13F HOLDINGS REPORT
TANG CAPITAL MANAGEMENT LLC
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001214659-26-002015
Total Value
$2.02B
Positions
75
Other Managers
1
Confidential Omitted
No
Holdings (75)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | AURINIA PHARMACEUTICALS INC | AUPH | 11,329,500 | $180.7M | 8.93% |
| 2 | GALAPAGOS NV | GLPGF | 3,921,219 | $128.2M | 6.33% |
| 3 | PTC THERAPEUTICS INC | PTCT | 1,500,000 | $113.9M | 5.63% |
| 4 | CELCUITY INC | CELC | 1,050,000 | $104.7M | 5.17% |
| 5 | MIRUM PHARMACEUTICALS INC | MIRM | 1,236,027 | $97.6M | 4.82% |
| 6 | TARSUS PHARMACEUTICALS INC | TARS | 1,188,624 | $97.3M | 4.81% |
| 7 | KINIKSA PHARMACEUTICALS INTL | G52694109 | 2,259,889 | $93.2M | 4.60% |
| 8 | IMMUNOCORE HLDGS PLC | IMCR | 2,628,538 | $91.2M | 4.51% |
| 9 | COMPASS THERAPEUTICS INC | CMPX | 16,790,809 | $90.2M | 4.45% |
| 10 | KALVISTA PHARMACEUTICALS INC | KALV | 4,573,530 | $73.9M | 3.65% |
| 11 | AVIDITY BIOSCIENCES INC | 05370A108 | 900,000 | $64.9M | 3.21% |
| 12 | ANAPTYSBIO INC | ANABV | 1,332,087 | $64.6M | 3.19% |
| 13 | SPYRE THERAPEUTICS INC | SYRE | 1,892,200 | $62.0M | 3.06% |
| 14 | VIRIDIAN THERAPEUTICS INC | VRDN | 1,792,626 | $55.8M | 2.76% |
| 15 | CAPRICOR THERAPEUTICS INC | CAPR | 1,700,000 | $49.1M | 2.42% |
| 16 | BIONTECH SE | BNTX | 470,000 | $44.7M | 2.21% |
| 17 | ANI PHARMACEUTICALS INC | ANIP | 481,437 | $38.0M | 1.88% |
| 18 | VERTEX PHARMACEUTICALS INC | VRTX | 80,000 | $36.3M | 1.79% |
| 19 | NUVATION BIO INC | NUVB | 3,857,457 | $34.6M | 1.71% |
| 20 | TRAVERE THERAPEUTICS INC | TVTX | 700,000 | $26.7M | 1.32% |
| 21 | VENTYX BIOSCIENCES INC | 92332V107 | 2,814,000 | $25.4M | 1.26% |
| 22 | NVIDIA CORPORATION | NVDA | 127,788 | $23.8M | 1.18% |
| 23 | PRECIGEN INC | PGEN | 5,617,500 | $23.5M | 1.16% |
| 24 | SPDR S&P 500 ETF TR | SPY | 30,000 | $20.5M | 1.01% |
| 25 | MODERNA INC | MRNA | 692,820 | $20.4M | 1.01% |
| 26 | VIKING THERAPEUTICS INC | VKTX | 500,000 | $17.6M | 0.87% |
| 27 | ATEA PHARMACEUTICALS INC | AVIR | 4,814,700 | $17.2M | 0.85% |
| 28 | STOKE THERAPEUTICS INC | STOK | 500,000 | $15.9M | 0.78% |
| 29 | IDEAYA BIOSCIENCES INC | IDYA | 450,000 | $15.6M | 0.77% |
| 30 | META PLATFORMS INC | META | 23,331 | $15.4M | 0.76% |
| 31 | GSK PLC | GLAXF | 300,000 | $14.7M | 0.73% |
| 32 | JOURNEY MED CORP | DERM | 1,854,596 | $14.3M | 0.71% |
| 33 | LENZ THERAPEUTICS INC | LENZ | 865,169 | $13.8M | 0.68% |
| 34 | VAXCYTE INC | PCVX | 275,000 | $12.7M | 0.63% |
| 35 | DIANTHUS THERAPEUTICS INC | DNTH | 264,692 | $10.9M | 0.54% |
