Sphera Funds Management LTD.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Sphera Funds Management LTD. reported 94 stock positions worth $478.5 million. Its top holding was Teva Pharmaceutical-SP ADR (TEVA) at 7.3% of the portfolio, followed by Biogen (BIIB, 3.5%) and Mineralys Therapeutics (MLYS, 3.4%). Compared with Q3 2025, it opened 22 new positions, sold out of 29, added to 32 and reduced 25. The biggest buy was Cogent Biosciences (COGT, shares +284%) and the biggest sale an exit from Nice Ltd. - Spon ADR (NICE).

Most Recent 13F
Q2 2026
Location
TEL AVIV, L3
CIK
0001496201
Portfolio Value
$478.5M (Q4 2025)
SEC Filing
0001496201-26-000002 ↗ filed Feb 17, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $617.3M Q1 2024 Q2 2024: $613.3M Q2 2024 Q3 2024: $611.0M Q3 2024 Q4 2024: $541.4M Q4 2024 Q1 2025: $405.5M Q1 2025 Q2 2025: $382.5M Q2 2025 Q3 2025: $421.6M Q3 2025 Q4 2025: $478.5M $478.5M Q4 2025 Q1 2026: $581.5M Q1 2026 Q2 2026: $698.8M Q2 2026

Holdings 94 stocks · $478.5M
TEVA Teva Pharmaceutical-SP ADR 7.33% 1,123,525 $35.1M Reduce -25.4%
BIIB Biogen Inc. 3.48% 94,738 $16.7M Add +14.5%
MLYS Mineralys Therapeutics Inc. 3.41% 449,003 $16.3M Add +104.2%
SNDX Syndax Pharmaceuticals Inc. 3.35% 762,563 $16.0M Add +96.7%
NVMI Nova Ltd. 3.28% 47,846 $15.7M Add +9.0%
TSEM Tower Semiconductor Ltd. 3.01% 122,513 $14.4M Reduce -60.7%
COGT Cogent Biosciences Inc. 2.81% 378,500 $13.4M Add +284.2%
AZN Astrazeneca PLC-Spons ADR 2.59% 135,060 $12.4M No change
SNY Sanofi-ADR 2.43% 239,515 $11.6M Add +9.1%
LLY Eli Lilly & Co. 2.03% 9,040 $9.7M Reduce -10.0%
FOLD Amicus Therapeutics Inc. 1.96% 658,377 $9.4M Reduce -33.6%
IMTX Immatics NV 1.89% 861,105 $9.0M Add +47.7%
BMRN Biomarin Pharmaceutical Inc. 1.83% 147,000 $8.7M New
BBIO Bridgebio Pharma Inc. 1.72% 107,746 $8.2M Add +164.4%
ORIC Oric Pharmaceuticals Inc. 1.72% 1,004,378 $8.2M Add +132.7%
DYN Dyne Therapeutics Inc. 1.61% 392,894 $7.7M Reduce -7.9%
TRVI Trevi Therapeutics Inc. 1.57% 598,534 $7.5M Reduce -7.0%
JNJ Johnson & Johnson 1.55% 35,831 $7.4M Reduce -12.3%
SVRA Savara Inc. 1.48% 1,178,164 $7.1M Reduce -12.8%
SRRK Scholar Rock Holding Corp. 1.46% 158,265 $7.0M New
WVE Wave Life Sciences Ltd. 1.45% 408,166 $6.9M Add +716.3%
RARE Ultragenyx Pharmaceutical Inc. 1.44% 300,623 $6.9M Reduce -14.7%
HELP Cybin Inc. 1.41% 825,576 $6.8M Add +122.9%
ANNX Annexon Inc. 1.38% 1,316,212 $6.6M Reduce -26.6%
BCRX Biocryst Pharmaceuticals Inc. 1.37% 837,889 $6.5M New
CLDX Celldex Therapeutics Inc. 1.36% 239,764 $6.5M Add +15.4%
SLNO Soleno Therapeutics Inc. 1.32% 136,314 $6.3M Add +227.6%
