Soleus Capital Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Soleus Capital Management, L.P. reported 94 stock positions worth $1.4 billion. Its top holding was Krystal Biotech (KRYS) at 8.8% of the portfolio, followed by Novocure (NVCR, 8.5%) and TG Therapeutics (TGTX, 5.6%). Compared with Q1 2025, it opened 27 new positions, sold out of 7, added to 19 and reduced 27. The biggest buy was Krystal Biotech (KRYS, shares +109%) and the biggest sale TG Therapeutics (TGTX, shares −21%).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001802630
- Portfolio Value
- $1.4B (Q2 2025)
- SEC Filing
- 0001802630-25-000008 ↗ filed Aug 15, 2025
Holdings Value
Holdings 94 stocks · $1.4B
| KRYS Krystal Biotech Inc. | 8.76% | 922,958 | $126.9M | Add +108.9% |
| NVCR Novocure Ltd. | 8.49% | 6,904,302 | $122.9M | Add +25.1% |
| TGTX TG Therapeutics Inc. | 5.58% | 2,243,935 | $80.8M | Reduce -21.2% |
| UTHR United Therapeutics Corp. | 4.16% | 209,794 | $60.3M | Add +35.0% |
| BBNX Beta Bionics Inc. | 3.84% | 3,820,158 | $55.6M | Add +12.5% |
| GRFS Grifols SA-ADR | 3.59% | 5,756,805 | $52.0M | Reduce -18.8% |
| STAA Staar Surgical Co. | 3.46% | 2,984,733 | $50.1M | Add +16.5% |
| BMRN Biomarin Pharmaceutical Inc. | 3.43% | 902,304 | $49.6M | Reduce -16.4% |
| ORGO Organogenesis Holdings Inc. | 3.12% | 12,343,351 | $45.2M | Reduce -1.1% |
| PRAX Praxis Precision Medicines I | 2.81% | 966,740 | $40.7M | Reduce -15.2% |
| CELC Celcuity Inc. | 2.78% | 3,011,818 | $40.2M | Add +17.0% |
| ALNY Alnylam Pharmaceuticals Inc. | 2.40% | 106,750 | $34.8M | New |
| TERN Terns Pharmaceuticals Inc. | 2.10% | 8,167,100 | $30.5M | No change |
| URGN Urogen Pharma Ltd. | 2.07% | 2,185,000 | $29.9M | New |
| NRIX Nurix Therapeutics Inc. | 1.91% | 2,422,833 | $27.6M | No change |
| ELV Elevance Health Inc. | 1.88% | 70,000 | $27.2M | New |
| UNH Unitedhealth Group Inc. | 1.86% | 86,250 | $26.9M | New |
| NPCE Neuropace Inc. | 1.78% | 2,312,957 | $25.8M | Reduce -11.3% |
| ARGX Argenx SE - ADR | 1.63% | 42,876 | $23.6M | Add +48.1% |
| SRDX Surmodics Inc. | 1.62% | 789,060 | $23.4M | No change |
| GERN Geron Corp. | 1.57% | 16,140,000 | $22.8M | Add +572.5% |
| CDTX Cidara Therapeutics Inc. | 1.56% | 462,811 | $22.5M | New |
| EOLS Evolus Inc. | 1.35% | 2,119,000 | $19.5M | Add +96.4% |
| HUM Humana Inc. | 1.34% | 79,600 | $19.5M | New |
| VCYT Veracyte Inc. | 1.34% | 715,439 | $19.3M | New |
| IART Integra Lifesciences Holding | 1.18% | 1,387,818 | $17.0M | Add +29.4% |
| AXGN Axogen Inc. | 1.09% | 1,459,395 | $15.8M | Add +0.9% |
| MIRM Mirum Pharmaceuticals Inc. | 1.05% | 298,696 | $15.2M | New |
| ASND Ascendis Pharma A/S | 1.01% | 85,000 | $14.7M | Add +51.0% |
| INSP Inspire Medical Systems Inc. | 0.98% | 109,000 | $14.1M | Add +179.5% |
| TWST Twist Bioscience Corp. | 0.90% | 354,401 | $13.0M | New |
| PHVS Pharvaris NV | 0.89% | 732,968 | $12.9M | Reduce -10.0% |
| IKT Inhibikase Therapeutics Inc. | 0.85% | 6,325,000 | $12.3M | No change |
| RIGL Rigel Pharmaceuticals Inc. | 0.85% | 658,145 | $12.3M | Reduce -41.8% |
