SPHERA FUNDS MANAGEMENT LTD.

CIK 1496201 · View on SEC EDGAR ↗

Portfolio value QoQ: +21.8% 13F does not disclose cash

Top 10 holdings weight34.22%

Top 25 holdings weight56.83%

Positions above 1%33

Effective number of positions50.4

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

Turnover Q2 2026: 28.55% Est. buys $229,338,464 · sells $198,502,670

Median holding: 2.0 quarters Tracked Q1 2025–Q2 2026 · 46.1% still held

New positions27

Increased33

Decreased30

Closed18

Put-notional exposure: 3.5% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets

Portfolio value $763.5M #2,980 of 9,337 by 13F value · top 31.9%

Positions 105

As of June 30, 2026 Data as of Q2 2026

Performance vs S&P 500

Tracked Q1 2025–Q2 2026 +122.2%

S&P 500 total return (same window) +37.0%

Excess return +85.2%

Annualized: +89.5% · S&P 500: +28.7%

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: 96.4% · Options excluded: 8.6%

Sector breakdown

Healthcare 82.6%

Technology 7.6%

Utilities 1.9%

Other/Unmapped 7.9%

Full portfolio 105 positions

Search positions by ticker or company name

				Type		Streak
TEVA Teva Pharmaceutical Industries Limited American Depositary Shares	$47,773,578	6.26%	1,410,082		$16,238,691	Up ×2
MLYS Mineralys Therapeutics, Inc. - Common Stock	$39,659,818	5.19%	1,469,971		$3,360,004	Up ×3
TSEM Tower Semiconductor Ltd. - Ordinary Shares	$28,218,190	3.70%	108,265		$2,644,612	Down ×1
XBI SPDR SERIES TRUST	$23,737,500	3.11%	150,000	Put option	$-1,808,501	Down ×1
SNDX Syndax Pharmaceuticals, Inc. - Common Stock	$22,179,287	2.90%	1,014,606		$5,253,495	Up ×1
BIIB Biogen Inc. - Common Stock	$21,606,000	2.83%	100,000	Call option		Up ×1
BIIB Biogen Inc. - Common Stock	$20,877,014	2.73%	96,626		$3,914,222	Up ×1
RARE Ultragenyx Pharmaceutical Inc. - Common Stock	$19,649,815	2.57%	588,494		$2,694,289	Down ×1
BMRN BioMarin Pharmaceutical Inc. - Common Stock	$18,799,631	2.46%	328,550		$10,896,680	Up ×1
CYTK Cytokinetics, Incorporated - Common Stock	$18,740,693	2.45%	219,987		$16,116,355	Up ×1
BBIO BridgeBio Pharma, Inc. - Common Stock	$18,273,370	2.39%	245,346		$61,402	Up ×3
COGT Cogent Biosciences, Inc. - Common Stock	$17,776,458	2.33%	459,340		$1,751,531	Up ×3
NVMI Nova Ltd. - Ordinary Shares	$13,665,257	1.79%	25,169		$-9,510,529	Down ×1
INSM Insmed Incorporated - Common Stock	$12,666,456	1.66%	118,800			Up ×1
MAZE Maze Therapeutics, Inc. - Common Stock	$12,460,110	1.63%	417,564		$5,673,921	Up ×2
AZN AstraZeneca PLC - American Depositary Shares	$11,856,939	1.55%	62,530		$-475,228
SNY Sanofi - American Depositary Shares	$11,497,510	1.51%	269,515		$-1,487,723
HELP Cybin Inc. - Common Stock	$10,713,177	1.40%	1,620,753		$5,975,145	Up ×3
LLY Eli Lilly and Company Common Stock	$9,643,417	1.26%	8,040		$1,328,696	Down ×1
MDGL Madrigal Pharmaceuticals, Inc. - Common Stock	$9,353,132	1.23%	17,419		$4,620,963	Up ×2
TRVI Trevi Therapeutics, Inc. - Common Stock	$9,306,891	1.22%	499,029		$2,458,725	Down ×4
ACAD ACADIA Pharmaceuticals Inc. - Common Stock	$9,020,310	1.18%	356,534		$3,317,253	Up ×3
CLDX Celldex Therapeutics, Inc. - Common Stock	$8,962,698	1.17%	240,868		$1,236,499	Down ×1