| 36 | HARMONY BIOSCIENCES HLDGS IN | HRMY | 290,292 | $10.9M | 0.54% |
| 37 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 200,000 | $10.8M | 0.53% |
| 38 | INSMED INC | INSM | 60,000 | $10.4M | 0.52% |
| 39 | CRESCENT BIOPHARMA INC. | CBIO | 872,398 | $10.3M | 0.51% |
| 40 | WAVE LIFE SCIENCES LTD | WVE | 600,000 | $10.2M | 0.50% |
| 41 | TELADOC HEALTH INC | TDOC | 1,400,000 | $9.8M | 0.48% |
| 42 | DYNAVAX TECHNOLOGIES CORP | 268158201 | 556,359 | $8.6M | 0.42% |
| 43 | EVOLUS INC | EOLS | 1,245,692 | $8.3M | 0.41% |
| 44 | VERASTEM INC | VSTM | 1,069,810 | $8.3M | 0.41% |
| 45 | UROGEN PHARMA LTD | URGN | 350,000 | $8.2M | 0.40% |
| 46 | HERON THERAPEUTICS INC | HRTX | 6,250,000 | $8.1M | 0.40% |
| 47 | ACADIA PHARMACEUTICALS INC | ACAD | 300,000 | $8.0M | 0.40% |
| 48 | ALTIMMUNE INC | ALT | 2,131,307 | $7.7M | 0.38% |
| 49 | SAREPTA THERAPEUTICS INC | SRPT | 349,220 | $7.5M | 0.37% |
| 50 | PLIANT THERAPEUTICS INC | PLRX | 6,143,132 | $7.5M | 0.37% |
| 51 | ARVINAS INC | ARVN | 569,698 | $6.8M | 0.33% |
| 52 | THERAVANCE BIOPHARMA INC | TBPH | 351,252 | $6.6M | 0.32% |
| 53 | BIOCRYST PHARMACEUTICALS INC | BCRX | 800,000 | $6.2M | 0.31% |
| 54 | PMV PHARMACEUTICALS INC | PMVP | 4,940,000 | $6.2M | 0.31% |
| 55 | REGENERON PHARMACEUTICALS | REGN | 8,000 | $6.2M | 0.31% |
| 56 | BIOGEN INC | BIIB | 35,000 | $6.2M | 0.30% |
| 57 | CORCEPT THERAPEUTICS INC | CORT | 156,764 | $5.5M | 0.27% |
| 58 | ABEONA THERAPEUTICS INC | ABEO | 1,000,000 | $5.3M | 0.26% |
| 59 | IMMUNITYBIO INC | IBRX | 2,333,333 | $4.6M | 0.23% |
| 60 | KEZAR LIFE SCIENCES INC | KZR | 664,314 | $4.2M | 0.21% |
| 61 | COHERUS ONCOLOGY INC | CHRS | 2,724,509 | $3.9M | 0.19% |
| 62 | ERASCA INC | ERAS | 900,000 | $3.3M | 0.17% |
| 63 | NKARTA INC | NKTX | 1,480,823 | $2.7M | 0.14% |
| 64 | NUVALENT INC | NUVL | 21,880 | $2.2M | 0.11% |
| 65 | ALEXANDRIA REAL ESTATE EQ IN | 015271109 | 40,000 | $2.0M | 0.10% |
| 66 | NEUMORA THERAPEUTICS INC. | NMRA | 967,235 | $1.7M | 0.09% |
| 67 | SUTRO BIOPHARMA INC | STRO | 139,617 | $1.6M | 0.08% |
| 68 | BIOHAVEN LTD | BHVN | 140,000 | $1.6M | 0.08% |
| 69 | REVOLUTION MEDICINES INC | RVMDW | 15,640 | $1.2M | 0.06% |
| 70 | FATE THERAPEUTICS INC | FATE | 1,167,773 | $1.1M | 0.06% |
| 71 | ZYMEWORKS INC | ZYME | 34,631 | $911,834 | 0.05% |
| 72 | ROCKET PHARMACEUTICALS INC | RCKTW | 100,000 | $351,000 | 0.02% |
| 73 | ADICET BIO INC | ACET | 6,158 | $51,850 | 0.00% |
| 74 | TSCAN THERAPEUTICS INC | TCRX | 46,131 | $46,131 | 0.00% |
| 75 | CASSAVA SCIENCES INC | 14817C107 | 7,073 | $14,005 | 0.00% |