Soleus Capital Management, L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Soleus Capital Management, L.P. reported 80 stock positions worth $1.3 billion. Its top holding was Novocure (NVCR) at 6.2% of the portfolio, followed by TG Therapeutics (TGTX, 6.1%) and Biomarin Pharmaceutical (BMRN, 5.0%). Compared with Q3 2024, it opened 24 new positions, sold out of 30, added to 21 and reduced 23. The biggest buy was a new position in Novocure (NVCR) and the biggest sale Iovance Biotherapeutics (IOVA, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001802630
- Portfolio Value
- $1.3B (Q4 2024)
- SEC Filing
- 0001802630-25-000003 ↗ filed Feb 14, 2025
Holdings Value
Holdings 80 stocks · $1.3B
| NVCR Novocure Ltd. | 6.18% | 2,739,704 | $81.6M | New |
| TGTX TG Therapeutics Inc. | 6.11% | 2,681,242 | $80.7M | Add +5.8% |
| BMRN Biomarin Pharmaceutical Inc. | 4.98% | 1,001,400 | $65.8M | New |
| KRYS Krystal Biotech Inc. | 4.25% | 358,379 | $56.1M | Add +65.2% |
| GRFS Grifols SA-ADR | 3.72% | 6,605,425 | $49.1M | Add +46.1% |
| AXGN Axogen Inc. | 3.69% | 2,955,943 | $48.7M | Reduce -1.7% |
| IOVA Iovance Biotherapeutics Inc. | 3.67% | 6,560,000 | $48.5M | Reduce -23.1% |
| TEVA Teva Pharmaceutical-SP ADR | 3.49% | 2,093,000 | $46.1M | New |
| TERN Terns Pharmaceuticals Inc. | 3.41% | 8,142,500 | $45.1M | Add +30.8% |
| ORGO Organogenesis Holdings Inc. | 3.02% | 12,484,876 | $40.0M | Add +5.5% |
| NRIX Nurix Therapeutics Inc. | 3.00% | 2,102,833 | $39.6M | Add +97.3% |
| UTHR United Therapeutics Corp. | 2.92% | 109,394 | $38.6M | Add +7.4% |
| CELC Celcuity Inc. | 2.54% | 2,565,087 | $33.6M | Add +106.0% |
| SNDX Syndax Pharmaceuticals Inc. | 2.49% | 2,492,000 | $32.9M | Add +128.4% |
| JSPR Jasper Therapeutics Inc. | 2.42% | 1,494,420 | $32.0M | Add +11.2% |
| IART Integra Lifesciences Holding | 2.19% | 1,276,000 | $28.9M | New |
| NPCE Neuropace Inc. | 2.06% | 2,433,168 | $27.2M | No change |
| AZN Astrazeneca PLC-Spons ADR | 2.03% | 409,000 | $26.8M | New |
| CCCC C4 Therapeutics Inc. | 1.90% | 6,978,942 | $25.1M | Add +5.7% |
| QDEL Quidelortho Corp. | 1.84% | 547,082 | $24.4M | Reduce -20.3% |
| INSM Insmed Inc. | 1.67% | 320,272 | $22.1M | Add +958.0% |
| IKT Inhibikase Therapeutics Inc. | 1.56% | 6,325,000 | $20.6M | New |
| ASND Ascendis Pharma A/S | 1.50% | 144,000 | $19.8M | New |
| RIGL Rigel Pharmaceuticals Inc. | 1.44% | 1,130,679 | $19.0M | Add +21.0% |
| PRAX Praxis Precision Medicines I | 1.42% | 243,540 | $18.7M | Reduce -6.1% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.37% | 76,800 | $18.1M | Add +29.3% |
| ADPT Adaptive Biotechnologies | 1.35% | 2,983,142 | $17.9M | Add +168.1% |
| FOCL Edap TMS SA -ADR | 1.22% | 7,309,254 | $16.2M | No change |
| TAK Takeda Pharmaceutic-SP ADR | 1.18% | 1,180,000 | $15.6M | Add +136.0% |
| PHVS Pharvaris NV | 1.18% | 814,652 | $15.6M | Add +36.2% |
| SRDX Surmodics Inc. | 1.18% | 394,060 | $15.6M | Reduce -38.2% |
| SEPN Septerna Inc. | 1.17% | 675,409 | $15.5M | New |
| MRUS Merus NV | 0.99% | 312,321 | $13.1M | Reduce -21.6% |
| OFIX Orthofix Medical Inc. | 0.91% | 686,374 | $12.0M | Add +13.1% |
| ANIP Ani Pharmaceuticals Inc. | 0.86% | 205,294 | $11.3M | Reduce -23.7% |
