Caligan Partners LP

CIK 1727492 · View on SEC EDGAR ↗

Portfolio value
$2.1B
#1,448 of 9,443 by 13F value · top 15.3%
Positions
28
As of
June 30, 2026

Portfolio value QoQ: +41.5% 13F does not disclose cash

Top 10 holdings weight
80.89%
Top 25 holdings weight
99.66%
Positions above 1%
19
Effective number of positions
7.0

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 15.43% Est. buys $296,762,533 · sells $279,852,022

Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 53.8% still held

New positions
5
Increased
11
Decreased
3
Closed
4
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+270.4%
S&P 500 total return (same window)
+28.1%
Excess return
+242.3%

Annualized: +140.0% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 98.3% · Options excluded: 5.3%

Sector breakdown

Healthcare
100.0%

Full portfolio 28 positions

Type Streak 8Q trend
LQDA Liquidia Corporation - Common Stock $647,319,259 30.45% 8,118,892 $340,912,275
RVMD Revolution Medicines, Inc. - Common Stock $367,404,968 17.28% 1,961,795 $206,669,390 Up ×5
ABVX Abivax SA - American Depositary Shares $207,608,952 9.77% 1,557,924 $44,823,715 Up ×2
PCVX Vaxcyte, Inc. - Common Stock $127,225,411 5.99% 2,188,636 $7,477,030 Up ×2
EXEL Exelixis, Inc. - Common Stock $84,512,985 3.98% 1,553,262 $17,893,578
TNGX Tango Therapeutics, Inc. - Common Stock $78,153,220 3.68% 2,500,103 $27,761,166 Up ×1
AVTX Avalo Therapeutics, Inc. - Common Stock $58,468,244 2.75% 3,163,866 $34,057,351 Up ×3
XENE Xenon Pharmaceuticals Inc. - Common Shares $53,717,020 2.53% 889,944 $-27,287,500 Down ×1
ADMA ADMA Biologics Inc - Common Stock $47,918,309 2.25% 5,725,007 $5,062,145 Up ×3
RVMD Revolution Medicines, Inc. - Common Stock $47,157,104 2.22% 251,800 Call option $24,896,579 Up ×1
LBRX LB Pharmaceuticals Inc - Common Stock $46,672,562 2.20% 1,438,070 $12,043,836
IMCR Immunocore Holdings plc - American Depositary Shares $43,856,815 2.06% 1,381,317 Up ×1
VRDN Viridian Therapeutics, Inc. - Common Stock $40,303,431 1.90% 2,193,981 Up ×1
VOR Vor Biopharma Inc. - Common Stock $35,440,465 1.67% 1,925,066 $1,097,288
SABS SAB Biotherapeutics, Inc. - Common Stock $31,072,107 1.46% 7,967,207 $557,704
IVA Inventiva S.A. - American Depository Shares $30,856,862 1.45% 8,163,191 $3,246,134 Up ×2
AURA Aura Biosciences, Inc. - Common Stock $30,517,561 1.44% 4,298,248 $28,979,771 Up ×1
TYRA Tyra Biosciences, Inc. - Common Stock $25,775,133 1.21% 806,986 $-23,132,741 Down ×1
IRD Opus Genetics, Inc. - Common Stock $24,976,815 1.17% 6,077,084 $-2,664,562 Up ×1
ANIK Anika Therapeutics Inc. - Common Stock $20,995,952 0.99% 1,435,130 $186,567
SGMT Sagimet Biosciences Inc. - Series A Common Stock $19,325,000 0.91% 2,500,000 Up ×1
ARTV Artiva Biotherapeutics, Inc. - Common Stock $16,840,277 0.79% 1,736,111 Up ×1
SNSE Sensei Biotherapeutics, Inc. - Common Stock $15,736,675 0.74% 629,467 $11,765,092 Up ×1
MBX MBX Biosciences, Inc. - Common Stock $11,040,000 0.52% 200,000 $-14,290,412 Down ×1
VRCA Verrica Pharmaceuticals Inc. - Common Stock $5,654,329 0.27% 923,910 $766,845
AGIO Agios Pharmaceuticals, Inc. - Common Stock $3,339,900 0.16% 90,000 Call option $295,200
ADMA ADMA Biologics Inc - Common Stock $2,511,000 0.12% 300,000 Call option $-192,000
CLRB Cellectar Biosciences, Inc. - Common Stock $1,306,594 0.06% 469,998 Up ×1

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
RVMD $367,404,968 17.28% up ×5
AVTX $58,468,244 2.75% up ×3
ADMA $47,918,309 2.25% up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
IMCR $43,856,815 1,381,317 2.06%
VRDN $40,303,431 2,193,981 1.90%
SGMT $19,325,000 2,500,000 0.91%
ARTV $16,840,277 1,736,111 0.79%
CLRB $1,306,594 469,998 0.06%

Top movers (QoQ)

Security Action Shares Δ Value Δ
LQDA Price move only +0 +$340.9M
RVMD Bought more +309K +$206.7M
ABVX Bought more +96K +$44.8M
AVTX Bought more +1.5M +$34.1M
TNGX Bought more +91K +$27.8M
XENE Trimmed -503K -$27.3M
RVMD Bought more +23K +$24.9M
TYRA Trimmed -470K -$23.1M
EXEL Price move only +0 +$17.9M
MBX Trimmed -649K -$14.3M

1 position hidden (data completeness check)

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
VRNA Sept. 30, 2025 1,436,878 $135,899,921 No longer tracked
MLYS June 30, 2026 2,772,654 $75,111,197 -2.9%
CGON June 30, 2026 900,000 $60,912,000 11.1%
SYRE June 30, 2026 878,127 $44,292,726 19.3%
INBX March 31, 2026 473,565 $37,411,635 47.3%
EOLS Dec. 31, 2025 4,138,943 $25,413,110 26.0%
SAGE June 30, 2025 3,052,538 $24,267,677 No longer tracked
RAPT March 31, 2026 644,400 $21,825,828 No longer tracked
MRUS Dec. 31, 2025 216,954 $20,426,219 No longer tracked
MAZE June 30, 2026 614,962 $18,356,616 -0.6%
YMAB Sept. 30, 2025 2,342,609 $10,565,167 No longer tracked
RZLT Sept. 30, 2025 1,543,014 $6,881,842 -50.4%
BCRX Sept. 30, 2025 638,908 $5,724,616 29.6%
SLS Dec. 31, 2025 2,300,000 $3,703,000 264.7%
SPRB March 31, 2026 20,514 $1,786,975 -21.3%
AURA Dec. 31, 2025 227,174 $1,403,935 37.8%
ENTA March 31, 2025 184,826 $1,062,750 144.4%
ELDN March 31, 2026 555,978 $839,527 14.6%