Lion Point Capital, LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Lion Point Capital, LP reported 26 stock positions worth $51.6 million. Its top holding was Marinus Pharmaceuticals (MRNS) at 37.1% of the portfolio, followed by Ardelyx (ARDX, 14.8%) and Milestone Pharmaceuticals (MIST, 8.0%). Compared with Q4 2023, it opened 6 new positions, sold out of 6, added to 5 and reduced 4. The biggest buy was Milestone Pharmaceuticals (MIST, shares +39%) and the biggest sale Semtech (SMTC, shares −100%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001643354
Portfolio Value
$51.6M (Q1 2024)
SEC Filing
0001013594-24-000479 ↗ filed May 15, 2024

Holdings Value

0$20.0M$40.0M$60.0M Q1 2024: $51.6M $51.6M Q1 2024 Q2 2024: $31.9M Q2 2024 Q3 2024: $24.9M Q3 2024 Q4 2024: $19.1M Q4 2024 Q1 2025: $15.7M Q1 2025 Q2 2025: $14.7M Q2 2025 Q3 2025: $17.6M Q3 2025 Q4 2025: $19.3M Q4 2025 Q1 2026: $16.7M Q1 2026 Q2 2026: $20.9M Q2 2026

Holdings 26 stocks · $51.6M
MRNS Marinus Pharmaceuticals Inc. 37.13% 2,119,136 $19.2M Reduce -0.7%
ARDX Ardelyx Inc. 14.81% 1,046,667 $7.6M Reduce -9.1%
MIST Milestone Pharmaceuticals Inc. 7.98% 2,300,207 $4.1M Add +39.4%
KNSA Kiniksa Pharmaceuticals Ltd. 5.00% 130,691 $2.6M No change
GERN Geron Corp. 3.84% 600,000 $2.0M New
INSM Insmed Inc. 3.70% 70,335 $1.9M No change
FENC Fennec Pharmaceuticals Inc. 3.66% 170,000 $1.9M Add +54.5%
BFICQ Burgerfi International Inc. 3.07% 2,745,938 $1.6M No change
SNDX Syndax Pharmaceuticals Inc. 3.00% 65,000 $1.5M Add +88.4%
AVDL Avadel Pharmaceuticals plc 2.70% 82,500 $1.4M Add +3.1%
BLUEBIRD BIO INC 2.10% 848,256 $1.1M Add +59.7%
NBIX Neurocrine Biosciences Inc. 2.00% 7,500 $1.0M New
JSPR Jasper Therapeutics Inc. 1.82% 32,000 $940K New
NFSCF Enphys Acquisition Corp. 1.64% 78,125 $845K No change
MLYS Mineralys Therapeutics Inc. 1.50% 60,000 $775K New
HUMA Humacyte Inc. 1.42% 235,000 $731K No change
RGNX Regenxbio Inc. 1.33% 32,500 $685K New
TVTX Travere Therapeutics Inc. 1.17% 78,000 $601K No change
REPL Replimune Group Inc. 0.67% 42,500 $347K No change
MCRB Seres Therapeutics Inc. 0.51% 340,761 $264K No change
LUMO Lumos Pharma Inc. 0.50% 90,794 $256K No change
BATL Battalion Oil Corp. 0.22% 19,926 $113K Reduce -91.0%
SPRB Spruce Biosciences Inc. 0.11% 75,000 $59K New
MSFT Microsoft Corp. 0.08% 100 $42K No change
GOOG Alphabet Inc. Class C 0.03% 100 $15K No change
SMTC Semtech Corp. 0.00% 14 $385 Reduce -100.0%

Options reported separately and not counted above: SMTC calls ($68.7M), IWM puts ($52.0M), XBI puts ($4.7M), MIRM puts ($1.1M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $711K (not counted above)
SecurityClassShares / PrincipalValueChange
TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) NOTE 2.250% 3/0 · principal 1,000,000$630KNo change
BFIWQ Burgerfi International-CW23 *W EXP 12/16/202 2,083,438$81KNo change

Total filed on the 13F, all lines: $52.3M.

Portfolio Sells Q4 2023 → Q1 2024
SMTC Semtech Corp. Reduce -100.0% 0.00% −50.79
HARP Harpoon Therapeutics Inc. Sold out 0.00% −2.34
CBAY Cymabay Therapeutics Inc. Sold out 0.00% −1.75
BATL Battalion Oil Corp. Reduce -91.0% 0.22% −1.70
MIRM Mirum Pharmaceuticals Inc. Sold out 0.00% −0.36
AMLX Amylyx Pharmaceuticals Inc. Sold out 0.00% −0.19
WHWK Whitehawk Therapeutics Inc. Sold out 0.00% −0.15
ACRS Aclaris Therapeutics Inc. Sold out 0.00% −0.11
ARDX Ardelyx Inc. Reduce -9.1% 14.81% +8.39
MRNS Marinus Pharmaceuticals Inc. Reduce -0.7% 37.13% +16.27

Portfolio Buys Q4 2023 → Q1 2024
MIST Milestone Pharmaceuticals Inc. Add +39.4% 7.98% +5.50
GERN Geron Corp. New 3.84% +3.84
FENC Fennec Pharmaceuticals Inc. Add +54.5% 3.66% +2.55
SNDX Syndax Pharmaceuticals Inc. Add +88.4% 3.00% +2.33
NBIX Neurocrine Biosciences Inc. New 2.00% +2.00
JSPR Jasper Therapeutics Inc. New 1.82% +1.82
AVDL Avadel Pharmaceuticals plc Add +3.1% 2.70% +1.69
MLYS Mineralys Therapeutics Inc. New 1.50% +1.50
BLUEBIRD BIO INC Add +59.7% 2.10% +1.45
RGNX Regenxbio Inc. New 1.33% +1.33
SPRB Spruce Biosciences Inc. New 0.11% +0.11

Options Activity Q4 2023 → Q1 2024
IWM iShares Russell 2000 ETF put Add +50.0% 247,500 $52.0M
XBI SS SPDR S&P Biotech ETF put New 50,000 $4.7M
MIRM Mirum Pharmaceuticals Inc. put New 45,000 $1.1M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 35$20.9MCUE, PRAX, MLTX, FENC, RPRX
Q1 2026 35$16.7MPRAX, MLTX, RPRX, MIST, GERN
Q4 2025 39$19.3MMIST, PRAX, MLTX, FENC, JSPR
Q3 2025 27$17.6MMLYS, MIST, FENC, JSPR, AVDL
Q2 2025 19$14.7MFENC, ARDX, KNSA, BBIO, INSM
Q1 2025 21$15.7MINSM, ARDX, MLYS, FENC, KNSA
Q4 2024 19$19.1MINSM, MIST, GERN, ARDX, FENC
Q3 2024 23$24.9MINSM, GERN, ARDX, MIST, BHVN
Q2 2024 23$31.9MARDX, INSM, MIST, GERN, MRNS
Q1 2024 26$51.6MMRNS, ARDX, MIST, KNSA, GERN