In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Caligan Partners LP reported 20 stock positions worth $1.1 billion . Its top holding was Liquidia (LQDA) at 25.6% of the portfolio, followed by Abivax SA-ADR (ABVX, 17.9% ) and Revolution Medicines (RVMD, 9.4% ). Compared with Q3 2025, it opened 8 new positions, sold out of 4 and added to 7. The biggest buy was a new position in Vaxcyte (PCVX) and the biggest sale an exit from Agios Pharmaceuticals (AGIO).
Location NEW YORK, NY
CIK 0001727492
Portfolio Value $1.1B (Q4 2025) Holdings 20 stocks · $1.1B 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 Q3 2025 LQDA Liquidia Corp. 8,118,892 $280.0M No change ABVX Abivax SA-ADR 1,451,924 $195.8M No change RVMD Revolution Medicines Inc. 1,283,900 $102.3M Add +20.6% MLYS Mineralys Therapeutics Inc. 2,772,654 $100.6M No change PCVX Vaxcyte Inc. 1,704,815 $78.7M New EXEL Exelixis Inc. 1,553,262 $68.1M Add +1.8% ADMA Adma Biologics Inc. 3,012,508 $54.9M Add +14.3% TNGX Tango Therapeutics Inc. 3,729,895 $33.0M New INBX Inhibrx Biosciences Inc. 323,565 $25.6M Add +36.9% TYRA Tyra Biosciences Inc. 944,257 $24.8M Add +35.5% XENE Xenon Pharmaceuticals Inc. 549,665 $24.6M Add +23.6% MAZE Maze Therapeutics Inc. 550,191 $22.8M New RAPT Rapt Therapeutics Inc. 644,400 $21.8M New AVTX Avalo Therapeutics Inc. 881,533 $16.0M Add +5.8% ANIK Anika Therapeutics Inc. 1,435,130 $13.8M No change VOR Vor Biopharma Inc. 925,067 $10.0M New IVA Inventiva SA - ADR 2,000,000 $9.3M New VRCA Verrica Pharmaceuticals Inc. 923,910 $7.7M No change SPRB Spruce Biosciences Inc. 20,514 $1.8M New ELDN Eledon Pharmaceuticals Inc. 555,978 $840K New
Options reported separately and not counted above: MLYS puts ($83.4M), XENE puts ($24.6M), INBX calls ($11.8M), AGIO calls ($2.4M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ AGIO Agios Pharmaceuticals Inc. Sold out 0.00% −6.30 EOLS Evolus Inc. Sold out 0.00% −3.53 MRUS Merus NV Sold out 0.00% −2.83 AURA Aura Biosciences Inc. Sold out 0.00% −0.19
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ PCVX Vaxcyte Inc. New 7.20% +7.20 TNGX Tango Therapeutics Inc. New 3.02% +3.02 RVMD Revolution Medicines Inc. Add +20.6% 9.36% +2.46 MAZE Maze Therapeutics Inc. New 2.09% +2.09 RAPT Rapt Therapeutics Inc. New 2.00% +2.00 INBX Inhibrx Biosciences Inc. Add +36.9% 2.34% +1.24 TYRA Tyra Biosciences Inc. Add +35.5% 2.27% +0.92 VOR Vor Biopharma Inc. New 0.91% +0.91 IVA Inventiva SA - ADR New 0.85% +0.85 SPRB Spruce Biosciences Inc. New 0.16% +0.16 ELDN Eledon Pharmaceuticals Inc. New 0.08% +0.08 AVTX Avalo Therapeutics Inc. Add +5.8% 1.47% −0.00 XENE Xenon Pharmaceuticals Inc. Add +23.6% 2.26% −0.22 ADMA Adma Biologics Inc. Add +14.3% 5.03% −0.33 EXEL Exelixis Inc. Add +1.8% 6.23% −2.51
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ MLYS Mineralys Therapeutics Inc. put New 2,298,400 $83.4M AGIO Agios Pharmaceuticals Inc. put Sold out 975,000 $39.1Mbefore exit XENE Xenon Pharmaceuticals Inc. put New 549,700 $24.6M INBX Inhibrx Biosciences Inc. call New 150,000 $11.8M SLS Sellas Life Sciences Group I call Sold out 2,300,000 $3.7Mbefore exit AGIO Agios Pharmaceuticals Inc. call New 90,000 $2.4M
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