Boxer Capital Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Boxer Capital Management, LLC reported 43 stock positions worth $456.8 million. Its top holding was Tango Therapeutics (TNGX) at 21.1% of the portfolio, followed by Revolution Medicines (RVMD, 7.0%) and Kodiak Sciences (KOD, 7.0%). Compared with Q3 2025, it opened 15 new positions, sold out of 4, added to 14 and reduced 8. The biggest buy was Celcuity (CELC, shares +150%) and the biggest sale Uniqure (QURE, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- San Diego, CA
- CIK
- 0002018299
- Portfolio Value
- $456.8M (Q4 2025)
- SEC Filing
- 0002018299-26-000006 ↗ filed Feb 17, 2026
Holdings Value
Holdings 43 stocks · $456.8M
| TNGX Tango Therapeutics Inc. | 21.10% | 10,876,219 | $96.4M | Add +11.3% |
| RVMD Revolution Medicines Inc. | 6.97% | 400,000 | $31.9M | No change |
| KOD Kodiak Sciences Inc. | 6.95% | 1,136,000 | $31.8M | Add +51.5% |
| KYMR Kymera Therapeutics Inc. | 5.61% | 329,100 | $25.6M | Add +3.1% |
| CELC Celcuity Inc. | 4.91% | 225,000 | $22.4M | Add +150.0% |
| ABVX Abivax SA-ADR | 3.69% | 125,000 | $16.9M | Add +4.2% |
| PTCT PTC Therapeutics Inc. | 3.33% | 200,000 | $15.2M | No change |
| TERN Terns Pharmaceuticals Inc. | 3.32% | 375,000 | $15.2M | New |
| PTGX Protagonist Therapeutics Inc. | 3.25% | 170,000 | $14.8M | Add +54.5% |
| PRAX Praxis Precision Medicines I | 3.00% | 46,457 | $13.7M | New |
| URGN Urogen Pharma Ltd. | 2.56% | 500,000 | $11.7M | Reduce -13.0% |
| CDTX Cidara Therapeutics Inc. | 2.56% | 53,000 | $11.7M | Add +10.4% |
| PALI Palisade Bio Inc. | 2.47% | 4,799,875 | $11.3M | New |
| AMLX Amylyx Pharmaceuticals Inc. | 2.12% | 800,000 | $9.7M | Reduce -11.1% |
| SRZN Surrozen Inc. | 2.06% | 416,150 | $9.4M | New |
| CAPR Capricor Therapeutics Inc. | 2.05% | 325,000 | $9.4M | New |
| MIND MEDICINE MINDMED INC | 1.75% | 598,500 | $8.0M | Add +266.1% |
| COGT Cogent Biosciences Inc. | 1.75% | 225,000 | $8.0M | New |
| REPL Replimune Group Inc. | 1.60% | 750,000 | $7.3M | Reduce -28.6% |
| QURE Uniqure NV | 1.52% | 290,000 | $6.9M | Reduce -63.8% |
| CYTK Cytokinetics Inc. | 1.39% | 100,000 | $6.4M | Reduce -50.0% |
| HELP Cybin Inc. | 1.28% | 715,000 | $5.8M | New |
| PGEN Precigen Inc. | 1.26% | 1,375,000 | $5.7M | Add +61.8% |
| CTNM Contineum Therapeutics Inc. Class A | 1.24% | 494,000 | $5.6M | New |
| CBIO Crescent Biopharma Inc. | 1.18% | 453,686 | $5.4M | No change |
| APGE Apogee Therapeutics Inc. | 1.16% | 70,000 | $5.3M | Add +40.0% |
| GPCR Structure Therapeutics Inc. | 1.14% | 75,000 | $5.2M | New |
| AVTX Avalo Therapeutics Inc. | 1.09% | 275,000 | $5.0M | Add +120.0% |
| INO Inovio Pharmaceuticals Inc. | 0.92% | 2,420,122 | $4.2M | Add +5.2% |
| UPB Upstream Bio Inc. | 0.89% | 150,000 | $4.1M | New |
| VIR Vir Biotechnology Inc. | 0.83% | 625,000 | $3.8M | New |
| IVVD Invivyd Inc. | 0.81% | 1,500,000 | $3.7M | New |
| MLTX Moonlake Immunotherapeutics | 0.79% | 275,000 | $3.6M | Add +10.0% |
| SRPT Sarepta Therapeutics Inc. | 0.71% | 150,000 | $3.2M | Reduce -40.0% |
| PEPG Pepgen Inc. | 0.53% | 373,892 | $2.4M | Add +49.6% |
| NRIX Nurix Therapeutics Inc. | 0.42% | 100,000 | $1.9M | Reduce -42.9% |
| KPTI Karyopharm Therapeutics Inc. | 0.41% | 252,536 | $1.9M | New |
| SLDB Solid Biosciences Inc. | 0.37% | 300,000 | $1.7M | Reduce -50.0% |
| LBRX LB Pharmaceuticals Inc. | 0.34% | 70,000 | $1.6M | No change |
| MIST Milestone Pharmaceuticals Inc. | 0.29% | 666,666 | $1.3M | No change |
| CLNN Clene Inc. | 0.26% | 199,737 | $1.2M | New |
| KALV Kalvista Pharmaceuticals Inc. | 0.07% | 20,400 | $329K | No change |
| ZURA Zura Bio Ltd. | 0.06% | 50,000 | $262K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $89K (not counted above)
Total filed on the 13F, all lines: $456.9M.