APLS Apellis Pharmaceuticals Inc. 1.32% 250,961 $6.3M Add +294.2%
GSK GSK PLC-Spon ADR 1.25% 122,000 $6.0M No change
ENPH Enphase Energy Inc. 1.25% 186,500 $6.0M Add +598.5%
NVO Novo-Nordisk A/S-Spons ADR 1.23% 115,677 $5.9M Add +9.5%
CYTK Cytokinetics Inc. 1.22% 91,717 $5.8M Reduce -43.2%
ABBV Abbvie Inc. 1.21% 25,256 $5.8M No change
SEDG Solaredge Technologies Inc. 1.18% 196,536 $5.7M Add +39.4%
ACAD Acadia Pharmaceuticals Inc. 1.18% 212,202 $5.7M Add +42.5%
VOR Vor Biopharma Inc. 1.12% 410,417 $5.4M New
MRK Merck & Co. Inc. 1.07% 48,600 $5.1M No change
NVS Novartis AG-Sponsored ADR 1.07% 37,000 $5.1M No change
FBRX Forte Biosciences Inc. 1.06% 185,869 $5.1M Reduce -60.8%
KOD Kodiak Sciences Inc. 1.03% 175,500 $4.9M New
TNGX Tango Therapeutics Inc. 1.01% 544,563 $4.8M New
SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) 0.98% 4,000,000 $4.7M No change
ATXS Astria Therapeutics Inc. 0.97% 355,725 $4.7M Add +41.6%
MDWD Mediwound Ltd. 0.89% 230,347 $4.3M Add +24.3%
CAMT Camtek Ltd. 0.88% 39,498 $4.2M Add +36.0%
RVMD Revolution Medicines Inc. 0.87% 52,500 $4.2M Reduce -12.5%
AMD Advanced Micro Devices 0.81% 18,040 $3.9M Add +16.6%
CLYM Climb Bio Inc. 0.78% 932,247 $3.7M Add +114.4%
ACOG Alpha Cognition Inc. 0.77% 567,616 $3.7M Add +67.6%
ELVN Enliven Therapeutics Inc. 0.73% 226,765 $3.5M Add +36.0%
TARA Protara Therapeutic Inc. 0.72% 650,000 $3.5M New
AVGO Broadcom Inc. 0.71% 9,755 $3.4M Add +48.8%
ELDN Eledon Pharmaceuticals Inc. 0.67% 2,132,131 $3.2M Add +66.5%
BIOA Bioage Labs Inc. 0.67% 243,035 $3.2M New
CRVS Corvus Pharmaceuticals Inc. 0.66% 407,709 $3.1M No change
ESLT Elbit Systems Ltd. 0.64% 5,340 $3.1M Reduce -20.8%
KURA Kura Oncology Inc. 0.64% 295,522 $3.1M Add +20.4%
MAZE Maze Therapeutics Inc. 0.62% 71,843 $3.0M Reduce -53.5%
ZIM Zim Integrated Shipping Serv 0.60% 136,005 $2.9M New
GPCR Structure Therapeutics Inc. 0.60% 41,000 $2.9M Reduce -76.4%
EVMN Evommune Inc. 0.59% 166,147 $2.8M New
VSTM Verastem Inc. 0.55% 343,678 $2.7M Add +338.9%
AMGN Amgen Inc. 0.51% 7,500 $2.5M Reduce -21.1%
NRIX Nurix Therapeutics Inc. 0.49% 124,000 $2.4M New
ASND Ascendis Pharma A/S 0.49% 11,000 $2.3M New
TENX Tenax Therapeutics Inc. 0.48% 190,111 $2.3M New
JANX Janux Therapeutics Inc. 0.46% 157,840 $2.2M Add +83.9%
PFE Pfizer Inc. 0.45% 86,000 $2.1M No change
TSHA Taysha Gene Therapies Inc. 0.42% 368,146 $2.0M Reduce -9.8%
CTNM Contineum Therapeutics Inc. Class A 0.41% 173,475 $2.0M New
MDGL Madrigal Pharmaceuticals Inc. 0.40% 3,300 $1.9M New
PHVS Pharvaris NV 0.37% 63,953 $1.8M Reduce -46.4%
VRNS Varonis Systems Inc. 0.36% 52,500 $1.7M Reduce -29.0%