| VSTM Verastem Inc. | 0.85% | 2,184,026 | $11.3M | Reduce -22.8% |
| PTGX Protagonist Therapeutics Inc. | 0.80% | 275,000 | $10.6M | New |
| DCTH Delcath Systems Inc. | 0.73% | 801,000 | $9.6M | New |
| CGON CG Oncology Inc. | 0.71% | 328,585 | $9.4M | Reduce -3.5% |
| ACLX Arcellx Inc. | 0.70% | 121,031 | $9.3M | Add +30.1% |
| LLY Eli Lilly & Co. | 0.68% | 11,658 | $9.0M | Reduce -39.6% |
| RVMD Revolution Medicines Inc. | 0.67% | 201,084 | $8.8M | Reduce -71.5% |
| THTX Theratechnologies Inc. | 0.66% | 4,801,376 | $8.7M | No change |
| NUVL Nuvalent Inc. Class A | 0.62% | 104,357 | $8.2M | Add +40.4% |
| PCVX Vaxcyte Inc. | 0.61% | 99,050 | $8.1M | Add +266.2% |
| EOLS Evolus Inc. | 0.58% | 697,158 | $7.7M | Reduce -32.8% |
| IMUX Immunic Inc. | 0.55% | 7,293,007 | $7.3M | No change |
| SRRK Scholar Rock Holding Corp. | 0.55% | 167,543 | $7.2M | New |
| CSTL Castle Biosciences Inc. | 0.51% | 252,917 | $6.7M | Reduce -61.8% |
| MYO Myomo Inc. | 0.44% | 900,000 | $5.8M | New |
| ANAB Anaptysbio Inc. | 0.41% | 414,000 | $5.5M | New |
| ERAS Erasca Inc. | 0.41% | 2,162,162 | $5.4M | No change |
| EWTX Edgewise Therapeutics Inc. | 0.37% | 183,300 | $4.9M | New |
| VCEL Vericel Corp. | 0.34% | 80,696 | $4.4M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 0.33% | 85,000 | $4.3M | New |
| EPIX Essa Pharma Inc. | 0.31% | 2,262,026 | $4.0M | Reduce -47.3% |
| NSPR Inspiremd Inc. | 0.27% | 1,378,128 | $3.6M | No change |
| RCKT Rocket Pharmaceuticals Inc. | 0.26% | 271,659 | $3.4M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 0.25% | 10,900 | $3.4M | New |
| REPL Replimune Group Inc. | 0.24% | 262,500 | $3.2M | New |
| APGE Apogee Therapeutics Inc. | 0.24% | 70,000 | $3.2M | New |
| CALC Calcimedica Inc. | 0.21% | 783,904 | $2.8M | No change |
| MREO Mereo Biopharma Group PL-ADR | 0.21% | 786,953 | $2.8M | Reduce -7.1% |
| YMAB Y-Mabs Therapeutics Inc. | 0.21% | 349,982 | $2.7M | Reduce -12.5% |
| ESTA Establishment Labs Holdings | 0.21% | 59,400 | $2.7M | No change |
| BLCO Bausch + Lomb Corp. | 0.16% | 120,500 | $2.2M | Reduce -61.4% |
| MDXH Mdxhealth | 0.15% | 851,688 | $2.0M | Reduce -22.9% |
| ELVN Enliven Therapeutics Inc. | 0.13% | 75,405 | $1.7M | Reduce -68.5% |
| REGN Regeneron Pharmaceuticals | 0.12% | 2,300 | $1.6M | New |
| TECX Tectonic Therapeutic Inc. | 0.11% | 31,841 | $1.5M | New |
| ADVM Adverum Biotechnologies Inc. | 0.10% | 287,246 | $1.3M | No change |
| WHWK Whitehawk Therapeutics Inc. filed as AADI BIOSCIENCE INC | 0.08% | 333,227 | $1.1M | No change |
| ABVX Abivax SA-ADR | 0.07% | 125,000 | $915K | No change |
| VRDN Viridian Therapeutics Inc. | 0.07% | 45,500 | $872K | Reduce -52.1% |
| GSK GSK PLC-Spon ADR | 0.03% | 10,110 | $342K | Reduce -73.0% |
| WGS Genedx Holdings Corp. | 0.02% | 4,000 | $307K | New |
| THC Tenet Healthcare Corp. | 0.02% | 2,027 | $256K | New |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 0.02% | 1,150 | $212K | Reduce -98.6% |
| ELV Elevance Health Inc. | 0.02% | 550 | $203K | Reduce -98.2% |
| IOBTQ Io Biotech Inc. | 0.01% | 192,670 | $177K | No change |
Options reported separately and not counted above: XBI calls ($270.2M).
