Omega Fund Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Omega Fund Management, LLC reported 12 stock positions worth $222.4 million. Its top holding was Kestra Medical Technologies (KMTS) at 17.6% of the portfolio, followed by Beta Bionics (BBNX, 17.2%) and Bridgebio Oncology Therapeut (BBOT, 17.1%). Compared with Q2 2025, it opened 2 new positions, sold out of 3 and reduced 5. The biggest buy was a new position in Bridgebio Oncology Therapeut (BBOT) and the biggest sale Replimune (REPL, shares −87%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001637359
- Portfolio Value
- $222.4M (Q3 2025)
- SEC Filing
- 0001193125-25-281790 ↗ filed Nov 14, 2025
Holdings Value
Holdings 12 stocks · $222.4M
| KMTS Kestra Medical Technologies | 17.59% | 1,645,893 | $39.1M | No change |
| BBNX Beta Bionics Inc. | 17.16% | 1,920,125 | $38.2M | Reduce -3.4% |
| BBOT Bridgebio Oncology Therapeut | 17.13% | 3,289,661 | $38.1M | New |
| BCAX Bicara Therapeutics Inc. | 15.66% | 2,204,650 | $34.8M | No change |
| NUVB Nuvation Bio Inc. | 14.69% | 8,831,089 | $32.7M | Reduce -20.0% |
| UPB Upstream Bio Inc. | 11.47% | 1,356,293 | $25.5M | Reduce -33.4% |
| IMA Imagenebio Inc. | 1.67% | 455,361 | $3.7M | New |
| ENGN Engene Holdings Inc. | 1.62% | 526,357 | $3.6M | No change |
| SANA Sana Biotechnology Inc. | 1.35% | 843,750 | $3.0M | No change |
| ALMS Alumis Inc. | 1.17% | 653,223 | $2.6M | No change |
| REPL Replimune Group Inc. | 0.47% | 248,672 | $1.0M | Reduce -87.4% |
| ENGENE HOLDINGS INC | 0.03% | 89,702 | $63K | Reduce -72.1% |
Portfolio Sells Q2 2025 → Q3 2025
| REPL Replimune Group Inc. | Reduce -87.4% | 0.47% | −11.41 |
| LXEO Lexeo Therapeutics Inc. | Sold out | 0.00% | −3.08 |
| UPB Upstream Bio Inc. | Reduce -33.4% | 11.47% | −3.00 |
| IKENA ONCOLOGY INC | Sold out | 0.00% | −1.95 |
| BBNX Beta Bionics Inc. | Reduce -3.4% | 17.16% | −1.59 |
| IMUX Immunic Inc. | Sold out | 0.00% | −0.81 |
| ENGENE HOLDINGS INC | Reduce -72.1% | 0.03% | −0.15 |
| NUVB Nuvation Bio Inc. | Reduce -20.0% | 14.69% | +0.75 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $185.7M | BCAX, NUVB, KMTS, BBOT, BBNX |
| Q1 2026 | 10 | $163.1M | BCAX, NUVB, BBOT, KMTS, BBNX |
| Q4 2025 | 11 | $286.5M | NUVB, BBOT, BBNX, BCAX, KMTS |
| Q3 2025 | 12 | $222.4M | KMTS, BBNX, BBOT, BCAX, NUVB |
| Q2 2025 | 13 | $154.4M | BBNX, KMTS, UPB, NUVB, BCAX |
| Q1 2025 | 13 | $169.5M | KMTS, BCAX, BBNX, NUVB, REPL |
| Q4 2024Amended | 12 | $154.2M | BCAX, NUVB, UPB, REPL, LXEO |
| Q3 2024 | 11 | $160.0M | BCAX, NUVB, REPL, LXEO, ENGN |
| Q2 2024 | 11 | $135.0M | NUVB, LXEO, REPL, ENGN, ALMS |
| Q1 2024 | 11 | $155.0M | NUVB, LXEO, REPL, ENGN, SANA |