Lion Point Capital, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Lion Point Capital, LP reported 19 stock positions worth $14.7 million. Its top holding was Fennec Pharmaceuticals (FENC) at 11.0% of the portfolio, followed by Ardelyx (ARDX, 8.9%) and Kiniksa Pharmaceuticals Inte (KNSA, 8.6%). Compared with Q1 2025, it sold out of 2 and reduced 1. The biggest sale was Insmed (INSM, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001643354
- Portfolio Value
- $14.7M (Q2 2025)
- SEC Filing
- 0001013594-25-001032 ↗ filed Aug 14, 2025
Holdings Value
Holdings 19 stocks · $14.7M
| FENC Fennec Pharmaceuticals Inc. | 11.03% | 195,700 | $1.6M | No change |
| ARDX Ardelyx Inc. | 8.93% | 335,400 | $1.3M | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 8.62% | 45,900 | $1.3M | No change |
| BBIO Bridgebio Pharma Inc. | 7.62% | 26,000 | $1.1M | No change |
| INSM Insmed Inc. | 7.28% | 10,650 | $1.1M | Reduce -65.1% |
| MLYS Mineralys Therapeutics Inc. | 7.26% | 79,000 | $1.1M | No change |
| MIST Milestone Pharmaceuticals Inc. | 7.23% | 548,806 | $1.1M | No change |
| AVDL Avadel Pharmaceuticals Ltd. | 5.93% | 98,700 | $873K | No change |
| JSPR Jasper Therapeutics Inc. | 5.52% | 146,500 | $813K | No change |
| BNTC Benitec Biopharma Inc. | 4.93% | 62,000 | $725K | No change |
| GERN Geron Corp. | 4.79% | 500,000 | $705K | No change |
| ARQT Arcutis Biotherapeutics Inc. | 4.41% | 46,300 | $649K | No change |
| IRON Disc Medicine Inc. | 3.81% | 10,600 | $561K | No change |
| SNDX Syndax Pharmaceuticals Inc. | 3.50% | 55,000 | $515K | No change |
| RGNX Regenxbio Inc. | 3.22% | 57,750 | $474K | No change |
| BHVN Biohaven Ltd. | 2.17% | 22,700 | $320K | No change |
| MERSANA THERAPEUTICS INC | 1.29% | 644,000 | $191K | No change |
| MCRB Seres Therapeutics Inc. | 1.29% | 17,038 | $189K | No change |
| HUMA Humacyte Inc. | 1.18% | 83,500 | $175K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| INSM Insmed Inc. | Reduce -65.1% | 7.28% | −7.57 |
| BLUEBIRD BIO INC | Sold out | 0.00% | −2.46 |
| SPRB Spruce Biosciences Inc. | Sold out | 0.00% | −0.14 |
Portfolio Buys Q1 2025 → Q2 2025
| None this quarter. | |||
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 |