In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Opaleye Management Inc. reported 37 stock positions worth $560.7 million . Its top holding was Harrow (HROW) at 23.9% of the portfolio, followed by TG Therapeutics (TGTX, 12.1% ) and Codexis (CDXS, 7.5% ). Compared with Q3 2024, it opened 6 new positions, sold out of 11, added to 12 and reduced 12. The biggest buy was Eton Pharmaceuticals (ETON, shares +3% ) and the biggest sale an exit from Keros Therapeutics (KROS).
Location BOSTON, MA
CIK 0001595855
Portfolio Value $560.7M (Q4 2024) Holdings 37 stocks · $560.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 HROW Harrow Inc. 3,990,000 $133.9M No change TGTX TG Therapeutics Inc. 2,260,000 $68.0M Reduce -0.9% CDXS Codexis Inc. 8,840,000 $42.2M Add +0.8% ETON Eton Pharmaceuticals Inc. 2,852,070 $38.0M Add +2.6% OCUL Ocular Therapeutix Inc. 4,342,500 $37.1M Reduce -13.6% ARVN Arvinas Inc. 1,625,000 $33.6M Add +29.5% RYTM Rhythm Pharmaceuticals Inc. 500,000 $28.0M No change IMNM Immunome Inc. 2,040,000 $21.7M Add +64.8% LQDA Liquidia Corp. 1,698,142 $20.0M No change EWTX Edgewise Therapeutics Inc. 480,000 $12.8M Reduce -8.1% DNA Ginkgo Bioworks Holdings Inc. 1,200,000 $11.8M Add +46.3% CRGX Cargo Therapeutics Inc. 750,000 $10.8M Add +38.5% TARA Protara Therapeutic Inc. 1,825,000 $9.6M Add +8.6% TRVI Trevi Therapeutics Inc. 2,317,500 $9.5M Reduce -9.8% JSPR Jasper Therapeutics Inc. 400,000 $8.6M Add +13.2% NAMS Newamsterdam Pharma Co. NV 325,000 $8.4M Reduce -3.0% SLRN Acelyrin Inc. 2,235,000 $7.2M Add +18.0% NRIX Nurix Therapeutics Inc. 378,500 $7.1M Reduce -9.9% XOMA Xoma Royalty Corporation 250,000 $6.6M No change PCVX Vaxcyte Inc. 75,000 $6.1M Reduce -11.8% ZNTL Zentalis Pharmaceuticals Inc. 1,767,500 $5.4M Add +82.8% BDSX Biodesix Inc. 3,465,000 $5.3M Reduce -9.2% NUVL Nuvalent Inc. Class A 58,500 $4.6M Reduce -8.6% GOSS Gossamer Bio Inc. 4,490,000 $4.1M Add +22.5% PTGX Protagonist Therapeutics Inc. 105,000 $4.1M No change EPIX Essa Pharma Inc. 2,209,998 $4.0M New ABCL Abcellera Biologics Inc. 965,000 $2.8M Add +20.6% URGN Urogen Pharma Ltd. 220,000 $2.3M Reduce -45.6% RZLT Rezolute Inc. 465,000 $2.3M Reduce -0.3% IMTX Immatics NV 165,000 $1.2M New IBIO Ibio Inc. 375,000 $919K No change LXEO Lexeo Therapeutics Inc. 130,000 $855K New RGNX Regenxbio Inc. 80,000 $618K New VTYX Ventyx Biosciences Inc. 280,000 $613K New PEPG Pepgen Inc. 110,000 $417K Reduce -38.6% STOK Stoke Therapeutics Inc. 25,000 $276K New ADGM Adagio Medical Holdings Inc. 110,571 $116K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $10.8M (not counted above) Total filed on the 13F, all lines: $571.4M.