DTIL Precision Biosciences Inc. 0.34% 396,116 $1.6M New
VTYX Ventyx Biosciences Inc. 0.34% 180,114 $1.6M Reduce -59.1%
IBIT iShares Bitcoin Trust ETF 0.31% 30,055 $1.5M Add +40.1%
DAWN Day One Biopharmaceuticals I 0.28% 145,371 $1.4M Reduce -17.1%
VYGR Voyager Therapeutics Inc. 0.28% 339,761 $1.3M Add +70.1%
TRDA Entrada Therapeutics Inc. 0.24% 110,942 $1.1M New
TNYA Tenaya Therapeutics Inc. 0.22% 1,500,000 $1.1M New
CATX Perspective Therapeutics Inc. 0.20% 349,973 $962K Reduce -31.4%
BMY Bristol-Myers Squibb Co. 0.20% 17,500 $944K No change
JSPR Jasper Therapeutics Inc. 0.19% 485,401 $888K Reduce -22.9%
PEPG Pepgen Inc. 0.17% 121,467 $791K Reduce -29.2%
STTK Shattuck Labs Inc. 0.15% 195,212 $713K New
PALI Palisade Bio Inc. 0.09% 184,100 $433K New
HOWL Werewolf Therapeutics Inc. 0.08% 626,810 $397K No change
SKYE Skye Bioscience Inc. 0.07% 478,928 $359K No change
PRLD Prelude Therapeutics Inc. 0.07% 122,752 $356K New
APRE Aprea Therapeutics Inc. 0.05% 270,000 $230K No change
OKUR Onkure Therapeutics Inc. Class A 0.04% 60,454 $175K No change
MREO Mereo Biopharma Group PL-ADR 0.02% 255,400 $106K New
PMN Promis Neurosciences Inc. 0.02% 11,807 $81K No change
APLT Applied Therapeutics Inc. 0.00% 50,000 $5K No change

Options reported separately and not counted above: PRAX calls ($11.8M), XBI puts ($8.5M), RARE calls ($8.1M), NICE calls ($6.3M), TLT calls ($4.1M).

Portfolio Sells Q3 2025 → Q4 2025
NICE Nice Ltd. - Spon ADR Sold out 0.00% −5.41
QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −3.27
TSEM Tower Semiconductor Ltd. Reduce -60.7% 3.01% −2.34
CDTX Cidara Therapeutics Inc. Sold out 0.00% −1.72
CLBT Cellebrite Di Ltd. Sold out 0.00% −1.31
RAPP Rapport Therapeutics Inc. Sold out 0.00% −1.11
RARE Ultragenyx Pharmaceutical Inc. Reduce -14.7% 1.44% −1.07
IMVT Immunovant Inc. Sold out 0.00% −0.98
CYTK Cytokinetics Inc. Reduce -43.2% 1.22% −0.89
ENGN Engene Holdings Inc. Sold out 0.00% −0.82
RZLT Rezolute Inc. Sold out 0.00% −0.81
PRAX Praxis Precision Medicines I Sold out 0.00% −0.73
AMZN Amazon.com Inc. Sold out 0.00% −0.72
META Meta Platforms Inc. Class A Sold out 0.00% −0.68
ORA Ormat Technologies Inc. Sold out 0.00% −0.66
VRNS Varonis Systems Inc. Reduce -29.0% 0.36% −0.65
IDYA Ideaya Biosciences Inc. Sold out 0.00% −0.65
FBRX Forte Biosciences Inc. Reduce -60.8% 1.06% −0.63
GPCR Structure Therapeutics Inc. Reduce -76.4% 0.60% −0.56
CEVA Ceva Inc. Sold out 0.00% −0.51
TECX Tectonic Therapeutic Inc. Sold out 0.00% −0.43
PCVX Vaxcyte Inc. Sold out 0.00% −0.43
IMNM Immunome Inc. Sold out 0.00% −0.41
MIST Milestone Pharmaceuticals Inc. Sold out 0.00% −0.39
