Soleus Capital Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Soleus Capital Management, L.P. reported 94 stock positions worth $2.4 billion. Its top holding was Krystal Biotech (KRYS) at 9.8% of the portfolio, followed by Celcuity (CELC, 7.7%) and Novocure (NVCR, 4.7%). Compared with Q3 2025, it opened 32 new positions, sold out of 25, added to 22 and reduced 35. The biggest buy was Celcuity (CELC, shares +53%) and the biggest sale an exit from Elevance Health (ELV).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001802630
- Portfolio Value
- $2.4B (Q4 2025)
- SEC Filing
- 0001802630-26-000002 ↗ filed Feb 12, 2026
Holdings Value
Holdings 94 stocks · $2.4B
| KRYS Krystal Biotech Inc. | 9.84% | 941,059 | $232.0M | Reduce -7.6% |
| CELC Celcuity Inc. | 7.65% | 1,808,258 | $180.4M | Add +53.4% |
| NVCR Novocure Ltd. | 4.68% | 8,530,665 | $110.3M | Reduce -11.6% |
| PRAX Praxis Precision Medicines I | 4.54% | 362,966 | $107.0M | Reduce -57.8% |
| TGTX TG Therapeutics Inc. | 3.97% | 3,139,312 | $93.6M | Reduce -18.4% |
| DXCM Dexcom Inc. | 3.65% | 1,297,094 | $86.1M | New |
| BMRN Biomarin Pharmaceutical Inc. | 3.33% | 1,320,000 | $78.4M | Add +48.3% |
| GMED Globus Medical Inc. Class A | 3.29% | 887,000 | $77.4M | Add +404.0% |
| BBNX Beta Bionics Inc. | 3.28% | 2,534,565 | $77.2M | Reduce -34.5% |
| FOLD Amicus Therapeutics Inc. | 3.15% | 5,207,284 | $74.2M | Add +11.0% |
| TWST Twist Bioscience Corp. | 2.51% | 1,861,802 | $59.1M | Reduce -0.2% |
| ORGO Organogenesis Holdings Inc. | 2.19% | 9,985,951 | $51.7M | Reduce -17.7% |
| SNDX Syndax Pharmaceuticals Inc. | 2.00% | 2,247,110 | $47.2M | Add +11.7% |
| MIRM Mirum Pharmaceuticals Inc. | 1.92% | 573,614 | $45.3M | Add +285.8% |
| PODD Insulet Corp. | 1.81% | 150,000 | $42.6M | New |
| NPCE Neuropace Inc. | 1.77% | 2,703,208 | $41.7M | Reduce -8.6% |
| AXGN Axogen Inc. | 1.68% | 1,206,855 | $39.5M | Reduce -30.1% |
| ANIP Ani Pharmaceuticals Inc. | 1.63% | 486,243 | $38.4M | Add +42.9% |
| ALKS Alkermes PLC | 1.57% | 1,322,364 | $37.0M | New |
| LIVN Livanova PLC | 1.48% | 567,500 | $34.9M | New |
| GSK GSK PLC-Spon ADR | 1.33% | 639,000 | $31.3M | Add +190.4% |
| GERN Geron Corp. | 1.30% | 23,290,000 | $30.7M | Add +34.7% |
| UTHR United Therapeutics Corp. | 1.24% | 60,000 | $29.2M | Reduce -60.0% |
| IMVT Immunovant Inc. | 1.20% | 1,110,000 | $28.2M | New |
