13F HOLDINGS REPORT
TANG CAPITAL MANAGEMENT LLC
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001214659-25-016677
Total Value
$2.60B
Positions
194
Other Managers
1
Confidential Omitted
No
Holdings (194)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | TARSUS PHARMACEUTICALS INC | TARS | 2,454,797 | $145.9M | 5.62% |
| 2 | GALAPAGOS NV | GLPGF | 4,151,194 | $143.8M | 5.54% |
| 3 | AURINIA PHARMACEUTICALS INC | AUPH | 11,329,500 | $125.2M | 4.82% |
| 4 | PTC THERAPEUTICS INC | PTCT | 1,500,000 | $92.1M | 3.54% |
| 5 | MIRUM PHARMACEUTICALS INC | MIRM | 1,236,027 | $90.6M | 3.49% |
| 6 | KINIKSA PHARMACEUTICALS INTL | G52694109 | 2,328,609 | $90.4M | 3.48% |
| 7 | IMMUNOCORE HLDGS PLC | IMCR | 2,305,608 | $83.8M | 3.22% |
| 8 | KALVISTA PHARMACEUTICALS INC | KALV | 5,041,798 | $61.4M | 2.36% |
| 9 | VIRIDIAN THERAPEUTICS INC | VRDN | 2,842,925 | $61.4M | 2.36% |
| 10 | COMPASS THERAPEUTICS INC | CMPX | 16,811,963 | $58.8M | 2.27% |
| 11 | CELCUITY INC | CELC | 1,150,000 | $56.8M | 2.19% |
| 12 | MERUS N V | N5749R100 | 600,000 | $56.5M | 2.17% |
| 13 | SPYRE THERAPEUTICS INC | SYRE | 3,200,000 | $53.6M | 2.06% |
| 14 | RELAY THERAPEUTICS INC | RLAY | 8,068,058 | $42.1M | 1.62% |
| 15 | LENZ THERAPEUTICS INC | LENZ | 897,616 | $41.8M | 1.61% |
| 16 | ANAPTYSBIO INC | ANABV | 1,333,639 | $40.8M | 1.57% |
| 17 | PRECIGEN INC | PGEN | 12,400,000 | $40.8M | 1.57% |
| 18 | VERA THERAPEUTICS INC CL A | VERA | 1,350,000 | $39.2M | 1.51% |
| 19 | NIKE INC | NKE | 519,399 | $36.2M | 1.39% |
| 20 | IONIS PHARMACEUTICALS INC | IONS | 550,000 | $36.0M | 1.39% |
| 21 | CYTOMX THERAPEUTICS INC | CTMX | 11,065,662 | $35.3M | 1.36% |
| 22 | EVOLUS INC | EOLS | 5,488,299 | $33.7M | 1.30% |
| 23 | AVADEL PHARMACEUTICALS PLC | G29687103 | 2,097,500 | $32.0M | 1.23% |
| 24 | ACADIA PHARMACEUTICALS INC | ACAD | 1,500,000 | $32.0M | 1.23% |
| 25 | VERTEX PHARMACEUTICALS INC | VRTX | 80,000 | $31.3M | 1.21% |
| 26 | ANI PHARMACEUTICALS INC | ANIP | 317,500 | $29.1M | 1.12% |
| 27 | INSMED INC | INSM | 200,000 | $28.8M | 1.11% |
| 28 | LEGEND BIOTECH CORP | LEGN | 830,000 | $27.1M | 1.04% |
| 29 | BIONTECH SE | BNTX | 270,000 | $26.6M | 1.02% |
| 30 | LIQUIDIA CORPORATION | LQDA | 1,143,759 | $26.0M | 1.00% |
| 31 | JAZZ PHARMACEUTICALS PLC | JAZZ | 190,000 | $25.0M | 0.96% |
| 32 | NVIDIA CORPORATION | NVDA | 130,509 | $24.4M | 0.94% |
| 33 | VIKING THERAPEUTICS INC | VKTX | 870,000 | $22.9M | 0.88% |
| 34 | KEROS THERAPEUTICS INC | KROS | 1,418,984 | $22.4M | 0.86% |
| 35 | NEUROCRINE BIOSCIENCES INC | NBIX | 150,000 | $21.1M | 0.81% |
