Caligan Partners LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Caligan Partners LP reported 16 stock positions worth $479.2 million. Its top holding was Liquidia (LQDA) at 25.0% of the portfolio, followed by Verona Pharma (VRNA, 19.0%) and Exelixis (EXEL, 11.8%). Compared with Q4 2024, it opened 3 new positions, sold out of 1 and added to 8. The biggest buy was Mineralys Therapeutics (MLYS, shares +113%) and the biggest sale an exit from Enanta Pharmaceuticals (ENTA).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001727492
- Portfolio Value
- $479.2M (Q1 2025)
- SEC Filing
- 0001420506-25-001290 ↗ filed May 15, 2025
Holdings Value
Holdings 16 stocks · $479.2M
| LQDA Liquidia Corp. | 24.99% | 8,118,592 | $119.7M | No change |
| VRNA Verona Pharma Ltd. | 19.04% | 1,436,878 | $91.2M | No change |
| EXEL Exelixis Inc. | 11.75% | 1,525,730 | $56.3M | No change |
| MLYS Mineralys Therapeutics Inc. | 7.12% | 2,149,667 | $34.1M | Add +112.6% |
| EOLS Evolus Inc. | 6.86% | 2,731,154 | $32.9M | Add +1.4% |
| SAGE Sage Therapeutics Inc. | 5.06% | 3,052,538 | $24.3M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 4.86% | 3,107,669 | $23.3M | Add +3.7% |
| ANIK Anika Therapeutics Inc. | 4.50% | 1,435,130 | $21.6M | No change |
| AGIO Agios Pharmaceuticals Inc. | 4.29% | 701,280 | $20.5M | Add +12.0% |
| RVMD Revolution Medicines Inc. | 3.43% | 465,000 | $16.4M | New |
| MRUS Merus NV | 3.31% | 376,954 | $15.9M | Add +47.8% |
| YMAB Y-Mabs Therapeutics Inc. | 2.17% | 2,342,609 | $10.4M | Add +32.5% |
| ABVX Abivax SA-ADR | 1.66% | 1,269,119 | $7.9M | Add +68.7% |
| VRCA Verrica Pharmaceuticals Inc. | 0.83% | 8,992,954 | $4.0M | Add +21.0% |
| RZLT Rezolute Inc. | 0.09% | 141,309 | $410K | New |
| TYRA Tyra Biosciences Inc. | 0.05% | 25,000 | $233K | New |
Portfolio Sells Q4 2024 → Q1 2025
| ENTA Enanta Pharmaceuticals Inc. | Sold out | 0.00% | −0.27 |
Portfolio Buys Q4 2024 → Q1 2025
| MLYS Mineralys Therapeutics Inc. | Add +112.6% | 7.12% | +3.97 |
| RVMD Revolution Medicines Inc. | New | 3.43% | +3.43 |
| MRUS Merus NV | Add +47.8% | 3.31% | +0.60 |
| ABVX Abivax SA-ADR | Add +68.7% | 1.66% | +0.26 |
| RZLT Rezolute Inc. | New | 0.09% | +0.09 |
| TYRA Tyra Biosciences Inc. | New | 0.05% | +0.05 |
| VRCA Verrica Pharmaceuticals Inc. | Add +21.0% | 0.83% | −0.49 |
| EOLS Evolus Inc. | Add +1.4% | 6.86% | −0.67 |
| BCRX Biocryst Pharmaceuticals Inc. | Add +3.7% | 4.86% | −0.84 |
| AGIO Agios Pharmaceuticals Inc. | Add +12.0% | 4.29% | −0.92 |
| YMAB Y-Mabs Therapeutics Inc. | Add +32.5% | 2.17% | −1.34 |
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 |