Diadema Partners LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Diadema Partners LP reported 73 stock positions worth $167.9 million. Its top holding was Terns Pharmaceuticals (TERN) at 8.3% of the portfolio, followed by Johnson & Johnson (JNJ, 8.2%) and Viking Therapeutics (VKTX, 7.1%). Compared with Q3 2025, it opened 41 new positions, sold out of 27, added to 16 and reduced 16. The biggest buy was a new position in Johnson & Johnson (JNJ) and the biggest sale Soleno Therapeutics (SLNO, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- MORRISTOWN, NJ
- CIK
- 0002026172
- Portfolio Value
- $167.9M (Q4 2025)
- SEC Filing
- 0001892688-26-000036 ↗ filed Feb 17, 2026
Holdings Value
Holdings 73 stocks · $167.9M
| TERN Terns Pharmaceuticals Inc. | 8.32% | 345,880 | $14.0M | Add +7.0% |
| JNJ Johnson & Johnson | 8.19% | 66,444 | $13.8M | New |
| VKTX Viking Therapeutics Inc. | 7.06% | 336,849 | $11.9M | Add +73.9% |
| ABVX Abivax SA-ADR | 6.08% | 75,644 | $10.2M | Add +81.8% |
| BMRN Biomarin Pharmaceutical Inc. | 5.18% | 146,361 | $8.7M | Reduce -31.3% |
| REGN Regeneron Pharmaceuticals | 4.73% | 10,300 | $8.0M | Reduce -65.8% |
| BBIO Bridgebio Pharma Inc. | 3.19% | 70,000 | $5.4M | New |
| UTHR United Therapeutics Corp. | 2.90% | 10,000 | $4.9M | New |
| COGT Cogent Biosciences Inc. | 2.79% | 131,852 | $4.7M | Add +34.8% |
| CAPR Capricor Therapeutics Inc. | 2.72% | 158,075 | $4.6M | New |
| VRTX Vertex Pharmaceuticals Inc. | 2.70% | 10,000 | $4.5M | New |
| ANIP Ani Pharmaceuticals Inc. | 2.51% | 53,354 | $4.2M | Add +69.9% |
| TGTX TG Therapeutics Inc. | 2.19% | 123,283 | $3.7M | Add +102.9% |
| BIOA Bioage Labs Inc. | 2.14% | 271,164 | $3.6M | New |
| CORT Corcept Therapeutics Inc. | 2.02% | 97,445 | $3.4M | New |
| TENX Tenax Therapeutics Inc. | 1.77% | 243,170 | $3.0M | New |
| RVMD Revolution Medicines Inc. | 1.76% | 37,020 | $2.9M | Reduce -37.3% |
| IMCR Immunocore Holdings PLC-ADR | 1.45% | 70,300 | $2.4M | Reduce -43.5% |
| IRWD Ironwood Pharmaceuticals Inc. | 1.37% | 683,611 | $2.3M | New |
| CNTA Centessa Pharmaceuticals Ltd. | 1.34% | 90,000 | $2.3M | New |
| REPL Replimune Group Inc. | 1.34% | 230,997 | $2.2M | New |
| LLY Eli Lilly & Co. | 1.28% | 2,000 | $2.1M | New |
| ALNY Alnylam Pharmaceuticals Inc. | 1.26% | 5,341 | $2.1M | Reduce -46.6% |
| LPCN Lipocine Inc. | 1.25% | 260,939 | $2.1M | New |
| PTGX Protagonist Therapeutics Inc. | 1.18% | 22,700 | $2.0M | Reduce -55.6% |
| RLMD Relmada Therapeutics Inc. | 1.12% | 389,395 | $1.9M | New |
| VTYX Ventyx Biosciences Inc. | 1.08% | 200,000 | $1.8M | Add +180.9% |
| ANNX Annexon Inc. | 1.05% | 350,000 | $1.8M | New |
| MNKD Mannkind Corp. | 1.02% | 302,000 | $1.7M | Add +42.1% |
| IVA Inventiva SA - ADR | 0.93% | 334,251 | $1.6M | New |
| BCRX Biocryst Pharmaceuticals Inc. | 0.89% | 190,928 | $1.5M | New |
| ARDX Ardelyx Inc. | 0.88% | 252,198 | $1.5M | Reduce -37.0% |
| ASND Ascendis Pharma A/S | 0.87% | 6,840 | $1.5M | Reduce -75.2% |
