Caligan Partners LP — 13F Holdings & Portfolio
CIK 1727492 · latest 13F-HR filed 2026-05-15
Caligan Partners LP manages $1.50B in 13F-reported U.S. long-equity assets across 28 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are LQDA (20.39%), ABVX (10.83%), RVMD (10.70%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 8 new positions, exited 4, added to 10, and trimmed 5.
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.
$1.50B
Long-equity book
28
Distinct positions
2026-03-31
Filed 2026-05-15
+8 / −4 / ↑10 / ↓5
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- REVOLUTION MEDICINES INC$58.5M +57.2%
- XENON PHARMACEUTICALS INC$56.4M +228.8%
- VAXCYTE INC$41.1M +52.2%
- LIQUIDIA CORPORATION$26.4M +9.4%
- VOR BIOPHARMA INC$24.4M +244.7%
Top Trims
- ABIVAX SA-$33.0M -16.9%
- MINERALYS THERAPEUTICS INC-$25.5M -25.4%
- ADMA BIOLOGICS INC-$12.1M -22.0%
- MAZE THERAPEUTICS INC-$4.4M -19.5%
- VERRICA PHARMACEUTICALS INC-$2.8M -36.3%
New Positions
- SPYRE THERAPEUTICS INC$44.3M
- LB PHARMACEUTICALS INC$34.6M
- SAB BIOTHERAPEUTICS INC$30.5M
- OPUS GENETICS INC$27.6M
- MBX BIOSCIENCES INC$25.3M
Exited Positions
- INHIBRX BIOSCIENCES INC$25.6M
- RAPT THERAPEUTICS INC$21.8M
- SPRUCE BIOSCIENCES INC$1.8M
- ELEDON PHARMACEUTICALS INC$839.5K
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 | LIQUIDIA CORPORATION | LQDA | 53635D202 | $306.4M | 20.39% | 8,118,892 | SH |
| 2 | ABIVAX SA | ABVX | 00370M103 | $162.8M | 10.83% | 1,461,924 | SH |
| 3 | REVOLUTION MEDICINES INC | RVMD | 76155X100 | $160.7M | 10.70% | 1,652,808 | SH |
| 4 | VAXCYTE INC | PCVX | 92243G108 | $119.7M | 7.97% | 2,060,719 | SH |
| 5 | XENON PHARMACEUTICALS INC | XENE | 98420N105 | $81.0M | 5.39% | 1,393,027 | SH |
| 6 | MINERALYS THERAPEUTICS INC | MLYS | 603170101 | $75.1M | 5.00% | 2,772,654 | SH |
| 7 | EXELIXIS INC | EXEL | 30161Q104 | $66.6M | 4.43% | 1,553,262 | SH |
| 8 | CG ONCOLOGY INC Call | CGON | 156944100 | $60.9M | 4.05% | 900,000 | SH |
| 9 | TANGO THERAPEUTICS INC | TNGX | 87583X109 | $50.4M | 3.35% | 2,408,798 | SH |
| 10 | TYRA BIOSCIENCES INC | TYRA | 90240B106 | $48.9M | 3.25% | 1,276,968 | SH |
| 11 | SPYRE THERAPEUTICS INC | SYRE | 00773J202 | $44.3M | 2.95% | 878,127 | SH |
| 12 | ADMA BIOLOGICS INC | ADMA | 000899104 | $42.9M | 2.85% | 4,756,511 | SH |
| 13 | LB PHARMACEUTICALS INC | LBRX | 50180M108 | $34.6M | 2.30% | 1,438,070 | SH |
| 14 | VOR BIOPHARMA INC | VOR | 929033207 | $34.3M | 2.29% | 1,925,066 | SH |
| 15 | SAB BIOTHERAPEUTICS INC | SABS | 78397T202 | $30.5M | 2.03% | 7,967,207 | SH |
| 16 | OPUS GENETICS INC | IRD | 67577R102 | $27.6M | 1.84% | 6,075,028 | SH |
| 17 | INVENTIVA SA | IVA | 46124U107 | $27.6M | 1.84% | 4,974,906 | SH |
| 18 | MBX BIOSCIENCES INC | MBX | 55287L101 | $25.3M | 1.69% | 848,590 | SH |
| 19 | AVALO THERAPEUTICS INC | AVTX | 05338F306 | $24.4M | 1.62% | 1,635,023 | SH |
| 20 | REVOLUTION MEDICINES INC Call | RVMD | 76155X100 | $22.3M | 1.48% | 228,900 | SH |
| 21 | ANIKA THERAPEUTICS INC | ANIK | 035255108 | $20.8M | 1.38% | 1,435,130 | SH |
| 22 | MAZE THERAPEUTICS INC | MAZE | 578784100 | $18.4M | 1.22% | 614,962 | SH |
| 23 | VERRICA PHARMACEUTICALS INC | VRCA | 92511W207 | $4.9M | 0.33% | 923,910 | SH |
| 24 | SENSEI BIOTHERAPEUTICS INC | SNSE | 81728A207 | $4.0M | 0.26% | 126,002 | SH |
| 25 | AGIOS PHARMACEUTICALS INC Call | AGIO | 00847X104 | $3.0M | 0.20% | 90,000 | SH |
| 26 | ADMA BIOLOGICS INC Call | ADMA | 000899104 | $2.7M | 0.18% | 300,000 | SH |
| 27 | AURA BIOSCIENCES INC | AURA | 05153U107 | $1.5M | 0.10% | 229,864 | SH |
| 28 | XILIO THERAPEUTICS INC | XLO | 98422T209 | $943.0K | 0.06% | 112,128 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-15 | $1.50B | 28 | 0001420506-26-001039 |
| 2025-12-31 | 2026-02-17 | $1.21B | 24 | 0001420506-26-000584 |
| 2025-09-30 | 2025-11-14 | $763.5M | 18 | 0001420506-25-003441 |