Sphera Funds Management LTD.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Sphera Funds Management LTD. reported 92 stock positions worth $581.5 million. Its top holding was Mineralys Therapeutics (MLYS) at 6.2% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 5.9%) and Tower Semiconductor (TSEM, 4.4%). Compared with Q4 2025, it opened 19 new positions, sold out of 21, added to 30 and reduced 30. The biggest buy was Mineralys Therapeutics (MLYS, shares +198%) and the biggest sale an exit from Annexon (ANNX).

Most Recent 13F
Q2 2026
Location
TEL AVIV, L3
CIK
0001496201
Portfolio Value
$581.5M (Q1 2026)
SEC Filing
0001496201-26-000003 ↗ filed May 15, 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 Q4 2025 Q1 2026: $581.5M $581.5M Q1 2026 Q2 2026: $698.8M Q2 2026

Holdings 92 stocks · $581.5M
MLYS Mineralys Therapeutics Inc. 6.24% 1,339,971 $36.3M Add +198.4%
TEVA Teva Pharmaceutical-SP ADR 5.89% 1,136,975 $34.2M Add +1.2%
TSEM Tower Semiconductor Ltd. 4.40% 145,735 $25.6M Add +18.9%
NVMI Nova Ltd. 3.99% 53,366 $23.2M Add +11.5%
BBIO Bridgebio Pharma Inc. 3.13% 245,246 $18.2M Add +127.6%
BIIB Biogen Inc. 2.92% 92,526 $17.0M Reduce -2.3%
RARE Ultragenyx Pharmaceutical Inc. 2.92% 809,333 $17.0M Add +169.2%
SNDX Syndax Pharmaceuticals Inc. 2.91% 724,563 $16.9M Reduce -5.0%
COGT Cogent Biosciences Inc. 2.76% 416,340 $16.0M Add +10.0%
SNY Sanofi-ADR 2.23% 269,515 $13.0M Add +12.5%
AZN Astrazeneca PLC 2.12% 62,530 $12.3M Reduce -7.4%
FOLD Amicus Therapeutics Inc. 1.50% 603,377 $8.7M Reduce -8.3%
CLBT Cellebrite Di Ltd. 1.50% 631,521 $8.7M New
APLS Apellis Pharmaceuticals Inc. 1.49% 214,914 $8.6M Reduce -14.4%
PANW Palo Alto Networks Inc. 1.46% 52,800 $8.5M New
LLY Eli Lilly & Co. 1.43% 9,040 $8.3M No change
BCRX Biocryst Pharmaceuticals Inc. 1.42% 866,464 $8.2M Add +3.4%
CAMT Camtek Ltd. 1.38% 53,020 $8.0M Add +34.2%
BMRN Biomarin Pharmaceutical Inc. 1.36% 139,900 $7.9M Reduce -4.8%
CLDX Celldex Therapeutics Inc. 1.33% 243,575 $7.7M Add +1.6%
ORA Ormat Technologies Inc. 1.31% 68,250 $7.6M New
XENE Xenon Pharmaceuticals Inc. 1.27% 127,000 $7.4M New
SLNO Soleno Therapeutics Inc. 1.25% 216,281 $7.2M Add +58.7%
TNGX Tango Therapeutics Inc. 1.24% 343,563 $7.2M Reduce -36.9%
JNJ Johnson & Johnson 1.21% 28,831 $7.0M Reduce -19.5%
SOLAR EDGE TECHNOLOGIES (SEDG 2.25 07/01/29) 1.19% 4,000,000 $6.9M No change
IMTX Immatics NV 1.18% 696,105 $6.8M Reduce -19.2%
TRVI Trevi Therapeutics Inc. 1.18% 574,029 $6.8M Reduce -4.1%
ORIC Oric Pharmaceuticals Inc. 1.17% 537,628 $6.8M Reduce -46.5%
MAZE Maze Therapeutics Inc. 1.17% 227,343 $6.8M Add +216.4%
GSK GSK PLC-Spon ADR 1.16% 122,000 $6.7M No change
AMZN Amazon.com Inc. 1.14% 31,940 $6.7M New
ABBV Abbvie Inc. 1.13% 30,256 $6.6M Add +19.8%
AAOI Applied Optoelectronics Inc. 1.07% 73,400 $6.2M New
ELVN Enliven Therapeutics Inc. 1.03% 153,265 $6.0M Reduce -32.4%
MRK Merck & Co. Inc. 1.01% 48,600 $5.8M No change
VOR Vor Biopharma Inc. 0.99% 321,917 $5.7M Reduce -21.6%
ACAD Acadia Pharmaceuticals Inc. 0.98% 256,202 $5.7M Add +20.7%
NVS Novartis AG-Sponsored ADR 0.97% 37,000 $5.7M No change
