Filed: 11/14/2025ACC: 0001214659-25-016677
📋 What this filing means
TANG CAPITAL MANAGEMENT LLC filed this quarterly 13F‑HR report disclosing 194 equity positions with a total reported market value of $2.60B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
194
Positions
$2.60B
Total AUM (reported)
228.38M
Total Shares
Allocation by class
COM$1.77B68.0%
COM NEW$151.86M5.8%
SPON ADR$143.80M5.5%
ORD SHS CL A$90.42M3.5%
SPONSORED ADS$89.79M3.5%
ADS$83.76M3.2%
CL A$58.33M2.2%
Portfolio Concentration
Top 3$414.88M16.0%
4–10$538.45M20.7%
11–25$608.29M23.4%
Rest$1.04B39.9%
Top 3 weight
16.0%
Top 10 weight
36.7%
Voting Authority Distribution
Total shares with voting rights: 228.38M
Sole
Full voting authority
0.00
shares
% of voting shares0.0%
Shared
Joint voting authority
228.38M
shares
% of voting shares100.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole0
Shared0
Other194
Dominant voting typeShared · 100.0% of voting shares
Institutional Holdings194
Rows:
TARSUS PHARMACEUTICALS INC
OTRShares2.45M
TypeSH
Market value$145.89M
5.62%
Sole
0.00
Shared
2.45M
None
0.00
GALAPAGOS NV
OTRShares4.15M
TypeSH
Market value$143.80M
5.54%
Sole
0.00
Shared
4.15M
None
0.00
AURINIA PHARMACEUTICALS INC
OTRShares11.33M
TypeSH
Market value$125.19M
4.82%
Sole
0.00
Shared
11.33M
None
0.00
PTC THERAPEUTICS INC
OTRShares1.50M
TypeSH
Market value$92.06M
3.54%
Sole
0.00
Shared
1.50M
None
0.00
MIRUM PHARMACEUTICALS INC
OTRShares1.24M
TypeSH
Market value$90.61M
3.49%
Sole
0.00
Shared
1.24M
None
0.00
KINIKSA PHARMACEUTICALS INTL
OTRShares2.33M
TypeSH
Market value$90.42M
3.48%
Sole
0.00
Shared
2.33M
None
0.00
IMMUNOCORE HLDGS PLC
OTRShares2.31M
TypeSH
Market value$83.76M
3.22%
Sole
0.00
Shared
2.31M
None
0.00
KALVISTA PHARMACEUTICALS INC
OTRShares5.04M
TypeSH
Market value$61.41M
2.36%
Sole
0.00
Shared
5.04M
None
0.00
VIRIDIAN THERAPEUTICS INC
OTRShares2.84M
TypeSH
Market value$61.35M
2.36%
Sole
0.00
Shared
2.84M
None
0.00
COMPASS THERAPEUTICS INC
OTRShares16.81M
TypeSH
Market value$58.84M
2.27%
Sole
0.00
Shared
16.81M
None
0.00
CELCUITY INC
OTRShares1.15M
TypeSH
Market value$56.81M
2.19%
Sole
0.00
Shared
1.15M
None
0.00
MERUS N V
OTRShares600K
TypeSH
Market value$56.49M
2.17%
Sole
0.00
Shared
600K
None
0.00
SPYRE THERAPEUTICS INC
OTRShares3.20M
TypeSH
Market value$53.63M
2.06%
Sole
0.00
Shared
3.20M
None
0.00
RELAY THERAPEUTICS INC
OTRShares8.07M
TypeSH
Market value$42.12M
1.62%
Sole
0.00
Shared
8.07M
None
0.00
LENZ THERAPEUTICS INC
OTRShares897.62K
TypeSH
Market value$41.81M
1.61%
Sole
0.00
Shared
897.62K
None
0.00
ANAPTYSBIO INC
OTRShares1.33M
TypeSH
Market value$40.84M
1.57%
Sole
0.00
Shared
1.33M
None
0.00
PRECIGEN INC
OTRShares12.40M
TypeSH
Market value$40.80M
1.57%
Sole
0.00
Shared
12.40M
None
0.00
VERA THERAPEUTICS INC CL A
OTRShares1.35M
TypeSH
Market value$39.23M
1.51%
Sole
0.00
Shared
1.35M
None
0.00
NIKE INC
OTRShares519.40K
TypeSH
Market value$36.22M