| XERS Xeris Biopharma Holdings Inc. | 0.80% | 170,568 | $1.3M | Add +128.2% |
| RIGL Rigel Pharmaceuticals Inc. | 0.77% | 30,000 | $1.3M | New |
| SLNO Soleno Therapeutics Inc. | 0.74% | 26,892 | $1.2M | Reduce -84.8% |
| PCRX Pacira Biosciences Inc. | 0.74% | 48,025 | $1.2M | Reduce -18.5% |
| TRVI Trevi Therapeutics Inc. | 0.72% | 97,184 | $1.2M | Add +13.2% |
| MPLT Maplight Therapeutics Inc. | 0.67% | 63,791 | $1.1M | New |
| QURE Uniqure NV | 0.64% | 45,000 | $1.1M | New |
| PCVX Vaxcyte Inc. | 0.63% | 22,972 | $1.1M | Reduce -89.5% |
| ENTA Enanta Pharmaceuticals Inc. | 0.61% | 65,138 | $1.0M | New |
| PRTA Prothena Corp. PLC | 0.61% | 106,539 | $1.0M | New |
| GLUE Monte Rosa Therapeutics Inc. | 0.58% | 62,281 | $977K | New |
| DSGN Design Therapeutics Inc. | 0.56% | 100,320 | $941K | New |
| INO Inovio Pharmaceuticals Inc. | 0.55% | 533,682 | $929K | New |
| MLYS Mineralys Therapeutics Inc. | 0.54% | 25,000 | $907K | New |
| AYTU Aytu Biopharma Inc. | 0.47% | 305,788 | $795K | Add +12.2% |
| PTHS Pelthos Therapeutics Inc. | 0.46% | 25,000 | $775K | Add +138.1% |
| LQDA Liquidia Corp. | 0.45% | 21,881 | $755K | New |
| EWTX Edgewise Therapeutics Inc. | 0.44% | 30,000 | $744K | New |
| VRDN Viridian Therapeutics Inc. | 0.39% | 21,114 | $657K | New |
| INDV Indivior Ltd. | 0.37% | 17,320 | $621K | Reduce -93.2% |
| VIR Vir Biotechnology Inc. | 0.36% | 100,000 | $603K | New |
| LGND Ligand Pharmaceuticals | 0.34% | 2,987 | $565K | New |
| UPB Upstream Bio Inc. | 0.33% | 20,500 | $557K | New |
| STOK Stoke Therapeutics Inc. | 0.32% | 17,181 | $545K | New |
| EQ Equillium Inc. | 0.32% | 347,393 | $538K | Add +15.8% |
| URGN Urogen Pharma Ltd. | 0.30% | 21,810 | $511K | Reduce -75.8% |
| IMNM Immunome Inc. | 0.29% | 22,500 | $483K | New |
| PALI Palisade Bio Inc. | 0.23% | 166,049 | $390K | New |
| PRQR Proqr Therapeutics NV | 0.20% | 167,532 | $338K | Add +6.2% |
| HRMY Harmony Biosciences Holdings | 0.17% | 7,500 | $281K | Reduce -85.0% |
| AARD Aardvark Therapeutics Inc. | 0.12% | 15,882 | $208K | New |
| NEUP Neuphoria Therapeutics Inc. | 0.12% | 50,000 | $194K | Add +133.1% |
| PLRX Pliant Therapeutics Inc. | 0.11% | 144,914 | $177K | New |
| ONC Beone Medicines Ltd.-ADR | 0.10% | 7,500 | $173K | New |
| FHTX Foghorn Therapeutics Inc. | 0.10% | 30,630 | $165K | Reduce -38.7% |
| TLPH Talphera Inc. | 0.09% | 136,923 | $156K | New |
| PRTCY Puretech Health PLC - ADR | 0.07% | 7,442 | $124K | Add +1.6% |
| INBX Inhibrx Biosciences Inc. | 0.06% | 1,299 | $103K | New |
| EDSA Edesa Biotech Inc. | 0.05% | 54,025 | $77K | New |
| VTGN Vistagen Therapeutics Inc. | 0.04% | 100,000 | $66K | Reduce -71.4% |
Options reported separately and not counted above: VRTX calls ($40.0M), XBI puts ($30.5M), PRAX puts ($29.7M), VKTX calls ($24.2M), RNAM calls ($23.7M), QQQ puts ($18.4M), JAZZ calls ($17.9M), APGE calls ($15.9M), BBIO puts ($15.3M), GPCR calls ($13.3M), VKTX puts ($11.1M), BBIO calls ($10.7M), and 60 more.
