In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Lion Point Capital, LP reported 23 stock positions worth $24.9 million . Its top holding was Insmed (INSM) at 15.3% of the portfolio, followed by Geron (GERN, 11.5% ) and Ardelyx (ARDX, 10.2% ). Compared with Q2 2024, it opened 4 new positions, sold out of 4, added to 3 and reduced 8. The biggest buy was a new position in Biohaven (BHVN) and the biggest sale Ardelyx (ARDX, shares −57% ).
Location NEW YORK, NY
CIK 0001643354
Portfolio Value $24.9M (Q3 2024) Holdings 23 stocks · $24.9M 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 Q2 2024 INSM Insmed Inc. 52,200 $3.8M Reduce -25.8% GERN Geron Corp. 630,000 $2.9M No change ARDX Ardelyx Inc. 370,000 $2.5M Reduce -56.8% MIST Milestone Pharmaceuticals Inc. 1,654,154 $2.5M Reduce -29.3% BHVN Biohaven Ltd. 35,400 $1.8M New KNSA Kiniksa Pharmaceuticals Inte 61,400 $1.5M Reduce -41.4% BBIO Bridgebio Pharma Inc. 49,000 $1.2M No change MRNS Marinus Pharmaceuticals Inc. 693,778 $1.2M Reduce -67.2% FENC Fennec Pharmaceuticals Inc. 215,000 $1.1M Add +26.5% MLYS Mineralys Therapeutics Inc. 79,000 $957K No change SNDX Syndax Pharmaceuticals Inc. 46,200 $889K Reduce -28.9% AVDL Avadel Pharmaceuticals Ltd. 64,000 $839K Reduce -22.4% BLUEBIRD BIO INC 1,578,256 $820K Add +132.7% RGNX Regenxbio Inc. 57,750 $606K Add +59.3% JSPR Jasper Therapeutics Inc. 32,000 $602K No change IRON Disc Medicine Inc. 7,700 $378K New BNTC Benitec Biopharma Inc. 39,000 $358K New ARQT Arcutis Biotherapeutics Inc. 35,100 $326K New MCRB Seres Therapeutics Inc. 340,761 $322K No change LUMO Lumos Pharma Inc. 39,589 $153K Reduce -56.4% MSFT Microsoft Corp. 100 $43K No change SPRB Spruce Biosciences Inc. 75,000 $36K No change GOOG Alphabet Inc. Class C 100 $17K No change
Options reported separately and not counted above: IWM puts ($18.2M), MIRM puts ($1.8M).
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ ARDX Ardelyx Inc. Reduce -56.8% 10.23% −9.66 NBIX Neurocrine Biosciences Inc. Sold out 0.00% −3.60 MRNS Marinus Pharmaceuticals Inc. Reduce -67.2% 4.90% −2.85 NFSCF Enphys Acquisition Corp. Sold out 0.00% −2.69 BFICQ Burgerfi International Inc. Sold out 0.00% −1.75 SNDX Syndax Pharmaceuticals Inc. Reduce -28.9% 3.57% −0.61 AVDL Avadel Pharmaceuticals Ltd. Reduce -22.4% 3.37% −0.27 BATL Battalion Oil Corp. Sold out 0.00% −0.08 LUMO Lumos Pharma Inc. Reduce -56.4% 0.61% −0.05 KNSA Kiniksa Pharmaceuticals Inte Reduce -41.4% 6.16% +0.03 MIST Milestone Pharmaceuticals Inc. Reduce -29.3% 10.09% +0.41 INSM Insmed Inc. Reduce -25.8% 15.29% +0.52
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ BHVN Biohaven Ltd. New 7.10% +7.10 IRON Disc Medicine Inc. New 1.52% +1.52 BNTC Benitec Biopharma Inc. New 1.44% +1.44 ARQT Arcutis Biotherapeutics Inc. New 1.31% +1.31 BLUEBIRD BIO INC Add +132.7% 3.29% +1.20 RGNX Regenxbio Inc. Add +59.3% 2.43% +1.10 FENC Fennec Pharmaceuticals Inc. Add +26.5% 4.31% +1.06
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ XBI SS SPDR S&P Biotech ETF put Sold out 50,000 $4.6Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ BFIWQ Burgerfi International-CW23 *W EXP 12/16/202 Sold out 2,083,438 $26Kbefore exit
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