In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Caligan Partners LP reported 24 stock positions worth $1.4 billion . Its top holding was Liquidia (LQDA) at 21.7% of the portfolio, followed by Abivax SA-ADR (ABVX, 11.5% ) and Revolution Medicines (RVMD, 11.4% ). Compared with Q4 2025, it opened 8 new positions, sold out of 4, added to 10 and reduced 1. The biggest buy was Xenon Pharmaceuticals (XENE, shares +153% ) and the biggest sale an exit from Inhibrx Biosciences (INBX).
Location NEW YORK, NY
CIK 0001727492
Portfolio Value $1.4B (Q1 2026) Holdings 24 stocks · $1.4B 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 Q4 2025 LQDA Liquidia Corp. 8,118,892 $306.4M No change ABVX Abivax SA-ADR 1,461,924 $162.8M Add +0.7% RVMD Revolution Medicines Inc. 1,652,808 $160.7M Add +28.7% PCVX Vaxcyte Inc. 2,060,719 $119.7M Add +20.9% XENE Xenon Pharmaceuticals Inc. 1,393,027 $81.0M Add +153.4% MLYS Mineralys Therapeutics Inc. 2,772,654 $75.1M No change EXEL Exelixis Inc. 1,553,262 $66.6M No change TNGX Tango Therapeutics Inc. 2,408,798 $50.4M Reduce -35.4% TYRA Tyra Biosciences Inc. 1,276,968 $48.9M Add +35.2% SYRE Spyre Therapeutics Inc. 878,127 $44.3M New ADMA Adma Biologics Inc. 4,756,511 $42.9M Add +57.9% LBRX LB Pharmaceuticals Inc. 1,438,070 $34.6M New VOR Vor Biopharma Inc. 1,925,066 $34.3M Add +108.1% SABS Sab Biotherapeutics Inc. 7,967,207 $30.5M New IRD Opus Genetics Inc. 6,075,028 $27.6M New IVA Inventiva SA - ADR 4,974,906 $27.6M Add +148.8% MBX MBX Biosciences Inc. 848,590 $25.3M New AVTX Avalo Therapeutics Inc. 1,635,023 $24.4M Add +85.5% ANIK Anika Therapeutics Inc. 1,435,130 $20.8M No change MAZE Maze Therapeutics Inc. 614,962 $18.4M Add +11.8% VRCA Verrica Pharmaceuticals Inc. 923,910 $4.9M No change FTH Faeth Therapeutics Inc. filed as SENSEI BIOTHERAPEUTICS INC 126,002 $4.0M New AURA Aura Biosciences Inc. 229,864 $1.5M New XLO Xilio Therapeutics Inc. 112,128 $943K New
Options reported separately and not counted above: CGON calls ($60.9M), RVMD calls ($22.3M), AGIO calls ($3.0M), ADMA calls ($2.7M).
Portfolio Sells Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▲ INBX Inhibrx Biosciences Inc. Sold out 0.00% −2.34 RAPT Rapt Therapeutics Inc. Sold out 0.00% −2.00 SPRB Spruce Biosciences Inc. Sold out 0.00% −0.16 ELDN Eledon Pharmaceuticals Inc. Sold out 0.00% −0.08 TNGX Tango Therapeutics Inc. Reduce -35.4% 3.56% +0.54
Portfolio Buys Q4 2025 → Q1 2026 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 Q4 2025 % Of Portfolio Change To Portfolio ▼ XENE Xenon Pharmaceuticals Inc. Add +153.4% 5.73% +3.47 SYRE Spyre Therapeutics Inc. New 3.13% +3.13 LBRX LB Pharmaceuticals Inc. New 2.45% +2.45 SABS Sab Biotherapeutics Inc. New 2.16% +2.16 RVMD Revolution Medicines Inc. Add +28.7% 11.37% +2.01 IRD Opus Genetics Inc. New 1.96% +1.96 MBX MBX Biosciences Inc. New 1.79% +1.79 VOR Vor Biopharma Inc. Add +108.1% 2.43% +1.52 PCVX Vaxcyte Inc. Add +20.9% 8.47% +1.27 TYRA Tyra Biosciences Inc. Add +35.2% 3.46% +1.19 IVA Inventiva SA - ADR Add +148.8% 1.95% +1.10 FTH Faeth Therapeutics Inc. New 0.28% +0.28 AVTX Avalo Therapeutics Inc. Add +85.5% 1.73% +0.26 AURA Aura Biosciences Inc. New 0.11% +0.11 XLO Xilio Therapeutics Inc. New 0.07% +0.07 MAZE Maze Therapeutics Inc. Add +11.8% 1.30% −0.79 ADMA Adma Biologics Inc. Add +57.9% 3.03% −2.00 ABVX Abivax SA-ADR Add +0.7% 11.51% −6.41
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ MLYS Mineralys Therapeutics Inc. put Sold out 2,298,400 $83.4Mbefore exit CGON CG Oncology Inc. call New 900,000 $60.9M XENE Xenon Pharmaceuticals Inc. put Sold out 549,700 $24.6Mbefore exit RVMD Revolution Medicines Inc. call New 228,900 $22.3M INBX Inhibrx Biosciences Inc. call Sold out 150,000 $11.8Mbefore exit ADMA Adma Biologics Inc. call New 300,000 $2.7M
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