1.39%
Sole
0.00
Shared
519.40K
None
0.00
IONIS PHARMACEUTICALS INC
OTRShares550K
TypeSH
Market value$35.98M
1.39%
Sole
0.00
Shared
550K
None
0.00
CYTOMX THERAPEUTICS INC
OTRShares11.07M
TypeSH
Market value$35.30M
1.36%
Sole
0.00
Shared
11.07M
None
0.00
EVOLUS INC
OTRShares5.49M
TypeSH
Market value$33.70M
1.30%
Sole
0.00
Shared
5.49M
None
0.00
AVADEL PHARMACEUTICALS PLC
OTRShares2.10M
TypeSH
Market value$32.03M
1.23%
Sole
0.00
Shared
2.10M
None
0.00
ACADIA PHARMACEUTICALS INC
OTRShares1.50M
TypeSH
Market value$32.01M
1.23%
Sole
0.00
Shared
1.50M
None
0.00
VERTEX PHARMACEUTICALS INC
OTRShares80K
TypeSH
Market value$31.33M
1.21%
Sole
0.00
Shared
80K
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
TARSUS PHARMACEUTICALS INCOTR | COM | 2.45M | SH | $145.89M 5.62% | 0.00 | 2.45M | 0.00 |
GALAPAGOS NVOTR | SPON ADR | 4.15M | SH | $143.80M 5.54% | 0.00 | 4.15M | 0.00 |
AURINIA PHARMACEUTICALS INCOTR | COM | 11.33M | SH | $125.19M 4.82% | 0.00 | 11.33M | 0.00 |
PTC THERAPEUTICS INCOTR | COM | 1.50M | SH | $92.06M 3.54% | 0.00 | 1.50M | 0.00 |
MIRUM PHARMACEUTICALS INCOTR | COM | 1.24M | SH | $90.61M 3.49% | 0.00 | 1.24M | 0.00 |
KINIKSA PHARMACEUTICALS INTLOTR | ORD SHS CL A | 2.33M | SH | $90.42M 3.48% | 0.00 | 2.33M | 0.00 |
IMMUNOCORE HLDGS PLCOTR | ADS | 2.31M | SH | $83.76M 3.22% | 0.00 | 2.31M | 0.00 |
KALVISTA PHARMACEUTICALS INCOTR | COM | 5.04M | SH | $61.41M 2.36% | 0.00 | 5.04M | 0.00 |
VIRIDIAN THERAPEUTICS INCOTR | COM | 2.84M | SH | $61.35M 2.36% | 0.00 | 2.84M | 0.00 |
COMPASS THERAPEUTICS INCOTR | COM | 16.81M | SH | $58.84M 2.27% | 0.00 | 16.81M | 0.00 |
CELCUITY INCOTR | COM | 1.15M | SH | $56.81M 2.19% | 0.00 | 1.15M | 0.00 |
MERUS N VOTR | COM | 600K | SH | $56.49M 2.17% | 0.00 | 600K | 0.00 |
SPYRE THERAPEUTICS INCOTR | COM NEW | 3.20M | SH | $53.63M 2.06% | 0.00 | 3.20M | 0.00 |
RELAY THERAPEUTICS INCOTR | COM | 8.07M | SH | $42.12M 1.62% | 0.00 | 8.07M | 0.00 |
LENZ THERAPEUTICS INCOTR | COM | 897.62K | SH | $41.81M 1.61% | 0.00 | 897.62K | 0.00 |
ANAPTYSBIO INCOTR | COM | 1.33M | SH | $40.84M 1.57% | 0.00 | 1.33M | 0.00 |
PRECIGEN INCOTR | COM | 12.40M | SH | $40.80M 1.57% | 0.00 | 12.40M | 0.00 |
VERA THERAPEUTICS INC CL AOTR | CL A | 1.35M | SH | $39.23M 1.51% | 0.00 | 1.35M | 0.00 |
NIKE INCOTR | CL B | 519.40K | SH | $36.22M 1.39% | 0.00 | 519.40K | 0.00 |
IONIS PHARMACEUTICALS INCOTR | COM | 550K | SH | $35.98M 1.39% | 0.00 | 550K | 0.00 |
CYTOMX THERAPEUTICS INCOTR | COM | 11.07M | SH | $35.30M 1.36% | 0.00 | 11.07M | 0.00 |
EVOLUS INCOTR | COM | 5.49M | SH | $33.70M 1.30% | 0.00 | 5.49M | 0.00 |
AVADEL PHARMACEUTICALS PLCOTR | COM SHS | 2.10M | SH | $32.03M 1.23% | 0.00 | 2.10M | 0.00 |
ACADIA PHARMACEUTICALS INCOTR | COM | 1.50M | SH | $32.01M 1.23% | 0.00 | 1.50M | 0.00 |
VERTEX PHARMACEUTICALS INCOTR | COM | 80K | SH | $31.33M 1.21% | 0.00 | 80K | 0.00 |
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