Soleus Capital Management, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Soleus Capital Management, L.P. reported 87 stock positions worth $1.9 billion. Its top holding was Krystal Biotech (KRYS) at 9.6% of the portfolio, followed by TG Therapeutics (TGTX, 7.4%) and Novocure (NVCR, 6.7%). Compared with Q2 2025, it opened 18 new positions, sold out of 25, added to 26 and reduced 34. The biggest buy was Elevance Health (ELV, shares +271%) and the biggest sale Staar Surgical (STAA, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001802630
- Portfolio Value
- $1.9B (Q3 2025)
- SEC Filing
- 0001802630-25-000018 ↗ filed Nov 14, 2025
Holdings Value
Holdings 87 stocks · $1.9B
| KRYS Krystal Biotech Inc. | 9.61% | 1,018,831 | $179.9M | Add +10.4% |
| TGTX TG Therapeutics Inc. | 7.42% | 3,844,731 | $138.9M | Add +71.3% |
| NVCR Novocure Ltd. | 6.66% | 9,644,872 | $124.6M | Add +39.7% |
| ELV Elevance Health Inc. | 4.48% | 259,650 | $83.9M | Add +270.9% |
| BBNX Beta Bionics Inc. | 4.11% | 3,870,158 | $76.9M | Add +1.3% |
| UTHR United Therapeutics Corp. | 3.36% | 150,000 | $62.9M | Reduce -28.5% |
| TERN Terns Pharmaceuticals Inc. | 3.26% | 8,127,100 | $61.0M | Reduce -0.5% |
| CELC Celcuity Inc. | 3.11% | 1,178,860 | $58.2M | Reduce -60.9% |
| INSP Inspire Medical Systems Inc. | 2.89% | 728,188 | $54.0M | Add +568.1% |
| TWST Twist Bioscience Corp. | 2.81% | 1,866,234 | $52.5M | Add +426.6% |
| ARGX Argenx SE - ADR | 2.74% | 69,426 | $51.2M | Add +61.9% |
| ORGO Organogenesis Holdings Inc. | 2.74% | 12,131,699 | $51.2M | Reduce -1.7% |
| BMRN Biomarin Pharmaceutical Inc. | 2.58% | 890,304 | $48.2M | Reduce -1.3% |
| CDTX Cidara Therapeutics Inc. | 2.53% | 493,811 | $47.3M | Add +6.7% |
| PRAX Praxis Precision Medicines I | 2.43% | 859,166 | $45.5M | Reduce -11.1% |
| FOLD Amicus Therapeutics Inc. | 1.98% | 4,690,000 | $37.0M | New |
| INDV Indivior Ltd. | 1.89% | 1,466,000 | $35.3M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 1.68% | 68,336 | $31.3M | Add +754.2% |
| ANIP Ani Pharmaceuticals Inc. | 1.67% | 340,243 | $31.2M | Add +570.5% |
| SNDX Syndax Pharmaceuticals Inc. | 1.65% | 2,012,110 | $31.0M | Add +84.2% |
| AXGN Axogen Inc. | 1.65% | 1,726,553 | $30.8M | Add +18.3% |
| NPCE Neuropace Inc. | 1.63% | 2,957,957 | $30.5M | Add +27.9% |
| GRFS Grifols SA-ADR | 1.33% | 2,500,000 | $24.9M | Reduce -56.6% |
| GERN Geron Corp. | 1.27% | 17,290,000 | $23.7M | Add +7.1% |
| NRIX Nurix Therapeutics Inc. | 1.20% | 2,422,833 | $22.4M | No change |
| IART Integra Lifesciences Holding | 1.10% | 1,440,818 | $20.6M | Add +3.8% |
| NBIX Neurocrine Biosciences Inc. | 1.04% | 138,000 | $19.4M | New |
| ANAB Anaptysbio Inc. | 1.02% | 626,040 | $19.2M | Add +95.0% |
| FOCL Edap TMS SA -ADR | 0.89% | 7,309,254 | $16.7M | No change |
| PHVS Pharvaris NV | 0.86% | 647,052 | $16.1M | Reduce -11.7% |
| VCEL Vericel Corp. | 0.84% | 497,953 | $15.7M | Add +877.3% |
| CCCC C4 Therapeutics Inc. | 0.84% | 7,053,942 | $15.7M | Add +1.1% |
| BLTE Belite Bio Inc. - ADR | 0.83% | 210,000 | $15.5M | New |
| VCYT Veracyte Inc. | 0.77% | 422,055 | $14.5M | Reduce -41.0% |
| RAPT Rapt Therapeutics Inc. | 0.74% | 537,903 | $13.9M | New |
| URGN Urogen Pharma Ltd. | 0.72% | 679,000 | $13.5M | Reduce -68.9% |
| STAA Staar Surgical Co. | 0.72% | 500,000 | $13.4M | Reduce -83.3% |
| SION Sionna Therapeutics Inc. | 0.65% | 413,500 | $12.2M | Add +10.0% |