Portfolio Sells Q3 2024 → Q4 2024
| IOVA Iovance Biotherapeutics Inc. | Reduce -23.1% | 3.67% | −2.98 |
| SNY Sanofi-ADR | Sold out | 0.00% | −2.93 |
| IDYA Ideaya Biosciences Inc. | Sold out | 0.00% | −2.76 |
| RVMD Revolution Medicines Inc. | Reduce -71.5% | 0.67% | −1.99 |
| EPIX Essa Pharma Inc. | Reduce -47.3% | 0.31% | −1.85 |
| TXG 10X Genomics Inc. Class A | Sold out | 0.00% | −1.79 |
| ONC Beone Medicines Ltd.-ADR | Reduce -98.6% | 0.02% | −1.53 |
| ELV Elevance Health Inc. | Reduce -98.2% | 0.02% | −1.27 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −1.08 |
| CSTL Castle Biosciences Inc. | Reduce -61.8% | 0.51% | −1.06 |
| BHC Bausch Health Cos Inc. | Sold out | 0.00% | −0.97 |
| LBPH Longboard Pharmaceuticals Inc. | Sold out | 0.00% | −0.88 |
| SRDX Surmodics Inc. | Reduce -38.2% | 1.18% | −0.88 |
| EOLS Evolus Inc. | Reduce -32.8% | 0.58% | −0.82 |
| QDEL Quidelortho Corp. | Reduce -20.3% | 1.84% | −0.76 |
| LLY Eli Lilly & Co. | Reduce -39.6% | 0.68% | −0.74 |
| ENTA Enanta Pharmaceuticals Inc. | Sold out | 0.00% | −0.68 |
| MRUS Merus NV | Reduce -21.6% | 0.99% | −0.66 |
| KIDS Orthopediatrics Corp. | Sold out | 0.00% | −0.65 |
| KNSA Kiniksa Pharmaceuticals Inte | Sold out | 0.00% | −0.63 |
| BDSX Biodesix Inc. | Sold out | 0.00% | −0.60 |
| RLAY Relay Therapeutics Inc. | Sold out | 0.00% | −0.54 |
| SMMT Summit Therapeutics Inc. | Sold out | 0.00% | −0.52 |
| APLT Applied Therapeutics Inc. | Sold out | 0.00% | −0.48 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -23.7% | 0.86% | −0.48 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −0.47 |
| ALEC Alector Inc. | Sold out | 0.00% | −0.47 |
| ENGN Engene Holdings Inc. | Sold out | 0.00% | −0.44 |
| TMCI Treace Medical Concepts Inc. | Sold out | 0.00% | −0.43 |
| SLN Silence Therapeutics PLC-ADR | Sold out | 0.00% | −0.39 |
| ELVN Enliven Therapeutics Inc. | Reduce -68.5% | 0.13% | −0.38 |
| BCAB Bioatla Inc. | Sold out | 0.00% | −0.37 |
| CGON CG Oncology Inc. | Reduce -3.5% | 0.71% | −0.36 |
| DYN Dyne Therapeutics Inc. | Sold out | 0.00% | −0.35 |
| BLCO Bausch + Lomb Corp. | Reduce -61.4% | 0.16% | −0.34 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.32 |
| NARI Inari Medical Inc. | Sold out | 0.00% | −0.32 |
| NTRA Natera Inc. | Sold out | 0.00% | −0.32 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.26 |
| YMAB Y-Mabs Therapeutics Inc. | Reduce -12.5% | 0.21% | −0.23 |
| TNGX Tango Therapeutics Inc. | Sold out | 0.00% | −0.22 |
| CRVO Cervomed Inc. | Sold out | 0.00% | −0.15 |
| VCYT Veracyte Inc. | Sold out | 0.00% | −0.15 |
| BCYC Bicycle Therapeutics PLC-ADR | Sold out | 0.00% | −0.15 |
| VRDN Viridian Therapeutics Inc. | Reduce -52.1% | 0.07% | −0.11 |
| OLMA Olema Pharmaceuticals Inc. | Sold out | 0.00% | −0.10 |
| GSK GSK PLC-Spon ADR | Reduce -73.0% | 0.03% | −0.10 |
| MREO Mereo Biopharma Group PL-ADR | Reduce -7.1% | 0.21% | −0.08 |
| MDXH Mdxhealth | Reduce -22.9% | 0.15% | −0.04 |
| IMVT Immunovant Inc. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| NVCR Novocure Ltd. | New | 6.18% | +6.18 |
| BMRN Biomarin Pharmaceutical Inc. | New | 4.98% | +4.98 |