| FOCL Edap TMS SA -ADR | 0.83% | 7,309,254 | $12.1M | No change |
| THTX Theratechnologies Inc. | 0.78% | 4,801,376 | $11.3M | No change |
| SNDX Syndax Pharmaceuticals Inc. | 0.71% | 1,092,110 | $10.2M | Add +33.7% |
| CCCC C4 Therapeutics Inc. | 0.69% | 6,978,942 | $10.0M | No change |
| ENOV Enovis Corp. | 0.68% | 315,000 | $9.9M | New |
| NUVL Nuvalent Inc. Class A | 0.66% | 125,000 | $9.5M | Reduce -41.7% |
| ESTA Establishment Labs Holdings | 0.63% | 211,900 | $9.1M | New |
| JSPR Jasper Therapeutics Inc. | 0.57% | 1,494,420 | $8.3M | No change |
| ACLX Arcellx Inc. | 0.56% | 123,031 | $8.1M | Reduce -19.6% |
| JBIO Jade Biosciences Inc. | 0.55% | 796,744 | $8.0M | New |
| INSM Insmed Inc. | 0.51% | 72,772 | $7.3M | Reduce -73.5% |
| ANAB Anaptysbio Inc. | 0.49% | 321,040 | $7.1M | Add +214.6% |
| KNSA Kiniksa Pharmaceuticals Inte | 0.49% | 254,689 | $7.0M | Reduce -45.8% |
| SION Sionna Therapeutics Inc. | 0.45% | 376,000 | $6.5M | Add +56.7% |
| CBIO Crescent Biopharma Inc. | 0.45% | 400,000 | $6.5M | New |
| IOVA Iovance Biotherapeutics Inc. | 0.39% | 3,261,707 | $5.6M | Reduce -58.1% |
| IDYA Ideaya Biosciences Inc. | 0.36% | 250,000 | $5.3M | New |
| IMUX Immunic Inc. | 0.35% | 7,293,007 | $5.1M | No change |
| QDEL Quidelortho Corp. | 0.35% | 174,000 | $5.0M | New |
| SRRK Scholar Rock Holding Corp. | 0.31% | 125,000 | $4.4M | Reduce -56.1% |
| NSPR Inspiremd Inc. | 0.30% | 1,886,207 | $4.3M | Add +99.5% |
| ETON Eton Pharmaceuticals Inc. | 0.28% | 285,000 | $4.1M | New |
| CGON CG Oncology Inc. | 0.28% | 155,000 | $4.0M | Reduce -48.9% |
| VSTM Verastem Inc. | 0.27% | 935,909 | $3.9M | No change |
| EPIX Essa Pharma Inc. | 0.27% | 2,262,026 | $3.8M | No change |
| AKRO Akero Therapeutics Inc. | 0.27% | 72,000 | $3.8M | Reduce -38.5% |
| TRVI Trevi Therapeutics Inc. | 0.26% | 700,000 | $3.8M | New |
| TNGX Tango Therapeutics Inc. | 0.26% | 730,000 | $3.7M | New |
| TNDM Tandem Diabetes Care Inc. | 0.26% | 200,000 | $3.7M | Reduce -59.7% |
| WGS Genedx Holdings Corp. | 0.26% | 40,000 | $3.7M | New |
| ANIP Ani Pharmaceuticals Inc. | 0.23% | 50,743 | $3.3M | Reduce -77.4% |
| MURA Mural Oncology PLC | 0.23% | 1,323,877 | $3.3M | New |
| ADMA Adma Biologics Inc. | 0.22% | 175,000 | $3.2M | New |
| CTMX Cytomx Therapeutics Inc. | 0.20% | 1,304,300 | $3.0M | New |
| OFIX Orthofix Medical Inc. | 0.20% | 261,147 | $2.9M | Reduce -56.6% |
| ERAS Erasca Inc. | 0.19% | 2,162,162 | $2.7M | No change |
| DNLI Denali Therapeutics Inc. | 0.18% | 182,110 | $2.5M | Add +34.9% |
| XENE Xenon Pharmaceuticals Inc. | 0.17% | 78,800 | $2.5M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 0.17% | 8,000 | $2.4M | Reduce -88.2% |
| VCEL Vericel Corp. | 0.15% | 50,953 | $2.2M | New |
| MRUS Merus NV | 0.15% | 40,000 | $2.1M | Reduce -89.6% |
| SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY | 0.13% | 1,000,000 | $1.9M | New |
| MREO Mereo Biopharma Group PL-ADR | 0.11% | 599,711 | $1.6M | Reduce -12.7% |
| YMAB Y-Mabs Therapeutics Inc. | 0.11% | 349,982 | $1.6M | No change |
