TANG CAPITAL MANAGEMENT LLC
CIK 1232621 · Holdings on Dec 31, 2025 · First reported Feb 17, 2026
Top ten holdings
Q4 2025- AUPH8.93%
- LKFT6.33%
- PTCT5.63%
- CELC5.17%
- MIRM4.82%
- TARS4.81%
- KNSA4.60%
- IMCR4.51%
- CMPX4.45%
- KALV3.65%
Share classes counted separately52.90%
Portfolio value by quarter
What changed this quarter?
Within preview · weight change- AUPHWeight increased · +4.11 pp4.82% → 8.93%Shares 0 (0.00%)
- CELCWeight increased · +2.98 pp2.19% → 5.17%Shares -100.00K (-8.70%)
- CMPXWeight increased · +2.18 pp2.27% → 4.45%Shares -21.15K (-0.13%)
Weight = security value ÷ total reported holdings value. Changes are in percentage points; price moves also affect weights, so they are not trade sizes.
Top 10 holdings 30
USD · B = billion · M = million; expand a row for exact values| # | Security | Value | Weight | Quantity | Weight / quantity change | Activity | |
|---|---|---|---|---|---|---|---|
| 01 | AUPHAURINIA PHARMACEUTICALS INC View history and evidence | $180.71M | 8.93% | 11.33M shares | 4.82% → 8.93%+4.11 pp 0 (0.00%) | Unchanged | ↗▾ |
| 02 | LKFTLAKEFRONT BIOTHERAPEUTIC-ADRSPON ADR View history and evidence | $128.22M | 6.33% | 3.92M shares | 5.54% → 6.33%+0.79 pp -229.97K (-5.54%) | Reduced | ↗▾ |
| 03 | PTCTPTC THERAPEUTICS INC View history and evidence | $113.94M | 5.63% | 1.50M shares | 3.54% → 5.63%+2.09 pp 0 (0.00%) | Unchanged | ↗▾ |
| 04 | CELCCELCUITY INC View history and evidence | $104.73M | 5.17% | 1.05M shares | 2.19% → 5.17%+2.98 pp -100.00K (-8.70%) | Reduced | ↗▾ |
| 05 | MIRMMIRUM PHARMACEUTICALS INC View history and evidence | $97.63M | 4.82% | 1.24M shares | 3.49% → 4.82%+1.33 pp 0 (0.00%) | Unchanged | ↗▾ |
| 06 | TARSTARSUS PHARMACEUTICALS INC View history and evidence | $97.32M | 4.81% | 1.19M shares | 5.62% → 4.81%-0.81 pp -1.27M (-51.58%) | Reduced | ↗▾ |
| 07 | KNSAKINIKSA PHARMACEUTICALS INTEORD SHS CL A View history and evidence | $93.22M | 4.60% | 2.26M shares | 3.48% → 4.60%+1.12 pp -68.72K (-2.95%) | Reduced | ↗▾ |
| 08 | IMCRIMMUNOCORE HOLDINGS PLC-ADRADS View history and evidence | $91.24M | 4.51% | 2.63M shares | 3.22% → 4.51%+1.29 pp +322.93K (+14.01%) | Added | ↗▾ |
| 09 | CMPXCOMPASS THERAPEUTICS INC View history and evidence | $90.17M | 4.45% | 16.79M shares | 2.27% → 4.45%+2.18 pp -21.15K (-0.13%) | Reduced | ↗▾ |
| 10 | KALVKALVISTA PHARMACEUTICALS INC View history and evidence | $73.86M | 3.65% | 4.57M shares | 2.36% → 3.65%+1.29 pp -468.27K (-9.29%) | Reduced | ↗▾ |
Options overlay 0
No options reported this quarter.
Exited positions 127
| Security | Type | Shares out | Value out | Previous filing | This filing |
|---|---|---|---|---|---|
| MRUS MERUS NV | Non-derivative | -600,000 | -$56.49M | SEC filing ↗ | SEC filing ↗ |
| RLAY RELAY THERAPEUTICS INC | Non-derivative | -8,068,058 | -$42.12M | SEC filing ↗ | SEC filing ↗ |
| VERA VERA THERAPEUTICS INC | Non-derivative | -1,350,000 | -$39.23M | SEC filing ↗ | SEC filing ↗ |
3 / 127 preview exits. Up to 30 exit records are previewed. Exit means absent from the current filing; execution date, price and proceeds are unknown.
Every number has a source.
CIK 1232621 · Period 2025-12-31
Data loaded 2026-09-23 · First reported 2026-02-17
Amendments and versions
{
"amendments_merged": null,
"prior_versions": null,
"cover_table_value": 2024360609
}Research all 75 reported holdings.
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