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TANG CAPITAL MANAGEMENT LLC — 13F Holdings & Portfolio

CIK 1232621 · latest 13F-HR filed 2026-08-14

Backtest portfolio

TANG CAPITAL MANAGEMENT LLC manages $2.20B in 13F-reported U.S. long-equity assets across 41 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are AUPH (10.05%), SYRE (7.63%), MIRM (6.57%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 5 new positions and exited 15; 19 existing positions rose in reported value and 11 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$2.20B

Long-equity book

Holdings
41

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+5 / −15 / ↑19 / ↓11

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
AUPH10.1% · +7%SYRE7.6% · 0%MIRM6.6% · 0%KNSA6.6% · 0%CELC6.2% · +25%CORT5.9% · 0%PTCT5.6% · 0%LKFT5.2% · newCAPR4.5% · +21%TARS4.5% · +32%SPY4.2% · -27%ANAB4.1% · 0%IMCR3.8% · 0%CMPS3.2% · +25%ANIP2.7% · 0%BNTX2.0% · 0%CMPX1.8% · +7%PGEN1.7% · 0%VRDN1.5% · 0%NVCT1.3% · newDNTH1.2% · 0%FULC1.1% · newAVIR1.0% · 0%CBIO0.9% · 0%NNDM0.9% · newVKTX0.9% · 0%NUVB0.9% · +5%IDYA0.8% · 0%GOSSAMER BIO0.5% · newDERM0.5% · 0%INSM0.5% · -62%STOK0.4% · -40%PLRX0.3% · -0%BOLD0.3% · newPMVP0.3% · 0%MRNA0.2% · -50%WVE0.2% · 0%HRTX0.1% · 0%LENZ0.1% · 0%ALT0.1% · 0%RCKT0.0% · 0%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 62.7%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

Name Title / Status Ownership Type

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

TANG CAPITAL MANAGEMENT LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 AURINIA PHARMACEUTICALS INC AUPH 05156V102 $221.4M 10.05% 13,044,106 SH
2 SPYRE THERAPEUTICS INC SYRE 00773J202 $168.0M 7.63% 1,892,200 SH
3 MIRUM PHARMACEUTICALS INC MIRM 604749101 $144.7M 6.57% 1,236,027 SH
4 KINIKSA PHARMACEUTICALS INTL KNSA G52694109 $144.5M 6.56% 2,259,889 SH
5 CELCUITY INC CELC 15102K100 $137.5M 6.25% 1,314,594 SH
6 CORCEPT THERAPEUTICS INC CORT 218352102 $130.4M 5.92% 1,500,000 SH
7 PTC THERAPEUTICS INC PTCT 69366J200 $122.4M 5.56% 1,500,000 SH
8 LAKEFRONT BIOTHERAPEUTICS NV LKFT 36315X101 $113.5M 5.16% 3,785,991 SH
9 CAPRICOR THERAPEUTICS INC CAPR 14070B309 $98.7M 4.48% 4,099,900 SH
10 TARSUS PHARMACEUTICALS INC TARS 87650L103 $98.7M 4.48% 1,568,266 SH
11 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $91.9M 4.17% 123,000 SH
12 ANAPTYSBIO INC ANAB 032724106 $89.8M 4.08% 1,330,879 SH
13 IMMUNOCORE HLDGS PLC IMCR 45258D105 $84.1M 3.82% 2,649,368 SH
14 COMPASS PATHWAYS PLC CMPS 20451W101 $70.8M 3.21% 5,000,000 SH
15 ANI PHARMACEUTICALS INC ANIP 00182C103 $58.6M 2.66% 707,500 SH
16 BIONTECH SE BNTX 09075V102 $43.7M 1.99% 470,000 SH
17 COMPASS THERAPEUTICS INC CMPX 20454B104 $39.4M 1.79% 17,990,782 SH
18 PRECIGEN INC PGEN 74017N105 $36.6M 1.66% 6,417,500 SH
19 VIRIDIAN THERAPEUTICS INC VRDN 92790C104 $32.9M 1.50% 1,792,626 SH
20 NUVECTIS PHARMA INC NVCT 67080T108 $28.5M 1.29% 1,550,000 SH
21 DIANTHUS THERAPEUTICS INC DNTH 252828108 $25.8M 1.17% 264,692 SH
22 FULCRUM THERAPEUTICS INC FULC 359616109 $23.9M 1.08% 6,521,412 SH
23 ATEA PHARMACEUTICALS INC AVIR 04683R106 $22.4M 1.02% 4,814,700 SH
24 CRESCENT BIOPHARMA INC. CBIO G2545C104 $20.9M 0.95% 1,160,000 SH
25 NANO DIMENSION LTD NNDM 63008G203 $20.7M 0.94% 14,292,813 SH
26 VIKING THERAPEUTICS INC VKTX 92686J106 $19.5M 0.89% 500,000 SH
27 NUVATION BIO INC NUVB 67080N101 $18.7M 0.85% 3,299,557 SH
28 IDEAYA BIOSCIENCES INC IDYA 45166A102 $16.8M 0.76% 450,000 SH
29 GOSSAMER BIO INC — 38341PAA0 $11.5M 0.52% 17,841,000 PRN
30 JOURNEY MED CORP DERM 48115J109 $11.4M 0.52% 1,610,000 SH
31 INSMED INC INSM 457669307 $10.7M 0.48% 100,000 SH
32 STOKE THERAPEUTICS INC STOK 86150R107 $9.8M 0.45% 300,000 SH
33 PLIANT THERAPEUTICS INC PLRX 729139105 $7.0M 0.32% 6,141,261 SH
34 BOUNDLESS BIO INC BOLD 10170A100 $6.4M 0.29% 2,559,875 SH
35 PMV PHARMACEUTICALS INC PMVP 69353Y103 $5.7M 0.26% 4,245,085 SH
36 MODERNA INC MRNA 60770K107 $3.5M 0.16% 50,000 SH
37 WAVE LIFE SCIENCES LTD WVE Y95308105 $3.5M 0.16% 600,000 SH
38 HERON THERAPEUTICS INC HRTX 427746102 $2.7M 0.12% 6,250,000 SH
39 LENZ THERAPEUTICS INC LENZ 52635N103 $2.6M 0.12% 451,114 SH
40 ALTIMMUNE INC ALT 02155H200 $2.0M 0.09% 666,022 SH
41 ROCKET PHARMACEUTICALS INC RCKT 77313F106 $342.0K 0.02% 100,000 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $2.20B 41 0001214659-26-010416
2026-03-31 2026-05-15 $1.97B 51 0001214659-26-006493
2025-12-31 2026-02-17 $2.02B 75 0001214659-26-002015
2025-09-30 2025-11-14 $2.60B 194 0001214659-25-016677
Filer Information
Address
4747 EXECUTIVE DRIVE
SUITE 210
SAN DIEGO, CA 92121
Phone
(858) 200-3830
Filing Manager
TANG CAPITAL MANAGEMENT LLC
SAN DIEGO, CA
Signatory
Kevin Tang
Manager