Soleus Capital Management, L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Soleus Capital Management, L.P. reported 74 stock positions worth $1.3 billion. Its top holding was TG Therapeutics (TGTX) at 8.8% of the portfolio, followed by Novocure (NVCR, 7.7%) and Krystal Biotech (KRYS, 6.2%). Compared with Q4 2024, it opened 17 new positions, sold out of 23, added to 22 and reduced 20. The biggest buy was a new position in Staar Surgical (STAA) and the biggest sale Teva Pharmaceutical-SP ADR (TEVA, shares −78%).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001802630
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001802630-25-000006 ↗ filed May 15, 2025
Holdings Value
Holdings 74 stocks · $1.3B
| TGTX TG Therapeutics Inc. | 8.80% | 2,846,703 | $112.2M | Add +6.2% |
| NVCR Novocure Ltd. | 7.71% | 5,521,414 | $98.4M | Add +101.5% |
| KRYS Krystal Biotech Inc. | 6.25% | 441,758 | $79.6M | Add +23.3% |
| BMRN Biomarin Pharmaceutical Inc. | 5.98% | 1,079,304 | $76.3M | Add +7.8% |
| ORGO Organogenesis Holdings Inc. | 4.23% | 12,478,351 | $53.9M | Reduce -0.1% |
| GRFS Grifols SA-ADR | 3.95% | 7,089,822 | $50.4M | Add +7.3% |
| UTHR United Therapeutics Corp. | 3.76% | 155,394 | $47.9M | Add +42.0% |
| STAA Staar Surgical Co. | 3.54% | 2,562,893 | $45.2M | New |
| PRAX Praxis Precision Medicines I | 3.38% | 1,139,740 | $43.2M | Add +368.0% |
| BBNX Beta Bionics Inc. | 3.26% | 3,395,341 | $41.6M | New |
| NPCE Neuropace Inc. | 2.51% | 2,608,168 | $32.1M | Add +7.2% |
| NRIX Nurix Therapeutics Inc. | 2.26% | 2,422,833 | $28.8M | Add +15.2% |
| AXGN Axogen Inc. | 2.10% | 1,446,117 | $26.8M | Reduce -51.1% |
| CELC Celcuity Inc. | 2.04% | 2,574,122 | $26.0M | Add +0.3% |
| IOVA Iovance Biotherapeutics Inc. | 2.03% | 7,785,000 | $25.9M | Add +18.7% |
| SRDX Surmodics Inc. | 1.89% | 789,060 | $24.1M | Add +100.2% |
| IART Integra Lifesciences Holding | 1.85% | 1,072,204 | $23.6M | Reduce -16.0% |
| TERN Terns Pharmaceuticals Inc. | 1.77% | 8,167,100 | $22.5M | Add +0.3% |
| MDGL Madrigal Pharmaceuticals Inc. | 1.75% | 67,500 | $22.4M | Add +519.3% |
| INSM Insmed Inc. | 1.64% | 274,272 | $20.9M | Reduce -14.4% |
| RIGL Rigel Pharmaceuticals Inc. | 1.59% | 1,130,679 | $20.3M | No change |
| HOLX Hologic Inc. | 1.46% | 302,000 | $18.7M | New |
| ARGX Argenx SE - ADR | 1.34% | 28,940 | $17.1M | New |
| MRUS Merus NV | 1.27% | 385,821 | $16.2M | Add +23.5% |
| NUVL Nuvalent Inc. Class A | 1.19% | 214,357 | $15.2M | Add +105.4% |
| ANIP Ani Pharmaceuticals Inc. | 1.18% | 224,684 | $15.0M | Add +9.4% |
| FOCL Edap TMS SA -ADR | 1.12% | 7,309,254 | $14.3M | No change |
| IKT Inhibikase Therapeutics Inc. | 1.09% | 6,325,000 | $13.9M | No change |
| EOLS Evolus Inc. | 1.02% | 1,079,158 | $13.0M | Add +54.8% |
| PHVS Pharvaris NV | 1.00% | 814,652 | $12.8M | No change |
| SNY Sanofi-ADR | 0.98% | 226,218 | $12.5M | New |
| CCCC C4 Therapeutics Inc. | 0.88% | 6,978,942 | $11.2M | No change |