ELDN Eledon Pharmaceuticals Inc. 0.94% 1,772,131 $5.5M Reduce -16.9%
ENPH Enphase Energy Inc. 0.93% 142,419 $5.4M Reduce -23.6%
RVMD Revolution Medicines Inc. 0.92% 55,110 $5.4M Add +5.0%
PFE Pfizer Inc. 0.90% 186,000 $5.2M Add +116.3%
BHVN Biohaven Ltd. 0.86% 594,000 $5.0M New
FBRX Forte Biosciences Inc. 0.82% 184,984 $4.8M Reduce -0.5%
HELP Cybin Inc. 0.81% 987,090 $4.7M Add +19.6%
MDGL Madrigal Pharmaceuticals Inc. 0.81% 9,040 $4.7M Add +173.9%
SRRK Scholar Rock Holding Corp. 0.80% 94,265 $4.6M Reduce -40.4%
NVO Novo-Nordisk A/S-Spons ADR 0.76% 120,677 $4.4M Add +4.3%
MDWD Mediwound Ltd. 0.76% 273,192 $4.4M Add +18.6%
KOD Kodiak Sciences Inc. 0.75% 114,796 $4.4M Reduce -34.6%
ZBIO Zenas Biopharma Inc. 0.72% 214,334 $4.2M New
PMN Promis Neurosciences Inc. 0.71% 325,591 $4.1M Add +2657.6%
RLAY Relay Therapeutics Inc. 0.70% 408,436 $4.1M New
SVRA Savara Inc. 0.69% 739,164 $4.0M Reduce -37.3%
WVE Wave Life Sciences Ltd. 0.68% 548,272 $4.0M Add +34.3%
CRVS Corvus Pharmaceuticals Inc. 0.62% 247,961 $3.6M Reduce -39.2%
OVID Ovid Therapeutics Inc. 0.62% 1,622,828 $3.6M New
IRON Disc Medicine Inc. 0.59% 53,538 $3.4M New
UPB Upstream Bio Inc. 0.55% 358,000 $3.2M New
ACOG Alpha Cognition Inc. 0.54% 567,616 $3.1M No change
PALI Palisade Bio Inc. 0.52% 1,733,471 $3.0M Add +841.6%
DYN Dyne Therapeutics Inc. 0.50% 160,594 $2.9M Reduce -59.1%
CLYM Climb Bio Inc. 0.49% 419,247 $2.9M Reduce -55.0%
ZIM Zim Integrated Shipping Serv 0.48% 105,950 $2.8M Reduce -22.1%
MSLE Satellos Bioscience Inc. 0.47% 489,207 $2.8M New
SEDG Solaredge Technologies Inc. 0.46% 52,836 $2.7M Reduce -73.1%
AMGN Amgen Inc. 0.45% 7,500 $2.6M No change
CYTK Cytokinetics Inc. 0.45% 39,817 $2.6M Reduce -56.6%
GPCR Structure Therapeutics Inc. 0.42% 50,800 $2.4M Add +23.9%
KURA Kura Oncology Inc. 0.41% 295,522 $2.4M No change
GENB Generate Biomedicines Inc. 0.40% 185,000 $2.3M New
IBIT iShares Bitcoin Trust ETF 0.39% 59,505 $2.3M Add +98.0%
CTNM Contineum Therapeutics Inc. Class A 0.39% 173,475 $2.3M No change
TENX Tenax Therapeutics Inc. 0.37% 136,015 $2.2M Reduce -28.4%
PRLD Prelude Therapeutics Inc. 0.33% 558,339 $1.9M Add +354.9%
ASND Ascendis Pharma A/S 0.31% 8,000 $1.8M Reduce -27.3%
VSTM Verastem Inc. 0.31% 343,678 $1.8M No change
VYGR Voyager Therapeutics Inc. 0.31% 469,761 $1.8M Add +38.3%
STTK Shattuck Labs Inc. 0.31% 280,786 $1.8M Add +43.8%
EVMN Evommune Inc. 0.31% 78,234 $1.8M Reduce -52.9%
BIOA Bioage Labs Inc. 0.26% 86,518 $1.5M Reduce -64.4%
ORGO Organogenesis Holdings Inc. 0.22% 550,000 $1.3M New
CRIS Curis Inc. 0.19% 1,994,937 $1.1M New
BMY Bristol-Myers Squibb Co. 0.18% 17,500 $1.1M No change
CTMX Cytomx Therapeutics Inc. 0.18% 220,000 $1.0M New
NICE Nice Ltd. - Spon ADR 0.11% 5,611 $619K New
HOWL Werewolf Therapeutics Inc. 0.09% 626,810 $522K No change
SKYE Skye Bioscience Inc. 0.07% 678,928 $417K Add +41.8%
DTIL Precision Biosciences Inc. 0.04% 40,000 $220K Reduce -89.9%
APRE Aprea Therapeutics Inc. 0.04% 270,000 $206K No change
FHTX Foghorn Therapeutics Inc. 0.01% 12,224 $58K New

Options reported separately and not counted above: XBI puts ($25.5M), CYTK calls ($17.1M), TLT calls ($4.1M), OLMA calls ($1.5M).