QURE Uniqure NV Sold out 0.00% −0.34
PHVS Pharvaris NV Reduce -46.4% 0.37% −0.34
MAZE Maze Therapeutics Inc. Reduce -53.5% 0.62% −0.33
BHVN Biohaven Ltd. Sold out 0.00% −0.32
BCAX Bicara Therapeutics Inc. Sold out 0.00% −0.32
SABS Sab Biotherapeutics Inc. Sold out 0.00% −0.27
JNJ Johnson & Johnson Reduce -12.3% 1.55% −0.25
CATX Perspective Therapeutics Inc. Reduce -31.4% 0.20% −0.21
LRMR Larimar Therapeutics Inc. Sold out 0.00% −0.20
ESLT Elbit Systems Ltd. Reduce -20.8% 0.64% −0.17
JSPR Jasper Therapeutics Inc. Reduce -22.9% 0.19% −0.17
ROIV Roivant Sciences Ltd. Sold out 0.00% −0.15
ETNB 89BIO Inc. Sold out 0.00% −0.14
AMGN Amgen Inc. Reduce -21.1% 0.51% −0.12
MLTX Moonlake Immunotherapeutics Sold out 0.00% −0.12
CMMB Chemomab Therapeutics Ltd. Sold out 0.00% −0.11
ARWR Arrowhead Pharmaceuticals Inc. Sold out 0.00% −0.10
DSGN Design Therapeutics Inc. Sold out 0.00% −0.04
PEPG Pepgen Inc. Reduce -29.2% 0.17% −0.02
DAWN Day One Biopharmaceuticals I Reduce -17.1% 0.28% −0.01
VTYX Ventyx Biosciences Inc. Reduce -59.1% 0.34% +0.02
ANNX Annexon Inc. Reduce -26.6% 1.38% +0.08
TSHA Taysha Gene Therapies Inc. Reduce -9.8% 0.42% +0.11
FOLD Amicus Therapeutics Inc. Reduce -33.6% 1.96% +0.11
TEVA Teva Pharmaceutical-SP ADR Reduce -25.4% 7.33% +0.11
TRVI Trevi Therapeutics Inc. Reduce -7.0% 1.57% +0.17

Portfolio Buys Q3 2025 → Q4 2025
COGT Cogent Biosciences Inc. Add +284.2% 2.81% +2.47
SNDX Syndax Pharmaceuticals Inc. Add +96.7% 3.35% +1.93
BMRN Biomarin Pharmaceutical Inc. New 1.83% +1.83
SRRK Scholar Rock Holding Corp. New 1.46% +1.46
MLYS Mineralys Therapeutics Inc. Add +104.2% 3.41% +1.43
BCRX Biocryst Pharmaceuticals Inc. New 1.37% +1.37
WVE Wave Life Sciences Ltd. Add +716.3% 1.45% +1.36
BBIO Bridgebio Pharma Inc. Add +164.4% 1.72% +1.22
VOR Vor Biopharma Inc. New 1.12% +1.12
KOD Kodiak Sciences Inc. New 1.03% +1.03
ENPH Enphase Energy Inc. Add +598.5% 1.25% +1.02
TNGX Tango Therapeutics Inc. New 1.01% +1.01
APLS Apellis Pharmaceuticals Inc. Add +294.2% 1.32% +0.98
HELP Cybin Inc. Add +122.9% 1.41% +0.89
BIIB Biogen Inc. Add +14.5% 3.48% +0.74
TARA Protara Therapeutic Inc. New 0.72% +0.72
IMTX Immatics NV Add +47.7% 1.89% +0.71
BIOA Bioage Labs Inc. New 0.67% +0.67
SLNO Soleno Therapeutics Inc. Add +227.6% 1.32% +0.65
ZIM Zim Integrated Shipping Serv New 0.60% +0.60
EVMN Evommune Inc. New 0.59% +0.59
CLYM Climb Bio Inc. Add +114.4% 0.78% +0.57
ATXS Astria Therapeutics Inc. Add +41.6% 0.97% +0.54
NRIX Nurix Therapeutics Inc. New 0.49% +0.49
ASND Ascendis Pharma A/S New 0.49% +0.49
ORIC Oric Pharmaceuticals Inc. Add +132.7% 1.72% +0.49
