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Caligan Partners Portfolio holdings

AUM $1.5B
1-Year Est. Return 518.95%
This Fund
S&P 500
This Quarter Est. Return
+42.95%
1 Year Est. Return
+518.95%
3 Year Est. Return
+1,728.44%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.21B
AUM Growth
+$451M
Cap. Flow
+$214M
Cap. Flow %
17.6%
Top 10 Hldgs %
84.16%
Holding
30
New
12
Increased
7
Reduced
–
Closed
6

Top Buys

Rank Stock Value
1
PCVX icon
Vaxcyte
PCVX
+$76.2M
2
TNGX icon
Tango Therapeutics
TNGX
+$32.1M
3
RAPT
RAPT Therapeutics
RAPT
+$20M
4
MAZE
Maze Therapeutics
MAZE
+$18.9M
5
VOR icon
Vor Biopharma
VOR
+$17.2M

Top Sells

Rank Stock Value
1
AGIO icon
Agios Pharmaceuticals
AGIO
+$39.7M
2
EOLS icon
Evolus
EOLS
+$25.4M
3
MRUS
Merus
MRUS
+$20.4M
4
AURA icon
Aura Biosciences
AURA
+$1.4M

Sector Composition

Rank Sector Weight
1 Healthcare 89.93%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AGIO icon
26
PUT
Agios Pharmaceuticals
AGIO
$2.08B
– –
-975,000
Closed -$39.1M
AURA icon
27
Aura Biosciences
AURA
$725M
– –
-227,174
Closed -$1.4M
EOLS icon
28
Evolus
EOLS
$397M
– –
-4,138,943
Closed -$25.4M
MRUS
29
DELISTED
Merus
MRUS
– –
-216,954
Closed -$20.4M
SLS icon
30
CALL
SELLAS Life Sciences
SLS
$1.99B
– –
-2,300,000
Closed -$3.7M
1
2

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Caligan Partners's Q4 2025 Portfolio in Review

As of Q4 2025, Caligan Partners held 30 positions worth $1.21B, up 59% from $764M the previous quarter. Its ten largest holdings account for 84% of the portfolio.

Caligan Partners deployed $214M of net new capital in Q4 2025, opening 12 new positions and adding to 7 existing holdings. Its largest new stake was Vaxcyte: 1,704,815 shares worth $78.7M.

By sector, the portfolio is most concentrated in Healthcare at 90% of assets, down from 94% a quarter earlier.

On the sell side, the most notable exit was Agios Pharmaceuticals, an estimated $39.7M sold.

  • Caligan Partners's largest Q4 2025 buy was Vaxcyte: 1,704,815 shares worth $78.7M.
  • Caligan Partners added most to Revolution Medicines in Q4 2025, an estimated $14.4M increase.
  • Caligan Partners fully exited Agios Pharmaceuticals in Q4 2025, selling an estimated $39.7M.
  • Caligan Partners's ten largest holdings make up 84% of its $1.21B portfolio in Q4 2025.
  • Caligan Partners opened 12 new positions and closed 6 in Q4 2025.
  • Caligan Partners's portfolio value rose 59% quarter-over-quarter to $1.21B.

Based on Caligan Partners's 13F filing for Q4 2025, filed 17 Feb 2026.