Soleus Capital Management, L.P.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Soleus Capital Management, L.P. reported 93 stock positions worth $2.5 billion. Its top holding was Krystal Biotech (KRYS) at 12.1% of the portfolio, followed by Celcuity (CELC, 5.9%) and TG Therapeutics (TGTX, 5.4%). Compared with Q4 2025, it opened 24 new positions, sold out of 25, added to 30 and reduced 30. The biggest buy was United Therapeutics (UTHR, shares +212%) and the biggest sale Dexcom (DXCM, shares −89%).
- Most Recent 13F
- Q2 2026
- Location
- GREENWICH, CT
- CIK
- 0001802630
- Portfolio Value
- $2.5B (Q1 2026)
- SEC Filing
- 0001802630-26-000003 ↗ filed May 14, 2026
Holdings Value
Holdings 93 stocks · $2.5B
| KRYS Krystal Biotech Inc. | 12.06% | 1,153,087 | $297.9M | Add +22.5% |
| CELC Celcuity Inc. | 5.94% | 1,284,378 | $146.6M | Reduce -29.0% |
| TGTX TG Therapeutics Inc. | 5.42% | 4,029,319 | $133.9M | Add +28.4% |
| PODD Insulet Corp. | 4.78% | 562,500 | $118.0M | Add +275.0% |
| NVCR Novocure Ltd. | 4.63% | 10,492,391 | $114.4M | Add +23.0% |
| UTHR United Therapeutics Corp. | 4.50% | 187,187 | $111.0M | Add +212.0% |
| PRAX Praxis Precision Medicines I | 4.31% | 330,517 | $106.5M | Reduce -8.9% |
| VCEL Vericel Corp. | 3.32% | 2,549,079 | $82.0M | Add +233.7% |
| ALKS Alkermes PLC | 2.82% | 1,970,864 | $69.7M | Add +49.0% |
| ANIP Ani Pharmaceuticals Inc. | 2.55% | 820,243 | $63.1M | Add +68.7% |
| GMED Globus Medical Inc. Class A | 2.55% | 729,467 | $62.9M | Reduce -17.8% |
| GERN Geron Corp. | 2.50% | 41,508,659 | $61.8M | Add +78.2% |
| TWST Twist Bioscience Corp. | 2.36% | 1,226,629 | $58.3M | Reduce -34.1% |
| EWTX Edgewise Therapeutics Inc. | 1.85% | 1,449,915 | $45.7M | Add +59.3% |
| BBNX Beta Bionics Inc. | 1.77% | 4,354,501 | $43.6M | Add +71.8% |
| ALNY Alnylam Pharmaceuticals Inc. | 1.76% | 131,650 | $43.6M | Add +88.1% |
| SNDX Syndax Pharmaceuticals Inc. | 1.63% | 1,726,908 | $40.3M | Reduce -23.1% |
| INDV Indivior Pharmaceuticals Inc. | 1.57% | 1,274,000 | $38.8M | Add +1174.0% |
| NPCE Neuropace Inc. | 1.56% | 2,932,207 | $38.6M | Add +8.5% |
| LIVN Livanova PLC | 1.50% | 582,500 | $37.0M | Add +2.6% |
| MIRM Mirum Pharmaceuticals Inc. | 1.50% | 400,306 | $37.0M | Reduce -30.2% |
| BMRN Biomarin Pharmaceutical Inc. | 1.49% | 650,572 | $36.8M | Reduce -50.7% |
| PGNY Progyny Inc. | 1.42% | 2,067,000 | $35.1M | New |
| INSP Inspire Medical Systems Inc. | 1.20% | 576,299 | $29.7M | Add +92.5% |
| FOCL Edap TMS SA -ADR | 1.10% | 7,309,254 | $27.2M | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 1.02% | 521,353 | $25.1M | Reduce -11.2% |
| MRK Merck & Co. Inc. | 0.99% | 203,000 | $24.4M | New |