Portfolio Sells Q3 2025 → Q4 2025
| SLNO Soleno Therapeutics Inc. | Reduce -84.8% | 0.74% | −7.61 |
| REGN Regeneron Pharmaceuticals | Reduce -65.8% | 4.73% | −7.08 |
| PCVX Vaxcyte Inc. | Reduce -89.5% | 0.63% | −4.85 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −4.08 |
| INDV Indivior Ltd. | Reduce -93.2% | 0.37% | −3.90 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −3.69 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −2.97 |
| ASND Ascendis Pharma A/S | Reduce -75.2% | 0.87% | −2.95 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -31.3% | 5.18% | −2.85 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −2.12 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -46.6% | 1.26% | −1.91 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −1.78 |
| IMCR Immunocore Holdings PLC-ADR | Reduce -43.5% | 1.45% | −1.69 |
| ALKS Alkermes PLC | Sold out | 0.00% | −1.51 |
| ROIV Roivant Sciences Ltd. | Sold out | 0.00% | −1.26 |
| PTGX Protagonist Therapeutics Inc. | Reduce -55.6% | 1.18% | −1.19 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.97 |
| AMLX Amylyx Pharmaceuticals Inc. | Sold out | 0.00% | −0.95 |
| URGN Urogen Pharma Ltd. | Reduce -75.8% | 0.30% | −0.95 |
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −0.91 |
| MIND MEDICINE MINDMED INC | Sold out | 0.00% | −0.87 |
| VTGN Vistagen Therapeutics Inc. | Reduce -71.4% | 0.04% | −0.83 |
| HRMY Harmony Biosciences Holdings | Reduce -85.0% | 0.17% | −0.79 |
| SUPN Supernus Pharmaceuticals Inc. | Sold out | 0.00% | −0.74 |
| CPRX Catalyst Pharmaceuticals Inc. | Sold out | 0.00% | −0.69 |
| ARDX Ardelyx Inc. | Reduce -37.0% | 0.88% | −0.66 |
| REVIVA PHARMACEUTCLS HLDGS I | Sold out | 0.00% | −0.64 |
| ARCT Arcturus Therapeutics Holdin | Sold out | 0.00% | −0.63 |
| CTMX Cytomx Therapeutics Inc. | Sold out | 0.00% | −0.41 |
| MRNA Moderna Inc. | Sold out | 0.00% | −0.36 |
| TNYA Tenaya Therapeutics Inc. | Sold out | 0.00% | −0.36 |
| PCRX Pacira Biosciences Inc. | Reduce -18.5% | 0.74% | −0.32 |
| ALEC Alector Inc. | Sold out | 0.00% | −0.28 |
| PYXS Pyxis Oncology Inc. | Sold out | 0.00% | −0.23 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −0.19 |
| CLYM Climb Bio Inc. | Sold out | 0.00% | −0.19 |
| OVID Ovid Therapeutics Inc. | Sold out | 0.00% | −0.17 |
| RVMD Revolution Medicines Inc. | Reduce -37.3% | 1.76% | −0.17 |
| RLAY Relay Therapeutics Inc. | Sold out | 0.00% | −0.16 |
| FHTX Foghorn Therapeutics Inc. | Reduce -38.7% | 0.10% | −0.07 |
| ANAB Anaptysbio Inc. | Sold out | 0.00% | −0.07 |
| TVRD Tvardi Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| PMVP PMV Pharmaceuticals Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| JNJ Johnson & Johnson | New | 8.19% | +8.19 |
| TERN Terns Pharmaceuticals Inc. | Add +7.0% | 8.32% | +6.63 |
| ABVX Abivax SA-ADR | Add +81.8% | 6.08% | +3.63 |
| VKTX Viking Therapeutics Inc. | Add +73.9% | 7.06% | +3.51 |
| BBIO Bridgebio Pharma Inc. | New | 3.19% | +3.19 |
| UTHR United Therapeutics Corp. | New | 2.90% | +2.90 |
| CAPR Capricor Therapeutics Inc. | New | 2.72% | +2.72 |
| VRTX Vertex Pharmaceuticals Inc. | New | 2.70% | +2.70 |
| BIOA Bioage Labs Inc. | New | 2.14% | +2.14 |