RYTM Rhythm Pharmaceuticals, Inc. - Common Stock	$8,926,812	1.17%	80,400			Up ×1
CYTK Cytokinetics, Incorporated - Common Stock	$8,519,000	1.12%	100,000	Call option	$-8,571,464	Down ×1
ORIC Oric Pharmaceuticals, Inc. - Common Stock	$8,154,806	1.07%	752,983		$1,343,059	Up ×1
LRCX Lam Research Corporation - Common Stock	$8,003,605	1.05%	18,470			Up ×1
AMAT Applied Materials, Inc. - Common Stock	$7,981,920	1.05%	11,040
TNGX Tango Therapeutics, Inc. - Common Stock	$7,947,855	1.04%	254,250		$760,517	Down ×2
NVS Novartis AG Common Stock	$7,832,904	1.03%	50,000		$2,181,154	Up ×1
Unknown issuer (CUSIP: 83417MAE4)	$7,747,190	1.01%	4,000,000		$837,570
VOR Vor Biopharma Inc. - Common Stock	$7,666,237	1.00%	416,417		$1,923,238	Up ×1
ABBV AbbVie Inc. Common Stock	$7,613,620	1.00%	30,256		$1,033,243
MRK Merck & Company, Inc. Common Stock (new)	$7,530,100	0.99%	58,600		$1,684,006	Up ×1
JNJ Johnson & Johnson Common Stock	$7,322,209	0.96%	28,831		$274,759
IDYA IDEAYA Biosciences, Inc. - Common Stock	$7,320,126	0.96%	196,408
IMTX Immatics N.V. - Ordinary Shares	$7,294,177	0.96%	720,057		$444,504	Up ×1
NVCT Nuvectis Pharma, Inc. - Common Stock	$7,042,359	0.92%	382,945			Up ×1
PFE Pfizer, Inc. Common Stock	$6,886,880	0.90%	286,000		$1,664,000	Up ×2
HRMY Harmony Biosciences Holdings, Inc. - Common Stock	$6,432,300	0.84%	176,663			Up ×1
XENE Xenon Pharmaceuticals Inc. - Common Shares	$6,337,800	0.83%	105,000		$-1,047,250	Down ×1
CLYM Climb Bio, Inc. - Common Stock	$6,308,061	0.83%	483,747		$3,436,219	Up ×1
ZBIO Zenas BioPharma, Inc. - Common Stock	$5,858,567	0.77%	230,834		$1,668,337	Up ×1
NVO Novo Nordisk A/S Common Stock	$5,785,255	0.76%	120,677		$1,350,375
ELVN Enliven Therapeutics, Inc. - Common Stock	$5,722,824	0.75%	112,765		$-285,164	Down ×2
PRLD Prelude Therapeutics Incorporated - Common Stock	$5,435,705	0.71%	1,019,832		$3,526,186	Up ×2
GSK GSK plc American Depositary Shares (Each representing two Ordinary Shares)	$5,346,840	0.70%	102,000		$-1,386,340	Down ×1
FBRX Forte Biosciences, Inc. - Common Stock	$5,305,976	0.69%	249,693		$514,890	Up ×1
BIOA BioAge Labs, Inc. - Common Stock	$5,237,076	0.69%	213,671		$3,723,876	Up ×1
SRRK Scholar Rock Holding Corporation - Common Stock	$5,184,575	0.68%	94,265		$550,508
MSLE Satellos Bioscience Inc. - Common Stock	$5,073,887	0.66%	652,590		$2,319,652	Up ×1
PALI Palisade Bio, Inc. - Common Stock	$4,717,352	0.62%	2,257,106		$1,683,778	Up ×2
ELDN Eledon Pharmaceuticals, Inc. - Common Stock	$4,693,277	0.61%	1,191,187		$-764,886	Down ×2
VST Vistra Corp. Common Stock	$4,671,654	0.61%	29,450			Up ×1
TLN Talen Energy Corporation - Common Stock	$4,662,995	0.61%	12,135			Up ×1
SVRA Savara, Inc. - Common Stock	$4,657,970	0.61%	756,164		$622,135	Up ×1
IRON Disc Medicine, Inc. - Common Stock	$4,647,169	0.61%	63,538		$1,223,949	Up ×1
CLOU Global X Cloud Computing ETF	$4,454,766	0.58%	195,900			Up ×1
DYN Dyne Therapeutics, Inc. - Common Stock	$4,432,983	0.58%	199,594		$1,521,414	Up ×1
RLAY Relay Therapeutics, Inc. - Common Stock	$4,375,072	0.57%	233,836		$311,134	Down ×1
AVTX Avalo Therapeutics, Inc. - Common Stock	$4,292,793	0.56%	232,294			Up ×1
PMN ProMIS Neurosciences Inc. - Common Shares	$4,284,784	0.56%	325,591		$149,772