| ORGO Organogenesis Holdings Inc. | 0.97% | 10,085,951 | $23.9M | Add +1.0% |
| NTRA Natera Inc. | 0.96% | 119,000 | $23.8M | Add +495.0% |
| AXGN Axogen Inc. | 0.91% | 679,170 | $22.5M | Reduce -43.7% |
| PCVX Vaxcyte Inc. | 0.91% | 385,472 | $22.4M | Reduce -36.7% |
| ICLR Icon PLC | 0.86% | 192,000 | $21.2M | New |
| PHVS Pharvaris NV | 0.80% | 702,052 | $19.8M | No change |
| CERS Cerus Corp. | 0.79% | 10,753,700 | $19.6M | Add +168.8% |
| TRVI Trevi Therapeutics Inc. | 0.78% | 1,620,000 | $19.3M | Add +80.0% |
| IKT Inhibikase Therapeutics Inc. | 0.74% | 10,875,000 | $18.3M | No change |
| CNTX Context Therapeutics Inc. | 0.74% | 6,963,141 | $18.2M | New |
| VIR Vir Biotechnology Inc. | 0.73% | 2,002,000 | $17.9M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.69% | 292,000 | $17.0M | New |
| TVTX Travere Therapeutics Inc. | 0.66% | 546,000 | $16.2M | New |
| TNDM Tandem Diabetes Care Inc. | 0.61% | 783,000 | $15.0M | New |
| NRIX Nurix Therapeutics Inc. | 0.59% | 938,163 | $14.5M | Reduce -23.1% |
| URGN Urogen Pharma Ltd. | 0.53% | 727,000 | $13.1M | Add +384.7% |
| SION Sionna Therapeutics Inc. | 0.48% | 293,500 | $11.8M | Add +9.3% |
| CORT Corcept Therapeutics Inc. | 0.47% | 285,531 | $11.5M | New |
| JBIO Jade Biosciences Inc. | 0.45% | 796,744 | $11.2M | No change |
| VCYT Veracyte Inc. | 0.42% | 319,912 | $10.3M | Add +3099.1% |
| IVVD Invivyd Inc. | 0.41% | 7,708,727 | $10.0M | No change |
| CCCC C4 Therapeutics Inc. | 0.41% | 3,803,942 | $10.0M | No change |
| KIDS Orthopediatrics Corp. | 0.40% | 615,447 | $9.8M | Add +17.1% |
| RCUS Arcus Biosciences Inc. | 0.40% | 451,983 | $9.8M | Reduce -36.5% |
| TNGX Tango Therapeutics Inc. | 0.38% | 450,000 | $9.4M | Add +4400.0% |
| EOLS Evolus Inc. | 0.37% | 2,245,360 | $9.2M | Add +109.8% |
| SOPH Sophia Genetics SA | 0.37% | 1,850,000 | $9.2M | New |
| ELVN Enliven Therapeutics Inc. | 0.37% | 230,869 | $9.1M | Reduce -77.5% |
| INBX Inhibrx Biosciences Inc. | 0.36% | 131,000 | $8.8M | Add +424.0% |
| DXCM Dexcom Inc. | 0.36% | 140,000 | $8.8M | Reduce -89.2% |
| SEPN Septerna Inc. | 0.27% | 275,000 | $6.6M | Reduce -28.3% |
| AVTX Avalo Therapeutics Inc. | 0.27% | 441,978 | $6.6M | No change |
| BDSX Biodesix Inc. | 0.24% | 416,599 | $6.0M | New |
| RLMD Relmada Therapeutics Inc. | 0.24% | 842,106 | $5.9M | New |
| CGEM Cullinan Therapeutics Inc. | 0.24% | 410,200 | $5.8M | New |
| IMVT Immunovant Inc. | 0.23% | 230,000 | $5.7M | Reduce -79.3% |
| MBX MBX Biosciences Inc. | 0.22% | 178,897 | $5.3M | Reduce -56.3% |
| IMUX Immunic Inc. | 0.20% | 4,500,000 | $5.0M | New |
| LRMR Larimar Therapeutics Inc. | 0.19% | 1,066,960 | $4.8M | New |