| CORT Corcept Therapeutics Inc. | New | 2.02% | +2.02 |
| COGT Cogent Biosciences Inc. | Add +34.8% | 2.79% | +1.81 |
| TENX Tenax Therapeutics Inc. | New | 1.77% | +1.77 |
| IRWD Ironwood Pharmaceuticals Inc. | New | 1.37% | +1.37 |
| CNTA Centessa Pharmaceuticals Ltd. | New | 1.34% | +1.34 |
| REPL Replimune Group Inc. | New | 1.34% | +1.34 |
| LLY Eli Lilly & Co. | New | 1.28% | +1.28 |
| LPCN Lipocine Inc. | New | 1.25% | +1.25 |
| RLMD Relmada Therapeutics Inc. | New | 1.12% | +1.12 |
| ANNX Annexon Inc. | New | 1.05% | +1.05 |
| IVA Inventiva SA - ADR | New | 0.93% | +0.93 |
| VTYX Ventyx Biosciences Inc. | Add +180.9% | 1.08% | +0.92 |
| BCRX Biocryst Pharmaceuticals Inc. | New | 0.89% | +0.89 |
| RIGL Rigel Pharmaceuticals Inc. | New | 0.77% | +0.77 |
| MPLT Maplight Therapeutics Inc. | New | 0.67% | +0.67 |
| TGTX TG Therapeutics Inc. | Add +102.9% | 2.19% | +0.66 |
| QURE Uniqure NV | New | 0.64% | +0.64 |
| ENTA Enanta Pharmaceuticals Inc. | New | 0.61% | +0.61 |
| PRTA Prothena Corp. PLC | New | 0.61% | +0.61 |
| GLUE Monte Rosa Therapeutics Inc. | New | 0.58% | +0.58 |
| DSGN Design Therapeutics Inc. | New | 0.56% | +0.56 |
| INO Inovio Pharmaceuticals Inc. | New | 0.55% | +0.55 |
| MLYS Mineralys Therapeutics Inc. | New | 0.54% | +0.54 |
| ANIP Ani Pharmaceuticals Inc. | Add +69.9% | 2.51% | +0.50 |
| LQDA Liquidia Corp. | New | 0.45% | +0.45 |
| EWTX Edgewise Therapeutics Inc. | New | 0.44% | +0.44 |
| VRDN Viridian Therapeutics Inc. | New | 0.39% | +0.39 |
| XERS Xeris Biopharma Holdings Inc. | Add +128.2% | 0.80% | +0.37 |
| VIR Vir Biotechnology Inc. | New | 0.36% | +0.36 |
| LGND Ligand Pharmaceuticals | New | 0.34% | +0.34 |
| UPB Upstream Bio Inc. | New | 0.33% | +0.33 |
| STOK Stoke Therapeutics Inc. | New | 0.32% | +0.32 |
| IMNM Immunome Inc. | New | 0.29% | +0.29 |
| PTHS Pelthos Therapeutics Inc. | Add +138.1% | 0.46% | +0.26 |
| PALI Palisade Bio Inc. | New | 0.23% | +0.23 |
| MNKD Mannkind Corp. | Add +42.1% | 1.02% | +0.23 |
| TRVI Trevi Therapeutics Inc. | Add +13.2% | 0.72% | +0.18 |
| AARD Aardvark Therapeutics Inc. | New | 0.12% | +0.12 |
| AYTU Aytu Biopharma Inc. | Add +12.2% | 0.47% | +0.12 |
| PLRX Pliant Therapeutics Inc. | New | 0.11% | +0.11 |
| ONC Beone Medicines Ltd.-ADR | New | 0.10% | +0.10 |
Options Activity Q3 2025 → Q4 2025
| VRTX Vertex Pharmaceuticals Inc. | call | New | 88,300 | $40.0M |
| XBI SS SPDR S&P Biotech ETF | put | New | 250,000 | $30.5M |
| PRAX Praxis Precision Medicines I | put | Add +0.6% | 100,600 | $29.7M |
| VKTX Viking Therapeutics Inc. | call | Add +70.1% | 688,900 | $24.2M |
| RNAM Avidity Biosciences Inc. | call | Add +63.9% | 328,000 | $23.7M |
| QQQ Invesco QQQ Trust Series 1 | put | New | 30,000 | $18.4M |
| JAZZ Jazz Pharmaceuticals PLC | call | Add +5.3% | 105,300 | $17.9M |
| APGE Apogee Therapeutics Inc. | call | Add +65.7% | 211,100 | $15.9M |
| BBIO Bridgebio Pharma Inc. | put | New | 200,000 | $15.3M |
| GPCR Structure Therapeutics Inc. | call | New | 191,700 | $13.3M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 20,000 | $13.3Mbefore exit |
| VKTX Viking Therapeutics Inc. | put | New | 316,700 | $11.1M |
