In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Newtyn Management, LLC reported 31 stock positions worth $945.3 million . Its top holding was Array Digital Infrastructure (AD) at 9.6% of the portfolio, followed by Indivior (INDV, 9.6% ) and Quidelortho (QDEL, 9.1% ). Compared with Q3 2025, it opened 8 new positions, sold out of 10, added to 10 and reduced 8. The biggest buy was Enviri (NVRI, shares +172% ) and the biggest sale Indivior (INDV, shares −40% ).
Location NEW YORK, NY
CIK 0001569241
Portfolio Value $945.3M (Q4 2025) Holdings 31 stocks · $945.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 AD Array Digital Infrastructure 1,700,000 $91.2M Add +25.9% INDV Indivior Ltd. 2,534,538 $90.9M Reduce -39.6% QDEL Quidelortho Corp. 3,014,595 $86.1M Add +11.7% NVRI Enviri Corp. 4,599,387 $82.4M Add +171.7% TBPH Theravance Biopharma Inc. 4,300,000 $80.5M Reduce -13.1% CNNE Cannae Holdings Inc. 3,548,509 $55.8M Add +4.0% AIV Apartment Invt & Mgmt Co. Class A 9,197,325 $54.6M Add +18.5% RHLD Resolute Holdings Manag 242,423 $50.0M Reduce -3.0% ITGR Integer Holdings Corp. 550,000 $43.1M New VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 2,218,827 $40.2M Add +269.8% MAGN Magnera Corp. 2,360,000 $35.7M Add +4.4% CCOI Cogent Communications Holdin 1,400,000 $30.2M Add +100.0% BV Brightview Holdings Inc. 2,100,000 $26.6M Reduce -8.7% PPLI People Inc. filed as IAC INC 525,000 $20.5M Reduce -52.3% CIO City Office REIT Inc. 2,800,000 $19.6M Reduce -28.9% CMP Compass Minerals Internation 822,817 $16.2M Reduce -4.7% PAR Par Technology Corp. 424,929 $15.4M No change SPB Spectrum Brands Holdings Inc. 249,937 $14.8M No change FLWS 1-800-Flowers.com Inc. Class A 3,500,000 $13.8M Add +39.1% GRAL Grail Inc. 150,000 $12.8M Reduce -25.0% RCKT Rocket Pharmaceuticals Inc. 2,650,000 $9.3M Add +5.9% MRP Millrose Properties 300,000 $9.0M New NODK Ni Holdings Inc. filed as NI HLDGS INC 670,000 $8.9M No change CORT Corcept Therapeutics Inc. 200,000 $7.0M New RARE Ultragenyx Pharmaceutical Inc. 295,915 $6.8M New FSP Franklin Street Properties C 7,150,000 $6.8M No change ZZPWF Zooz Power Ltd. filed as ZOOZ STRATEGY LTD 13,886,331 $6.1M New WVE Wave Life Sciences Ltd. 300,000 $5.1M No change SUNC Sunococorp LLC 67,395 $3.3M New GUTS Fractyl Health Inc. 1,134,021 $2.5M New MREO Mereo Biopharma Group PL-ADR 224,622 $94K New
Options reported separately and not counted above: NVRI calls ($6.5M).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ INDV Indivior Ltd. Reduce -39.6% 9.62% −2.77 PPLI People Inc. Reduce -52.3% 2.17% −2.42 SITC Site Centers Corp. Sold out 0.00% −2.14 GLIBK Liberty Capital Corp. Class C Sold out 0.00% −1.67 ETNB 89BIO Inc. Sold out 0.00% −1.44 CIO City Office REIT Inc. Reduce -28.9% 2.07% −1.28 FBTC Fidelity Wise Origin Bitcoin Sold out 0.00% −1.19 DAR Darling Ingredients Inc. Sold out 0.00% −1.13 BV Brightview Holdings Inc. Reduce -8.7% 2.81% −0.96 SCPH Scpharmaceuticals Inc. Sold out 0.00% −0.65 AEBI Aebi Schmidt Holding AG Sold out 0.00% −0.34 TBPH Theravance Biopharma Inc. Reduce -13.1% 8.51% −0.34 CMP Compass Minerals Internation Reduce -4.7% 1.71% −0.32 AVIR Atea Pharmaceuticals Inc. Sold out 0.00% −0.17 ABEO Abeona Therapeutics Inc. Sold out 0.00% −0.16 MURA Mural Oncology PLC Sold out 0.00% −0.13 GRAL Grail Inc. Reduce -25.0% 1.36% −0.09 RHLD Resolute Holdings Manag Reduce -3.0% 5.29% +3.09
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ NVRI Enviri Corp. Add +171.7% 8.72% +6.09 ITGR Integer Holdings Corp. New 4.56% +4.56 VISN Vistance Networks Inc. Add +269.8% 4.26% +3.12 AD Array Digital Infrastructure Add +25.9% 9.64% +1.38 MRP Millrose Properties New 0.95% +0.95 CORT Corcept Therapeutics Inc. New 0.74% +0.74 RARE Ultragenyx Pharmaceutical Inc. New 0.72% +0.72 ZZPWF Zooz Power Ltd. New 0.64% +0.64 MAGN Magnera Corp. Add +4.4% 3.78% +0.54 SUNC Sunococorp LLC New 0.35% +0.35 GUTS Fractyl Health Inc. New 0.26% +0.26 FLWS 1-800-Flowers.com Inc. Class A Add +39.1% 1.46% +0.04 MREO Mereo Biopharma Group PL-ADR New 0.01% +0.01 RCKT Rocket Pharmaceuticals Inc. Add +5.9% 0.98% −0.01 CCOI Cogent Communications Holdin Add +100.0% 3.19% −0.09 QDEL Quidelortho Corp. Add +11.7% 9.11% −0.63 CNNE Cannae Holdings Inc. Add +4.0% 5.91% −1.74 AIV Apartment Invt & Mgmt Co. Class A Add +18.5% 5.78% −1.75
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ NVRI Enviri Corp. call New 4,000 $6.5M
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 34 $800.9M QDEL, TBPH, INDV, CNNE, PAR Q1 2026 33 $935.8M NVRI, TBPH, QDEL, AD, VISN Q4 2025 31 $945.3M AD, INDV, QDEL, NVRI, TBPH Q3 2025 33 $816.9M INDV, QDEL, TBPH, AD, CNNE Q2 2025 34 $660.0M CNNE, TBPH, QDEL, AIV, BV Q1 2025 31 $632.1M CNNE, PPLI, MRP, AIV, QDEL Q4 2024 32 $574.3M PPLI, QDEL, TBPH, CCOI, CNNE Q3 2024 38 $648.7M PPLI, QDEL, CCOI, PAR, TBPH Q2 2024 38 $527.2M PPLI, PAR, QDEL, SOLV, VTOL Q1 2024 38 $496.5M PPLI, PAR, CNNE, VTOL, MACK