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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
LQDA icon
1
Liquidia Corp
LQDA
$6.69B
$280M 23.05%
8,118,892
– –
ABVX
2
Abivax
ABVX
$12B
$196M 16.12%
1,451,924
– –
RVMD icon
3
Revolution Medicines
RVMD
$38.1B
$102M 8.42%
1,283,900
+219,651
+21% +$14.4M
MLYS icon
4
Mineralys Therapeutics
MLYS
$2.39B
$101M 8.28%
2,772,654
– –
MLYS icon
5
PUT
Mineralys Therapeutics
MLYS
$2.39B
$83.4M 6.87%
+2,298,400
New +$92.2M
PCVX icon
6
Vaxcyte
PCVX
$8.09B
$78.7M 6.48%
+1,704,815
New +$76.2M
EXEL icon
7
Exelixis
EXEL
$14B
$68.1M 5.6%
1,553,262
+27,532
+2% +$1.14M
ADMA icon
8
ADMA Biologics
ADMA
$2.04B
$54.9M 4.52%
3,012,508
+375,899
+14% +$6.34M
TNGX icon
9
Tango Therapeutics
TNGX
$4.5B
$33M 2.72%
+3,729,895
New +$32.1M
INBX icon
10
Inhibrx
INBX
$1.31B
$25.6M 2.1%
323,565
+87,182
+37% +$5.94M
TYRA icon
11
Tyra Biosciences
TYRA
$1.88B
$24.8M 2.04%
944,257
+247,432
+36% +$4.54M
XENE icon
12
PUT
Xenon Pharmaceuticals
XENE
$6.47B
$24.6M 2.03%
+549,700
New +$23.1M
XENE icon
13
Xenon Pharmaceuticals
XENE
$6.47B
$24.6M 2.03%
549,665
+105,100
+24% +$4.41M
MAZE
14
Maze Therapeutics
MAZE
$1.5B
$22.8M 1.88%
+550,191
New +$18.9M
RAPT
15
DELISTED
RAPT Therapeutics
RAPT
$21.8M 1.8%
+644,400
New +$20M
AVTX icon
16
Avalo Therapeutics
AVTX
$940M
$16M 1.32%
881,533
+48,200
+6% +$814K
ANIK icon
17
Anika Therapeutics
ANIK
$210M
$13.8M 1.14%
1,435,130
– –
INBX icon
18
CALL
Inhibrx
INBX
$1.31B
$11.8M 0.98%
+150,000
New +$10.2M
VOR icon
19
Vor Biopharma
VOR
$940M
$9.96M 0.82%
+925,067
New +$17.2M
IVA
20
Inventiva
IVA
$1.07B
$9.3M 0.77%
+2,000,000
New +$9.29M
VRCA icon
21
Verrica Pharmaceuticals
VRCA
$95.5M
$7.68M 0.63%
923,910
– –
AGIO icon
22
CALL
Agios Pharmaceuticals
AGIO
$2.3B
$2.45M 0.2%
+90,000
New +$3.16M
SPRB
23
Spruce Biosciences
SPRB
$122M
$1.79M 0.15%
+20,514
New +$2.2M
ELDN icon
24
Eledon Pharmaceuticals
ELDN
$296M
$840K 0.07%
+555,978
New +$1.32M
AGIO icon
25
Agios Pharmaceuticals
AGIO
$2.3B
– –
-1,131,205
Closed -$39.7M
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.