Lion Point Capital, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Lion Point Capital, LP reported 39 stock positions worth $19.3 million. Its top holding was Milestone Pharmaceuticals (MIST) at 7.9% of the portfolio, followed by Praxis Precision Medicines I (PRAX, 6.8%) and Moonlake Immunotherapeutics (MLTX, 4.6%). Compared with Q3 2025, it opened 15 new positions, sold out of 3, added to 6 and reduced 10. The biggest buy was a new position in Cue Biopharma (CUE) and the biggest sale Mineralys Therapeutics (MLYS, shares −73%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001643354
- Portfolio Value
- $19.3M (Q4 2025)
- SEC Filing
- 0001013594-26-000252 ↗ filed Feb 17, 2026
Holdings Value
Holdings 39 stocks · $19.3M
| MIST Milestone Pharmaceuticals Inc. | 7.89% | 755,000 | $1.5M | Add +14.7% |
| PRAX Praxis Precision Medicines I | 6.79% | 4,450 | $1.3M | Reduce -21.9% |
| MLTX Moonlake Immunotherapeutics | 4.60% | 67,500 | $890K | No change |
| FENC Fennec Pharmaceuticals Inc. | 4.48% | 112,434 | $866K | Reduce -8.6% |
| JSPR Jasper Therapeutics Inc. | 4.40% | 465,000 | $851K | Add +16.7% |
| BNTC Benitec Biopharma Inc. | 4.32% | 62,000 | $835K | No change |
| RPRX Royalty Pharma PLC Class A | 4.28% | 21,400 | $827K | No change |
| GERN Geron Corp. | 3.95% | 578,000 | $763K | Add +15.6% |
| SNDX Syndax Pharmaceuticals Inc. | 3.91% | 36,000 | $756K | Reduce -34.5% |
| ARDX Ardelyx Inc. | 3.88% | 128,650 | $750K | Reduce -20.9% |
| CUE Cue Biopharma Inc. | 3.48% | 2,202,854 | $673K | New |
| IRON Disc Medicine Inc. | 3.33% | 8,100 | $643K | Reduce -23.6% |
| SRPT Sarepta Therapeutics Inc. | 3.17% | 28,500 | $613K | New |
| BHVN Biohaven Ltd. | 3.02% | 51,700 | $584K | Add +127.8% |
| HUMA Humacyte Inc. | 2.49% | 500,000 | $480K | Add +498.8% |
| KURA Kura Oncology Inc. | 2.47% | 46,000 | $478K | No change |
| MCRB Seres Therapeutics Inc. | 2.43% | 31,570 | $470K | Add +16.3% |
| CMPS Compass Pathways PLC | 2.07% | 58,000 | $400K | No change |
| DAWN Day One Biopharmaceuticals I | 2.03% | 42,000 | $391K | No change |
| RGNX Regenxbio Inc. | 1.98% | 26,600 | $383K | Reduce -53.9% |
| BBIO Bridgebio Pharma Inc. | 1.98% | 5,000 | $382K | Reduce -62.4% |
| MLYS Mineralys Therapeutics Inc. | 1.97% | 10,500 | $381K | Reduce -73.1% |
| VTYX Ventyx Biosciences Inc. | 1.94% | 41,500 | $375K | New |
| LNTH Lantheus Holdings Inc. | 1.89% | 5,500 | $366K | New |
| DYN Dyne Therapeutics Inc. | 1.82% | 18,000 | $352K | New |
| QURE Uniqure NV | 1.82% | 14,700 | $352K | New |
| PCRX Pacira Biosciences Inc. | 1.81% | 13,500 | $349K | New |
| VTRS Viatris Inc. | 1.78% | 27,700 | $345K | New |
| AZTA Azenta Inc. | 1.67% | 9,700 | $323K | New |