| 36 | UROGEN PHARMA LTD | URGN | 1,000,000 | $19.9M | 0.77% |
| 37 | DYNAVAX TECHNOLOGIES CORP | 268158201 | 1,949,500 | $19.4M | 0.75% |
| 38 | META PLATFORMS INC | META | 26,008 | $19.1M | 0.74% |
| 39 | ZYMEWORKS INC | ZYME | 1,100,000 | $18.8M | 0.72% |
| 40 | GSK PLC | GLAXF | 400,000 | $17.3M | 0.66% |
| 41 | JANUX THERAPEUTICS INC | JANX | 700,000 | $17.1M | 0.66% |
| 42 | TRAVERE THERAPEUTICS INC | TVTX | 700,000 | $16.7M | 0.64% |
| 43 | NUVATION BIO INC | NUVB | 4,200,000 | $15.5M | 0.60% |
| 44 | ADMA BIOLOGICS INC | ADMA | 1,050,000 | $15.4M | 0.59% |
| 45 | NKARTA INC | NKTX | 7,055,576 | $14.6M | 0.56% |
| 46 | REPLIMUNE GROUP INC | REPL | 3,400,000 | $14.2M | 0.55% |
| 47 | ATEA PHARMACEUTICALS INC | AVIR | 4,826,200 | $14.0M | 0.54% |
| 48 | DESIGN THERAPEUTICS INC | DSGN | 1,780,975 | $13.4M | 0.52% |
| 49 | JOURNEY MED CORP | DERM | 1,854,596 | $13.2M | 0.51% |
| 50 | ABCELLERA BIOLOGICS INC | ABCL | 2,600,000 | $13.1M | 0.50% |
| 51 | COMPASS PATHWAYS PLC | CMPS | 2,200,000 | $12.6M | 0.49% |
| 52 | ALIBABA GROUP HOLDING LTD ADR | BBAAY | 70,000 | $12.5M | 0.48% |
| 53 | ARVINAS INC | ARVN | 1,393,800 | $11.9M | 0.46% |
| 54 | STOKE THERAPEUTICS INC | STOK | 500,000 | $11.8M | 0.45% |
| 55 | VANDA PHARMACEUTICALS INC | VNDA | 2,353,307 | $11.7M | 0.45% |
| 56 | SAREPTA THERAPEUTICS INC | SRPT | 600,000 | $11.6M | 0.45% |
| 57 | ASTRAZENECA PLC | AZN | 150,000 | $11.5M | 0.44% |
| 58 | SUMMIT THERAPEUTICS INC | SMMT | 550,000 | $11.4M | 0.44% |
| 59 | IDEAYA BIOSCIENCES INC | IDYA | 400,000 | $10.9M | 0.42% |
| 60 | TELADOC HEALTH INC | TDOC | 1,400,000 | $10.8M | 0.42% |
| 61 | VAXCYTE INC | PCVX | 300,000 | $10.8M | 0.42% |
| 62 | CYBIN INC | HELP | 1,830,097 | $10.8M | 0.41% |
| 63 | GENEDX HOLDINGS CORP | WGSWW | 100,000 | $10.8M | 0.41% |
| 64 | DIANTHUS THERAPEUTICS INC | DNTH | 264,692 | $10.4M | 0.40% |
| 65 | IDEXX LABS INC | 45168D104 | 16,000 | $10.2M | 0.39% |
| 66 | VENTYX BIOSCIENCES INC | 92332V107 | 3,100,000 | $9.6M | 0.37% |
| 67 | BIOAGE LABS INC | BIOA | 1,600,000 | $9.4M | 0.36% |
| 68 | PLIANT THERAPEUTICS INC | PLRX | 6,003,446 | $8.9M | 0.34% |
| 69 | BAUSCH HEALTH COS INC | 071734107 | 1,300,000 | $8.4M | 0.32% |
| 70 | COHERUS ONCOLOGY INC | CHRS | 5,097,362 | $8.4M | 0.32% |
| 71 | CRESCENT BIOPHARMA INC. | CBIO | 679,824 | $8.1M | 0.31% |
| 72 | ALTIMMUNE INC | ALT | 2,131,307 | $8.0M | 0.31% |
| 73 | APOGEE THERAPEUTICS INC | APGE | 200,000 | $7.9M | 0.31% |
| 74 | MODERNA INC | MRNA | 305,300 | $7.9M | 0.30% |
