Caligan Partners LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Caligan Partners LP reported 14 stock positions worth $394.9 million. Its top holding was Liquidia (LQDA) at 29.3% of the portfolio, followed by Verona Pharma (VRNA, 16.9%) and Exelixis (EXEL, 12.9%). Compared with Q3 2024, it opened 4 new positions, sold out of 2, added to 5 and reduced 1. The biggest buy was a new position in Sage Therapeutics (SAGE) and the biggest sale an exit from Novabridge Biosciences (NBP).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001727492
- Portfolio Value
- $394.9M (Q4 2024)
- SEC Filing
- 0001420506-25-000624 ↗ filed Feb 14, 2025
Holdings Value
Holdings 14 stocks · $394.9M
| LQDA Liquidia Corp. | 29.26% | 8,118,592 | $115.5M | No change |
| VRNA Verona Pharma Ltd. | 16.90% | 1,436,878 | $66.7M | No change |
| EXEL Exelixis Inc. | 12.87% | 1,525,730 | $50.8M | No change |
| EOLS Evolus Inc. | 7.53% | 2,692,388 | $29.7M | Add +22.7% |
| ANIK Anika Therapeutics Inc. | 5.98% | 1,435,130 | $23.6M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 5.71% | 2,995,932 | $22.5M | Add +16.0% |
| AGIO Agios Pharmaceuticals Inc. | 5.21% | 626,280 | $20.6M | Add +8.0% |
| SAGE Sage Therapeutics Inc. | 4.20% | 3,052,538 | $16.6M | New |
| YMAB Y-Mabs Therapeutics Inc. | 3.51% | 1,767,982 | $13.8M | Add +47.9% |
| MLYS Mineralys Therapeutics Inc. | 3.15% | 1,011,155 | $12.4M | Add +3.1% |
| MRUS Merus NV | 2.72% | 255,000 | $10.7M | New |
| ABVX Abivax SA-ADR | 1.39% | 752,167 | $5.5M | New |
| VRCA Verrica Pharmaceuticals Inc. | 1.32% | 7,429,687 | $5.2M | New |
| ENTA Enanta Pharmaceuticals Inc. | 0.27% | 184,826 | $1.1M | Reduce -42.7% |
Portfolio Sells Q3 2024 → Q4 2024
Portfolio Buys Q3 2024 → Q4 2024
| SAGE Sage Therapeutics Inc. | New | 4.20% | +4.20 |
| MRUS Merus NV | New | 2.72% | +2.72 |
| ABVX Abivax SA-ADR | New | 1.39% | +1.39 |
| VRCA Verrica Pharmaceuticals Inc. | New | 1.32% | +1.32 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +16.0% | 5.71% | −0.52 |
| MLYS Mineralys Therapeutics Inc. | Add +3.1% | 3.15% | −0.61 |
| YMAB Y-Mabs Therapeutics Inc. | Add +47.9% | 3.51% | −1.48 |
| AGIO Agios Pharmaceuticals Inc. | Add +8.0% | 5.21% | −2.95 |
| EOLS Evolus Inc. | Add +22.7% | 7.53% | −3.74 |
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 |