In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Caligan Partners LP reported 16 stock positions worth $720.7 million . Its top holding was Liquidia (LQDA) at 25.6% of the portfolio, followed by Abivax SA-ADR (ABVX, 17.1% ) and Mineralys Therapeutics (MLYS, 14.6% ). Compared with Q2 2025, it opened 4 new positions, sold out of 4, added to 6 and reduced 2. The biggest buy was Mineralys Therapeutics (MLYS, shares +37% ) and the biggest sale an exit from Verona Pharma (VRNA).
Location NEW YORK, NY
CIK 0001727492
Portfolio Value $720.7M (Q3 2025) Holdings 16 stocks · $720.7M 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 Q2 2025 LQDA Liquidia Corp. 8,118,892 $184.6M No change ABVX Abivax SA-ADR 1,451,924 $123.3M Reduce -13.3% MLYS Mineralys Therapeutics Inc. 2,772,654 $105.1M Add +37.4% EXEL Exelixis Inc. 1,525,730 $63.0M No change RVMD Revolution Medicines Inc. 1,064,249 $49.7M Add +67.1% AGIO Agios Pharmaceuticals Inc. 1,131,205 $45.4M Add +5.6% ADMA Adma Biologics Inc. 2,636,609 $38.7M New EOLS Evolus Inc. 4,138,943 $25.4M Add +23.9% MRUS Merus NV 216,954 $20.4M Reduce -67.0% XENE Xenon Pharmaceuticals Inc. 444,565 $17.8M New ANIK Anika Therapeutics Inc. 1,435,130 $13.5M No change AVTX Avalo Therapeutics Inc. 833,333 $10.6M New TYRA Tyra Biosciences Inc. 696,825 $9.7M Add +266.9% INBX Inhibrx Biosciences Inc. 236,383 $8.0M New VRCA Verrica Pharmaceuticals Inc. 923,910 $4.0M No change AURA Aura Biosciences Inc. 227,174 $1.4M Add +13.6%
Options reported separately and not counted above: AGIO puts ($39.1M), SLS calls ($3.7M).
Portfolio Sells Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ VRNA Verona Pharma Ltd. Sold out 0.00% −26.38 MRUS Merus NV Reduce -67.0% 2.83% −3.87 YMAB Y-Mabs Therapeutics Inc. Sold out 0.00% −2.05 RZLT Rezolute Inc. Sold out 0.00% −1.34 BCRX Biocryst Pharmaceuticals Inc. Sold out 0.00% −1.11 ABVX Abivax SA-ADR Reduce -13.3% 17.10% +14.62
Portfolio Buys Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ MLYS Mineralys Therapeutics Inc. Add +37.4% 14.59% +9.29 ADMA Adma Biologics Inc. New 5.36% +5.36 XENE Xenon Pharmaceuticals Inc. New 2.48% +2.48 RVMD Revolution Medicines Inc. Add +67.1% 6.90% +2.35 AVTX Avalo Therapeutics Inc. New 1.47% +1.47 INBX Inhibrx Biosciences Inc. New 1.10% +1.10 TYRA Tyra Biosciences Inc. Add +266.9% 1.35% +1.00 AURA Aura Biosciences Inc. Add +13.6% 0.19% −0.05 AGIO Agios Pharmaceuticals Inc. Add +5.6% 6.30% −0.62 EOLS Evolus Inc. Add +23.9% 3.53% −2.45
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ AGIO Agios Pharmaceuticals Inc. put New 975,000 $39.1M
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