| 75 | BLACK DIAMOND THERAPEUTICS I | BDTX | 2,070,209 | $7.8M | 0.30% |
| 76 | HARMONY BIOSCIENCES HLDGS IN | HRMY | 281,200 | $7.7M | 0.30% |
| 77 | ELI LILLY & CO | LLY | 10,000 | $7.6M | 0.29% |
| 78 | MINERALYS THERAPEUTICS INC | MLYS | 200,000 | $7.6M | 0.29% |
| 79 | MIND MEDICINE MINDMED INC | 60255C885 | 600,200 | $7.1M | 0.27% |
| 80 | EDGEWISE THERAPEUTICS INC | EWTX | 431,300 | $7.0M | 0.27% |
| 81 | VERASTEM INC | VSTM | 789,810 | $7.0M | 0.27% |
| 82 | PMV PHARMACEUTICALS, INC. | PMVP | 4,785,201 | $6.7M | 0.26% |
| 83 | BAUSCH PLUS LOMB CORP | 071705107 | 444,467 | $6.7M | 0.26% |
| 84 | ADICET BIO INC | ACET | 8,223,612 | $6.7M | 0.26% |
| 85 | CULLINAN THERAPEUTICS INC | CGEM | 1,121,138 | $6.6M | 0.26% |
| 86 | CRISPR THERAPEUTICS AG | CRSP | 100,000 | $6.5M | 0.25% |
| 87 | BEAM THERAPEUTICS INC | BEAM | 255,000 | $6.2M | 0.24% |
| 88 | GENMAB A/S | GNMSF | 200,000 | $6.1M | 0.24% |
| 89 | BIOCRYST PHARMACEUTICALS INC | BCRX | 800,000 | $6.1M | 0.23% |
| 90 | IMMUNITYBIO INC | IBRX | 2,333,333 | $5.7M | 0.22% |
| 91 | REGENERON PHARMACEUTICALS | REGN | 10,000 | $5.6M | 0.22% |
| 92 | PYXIS ONCOLOGY INC | PYXS | 2,500,000 | $5.5M | 0.21% |
| 93 | CYTOKINETICS INC | CYTK | 100,000 | $5.5M | 0.21% |
| 94 | BIOGEN INC | BIIB | 35,000 | $4.9M | 0.19% |
| 95 | CENTESSA PHARMACEUTICALS PLC | CNTA | 200,000 | $4.8M | 0.19% |
| 96 | SANOFI | SNYNF | 100,000 | $4.7M | 0.18% |
| 97 | REVOLUTION MEDICINES INC | RVMDW | 100,000 | $4.7M | 0.18% |
| 98 | ALUMIS INC | ALMS | 1,167,009 | $4.7M | 0.18% |
| 99 | HERON THERAPEUTICS INC | HRTX | 3,450,000 | $4.3M | 0.17% |
| 100 | NUVALENT INC | NUVL | 50,000 | $4.3M | 0.17% |
| 101 | THERAVANCE BIOPHARMA INC | TBPH | 264,308 | $3.9M | 0.15% |
| 102 | TG THERAPEUTICS INC | TGTX | 100,000 | $3.6M | 0.14% |
| 103 | PRECISION BIOSCIENCES INC | DTIL | 653,649 | $3.6M | 0.14% |
| 104 | CG ONCOLOGY INC | CGON | 87,500 | $3.5M | 0.14% |
| 105 | SOLENO THERAPEUTICS INC | SLNO | 50,000 | $3.4M | 0.13% |
| 106 | ALEXANDRIA REAL ESTATE EQ IN | 015271109 | 40,000 | $3.3M | 0.13% |
| 107 | ERASCA INC | ERAS | 1,502,915 | $3.3M | 0.13% |
| 108 | FENNEC PHARMACEUTICALS INC | FENC | 334,593 | $3.1M | 0.12% |
| 109 | SYNDAX PHARMACEUTICALS INC | SNDX | 200,000 | $3.1M | 0.12% |
| 110 | TAYSHA GENE THERAPIES INC | TSHA | 900,000 | $2.9M | 0.11% |
| 111 | SEER INC | SEER | 1,344,423 | $2.9M | 0.11% |
| 112 | TECTONIC THERAPEUTIC INC | TECX | 179,166 | $2.8M | 0.11% |
| 113 | KEZAR LIFE SCIENCES INC | KZR | 720,000 | $2.8M | 0.11% |
