | $7.6B | 0.29% | |
| 78 | MLYSMINERALYS THERAPEUTICS INC | 200,000 | $7.6B | 0.29% | |
| 79 | BRD1EURMIND MEDICINE MINDMED INC | 600,200 | $7.1B | 0.27% | |
| 80 | EWTXEDGEWISE THERAPEUTICS INC | 431,300 | $7.0B | 0.27% | |
| 81 | VSTMVERASTEM INC | 789,810 | $7.0B | 0.27% | |
| 82 | PMVPPMV PHARMACEUTICALS, INC. | 4,785,201 | $6.7B | 0.26% | |
| 83 | BLCOBAUSCH PLUS LOMB CORP | 444,467 | $6.7B | 0.26% | |
| 84 | TORCEURADICET BIO INC | 8,223,612 | $6.7B | 0.26% | |
| 85 | CGEMCULLINAN THERAPEUTICS INC | 1,121,138 | $6.6B | 0.26% | |
| 86 | CRSPCRISPR THERAPEUTICS AG | 100,000 | $6.5B | 0.25% | |
| 87 | BEAMBEAM THERAPEUTICS INC | 255,000 | $6.2B | 0.24% | |
| 88 | GMABGENMAB A/S | 200,000 | $6.1B | 0.24% | |
| 89 | BCRXBIOCRYST PHARMACEUTICALS INC | 800,000 | $6.1B | 0.23% | |
| 90 | IBRXIMMUNITYBIO INC | 2,333,333 | $5.7B | 0.22% | |
| 91 | REGNREGENERON PHARMACEUTICALS | 10,000 | $5.6B | 0.22% | |
| 92 | PYXSPYXIS ONCOLOGY INC | 2,500,000 | $5.5B | 0.21% | |
| 93 | CYTKCYTOKINETICS INC | 100,000 | $5.5B | 0.21% | |
| 94 | BIIBBIOGEN INC | 35,000 | $4.9B | 0.19% | |
| 95 | CNTACENTESSA PHARMACEUTICALS PLC | 200,000 | $4.8B | 0.19% | |
| 96 | SNYSANOFI | 100,000 | $4.7B | 0.18% | |
| 97 | RVMDREVOLUTION MEDICINES INC | 100,000 | $4.7B | 0.18% | |
| 98 | ALMSALUMIS INC | 1,167,009 | $4.7B | 0.18% | |
| 99 | HRTXHERON THERAPEUTICS INC | 3,450,000 | $4.3B | 0.17% | |
| 100 | NUVLNUVALENT INC | 50,000 | $4.3B | 0.17% |
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