Opaleye Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Opaleye Management Inc. reported 39 stock positions worth $483.6 million. Its top holding was Harrow (HROW) at 24.7% of the portfolio, followed by Eton Pharmaceuticals (ETON, 8.4%) and Immunome (IMNM, 6.8%). Compared with Q1 2025, it opened 5 new positions, sold out of 9, added to 15 and reduced 12. The biggest buy was a new position in Sarepta Therapeutics (SRPT) and the biggest sale Protara Therapeutic (TARA, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001595855
- Portfolio Value
- $483.6M (Q2 2025)
- SEC Filing
- 0001641172-25-024301 ↗ filed Aug 15, 2025
Holdings Value
Holdings 39 stocks · $483.6M
| HROW Harrow Inc. | 24.66% | 3,905,000 | $119.3M | Reduce -1.3% |
| ETON Eton Pharmaceuticals Inc. | 8.43% | 2,860,000 | $40.8M | Add +0.3% |
| IMNM Immunome Inc. | 6.79% | 3,529,581 | $32.8M | Reduce -0.6% |
| SNWV Sanuwave Health Inc. | 6.66% | 980,000 | $32.2M | Add +0.8% |
| LQDA Liquidia Corp. | 6.38% | 2,475,000 | $30.8M | Add +9.5% |
| CDXS Codexis Inc. | 6.36% | 12,600,000 | $30.7M | Add +32.6% |
| RYTM Rhythm Pharmaceuticals Inc. | 6.21% | 475,000 | $30.0M | Reduce -3.1% |
| TGTX TG Therapeutics Inc. | 3.98% | 535,000 | $19.3M | No change |
| OCUL Ocular Therapeutix Inc. | 3.06% | 1,595,000 | $14.8M | No change |
| ARVN Arvinas Inc. | 2.56% | 1,680,000 | $12.4M | Reduce -14.9% |
| LRMR Larimar Therapeutics Inc. | 2.46% | 4,110,000 | $11.9M | Add +114.7% |
| IRON Disc Medicine Inc. | 2.04% | 186,418 | $9.9M | Add +119.3% |
| SRPT Sarepta Therapeutics Inc. | 1.77% | 500,000 | $8.6M | New |
| VIGL Vigil Neuroscience Inc. | 1.64% | 1,000,000 | $8.0M | New |
| CGON CG Oncology Inc. | 1.43% | 266,000 | $6.9M | Add +62.2% |
| XOMA Xoma Royalty Corporation | 1.33% | 255,087 | $6.4M | Add +0.8% |
| EWTX Edgewise Therapeutics Inc. | 1.33% | 490,000 | $6.4M | Add +24.1% |
| STOK Stoke Therapeutics Inc. | 1.32% | 562,120 | $6.4M | Add +87.4% |
| ANIK Anika Therapeutics Inc. | 1.29% | 588,797 | $6.2M | Add +49.1% |
| PTGX Protagonist Therapeutics Inc. | 1.20% | 105,000 | $5.8M | No change |
| DNA Ginkgo Bioworks Holdings Inc. | 1.16% | 500,000 | $5.6M | Reduce -58.2% |
| GOSS Gossamer Bio Inc. | 0.90% | 3,545,000 | $4.4M | Reduce -17.3% |
| RZLT Rezolute Inc. | 0.83% | 903,442 | $4.0M | Add +94.3% |
| RVMD Revolution Medicines Inc. | 0.80% | 105,000 | $3.9M | New |
| EPIX Essa Pharma Inc. | 0.78% | 2,209,998 | $3.8M | No change |
| CRGX Cargo Therapeutics Inc. | 0.57% | 666,503 | $2.7M | No change |
| MBX MBX Biosciences Inc. | 0.56% | 239,319 | $2.7M | Reduce -4.3% |
| ZYME Zymeworks Inc. | 0.54% | 210,000 | $2.6M | Add +20.0% |
| TARA Protara Therapeutic Inc. | 0.54% | 855,000 | $2.6M | Reduce -50.6% |
| ALMS Alumis Inc. | 0.48% | 775,000 | $2.3M | New |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.46% | 1,924,300 | $2.2M | Reduce -3.1% |
| TRVI Trevi Therapeutics Inc. | 0.44% | 390,000 | $2.1M | Reduce -50.9% |
| RCEL Avita Medical Inc. | 0.43% | 389,519 | $2.1M | Reduce -11.5% |
| IRD Opus Genetics Inc. | 0.24% | 1,220,000 | $1.1M | Add +3.8% |
| DERM Journey Medical Corp. | 0.14% | 95,000 | $682K | Add +37.0% |
| ELEV Elevation Oncology Inc. | 0.11% | 1,442,061 | $529K | New |
| IBIO Ibio Inc. | 0.06% | 375,000 | $285K | No change |
| PEPG Pepgen Inc. | 0.06% | 240,000 | $266K | Reduce -42.9% |
| ADGM Adagio Medical Holdings Inc. | 0.03% | 110,571 | $144K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $10.5M (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 | $5.9M | 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: $494.1M.
