AIGH Capital Management LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), AIGH Capital Management LLC reported 31 stock positions worth $338.3 million . Its top holding was Sandisk (SNDK) at 19.6% of the portfolio, followed by Castle Biosciences (CSTL, 7.2% ) and Personalis (PSNL, 6.8% ). Compared with Q3 2025, it opened 7 new positions, sold out of 10, added to 12 and reduced 8. The biggest buy was a new position in Vanda Pharmaceuticals (VNDA) and the biggest sale an exit from Maxlinear (MXL).
Location BALTIMORE, MD
CIK 0001835943
Portfolio Value $338.3M (Q4 2025) Holdings 31 stocks · $338.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 SNDK Sandisk Corp. 280,000 $66.5M No change CSTL Castle Biosciences Inc. 624,719 $24.3M Reduce -11.7% PSNL Personalis Inc. 2,900,000 $23.1M Reduce -25.5% LASR Nlight Inc. 600,103 $22.5M No change DAWN Day One Biopharmaceuticals I 1,992,021 $18.6M Add +31.0% VNDA Vanda Pharmaceuticals Inc. 1,998,431 $17.6M New BKTI BK Technologies Corp. 211,453 $15.8M Add +113.6% HUCK Huckleberry AI Inc. filed as DOMO INC 1,837,762 $15.5M Add +37.0% ESPR Esperion Therapeutics Inc. 4,000,000 $14.8M Add +33.3% KYTX Kyverna Therapeutics Inc. 1,500,000 $14.1M New FENC Fennec Pharmaceuticals Inc. 1,581,501 $12.2M Add +132.1% LPTH Lightpath Technologies Inc. Class A 1,030,738 $11.1M Add +14.5% ABEO Abeona Therapeutics Inc. 2,000,000 $10.5M New IDN Intellicheck Inc. 1,213,434 $8.1M New LRMR Larimar Therapeutics Inc. 2,000,000 $7.6M Add +100.0% ARQ Arq Inc. 2,273,092 $7.4M Reduce -11.9% ARDX Ardelyx Inc. 1,150,000 $6.7M Add +479.4% BYRN Byrna Technologies Inc. 394,906 $6.6M New PYPD Polypid Ltd. 1,342,972 $5.8M Add +26.1% COYA Coya Therapeutics Inc. 975,404 $5.7M Reduce -11.8% TLPH Talphera Inc. 4,661,502 $5.3M Add +4.7% APYX Apyx Medical Corp. 1,104,970 $3.9M New RNXT Renovorx Inc. 2,833,894 $3.7M Add +8.4% GRCE Grace Therapeutics Inc. 907,217 $3.1M No change ELUT Elutia Inc. 3,068,185 $2.1M Reduce -3.1% NRXS Neuraxis Inc. 400,000 $1.8M No change IPWR Ideal Power Inc. 491,989 $1.5M Reduce -4.1% SMTK Smartkem Inc. 675,000 $719K Add +58.7% QNRX Quoin Pharmaceuticals LT-ADR 49,323 $712K New BFRI Biofrontera Inc. 915,210 $522K Reduce -12.5% APRE Aprea Therapeutics Inc. 370,541 $316K Reduce -31.3%
