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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
+13.88%
1 Year Est. Return
+518.95%
3 Year Est. Return
+1,728.44%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$520M
AUM Growth
+$40.9M
(+8.5%)
Cap. Flow
+$2.31M
Cap. Flow
% of AUM
0.44%
Top 10 Holdings %
Top 10 Hldgs %
93.05%
Holding
18
New
2
Increased
9
Reduced
2
Closed
1
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
MRUS
Merus
MRUS
|
+$13.2M |
| 2 |
Agios Pharmaceuticals
AGIO
|
+$11.2M |
| 3 |
Revolution Medicines
RVMD
|
+$6.6M |
| 4 |
Evolus
EOLS
|
+$6.25M |
| 5 |
Rezolute
RZLT
|
+$5.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SAGE
Sage Therapeutics
SAGE
|
+$24.3M |
| 2 |
BioCryst Pharmaceuticals
BCRX
|
+$23M |
| 3 |
Mineralys Therapeutics
MLYS
|
+$1.92M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
VRNA
1
DELISTED
Verona Pharma
VRNA
| $136M | 26.13% |
1,436,878
| – | – |
|
2
Liquidia Corp
LQDA
$7.72B
| $101M | 19.45% |
8,118,892
+300
| +0% | +$4.44K |
|
3
Exelixis
EXEL
$14.2B
| $67.2M | 12.93% |
1,525,730
| – | – |
|
|
4
Agios Pharmaceuticals
AGIO
$2.14B
| $35.6M | 6.85% |
1,071,258
+369,978
| +53% | +$11.2M |
|
|
MRUS
5
DELISTED
Merus
MRUS
| $34.6M | 6.64% |
656,999
+280,045
| +74% | +$13.2M |
|
|
6
Evolus
EOLS
$410M
| $30.8M | 5.92% |
3,341,970
+610,816
| +22% | +$6.25M |
|
|
7
Mineralys Therapeutics
MLYS
$2.38B
| $27.3M | 5.25% |
2,017,352
-132,315
| -6% | -$1.92M |
|
|
8
Revolution Medicines
RVMD
$39.1B
| $23.4M | 4.5% |
636,835
+171,835
| +37% | +$6.6M |
|
9
Anika Therapeutics
ANIK
$202M
| $15.2M | 2.92% |
1,435,130
| – | – |
|
|
ABVX
10
Abivax
ABVX
$10.8B
| $12.8M | 2.46% |
1,674,400
+405,281
| +32% | +$2.64M |
|
|
YMAB
11
DELISTED
Y-mAbs Therapeutics
YMAB
| $10.6M | 2.03% |
2,342,609
| – | – |
|
|
12
Rezolute
RZLT
$474M
| $6.88M | 1.32% |
1,543,014
+1,401,705
| +992% | +$5.2M |
|
|
13
BioCryst Pharmaceuticals
BCRX
$2.48B
| $5.72M | 1.1% |
638,908
-2,468,761
| -79% | -$23M |
|
14
CALL
SELLAS Life Sciences
SLS
$1.98B
| $5.04M | 0.97% |
+2,300,000
| New | +$3.53M |
|
15
Verrica Pharmaceuticals
VRCA
$92.8M
| $4.9M | 0.94% |
923,912
+24,617
| +3% | +$132K |
|
16
Tyra Biosciences
TYRA
$1.84B
| $1.82M | 0.35% |
189,950
+164,950
| +660% | +$1.57M |
|
17
Aura Biosciences
AURA
$729M
| $1.25M | 0.24% |
+200,000
| New | +$1.17M |
|
|
SAGE
18
DELISTED
Sage Therapeutics
SAGE
| – | – |
-3,052,538
| Closed | -$24.3M |
|
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Caligan Partners's Q2 2025 Portfolio in Review
As of Q2 2025, Caligan Partners held 18 positions worth $520M, up 8.5% from $479M the previous quarter. Its ten largest holdings account for 93% of the portfolio.
Caligan Partners's Q2 2025 filing shows 2 new, 9 increased, 2 reduced and 1 closed positions. Its largest new stake was Aura Biosciences: 200,000 shares worth $1.25M. The largest sale was Sage Therapeutics, an estimated $24.3M.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, down from 100% a quarter earlier.
- Caligan Partners's largest Q2 2025 buy was Aura Biosciences: 200,000 shares worth $1.25M.
- Caligan Partners added most to Merus in Q2 2025, an estimated $13.2M increase.
- Caligan Partners's biggest Q2 2025 reduction was BioCryst Pharmaceuticals, cutting an estimated $23M.
- Caligan Partners fully exited Sage Therapeutics in Q2 2025, selling an estimated $24.3M.
- Caligan Partners's ten largest holdings make up 93% of its $520M portfolio in Q2 2025.
- Caligan Partners opened 2 new positions and closed 1 in Q2 2025.
- Caligan Partners's portfolio value rose 8.5% quarter-over-quarter to $520M.
Based on Caligan Partners's 13F filing for Q2 2025, filed 14 Aug 2025.