Opaleye Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed April 13, 2026), Opaleye Management Inc. reported 54 stock positions worth $757.9 million. Its top holding was Harrow (HROW) at 25.2% of the portfolio, followed by Liquidia (LQDA, 11.2%) and Eton Pharmaceuticals (ETON, 6.4%). Compared with Q3 2025, it opened 21 new positions, sold out of 9, added to 16 and reduced 8. The biggest buy was a new position in Crescent Biopharma (CBIO) and the biggest sale an exit from Immunome (IMNM).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001595855
- Portfolio Value
- $757.9M (Q4 2025)
- SEC Filing
- 0001493152-26-016299 ↗ filed Apr 13, 2026
Holdings Value
Holdings 54 stocks · $757.9M
| HROW Harrow Inc. | 25.25% | 3,905,000 | $191.3M | No change |
| LQDA Liquidia Corp. | 11.21% | 2,435,000 | $85.0M | Reduce -6.9% |
| ETON Eton Pharmaceuticals Inc. | 6.38% | 2,860,000 | $48.4M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 4.66% | 330,000 | $35.3M | Reduce -28.5% |
| APGE Apogee Therapeutics Inc. | 3.87% | 388,257 | $29.3M | Add +6.9% |
| SNWV Sanuwave Health Inc. | 3.86% | 981,267 | $29.3M | Add +0.1% |
| STOK Stoke Therapeutics Inc. | 2.91% | 695,000 | $22.1M | Add +1.9% |
| OCUL Ocular Therapeutix Inc. | 2.55% | 1,595,000 | $19.4M | No change |
| SLGL Sol-Gel Technologies Ltd. | 2.52% | 453,739 | $19.1M | Add +121.5% |
| CGON CG Oncology Inc. | 2.25% | 410,000 | $17.0M | No change |
| TGTX TG Therapeutics Inc. | 2.10% | 535,000 | $15.9M | No change |
| IRON Disc Medicine Inc. | 2.10% | 200,000 | $15.9M | Add +3.2% |
| RZLT Rezolute Inc. | 1.96% | 6,287,156 | $14.8M | Add +595.9% |
| CBIO Crescent Biopharma Inc. | 1.84% | 1,178,300 | $14.0M | New |
| ALKS Alkermes PLC | 1.81% | 490,000 | $13.7M | Add +8.9% |
| ACOG Alpha Cognition Inc. | 1.78% | 2,070,784 | $13.5M | Add +1698.5% |
| ANNX Annexon Inc. | 1.72% | 2,600,000 | $13.1M | No change |
| EWTX Edgewise Therapeutics Inc. | 1.64% | 500,000 | $12.4M | No change |
| CDXS Codexis Inc. | 1.46% | 6,789,738 | $11.1M | Reduce -46.9% |
| PTGX Protagonist Therapeutics Inc. | 1.21% | 105,000 | $9.2M | No change |
| GOSS Gossamer Bio Inc. | 1.11% | 2,720,000 | $8.4M | Reduce -0.2% |
| MBX MBX Biosciences Inc. | 1.08% | 260,000 | $8.2M | Add +2.8% |
| RVMD Revolution Medicines Inc. | 1.05% | 100,000 | $8.0M | No change |
| XOMA Xoma Royalty Corporation | 1.03% | 292,590 | $7.8M | Add +14.7% |
| DERM Journey Medical Corp. | 0.99% | 975,000 | $7.5M | Add +0.4% |
| KPTI Karyopharm Therapeutics Inc. | 0.90% | 930,000 | $6.8M | New |
| JBIO Jade Biosciences Inc. | 0.87% | 427,608 | $6.6M | New |
