TANG CAPITAL MANAGEMENT LLC Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$2.0B
Holdings
75
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (75 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | AUPHAURINIA PHARMACEUTICALS INC | 11,329,500 | $180.7M | 8.93% | |
| 2 | GLPGGALAPAGOS NV | 3,921,219 | $128.2M | 6.33% | |
| 3 | PTCTPTC THERAPEUTICS INC | 1,500,000 | $113.9M | 5.63% | |
| 4 | CELCCELCUITY INC | 1,050,000 | $104.7M | 5.17% | |
| 5 | MIRMMIRUM PHARMACEUTICALS INC | 1,236,027 | $97.6M | 4.82% | |
| 6 | TARSTARSUS PHARMACEUTICALS INC | 1,188,624 | $97.3M | 4.81% | |
| 7 | KNSAKINIKSA PHARMACEUTICALS INTL | 2,259,889 | $93.2M | 4.60% | |
| 8 | IMCRIMMUNOCORE HLDGS PLC | 2,628,538 | $91.2M | 4.51% | |
| 9 | CMPXCOMPASS THERAPEUTICS INC | 16,790,809 | $90.2M | 4.45% | |
| 10 | KALVKALVISTA PHARMACEUTICALS INC | 4,573,530 | $73.9M | 3.65% | |
| 11 | RNAAVIDITY BIOSCIENCES INC | 900,000 | $64.9M | 3.21% | |
| 12 | ANABANAPTYSBIO INC | 1,332,087 | $64.6M | 3.19% | |
| 13 | SYRESPYRE THERAPEUTICS INC | 1,892,200 | $62.0M | 3.06% | |
| 14 | VRDNVIRIDIAN THERAPEUTICS INC | 1,792,626 | $55.8M | 2.76% | |
| 15 | CAPRCAPRICOR THERAPEUTICS INC | 1,700,000 | $49.1M | 2.42% | |
| 16 | BNTXBIONTECH SE | 470,000 | $44.7M | 2.21% | |
| 17 | BSFAANI PHARMACEUTICALS INC | 481,437 | $38.0M | 1.88% | |
| 18 | VRTXVERTEX PHARMACEUTICALS INC | 80,000 | $36.3M | 1.79% | |
| 19 | NUVBNUVATION BIO INC | 3,857,457 | $34.6M | 1.71% | |
| 20 | TVTXTRAVERE THERAPEUTICS INC | 700,000 | $26.7M | 1.32% | |
| 21 | VTYXVENTYX BIOSCIENCES INC | 2,814,000 | $25.4M | 1.26% | |
| 22 | NVDANVIDIA CORPORATION | 127,788 | $23.8M | 1.18% | |
| 23 | PGENPRECIGEN INC | 5,617,500 | $23.5M | 1.16% | |
| 24 | SPYSPDR S&P 500 ETF TR | 30,000 | $20.5M | 1.01% | |
| 25 | MRNAMODERNA INC | 692,820 | $20.4M | 1.01% | |
| 26 | VKTXVIKING THERAPEUTICS INC | 500,000 | $17.6M | 0.87% | |
| 27 | AVIRATEA PHARMACEUTICALS INC | 4,814,700 | $17.2M | 0.85% | |
| 28 | STOKSTOKE THERAPEUTICS INC | 500,000 | $15.9M | 0.78% | |
| 29 | IDYAIDEAYA BIOSCIENCES INC | 450,000 | $15.6M | 0.77% | |
| 30 | METAMETA PLATFORMS INC | 23,331 | $15.4M | 0.76% | |
| 31 | GSKGSK PLC | 300,000 | $14.7M | 0.73% | |
| 32 | DERMJOURNEY MED CORP | 1,854,596 | $14.3M | 0.71% | |
| 33 | LENZLENZ THERAPEUTICS INC | 865,169 | $13.8M | 0.68% | |
| 34 | PCVXVAXCYTE INC | 275,000 | $12.7M | 0.63% | |
| 35 | DNTHDIANTHUS THERAPEUTICS INC | 264,692 | $10.9M | 0.54% | |