| SLNO Soleno Therapeutics Inc. | 0.84% | 150,000 | $10.7M | New |
| KNSA Kiniksa Pharmaceuticals Inte | 0.82% | 469,500 | $10.4M | New |
| ACLX Arcellx Inc. | 0.79% | 153,031 | $10.0M | Add +26.4% |
| SNDX Syndax Pharmaceuticals Inc. | 0.79% | 816,610 | $10.0M | Reduce -67.2% |
| OFIX Orthofix Medical Inc. | 0.77% | 601,925 | $9.8M | Reduce -12.3% |
| TNDM Tandem Diabetes Care Inc. | 0.75% | 496,039 | $9.5M | New |
| SRRK Scholar Rock Holding Corp. | 0.72% | 285,000 | $9.2M | Add +70.1% |
| ASND Ascendis Pharma A/S | 0.69% | 56,300 | $8.8M | Reduce -60.9% |
| PTGX Protagonist Therapeutics Inc. | 0.64% | 169,000 | $8.2M | Reduce -38.5% |
| IMUX Immunic Inc. | 0.62% | 7,293,007 | $7.9M | No change |
| CGON CG Oncology Inc. | 0.58% | 303,585 | $7.4M | Reduce -7.6% |
| TEVA Teva Pharmaceutical-SP ADR | 0.54% | 450,500 | $6.9M | Reduce -78.5% |
| THTX Theratechnologies Inc. | 0.53% | 4,801,376 | $6.7M | No change |
| JSPR Jasper Therapeutics Inc. | 0.50% | 1,494,420 | $6.4M | No change |
| INSP Inspire Medical Systems Inc. | 0.49% | 39,000 | $6.2M | New |
| VSTM Verastem Inc. | 0.44% | 935,909 | $5.6M | Reduce -57.1% |
| AKRO Akero Therapeutics Inc. | 0.37% | 117,000 | $4.7M | New |
| LIVN Livanova PLC | 0.36% | 117,040 | $4.6M | New |
| SEPN Septerna Inc. | 0.34% | 751,353 | $4.4M | Add +11.2% |
| GERN Geron Corp. | 0.30% | 2,400,000 | $3.8M | New |
| SRPT Sarepta Therapeutics Inc. | 0.29% | 58,000 | $3.7M | New |
| EPIX Essa Pharma Inc. | 0.28% | 2,262,026 | $3.6M | No change |
| MYO Myomo Inc. | 0.27% | 704,275 | $3.4M | Reduce -21.8% |
| RVMD Revolution Medicines Inc. | 0.24% | 84,784 | $3.0M | Reduce -57.8% |
| DCTH Delcath Systems Inc. | 0.23% | 232,722 | $3.0M | Reduce -71.0% |
| ERAS Erasca Inc. | 0.23% | 2,162,162 | $3.0M | No change |
| NSPR Inspiremd Inc. | 0.20% | 945,376 | $2.5M | Reduce -31.4% |
| SION Sionna Therapeutics Inc. | 0.20% | 240,000 | $2.5M | New |
| AXSM Axsome Therapeutics Inc. | 0.16% | 17,000 | $2.0M | New |
| ANAB Anaptysbio Inc. | 0.15% | 102,052 | $1.9M | Reduce -75.3% |
| DNLI Denali Therapeutics Inc. | 0.14% | 135,000 | $1.8M | New |
| EWTX Edgewise Therapeutics Inc. | 0.12% | 72,300 | $1.6M | Reduce -60.6% |
| YMAB Y-Mabs Therapeutics Inc. | 0.12% | 349,982 | $1.6M | No change |
| MREO Mereo Biopharma Group PL-ADR | 0.12% | 686,953 | $1.5M | Reduce -12.7% |
| CALC Calcimedica Inc. | 0.12% | 783,904 | $1.5M | No change |
| TECX Tectonic Therapeutic Inc. | 0.11% | 76,841 | $1.4M | Add +141.3% |
| ADVM Adverum Biotechnologies Inc. | 0.10% | 287,246 | $1.3M | No change |
| KIDS Orthopediatrics Corp. | 0.09% | 45,000 | $1.1M | New |
| ABVX Abivax SA-ADR | 0.06% | 125,000 | $781K | No change |
| APGE Apogee Therapeutics Inc. | 0.05% | 16,000 | $598K | Reduce -77.1% |
| IOBTQ Io Biotech Inc. | 0.02% | 192,670 | $210K | No change |
| ADPT Adaptive Biotechnologies | 0.01% | 10,000 | $74K | Reduce -99.7% |
Options reported separately and not counted above: XBI calls ($113.5M).
