Caligan Partners LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Caligan Partners LP reported 16 stock positions worth $515.1 million. Its top holding was Verona Pharma (VRNA) at 26.4% of the portfolio, followed by Liquidia (LQDA, 19.6%) and Exelixis (EXEL, 13.1%). Compared with Q1 2025, it opened 1 new position, sold out of 1, added to 9 and reduced 2. The biggest buy was Merus (MRUS, shares +74%) and the biggest sale an exit from Sage Therapeutics (SAGE).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001727492
- Portfolio Value
- $515.1M (Q2 2025)
- SEC Filing
- 0001420506-25-002188 ↗ filed Aug 14, 2025
Holdings Value
Holdings 16 stocks · $515.1M
| VRNA Verona Pharma Ltd. | 26.38% | 1,436,878 | $135.9M | No change |
| LQDA Liquidia Corp. | 19.64% | 8,118,892 | $101.2M | Add +0.0% |
| EXEL Exelixis Inc. | 13.05% | 1,525,730 | $67.2M | No change |
| AGIO Agios Pharmaceuticals Inc. | 6.92% | 1,071,258 | $35.6M | Add +52.8% |
| MRUS Merus NV | 6.71% | 656,999 | $34.6M | Add +74.3% |
| EOLS Evolus Inc. | 5.98% | 3,341,970 | $30.8M | Add +22.4% |
| MLYS Mineralys Therapeutics Inc. | 5.30% | 2,017,352 | $27.3M | Reduce -6.2% |
| RVMD Revolution Medicines Inc. | 4.55% | 636,835 | $23.4M | Add +37.0% |
| ANIK Anika Therapeutics Inc. | 2.95% | 1,435,130 | $15.2M | No change |
| ABVX Abivax SA-ADR | 2.49% | 1,674,400 | $12.8M | Add +31.9% |
| YMAB Y-Mabs Therapeutics Inc. | 2.05% | 2,342,609 | $10.6M | No change |
| RZLT Rezolute Inc. | 1.34% | 1,543,014 | $6.9M | Add +991.9% |
| BCRX Biocryst Pharmaceuticals Inc. | 1.11% | 638,908 | $5.7M | Reduce -79.4% |
| VRCA Verrica Pharmaceuticals Inc. | 0.95% | 9,239,119 | $4.9M | Add +2.7% |
| TYRA Tyra Biosciences Inc. | 0.35% | 189,950 | $1.8M | Add +659.8% |
| AURA Aura Biosciences Inc. | 0.24% | 200,000 | $1.3M | New |
Options reported separately and not counted above: SLS calls ($5.0M).
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| MRUS Merus NV | Add +74.3% | 6.71% | +3.40 |
| AGIO Agios Pharmaceuticals Inc. | Add +52.8% | 6.92% | +2.63 |
| RZLT Rezolute Inc. | Add +991.9% | 1.34% | +1.25 |
| RVMD Revolution Medicines Inc. | Add +37.0% | 4.55% | +1.12 |
| ABVX Abivax SA-ADR | Add +31.9% | 2.49% | +0.83 |
| TYRA Tyra Biosciences Inc. | Add +659.8% | 0.35% | +0.30 |
| AURA Aura Biosciences Inc. | New | 0.24% | +0.24 |
| VRCA Verrica Pharmaceuticals Inc. | Add +2.7% | 0.95% | +0.12 |
| EOLS Evolus Inc. | Add +22.4% | 5.98% | −0.88 |
| LQDA Liquidia Corp. | Add +0.0% | 19.64% | −5.35 |
Options Activity Q1 2025 → Q2 2025
| SLS Sellas Life Sciences Group I | call | New | 2,300,000 | $5.0M |
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 |