Omega Fund Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Omega Fund Management, LLC reported 11 stock positions worth $286.5 million. Its top holding was Nuvation Bio (NUVB) at 25.3% of the portfolio, followed by Bridgebio Oncology Therapeut (BBOT, 14.4%) and Beta Bionics (BBNX, 14.0%). Compared with Q3 2025, it sold out of 1, added to 1 and reduced 4. The biggest buy was Engene (ENGN, shares +66%) and the biggest sale Kestra Medical Technologies (KMTS, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- Boston, MA
- CIK
- 0001637359
- Portfolio Value
- $286.5M (Q4 2025)
- SEC Filing
- 0001193125-26-053268 ↗ filed Feb 17, 2026
Holdings Value
Holdings 11 stocks · $286.5M
| NUVB Nuvation Bio Inc. | 25.27% | 8,081,089 | $72.4M | Reduce -8.5% |
| BBOT Bridgebio Oncology Therapeut | 14.37% | 3,289,661 | $41.2M | No change |
| BBNX Beta Bionics Inc. | 14.00% | 1,316,183 | $40.1M | Reduce -31.4% |
| BCAX Bicara Therapeutics Inc. | 12.95% | 2,204,650 | $37.1M | No change |
| KMTS Kestra Medical Technologies | 12.71% | 1,373,591 | $36.4M | Reduce -16.5% |
| UPB Upstream Bio Inc. | 12.57% | 1,326,293 | $36.0M | Reduce -2.2% |
| ENGN Engene Holdings Inc. | 2.76% | 876,357 | $7.9M | Add +66.5% |
| ALMS Alumis Inc. | 2.23% | 653,223 | $6.4M | No change |
| SANA Sana Biotechnology Inc. | 1.20% | 843,750 | $3.4M | No change |
| IMA Imagenebio Inc. | 1.10% | 455,361 | $3.1M | No change |
| REPL Replimune Group Inc. | 0.84% | 248,672 | $2.4M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| KMTS Kestra Medical Technologies | Reduce -16.5% | 12.71% | −4.87 |
| BBNX Beta Bionics Inc. | Reduce -31.4% | 14.00% | −3.16 |
| ENGENE HOLDINGS INC | Sold out | 0.00% | −0.03 |
| UPB Upstream Bio Inc. | Reduce -2.2% | 12.57% | +1.09 |
| NUVB Nuvation Bio Inc. | Reduce -8.5% | 25.27% | +10.58 |
Portfolio Buys Q3 2025 → Q4 2025
| ENGN Engene Holdings Inc. | Add +66.5% | 2.76% | +1.15 |
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 |