In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Lion Point Capital, LP reported 23 stock positions worth $31.9 million . Its top holding was Ardelyx (ARDX) at 19.9% of the portfolio, followed by Insmed (INSM, 14.8% ) and Milestone Pharmaceuticals (MIST, 9.7% ). Compared with Q1 2024, it opened 1 new position, sold out of 4, added to 5 and reduced 5. The biggest buy was Geron (GERN, shares +5% ) and the biggest sale Marinus Pharmaceuticals (MRNS, shares −0% ).
Location NEW YORK, NY
CIK 0001643354
Portfolio Value $31.9M (Q2 2024) Holdings 23 stocks · $31.9M 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 Q1 2024 ARDX Ardelyx Inc. 856,667 $6.3M Reduce -18.1% INSM Insmed Inc. 70,335 $4.7M No change MIST Milestone Pharmaceuticals Inc. 2,340,207 $3.1M Add +1.7% GERN Geron Corp. 630,000 $2.7M Add +5.0% MRNS Marinus Pharmaceuticals Inc. 2,114,827 $2.5M Reduce -0.2% KNSA Kiniksa Pharmaceuticals Inte 104,691 $2.0M Reduce -19.9% SNDX Syndax Pharmaceuticals Inc. 65,000 $1.3M No change BBIO Bridgebio Pharma Inc. 49,000 $1.2M New AVDL Avadel Pharmaceuticals Ltd. 82,500 $1.2M No change NBIX Neurocrine Biosciences Inc. 8,350 $1.1M Add +11.3% FENC Fennec Pharmaceuticals Inc. 170,000 $1.0M No change MLYS Mineralys Therapeutics Inc. 79,000 $924K Add +31.7% NFSCF Enphys Acquisition Corp. 78,125 $858K No change JSPR Jasper Therapeutics Inc. 32,000 $726K No change BLUEBIRD BIO INC 678,256 $668K Reduce -20.0% BFICQ Burgerfi International Inc. 2,745,938 $557K No change RGNX Regenxbio Inc. 36,250 $424K Add +11.5% MCRB Seres Therapeutics Inc. 340,761 $247K No change LUMO Lumos Pharma Inc. 90,794 $211K No change MSFT Microsoft Corp. 100 $45K No change SPRB Spruce Biosciences Inc. 75,000 $39K No change BATL Battalion Oil Corp. 7,423 $25K Reduce -62.8% GOOG Alphabet Inc. Class C 100 $18K No change
Options reported separately and not counted above: IWM puts ($16.7M), XBI puts ($4.6M), MIRM puts ($1.5M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $26K (not counted above) Security Class Shares / Principal Value Change BFIWQ Burgerfi International-CW23 *W EXP 12/16/202 2,083,438 $26K No change
Total filed on the 13F, all lines: $31.9M.
Portfolio Sells Q1 2024 → Q2 2024 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ MRNS Marinus Pharmaceuticals Inc. Reduce -0.2% 7.75% −29.38 HUMA Humacyte Inc. Sold out 0.00% −1.42 TVTX Travere Therapeutics Inc. Sold out 0.00% −1.17 REPL Replimune Group Inc. Sold out 0.00% −0.67 BATL Battalion Oil Corp. Reduce -62.8% 0.08% −0.14 BLUEBIRD BIO INC Reduce -20.0% 2.09% −0.01 SMTC Semtech Corp. Sold out 0.00% −0.00 KNSA Kiniksa Pharmaceuticals Inte Reduce -19.9% 6.12% +1.13 ARDX Ardelyx Inc. Reduce -18.1% 19.89% +5.08
Portfolio Buys Q1 2024 → Q2 2024 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ GERN Geron Corp. Add +5.0% 8.37% +4.53 BBIO Bridgebio Pharma Inc. New 3.89% +3.89 MIST Milestone Pharmaceuticals Inc. Add +1.7% 9.68% +1.70 NBIX Neurocrine Biosciences Inc. Add +11.3% 3.60% +1.60 MLYS Mineralys Therapeutics Inc. Add +31.7% 2.90% +1.39 RGNX Regenxbio Inc. Add +11.5% 1.33% +0.00
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ SMTC Semtech Corp. call Sold out 2,500,000 $68.7Mbefore exit IWM iShares Russell 2000 ETF put Reduce -66.7% 82,500 $16.7M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2024 → Q2 2024 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 35 $20.9M CUE, PRAX, MLTX, FENC, RPRX Q1 2026 35 $16.7M PRAX, MLTX, RPRX, MIST, GERN Q4 2025 39 $19.3M MIST, PRAX, MLTX, FENC, JSPR Q3 2025 27 $17.6M MLYS, MIST, FENC, JSPR, AVDL Q2 2025 19 $14.7M FENC, ARDX, KNSA, BBIO, INSM Q1 2025 21 $15.7M INSM, ARDX, MLYS, FENC, KNSA Q4 2024 19 $19.1M INSM, MIST, GERN, ARDX, FENC Q3 2024 23 $24.9M INSM, GERN, ARDX, MIST, BHVN Q2 2024 23 $31.9M ARDX, INSM, MIST, GERN, MRNS Q1 2024 26 $51.6M MRNS, ARDX, MIST, KNSA, GERN