BCRX BioCryst Pharmaceuticals, Inc. - Common Stock	$4,220,510	0.55%	422,051		$-4,028,227	Down ×1
RVMD Revolution Medicines, Inc. - Common Stock	$4,195,072	0.55%	22,400		$-1,164,376	Down ×1
PRAX Praxis Precision Medicines, Inc. - Common Stock	$4,184,875	0.55%	12,500	Call option
CABA Cabaletta Bio, Inc. - Common Stock	$4,133,227	0.54%	1,329,012			Up ×1
Unknown issuer (CUSIP: 370920100)	$4,133,150	0.54%	245,000		$1,820,650	Up ×1
TLT iShares 20+ Year Treasury Bond ETF	$4,061,740	0.53%	47,000	Call option	$-12,690
MDWD MediWound Ltd. - Ordinary Shares	$4,015,922	0.53%	273,192		$-385,201
ACOG Alpha Cognition Inc. - Common Stock	$3,940,792	0.52%	545,816		$824,580	Down ×1
WVE Wave Life Sciences Ltd. - Ordinary Shares	$3,708,360	0.49%	638,272		$-266,612	Up ×3
CRVS Corvus Pharmaceuticals, Inc. - Common Stock	$3,659,717	0.48%	244,961		$32,048	Down ×2
OVID Ovid Therapeutics Inc. - Common Stock	$3,639,570	0.48%	1,353,000		$36,892	Down ×1
BBOT BridgeBio Oncology Therapeutics, Inc. - Common Stock	$3,512,706	0.46%	460,985			Up ×1
CTMX CytomX Therapeutics, Inc. - Common Stock	$3,296,250	0.43%	879,000		$2,262,250	Up ×1
PRQR ProQR Therapeutics N.V. - Ordinary Shares	$3,268,872	0.43%	1,757,458			Up ×1
ALNY Alnylam Pharmaceuticals, Inc. - Common Stock	$3,251,124	0.43%	10,800			Up ×1
KURA Kura Oncology, Inc. - Common Stock	$3,236,578	0.42%	295,039		$833,984	Down ×1
KOD Kodiak Sciences Inc - Common Stock	$3,186,772	0.42%	81,796		$-1,189,252	Down ×2
ORA Ormat Technologies, Inc. Common Stock	$3,050,834	0.40%	28,015		$-4,587,706	Down ×1
CTNM Contineum Therapeutics, Inc. - Common stock	$3,007,155	0.39%	183,475		$741,571	Up ×1
LRMR Larimar Therapeutics, Inc. - Common Stock	$2,824,312	0.37%	926,004
IMMX Immix Biopharma, Inc. - Common Stock	$2,783,700	0.36%	270,000			Up ×1
AMGN Amgen Inc. - Common Stock	$2,715,900	0.36%	7,500		$77,025
ABVX Abivax SA - American Depositary Shares	$2,665,200	0.35%	20,000	Put option		Up ×1
BHVN Biohaven Ltd. Common Shares	$2,446,823	0.32%	164,437		$-2,578,417	Down ×1
CEG Constellation Energy Corporation - Common Stock When-Issued	$2,446,445	0.32%	9,850			Up ×1
VSTM Verastem, Inc. - Common Stock	$2,416,654	0.32%	632,632		$595,161	Up ×1
TENX Tenax Therapeutics, Inc. - Common Stock	$1,856,580	0.24%	127,600	Call option		Up ×1
TENX Tenax Therapeutics, Inc. - Common Stock	$1,748,910	0.23%	120,200		$-425,970	Down ×2
TSHA Taysha Gene Therapies, Inc. - Common Stock	$1,702,500	0.22%	250,000
GPCR Structure Therapeutics Inc. - American Depositary Shares	$1,534,962	0.20%	28,600		$-913,598	Down ×1
UPB Upstream Bio, Inc. - Common Stock	$1,520,324	0.20%	219,700		$-1,701,676	Down ×1
VYGR Voyager Therapeutics, Inc. - Common Stock	$1,496,439	0.20%	427,554		$-316,838	Down ×1
ORGO Organogenesis Holdings Inc. - Class A	$1,336,500	0.18%	550,000		$33,000
IKT Inhibikase Therapeutics, Inc. - Common Stock	$1,318,097	0.17%	649,309			Up ×1
ORIC Oric Pharmaceuticals, Inc. - Common Stock	$1,083,000	0.14%	100,000	Call option		Up ×1
CRIS Curis, Inc. - Common Stock	$1,033,717	0.14%	98,996		$-58,112	Down ×1
STTK Shattuck Labs, Inc. - Common Stock	$600,039	0.08%	86,461		$-1,205,415	Down ×1
Unknown issuer (CUSIP: 337185102)	$560,865	0.07%	27,876			Up ×1
No matches