Portfolio Sells Q4 2024 → Q1 2025
| TEVA Teva Pharmaceutical-SP ADR | Reduce -78.5% | 0.54% | −2.95 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −2.03 |
| QDEL Quidelortho Corp. | Sold out | 0.00% | −1.84 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -67.2% | 0.79% | −1.71 |
| AXGN Axogen Inc. | Reduce -51.1% | 2.10% | −1.59 |
| ALNY Alnylam Pharmaceuticals Inc. | Sold out | 0.00% | −1.37 |
| ADPT Adaptive Biotechnologies | Reduce -99.7% | 0.01% | −1.35 |
| TAK Takeda Pharmaceutic-SP ADR | Sold out | 0.00% | −1.18 |
| ASND Ascendis Pharma A/S | Reduce -60.9% | 0.69% | −0.81 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.68 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.61 |
| CSTL Castle Biosciences Inc. | Sold out | 0.00% | −0.51 |
| DCTH Delcath Systems Inc. | Reduce -71.0% | 0.23% | −0.50 |
| RVMD Revolution Medicines Inc. | Reduce -57.8% | 0.24% | −0.43 |
| VSTM Verastem Inc. | Reduce -57.1% | 0.44% | −0.41 |
| IART Integra Lifesciences Holding | Reduce -16.0% | 1.85% | −0.34 |
| VCEL Vericel Corp. | Sold out | 0.00% | −0.34 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −0.33 |
| ANAB Anaptysbio Inc. | Reduce -75.3% | 0.15% | −0.27 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.26 |
| EWTX Edgewise Therapeutics Inc. | Reduce -60.6% | 0.12% | −0.25 |
| REPL Replimune Group Inc. | Sold out | 0.00% | −0.24 |
| ESTA Establishment Labs Holdings | Sold out | 0.00% | −0.21 |
| APGE Apogee Therapeutics Inc. | Reduce -77.1% | 0.05% | −0.19 |
| MYO Myomo Inc. | Reduce -21.8% | 0.27% | −0.17 |
| BLCO Bausch + Lomb Corp. | Sold out | 0.00% | −0.16 |
| PTGX Protagonist Therapeutics Inc. | Reduce -38.5% | 0.64% | −0.16 |
| MDXH Mdxhealth | Sold out | 0.00% | −0.15 |
| OFIX Orthofix Medical Inc. | Reduce -12.3% | 0.77% | −0.14 |
| CGON CG Oncology Inc. | Reduce -7.6% | 0.58% | −0.13 |
| ELVN Enliven Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.12 |
| MREO Mereo Biopharma Group PL-ADR | Reduce -12.7% | 0.12% | −0.09 |
| WHWK Whitehawk Therapeutics Inc. | Sold out | 0.00% | −0.08 |
| NSPR Inspiremd Inc. | Reduce -31.4% | 0.20% | −0.07 |
| VRDN Viridian Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| INSM Insmed Inc. | Reduce -14.4% | 1.64% | −0.03 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −0.03 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −0.02 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −0.02 |
| ONC Beone Medicines Ltd.-ADR | Sold out | 0.00% | −0.02 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.02 |