| CGON CG Oncology Inc. | 0.62% | 290,000 | $11.7M | Add +87.1% |
| QURE Uniqure NV | 0.62% | 200,000 | $11.7M | New |
| QDEL Quidelortho Corp. | 0.59% | 375,000 | $11.0M | Add +115.5% |
| MIRM Mirum Pharmaceuticals Inc. | 0.58% | 148,696 | $10.9M | Reduce -50.2% |
| ADMA Adma Biologics Inc. | 0.58% | 738,000 | $10.8M | Add +321.7% |
| IKT Inhibikase Therapeutics Inc. | 0.55% | 6,325,000 | $10.2M | No change |
| GMED Globus Medical Inc. Class A | 0.54% | 176,000 | $10.1M | New |
| GSK GSK PLC-Spon ADR | 0.51% | 220,000 | $9.5M | New |
| RIGL Rigel Pharmaceuticals Inc. | 0.50% | 330,010 | $9.3M | Reduce -49.9% |
| EOLS Evolus Inc. | 0.48% | 1,450,000 | $8.9M | Reduce -31.6% |
| VSTM Verastem Inc. | 0.44% | 935,909 | $8.3M | No change |
| ACLX Arcellx Inc. | 0.44% | 100,000 | $8.2M | Reduce -18.7% |
| NUVL Nuvalent Inc. Class A | 0.41% | 88,000 | $7.6M | Reduce -29.6% |
| ALNY Alnylam Pharmaceuticals Inc. | 0.37% | 15,250 | $7.0M | Reduce -85.7% |
| JBIO Jade Biosciences Inc. | 0.37% | 796,744 | $6.9M | No change |
| LBRX LB Pharmaceuticals Inc. | 0.34% | 400,000 | $6.3M | New |
| OLMA Olema Pharmaceuticals Inc. | 0.32% | 619,874 | $6.1M | New |
| KNSA Kiniksa Pharmaceuticals Inte | 0.31% | 150,000 | $5.8M | Reduce -41.1% |
| ESTA Establishment Labs Holdings | 0.31% | 139,512 | $5.7M | Reduce -34.2% |
| MBX MBX Biosciences Inc. | 0.26% | 275,000 | $4.8M | New |
| ERAS Erasca Inc. | 0.25% | 2,162,162 | $4.7M | No change |
| ETON Eton Pharmaceuticals Inc. | 0.23% | 200,000 | $4.3M | Reduce -29.8% |
| CBLL Ceribell Inc. | 0.22% | 360,000 | $4.1M | Add +620.0% |
| HROW Harrow Inc. | 0.22% | 85,498 | $4.1M | New |
| GUTS Fractyl Health Inc. | 0.21% | 2,500,000 | $4.0M | New |
| JSPR Jasper Therapeutics Inc. | 0.19% | 1,494,420 | $3.6M | No change |
| NSPR Inspiremd Inc. | 0.19% | 1,470,934 | $3.5M | Reduce -22.0% |
| AKRO Akero Therapeutics Inc. | 0.18% | 71,000 | $3.4M | Reduce -1.4% |
| IDYA Ideaya Biosciences Inc. | 0.15% | 100,000 | $2.7M | Reduce -60.0% |
| TNGX Tango Therapeutics Inc. | 0.13% | 300,000 | $2.5M | Reduce -58.9% |
| CBIO Crescent Biopharma Inc. | 0.13% | 200,000 | $2.4M | Reduce -50.0% |
| RAPP Rapport Therapeutics Inc. | 0.13% | 80,000 | $2.4M | New |
| KIDS Orthopediatrics Corp. | 0.13% | 128,000 | $2.4M | Add +184.4% |
| IOVA Iovance Biotherapeutics Inc. | 0.11% | 976,707 | $2.1M | Reduce -70.1% |
| CALC Calcimedica Inc. | 0.11% | 683,904 | $2.1M | Reduce -12.8% |
| VTGN Vistagen Therapeutics Inc. | 0.10% | 550,000 | $2.0M | New |
| MNKD Mannkind Corp. | 0.09% | 300,000 | $1.6M | New |
| IMUX Immunic Inc. | 0.07% | 1,580,007 | $1.4M | Reduce -78.3% |
| ADVM Adverum Biotechnologies Inc. | 0.07% | 287,246 | $1.3M | No change |
| LQDA Liquidia Corp. | 0.06% | 50,000 | $1.1M | New |
| EPIX Essa Pharma Inc. | 0.04% | 4,362,026 | $833K | Add +92.8% |
| MYO Myomo Inc. | 0.03% | 704,275 | $628K | No change |
| MREO Mereo Biopharma Group PL-ADR | 0.03% | 299,711 | $617K | Reduce -50.0% |
| TECX Tectonic Therapeutic Inc. | 0.02% | 25,000 | $392K | Reduce -67.5% |
| INSM Insmed Inc. | 0.02% | 2,550 | $367K | Reduce -96.5% |
| SEPN Septerna Inc. | 0.02% | 18,260 | $343K | Reduce -75.8% |
| KOD Kodiak Sciences Inc. | 0.02% | 19,644 | $322K | New |
| TRVI Trevi Therapeutics Inc. | 0.01% | 25,000 | $229K | Reduce -96.4% |
| DCTH Delcath Systems Inc. | 0.01% | 10,000 | $108K | Reduce -60.0% |
Options reported separately and not counted above: XBI puts ($115.2M).