Conviction holdings

Positions increased for 3+ consecutive quarters.

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

Security	Value	% of portfolio	Streak
MLYS	$39,659,818	5.19%	up ×3
BBIO	$18,273,370	2.39%	up ×3
COGT	$17,776,458	2.33%	up ×3
HELP	$10,713,177	1.40%	up ×3
ACAD	$9,020,310	1.18%	up ×3
WVE	$3,708,360	0.49%	up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security	Value	Shares	% of portfolio
BIIB	$21,606,000	100,000	2.83%
INSM	$12,666,456	118,800	1.66%
RYTM	$8,926,812	80,400	1.17%
LRCX	$8,003,605	18,470	1.05%
AMAT	$7,981,920	11,040	1.05%
IDYA	$7,320,126	196,408	0.96%
NVCT	$7,042,359	382,945	0.92%
HRMY	$6,432,300	176,663	0.84%
VST	$4,671,654	29,450	0.61%
TLN	$4,662,995	12,135	0.61%
CLOU	$4,454,766	195,900	0.58%
AVTX	$4,292,793	232,294	0.56%
PRAX	$4,184,875	12,500	0.55%
CABA	$4,133,227	1,329,012	0.54%
BBOT	$3,512,706	460,985	0.46%

Top movers (QoQ)

Security	Action	Shares Δ	Value Δ
TEVA	Bought more	+363K	+$16.2M
BMRN	Bought more	+189K	+$10.9M
NVMI	Trimmed	-28K	-$9.5M
CYTK	Trimmed	-159K	-$8.6M
HELP	Bought more	+634K	+$6.0M
MAZE	Bought more	+190K	+$5.7M
SNDX	Bought more	+290K	+$5.3M
MDGL	Bought more	+8K	+$4.6M
ORA	Trimmed	-40K	-$4.6M
BCRX	Trimmed	-444K	-$4.0M

1 position hidden — reported move looks larger than the position itself (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.