Portfolio Sells Q1 2025 → Q2 2025
| TARA Protara Therapeutic Inc. | Reduce -50.6% | 0.54% | −1.15 |
| PVLA Palvella Therapeutics Inc. | Sold out | 0.00% | −1.10 |
| ANAB Anaptysbio Inc. | Sold out | 0.00% | −1.06 |
| SLRN Acelyrin Inc. | Sold out | 0.00% | −0.91 |
| TRVI Trevi Therapeutics Inc. | Reduce -50.9% | 0.44% | −0.70 |
| ARVN Arvinas Inc. | Reduce -14.9% | 2.56% | −0.61 |
| BDSX Biodesix Inc. | Sold out | 0.00% | −0.46 |
| OPTINOSE INC | Sold out | 0.00% | −0.40 |
| RCEL Avita Medical Inc. | Reduce -11.5% | 0.43% | −0.39 |
| DNA Ginkgo Bioworks Holdings Inc. | Reduce -58.2% | 1.16% | −0.39 |
| KNSA Kiniksa Pharmaceuticals Inte | Sold out | 0.00% | −0.32 |
| NRIX Nurix Therapeutics Inc. | Sold out | 0.00% | −0.31 |
| ZNTL Zentalis Pharmaceuticals Inc. | Reduce -3.1% | 0.46% | −0.26 |
| GOSS Gossamer Bio Inc. | Reduce -17.3% | 0.90% | −0.17 |
| SGMOQ Sangamo Therapeutics Inc. | Sold out | 0.00% | −0.16 |
| PEPG Pepgen Inc. | Reduce -42.9% | 0.06% | −0.08 |
| VTYX Ventyx Biosciences Inc. | Sold out | 0.00% | −0.05 |
| MBX MBX Biosciences Inc. | Reduce -4.3% | 0.56% | +0.14 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -3.1% | 6.21% | +0.28 |
| HROW Harrow Inc. | Reduce -1.3% | 24.66% | +0.65 |
| IMNM Immunome Inc. | Reduce -0.6% | 6.79% | +1.34 |
Portfolio Buys Q1 2025 → Q2 2025
| SRPT Sarepta Therapeutics Inc. | New | 1.77% | +1.77 |
| VIGL Vigil Neuroscience Inc. | New | 1.64% | +1.64 |
| LRMR Larimar Therapeutics Inc. | Add +114.7% | 2.46% | +1.52 |
| IRON Disc Medicine Inc. | Add +119.3% | 2.04% | +1.08 |
| STOK Stoke Therapeutics Inc. | Add +87.4% | 1.32% | +0.86 |
| RVMD Revolution Medicines Inc. | New | 0.80% | +0.80 |
| CDXS Codexis Inc. | Add +32.6% | 6.36% | +0.53 |
| RZLT Rezolute Inc. | Add +94.3% | 0.83% | +0.53 |
| CGON CG Oncology Inc. | Add +62.2% | 1.43% | +0.51 |
| ALMS Alumis Inc. | New | 0.48% | +0.48 |
| XOMA Xoma Royalty Corporation | Add +0.8% | 1.33% | +0.18 |
| ELEV Elevation Oncology Inc. | New | 0.11% | +0.11 |
| ZYME Zymeworks Inc. | Add +20.0% | 0.54% | +0.07 |
| DERM Journey Medical Corp. | Add +37.0% | 0.14% | +0.05 |
| ETON Eton Pharmaceuticals Inc. | Add +0.3% | 8.43% | −0.02 |
| ANIK Anika Therapeutics Inc. | Add +49.1% | 1.29% | −0.07 |
| IRD Opus Genetics Inc. | Add +3.8% | 0.24% | −0.12 |
| EWTX Edgewise Therapeutics Inc. | Add +24.1% | 1.33% | −0.65 |
| SNWV Sanuwave Health Inc. | Add +0.8% | 6.66% | −1.19 |
| LQDA Liquidia Corp. | Add +9.5% | 6.38% | −1.23 |
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 |