Portfolio Sells Q3 2025 → Q4 2025
| QURE Uniqure NV | Reduce -63.8% | 1.52% | −13.37 |
| MRUS Merus NV | Sold out | 0.00% | −3.60 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −2.27 |
| CYTK Cytokinetics Inc. | Reduce -50.0% | 1.39% | −2.11 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -11.1% | 2.12% | −1.78 |
| DNLI Denali Therapeutics Inc. | Sold out | 0.00% | −1.16 |
| URGN Urogen Pharma Ltd. | Reduce -13.0% | 2.56% | −1.09 |
| SRPT Sarepta Therapeutics Inc. | Reduce -40.0% | 0.71% | −0.83 |
| SLDB Solid Biosciences Inc. | Reduce -50.0% | 0.37% | −0.81 |
| TIL Instil Bio Inc. | Sold out | 0.00% | −0.35 |
| NRIX Nurix Therapeutics Inc. | Reduce -42.9% | 0.42% | −0.10 |
| REPL Replimune Group Inc. | Reduce -28.6% | 1.60% | +0.19 |
Portfolio Buys Q3 2025 → Q4 2025
| CELC Celcuity Inc. | Add +150.0% | 4.91% | +3.50 |
| TERN Terns Pharmaceuticals Inc. | New | 3.32% | +3.32 |
| KOD Kodiak Sciences Inc. | Add +51.5% | 6.95% | +3.04 |
| PRAX Praxis Precision Medicines I | New | 3.00% | +3.00 |
| PALI Palisade Bio Inc. | New | 2.47% | +2.47 |
| SRZN Surrozen Inc. | New | 2.06% | +2.06 |
| CAPR Capricor Therapeutics Inc. | New | 2.05% | +2.05 |
| COGT Cogent Biosciences Inc. | New | 1.75% | +1.75 |
| HELP Cybin Inc. | New | 1.28% | +1.28 |
| CTNM Contineum Therapeutics Inc. Class A | New | 1.24% | +1.24 |
| GPCR Structure Therapeutics Inc. | New | 1.14% | +1.14 |
| MIND MEDICINE MINDMED INC | Add +266.1% | 1.75% | +1.14 |
| CDTX Cidara Therapeutics Inc. | Add +10.4% | 2.56% | +1.10 |
| PTGX Protagonist Therapeutics Inc. | Add +54.5% | 3.25% | +0.92 |
| UPB Upstream Bio Inc. | New | 0.89% | +0.89 |
| VIR Vir Biotechnology Inc. | New | 0.83% | +0.83 |
| IVVD Invivyd Inc. | New | 0.81% | +0.81 |
| AVTX Avalo Therapeutics Inc. | Add +120.0% | 1.09% | +0.59 |
| APGE Apogee Therapeutics Inc. | Add +40.0% | 1.16% | +0.52 |
| ABVX Abivax SA-ADR | Add +4.2% | 3.69% | +0.44 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.41% | +0.41 |
| PGEN Precigen Inc. | Add +61.8% | 1.26% | +0.37 |
| CLNN Clene Inc. | New | 0.26% | +0.26 |
| MLTX Moonlake Immunotherapeutics | Add +10.0% | 0.79% | +0.22 |
| PEPG Pepgen Inc. | Add +49.6% | 0.53% | +0.16 |
| ZURA Zura Bio Ltd. | New | 0.06% | +0.06 |
| KYMR Kymera Therapeutics Inc. | Add +3.1% | 5.61% | −0.15 |
| INO Inovio Pharmaceuticals Inc. | Add +5.2% | 0.92% | −0.79 |
| TNGX Tango Therapeutics Inc. | Add +11.3% | 21.10% | −5.07 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 62 | $1.3B | TNGX, RVMD, ABVX, QURE, KOD |
| Q1 2026 | 53 | $761.7M | TNGX, KOD, RVMD, KYMR, CELC |
| Q4 2025 | 43 | $456.8M | TNGX, RVMD, KOD, KYMR, CELC |
| Q3 2025Amended | 32 | $313.7M | TNGX, QURE, RVMD, KYMR, KOD |
| Q2 2025Amended | 18 | $198.6M | TNGX, RVMD, REPL, MRUS, KYMR |
| Q1 2025Amended | 26 | $332.4M | RVMD, NUVL, MRUS, RNAM, ANAB |
| Q4 2024 | 58 | $1.2B | RVMD, SWTX, NUVL, MRUS, RNAM |