In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Great Point Partners LLC reported 28 stock positions worth $239.5 million . Its top holding was Amylyx Pharmaceuticals (AMLX) at 9.6% of the portfolio, followed by Rezolute (RZLT, 9.6% ) and Nektar Therapeutics (NKTR, 7.1% ). Compared with Q2 2025, it opened 10 new positions, sold out of 8, added to 4 and reduced 6. The biggest buy was a new position in Nektar Therapeutics (NKTR) and the biggest sale Ionis Pharmaceuticals (IONS, shares −84% ).
Location Greenwich, CT
CIK 0001281446
Portfolio Value $239.5M (Q3 2025) Holdings 28 stocks · $239.5M 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 AMLX Amylyx Pharmaceuticals Inc. 1,700,000 $23.1M Reduce -15.0% RZLT Rezolute Inc. 2,451,809 $23.0M Reduce -19.2% NKTR Nektar Therapeutics 300,000 $17.1M New ZURA Zura Bio Ltd. 3,815,930 $16.5M Add +20.4% SLNO Soleno Therapeutics Inc. 225,000 $15.2M New ASND Ascendis Pharma A/S 75,000 $14.9M New ABVX Abivax SA-ADR 150,000 $12.7M Reduce -88.4% APGE Apogee Therapeutics Inc. 304,000 $12.1M New DNTH Dianthus Therapeutics Inc. 265,803 $10.5M New CYTK Cytokinetics Inc. 150,000 $8.2M No change IMVT Immunovant Inc. 500,000 $8.1M Add +90.7% XENE Xenon Pharmaceuticals Inc. 200,000 $8.0M No change NGNE Neurogene Inc. 446,814 $7.7M Reduce -8.0% EPRX Eupraxia Pharmaceuticals Inc. 1,200,000 $7.1M New UPB Upstream Bio Inc. 300,000 $5.6M No change JBIO Jade Biosciences Inc. 632,599 $5.5M Add +27.0% IONS Ionis Pharmaceuticals Inc. 80,000 $5.2M Reduce -84.0% AKRO Akero Therapeutics Inc. 103,848 $4.9M No change TSHA Taysha Gene Therapies Inc. 1,500,000 $4.9M No change CNTX Context Therapeutics Inc. 4,683,711 $4.5M No change PHVS Pharvaris NV 155,105 $3.9M New DBVT DBV Technologies SA-Spon ADR 378,594 $3.8M Add +1.0% LEGN Legend Biotech Corp.-ADR 113,460 $3.7M Reduce -67.6% ORKA Oruka Therapeutics Inc. 183,330 $3.5M New UNCY Unicycive Therapeutics Inc. 796,558 $3.5M No change SANA Sana Biotechnology Inc. 700,000 $2.5M New ABSI Absci Corp. 796,438 $2.4M New PLRX Pliant Therapeutics Inc. 850,000 $1.3M No change
Options reported separately and not counted above: HRMY calls ($2.3M), CAPR puts ($632K).
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 ▲ IONS Ionis Pharmaceuticals Inc. Reduce -84.0% 2.19% −10.66 LEGN Legend Biotech Corp.-ADR Reduce -67.6% 1.54% −6.53 AKBA Akebia Therapeutics Inc. Sold out 0.00% −4.70 EOLS Evolus Inc. Sold out 0.00% −4.31 ACLX Arcellx Inc. Sold out 0.00% −4.28 KALV Kalvista Pharmaceuticals Inc. Sold out 0.00% −2.38 CNTA Centessa Pharmaceuticals Ltd. Sold out 0.00% −1.92 NGNE Neurogene Inc. Reduce -8.0% 3.23% −1.49 SRRK Scholar Rock Holding Corp. Sold out 0.00% −1.42 ABVX Abivax SA-ADR Reduce -88.4% 5.32% −1.11 PMN Promis Neurosciences Inc. Sold out 0.00% −0.83 BBOT Bridgebio Oncology Therapeut Sold out 0.00% −0.20 RZLT Rezolute Inc. Reduce -19.2% 9.62% +0.83 AMLX Amylyx Pharmaceuticals Inc. Reduce -15.0% 9.65% +1.31
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 ▼ NKTR Nektar Therapeutics New 7.13% +7.13 SLNO Soleno Therapeutics Inc. New 6.35% +6.35 ASND Ascendis Pharma A/S New 6.23% +6.23 APGE Apogee Therapeutics Inc. New 5.04% +5.04 ZURA Zura Bio Ltd. Add +20.4% 6.90% +4.73 DNTH Dianthus Therapeutics Inc. New 4.37% +4.37 EPRX Eupraxia Pharmaceuticals Inc. New 2.96% +2.96 PHVS Pharvaris NV New 1.62% +1.62 ORKA Oruka Therapeutics Inc. New 1.47% +1.47 SANA Sana Biotechnology Inc. New 1.04% +1.04 ABSI Absci Corp. New 1.01% +1.01 IMVT Immunovant Inc. Add +90.7% 3.37% +0.64 DBVT DBV Technologies SA-Spon ADR Add +1.0% 1.58% −0.65 JBIO Jade Biosciences Inc. Add +27.0% 2.28% −0.96
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ HRMY Harmony Biosciences Holdings call New 85,000 $2.3M CAPR Capricor Therapeutics Inc. put New 87,700 $632K
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 37 $424.4M VOR, ABVX, VERA, ZURA, ALMS Q1 2026 39 $408.3M APGE, VOR, ZURA, AMLX, NKTR Q4 2025 29 $308.4M APGE, AMLX, ZURA, IRON, RAPT Q3 2025 28 $239.5M AMLX, RZLT, NKTR, ZURA, SLNO Q2 2025 26 $153.8M IONS, RZLT, AMLX, LEGN, ABVX Q1 2025 31 $184.0M CYTK, KALV, EOLS, ABVX, VRDN Q4 2024 26 $212.2M IONS, CYTK, KALV, VRDN, PLRX Q3 2024 29 $331.4M NGNE, ABVX, PLRX, EOLS, VRDN Q2 2024 33 $522.0M URGN, NGNE, ABVX, MRUS, PLRX Q1 2024 35 $641.6M NGNE, ALPN, URGN, ABVX, EOLS