| PCVX Vaxcyte Inc. | 1.19% | 608,958 | $28.1M | New |
| ALNY Alnylam Pharmaceuticals Inc. | 1.18% | 70,000 | $27.8M | Add +359.0% |
| INSP Inspire Medical Systems Inc. | 1.17% | 299,399 | $27.6M | Reduce -58.9% |
| VCEL Vericel Corp. | 1.17% | 764,000 | $27.5M | Add +53.4% |
| ARGX Argenx SE - ADR | 1.13% | 31,726 | $26.7M | Reduce -54.3% |
| RAPT Rapt Therapeutics Inc. | 1.10% | 764,000 | $25.9M | Add +42.0% |
| NBIX Neurocrine Biosciences Inc. | 1.06% | 175,982 | $25.0M | Add +27.5% |
| KNSA Kiniksa Pharmaceuticals Inte | 1.03% | 587,000 | $24.2M | Add +291.3% |
| FOCL Edap TMS SA -ADR | 1.02% | 7,309,254 | $24.0M | No change |
| TFX Teleflex Inc. | 0.98% | 190,000 | $23.2M | New |
| NRIX Nurix Therapeutics Inc. | 0.98% | 1,219,394 | $23.1M | Reduce -49.7% |
| EWTX Edgewise Therapeutics Inc. | 0.96% | 910,000 | $22.6M | New |
| IKT Inhibikase Therapeutics Inc. | 0.95% | 10,875,000 | $22.3M | Add +71.9% |
| PHVS Pharvaris NV | 0.83% | 702,052 | $19.5M | Add +8.5% |
| IVVD Invivyd Inc. | 0.81% | 7,708,727 | $19.0M | New |
| CAPR Capricor Therapeutics Inc. | 0.79% | 646,390 | $18.7M | New |
| THC Tenet Healthcare Corp. | 0.78% | 92,500 | $18.4M | New |
| RCUS Arcus Biosciences Inc. | 0.72% | 711,983 | $17.0M | New |
| ELVN Enliven Therapeutics Inc. | 0.67% | 1,025,000 | $15.8M | New |
| MBX MBX Biosciences Inc. | 0.55% | 408,900 | $12.9M | Add +48.7% |
| RIGL Rigel Pharmaceuticals Inc. | 0.55% | 300,034 | $12.9M | Reduce -9.1% |
| JBIO Jade Biosciences Inc. | 0.52% | 796,744 | $12.3M | No change |
| TRVI Trevi Therapeutics Inc. | 0.48% | 900,000 | $11.3M | Add +3500.0% |
| SION Sionna Therapeutics Inc. | 0.47% | 268,500 | $11.0M | Reduce -35.1% |
| SEPN Septerna Inc. | 0.45% | 383,368 | $10.7M | Add +1999.5% |
| KIDS Orthopediatrics Corp. | 0.40% | 525,447 | $9.3M | Add +310.5% |
| TERN Terns Pharmaceuticals Inc. | 0.36% | 212,710 | $8.6M | Reduce -97.4% |
| CDTX Cidara Therapeutics Inc. | 0.36% | 38,811 | $8.6M | Reduce -92.1% |
| INSM Insmed Inc. | 0.36% | 48,500 | $8.4M | Add +1802.0% |
| CERS Cerus Corp. | 0.35% | 4,000,000 | $8.2M | New |
| ERAS Erasca Inc. | 0.34% | 2,162,162 | $8.0M | No change |
| AVTX Avalo Therapeutics Inc. | 0.34% | 441,978 | $8.0M | New |
| CCCC C4 Therapeutics Inc. | 0.31% | 3,803,942 | $7.3M | Reduce -46.1% |
| EOLS Evolus Inc. | 0.30% | 1,070,000 | $7.1M | Reduce -26.2% |
| CGON CG Oncology Inc. | 0.30% | 170,000 | $7.1M | Reduce -41.4% |