Portfolio Sells Q4 2025 → Q1 2026
ANNX Annexon Inc. Sold out 0.00% −1.38
DYN Dyne Therapeutics Inc. Reduce -59.1% 0.50% −1.11
ATXS Astria Therapeutics Inc. Sold out 0.00% −0.97
AMD Advanced Micro Devices Sold out 0.00% −0.81
SVRA Savara Inc. Reduce -37.3% 0.69% −0.79
CYTK Cytokinetics Inc. Reduce -56.6% 0.45% −0.77
TARA Protara Therapeutic Inc. Sold out 0.00% −0.72
SEDG Solaredge Technologies Inc. Reduce -73.1% 0.46% −0.72
IMTX Immatics NV Reduce -19.2% 1.18% −0.71
AVGO Broadcom Inc. Sold out 0.00% −0.71
SRRK Scholar Rock Holding Corp. Reduce -40.4% 0.80% −0.66
ESLT Elbit Systems Ltd. Sold out 0.00% −0.64
BIIB Biogen Inc. Reduce -2.3% 2.92% −0.57
ORIC Oric Pharmaceuticals Inc. Reduce -46.5% 1.17% −0.55
NRIX Nurix Therapeutics Inc. Sold out 0.00% −0.49
AZN Astrazeneca PLC Reduce -7.4% 2.12% −0.47
BMRN Biomarin Pharmaceutical Inc. Reduce -4.8% 1.36% −0.47
FOLD Amicus Therapeutics Inc. Reduce -8.3% 1.50% −0.46
JANX Janux Therapeutics Inc. Sold out 0.00% −0.46
SNDX Syndax Pharmaceuticals Inc. Reduce -5.0% 2.91% −0.44
TSHA Taysha Gene Therapies Inc. Sold out 0.00% −0.42
BIOA Bioage Labs Inc. Reduce -64.4% 0.26% −0.41
TRVI Trevi Therapeutics Inc. Reduce -4.1% 1.18% −0.39
PHVS Pharvaris NV Sold out 0.00% −0.37
VRNS Varonis Systems Inc. Sold out 0.00% −0.36
VTYX Ventyx Biosciences Inc. Sold out 0.00% −0.34
JNJ Johnson & Johnson Reduce -19.5% 1.21% −0.34
ENPH Enphase Energy Inc. Reduce -23.6% 0.93% −0.32
DTIL Precision Biosciences Inc. Reduce -89.9% 0.04% −0.31
CLYM Climb Bio Inc. Reduce -55.0% 0.49% −0.29
EVMN Evommune Inc. Reduce -52.9% 0.31% −0.29
DAWN Day One Biopharmaceuticals I Sold out 0.00% −0.28
KOD Kodiak Sciences Inc. Reduce -34.6% 0.75% −0.27
TRDA Entrada Therapeutics Inc. Sold out 0.00% −0.24
FBRX Forte Biosciences Inc. Reduce -0.5% 0.82% −0.24
TNYA Tenaya Therapeutics Inc. Sold out 0.00% −0.22
CATX Perspective Therapeutics Inc. Sold out 0.00% −0.20
JSPR Jasper Therapeutics Inc. Sold out 0.00% −0.19
ASND Ascendis Pharma A/S Reduce -27.3% 0.31% −0.18
PEPG Pepgen Inc. Sold out 0.00% −0.17
VOR Vor Biopharma Inc. Reduce -21.6% 0.99% −0.13
ZIM Zim Integrated Shipping Serv Reduce -22.1% 0.48% −0.12
TENX Tenax Therapeutics Inc. Reduce -28.4% 0.37% −0.11
OKUR Onkure Therapeutics Inc. Class A Sold out 0.00% −0.04
CRVS Corvus Pharmaceuticals Inc. Reduce -39.2% 0.62% −0.03
MREO Mereo Biopharma Group PL-ADR Sold out 0.00% −0.02
APLT Applied Therapeutics Inc. Sold out 0.00% −0.00
APLS Apellis Pharmaceuticals Inc. Reduce -14.4% 1.49% +0.17
TNGX Tango Therapeutics Inc. Reduce -36.9% 1.24% +0.23
ELDN Eledon Pharmaceuticals Inc. Reduce -16.9% 0.94% +0.27

