Lion Point Capital, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Lion Point Capital, LP reported 27 stock positions worth $17.6 million. Its top holding was Mineralys Therapeutics (MLYS) at 8.4% of the portfolio, followed by Milestone Pharmaceuticals (MIST, 7.5%) and Fennec Pharmaceuticals (FENC, 6.5%). Compared with Q2 2025, it opened 8 new positions, added to 3 and reduced 8. The biggest buy was a new position in Royalty Pharma Class A (RPRX) and the biggest sale Fennec Pharmaceuticals (FENC, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001643354
- Portfolio Value
- $17.6M (Q3 2025)
- SEC Filing
- 0001013594-25-001425 ↗ filed Nov 14, 2025
Holdings Value
Holdings 27 stocks · $17.6M
| MLYS Mineralys Therapeutics Inc. | 8.40% | 39,000 | $1.5M | Reduce -50.6% |
| MIST Milestone Pharmaceuticals Inc. | 7.48% | 658,553 | $1.3M | Add +20.0% |
| FENC Fennec Pharmaceuticals Inc. | 6.54% | 123,000 | $1.2M | Reduce -37.1% |
| JSPR Jasper Therapeutics Inc. | 5.39% | 398,558 | $949K | Add +172.1% |
| AVDL Avadel Pharmaceuticals Ltd. | 5.18% | 59,700 | $912K | Reduce -39.5% |
| KNSA Kiniksa Pharmaceuticals Inte | 5.16% | 23,400 | $909K | Reduce -49.0% |
| INSM Insmed Inc. | 5.11% | 6,250 | $900K | Reduce -41.3% |
| ARDX Ardelyx Inc. | 5.09% | 162,750 | $897K | Reduce -51.5% |
| BNTC Benitec Biopharma Inc. | 4.94% | 62,000 | $870K | No change |
| SNDX Syndax Pharmaceuticals Inc. | 4.81% | 55,000 | $846K | No change |
| RPRX Royalty Pharma PLC Class A | 4.29% | 21,400 | $755K | New |
| IRON Disc Medicine Inc. | 3.98% | 10,600 | $700K | No change |
| BBIO Bridgebio Pharma Inc. | 3.92% | 13,300 | $691K | Reduce -48.9% |
| GERN Geron Corp. | 3.89% | 500,000 | $685K | No change |
| ARQT Arcutis Biotherapeutics Inc. | 3.78% | 35,300 | $665K | Reduce -23.8% |
| RGNX Regenxbio Inc. | 3.17% | 57,750 | $557K | No change |
| MCRB Seres Therapeutics Inc. | 2.97% | 27,138 | $522K | Add +59.3% |
| MLTX Moonlake Immunotherapeutics | 2.75% | 67,500 | $484K | New |
| KURA Kura Oncology Inc. | 2.31% | 46,000 | $407K | New |
| BHVN Biohaven Ltd. | 1.94% | 22,700 | $341K | No change |
| CMPS Compass Pathways PLC | 1.89% | 58,000 | $332K | New |
| PRAX Praxis Precision Medicines I | 1.72% | 5,700 | $302K | New |
| DAWN Day One Biopharmaceuticals I | 1.68% | 42,000 | $296K | New |
| RCKT Rocket Pharmaceuticals Inc. | 1.59% | 86,000 | $280K | New |
| MRSN Mersana Therapeutics Inc. | 1.14% | 25,760 | $200K | No change |
| HUMA Humacyte Inc. | 0.83% | 83,500 | $145K | No change |
| SPRB Spruce Biosciences Inc. | 0.05% | 1,000 | $9K | New |
Portfolio Sells Q2 2025 → Q3 2025
| FENC Fennec Pharmaceuticals Inc. | Reduce -37.1% | 6.54% | −4.49 |
| ARDX Ardelyx Inc. | Reduce -51.5% | 5.09% | −3.83 |
| BBIO Bridgebio Pharma Inc. | Reduce -48.9% | 3.92% | −3.70 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -49.0% | 5.16% | −3.46 |
| INSM Insmed Inc. | Reduce -41.3% | 5.11% | −2.16 |
| AVDL Avadel Pharmaceuticals Ltd. | Reduce -39.5% | 5.18% | −0.75 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -23.8% | 3.78% | −0.63 |
| MLYS Mineralys Therapeutics Inc. | Reduce -50.6% | 8.40% | +1.14 |
Portfolio Buys Q2 2025 → Q3 2025
| RPRX Royalty Pharma PLC Class A | New | 4.29% | +4.29 |
| MLTX Moonlake Immunotherapeutics | New | 2.75% | +2.75 |
| KURA Kura Oncology Inc. | New | 2.31% | +2.31 |
| CMPS Compass Pathways PLC | New | 1.89% | +1.89 |
| PRAX Praxis Precision Medicines I | New | 1.72% | +1.72 |
| DAWN Day One Biopharmaceuticals I | New | 1.68% | +1.68 |
| MCRB Seres Therapeutics Inc. | Add +59.3% | 2.97% | +1.68 |
| RCKT Rocket Pharmaceuticals Inc. | New | 1.59% | +1.59 |
| MIST Milestone Pharmaceuticals Inc. | Add +20.0% | 7.48% | +0.25 |
| SPRB Spruce Biosciences Inc. | New | 0.05% | +0.05 |
| JSPR Jasper Therapeutics Inc. | Add +172.1% | 5.39% | −0.13 |
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 |