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ KROS Keros Therapeutics Inc. Sold out 0.00% −3.88 APLT Applied Therapeutics Inc. Sold out 0.00% −1.90 OCUL Ocular Therapeutix Inc. Reduce -13.6% 6.61% −0.78 CYTK Cytokinetics Inc. Sold out 0.00% −0.67 PCVX Vaxcyte Inc. Reduce -11.8% 1.09% −0.55 URGN Urogen Pharma Ltd. Reduce -45.6% 0.42% −0.45 CPRX Catalyst Pharmaceuticals Inc. Sold out 0.00% −0.38 LYEL Lyell Immunopharma Inc. Sold out 0.00% −0.33 NRIX Nurix Therapeutics Inc. Reduce -9.9% 1.27% −0.32 NUVL Nuvalent Inc. Class A Reduce -8.6% 0.82% −0.29 ALLK Allakos LLC Sold out 0.00% −0.27 RLMD Relmada Therapeutics Inc. Sold out 0.00% −0.26 RVNC Revance Therapeutics Inc. Sold out 0.00% −0.24 SYRS Syros Pharmaceuticals Inc. Sold out 0.00% −0.24 BDSX Biodesix Inc. Reduce -9.2% 0.95% −0.23 PEPG Pepgen Inc. Reduce -38.6% 0.07% −0.18 AEROVATE THERAPEUTICS INC Sold out 0.00% −0.16 RGLS Regulus Therapeutics Inc. Sold out 0.00% −0.14 EWTX Edgewise Therapeutics Inc. Reduce -8.1% 2.29% −0.07 RZLT Rezolute Inc. Reduce -0.3% 0.41% +0.02 TRVI Trevi Therapeutics Inc. Reduce -9.8% 1.70% +0.25 NAMS Newamsterdam Pharma Co. NV Reduce -3.0% 1.49% +0.55 TGTX TG Therapeutics Inc. Reduce -0.9% 12.13% +3.12
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ ETON Eton Pharmaceuticals Inc. Add +2.6% 6.78% +3.96 CDXS Codexis Inc. Add +0.8% 7.52% +2.95 TARA Protara Therapeutic Inc. Add +8.6% 1.72% +1.20 DNA Ginkgo Bioworks Holdings Inc. Add +46.3% 2.10% +0.97 IMNM Immunome Inc. Add +64.8% 3.86% +0.81 ARVN Arvinas Inc. Add +29.5% 6.00% +0.77 EPIX Essa Pharma Inc. New 0.71% +0.71 JSPR Jasper Therapeutics Inc. Add +13.2% 1.53% +0.40 ZNTL Zentalis Pharmaceuticals Inc. Add +82.8% 0.96% +0.35 IMTX Immatics NV New 0.21% +0.21 ABCL Abcellera Biologics Inc. Add +20.6% 0.50% +0.15 LXEO Lexeo Therapeutics Inc. New 0.15% +0.15 RGNX Regenxbio Inc. New 0.11% +0.11 VTYX Ventyx Biosciences Inc. New 0.11% +0.11 GOSS Gossamer Bio Inc. Add +22.5% 0.72% +0.10 STOK Stoke Therapeutics Inc. New 0.05% +0.05 CRGX Cargo Therapeutics Inc. Add +38.5% 1.93% −0.07 SLRN Acelyrin Inc. Add +18.0% 1.28% −0.30
Notes & Other Activity Q3 2024 → Q4 2024 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 58 $1.1B LQDA, ETON, HROW, IRON, URGN Q1 2026 54 $759.2M HROW, LQDA, ETON, SLGL, RYTM Q4 2025 Amended 54 $757.9M HROW, LQDA, ETON, RYTM, APGE Q3 2025 42 $702.7M HROW, ETON, LQDA, RYTM, IMNM Q2 2025 Amended 39 $483.6M HROW, ETON, IMNM, SNWV, LQDA Q1 2025 43 $438.3M HROW, ETON, SNWV, LQDA, RYTM Q4 2024 37 $560.7M HROW, TGTX, CDXS, ETON, OCUL Q3 2024 42 $591.4M HROW, TGTX, OCUL, ARVN, CDXS Q2 2024 49 $430.0M HROW, TGTX, OCUL, RYTM, KROS Q1 2024 Amended 51 $455.6M OCUL, HROW, TGTX, KROS, RYTM