| TECX Tectonic Therapeutic Inc. | 0.11% | 76,841 | $1.5M | No change |
| MYO Myomo Inc. | 0.11% | 704,275 | $1.5M | No change |
| CALC Calcimedica Inc. | 0.09% | 783,904 | $1.3M | No change |
| EWTX Edgewise Therapeutics Inc. | 0.07% | 76,493 | $1.0M | Add +5.8% |
| KIDS Orthopediatrics Corp. | 0.07% | 45,000 | $967K | No change |
| ABVX Abivax SA-ADR | 0.07% | 125,000 | $956K | No change |
| CBLL Ceribell Inc. | 0.06% | 50,000 | $937K | New |
| SLNO Soleno Therapeutics Inc. | 0.06% | 10,000 | $838K | Reduce -93.3% |
| SEPN Septerna Inc. | 0.06% | 75,456 | $798K | Reduce -90.0% |
| BCYC Bicycle Therapeutics PLC-ADR | 0.05% | 100,000 | $695K | New |
| ADVM Adverum Biotechnologies Inc. | 0.04% | 287,246 | $618K | No change |
| RVMD Revolution Medicines Inc. | 0.03% | 10,000 | $368K | Reduce -88.2% |
| DCTH Delcath Systems Inc. | 0.02% | 25,000 | $340K | Reduce -89.3% |
| IOBTQ Io Biotech Inc. | 0.02% | 192,670 | $268K | No change |
| AXSM Axsome Therapeutics Inc. | 0.01% | 2,000 | $209K | Reduce -88.2% |
| ADPT Adaptive Biotechnologies | 0.01% | 10,000 | $117K | No change |
Options reported separately and not counted above: XBI puts ($62.2M).
Portfolio Sells Q1 2025 → Q2 2025
| TGTX TG Therapeutics Inc. | Reduce -21.2% | 5.58% | −3.22 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -16.4% | 3.43% | −2.56 |
| IOVA Iovance Biotherapeutics Inc. | Reduce -58.1% | 0.39% | −1.65 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -88.2% | 0.17% | −1.59 |
| HOLX Hologic Inc. | Sold out | 0.00% | −1.46 |
| INSM Insmed Inc. | Reduce -73.5% | 0.51% | −1.13 |
| MRUS Merus NV | Reduce -89.6% | 0.15% | −1.13 |
| ORGO Organogenesis Holdings Inc. | Reduce -1.1% | 3.12% | −1.11 |
| SNY Sanofi-ADR | Sold out | 0.00% | −0.98 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -77.4% | 0.23% | −0.95 |
| SLNO Soleno Therapeutics Inc. | Reduce -93.3% | 0.06% | −0.78 |
| RIGL Rigel Pharmaceuticals Inc. | Reduce -41.8% | 0.85% | −0.74 |
| NPCE Neuropace Inc. | Reduce -11.3% | 1.78% | −0.73 |
| PTGX Protagonist Therapeutics Inc. | Sold out | 0.00% | −0.64 |
| PRAX Praxis Precision Medicines I | Reduce -15.2% | 2.81% | −0.58 |
| OFIX Orthofix Medical Inc. | Reduce -56.6% | 0.20% | −0.57 |
| TEVA Teva Pharmaceutical-SP ADR | Sold out | 0.00% | −0.54 |
| NUVL Nuvalent Inc. Class A | Reduce -41.7% | 0.66% | −0.53 |
| TNDM Tandem Diabetes Care Inc. | Reduce -59.7% | 0.26% | −0.49 |
| SRRK Scholar Rock Holding Corp. | Reduce -56.1% | 0.31% | −0.41 |
| LIVN Livanova PLC | Sold out | 0.00% | −0.36 |
| GRFS Grifols SA-ADR | Reduce -18.8% | 3.59% | −0.36 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -45.8% | 0.49% | −0.33 |
| CGON CG Oncology Inc. | Reduce -48.9% | 0.28% | −0.30 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.29 |
| SEPN Septerna Inc. | Reduce -90.0% | 0.06% | −0.29 |
| ACLX Arcellx Inc. | Reduce -19.6% | 0.56% | −0.23 |
| RVMD Revolution Medicines Inc. | Reduce -88.2% | 0.03% | −0.21 |
| DCTH Delcath Systems Inc. | Reduce -89.3% | 0.02% | −0.21 |
| AXSM Axsome Therapeutics Inc. | Reduce -88.2% | 0.01% | −0.14 |
