Boxer Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed February 17, 2026), Boxer Capital Management, LLC reported 32 stock positions worth $313.7 million. Its top holding was Tango Therapeutics (TNGX) at 26.2% of the portfolio, followed by Uniqure (QURE, 14.9%) and Revolution Medicines (RVMD, 6.0%). Compared with Q2 2025, it opened 15 new positions, sold out of 1, added to 2 and reduced 9. The biggest buy was a new position in PTC Therapeutics (PTCT) and the biggest sale Replimune (REPL, shares −53%).

Most Recent 13F
Q2 2026
Location
San Diego, CA
CIK
0002018299
Portfolio Value
$313.7M (Q3 2025)
SEC Filing
0002018299-26-000005 ↗ filed Feb 17, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q4 2024: $1.2B Q4 2024 Q1 2025: $332.4M Q1 2025 Q2 2025: $198.6M Q2 2025 Q3 2025: $313.7M $313.7M Q3 2025 Q4 2025: $456.8M Q4 2025 Q1 2026: $761.7M Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 32 stocks · $313.7M
TNGX Tango Therapeutics Inc. 26.17% 9,771,485 $82.1M No change
QURE Uniqure NV 14.89% 800,000 $46.7M Reduce -11.1%
RVMD Revolution Medicines Inc. 5.96% 400,000 $18.7M Reduce -49.6%
KYMR Kymera Therapeutics Inc. 5.76% 319,100 $18.1M Reduce -26.1%
KOD Kodiak Sciences Inc. 3.91% 750,000 $12.3M No change
PTCT PTC Therapeutics Inc. 3.91% 200,000 $12.3M New
AMLX Amylyx Pharmaceuticals Inc. 3.90% 900,000 $12.2M Reduce -26.5%
URGN Urogen Pharma Ltd. 3.66% 575,000 $11.5M No change
MRUS Merus NV 3.60% 120,000 $11.3M Reduce -67.1%
CYTK Cytokinetics Inc. 3.50% 200,000 $11.0M New
ABVX Abivax SA-ADR 3.25% 120,000 $10.2M New
PTGX Protagonist Therapeutics Inc. 2.33% 110,000 $7.3M Add +83.3%
NKTR Nektar Therapeutics 2.27% 125,000 $7.1M No change
CBIO Crescent Biopharma Inc. 1.72% 453,686 $5.4M No change
INO Inovio Pharmaceuticals Inc. 1.72% 2,300,000 $5.4M New
SRPT Sarepta Therapeutics Inc. 1.54% 250,000 $4.8M Add +900.0%
CDTX Cidara Therapeutics Inc. 1.47% 48,000 $4.6M Reduce -12.7%
CELC Celcuity Inc. 1.42% 90,000 $4.4M New
REPL Replimune Group Inc. 1.40% 1,050,000 $4.4M Reduce -52.5%
SLDB Solid Biosciences Inc. 1.18% 600,000 $3.7M New
DNLI Denali Therapeutics Inc. 1.16% 250,000 $3.6M New
PGEN Precigen Inc. 0.89% 850,000 $2.8M New
APGE Apogee Therapeutics Inc. 0.63% 50,000 $2.0M New
MIND MEDICINE MINDMED INC 0.61% 163,500 $1.9M New
MLTX Moonlake Immunotherapeutics 0.57% 250,000 $1.8M New
NRIX Nurix Therapeutics Inc. 0.52% 175,000 $1.6M No change
AVTX Avalo Therapeutics Inc. 0.51% 125,000 $1.6M New
MIST Milestone Pharmaceuticals Inc. 0.43% 666,666 $1.3M New
PEPG Pepgen Inc. 0.37% 250,000 $1.2M New
LBRX LB Pharmaceuticals Inc. 0.35% 70,000 $1.1M New
TIL Instil Bio Inc. 0.35% 60,700 $1.1M Reduce -14.1%
KALV Kalvista Pharmaceuticals Inc. 0.08% 20,400 $248K Reduce -78.2%
Other holdings (2): bonds, preferreds, convertibles and warrants · $55K (not counted above)
SecurityClassShares / PrincipalValueChange
NUVB.WS Nuvation Bio Inc. -CW27 *W EXP 02/10/202 266,666$54KNo change
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 66,666$1KNo change

Total filed on the 13F, all lines: $313.7M.

Portfolio Sells Q2 2025 → Q3 2025
REPL Replimune Group Inc. Reduce -52.5% 1.40% −8.94
RVMD Revolution Medicines Inc. Reduce -49.6% 5.96% −8.74
MRUS Merus NV Reduce -67.1% 3.60% −6.07
ITOS Iteos Therapeutics Inc. Sold out 0.00% −4.14
KYMR Kymera Therapeutics Inc. Reduce -26.1% 5.76% −3.74
KALV Kalvista Pharmaceuticals Inc. Reduce -78.2% 0.08% −0.45
TIL Instil Bio Inc. Reduce -14.1% 0.35% −0.40
AMLX Amylyx Pharmaceuticals Inc. Reduce -26.5% 3.90% −0.05
CDTX Cidara Therapeutics Inc. Reduce -12.7% 1.47% +0.12
QURE Uniqure NV Reduce -11.1% 14.89% +8.57

Portfolio Buys Q2 2025 → Q3 2025
PTCT PTC Therapeutics Inc. New 3.91% +3.91
CYTK Cytokinetics Inc. New 3.50% +3.50
ABVX Abivax SA-ADR New 3.25% +3.25
INO Inovio Pharmaceuticals Inc. New 1.72% +1.72
CELC Celcuity Inc. New 1.42% +1.42
SRPT Sarepta Therapeutics Inc. Add +900.0% 1.54% +1.32
SLDB Solid Biosciences Inc. New 1.18% +1.18
DNLI Denali Therapeutics Inc. New 1.16% +1.16
PGEN Precigen Inc. New 0.89% +0.89
PTGX Protagonist Therapeutics Inc. Add +83.3% 2.33% +0.66
APGE Apogee Therapeutics Inc. New 0.63% +0.63
MIND MEDICINE MINDMED INC New 0.61% +0.61
MLTX Moonlake Immunotherapeutics New 0.57% +0.57
AVTX Avalo Therapeutics Inc. New 0.51% +0.51
MIST Milestone Pharmaceuticals Inc. New 0.43% +0.43
PEPG Pepgen Inc. New 0.37% +0.37
LBRX LB Pharmaceuticals Inc. New 0.35% +0.35

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 62$1.3BTNGX, RVMD, ABVX, QURE, KOD
Q1 2026 53$761.7MTNGX, KOD, RVMD, KYMR, CELC
Q4 2025 43$456.8MTNGX, RVMD, KOD, KYMR, CELC
Q3 2025Amended 32$313.7MTNGX, QURE, RVMD, KYMR, KOD
Q2 2025Amended 18$198.6MTNGX, RVMD, REPL, MRUS, KYMR
Q1 2025Amended 26$332.4MRVMD, NUVL, MRUS, RNAM, ANAB
Q4 2024 58$1.2BRVMD, SWTX, NUVL, MRUS, RNAM