Lion Point Capital, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Lion Point Capital, LP reported 19 stock positions worth $19.1 million. Its top holding was Insmed (INSM) at 13.3% of the portfolio, followed by Milestone Pharmaceuticals (MIST, 12.7%) and Geron (GERN, 9.3%). Compared with Q3 2024, it sold out of 4, added to 4 and reduced 8. The biggest buy was Benitec Biopharma (BNTC, shares +59%) and the biggest sale an exit from Marinus Pharmaceuticals (MRNS).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001643354
- Portfolio Value
- $19.1M (Q4 2024)
- SEC Filing
- 0001013594-25-000268 ↗ filed Feb 14, 2025
Holdings Value
Holdings 19 stocks · $19.1M
| INSM Insmed Inc. | 13.27% | 36,700 | $2.5M | Reduce -29.7% |
| MIST Milestone Pharmaceuticals Inc. | 12.68% | 1,025,806 | $2.4M | Reduce -38.0% |
| GERN Geron Corp. | 9.27% | 500,000 | $1.8M | Reduce -20.6% |
| ARDX Ardelyx Inc. | 8.90% | 335,400 | $1.7M | Reduce -9.3% |
| FENC Fennec Pharmaceuticals Inc. | 6.48% | 195,700 | $1.2M | Reduce -9.0% |
| BBIO Bridgebio Pharma Inc. | 5.79% | 40,300 | $1.1M | Reduce -17.8% |
| MLYS Mineralys Therapeutics Inc. | 5.09% | 79,000 | $972K | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 4.75% | 45,900 | $908K | Reduce -25.2% |
| BHVN Biohaven Ltd. | 4.44% | 22,700 | $848K | Reduce -35.9% |
| BNTC Benitec Biopharma Inc. | 4.10% | 62,000 | $783K | Add +59.0% |
| SNDX Syndax Pharmaceuticals Inc. | 3.81% | 55,000 | $727K | Add +19.1% |
| JSPR Jasper Therapeutics Inc. | 3.58% | 32,000 | $684K | No change |
| AVDL Avadel Pharmaceuticals Ltd. | 3.52% | 64,000 | $673K | No change |
| IRON Disc Medicine Inc. | 3.52% | 10,600 | $672K | Add +37.7% |
| BLUEBIRD BIO INC | 3.45% | 78,912 | $658K | No change |
| ARQT Arcutis Biotherapeutics Inc. | 3.38% | 46,300 | $645K | Add +31.9% |
| RGNX Regenxbio Inc. | 2.34% | 57,750 | $446K | No change |
| MCRB Seres Therapeutics Inc. | 1.48% | 340,761 | $283K | No change |
| SPRB Spruce Biosciences Inc. | 0.16% | 75,000 | $32K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| MRNS Marinus Pharmaceuticals Inc. | Sold out | 0.00% | −4.90 |
| BHVN Biohaven Ltd. | Reduce -35.9% | 4.44% | −2.66 |
| GERN Geron Corp. | Reduce -20.6% | 9.27% | −2.21 |
| INSM Insmed Inc. | Reduce -29.7% | 13.27% | −2.02 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -25.2% | 4.75% | −1.40 |
| ARDX Ardelyx Inc. | Reduce -9.3% | 8.90% | −1.32 |
| LUMO Lumos Pharma Inc. | Sold out | 0.00% | −0.61 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −0.17 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.07 |
| BBIO Bridgebio Pharma Inc. | Reduce -17.8% | 5.79% | +0.79 |
| FENC Fennec Pharmaceuticals Inc. | Reduce -9.0% | 6.48% | +2.16 |
| MIST Milestone Pharmaceuticals Inc. | Reduce -38.0% | 12.68% | +2.59 |
Portfolio Buys Q3 2024 → Q4 2024
Options Activity Q3 2024 → Q4 2024
| IWM iShares Russell 2000 ETF | put | Sold out | 82,500 | $18.2Mbefore exit |
| MIRM Mirum Pharmaceuticals Inc. | put | Sold out | 45,000 | $1.8Mbefore exit |
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 | 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 |