| TEVA Teva Pharmaceutical-SP ADR | New | 3.49% | +3.49 |
| IART Integra Lifesciences Holding | New | 2.19% | +2.19 |
| AZN Astrazeneca PLC-Spons ADR | New | 2.03% | +2.03 |
| IKT Inhibikase Therapeutics Inc. | New | 1.56% | +1.56 |
| ASND Ascendis Pharma A/S | New | 1.50% | +1.50 |
| INSM Insmed Inc. | Add +958.0% | 1.67% | +1.49 |
| TGTX TG Therapeutics Inc. | Add +5.8% | 6.11% | +1.18 |
| SEPN Septerna Inc. | New | 1.17% | +1.17 |
| NRIX Nurix Therapeutics Inc. | Add +97.3% | 3.00% | +1.01 |
| CELC Celcuity Inc. | Add +106.0% | 2.54% | +1.00 |
| KRYS Krystal Biotech Inc. | Add +65.2% | 4.25% | +0.97 |
| ADPT Adaptive Biotechnologies | Add +168.1% | 1.35% | +0.88 |
| PTGX Protagonist Therapeutics Inc. | New | 0.80% | +0.80 |
| SNDX Syndax Pharmaceuticals Inc. | Add +128.4% | 2.49% | +0.75 |
| DCTH Delcath Systems Inc. | New | 0.73% | +0.73 |
| TAK Takeda Pharmaceutic-SP ADR | Add +136.0% | 1.18% | +0.59 |
| SRRK Scholar Rock Holding Corp. | New | 0.55% | +0.55 |
| MYO Myomo Inc. | New | 0.44% | +0.44 |
| ANAB Anaptysbio Inc. | New | 0.41% | +0.41 |
| GRFS Grifols SA-ADR | Add +46.1% | 3.72% | +0.38 |
| EWTX Edgewise Therapeutics Inc. | New | 0.37% | +0.37 |
| PCVX Vaxcyte Inc. | Add +266.2% | 0.61% | +0.36 |
| VCEL Vericel Corp. | New | 0.34% | +0.34 |
| CRNX Crinetics Pharmaceuticals Inc. | New | 0.33% | +0.33 |
| JSPR Jasper Therapeutics Inc. | Add +11.2% | 2.42% | +0.32 |
| PHVS Pharvaris NV | Add +36.2% | 1.18% | +0.26 |
| RCKT Rocket Pharmaceuticals Inc. | New | 0.26% | +0.26 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.25% | +0.25 |
| REPL Replimune Group Inc. | New | 0.24% | +0.24 |
| APGE Apogee Therapeutics Inc. | New | 0.24% | +0.24 |
| ORGO Organogenesis Holdings Inc. | Add +5.5% | 3.02% | +0.21 |
| RIGL Rigel Pharmaceuticals Inc. | Add +21.0% | 1.44% | +0.18 |
| REGN Regeneron Pharmaceuticals | New | 0.12% | +0.12 |
| OFIX Orthofix Medical Inc. | Add +13.1% | 0.91% | +0.12 |
| TECX Tectonic Therapeutic Inc. | New | 0.11% | +0.11 |
| ACLX Arcellx Inc. | Add +30.1% | 0.70% | +0.06 |
| WGS Genedx Holdings Corp. | New | 0.02% | +0.02 |
| THC Tenet Healthcare Corp. | New | 0.02% | +0.02 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +29.3% | 1.37% | +0.01 |
| NUVL Nuvalent Inc. Class A | Add +40.4% | 0.62% | −0.01 |
| UTHR United Therapeutics Corp. | Add +7.4% | 2.92% | −0.11 |
| TERN Terns Pharmaceuticals Inc. | Add +30.8% | 3.41% | −0.90 |
| CCCC C4 Therapeutics Inc. | Add +5.7% | 1.90% | −1.23 |
Options Activity Q3 2024 → Q4 2024
| XBI SS SPDR S&P Biotech ETF | call | Add +233.3% | 3,000,000 | $270.2M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 97 | $2.9B | KRYS, CELC, TGTX, PODD, NVCR |
| Q1 2026 | 93 | $2.5B | KRYS, CELC, TGTX, PODD, NVCR |
| Q4 2025 | 94 | $2.4B | KRYS, CELC, NVCR, PRAX, TGTX |
| Q3 2025 | 87 | $1.9B | KRYS, TGTX, NVCR, ELV, BBNX |
| Q2 2025 | 94 | $1.4B | KRYS, NVCR, TGTX, UTHR, BBNX |
| Q1 2025 | 74 | $1.3B | TGTX, NVCR, KRYS, BMRN, ORGO |
| Q4 2024 | 80 | $1.3B | NVCR, TGTX, BMRN, KRYS, GRFS |
| Q3 2024 | 86 | $1.2B | IOVA, TGTX, TERN, AXGN, GRFS |
| Q2 2024 | 92 | $1.1B | TGTX, IOVA, UTHR, NRIX, FOCL |
| Q1 2024 | 90 | $1.1B | UTHR, FOCL, IOVA, TEVA, TGTX |