Lion Point Capital, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Lion Point Capital, LP reported 21 stock positions worth $15.7 million. Its top holding was Insmed (INSM) at 14.8% of the portfolio, followed by Ardelyx (ARDX, 10.5%) and Mineralys Therapeutics (MLYS, 8.0%). Compared with Q4 2024, it opened 2 new positions, added to 2 and reduced 3. The biggest buy was a new position in Mersana Therapeutics and the biggest sale Milestone Pharmaceuticals (MIST, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001643354
- Portfolio Value
- $15.7M (Q1 2025)
- SEC Filing
- 0001013594-25-000673 ↗ filed May 15, 2025
Holdings Value
Holdings 21 stocks · $15.7M
| INSM Insmed Inc. | 14.84% | 30,500 | $2.3M | Reduce -16.9% |
| ARDX Ardelyx Inc. | 10.51% | 335,400 | $1.6M | No change |
| MLYS Mineralys Therapeutics Inc. | 8.00% | 79,000 | $1.3M | No change |
| FENC Fennec Pharmaceuticals Inc. | 7.60% | 195,700 | $1.2M | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 6.50% | 45,900 | $1.0M | No change |
| BBIO Bridgebio Pharma Inc. | 5.73% | 26,000 | $899K | Reduce -35.5% |
| BNTC Benitec Biopharma Inc. | 5.15% | 62,000 | $807K | No change |
| GERN Geron Corp. | 5.07% | 500,000 | $795K | No change |
| AVDL Avadel Pharmaceuticals Ltd. | 4.93% | 98,700 | $773K | Add +54.2% |
| ARQT Arcutis Biotherapeutics Inc. | 4.62% | 46,300 | $724K | No change |
| SNDX Syndax Pharmaceuticals Inc. | 4.31% | 55,000 | $676K | No change |
| JSPR Jasper Therapeutics Inc. | 4.02% | 146,500 | $630K | Add +357.8% |
| BHVN Biohaven Ltd. | 3.48% | 22,700 | $546K | No change |
| IRON Disc Medicine Inc. | 3.36% | 10,600 | $526K | No change |
| MIST Milestone Pharmaceuticals Inc. | 2.80% | 548,806 | $439K | Reduce -46.5% |
| RGNX Regenxbio Inc. | 2.63% | 57,750 | $413K | No change |
| BLUEBIRD BIO INC | 2.46% | 78,912 | $385K | No change |
| MCRB Seres Therapeutics Inc. | 1.52% | 340,761 | $239K | No change |
| MERSANA THERAPEUTICS INC | 1.41% | 644,000 | $222K | New |
| HUMA Humacyte Inc. | 0.91% | 83,500 | $142K | New |
| SPRB Spruce Biosciences Inc. | 0.14% | 75,000 | $22K | No change |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| MERSANA THERAPEUTICS INC | New | 1.41% | +1.41 |
| AVDL Avadel Pharmaceuticals Ltd. | Add +54.2% | 4.93% | +1.41 |
| HUMA Humacyte Inc. | New | 0.91% | +0.91 |
| JSPR Jasper Therapeutics Inc. | Add +357.8% | 4.02% | +0.44 |
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 |