| ETON Eton Pharmaceuticals Inc. | 0.17% | 166,381 | $4.1M | New |
| SABS Sab Biotherapeutics Inc. | 0.16% | 1,050,000 | $4.0M | New |
| PRCT Procept Biorobotics Corp. | 0.16% | 160,000 | $4.0M | New |
| GPCR Structure Therapeutics Inc. | 0.16% | 80,000 | $3.9M | Reduce -11.1% |
| TECX Tectonic Therapeutic Inc. | 0.15% | 121,684 | $3.8M | New |
| LUNG Pulmonx Corp. | 0.15% | 2,788,323 | $3.6M | Add +36.8% |
| IOVA Iovance Biotherapeutics Inc. | 0.14% | 1,000,000 | $3.5M | New |
| ARGX Argenx SE - ADR | 0.10% | 3,500 | $2.6M | Reduce -89.0% |
| KPTI Karyopharm Therapeutics Inc. | 0.10% | 440,000 | $2.5M | No change |
| MSLE Satellos Bioscience Inc. | 0.09% | 414,359 | $2.3M | New |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.07% | 28,479 | $1.8M | New |
| NSPR Inspiremd Inc. | 0.07% | 1,045,708 | $1.7M | Reduce -9.1% |
| INSM Insmed Inc. | 0.07% | 10,250 | $1.7M | Reduce -78.9% |
| CTMX Cytomx Therapeutics Inc. | 0.06% | 300,000 | $1.4M | New |
| CGON CG Oncology Inc. | 0.05% | 20,000 | $1.4M | Reduce -88.2% |
| NEO Neogenomics Inc. | 0.05% | 175,000 | $1.3M | Reduce -59.1% |
| QNRX Quoin Pharmaceuticals LT-ADR | 0.02% | 72,730 | $480K | Add +190.9% |
| COGT Cogent Biosciences Inc. | 0.02% | 10,000 | $385K | Reduce -91.7% |
| TYRA Tyra Biosciences Inc. | 0.02% | 10,000 | $383K | Reduce -92.0% |
| STAA Staar Surgical Co. | 0.02% | 20,000 | $374K | Reduce -20.0% |
| ANAB Anaptysbio Inc. | 0.01% | 6,000 | $333K | Reduce -95.6% |
| RAPP Rapport Therapeutics Inc. | 0.01% | 10,000 | $313K | New |
| RIGL Rigel Pharmaceuticals Inc. | 0.01% | 10,000 | $270K | Reduce -96.7% |
| ZYME Zymeworks Inc. | 0.01% | 10,000 | $250K | Reduce -90.0% |
| LBRX LB Pharmaceuticals Inc. | 0.01% | 10,000 | $247K | No change |
| ORKA Oruka Therapeutics Inc. | 0.01% | 5,000 | $245K | Reduce -97.4% |
| JSPR Jasper Therapeutics Inc. | 0.01% | 276,312 | $242K | Add +38.2% |
Portfolio Sells Q4 2025 → Q1 2026
| DXCM Dexcom Inc. | Reduce -89.2% | 0.36% | −3.30 |
| FOLD Amicus Therapeutics Inc. | Sold out | 0.00% | −3.15 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -50.7% | 1.49% | −1.84 |
| CELC Celcuity Inc. | Reduce -29.0% | 5.94% | −1.71 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −1.33 |
| RAPT Rapt Therapeutics Inc. | Sold out | 0.00% | −1.10 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −1.06 |
| ARGX Argenx SE - ADR | Reduce -89.0% | 0.10% | −1.03 |
| TFX Teleflex Inc. | Sold out | 0.00% | −0.98 |
| IMVT Immunovant Inc. | Reduce -79.3% | 0.23% | −0.97 |
| CAPR Capricor Therapeutics Inc. | Sold out | 0.00% | −0.79 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −0.78 |
| AXGN Axogen Inc. | Reduce -43.7% | 0.91% | −0.76 |