Portfolio Sells Q2 2025 → Q3 2025
| STAA Staar Surgical Co. | Reduce -83.3% | 0.72% | −2.74 |
| GRFS Grifols SA-ADR | Reduce -56.6% | 1.33% | −2.26 |
| ALNY Alnylam Pharmaceuticals Inc. | Reduce -85.7% | 0.37% | −2.03 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.86 |
| SRDX Surmodics Inc. | Sold out | 0.00% | −1.62 |
| HUM Humana Inc. | Sold out | 0.00% | −1.34 |
| URGN Urogen Pharma Ltd. | Reduce -68.9% | 0.72% | −1.34 |
| ASND Ascendis Pharma A/S | Sold out | 0.00% | −1.01 |
| EOLS Evolus Inc. | Reduce -31.6% | 0.48% | −0.87 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -1.3% | 2.58% | −0.85 |
| UTHR United Therapeutics Corp. | Reduce -28.5% | 3.36% | −0.80 |
| THTX Theratechnologies Inc. | Sold out | 0.00% | −0.78 |
| ENOV Enovis Corp. | Sold out | 0.00% | −0.68 |
| VCYT Veracyte Inc. | Reduce -41.0% | 0.77% | −0.56 |
| INSM Insmed Inc. | Reduce -96.5% | 0.02% | −0.49 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -50.2% | 0.58% | −0.47 |
| ORGO Organogenesis Holdings Inc. | Reduce -1.7% | 2.74% | −0.38 |
| PRAX Praxis Precision Medicines I | Reduce -11.1% | 2.43% | −0.37 |
| RIGL Rigel Pharmaceuticals Inc. | Reduce -49.9% | 0.50% | −0.35 |
| ESTA Establishment Labs Holdings | Reduce -34.2% | 0.31% | −0.32 |
| CBIO Crescent Biopharma Inc. | Reduce -50.0% | 0.13% | −0.32 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −0.31 |
| IMUX Immunic Inc. | Reduce -78.3% | 0.07% | −0.28 |
| IOVA Iovance Biotherapeutics Inc. | Reduce -70.1% | 0.11% | −0.27 |
| TNDM Tandem Diabetes Care Inc. | Sold out | 0.00% | −0.26 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −0.26 |
| TRVI Trevi Therapeutics Inc. | Reduce -96.4% | 0.01% | −0.25 |
| NUVL Nuvalent Inc. Class A | Reduce -29.6% | 0.41% | −0.25 |
| MURA Mural Oncology PLC | Sold out | 0.00% | −0.23 |
| IDYA Ideaya Biosciences Inc. | Reduce -60.0% | 0.15% | −0.22 |
| CTMX Cytomx Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| OFIX Orthofix Medical Inc. | Sold out | 0.00% | −0.20 |
| DNLI Denali Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| KNSA Kiniksa Pharmaceuticals Inte | Reduce -41.1% | 0.31% | −0.18 |
| XENE Xenon Pharmaceuticals Inc. | Sold out | 0.00% | −0.17 |
| MRUS Merus NV | Sold out | 0.00% | −0.15 |
| SKIN Skinhealth Systems Inc. | Sold out | 0.00% | −0.13 |
| TNGX Tango Therapeutics Inc. | Reduce -58.9% | 0.13% | −0.12 |
| ACLX Arcellx Inc. | Reduce -18.7% | 0.44% | −0.12 |
| YMAB Y-Mabs Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| NSPR Inspiremd Inc. | Reduce -22.0% | 0.19% | −0.11 |
| AKRO Akero Therapeutics Inc. | Reduce -1.4% | 0.18% | −0.09 |
| TECX Tectonic Therapeutic Inc. | Reduce -67.5% | 0.02% | −0.08 |
| MREO Mereo Biopharma Group PL-ADR | Reduce -50.0% | 0.03% | −0.08 |
| EWTX Edgewise Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| ABVX Abivax SA-ADR | Sold out | 0.00% | −0.07 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −0.06 |
