Omega Fund Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Omega Fund Management, LLC reported 10 stock positions worth $163.1 million. Its top holding was Bicara Therapeutics (BCAX) at 29.2% of the portfolio, followed by Nuvation Bio (NUVB, 21.2%) and Bridgebio Oncology Therapeut (BBOT, 18.0%). Compared with Q4 2025, it sold out of 1, added to 1 and reduced 2. The biggest buy was Bicara Therapeutics (BCAX, shares +9%) and the biggest sale an exit from Upstream Bio (UPB).

Most Recent 13F
Q2 2026
Location
Boston, MA
CIK
0001637359
Portfolio Value
$163.1M (Q1 2026)
SEC Filing
0001193125-26-225480 ↗ filed May 15, 2026

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 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 $163.1M Q1 2026 Q2 2026: $185.7M Q2 2026

Holdings 10 stocks · $163.1M
BCAX Bicara Therapeutics Inc. 29.16% 2,392,150 $47.6M Add +8.5%
NUVB Nuvation Bio Inc. 21.25% 8,081,089 $34.7M No change
BBOT Bridgebio Oncology Therapeut 18.05% 3,289,661 $29.4M No change
KMTS Kestra Medical Technologies 12.49% 1,022,149 $20.4M Reduce -25.6%
BBNX Beta Bionics Inc. 8.08% 1,316,183 $13.2M No change
ENGN Engene Holdings Inc. 3.66% 876,357 $6.0M No change
ALMS Alumis Inc. 3.26% 241,255 $5.3M Reduce -63.1%
SANA Sana Biotechnology Inc. 1.49% 843,750 $2.4M No change
IMA Imagenebio Inc. 1.40% 455,361 $2.3M No change
REPL Replimune Group Inc. 1.17% 248,672 $1.9M No change

Portfolio Sells Q4 2025 → Q1 2026
UPB Upstream Bio Inc. Sold out 0.00% −12.57
KMTS Kestra Medical Technologies Reduce -25.6% 12.49% −0.23
ALMS Alumis Inc. Reduce -63.1% 3.26% +1.03

Portfolio Buys Q4 2025 → Q1 2026
BCAX Bicara Therapeutics Inc. Add +8.5% 29.16% +16.21

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