| GMED Globus Medical Inc. Class A | Reduce -17.8% | 2.55% | −0.74 |
| RIGL Rigel Pharmaceuticals Inc. | Reduce -96.7% | 0.01% | −0.53 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -30.2% | 1.50% | −0.42 |
| NRIX Nurix Therapeutics Inc. | Reduce -23.1% | 0.59% | −0.39 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -23.1% | 1.63% | −0.37 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −0.36 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −0.36 |
| ERAS Erasca Inc. | Sold out | 0.00% | −0.34 |
| MBX MBX Biosciences Inc. | Reduce -56.3% | 0.22% | −0.33 |
| RCUS Arcus Biosciences Inc. | Reduce -36.5% | 0.40% | −0.32 |
| ELVN Enliven Therapeutics Inc. | Reduce -77.5% | 0.37% | −0.30 |
| INSM Insmed Inc. | Reduce -78.9% | 0.07% | −0.29 |
| PCVX Vaxcyte Inc. | Reduce -36.7% | 0.91% | −0.28 |
| BLTE Belite Bio Inc. - ADR | Sold out | 0.00% | −0.27 |
| ANAB Anaptysbio Inc. | Reduce -95.6% | 0.01% | −0.26 |
| ABVX Abivax SA-ADR | Sold out | 0.00% | −0.26 |
| CGON CG Oncology Inc. | Reduce -88.2% | 0.05% | −0.24 |
| ORKA Oruka Therapeutics Inc. | Reduce -97.4% | 0.01% | −0.23 |
| PRAX Praxis Precision Medicines I | Reduce -8.9% | 4.31% | −0.23 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −0.22 |
| CALC Calcimedica Inc. | Sold out | 0.00% | −0.19 |
| SEPN Septerna Inc. | Reduce -28.3% | 0.27% | −0.19 |
| COGT Cogent Biosciences Inc. | Reduce -91.7% | 0.02% | −0.17 |
| NEO Neogenomics Inc. | Reduce -59.1% | 0.05% | −0.16 |
| TWST Twist Bioscience Corp. | Reduce -34.1% | 2.36% | −0.14 |
| TYRA Tyra Biosciences Inc. | Reduce -92.0% | 0.02% | −0.12 |
| GPCR Structure Therapeutics Inc. | Reduce -11.1% | 0.16% | −0.11 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.10 |
| ZYME Zymeworks Inc. | Reduce -90.0% | 0.01% | −0.10 |
| QDEL Quidelortho Corp. | Sold out | 0.00% | −0.09 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −0.08 |
| OLMA Olema Pharmaceuticals Inc. | Sold out | 0.00% | −0.07 |
| BCAX Bicara Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| KOD Kodiak Sciences Inc. | Sold out | 0.00% | −0.07 |
| GRAL Grail Inc. | Sold out | 0.00% | −0.04 |
| GUTS Fractyl Health Inc. | Sold out | 0.00% | −0.04 |
| NSPR Inspiremd Inc. | Reduce -9.1% | 0.07% | −0.02 |
Portfolio Buys Q4 2025 → Q1 2026
| UTHR United Therapeutics Corp. | Add +212.0% | 4.50% | +3.26 |
| PODD Insulet Corp. | Add +275.0% | 4.78% | +2.97 |
| KRYS Krystal Biotech Inc. | Add +22.5% | 12.06% | +2.22 |
| VCEL Vericel Corp. | Add +233.7% | 3.32% | +2.15 |
| TGTX TG Therapeutics Inc. | Add +28.4% | 5.42% | +1.45 |
| PGNY Progyny Inc. | New | 1.42% | +1.42 |