| ETON Eton Pharmaceuticals Inc. | Reduce -29.8% | 0.23% | −0.05 |
| BCYC Bicycle Therapeutics PLC-ADR | Sold out | 0.00% | −0.05 |
| SEPN Septerna Inc. | Reduce -75.8% | 0.02% | −0.04 |
Portfolio Buys Q2 2025 → Q3 2025
| ELV Elevance Health Inc. | Add +270.9% | 4.48% | +2.60 |
| FOLD Amicus Therapeutics Inc. | New | 1.98% | +1.98 |
| INSP Inspire Medical Systems Inc. | Add +568.1% | 2.89% | +1.91 |
| TWST Twist Bioscience Corp. | Add +426.6% | 2.81% | +1.91 |
| INDV Indivior Ltd. | New | 1.89% | +1.89 |
| TGTX TG Therapeutics Inc. | Add +71.3% | 7.42% | +1.84 |
| MDGL Madrigal Pharmaceuticals Inc. | Add +754.2% | 1.68% | +1.51 |
| ANIP Ani Pharmaceuticals Inc. | Add +570.5% | 1.67% | +1.44 |
| ARGX Argenx SE - ADR | Add +61.9% | 2.74% | +1.10 |
| NBIX Neurocrine Biosciences Inc. | New | 1.04% | +1.04 |
| CDTX Cidara Therapeutics Inc. | Add +6.7% | 2.53% | +0.97 |
| SNDX Syndax Pharmaceuticals Inc. | Add +84.2% | 1.65% | +0.95 |
| KRYS Krystal Biotech Inc. | Add +10.4% | 9.61% | +0.85 |
| BLTE Belite Bio Inc. - ADR | New | 0.83% | +0.83 |
| RAPT Rapt Therapeutics Inc. | New | 0.74% | +0.74 |
| VCEL Vericel Corp. | Add +877.3% | 0.84% | +0.69 |
| QURE Uniqure NV | New | 0.62% | +0.62 |
| AXGN Axogen Inc. | Add +18.3% | 1.65% | +0.55 |
| GMED Globus Medical Inc. Class A | New | 0.54% | +0.54 |
| ANAB Anaptysbio Inc. | Add +95.0% | 1.02% | +0.53 |
| GSK GSK PLC-Spon ADR | New | 0.51% | +0.51 |
| ADMA Adma Biologics Inc. | Add +321.7% | 0.58% | +0.36 |
| CGON CG Oncology Inc. | Add +87.1% | 0.62% | +0.35 |
| LBRX LB Pharmaceuticals Inc. | New | 0.34% | +0.34 |
| OLMA Olema Pharmaceuticals Inc. | New | 0.32% | +0.32 |
| BBNX Beta Bionics Inc. | Add +1.3% | 4.11% | +0.27 |
| MBX MBX Biosciences Inc. | New | 0.26% | +0.26 |
| QDEL Quidelortho Corp. | Add +115.5% | 0.59% | +0.24 |
| HROW Harrow Inc. | New | 0.22% | +0.22 |
| GUTS Fractyl Health Inc. | New | 0.21% | +0.21 |
| SION Sionna Therapeutics Inc. | Add +10.0% | 0.65% | +0.20 |
| CBLL Ceribell Inc. | Add +620.0% | 0.22% | +0.16 |
| CCCC C4 Therapeutics Inc. | Add +1.1% | 0.84% | +0.15 |
| RAPP Rapport Therapeutics Inc. | New | 0.13% | +0.13 |
| VTGN Vistagen Therapeutics Inc. | New | 0.10% | +0.10 |
| MNKD Mannkind Corp. | New | 0.09% | +0.09 |
| LQDA Liquidia Corp. | New | 0.06% | +0.06 |
| KIDS Orthopediatrics Corp. | Add +184.4% | 0.13% | +0.06 |
| KOD Kodiak Sciences Inc. | New | 0.02% | +0.02 |
| IART Integra Lifesciences Holding | Add +3.8% | 1.10% | −0.07 |
| NPCE Neuropace Inc. | Add +27.9% | 1.63% | −0.15 |
| EPIX Essa Pharma Inc. | Add +92.8% | 0.04% | −0.22 |
| GERN Geron Corp. | Add +7.1% | 1.27% | −0.31 |
| NVCR Novocure Ltd. | Add +39.7% | 6.66% | −1.83 |
Options Activity Q2 2025 → Q3 2025
| XBI SS SPDR S&P Biotech ETF | put | Add +53.3% | 1,150,000 | $115.2M |
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 |