| 114 | ROCKET PHARMACEUTICALS INC | RCKTW | 850,000 | $2.8M | 0.11% |
| 115 | LANTHEUS HLDGS INC | LNTH | 50,000 | $2.6M | 0.10% |
| 116 | NEUMORA THERAPEUTICS INC | NMRA | 1,400,000 | $2.5M | 0.10% |
| 117 | SUTRO BIOPHARMA INC | STRO | 2,828,717 | $2.5M | 0.09% |
| 118 | VOR BIOPHARMA INC | VOR | 50,000 | $2.4M | 0.09% |
| 119 | KALARIS THERAPEUTICS, INC | KLRS | 418,241 | $2.4M | 0.09% |
| 120 | METTLER-TOLEDO INTERNATIONAL | MTD | 1,969 | $2.4M | 0.09% |
| 121 | FATE THERAPEUTICS INC | FATE | 1,867,773 | $2.4M | 0.09% |
| 122 | ZENTALIS PHARMACEUTICALS INC | ZNTL | 1,550,000 | $2.3M | 0.09% |
| 123 | INTEL CORP | INTC | 66,216 | $2.2M | 0.09% |
| 124 | GOSSAMER BIO INC | GOSS | 800,000 | $2.1M | 0.08% |
| 125 | BIOHAVEN LTD | BHVN | 140,000 | $2.1M | 0.08% |
| 126 | OPTIMIZERX CORP | OPRX | 100,000 | $2.0M | 0.08% |
| 127 | CLIMB BIO INC | CLYM | 1,000,000 | $2.0M | 0.08% |
| 128 | C4 THERAPEUTICS INC | CCCC | 900,000 | $2.0M | 0.08% |
| 129 | JPMORGAN CHASE & CO. | VYLD | 6,312 | $2.0M | 0.08% |
| 130 | MICROSOFT CORP | MSFT | 3,546 | $1.8M | 0.07% |
| 131 | WALMART INC | WMT | 17,242 | $1.8M | 0.07% |
| 132 | JOHNSON & JOHNSON | JNJ | 9,472 | $1.8M | 0.07% |
| 133 | VISA INC | V | 4,869 | $1.7M | 0.06% |
| 134 | DISNEY WALT CO | 254687106 | 14,493 | $1.7M | 0.06% |
| 135 | KODIAK SCIENCES INC | KOD | 100,000 | $1.6M | 0.06% |
| 136 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 3,250 | $1.6M | 0.06% |
| 137 | COGNITION THERAPEUTICS INC | CGTX | 1,200,000 | $1.6M | 0.06% |
| 138 | CORBUS PHARMACEUTICALS HLDGS | CRBP | 127,520 | $1.6M | 0.06% |
| 139 | VERIZON COMMUNICATIONS INC | VZ | 36,266 | $1.6M | 0.06% |
| 140 | ENANTA PHARMACEUTICALS INC | ENTA | 126,655 | $1.5M | 0.06% |
| 141 | COCA COLA CO | KO | 22,712 | $1.5M | 0.06% |
| 142 | HOME DEPOT INC | HD | 3,646 | $1.5M | 0.06% |
| 143 | CAREDX INC | CDNA | 100,000 | $1.5M | 0.06% |
| 144 | EXXON MOBIL CORP | XOM | 12,651 | $1.4M | 0.05% |
| 145 | PROCTER AND GAMBLE CO | 742718109 | 8,952 | $1.4M | 0.05% |
| 146 | TEXAS INSTRS INC | 882508104 | 7,415 | $1.4M | 0.05% |
| 147 | AMYLYX PHARMACEUTICALS INC | AMLX | 100,000 | $1.4M | 0.05% |
| 148 | PFIZER INC | PFE | 53,039 | $1.4M | 0.05% |
| 149 | VIATRIS INC | VTRS | 128,359 | $1.3M | 0.05% |
| 150 | IOVANCE BIOTHERAPEUTICS INC | IOVA | 543,760 | $1.2M | 0.05% |
| 151 | PAYPAL HLDGS INC | PYPL | 17,323 | $1.2M | 0.04% |
| 152 | TSCAN THERAPEUTICS INC | TCRX | 600,000 | $1.1M | 0.04% |
| 153 | PUMA BIOTECHNOLOGY INC | PBYI | 200,000 | $1.1M | 0.04% |
| 154 | AMERICAN ASSETS TR INC | AAT | 50,000 | $1.0M | 0.04% |