TENX Tenax Therapeutics Inc. New 0.48% +0.48
ACAD Acadia Pharmaceuticals Inc. Add +42.5% 1.18% +0.43
CTNM Contineum Therapeutics Inc. Class A New 0.41% +0.41
MDGL Madrigal Pharmaceuticals Inc. New 0.40% +0.40
VSTM Verastem Inc. Add +338.9% 0.55% +0.39
DTIL Precision Biosciences Inc. New 0.34% +0.34
ACOG Alpha Cognition Inc. Add +67.6% 0.77% +0.25
TRDA Entrada Therapeutics Inc. New 0.24% +0.24
TNYA Tenaya Therapeutics Inc. New 0.22% +0.22
AMD Advanced Micro Devices Add +16.6% 0.81% +0.21
AVGO Broadcom Inc. Add +48.8% 0.71% +0.19
CAMT Camtek Ltd. Add +36.0% 0.88% +0.15
STTK Shattuck Labs Inc. New 0.15% +0.15
KURA Kura Oncology Inc. Add +20.4% 0.64% +0.13
MDWD Mediwound Ltd. Add +24.3% 0.89% +0.10
PALI Palisade Bio Inc. New 0.09% +0.09
CLDX Celldex Therapeutics Inc. Add +15.4% 1.36% +0.09
PRLD Prelude Therapeutics Inc. New 0.07% +0.07
VYGR Voyager Therapeutics Inc. Add +70.1% 0.28% +0.06
MREO Mereo Biopharma Group PL-ADR New 0.02% +0.02
IBIT iShares Bitcoin Trust ETF Add +40.1% 0.31% −0.02
SNY Sanofi-ADR Add +9.1% 2.43% −0.03
JANX Janux Therapeutics Inc. Add +83.9% 0.46% −0.04
NVMI Nova Ltd. Add +9.0% 3.28% −0.04

Options Activity Q3 2025 → Q4 2025
MRUS Merus NV call Sold out 150,000 $14.1Mbefore exit
PRAX Praxis Precision Medicines I call Reduce -20.0% 40,000 $11.8M
CDTX Cidara Therapeutics Inc. call Sold out 100,000 $9.6Mbefore exit
XBI SS SPDR S&P Biotech ETF put New 70,000 $8.5M
RARE Ultragenyx Pharmaceutical Inc. call New 350,000 $8.1M
BBIO Bridgebio Pharma Inc. call Sold out 130,000 $6.8Mbefore exit
NICE Nice Ltd. - Spon ADR call New 55,700 $6.3M
QURE Uniqure NV put Sold out 75,000 $4.4Mbefore exit
SRPT Sarepta Therapeutics Inc. call Sold out 150,000 $2.9Mbefore exit
TVTX Travere Therapeutics Inc. call Sold out 101,800 $2.4Mbefore exit
ROIV Roivant Sciences Ltd. call Sold out 151,600 $2.3Mbefore exit
GPCR Structure Therapeutics Inc. call Sold out 50,000 $1.4Mbefore exit
TRVI Trevi Therapeutics Inc. call Sold out 129,200 $1.2Mbefore exit
ELDN Eledon Pharmaceuticals Inc. put Sold out 200,000 $518Kbefore exit
MLTX Moonlake Immunotherapeutics call Sold out 10,000 $72Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 97$698.8MTEVA, MLYS, TSEM, SNDX, BIIB
Q1 2026 92$581.5MMLYS, TEVA, TSEM, NVMI, BBIO
Q4 2025 94$478.5MTEVA, BIIB, MLYS, SNDX, NVMI
Q3 2025 101$421.6MTEVA, NICE, TSEM, NVMI, QQQ
Q2 2025 101$382.5MTEVA, NVMI, SNDX, TSEM, CYTK
Q1 2025 111$405.5MTEVA, SNDX, SNY, NVMI, AZN
Q4 2024 102$541.4MTEVA, BBIO, SNY, SNDX, AZN
Q3 2024 107$611.0MTEVA, SNY, BBIO, SNDX, AMZN
Q2 2024 109$613.3MBBIO, SNY, CYTK, AMZN, SNDX
Q1 2024 92$617.3MTEVA, SNY, NICE, CYTK, SNDX