| ORGO Organogenesis Holdings Inc. | Reduce -0.1% | 4.23% | +1.20 |
Portfolio Buys Q4 2024 → Q1 2025
| STAA Staar Surgical Co. | New | 3.54% | +3.54 |
| BBNX Beta Bionics Inc. | New | 3.26% | +3.26 |
| TGTX TG Therapeutics Inc. | Add +6.2% | 8.80% | +2.69 |
| KRYS Krystal Biotech Inc. | Add +23.3% | 6.25% | +2.00 |
| PRAX Praxis Precision Medicines I | Add +368.0% | 3.38% | +1.97 |
| NVCR Novocure Ltd. | Add +101.5% | 7.71% | +1.53 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +519.3% | 1.75% | +1.50 |
| HOLX Hologic Inc. | New | 1.46% | +1.46 |
| ARGX Argenx SE - ADR | New | 1.34% | +1.34 |
| BMRN Biomarin Pharmaceutical Inc. | Add +7.8% | 5.98% | +1.00 |
| SNY Sanofi-ADR | New | 0.98% | +0.98 |
| SLNO Soleno Therapeutics Inc. | New | 0.84% | +0.84 |
| UTHR United Therapeutics Corp. | Add +42.0% | 3.76% | +0.83 |
| KNSA Kiniksa Pharmaceuticals Inte | New | 0.82% | +0.82 |
| TNDM Tandem Diabetes Care Inc. | New | 0.75% | +0.75 |
| SRDX Surmodics Inc. | Add +100.2% | 1.89% | +0.71 |
| NUVL Nuvalent Inc. Class A | Add +105.4% | 1.19% | +0.57 |
| INSP Inspire Medical Systems Inc. | New | 0.49% | +0.49 |
| NPCE Neuropace Inc. | Add +7.2% | 2.51% | +0.45 |
| EOLS Evolus Inc. | Add +54.8% | 1.02% | +0.44 |
| AKRO Akero Therapeutics Inc. | New | 0.37% | +0.37 |
| LIVN Livanova PLC | New | 0.36% | +0.36 |
| ANIP Ani Pharmaceuticals Inc. | Add +9.4% | 1.18% | +0.32 |
| GERN Geron Corp. | New | 0.30% | +0.30 |
| SRPT Sarepta Therapeutics Inc. | New | 0.29% | +0.29 |
| MRUS Merus NV | Add +23.5% | 1.27% | +0.28 |
| GRFS Grifols SA-ADR | Add +7.3% | 3.95% | +0.23 |
| SION Sionna Therapeutics Inc. | New | 0.20% | +0.20 |
| SRRK Scholar Rock Holding Corp. | Add +70.1% | 0.72% | +0.17 |
| AXSM Axsome Therapeutics Inc. | New | 0.16% | +0.16 |
| DNLI Denali Therapeutics Inc. | New | 0.14% | +0.14 |
| KIDS Orthopediatrics Corp. | New | 0.09% | +0.09 |
| ACLX Arcellx Inc. | Add +26.4% | 0.79% | +0.08 |
| TECX Tectonic Therapeutic Inc. | Add +141.3% | 0.11% | −0.00 |
| CELC Celcuity Inc. | Add +0.3% | 2.04% | −0.50 |
| NRIX Nurix Therapeutics Inc. | Add +15.2% | 2.26% | −0.74 |
| SEPN Septerna Inc. | Add +11.2% | 0.34% | −0.83 |
| IOVA Iovance Biotherapeutics Inc. | Add +18.7% | 2.03% | −1.64 |
| TERN Terns Pharmaceuticals Inc. | Add +0.3% | 1.77% | −1.65 |
Options Activity Q4 2024 → Q1 2025
| XBI SS SPDR S&P Biotech ETF | call | Reduce -53.3% | 1,400,000 | $113.5M |
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 |