Security	Quarter	Shares before	Value before	Price since exit
CDTX	Dec. 31, 2025	175,743	$16,829,150	No longer tracked
XBI	Sept. 30, 2025	200,000	$16,586,000	55.9%
MRUS	Dec. 31, 2025	150,000	$14,122,500	No longer tracked
QQQ	Dec. 31, 2025	22,960	$13,784,495	21.2%
PRAX	March 31, 2026	40,000	$11,789,600	-12.0%
FOLD	June 30, 2026	603,377	$8,724,831	No longer tracked
CLBT	June 30, 2026	631,521	$8,702,359	-23.3%
APLS	June 30, 2026	214,914	$8,645,990	No longer tracked
NVDA	Sept. 30, 2025	54,515	$8,612,825	28.0%
PANW	June 30, 2026	52,800	$8,464,896	19.3%
CAMT	June 30, 2026	53,020	$8,038,362	-0.7%
SLNO	June 30, 2026	216,281	$7,241,088	No longer tracked
AMZN	June 30, 2026	31,940	$6,652,144	5.5%
ANNX	March 31, 2026	1,316,212	$6,607,384	-24.2%
AAOI	June 30, 2026	73,400	$6,208,906	-17.9%
MSFT	Sept. 30, 2025	11,792	$5,865,459	1.4%
QURE	Dec. 31, 2025	99,900	$5,831,163	-4.7%
CLBT	Dec. 31, 2025	298,948	$5,539,506	-37.9%
ENPH	June 30, 2026	142,419	$5,384,862	-32.1%
NICE	June 30, 2025	33,303	$5,134,324	-31.4%
RAPP	Dec. 31, 2025	157,533	$4,678,730	6.1%
ATXS	March 31, 2026	355,725	$4,656,440	No longer tracked
MRUS	June 30, 2025	106,532	$4,483,932	No longer tracked
IMVT	Dec. 31, 2025	256,743	$4,138,697	30.8%
AMD	March 31, 2026	18,040	$3,863,446	210.5%
RNA	Sept. 30, 2025	126,000	$3,578,400	-81.7%
TARA	March 31, 2026	650,000	$3,464,500	-49.5%
ENGN	Dec. 31, 2025	504,409	$3,445,113	-79.3%
RZLT	Dec. 31, 2025	363,947	$3,421,102	83.5%
AVGO	March 31, 2026	9,755	$3,376,206	17.1%
AMAT	Sept. 30, 2025	18,000	$3,295,260	164.9%
ESLT	March 31, 2026	5,340	$3,084,971	-16.5%
AMZN	Dec. 31, 2025	13,760	$3,021,283	8.9%
ROIV	Dec. 31, 2025	194,171	$2,937,807	64.9%
SRPT	Dec. 31, 2025	150,000	$2,890,500	-18.7%
META	Dec. 31, 2025	3,924	$2,881,707	12.4%
VIGL	June 30, 2025	1,604,429	$2,855,884	No longer tracked
UBER	Sept. 30, 2025	30,000	$2,799,000	-29.1%
ZIM	June 30, 2026	105,950	$2,791,783	11.3%
ORA	Dec. 31, 2025	29,000	$2,791,250	-17.4%
IDYA	Dec. 31, 2025	100,000	$2,721,000	10.1%
SEDG	June 30, 2026	52,836	$2,697,278	-41.2%
PANW	Sept. 30, 2025	13,114	$2,683,649	99.8%
WIX	Sept. 30, 2025	16,931	$2,682,886	-58.3%
TVTX	Dec. 31, 2025	101,800	$2,433,020	50.9%
NRIX	March 31, 2026	124,000	$2,352,280	47.6%
WDAY	June 30, 2025	10,000	$2,335,300	-21.3%
SWTX	June 30, 2025	52,009	$2,295,157	No longer tracked
IBIT	June 30, 2026	59,505	$2,286,182
JANX	March 31, 2026	157,840	$2,178,192	19.0%
CEVA	Dec. 31, 2025	81,085	$2,141,455	70.4%
GOOG	June 30, 2025	13,500	$2,109,105	93.8%
SRRK	Sept. 30, 2025	57,497	$2,036,544	16.5%
TSHA	March 31, 2026	368,146	$2,024,803	0.4%
VKTX	June 30, 2025	83,270	$2,010,971	10.5%
AVGO	June 30, 2025	11,695	$1,958,094	31.5%
IONS	June 30, 2025	63,821	$1,925,480	10.1%
NKE	June 30, 2025	30,050	$1,907,574	-52.2%