| ANAB Anaptysbio Inc. | 0.28% | 135,000 | $6.5M | Reduce -78.4% |
| BLTE Belite Bio Inc. - ADR | 0.27% | 40,354 | $6.5M | Reduce -80.8% |
| GPCR Structure Therapeutics Inc. | 0.27% | 90,000 | $6.3M | New |
| ABVX Abivax SA-ADR | 0.26% | 45,000 | $6.1M | New |
| ORKA Oruka Therapeutics Inc. | 0.24% | 190,000 | $5.8M | New |
| MLTX Moonlake Immunotherapeutics | 0.22% | 400,000 | $5.3M | New |
| NEO Neogenomics Inc. | 0.21% | 427,504 | $5.0M | New |
| NTRA Natera Inc. | 0.19% | 20,000 | $4.6M | New |
| CALC Calcimedica Inc. | 0.19% | 683,904 | $4.5M | No change |
| LUNG Pulmonx Corp. | 0.19% | 2,038,323 | $4.5M | New |
| COGT Cogent Biosciences Inc. | 0.18% | 120,000 | $4.3M | New |
| INDV Indivior Ltd. | 0.15% | 100,000 | $3.6M | Reduce -93.2% |
| URGN Urogen Pharma Ltd. | 0.15% | 150,000 | $3.5M | Reduce -77.9% |
| TYRA Tyra Biosciences Inc. | 0.14% | 125,000 | $3.3M | New |
| KPTI Karyopharm Therapeutics Inc. | 0.14% | 440,000 | $3.2M | New |
| ZYME Zymeworks Inc. | 0.11% | 100,000 | $2.6M | New |
| VKTX Viking Therapeutics Inc. | 0.10% | 70,000 | $2.5M | New |
| QDEL Quidelortho Corp. | 0.09% | 75,000 | $2.1M | Reduce -80.0% |
| NSPR Inspiremd Inc. | 0.09% | 1,150,000 | $2.0M | Reduce -21.8% |
| INBX Inhibrx Biosciences Inc. | 0.08% | 25,000 | $2.0M | New |
| ACLX Arcellx Inc. | 0.08% | 30,000 | $2.0M | Reduce -70.0% |
| OLMA Olema Pharmaceuticals Inc. | 0.07% | 69,874 | $1.7M | Reduce -88.7% |
| BCAX Bicara Therapeutics Inc. | 0.07% | 100,000 | $1.7M | New |
| KOD Kodiak Sciences Inc. | 0.07% | 60,000 | $1.7M | Add +205.4% |
| GRAL Grail Inc. | 0.04% | 11,000 | $941K | New |
| GUTS Fractyl Health Inc. | 0.04% | 400,000 | $880K | Reduce -84.0% |
| STAA Staar Surgical Co. | 0.02% | 25,000 | $577K | Reduce -95.0% |
| VCYT Veracyte Inc. | 0.02% | 10,000 | $421K | Reduce -97.6% |
| JSPR Jasper Therapeutics Inc. | 0.02% | 200,000 | $366K | Reduce -86.6% |
| QNRX Quoin Pharmaceuticals LT-ADR | 0.02% | 25,000 | $361K | New |
| MDGL Madrigal Pharmaceuticals Inc. | 0.01% | 500 | $291K | Reduce -99.3% |
| LBRX LB Pharmaceuticals Inc. | 0.01% | 10,000 | $223K | Reduce -97.5% |
| DYN Dyne Therapeutics Inc. | 0.01% | 10,000 | $196K | New |
| DCTH Delcath Systems Inc. | 0.00% | 10,000 | $101K | No change |
| TNGX Tango Therapeutics Inc. | 0.00% | 10,000 | $89K | Reduce -96.7% |
Options reported separately and not counted above: XBI puts ($353.6M).
