Omega Fund Management, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Omega Fund Management, LLC reported 12 stock positions worth $154.2 million. Its top holding was Bicara Therapeutics (BCAX) at 24.9% of the portfolio, followed by Nuvation Bio (NUVB, 22.6%) and Upstream Bio (UPB, 21.7%). Compared with Q3 2024, it opened 1 new position and reduced 3. The biggest buy was a new position in Upstream Bio (UPB) and the biggest sale Lexeo Therapeutics (LXEO, shares −50%).

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001637359
Portfolio Value
$154.2M (Q4 2024)
SEC Filing
0000950123-25-002355 ↗ filed Feb 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $155.0M Q1 2024 Q2 2024: $135.0M Q2 2024 Q3 2024: $160.0M Q3 2024 Q4 2024: $154.2M $154.2M Q4 2024 Q1 2025: $169.5M Q1 2025 Q2 2025: $154.4M Q2 2025 Q3 2025: $222.4M Q3 2025 Q4 2025: $286.5M Q4 2025 Q1 2026: $163.1M Q1 2026 Q2 2026: $185.7M Q2 2026

Holdings 12 stocks · $154.2M
BCAX Bicara Therapeutics Inc. 24.91% 2,204,650 $38.4M No change
NUVB Nuvation Bio Inc. 22.55% 13,072,340 $34.8M No change
UPB Upstream Bio Inc. 21.71% 2,036,293 $33.5M New
REPL Replimune Group Inc. 15.51% 1,975,203 $23.9M Reduce -19.8%
LXEO Lexeo Therapeutics Inc. 5.06% 1,184,636 $7.8M Reduce -49.7%
ALMS Alumis Inc. 3.33% 653,223 $5.1M No change
IKENA ONCOLOGY INC 2.39% 2,249,123 $3.7M No change
ENGN Engene Holdings Inc. 2.27% 526,357 $3.5M Reduce -51.1%
IMUX Immunic Inc. 1.16% 1,788,160 $1.8M No change
SANA Sana Biotechnology Inc. 0.89% 843,750 $1.4M No change
ENGENE HOLDINGS INC 0.18% 321,502 $271K No change
SYRS Syros Pharmaceuticals Inc. 0.04% 251,270 $58K No change

Portfolio Sells Q3 2024 → Q4 2024
LXEO Lexeo Therapeutics Inc. Reduce -49.7% 5.06% −8.25
ENGN Engene Holdings Inc. Reduce -51.1% 2.27% −2.17
REPL Replimune Group Inc. Reduce -19.8% 15.51% −1.35

Portfolio Buys Q3 2024 → Q4 2024
UPB Upstream Bio Inc. New 21.71% +21.71

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 10$185.7MBCAX, NUVB, KMTS, BBOT, BBNX
Q1 2026 10$163.1MBCAX, NUVB, BBOT, KMTS, BBNX
Q4 2025 11$286.5MNUVB, BBOT, BBNX, BCAX, KMTS
Q3 2025 12$222.4MKMTS, BBNX, BBOT, BCAX, NUVB
Q2 2025 13$154.4MBBNX, KMTS, UPB, NUVB, BCAX
Q1 2025 13$169.5MKMTS, BCAX, BBNX, NUVB, REPL
Q4 2024Amended 12$154.2MBCAX, NUVB, UPB, REPL, LXEO
Q3 2024 11$160.0MBCAX, NUVB, REPL, LXEO, ENGN
Q2 2024 11$135.0MNUVB, LXEO, REPL, ENGN, ALMS
Q1 2024 11$155.0MNUVB, LXEO, REPL, ENGN, SANA