| 155 | BIOATLA INC | BCAB | 1,374,076 | $945,227 | 0.04% |
| 156 | UNITEDHEALTH GROUP INC | UNH | 2,721 | $939,510 | 0.04% |
| 157 | GE AEROSPACE | 369604301 | 2,994 | $900,800 | 0.03% |
| 158 | KURA ONCOLOGY INC | KURA | 100,000 | $885,000 | 0.03% |
| 159 | GE VERNOVA INC | GEV | 1,378 | $847,405 | 0.03% |
| 160 | FORTREA HLDGS INC | FTRE | 100,000 | $842,000 | 0.03% |
| 161 | NETFLIX INC | NFLX | 683 | $819,329 | 0.03% |
| 162 | ULTA BEAUTY INC | ULTA | 1,384 | $756,499 | 0.03% |
| 163 | ASTRIA THERAPEUTICS INC | 04635X102 | 100,000 | $728,000 | 0.03% |
| 164 | BOEING CO | BA-PA | 3,225 | $696,076 | 0.03% |
| 165 | AMERICAN EXPRESS CO | AXP | 1,931 | $641,268 | 0.02% |
| 166 | UNITED AIRLS HLDGS INC | UNTCW | 6,296 | $607,596 | 0.02% |
| 167 | PASSAGE BIO INC | PASG | 75,000 | $602,250 | 0.02% |
| 168 | ALLSTATE CORP | ALL-PJ | 2,700 | $579,611 | 0.02% |
| 169 | HEWLETT PACKARD ENTERPRISE C | HPE-PC | 23,563 | $578,700 | 0.02% |
| 170 | AMAZON COM INC | AMZN | 2,583 | $567,132 | 0.02% |
| 171 | T-MOBILE US INC | TMUSZ | 2,285 | $546,893 | 0.02% |
| 172 | STANDARD BIOTOOLS INC | LAB | 407,755 | $530,082 | 0.02% |
| 173 | MCDONALDS CORP | MCD | 1,710 | $519,521 | 0.02% |
| 174 | FORD MTR CO | 345370860 | 43,381 | $518,833 | 0.02% |
| 175 | SEALED AIR CORP NEW | SE | 14,274 | $504,584 | 0.02% |
| 176 | SHERWIN WILLIAMS CO | SHW | 1,398 | $484,207 | 0.02% |
| 177 | ATYR PHARMA INC | ATYR | 671,134 | $484,156 | 0.02% |
| 178 | OMNIAB INC | OABIW | 300,000 | $480,000 | 0.02% |
| 179 | CHEVRON CORP NEW | CVX | 3,023 | $469,431 | 0.02% |
| 180 | PAYCHEX INC | PAYX | 3,542 | $448,972 | 0.02% |
| 181 | CENTURY THERAPEUTICS INC | IPSC | 900,000 | $448,200 | 0.02% |
| 182 | INVIVYD INC | IVVD | 400,000 | $440,000 | 0.02% |
| 183 | HORMEL FOODS CORP | HRL | 16,181 | $400,323 | 0.02% |
| 184 | FEDEX CORP | FDX | 1,693 | $399,339 | 0.02% |
| 185 | CLOROX CO DEL | CLX | 3,052 | $376,254 | 0.01% |
| 186 | MACROGENICS INC | MGNX | 218,856 | $367,678 | 0.01% |
| 187 | BOLT BIOTHERAPEUTICS INC | BOLT | 66,879 | $355,796 | 0.01% |
| 188 | GH RESEARCH PLC | GHRS | 24,030 | $343,629 | 0.01% |
| 189 | WHIRLPOOL CORP | WHR-PA | 4,335 | $340,722 | 0.01% |
| 190 | ONKURE THERAPEUTICS INC | OKUR | 116,395 | $320,086 | 0.01% |
| 191 | ATHIRA PHARMA INC | 04746L203 | 59,998 | $248,392 | 0.01% |
| 192 | METAGENOMI INC | MGX | 28,008 | $66,379 | 0.00% |
| 193 | PACIFIC BIOSCIENCES CALIF IN | 69404D108 | 25,000 | $32,000 | 0.00% |
| 194 | CASSAVA SCIENCES INC COMMON STOCK | 14817C107 | 7,073 | $20,582 | 0.00% |