Portfolio Sells Q3 2025 → Q4 2025
| ELV Elevance Health Inc. | Sold out | 0.00% | −4.48 |
| TGTX TG Therapeutics Inc. | Reduce -18.4% | 3.97% | −3.45 |
| TERN Terns Pharmaceuticals Inc. | Reduce -97.4% | 0.36% | −2.90 |
| CDTX Cidara Therapeutics Inc. | Reduce -92.1% | 0.36% | −2.16 |
| UTHR United Therapeutics Corp. | Reduce -60.0% | 1.24% | −2.12 |
| NVCR Novocure Ltd. | Reduce -11.6% | 4.68% | −1.98 |
| INDV Indivior Ltd. | Reduce -93.2% | 0.15% | −1.74 |
| INSP Inspire Medical Systems Inc. | Reduce -58.9% | 1.17% | −1.72 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -99.3% | 0.01% | −1.66 |
| ARGX Argenx SE - ADR | Reduce -54.3% | 1.13% | −1.60 |
| GRFS Grifols SA-ADR | Sold out | 0.00% | −1.33 |
| IART Integra Lifesciences Holding | Sold out | 0.00% | −1.10 |
| BBNX Beta Bionics Inc. | Reduce -34.5% | 3.28% | −0.83 |
| VCYT Veracyte Inc. | Reduce -97.6% | 0.02% | −0.76 |
| ANAB Anaptysbio Inc. | Reduce -78.4% | 0.28% | −0.75 |
| STAA Staar Surgical Co. | Reduce -95.0% | 0.02% | −0.69 |
| QURE Uniqure NV | Sold out | 0.00% | −0.62 |
| ADMA Adma Biologics Inc. | Sold out | 0.00% | −0.58 |
| URGN Urogen Pharma Ltd. | Reduce -77.9% | 0.15% | −0.57 |
| BLTE Belite Bio Inc. - ADR | Reduce -80.8% | 0.27% | −0.56 |
| ORGO Organogenesis Holdings Inc. | Reduce -17.7% | 2.19% | −0.54 |
| CCCC C4 Therapeutics Inc. | Reduce -46.1% | 0.31% | −0.53 |
| QDEL Quidelortho Corp. | Reduce -80.0% | 0.09% | −0.50 |
| VSTM Verastem Inc. | Sold out | 0.00% | −0.44 |
| NUVL Nuvalent Inc. Class A | Sold out | 0.00% | −0.41 |
| ACLX Arcellx Inc. | Reduce -70.0% | 0.08% | −0.36 |
| LBRX LB Pharmaceuticals Inc. | Reduce -97.5% | 0.01% | −0.33 |
| CGON CG Oncology Inc. | Reduce -41.4% | 0.30% | −0.32 |
| ESTA Establishment Labs Holdings | Sold out | 0.00% | −0.31 |
| TWST Twist Bioscience Corp. | Reduce -0.2% | 2.51% | −0.30 |
| OLMA Olema Pharmaceuticals Inc. | Reduce -88.7% | 0.07% | −0.25 |
| ETON Eton Pharmaceuticals Inc. | Sold out | 0.00% | −0.23 |
| CBLL Ceribell Inc. | Sold out | 0.00% | −0.22 |
| HROW Harrow Inc. | Sold out | 0.00% | −0.22 |
| NRIX Nurix Therapeutics Inc. | Reduce -49.7% | 0.98% | −0.22 |
| SION Sionna Therapeutics Inc. | Reduce -35.1% | 0.47% | −0.18 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| GUTS Fractyl Health Inc. | Reduce -84.0% | 0.04% | −0.18 |
| JSPR Jasper Therapeutics Inc. | Reduce -86.6% | 0.02% | −0.17 |
| EOLS Evolus Inc. | Reduce -26.2% | 0.30% | −0.17 |
| IDYA Ideaya Biosciences Inc. | Sold out | 0.00% | −0.15 |
| TNGX Tango Therapeutics Inc. | Reduce -96.7% | 0.00% | −0.13 |
| CBIO Crescent Biopharma Inc. | Sold out | 0.00% | −0.13 |
| RAPP Rapport Therapeutics Inc. | Sold out | 0.00% | −0.13 |
| IOVA Iovance Biotherapeutics Inc. | Sold out | 0.00% | −0.11 |
| VTGN Vistagen Therapeutics Inc. | Sold out | 0.00% | −0.10 |
| NSPR Inspiremd Inc. | Reduce -21.8% | 0.09% | −0.10 |
| MNKD Mannkind Corp. | Sold out | 0.00% | −0.09 |
| IMUX Immunic Inc. | Sold out | 0.00% | −0.07 |