Portfolio Buys Q4 2025 → Q1 2026
MLYS Mineralys Therapeutics Inc. Add +198.4% 6.24% +2.84
CLBT Cellebrite Di Ltd. New 1.50% +1.50
RARE Ultragenyx Pharmaceutical Inc. Add +169.2% 2.92% +1.47
PANW Palo Alto Networks Inc. New 1.46% +1.46
BBIO Bridgebio Pharma Inc. Add +127.6% 3.13% +1.41
TSEM Tower Semiconductor Ltd. Add +18.9% 4.40% +1.39
ORA Ormat Technologies Inc. New 1.31% +1.31
XENE Xenon Pharmaceuticals Inc. New 1.27% +1.27
AMZN Amazon.com Inc. New 1.14% +1.14
AAOI Applied Optoelectronics Inc. New 1.07% +1.07
BHVN Biohaven Ltd. New 0.86% +0.86
ZBIO Zenas Biopharma Inc. New 0.72% +0.72
NVMI Nova Ltd. Add +11.5% 3.99% +0.70
RLAY Relay Therapeutics Inc. New 0.70% +0.70
PMN Promis Neurosciences Inc. Add +2657.6% 0.71% +0.69
OVID Ovid Therapeutics Inc. New 0.62% +0.62
IRON Disc Medicine Inc. New 0.59% +0.59
UPB Upstream Bio Inc. New 0.55% +0.55
MAZE Maze Therapeutics Inc. Add +216.4% 1.17% +0.55
CAMT Camtek Ltd. Add +34.2% 1.38% +0.50
MSLE Satellos Bioscience Inc. New 0.47% +0.47
PFE Pfizer Inc. Add +116.3% 0.90% +0.45
PALI Palisade Bio Inc. Add +841.6% 0.52% +0.43
MDGL Madrigal Pharmaceuticals Inc. Add +173.9% 0.81% +0.41
GENB Generate Biomedicines Inc. New 0.40% +0.40
PRLD Prelude Therapeutics Inc. Add +354.9% 0.33% +0.25
ORGO Organogenesis Holdings Inc. New 0.22% +0.22
CRIS Curis Inc. New 0.19% +0.19
CTMX Cytomx Therapeutics Inc. New 0.18% +0.18
STTK Shattuck Labs Inc. Add +43.8% 0.31% +0.16
NICE Nice Ltd. - Spon ADR New 0.11% +0.11
IBIT iShares Bitcoin Trust ETF Add +98.0% 0.39% +0.08
BCRX Biocryst Pharmaceuticals Inc. Add +3.4% 1.42% +0.05
RVMD Revolution Medicines Inc. Add +5.0% 0.92% +0.05
VYGR Voyager Therapeutics Inc. Add +38.3% 0.31% +0.03
FHTX Foghorn Therapeutics Inc. New 0.01% +0.01
SKYE Skye Bioscience Inc. Add +41.8% 0.07% −0.00
CLDX Celldex Therapeutics Inc. Add +1.6% 1.33% −0.03
COGT Cogent Biosciences Inc. Add +10.0% 2.76% −0.05
SLNO Soleno Therapeutics Inc. Add +58.7% 1.25% −0.07
ABBV Abbvie Inc. Add +19.8% 1.13% −0.07
MDWD Mediwound Ltd. Add +18.6% 0.76% −0.13
GPCR Structure Therapeutics Inc. Add +23.9% 0.42% −0.17
SNY Sanofi-ADR Add +12.5% 2.23% −0.19
ACAD Acadia Pharmaceuticals Inc. Add +20.7% 0.98% −0.20
NVO Novo-Nordisk A/S-Spons ADR Add +4.3% 0.76% −0.47
HELP Cybin Inc. Add +19.6% 0.81% −0.60
WVE Wave Life Sciences Ltd. Add +34.3% 0.68% −0.77
TEVA Teva Pharmaceutical-SP ADR Add +1.2% 5.89% −1.44

Options Activity Q4 2025 → Q1 2026
XBI SS SPDR S&P Biotech ETF put Add +185.7% 200,000 $25.5M
CYTK Cytokinetics Inc. call New 259,300 $17.1M
PRAX Praxis Precision Medicines I call Sold out 40,000 $11.8Mbefore exit
RARE Ultragenyx Pharmaceutical Inc. call Sold out 350,000 $8.1Mbefore exit
NICE Nice Ltd. - Spon ADR call Sold out 55,700 $6.3Mbefore exit
OLMA Olema Pharmaceuticals Inc. call New 100,000 $1.5M

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