| BBIO Bridgebio Pharma Inc. | call | Add +6.2% | 139,600 | $10.7M |
| JNJ Johnson & Johnson | call | New | 50,000 | $10.3M |
| INCY Incyte Corp. | put | New | 100,000 | $9.9M |
| INSM Insmed Inc. | call | New | 52,800 | $9.2M |
| CAPR Capricor Therapeutics Inc. | call | Add +4.1% | 312,300 | $9.0M |
| AGIO Agios Pharmaceuticals Inc. | call | Sold out | 222,100 | $8.9Mbefore exit |
| INCY Incyte Corp. | call | Sold out | 100,000 | $8.5Mbefore exit |
| IONS Ionis Pharmaceuticals Inc. | call | Add +6.2% | 106,200 | $8.4M |
| BMY Bristol-Myers Squibb Co. | call | Sold out | 180,000 | $8.1Mbefore exit |
| INDV Indivior Ltd. | call | New | 220,300 | $7.9M |
| LLY Eli Lilly & Co. | put | Sold out | 10,000 | $7.6Mbefore exit |
| QURE Uniqure NV | put | Add +0.6% | 301,800 | $7.2M |
| ROIV Roivant Sciences Ltd. | put | Add +6.2% | 318,700 | $6.9M |
| SLNO Soleno Therapeutics Inc. | put | Sold out | 100,000 | $6.8Mbefore exit |
| OCUL Ocular Therapeutix Inc. | call | Add +298.8% | 545,200 | $6.6M |
| JAZZ Jazz Pharmaceuticals PLC | put | Sold out | 50,000 | $6.6Mbefore exit |
| ZYME Zymeworks Inc. | call | Add +22.4% | 240,600 | $6.3M |
| CRSP Crispr Therapeutics AG | call | Add +0.6% | 112,700 | $5.9M |
| CAPR Capricor Therapeutics Inc. | put | New | 200,000 | $5.8M |
| CORT Corcept Therapeutics Inc. | put | Add +408.7% | 134,800 | $4.7M |
| HRMY Harmony Biosciences Holdings | call | Sold out | 150,000 | $4.1Mbefore exit |
| REGN Regeneron Pharmaceuticals | call | New | 5,000 | $3.9M |
| UPB Upstream Bio Inc. | call | Sold out | 200,000 | $3.8Mbefore exit |
| SRRK Scholar Rock Holding Corp. | call | Sold out | 100,000 | $3.7Mbefore exit |
| RARE Ultragenyx Pharmaceutical Inc. | put | Sold out | 123,300 | $3.7Mbefore exit |
| MNKD Mannkind Corp. | call | Reduce -46.9% | 552,300 | $3.1M |
| RXRX Recursion Pharmaceuticals-A | call | Add +6.2% | 741,900 | $3.0M |
| TGTX TG Therapeutics Inc. | put | New | 100,000 | $3.0M |
| COGT Cogent Biosciences Inc. | call | Sold out | 200,000 | $2.9Mbefore exit |
| NTLA Intellia Therapeutics Inc. | put | New | 316,900 | $2.8M |
| ARCT Arcturus Therapeutics Holdin | put | Sold out | 150,900 | $2.8Mbefore exit |
| GOSS Gossamer Bio Inc. | call | Add +6.3% | 877,100 | $2.7M |
| NVO Novo-Nordisk A/S-Spons ADR | put | Reduce -46.9% | 53,100 | $2.7M |
| ABUS Arbutus Biopharma Corp. | call | Add +6.3% | 548,600 | $2.6M |
| MRNA Moderna Inc. | call | Sold out | 102,100 | $2.6Mbefore exit |
| SCPH Scpharmaceuticals Inc. | call | Sold out | 462,000 | $2.6Mbefore exit |
| TERN Terns Pharmaceuticals Inc. | call | Reduce -71.3% | 64,700 | $2.6M |
| MRNA Moderna Inc. | put | Sold out | 100,000 | $2.6Mbefore exit |
Showing the first 50 of 100.
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 | 77 | $264.6M | UTHR, RVMD, ABVX, COGT, BMRN |
| Q1 2026 | 86 | $242.2M | BRIDGEBIO PHARMA INC (BBIO 1.75 03/01/31), VKTX, UTHR, JNJ, COGT |
| Q4 2025 | 73 | $167.9M | TERN, JNJ, VKTX, ABVX, BMRN |
| Q3 2025 | 59 | $143.6M | REGN, SLNO, BMRN, PCVX, INDV |
| Q2 2025 | 46 | $160.8M | SLNO, AMGN, TGTX, NBIX, LLY |
| Q1 2025 | 43 | $125.1M | REGN, LLY, JAZZ, TGTX, ARGX |
| Q4 2024 | 54 | $88.7M | BMY, ABBV, TEVA, BPMC, RYTM |