In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Opaleye Management Inc. reported 42 stock positions worth $702.7 million . Its top holding was Harrow (HROW) at 26.8% of the portfolio, followed by Eton Pharmaceuticals (ETON, 8.8% ) and Liquidia (LQDA, 8.5% ). Compared with Q2 2025, it opened 11 new positions, sold out of 8, added to 9 and reduced 11. The biggest buy was Liquidia (LQDA, shares +6% ) and the biggest sale an exit from Vigil Neuroscience (VIGL).
Location BOSTON, MA
CIK 0001595855
Portfolio Value $702.7M (Q3 2025) Holdings 42 stocks · $702.7M 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 Q2 2025 HROW Harrow Inc. 3,905,000 $188.1M No change ETON Eton Pharmaceuticals Inc. 2,860,000 $62.1M No change LQDA Liquidia Corp. 2,615,000 $59.5M Add +5.7% RYTM Rhythm Pharmaceuticals Inc. 461,700 $46.6M Reduce -2.8% IMNM Immunome Inc. 3,185,000 $37.3M Reduce -9.8% SNWV Sanuwave Health Inc. 980,000 $36.7M No change CDXS Codexis Inc. 12,795,000 $31.2M Add +1.6% TGTX TG Therapeutics Inc. 535,000 $19.3M No change OCUL Ocular Therapeutix Inc. 1,595,000 $18.6M No change CGON CG Oncology Inc. 410,000 $16.5M Add +54.1% STOK Stoke Therapeutics Inc. 682,017 $16.0M Add +21.3% APGE Apogee Therapeutics Inc. 363,257 $14.4M New ALKS Alkermes PLC 450,000 $13.5M New IRON Disc Medicine Inc. 193,773 $12.8M Add +4.0% SRPT Sarepta Therapeutics Inc. 585,000 $11.3M Add +17.0% LRMR Larimar Therapeutics Inc. 3,720,867 $10.6M Reduce -9.5% XOMA Xoma Royalty Corporation 255,087 $9.8M No change RZLT Rezolute Inc. 903,442 $8.5M No change ARVN Arvinas Inc. 987,818 $8.4M Reduce -41.2% EWTX Edgewise Therapeutics Inc. 500,000 $8.1M Add +2.0% ANNX Annexon Inc. 2,600,000 $7.9M New GOSS Gossamer Bio Inc. 2,725,000 $7.2M Reduce -23.1% PTGX Protagonist Therapeutics Inc. 105,000 $7.0M No change DERM Journey Medical Corp. 971,064 $6.9M Add +922.2% SLGL Sol-Gel Technologies Ltd. 204,835 $6.0M New PLX Protalix Biotherapeutics Inc. 2,580,556 $5.7M New TMCI Treace Medical Concepts Inc. 702,245 $4.7M New RVMD Revolution Medicines Inc. 100,000 $4.7M Reduce -4.8% MBX MBX Biosciences Inc. 253,000 $4.4M Add +5.7% TRVI Trevi Therapeutics Inc. 390,000 $3.6M No change ADCT Adc Therapeutics SA 682,529 $2.7M New ALMS Alumis Inc. 665,000 $2.7M Reduce -14.2% CABA Cabaletta Bio Inc. 808,882 $1.9M New IRD Opus Genetics Inc. 1,100,000 $1.8M Reduce -9.8% ZYME Zymeworks Inc. 100,000 $1.7M Reduce -52.4% SYRE Spyre Therapeutics Inc. 65,000 $1.1M New RIGL Rigel Pharmaceuticals Inc. 37,787 $1.1M New ACOG Alpha Cognition Inc. 115,142 $750K New ZNTL Zentalis Pharmaceuticals Inc. 316,550 $478K Reduce -83.5% PEPG Pepgen Inc. 75,000 $347K Reduce -68.8% IBIO Ibio Inc. 375,000 $310K No change ADGM Adagio Medical Holdings Inc. 110,571 $215K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.6M (not counted above) Total filed on the 13F, all lines: $707.3M.
Portfolio Sells Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ VIGL Vigil Neuroscience Inc. Sold out 0.00% −1.64 IMNM Immunome Inc. Reduce -9.8% 5.31% −1.48 ARVN Arvinas Inc. Reduce -41.2% 1.20% −1.36 ANIK Anika Therapeutics Inc. Sold out 0.00% −1.29 DNA Ginkgo Bioworks Holdings Inc. Sold out 0.00% −1.16 LRMR Larimar Therapeutics Inc. Reduce -9.5% 1.50% −0.95 EPIX Essa Pharma Inc. Sold out 0.00% −0.78 CRGX Cargo Therapeutics Inc. Sold out 0.00% −0.57 TARA Protara Therapeutic Inc. Sold out 0.00% −0.54 RCEL Avita Medical Inc. Sold out 0.00% −0.43 ZNTL Zentalis Pharmaceuticals Inc. Reduce -83.5% 0.07% −0.39 ZYME Zymeworks Inc. Reduce -52.4% 0.24% −0.30 RVMD Revolution Medicines Inc. Reduce -4.8% 0.66% −0.13 ELEV Elevation Oncology Inc. Sold out 0.00% −0.11 ALMS Alumis Inc. Reduce -14.2% 0.38% −0.10 PEPG Pepgen Inc. Reduce -68.8% 0.05% −0.01 IRD Opus Genetics Inc. Reduce -9.8% 0.26% +0.02 GOSS Gossamer Bio Inc. Reduce -23.1% 1.02% +0.12 RYTM Rhythm Pharmaceuticals Inc. Reduce -2.8% 6.64% +0.43
Portfolio Buys Q2 2025 → Q3 2025 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ LQDA Liquidia Corp. Add +5.7% 8.46% +2.09 APGE Apogee Therapeutics Inc. New 2.05% +2.05 ALKS Alkermes PLC New 1.92% +1.92 ANNX Annexon Inc. New 1.13% +1.13 STOK Stoke Therapeutics Inc. Add +21.3% 2.28% +0.96 CGON CG Oncology Inc. Add +54.1% 2.35% +0.92 SLGL Sol-Gel Technologies Ltd. New 0.85% +0.85 DERM Journey Medical Corp. Add +922.2% 0.98% +0.84 PLX Protalix Biotherapeutics Inc. New 0.82% +0.82 TMCI Treace Medical Concepts Inc. New 0.67% +0.67 ADCT Adc Therapeutics SA New 0.39% +0.39 CABA Cabaletta Bio Inc. New 0.27% +0.27 SYRE Spyre Therapeutics Inc. New 0.15% +0.15 RIGL Rigel Pharmaceuticals Inc. New 0.15% +0.15 ACOG Alpha Cognition Inc. New 0.11% +0.11 MBX MBX Biosciences Inc. Add +5.7% 0.63% +0.07 SRPT Sarepta Therapeutics Inc. Add +17.0% 1.60% −0.16 EWTX Edgewise Therapeutics Inc. Add +2.0% 1.15% −0.17 IRON Disc Medicine Inc. Add +4.0% 1.82% −0.22 CDXS Codexis Inc. Add +1.6% 4.44% −1.91
Notes & Other Activity Q2 2025 → Q3 2025 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