Opaleye Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Opaleye Management Inc. reported 43 stock positions worth $438.3 million. Its top holding was Harrow (HROW) at 24.0% of the portfolio, followed by Eton Pharmaceuticals (ETON, 8.4%) and Sanuwave Health (SNWV, 7.8%). Compared with Q4 2024, it opened 15 new positions, sold out of 9, added to 8 and reduced 14. The biggest buy was a new position in Sanuwave Health (SNWV) and the biggest sale TG Therapeutics (TGTX, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001595855
- Portfolio Value
- $438.3M (Q1 2025)
- SEC Filing
- 0001641172-25-010914 ↗ filed May 15, 2025
Holdings Value
Holdings 43 stocks · $438.3M
| HROW Harrow Inc. | 24.00% | 3,955,000 | $105.2M | Reduce -0.9% |
| ETON Eton Pharmaceuticals Inc. | 8.45% | 2,852,070 | $37.0M | No change |
| SNWV Sanuwave Health Inc. | 7.84% | 972,002 | $34.4M | New |
| LQDA Liquidia Corp. | 7.61% | 2,260,000 | $33.3M | Add +33.1% |
| RYTM Rhythm Pharmaceuticals Inc. | 5.92% | 490,000 | $26.0M | Reduce -2.0% |
| CDXS Codexis Inc. | 5.83% | 9,500,000 | $25.6M | Add +7.5% |
| IMNM Immunome Inc. | 5.45% | 3,550,000 | $23.9M | Add +74.0% |
| TGTX TG Therapeutics Inc. | 4.81% | 535,000 | $21.1M | Reduce -76.3% |
| ARVN Arvinas Inc. | 3.16% | 1,975,000 | $13.9M | Add +21.5% |
| OCUL Ocular Therapeutix Inc. | 2.67% | 1,595,000 | $11.7M | Reduce -63.3% |
| EWTX Edgewise Therapeutics Inc. | 1.98% | 395,000 | $8.7M | Reduce -17.7% |
| TARA Protara Therapeutic Inc. | 1.68% | 1,730,000 | $7.4M | Reduce -5.2% |
| DNA Ginkgo Bioworks Holdings Inc. | 1.55% | 1,195,000 | $6.8M | Reduce -0.4% |
| ANIK Anika Therapeutics Inc. | 1.35% | 395,000 | $5.9M | New |
| PTGX Protagonist Therapeutics Inc. | 1.16% | 105,000 | $5.1M | No change |
| XOMA Xoma Royalty Corporation | 1.15% | 253,043 | $5.0M | Add +1.2% |
| TRVI Trevi Therapeutics Inc. | 1.14% | 795,000 | $5.0M | Reduce -65.7% |
| PVLA Palvella Therapeutics Inc. | 1.10% | 172,357 | $4.8M | New |
| GOSS Gossamer Bio Inc. | 1.08% | 4,287,415 | $4.7M | Reduce -4.5% |
| ANAB Anaptysbio Inc. | 1.06% | 250,933 | $4.7M | New |
| IRON Disc Medicine Inc. | 0.96% | 85,000 | $4.2M | New |
| LRMR Larimar Therapeutics Inc. | 0.94% | 1,914,077 | $4.1M | New |
| CGON CG Oncology Inc. | 0.92% | 163,988 | $4.0M | New |
| SLRN Acelyrin Inc. | 0.91% | 1,615,000 | $4.0M | Reduce -27.7% |
| RCEL Avita Medical Inc. | 0.82% | 440,000 | $3.6M | New |
| EPIX Essa Pharma Inc. | 0.80% | 2,209,998 | $3.5M | No change |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.72% | 1,985,000 | $3.2M | Add +12.3% |
| CRGX Cargo Therapeutics Inc. | 0.62% | 666,503 | $2.7M | Reduce -11.1% |
| ZYME Zymeworks Inc. | 0.48% | 175,000 | $2.1M | New |
| BDSX Biodesix Inc. | 0.46% | 3,225,000 | $2.0M | Reduce -6.9% |
| STOK Stoke Therapeutics Inc. | 0.46% | 300,000 | $2.0M | Add +1100.0% |
| MBX MBX Biosciences Inc. | 0.42% | 250,000 | $1.8M | New |
| OPTINOSE INC | 0.40% | 193,039 | $1.8M | New |
| IRD Opus Genetics Inc. | 0.35% | 1,175,000 | $1.5M | New |
| IBIO Ibio Inc. | 0.34% | 375,000 | $1.5M | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 0.32% | 62,501 | $1.4M | New |
| NRIX Nurix Therapeutics Inc. | 0.31% | 115,000 | $1.4M | Reduce -69.6% |
| RZLT Rezolute Inc. | 0.31% | 465,000 | $1.3M | No change |
| SGMOQ Sangamo Therapeutics Inc. | 0.16% | 1,055,000 | $692K | New |
| PEPG Pepgen Inc. | 0.13% | 420,000 | $590K | Add +281.8% |
| DERM Journey Medical Corp. | 0.09% | 69,323 | $409K | New |
| VTYX Ventyx Biosciences Inc. | 0.05% | 190,000 | $219K | Reduce -32.1% |
| ADGM Adagio Medical Holdings Inc. | 0.02% | 110,571 | $92K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $10.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GOSSAMER BIO INC (GOSS 5 06/01/27) | NOTE 5.000% 6/0 · principal | 11,500,000 | $6.3M | No change |
| KARYOPHARM THERAPEUTICS (KPTI 3 10/15/25) | NOTE 3.000%10/1 · principal | 6,000,000 | $4.6M | No change |
Total filed on the 13F, all lines: $449.2M.