| URGN Urogen Pharma Ltd. | 0.83% | 268,423 | $6.3M | New |
| ALMS Alumis Inc. | 0.69% | 535,000 | $5.2M | Reduce -19.6% |
| CATX Perspective Therapeutics Inc. | 0.66% | 1,184,500 | $5.0M | New |
| VYGR Voyager Therapeutics Inc. | 0.62% | 1,196,904 | $4.7M | New |
| RLMD Relmada Therapeutics Inc. | 0.60% | 935,000 | $4.5M | New |
| TECX Tectonic Therapeutic Inc. | 0.59% | 214,747 | $4.5M | New |
| PLX Protalix Biotherapeutics Inc. | 0.59% | 2,478,176 | $4.5M | Reduce -4.0% |
| TRVI Trevi Therapeutics Inc. | 0.57% | 345,100 | $4.3M | Reduce -11.5% |
| FBIO Fortress Biotech Inc. | 0.53% | 1,090,000 | $4.0M | New |
| RCKT Rocket Pharmaceuticals Inc. | 0.44% | 955,000 | $3.4M | New |
| MGTX Meiragtx Holdings PLC | 0.41% | 390,844 | $3.1M | New |
| RIGL Rigel Pharmaceuticals Inc. | 0.40% | 70,000 | $3.0M | Add +85.3% |
| ZYME Zymeworks Inc. | 0.38% | 108,929 | $2.9M | Add +8.9% |
| ASSERTIO HOLDINGS INC | 0.34% | 285,000 | $2.6M | New |
| VTYX Ventyx Biosciences Inc. | 0.30% | 251,932 | $2.3M | New |
| IRD Opus Genetics Inc. | 0.30% | 1,120,000 | $2.3M | Add +1.8% |
| STRO Sutro Biopharma Inc. | 0.29% | 190,671 | $2.2M | New |
| CABA Cabaletta Bio Inc. | 0.26% | 900,000 | $2.0M | Add +11.3% |
| ZNTL Zentalis Pharmaceuticals Inc. | 0.25% | 1,400,906 | $1.9M | Add +342.6% |
| GBIO Generation Bio Co. | 0.23% | 310,000 | $1.8M | New |
| BBIO Bridgebio Pharma Inc. | 0.18% | 18,319 | $1.4M | New |
| ENTA Enanta Pharmaceuticals Inc. | 0.16% | 75,000 | $1.2M | New |
| QTTB Q32 Bio Inc. | 0.09% | 213,363 | $708K | New |
| AVIR Atea Pharmaceuticals Inc. | 0.08% | 179,815 | $642K | New |
| SLN Silence Therapeutics PLC-ADR | 0.06% | 78,926 | $480K | New |
| RAPT Rapt Therapeutics Inc. | 0.03% | 150,000 | $213K | New |
| ADGM Adagio Medical Holdings Inc. | 0.00% | 18,444 | $19K | Reduce -83.3% |
Portfolio Sells Q3 2025 → Q4 2025
| IMNM Immunome Inc. | Sold out | 0.00% | −5.31 |
| CDXS Codexis Inc. | Reduce -46.9% | 1.46% | −2.98 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -28.5% | 4.66% | −1.97 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −1.60 |
| LRMR Larimar Therapeutics Inc. | Sold out | 0.00% | −1.50 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −1.20 |
| TMCI Treace Medical Concepts Inc. | Sold out | 0.00% | −0.67 |
| ADCT Adc Therapeutics SA | Sold out | 0.00% | −0.39 |
| PLX Protalix Biotherapeutics Inc. | Reduce -4.0% | 0.59% | −0.23 |
| SYRE Spyre Therapeutics Inc. | Sold out | 0.00% | −0.15 |
| PEPG Pepgen Inc. | Sold out | 0.00% | −0.05 |
| IBIO Ibio Inc. | Sold out | 0.00% | −0.04 |
| ADGM Adagio Medical Holdings Inc. | Reduce -83.3% | 0.00% | −0.03 |
