Filed: 2/17/2026ACC: 0001214659-26-002015
📋 What this filing means
TANG CAPITAL MANAGEMENT LLC filed this quarterly 13F‑HR report disclosing 75 equity positions with a total reported market value of $2.02B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
75
Positions
$2.02B
Total AUM (reported)
119.28M
Total Shares
Allocation by class
COM$1.41B69.9%
COM NEW$145.06M7.2%
SPON ADR$128.22M6.3%
ORD SHS CL A$93.22M4.6%
ADS$91.24M4.5%
SPONSORED ADS$44.74M2.2%
COM CL A$34.56M1.7%
Portfolio Concentration
Top 3$422.87M20.9%
4–10$648.17M32.0%
11–25$590.27M29.2%
Rest$363.05M17.9%
Top 3 weight
20.9%
Top 10 weight
52.9%
Voting Authority Distribution
Total shares with voting rights: 119.28M
Sole
Full voting authority
0.00
shares
% of voting shares0.0%
Shared
Joint voting authority
119.28M
shares
% of voting shares100.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole0
Shared0
Other75
Dominant voting typeShared · 100.0% of voting shares
Institutional Holdings75
Rows:
AURINIA PHARMACEUTICALS INC
OTRShares11.33M
TypeSH
Market value$180.71M
8.93%
Sole
0.00
Shared
11.33M
None
0.00
GALAPAGOS NV
OTRShares3.92M
TypeSH
Market value$128.22M
6.33%
Sole
0.00
Shared
3.92M
None
0.00
PTC THERAPEUTICS INC
OTRShares1.50M
TypeSH
Market value$113.94M
5.63%
Sole
0.00
Shared
1.50M
None
0.00
CELCUITY INC
OTRShares1.05M
TypeSH
Market value$104.73M
5.17%
Sole
0.00
Shared
1.05M
None
0.00
MIRUM PHARMACEUTICALS INC
OTRShares1.24M
TypeSH
Market value$97.63M
4.82%
Sole
0.00
Shared
1.24M
None
0.00
TARSUS PHARMACEUTICALS INC
OTRShares1.19M
TypeSH
Market value$97.32M
4.81%
Sole
0.00
Shared
1.19M
None
0.00
KINIKSA PHARMACEUTICALS INTL
OTRShares2.26M
TypeSH
Market value$93.22M
4.60%
Sole
0.00
Shared
2.26M
None
0.00
IMMUNOCORE HLDGS PLC
OTRShares2.63M
TypeSH
Market value$91.24M
4.51%
Sole
0.00
Shared
2.63M
None
0.00
COMPASS THERAPEUTICS INC
OTRShares16.79M
TypeSH
Market value$90.17M
4.45%
Sole
0.00
Shared
16.79M
None
0.00
KALVISTA PHARMACEUTICALS INC
OTRShares4.57M
TypeSH
Market value$73.86M
3.65%
Sole
0.00
Shared
4.57M
None
0.00
AVIDITY BIOSCIENCES INC
OTRShares900K
TypeSH
Market value$64.92M
3.21%
Sole
0.00
Shared
900K
None
0.00
ANAPTYSBIO INC
OTRShares1.33M
TypeSH
Market value$64.58M
3.19%
Sole
0.00
Shared
1.33M
None
0.00
SPYRE THERAPEUTICS INC
OTRShares1.89M
TypeSH
Market value$61.99M
3.06%
Sole
0.00
Shared
1.89M
None
0.00
VIRIDIAN THERAPEUTICS INC
OTRShares1.79M
TypeSH
Market value$55.79M
2.76%
Sole
0.00
Shared
1.79M
None
0.00
CAPRICOR THERAPEUTICS INC
OTRShares1.70M
TypeSH
Market value$49.06M
2.42%
Sole
0.00
Shared
1.70M
None
0.00
BIONTECH SE
OTRShares470K
TypeSH
Market value$44.74M
2.21%
Sole
0.00
Shared
470K
None
0.00
ANI PHARMACEUTICALS INC
OTRShares481.44K
TypeSH
Market value$38.00M
1.88%
Sole
0.00
Shared
481.44K
None
0.00
VERTEX PHARMACEUTICALS INC
OTRShares80K
TypeSH
Market value$36.27M
1.79%
Sole
0.00
Shared
80K
None
0.00
NUVATION BIO INC
OTRShares3.86M
TypeSH