| INDV Indivior Pharmaceuticals Inc. | Add +1174.0% | 1.57% | +1.42 |
| ALKS Alkermes PLC | Add +49.0% | 2.82% | +1.25 |
| GERN Geron Corp. | Add +78.2% | 2.50% | +1.20 |
| MRK Merck & Co. Inc. | New | 0.99% | +0.99 |
| ANIP Ani Pharmaceuticals Inc. | Add +68.7% | 2.55% | +0.93 |
| EWTX Edgewise Therapeutics Inc. | Add +59.3% | 1.85% | +0.89 |
| ICLR Icon PLC | New | 0.86% | +0.86 |
| NTRA Natera Inc. | Add +495.0% | 0.96% | +0.77 |
| CNTX Context Therapeutics Inc. | New | 0.74% | +0.74 |
| VIR Vir Biotechnology Inc. | New | 0.73% | +0.73 |
| XENE Xenon Pharmaceuticals Inc. | New | 0.69% | +0.69 |
| TVTX Travere Therapeutics Inc. | New | 0.66% | +0.66 |
| TNDM Tandem Diabetes Care Inc. | New | 0.61% | +0.61 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +88.1% | 1.76% | +0.58 |
| CORT Corcept Therapeutics Inc. | New | 0.47% | +0.47 |
| CERS Cerus Corp. | Add +168.8% | 0.79% | +0.44 |
| VCYT Veracyte Inc. | Add +3099.1% | 0.42% | +0.40 |
| URGN Urogen Pharma Ltd. | Add +384.7% | 0.53% | +0.38 |
| TNGX Tango Therapeutics Inc. | Add +4400.0% | 0.38% | +0.38 |
| SOPH Sophia Genetics SA | New | 0.37% | +0.37 |
| TRVI Trevi Therapeutics Inc. | Add +80.0% | 0.78% | +0.30 |
| INBX Inhibrx Biosciences Inc. | Add +424.0% | 0.36% | +0.27 |
| BDSX Biodesix Inc. | New | 0.24% | +0.24 |
| RLMD Relmada Therapeutics Inc. | New | 0.24% | +0.24 |
| CGEM Cullinan Therapeutics Inc. | New | 0.24% | +0.24 |
| IMUX Immunic Inc. | New | 0.20% | +0.20 |
| LRMR Larimar Therapeutics Inc. | New | 0.19% | +0.19 |
| ETON Eton Pharmaceuticals Inc. | New | 0.17% | +0.17 |
| SABS Sab Biotherapeutics Inc. | New | 0.16% | +0.16 |
| PRCT Procept Biorobotics Corp. | New | 0.16% | +0.16 |
| TECX Tectonic Therapeutic Inc. | New | 0.15% | +0.15 |
| IOVA Iovance Biotherapeutics Inc. | New | 0.14% | +0.14 |
| MSLE Satellos Bioscience Inc. | New | 0.09% | +0.09 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.07% | +0.07 |
| EOLS Evolus Inc. | Add +109.8% | 0.37% | +0.07 |
| CTMX Cytomx Therapeutics Inc. | New | 0.06% | +0.06 |
| INSP Inspire Medical Systems Inc. | Add +92.5% | 1.20% | +0.03 |
| LIVN Livanova PLC | Add +2.6% | 1.50% | +0.02 |
| RAPP Rapport Therapeutics Inc. | New | 0.01% | +0.01 |
| SION Sionna Therapeutics Inc. | Add +9.3% | 0.48% | +0.01 |
| QNRX Quoin Pharmaceuticals LT-ADR | Add +190.9% | 0.02% | +0.00 |
| KIDS Orthopediatrics Corp. | Add +17.1% | 0.40% | −0.00 |
| JSPR Jasper Therapeutics Inc. | Add +38.2% | 0.01% | −0.01 |
| LUNG Pulmonx Corp. | Add +36.8% | 0.15% | −0.05 |
Options Activity Q4 2025 → Q1 2026
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 2,900,000 | $353.6Mbefore exit |
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 |