| PHVS Pharvaris NV | Reduce -10.0% | 0.89% | −0.11 |
| AKRO Akero Therapeutics Inc. | Reduce -38.5% | 0.27% | −0.11 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −0.05 |
| MREO Mereo Biopharma Group PL-ADR | Reduce -12.7% | 0.11% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| KRYS Krystal Biotech Inc. | Add +108.9% | 8.76% | +2.52 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 2.40% | +2.40 |
| URGN Urogen Pharma Ltd. | New | 2.07% | +2.07 |
| ELV Elevance Health Inc. | New | 1.88% | +1.88 |
| UNH Unitedhealth Group Inc. | New | 1.86% | +1.86 |
| CDTX Cidara Therapeutics Inc. | New | 1.56% | +1.56 |
| HUM Humana Inc. | New | 1.34% | +1.34 |
| VCYT Veracyte Inc. | New | 1.34% | +1.34 |
| GERN Geron Corp. | Add +572.5% | 1.57% | +1.27 |
| MIRM Mirum Pharmaceuticals Inc. | New | 1.05% | +1.05 |
| TWST Twist Bioscience Corp. | New | 0.90% | +0.90 |
| NVCR Novocure Ltd. | Add +25.1% | 8.49% | +0.77 |
| CELC Celcuity Inc. | Add +17.0% | 2.78% | +0.74 |
| ENOV Enovis Corp. | New | 0.68% | +0.68 |
| ESTA Establishment Labs Holdings | New | 0.63% | +0.63 |
| BBNX Beta Bionics Inc. | Add +12.5% | 3.84% | +0.58 |
| JBIO Jade Biosciences Inc. | New | 0.55% | +0.55 |
| INSP Inspire Medical Systems Inc. | Add +179.5% | 0.98% | +0.49 |
| CBIO Crescent Biopharma Inc. | New | 0.45% | +0.45 |
| UTHR United Therapeutics Corp. | Add +35.0% | 4.16% | +0.41 |
| IDYA Ideaya Biosciences Inc. | New | 0.36% | +0.36 |
| QDEL Quidelortho Corp. | New | 0.35% | +0.35 |
| ANAB Anaptysbio Inc. | Add +214.6% | 0.49% | +0.34 |
| EOLS Evolus Inc. | Add +96.4% | 1.35% | +0.33 |
| ASND Ascendis Pharma A/S | Add +51.0% | 1.01% | +0.33 |
| ARGX Argenx SE - ADR | Add +48.1% | 1.63% | +0.29 |
| ETON Eton Pharmaceuticals Inc. | New | 0.28% | +0.28 |
| TRVI Trevi Therapeutics Inc. | New | 0.26% | +0.26 |
| TNGX Tango Therapeutics Inc. | New | 0.26% | +0.26 |
| WGS Genedx Holdings Corp. | New | 0.26% | +0.26 |
| SION Sionna Therapeutics Inc. | Add +56.7% | 0.45% | +0.25 |
| MURA Mural Oncology PLC | New | 0.23% | +0.23 |
| ADMA Adma Biologics Inc. | New | 0.22% | +0.22 |
| CTMX Cytomx Therapeutics Inc. | New | 0.20% | +0.20 |
| XENE Xenon Pharmaceuticals Inc. | New | 0.17% | +0.17 |
| VCEL Vericel Corp. | New | 0.15% | +0.15 |
| SKIN Skinhealth Systems Inc. | New | 0.13% | +0.13 |
| NSPR Inspiremd Inc. | Add +99.5% | 0.30% | +0.10 |
| CBLL Ceribell Inc. | New | 0.06% | +0.06 |
| BCYC Bicycle Therapeutics PLC-ADR | New | 0.05% | +0.05 |
| DNLI Denali Therapeutics Inc. | Add +34.9% | 0.18% | +0.03 |
| EWTX Edgewise Therapeutics Inc. | Add +5.8% | 0.07% | −0.06 |
| SNDX Syndax Pharmaceuticals Inc. | Add +33.7% | 0.71% | −0.08 |
| STAA Staar Surgical Co. | Add +16.5% | 3.46% | −0.08 |
| IART Integra Lifesciences Holding | Add +29.4% | 1.18% | −0.67 |
| AXGN Axogen Inc. | Add +0.9% | 1.09% | −1.00 |
Options Activity Q1 2025 → Q2 2025
| XBI SS SPDR S&P Biotech ETF | call | Sold out | 1,400,000 | $113.5Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | put | New | 750,000 | $62.2M |
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 |