| RCKT Rocket Pharmaceuticals Inc. | 1.56% | 86,000 | $302K | No change |
| JANX Janux Therapeutics Inc. | 1.36% | 19,000 | $262K | New |
| EWTX Edgewise Therapeutics Inc. | 1.17% | 9,100 | $226K | New |
| INVA Innoviva Inc. | 0.85% | 8,200 | $164K | New |
| ARQT Arcutis Biotherapeutics Inc. | 0.79% | 5,250 | $152K | Reduce -85.1% |
| IPHA Innate Pharma SA-Spons ADR | 0.73% | 81,151 | $142K | New |
| NERV Minerva Neurosciences Inc. | 0.73% | 35,000 | $141K | New |
| GHRS GH Research PLC | 0.67% | 10,200 | $130K | New |
| SPRB Spruce Biosciences Inc. | 0.45% | 1,000 | $87K | No change |
| MRSN Mersana Therapeutics Inc. | 0.01% | 100 | $3K | Reduce -99.6% |
Portfolio Sells Q3 2025 → Q4 2025
| MLYS Mineralys Therapeutics Inc. | Reduce -73.1% | 1.97% | −6.43 |
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −5.18 |
| KNSA Kiniksa Pharmaceuticals Inte | Sold out | 0.00% | −5.16 |
| INSM Insmed Inc. | Sold out | 0.00% | −5.11 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -85.1% | 0.79% | −2.99 |
| FENC Fennec Pharmaceuticals Inc. | Reduce -8.6% | 4.48% | −2.06 |
| BBIO Bridgebio Pharma Inc. | Reduce -62.4% | 1.98% | −1.95 |
| ARDX Ardelyx Inc. | Reduce -20.9% | 3.88% | −1.21 |
| RGNX Regenxbio Inc. | Reduce -53.9% | 1.98% | −1.18 |
| MRSN Mersana Therapeutics Inc. | Reduce -99.6% | 0.01% | −1.12 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -34.5% | 3.91% | −0.89 |
| IRON Disc Medicine Inc. | Reduce -23.6% | 3.33% | −0.65 |
| PRAX Praxis Precision Medicines I | Reduce -21.9% | 6.79% | +5.07 |
Portfolio Buys Q3 2025 → Q4 2025
| CUE Cue Biopharma Inc. | New | 3.48% | +3.48 |
| SRPT Sarepta Therapeutics Inc. | New | 3.17% | +3.17 |
| VTYX Ventyx Biosciences Inc. | New | 1.94% | +1.94 |
| LNTH Lantheus Holdings Inc. | New | 1.89% | +1.89 |
| DYN Dyne Therapeutics Inc. | New | 1.82% | +1.82 |
| QURE Uniqure NV | New | 1.82% | +1.82 |
| PCRX Pacira Biosciences Inc. | New | 1.81% | +1.81 |
| VTRS Viatris Inc. | New | 1.78% | +1.78 |
| AZTA Azenta Inc. | New | 1.67% | +1.67 |
| HUMA Humacyte Inc. | Add +498.8% | 2.49% | +1.66 |
| JANX Janux Therapeutics Inc. | New | 1.36% | +1.36 |
| EWTX Edgewise Therapeutics Inc. | New | 1.17% | +1.17 |
| BHVN Biohaven Ltd. | Add +127.8% | 3.02% | +1.08 |
| INVA Innoviva Inc. | New | 0.85% | +0.85 |
| IPHA Innate Pharma SA-Spons ADR | New | 0.73% | +0.73 |
| NERV Minerva Neurosciences Inc. | New | 0.73% | +0.73 |
| GHRS GH Research PLC | New | 0.67% | +0.67 |
| MIST Milestone Pharmaceuticals Inc. | Add +14.7% | 7.89% | +0.41 |
| GERN Geron Corp. | Add +15.6% | 3.95% | +0.06 |
| MCRB Seres Therapeutics Inc. | Add +16.3% | 2.43% | −0.54 |
| JSPR Jasper Therapeutics Inc. | Add +16.7% | 4.40% | −0.99 |
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 |