| ADVM Adverum Biotechnologies Inc. | Sold out | 0.00% | −0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| CELC Celcuity Inc. | Add +53.4% | 7.65% | +4.54 |
| DXCM Dexcom Inc. | New | 3.65% | +3.65 |
| GMED Globus Medical Inc. Class A | Add +404.0% | 3.29% | +2.75 |
| PODD Insulet Corp. | New | 1.81% | +1.81 |
| ALKS Alkermes PLC | New | 1.57% | +1.57 |
| LIVN Livanova PLC | New | 1.48% | +1.48 |
| MIRM Mirum Pharmaceuticals Inc. | Add +285.8% | 1.92% | +1.34 |
| IMVT Immunovant Inc. | New | 1.20% | +1.20 |
| PCVX Vaxcyte Inc. | New | 1.19% | +1.19 |
| FOLD Amicus Therapeutics Inc. | Add +11.0% | 3.15% | +1.17 |
| TFX Teleflex Inc. | New | 0.98% | +0.98 |
| EWTX Edgewise Therapeutics Inc. | New | 0.96% | +0.96 |
| GSK GSK PLC-Spon ADR | Add +190.4% | 1.33% | +0.82 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +359.0% | 1.18% | +0.81 |
| IVVD Invivyd Inc. | New | 0.81% | +0.81 |
| CAPR Capricor Therapeutics Inc. | New | 0.79% | +0.79 |
| THC Tenet Healthcare Corp. | New | 0.78% | +0.78 |
| BMRN Biomarin Pharmaceutical Inc. | Add +48.3% | 3.33% | +0.75 |
| RCUS Arcus Biosciences Inc. | New | 0.72% | +0.72 |
| KNSA Kiniksa Pharmaceuticals Inte | Add +291.3% | 1.03% | +0.72 |
| ELVN Enliven Therapeutics Inc. | New | 0.67% | +0.67 |
| TRVI Trevi Therapeutics Inc. | Add +3500.0% | 0.48% | +0.47 |
| SEPN Septerna Inc. | Add +1999.5% | 0.45% | +0.44 |
| IKT Inhibikase Therapeutics Inc. | Add +71.9% | 0.95% | +0.40 |
| RAPT Rapt Therapeutics Inc. | Add +42.0% | 1.10% | +0.36 |
| CERS Cerus Corp. | New | 0.35% | +0.35 |
| SNDX Syndax Pharmaceuticals Inc. | Add +11.7% | 2.00% | +0.35 |
| AVTX Avalo Therapeutics Inc. | New | 0.34% | +0.34 |
| INSM Insmed Inc. | Add +1802.0% | 0.36% | +0.34 |
| VCEL Vericel Corp. | Add +53.4% | 1.17% | +0.33 |
| MBX MBX Biosciences Inc. | Add +48.7% | 0.55% | +0.29 |
| KIDS Orthopediatrics Corp. | Add +310.5% | 0.40% | +0.27 |
| GPCR Structure Therapeutics Inc. | New | 0.27% | +0.27 |
| ABVX Abivax SA-ADR | New | 0.26% | +0.26 |
| ORKA Oruka Therapeutics Inc. | New | 0.24% | +0.24 |
| MLTX Moonlake Immunotherapeutics | New | 0.22% | +0.22 |
| NEO Neogenomics Inc. | New | 0.21% | +0.21 |
| NTRA Natera Inc. | New | 0.19% | +0.19 |
| LUNG Pulmonx Corp. | New | 0.19% | +0.19 |
| COGT Cogent Biosciences Inc. | New | 0.18% | +0.18 |
| TYRA Tyra Biosciences Inc. | New | 0.14% | +0.14 |
| KPTI Karyopharm Therapeutics Inc. | New | 0.14% | +0.14 |
| ZYME Zymeworks Inc. | New | 0.11% | +0.11 |
| VKTX Viking Therapeutics Inc. | New | 0.10% | +0.10 |
| INBX Inhibrx Biosciences Inc. | New | 0.08% | +0.08 |
| BCAX Bicara Therapeutics Inc. | New | 0.07% | +0.07 |
| KOD Kodiak Sciences Inc. | Add +205.4% | 0.07% | +0.05 |
| GRAL Grail Inc. | New | 0.04% | +0.04 |
| GERN Geron Corp. | Add +34.7% | 1.30% | +0.04 |
| NBIX Neurocrine Biosciences Inc. | Add +27.5% | 1.06% | +0.02 |
Options Activity Q3 2025 → Q4 2025
| XBI SS SPDR S&P Biotech ETF | put | Add +152.2% | 2,900,000 | $353.6M |
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 |