CHKP	June 30, 2025	8,334	$1,899,485	-41.4%
CRM	Sept. 30, 2025	6,800	$1,854,292	-3.0%
ASND	June 30, 2026	8,000	$1,829,840	-14.5%
TECX	Dec. 31, 2025	115,908	$1,818,597	10.8%
RCKT	June 30, 2025	271,792	$1,812,853	6.5%
PCVX	Dec. 31, 2025	50,000	$1,801,000	60.0%
PHVS	March 31, 2026	63,953	$1,774,696	7.9%
IMNM	Dec. 31, 2025	147,200	$1,723,712	-1.4%
VRNS	March 31, 2026	52,500	$1,722,000	124.3%
MIST	Dec. 31, 2025	820,000	$1,640,000	-61.4%
CYBR	Sept. 30, 2025	4,000	$1,627,520	No longer tracked
VTYX	March 31, 2026	180,114	$1,626,429	No longer tracked
NTR	June 30, 2025	30,894	$1,534,505	20.6%
OLMA	June 30, 2026	100,000	$1,491,000	-34.1%
MRVL	Sept. 30, 2025	18,730	$1,449,702	222.6%
FROG	June 30, 2025	42,871	$1,371,872	123.0%
BHVN	Dec. 31, 2025	91,155	$1,368,237	14.9%
DAWN	March 31, 2026	145,371	$1,354,858	No longer tracked
BCAX	Dec. 31, 2025	85,747	$1,353,945	2.7%
SHLT	June 30, 2025	632,456	$1,311,081	No longer tracked
NTLA	Sept. 30, 2025	128,780	$1,207,956	-26.2%
NNDM	Sept. 30, 2025	717,518	$1,162,379	2.5%
TRDA	March 31, 2026	110,942	$1,140,484	-56.6%
SABS	Dec. 31, 2025	566,395	$1,138,454	-17.1%
INZY	June 30, 2025	1,191,140	$1,083,937	No longer tracked
TNYA	March 31, 2026	1,500,000	$1,067,250	-18.5%
BMY	June 30, 2026	17,500	$1,061,375	2.1%
OTLK	June 30, 2025	857,142	$1,045,713	-62.8%
KRYS	Sept. 30, 2025	7,335	$1,008,269	89.7%
CATX	March 31, 2026	349,973	$962,426	No longer tracked
VTGN	Sept. 30, 2025	447,939	$895,878	-92.6%
JSPR	March 31, 2026	485,401	$888,284	-32.3%
ARVN	June 30, 2025	125,000	$877,500	1.4%
XENE	June 30, 2025	26,097	$875,554	20.0%
LRMR	Dec. 31, 2025	260,385	$841,044	-24.9%
PERI	June 30, 2025	102,612	$835,262	-16.2%
RGLS	June 30, 2025	452,845	$792,479	No longer tracked
PEPG	March 31, 2026	121,467	$790,750	33.3%
NICE	June 30, 2026	5,611	$618,669	27.5%
VIR	June 30, 2025	90,855	$588,740	133.7%
ETNB	Dec. 31, 2025	39,675	$583,223	No longer tracked
MLTX	Dec. 31, 2025	81,010	$580,842	-13.7%
ZURA	June 30, 2025	421,229	$543,385	274.3%
S	Sept. 30, 2025	27,000	$493,560	44.4%
CMMB	Dec. 31, 2025	179,425	$471,888	-14.5%
ARWR	Dec. 31, 2025	12,496	$430,987	-6.1%
CGNT	Sept. 30, 2025	45,181	$417,472	4.4%
FATE	June 30, 2025	397,177	$313,810	117.0%
KZR	Sept. 30, 2025	58,539	$268,109	No longer tracked
SLDB	Sept. 30, 2025	50,190	$244,425	14.4%
DTIL	June 30, 2026	40,000	$220,000	-19.7%
OKUR	March 31, 2026	60,454	$175,317	-36.5%
DSGN	Dec. 31, 2025	21,918	$165,043	32.4%
ALEC	June 30, 2025	109,208	$134,326	42.1%
ELEV	Sept. 30, 2025	328,562	$120,615	No longer tracked
MREO	March 31, 2026	255,400	$106,425	17.6%
LVTX	June 30, 2025	48,420	$61,493	No longer tracked
FHTX	June 30, 2026	12,224	$58,431	-59.0%
APLT	March 31, 2026	50,000	$5,000	No longer tracked
IMTXW	June 30, 2025	100,000	$1,580	No longer tracked