| 36 | HRMYHARMONY BIOSCIENCES HLDGS IN | 290,292 | $10.9M | 0.54% | |
| 37 | BMYBRISTOL-MYERS SQUIBB CO | 200,000 | $10.8M | 0.53% | |
| 38 | IM8NINSMED INC | 60,000 | $10.4M | 0.52% | |
| 39 | CBIOCRESCENT BIOPHARMA INC. | 872,398 | $10.3M | 0.51% | |
| 40 | WVEWAVE LIFE SCIENCES LTD | 600,000 | $10.2M | 0.50% | |
| 41 | TDOCTELADOC HEALTH INC | 1,400,000 | $9.8M | 0.48% | |
| 42 | DVAXDYNAVAX TECHNOLOGIES CORP | 556,359 | $8.6M | 0.42% | |
| 43 | EOLSEVOLUS INC | 1,245,692 | $8.3M | 0.41% | |
| 44 | VSTMVERASTEM INC | 1,069,810 | $8.3M | 0.41% | |
| 45 | URGNUROGEN PHARMA LTD | 350,000 | $8.2M | 0.40% | |
| 46 | HRTXHERON THERAPEUTICS INC | 6,250,000 | $8.1M | 0.40% | |
| 47 | ACADACADIA PHARMACEUTICALS INC | 300,000 | $8.0M | 0.40% | |
| 48 | ALTALTIMMUNE INC | 2,131,307 | $7.7M | 0.38% | |
| 49 | SRPTSAREPTA THERAPEUTICS INC | 349,220 | $7.5M | 0.37% | |
| 50 | PLRXPLIANT THERAPEUTICS INC | 6,143,132 | $7.5M | 0.37% | |
| 51 | ARVNARVINAS INC | 569,698 | $6.8M | 0.33% | |
| 52 | TBPHTHERAVANCE BIOPHARMA INC | 351,252 | $6.6M | 0.32% | |
| 53 | BCRXBIOCRYST PHARMACEUTICALS INC | 800,000 | $6.2M | 0.31% | |
| 54 | PMVPPMV PHARMACEUTICALS INC | 4,940,000 | $6.2M | 0.31% | |
| 55 | REGNREGENERON PHARMACEUTICALS | 8,000 | $6.2M | 0.30% | |
| 56 | BIIBBIOGEN INC | 35,000 | $6.2M | 0.30% | |
| 57 | HTDCORCEPT THERAPEUTICS INC | 156,764 | $5.5M | 0.27% | |
| 58 | ABEOABEONA THERAPEUTICS INC | 1,000,000 | $5.3M | 0.26% | |
| 59 | IBRXIMMUNITYBIO INC | 2,333,333 | $4.6M | 0.23% | |
| 60 | KZRKEZAR LIFE SCIENCES INC | 664,314 | $4.2M | 0.21% | |
| 61 | CHRSCOHERUS ONCOLOGY INC | 2,724,509 | $3.9M | 0.19% | |
| 62 | ERASERASCA INC | 900,000 | $3.3M | 0.17% | |
| 63 | NKTXNKARTA INC | 1,480,823 | $2.7M | 0.14% | |
| 64 | NUVLNUVALENT INC | 21,880 | $2.2M | 0.11% | |
| 65 | AREALEXANDRIA REAL ESTATE EQ IN | 40,000 | $2.0M | 0.10% | |
| 66 | NMRANEUMORA THERAPEUTICS INC. | 967,235 | $1.7M | 0.09% | |
| 67 | STROSUTRO BIOPHARMA INC | 139,617 | $1.6M | 0.08% | |
| 68 | BHVNBIOHAVEN LTD | 140,000 | $1.6M | 0.08% | |
| 69 | RVMDREVOLUTION MEDICINES INC | 15,640 | $1.2M | 0.06% | |
| 70 | FATEFATE THERAPEUTICS INC | 1,167,773 | $1.1M | 0.06% | |
| 71 | ZYMEZYMEWORKS INC | 34,631 | $911K | 0.05% | |
| 72 | RCKTROCKET PHARMACEUTICALS INC | 100,000 | $351K | 0.02% | |
| 73 | ACETADICET BIO INC | 6,158 | $51K | 0.00% | |
| 74 | TCRXTSCAN THERAPEUTICS INC | 46,131 | $46K | 0.00% | |
| 75 | SAVACASSAVA SCIENCES INC | 7,073 | $14K | 0.00% |