Portfolio Sells Q4 2024 → Q1 2025
| TGTX TG Therapeutics Inc. | Reduce -76.3% | 4.81% | −7.32 |
| OCUL Ocular Therapeutix Inc. | Reduce -63.3% | 2.67% | −3.95 |
| JSPR Jasper Therapeutics Inc. | Sold out | 0.00% | −1.53 |
| NAMS Newamsterdam Pharma Co. NV | Sold out | 0.00% | −1.49 |
| CRGX Cargo Therapeutics Inc. | Reduce -11.1% | 0.62% | −1.31 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −1.09 |
| NRIX Nurix Therapeutics Inc. | Reduce -69.6% | 0.31% | −0.96 |
| NUVL Nuvalent Inc. Class A | Sold out | 0.00% | −0.82 |
| TRVI Trevi Therapeutics Inc. | Reduce -65.7% | 1.14% | −0.56 |
| DNA Ginkgo Bioworks Holdings Inc. | Reduce -0.4% | 1.55% | −0.55 |
| ABCL Abcellera Biologics Inc. | Sold out | 0.00% | −0.50 |
| BDSX Biodesix Inc. | Reduce -6.9% | 0.46% | −0.49 |
| URGN Urogen Pharma Ltd. | Sold out | 0.00% | −0.42 |
| SLRN Acelyrin Inc. | Reduce -27.7% | 0.91% | −0.37 |
| EWTX Edgewise Therapeutics Inc. | Reduce -17.7% | 1.98% | −0.30 |
| IMTX Immatics NV | Sold out | 0.00% | −0.21 |
| LXEO Lexeo Therapeutics Inc. | Sold out | 0.00% | −0.15 |
| RGNX Regenxbio Inc. | Sold out | 0.00% | −0.11 |
| VTYX Ventyx Biosciences Inc. | Reduce -32.1% | 0.05% | −0.06 |
| TARA Protara Therapeutic Inc. | Reduce -5.2% | 1.68% | −0.04 |
| HROW Harrow Inc. | Reduce -0.9% | 24.00% | +0.13 |
| GOSS Gossamer Bio Inc. | Reduce -4.5% | 1.08% | +0.35 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -2.0% | 5.92% | +0.93 |
Portfolio Buys Q4 2024 → Q1 2025
| SNWV Sanuwave Health Inc. | New | 7.84% | +7.84 |
| LQDA Liquidia Corp. | Add +33.1% | 7.61% | +4.04 |
| IMNM Immunome Inc. | Add +74.0% | 5.45% | +1.59 |
| ANIK Anika Therapeutics Inc. | New | 1.35% | +1.35 |
| PVLA Palvella Therapeutics Inc. | New | 1.10% | +1.10 |
| ANAB Anaptysbio Inc. | New | 1.06% | +1.06 |
| IRON Disc Medicine Inc. | New | 0.96% | +0.96 |
| LRMR Larimar Therapeutics Inc. | New | 0.94% | +0.94 |
| CGON CG Oncology Inc. | New | 0.92% | +0.92 |
| RCEL Avita Medical Inc. | New | 0.82% | +0.82 |
| ZYME Zymeworks Inc. | New | 0.48% | +0.48 |
| MBX MBX Biosciences Inc. | New | 0.42% | +0.42 |
| STOK Stoke Therapeutics Inc. | Add +1100.0% | 0.46% | +0.41 |
| OPTINOSE INC | New | 0.40% | +0.40 |
| IRD Opus Genetics Inc. | New | 0.35% | +0.35 |
| KNSA Kiniksa Pharmaceuticals Inte | New | 0.32% | +0.32 |
| SGMOQ Sangamo Therapeutics Inc. | New | 0.16% | +0.16 |
| DERM Journey Medical Corp. | New | 0.09% | +0.09 |
| PEPG Pepgen Inc. | Add +281.8% | 0.13% | +0.06 |
| XOMA Xoma Royalty Corporation | Add +1.2% | 1.15% | −0.02 |
| ZNTL Zentalis Pharmaceuticals Inc. | Add +12.3% | 0.72% | −0.24 |
| CDXS Codexis Inc. | Add +7.5% | 5.83% | −1.69 |
| ARVN Arvinas Inc. | Add +21.5% | 3.16% | −2.84 |
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 2025Amended | 54 | $757.9M | HROW, LQDA, ETON, RYTM, APGE |
| Q3 2025 | 42 | $702.7M | HROW, ETON, LQDA, RYTM, IMNM |
| Q2 2025Amended | 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 2024Amended | 51 | $455.6M | OCUL, HROW, TGTX, KROS, RYTM |