Octagon Capital Advisors LP

Name: Octagon Capital Advisors LP 13F holdings, Q4 2025
Creator: Octagon Capital Advisors LP
Published: 2026-02-17

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Octagon Capital Advisors LP reported 26 stock positions worth $798.8 million. Its top holding was Abivax SA-ADR (ABVX) at 12.8% of the portfolio, followed by Dianthus Therapeutics (DNTH, 12.5%) and Cogent Biosciences (COGT, 10.5%). Compared with Q3 2025, it opened 7 new positions, sold out of 6, added to 2 and reduced 9. The biggest buy was a new position in Alumis (ALMS) and the biggest sale Abivax SA-ADR (ABVX, shares −43%).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001839435
Portfolio Value: $798.8M (Q4 2025)
SEC Filing: 0001839435-26-000002 ↗ filed Feb 17, 2026

Holdings Value

Holdings 26 stocks · $798.8M


ABVX Abivax SA-ADR	12.76%	756,000	$102.0M	Reduce -42.9%
DNTH Dianthus Therapeutics Inc.	12.47%	2,416,667	$99.6M	No change
COGT Cogent Biosciences Inc.	10.45%	2,350,000	$83.5M	Reduce -18.2%
TSHA Taysha Gene Therapies Inc.	6.10%	8,859,911	$48.7M	Reduce -2.3%
GOSS Gossamer Bio Inc.	5.40%	13,915,371	$43.1M	Reduce -18.4%
KYMR Kymera Therapeutics Inc.	5.21%	535,000	$41.6M	Add +48.6%
AVBP Arrivent Biopharma Inc.	4.96%	1,971,054	$39.7M	No change
TRVI Trevi Therapeutics Inc.	4.41%	2,815,000	$35.2M	No change
OCUL Ocular Therapeutix Inc.	3.99%	2,623,600	$31.9M	Reduce -0.0%
MIND MEDICINE MINDMED INC	3.74%	2,230,000	$29.9M	Add +4.7%
ALMS Alumis Inc.	3.09%	2,530,700	$24.7M	New
PALI Palisade Bio Inc.	2.81%	9,567,898	$22.5M	New
CDTX Cidara Therapeutics Inc.	2.77%	100,000	$22.1M	No change
BIOA Bioage Labs Inc.	2.65%	1,598,000	$21.1M	New
KALV Kalvista Pharmaceuticals Inc.	2.57%	1,273,333	$20.6M	No change
RAPT Rapt Therapeutics Inc.	2.43%	574,000	$19.4M	New
CNTA Centessa Pharmaceuticals Ltd.	2.35%	750,000	$18.8M	Reduce -9.6%
PHVS Pharvaris NV	2.33%	671,465	$18.6M	Reduce -7.1%
LXEO Lexeo Therapeutics Inc.	2.14%	1,725,000	$17.1M	New
BBOT Bridgebio Oncology Therapeut	1.64%	1,043,110	$13.1M	No change
DBVT DBV Technologies SA-Spon ADR	1.38%	574,200	$11.0M	Reduce -43.6%
EVMN Evommune Inc.	1.07%	500,000	$8.6M	New
DTIL Precision Biosciences Inc.	1.00%	1,917,995	$8.0M	New
CRBP Corbus Pharmaceuticals Holdi	0.97%	955,000	$7.8M	Reduce -14.3%
UNCY Unicycive Therapeutics Inc.	0.72%	1,000,000	$5.8M	No change
PEPG Pepgen Inc.	0.57%	700,000	$4.6M	No change

Options reported separately and not counted above: CGON calls ($24.9M).

Portfolio Sells Q3 2025 → Q4 2025


ABVX Abivax SA-ADR	Reduce -42.9%	12.76%	−4.81
MRUS Merus NV	Sold out	0.00%	−4.53
APLS Apellis Pharmaceuticals Inc.	Sold out	0.00%	−3.19
GOSS Gossamer Bio Inc.	Reduce -18.4%	5.40%	−1.60
NUVB Nuvation Bio Inc.	Sold out	0.00%	−1.52
CRBP Corbus Pharmaceuticals Holdi	Reduce -14.3%	0.97%	−1.23
OCUL Ocular Therapeutix Inc.	Reduce -0.0%	3.99%	−0.80
CNTA Centessa Pharmaceuticals Ltd.	Reduce -9.6%	2.35%	−0.80
MAZE Maze Therapeutics Inc.	Sold out	0.00%	−0.72
NGNE Neurogene Inc.	Sold out	0.00%	−0.68
GPCR Structure Therapeutics Inc.	Sold out	0.00%	−0.50
PHVS Pharvaris NV	Reduce -7.1%	2.33%	−0.48
DBVT DBV Technologies SA-Spon ADR	Reduce -43.6%	1.38%	−0.21
TSHA Taysha Gene Therapies Inc.	Reduce -2.3%	6.10%	+1.47
COGT Cogent Biosciences Inc.	Reduce -18.2%	10.45%	+4.00

Portfolio Buys Q3 2025 → Q4 2025


ALMS Alumis Inc.	New	3.09%	+3.09
PALI Palisade Bio Inc.	New	2.81%	+2.81
BIOA Bioage Labs Inc.	New	2.65%	+2.65
RAPT Rapt Therapeutics Inc.	New	2.43%	+2.43
LXEO Lexeo Therapeutics Inc.	New	2.14%	+2.14
KYMR Kymera Therapeutics Inc.	Add +48.6%	5.21%	+2.03
EVMN Evommune Inc.	New	1.07%	+1.07
DTIL Precision Biosciences Inc.	New	1.00%	+1.00
MIND MEDICINE MINDMED INC	Add +4.7%	3.74%	−0.18

Options Activity Q3 2025 → Q4 2025


CGON CG Oncology Inc.	call	New	600,000	$24.9M
CDTX Cidara Therapeutics Inc.	call	Sold out	200,000	$19.2Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025


NUVB.WS Nuvation Bio Inc. -CW27	*W EXP 02/10/202	Sold out	104,112	$385Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	26	$1.1B	DNTH, DFTX, ABVX, COGT, ALMS
Q1 2026	29	$903.6M	DNTH, COGT, ABVX, ALMS, DFTX
Q4 2025	26	$798.8M	ABVX, DNTH, COGT, TSHA, GOSS
Q3 2025	25	$640.2M	ABVX, DNTH, GOSS, COGT, AVBP
Q2 2025	29	$455.3M	DNTH, AVBP, VRNA, TSHA, SPRY
Q1 2025Amended	33	$460.1M	APLS, DNTH, AVBP, TRVI, CNTA
Q4 2024	30	$587.1M	APLS, AVBP, DNTH, CNTA, VRNA
Q3 2024	40	$623.9M	APLS, VRNA, GPCR, DNTH, AVBP
Q2 2024	44	$606.1M	APLS, DNTH, GPCR, INSM, DYN
Q1 2024	56	$822.6M	APLS, ALPN, DNTH, VRNA, DYN