| TRVI Trevi Therapeutics Inc. | Reduce -11.5% | 0.57% | +0.06 |
| GOSS Gossamer Bio Inc. | Reduce -0.2% | 1.11% | +0.09 |
| ALMS Alumis Inc. | Reduce -19.6% | 0.69% | +0.31 |
| LQDA Liquidia Corp. | Reduce -6.9% | 11.21% | +2.75 |
Portfolio Buys Q3 2025 → Q4 2025
| CBIO Crescent Biopharma Inc. | New | 1.84% | +1.84 |
| APGE Apogee Therapeutics Inc. | Add +6.9% | 3.87% | +1.81 |
| SLGL Sol-Gel Technologies Ltd. | Add +121.5% | 2.52% | +1.67 |
| ACOG Alpha Cognition Inc. | Add +1698.5% | 1.78% | +1.67 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.90% | +0.90 |
| JBIO Jade Biosciences Inc. | New | 0.87% | +0.87 |
| URGN Urogen Pharma Ltd. | New | 0.83% | +0.83 |
| RZLT Rezolute Inc. | Add +595.9% | 1.96% | +0.75 |
| CATX Perspective Therapeutics Inc. | New | 0.66% | +0.66 |
| STOK Stoke Therapeutics Inc. | Add +1.9% | 2.91% | +0.63 |
| VYGR Voyager Therapeutics Inc. | New | 0.62% | +0.62 |
| RLMD Relmada Therapeutics Inc. | New | 0.60% | +0.60 |
| TECX Tectonic Therapeutic Inc. | New | 0.59% | +0.59 |
| FBIO Fortress Biotech Inc. | New | 0.53% | +0.53 |
| MBX MBX Biosciences Inc. | Add +2.8% | 1.08% | +0.45 |
| RCKT Rocket Pharmaceuticals Inc. | New | 0.44% | +0.44 |
| MGTX Meiragtx Holdings PLC | New | 0.41% | +0.41 |
| ASSERTIO HOLDINGS INC | New | 0.34% | +0.34 |
| VTYX Ventyx Biosciences Inc. | New | 0.30% | +0.30 |
| STRO Sutro Biopharma Inc. | New | 0.29% | +0.29 |
| IRON Disc Medicine Inc. | Add +3.2% | 2.10% | +0.27 |
| RIGL Rigel Pharmaceuticals Inc. | Add +85.3% | 0.40% | +0.24 |
| GBIO Generation Bio Co. | New | 0.23% | +0.23 |
| BBIO Bridgebio Pharma Inc. | New | 0.18% | +0.18 |
| ZNTL Zentalis Pharmaceuticals Inc. | Add +342.6% | 0.25% | +0.18 |
| ENTA Enanta Pharmaceuticals Inc. | New | 0.16% | +0.16 |
| ZYME Zymeworks Inc. | Add +8.9% | 0.38% | +0.14 |
| QTTB Q32 Bio Inc. | New | 0.09% | +0.09 |
| AVIR Atea Pharmaceuticals Inc. | New | 0.08% | +0.08 |
| SLN Silence Therapeutics PLC-ADR | New | 0.06% | +0.06 |
| IRD Opus Genetics Inc. | Add +1.8% | 0.30% | +0.04 |
| RAPT Rapt Therapeutics Inc. | New | 0.03% | +0.03 |
| DERM Journey Medical Corp. | Add +0.4% | 0.99% | +0.01 |
| CABA Cabaletta Bio Inc. | Add +11.3% | 0.26% | −0.01 |
| ALKS Alkermes PLC | Add +8.9% | 1.81% | −0.11 |
| XOMA Xoma Royalty Corporation | Add +14.7% | 1.03% | −0.37 |
| SNWV Sanuwave Health Inc. | Add +0.1% | 3.86% | −1.36 |
Notes & Other Activity Q3 2025 → Q4 2025
| KARYOPHARM THERAPEUTICS (KPTI 3 10/15/25) | NOTE 3.000%10/1 · principal | Sold out | 6,000,000 | $4.6Mbefore exit |
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 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 |