Market value$34.56M
1.71%
Sole
0.00
Shared
3.86M
None
0.00
TRAVERE THERAPEUTICS INC
OTRShares700K
TypeSH
Market value$26.75M
1.32%
Sole
0.00
Shared
700K
None
0.00
VENTYX BIOSCIENCES INC
OTRShares2.81M
TypeSH
Market value$25.41M
1.26%
Sole
0.00
Shared
2.81M
None
0.00
NVIDIA CORPORATION
OTRShares127.79K
TypeSH
Market value$23.83M
1.18%
Sole
0.00
Shared
127.79K
None
0.00
PRECIGEN INC
OTRShares5.62M
TypeSH
Market value$23.48M
1.16%
Sole
0.00
Shared
5.62M
None
0.00
SPDR S&P 500 ETF TR
OTRShares30K
TypeSH
Market value$20.46M
1.01%
Sole
0.00
Shared
30K
None
0.00
MODERNA INC
OTRShares692.82K
TypeSH
Market value$20.43M
1.01%
Sole
0.00
Shared
692.82K
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
AURINIA PHARMACEUTICALS INCOTR | COM | 11.33M | SH | $180.71M 8.93% | 0.00 | 11.33M | 0.00 |
GALAPAGOS NVOTR | SPON ADR | 3.92M | SH | $128.22M 6.33% | 0.00 | 3.92M | 0.00 |
PTC THERAPEUTICS INCOTR | COM | 1.50M | SH | $113.94M 5.63% | 0.00 | 1.50M | 0.00 |
CELCUITY INCOTR | COM | 1.05M | SH | $104.73M 5.17% | 0.00 | 1.05M | 0.00 |
MIRUM PHARMACEUTICALS INCOTR | COM | 1.24M | SH | $97.63M 4.82% | 0.00 | 1.24M | 0.00 |
TARSUS PHARMACEUTICALS INCOTR | COM | 1.19M | SH | $97.32M 4.81% | 0.00 | 1.19M | 0.00 |
KINIKSA PHARMACEUTICALS INTLOTR | ORD SHS CL A | 2.26M | SH | $93.22M 4.60% | 0.00 | 2.26M | 0.00 |
IMMUNOCORE HLDGS PLCOTR | ADS | 2.63M | SH | $91.24M 4.51% | 0.00 | 2.63M | 0.00 |
COMPASS THERAPEUTICS INCOTR | COM | 16.79M | SH | $90.17M 4.45% | 0.00 | 16.79M | 0.00 |
KALVISTA PHARMACEUTICALS INCOTR | COM | 4.57M | SH | $73.86M 3.65% | 0.00 | 4.57M | 0.00 |
AVIDITY BIOSCIENCES INCOTR | COM | 900K | SH | $64.92M 3.21% | 0.00 | 900K | 0.00 |
ANAPTYSBIO INCOTR | COM | 1.33M | SH | $64.58M 3.19% | 0.00 | 1.33M | 0.00 |
SPYRE THERAPEUTICS INCOTR | COM NEW | 1.89M | SH | $61.99M 3.06% | 0.00 | 1.89M | 0.00 |
VIRIDIAN THERAPEUTICS INCOTR | COM | 1.79M | SH | $55.79M 2.76% | 0.00 | 1.79M | 0.00 |
CAPRICOR THERAPEUTICS INCOTR | COM NEW | 1.70M | SH | $49.06M 2.42% | 0.00 | 1.70M | 0.00 |
BIONTECH SEOTR | SPONSORED ADS | 470K | SH | $44.74M 2.21% | 0.00 | 470K | 0.00 |
ANI PHARMACEUTICALS INCOTR | COM | 481.44K | SH | $38.00M 1.88% | 0.00 | 481.44K | 0.00 |
VERTEX PHARMACEUTICALS INCOTR | COM | 80K | SH | $36.27M 1.79% | 0.00 | 80K | 0.00 |
NUVATION BIO INCOTR | COM CL A | 3.86M | SH | $34.56M 1.71% | 0.00 | 3.86M | 0.00 |
TRAVERE THERAPEUTICS INCOTR | COM | 700K | SH | $26.75M 1.32% | 0.00 | 700K | 0.00 |
VENTYX BIOSCIENCES INCOTR | COM | 2.81M | SH | $25.41M 1.26% | 0.00 | 2.81M | 0.00 |
NVIDIA CORPORATIONOTR | COM | 127.79K | SH | $23.83M 1.18% | 0.00 | 127.79K | 0.00 |
PRECIGEN INCOTR | COM | 5.62M | SH | $23.48M 1.16% | 0.00 | 5.62M | 0.00 |
SPDR S&P 500 ETF TROTR | TR UNIT | 30K | SH | $20.46M 1.01% | 0.00 | 30K | 0.00 |
MODERNA INCOTR | COM | 692.82K | SH | $20.43M 1.01% | 0.00 | 692.82K | 0.00 |
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