Options reported separately and not counted above: ZOOM COMMUNICATIONS INC calls ($60.4M), KEMPHARM INC calls ($9.0M), SEAGATE TECHNOLOGY HLDNGS PL calls ($5.5M).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ MXL Maxlinear Inc. Sold out 0.00% −6.24 LUMN Lumen Technologies Inc. Sold out 0.00% −5.46 ARQ Arq Inc. Reduce -11.9% 2.20% −4.27 ZVRA Zevra Therapeutics Inc. Sold out 0.00% −4.10 APPS Digital Turbine Inc. Sold out 0.00% −3.41 VPG Vishay Precision Group Sold out 0.00% −2.81 PSNL Personalis Inc. Reduce -25.5% 6.82% −2.06 VELO VELO3D Inc. Sold out 0.00% −1.85 PHAT Phathom Pharmaceuticals Inc. Sold out 0.00% −1.77 AMBA Ambarella Inc. Sold out 0.00% −1.44 VUZI Vuzix Corp. Sold out 0.00% −0.98 COYA Coya Therapeutics Inc. Reduce -11.8% 1.67% −0.53 IPWR Ideal Power Inc. Reduce -4.1% 0.45% −0.45 ELVA Electrovaya Inc. Sold out 0.00% −0.40 ELUT Elutia Inc. Reduce -3.1% 0.63% −0.36 BFRI Biofrontera Inc. Reduce -12.5% 0.15% −0.21 APRE Aprea Therapeutics Inc. Reduce -31.3% 0.09% −0.19 CSTL Castle Biosciences Inc. Reduce -11.7% 7.18% +1.54
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ VNDA Vanda Pharmaceuticals Inc. New 5.21% +5.21 KYTX Kyverna Therapeutics Inc. New 4.17% +4.17 ABEO Abeona Therapeutics Inc. New 3.12% +3.12 IDN Intellicheck Inc. New 2.40% +2.40 BYRN Byrna Technologies Inc. New 1.96% +1.96 DAWN Day One Biopharmaceuticals I Add +31.0% 5.49% +1.73 BKTI BK Technologies Corp. Add +113.6% 4.66% +1.73 ARDX Ardelyx Inc. Add +479.4% 1.98% +1.60 ESPR Esperion Therapeutics Inc. Add +33.3% 4.38% +1.59 FENC Fennec Pharmaceuticals Inc. Add +132.1% 3.60% +1.37 APYX Apyx Medical Corp. New 1.14% +1.14 LRMR Larimar Therapeutics Inc. Add +100.0% 2.25% +1.12 LPTH Lightpath Technologies Inc. Class A Add +14.5% 3.29% +0.79 PYPD Polypid Ltd. Add +26.1% 1.72% +0.48 QNRX Quoin Pharmaceuticals LT-ADR New 0.21% +0.21 TLPH Talphera Inc. Add +4.7% 1.57% +0.18 SMTK Smartkem Inc. Add +58.7% 0.21% −0.04 RNXT Renovorx Inc. Add +8.4% 1.09% −0.08 HUCK Huckleberry AI Inc. Add +37.0% 4.58% −2.86
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ ZOOM COMMUNICATIONS INC call New 700,000 $60.4M GLW Corning Inc. call Sold out 3,829,453 $12.3Mbefore exit MBLY Mobileye Global Inc. Class A call Sold out 4,423,008 $11.3Mbefore exit KEMPHARM INC call New 1,000,000 $9.0M ZVRA Zevra Therapeutics Inc. call Sold out 3,221,110 $7.7Mbefore exit SEAGATE TECHNOLOGY HLDNGS PL call Reduce -99.8% 20,000 $5.5M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 42 $1.1B SNDK, MXL, INTC, APPS, SIMO Q1 2026 40 $488.3M SNDK, TYGO, SIMO, ZBRA, LASR Q4 2025 31 $338.3M SNDK, CSTL, PSNL, LASR, DAWN Q3 2025 34 $285.6M SNDK, PSNL, HUCK, ARQ, MXL Q2 2025 34 $213.1M PSNL, HUCK, SCPH, ARQ, VPG Q1 2025 38 $192.7M VSTM, MYO, PSNL, ARQ, SCPH Q4 2024 36 $265.7M PSNL, MYO, ARQ, DCTH, MRVL Q3 2024 37 $213.6M PSNL, SCPH, ARQ, DCTH, APPS Q2 2024 35 $204.9M SIMO, INFN, DCTH, SCPH, ARQ Q1 2024 39 $207.3M SCPH, OUST, ELVA, CLRB, DCTH