In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Caligan Partners LP reported 25 stock positions worth $2.1 billion . Its top holding was Liquidia (LQDA) at 31.2% of the portfolio, followed by Revolution Medicines (RVMD, 17.7% ) and Abivax SA-ADR (ABVX, 10.0% ). Compared with Q1 2026, it opened 5 new positions, sold out of 4, added to 10 and reduced 3. The biggest buy was Revolution Medicines (RVMD, shares +19% ) and the biggest sale an exit from Mineralys Therapeutics (MLYS).
Location NEW YORK, NY
CIK 0001727492
Portfolio Value $2.1B (Q2 2026) Holdings 25 stocks · $2.1B 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 Q1 2026 LQDA Liquidia Corp. 8,118,892 $647.3M No change RVMD Revolution Medicines Inc. 1,961,795 $367.4M Add +18.7% ABVX Abivax SA-ADR 1,557,924 $207.6M Add +6.6% PCVX Vaxcyte Inc. 2,188,636 $127.2M Add +6.2% EXEL Exelixis Inc. 1,553,262 $84.5M No change TNGX Tango Therapeutics Inc. 2,500,103 $78.2M Add +3.8% AVTX Avalo Therapeutics Inc. 3,163,866 $58.5M Add +93.5% XENE Xenon Pharmaceuticals Inc. 889,944 $53.7M Reduce -36.1% ADMA Adma Biologics Inc. 5,725,007 $47.9M Add +20.4% LBRX LB Pharmaceuticals Inc. 1,438,070 $46.7M No change IMCR Immunocore Holdings PLC-ADR 1,381,317 $43.9M New VRDN Viridian Therapeutics Inc. 2,193,981 $40.3M New VOR Vor Biopharma Inc. 1,925,066 $35.4M No change SABS Sab Biotherapeutics Inc. 7,967,207 $31.1M No change IVA Inventiva SA - ADR 8,163,191 $30.9M Add +64.1% AURA Aura Biosciences Inc. 4,298,248 $30.5M Add +1769.9% TYRA Tyra Biosciences Inc. 806,986 $25.8M Reduce -36.8% IRD Opus Genetics Inc. 6,077,084 $25.0M Add +0.0% ANIK Anika Therapeutics Inc. 1,435,130 $21.0M No change SGMT Sagimet Biosciences Inc. Class A 2,500,000 $19.3M New ARTV Artiva Biotherapeutics Inc. 1,736,111 $16.8M New FTH Faeth Therapeutics Inc. 629,467 $15.7M Add +399.6% MBX MBX Biosciences Inc. 200,000 $11.0M Reduce -76.4% VRCA Verrica Pharmaceuticals Inc. 923,910 $5.7M No change CLRB Cellectar Biosciences Inc. 469,998 $1.3M New
Options reported separately and not counted above: RVMD calls ($47.2M), AGIO calls ($3.3M), ADMA calls ($2.5M).
Portfolio Sells Q1 2026 → Q2 2026 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 Q1 2026 % Of Portfolio Change To Portfolio ▲ MLYS Mineralys Therapeutics Inc. Sold out 0.00% −5.31 XENE Xenon Pharmaceuticals Inc. Reduce -36.1% 2.59% −3.14 SYRE Spyre Therapeutics Inc. Sold out 0.00% −3.13 TYRA Tyra Biosciences Inc. Reduce -36.8% 1.24% −2.22 MAZE Maze Therapeutics Inc. Sold out 0.00% −1.30 MBX MBX Biosciences Inc. Reduce -76.4% 0.53% −1.26 XLO Xilio Therapeutics Inc. Sold out 0.00% −0.07
Portfolio Buys Q1 2026 → Q2 2026 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 Q1 2026 % Of Portfolio Change To Portfolio ▼ RVMD Revolution Medicines Inc. Add +18.7% 17.73% +6.36 IMCR Immunocore Holdings PLC-ADR New 2.12% +2.12 VRDN Viridian Therapeutics Inc. New 1.94% +1.94 AURA Aura Biosciences Inc. Add +1769.9% 1.47% +1.36 AVTX Avalo Therapeutics Inc. Add +93.5% 2.82% +1.09 SGMT Sagimet Biosciences Inc. Class A New 0.93% +0.93 ARTV Artiva Biotherapeutics Inc. New 0.81% +0.81 FTH Faeth Therapeutics Inc. Add +399.6% 0.76% +0.48 TNGX Tango Therapeutics Inc. Add +3.8% 3.77% +0.21 CLRB Cellectar Biosciences Inc. New 0.06% +0.06 IVA Inventiva SA - ADR Add +64.1% 1.49% −0.46 ADMA Adma Biologics Inc. Add +20.4% 2.31% −0.72 IRD Opus Genetics Inc. Add +0.0% 1.21% −0.75 ABVX Abivax SA-ADR Add +6.6% 10.02% −1.50 PCVX Vaxcyte Inc. Add +6.2% 6.14% −2.33
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ CGON CG Oncology Inc. call Sold out 900,000 $60.9Mbefore exit RVMD Revolution Medicines Inc. call Add +10.0% 251,800 $47.2M
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 25 $2.1B LQDA, RVMD, ABVX, PCVX, EXEL Q1 2026 24 $1.4B LQDA, ABVX, RVMD, PCVX, XENE Q4 2025 20 $1.1B LQDA, ABVX, RVMD, MLYS, PCVX Q3 2025 16 $720.7M LQDA, ABVX, MLYS, EXEL, RVMD Q2 2025 16 $515.1M VRNA, LQDA, EXEL, AGIO, MRUS Q1 2025 16 $479.2M LQDA, VRNA, EXEL, MLYS, EOLS Q4 2024 14 $394.9M LQDA, VRNA, EXEL, EOLS, ANIK Q3 2024 12 $315.5M LQDA, VRNA, EXEL, EOLS, ANIK Q2 2024 13 $428.0M LQDA, ALIM, ANIK, EXEL, BCRX Q1 2024 12 $378.3M LQDA, ALIM, ANIK, EOLS, EXEL