# TANG CAPITAL MANAGEMENT LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1232621. Source: https://holderbook.com/funds/1232621-tang-capital-management-llc/

- Reported value: $2.2B
- Positions: 41
- Weight of the ten largest: 62.7%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AURINIA PHARMACEUTICALS INC | [AUPH](https://holderbook.com/stocks/AUPH/) | $221.4M | 13,044,106 | 10.1% | 13 |
| SPYRE THERAPEUTICS INC | [SYRE](https://holderbook.com/stocks/SYRE/) | $168.0M | 1,892,200 | 7.6% | 6 |
| MIRUM PHARMACEUTICALS INC | [MIRM](https://holderbook.com/stocks/MIRM/) | $144.7M | 1,236,027 | 6.6% | 17 |
| KINIKSA PHARMACEUTICALS INTL | [KNSA](https://holderbook.com/stocks/KNSA/) | $144.5M | 2,259,889 | 6.6% | 9 |
| CELCUITY INC | [CELC](https://holderbook.com/stocks/CELC/) | $137.5M | 1,314,594 | 6.2% | 4 |
| CORCEPT THERAPEUTICS INC | [CORT](https://holderbook.com/stocks/CORT/) | $130.4M | 1,500,000 | 5.9% | 3 |
| PTC THERAPEUTICS INC | [PTCT](https://holderbook.com/stocks/PTCT/) | $122.4M | 1,500,000 | 5.6% | 11 |
| LAKEFRONT BIOTHERAPEUTICS NV | [LKFT](https://holderbook.com/stocks/LKFT/) | $113.5M | 3,785,991 | 5.2% | 9 |
| CAPRICOR THERAPEUTICS INC | [CAPR](https://holderbook.com/stocks/CAPR/) | $98.7M | 4,099,900 | 4.5% | 3 |
| TARSUS PHARMACEUTICALS INC | [TARS](https://holderbook.com/stocks/TARS/) | $98.7M | 1,568,266 | 4.5% | 18 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $91.9M | 123,000 | 4.2% | 3 |
| ANAPTYSBIO INC | [ANAB](https://holderbook.com/stocks/ANAB/) | $89.8M | 1,330,879 | 4.1% | 27 |
| IMMUNOCORE HLDGS PLC | [IMCR](https://holderbook.com/stocks/IMCR/) | $84.1M | 2,649,368 | 3.8% | 18 |
| COMPASS PATHWAYS PLC | [CMPS](https://holderbook.com/stocks/CMPS/) | $70.8M | 5,000,000 | 3.2% | 2 |
| ANI PHARMACEUTICALS INC | [ANIP](https://holderbook.com/stocks/ANIP/) | $58.6M | 707,500 | 2.7% | 10 |
| BIONTECH SE | [BNTX](https://holderbook.com/stocks/BNTX/) | $43.7M | 470,000 | 2.0% | 8 |
| COMPASS THERAPEUTICS INC | [CMPX](https://holderbook.com/stocks/CMPX/) | $39.4M | 17,990,782 | 1.8% | 8 |
| PRECIGEN INC | [PGEN](https://holderbook.com/stocks/PGEN/) | $36.6M | 6,417,500 | 1.7% | 4 |
| VIRIDIAN THERAPEUTICS INC | [VRDN](https://holderbook.com/stocks/VRDN/) | $32.9M | 1,792,626 | 1.5% | 17 |
| NUVECTIS PHARMA INC | [NVCT](https://holderbook.com/stocks/NVCT/) | $28.5M | 1,550,000 | 1.3% | 1 |
| DIANTHUS THERAPEUTICS INC | [DNTH](https://holderbook.com/stocks/DNTH/) | $25.8M | 264,692 | 1.2% | 12 |
| FULCRUM THERAPEUTICS INC | [FULC](https://holderbook.com/stocks/FULC/) | $23.9M | 6,521,412 | 1.1% | 1 |
| ATEA PHARMACEUTICALS INC | [AVIR](https://holderbook.com/stocks/AVIR/) | $22.4M | 4,814,700 | 1.0% | 14 |
| CRESCENT BIOPHARMA INC. | [CBIO](https://holderbook.com/stocks/CBIO/) | $20.9M | 1,160,000 | 0.9% | 5 |
| NANO DIMENSION LTD | [NNDM](https://holderbook.com/stocks/NNDM/) | $20.7M | 14,292,813 | 0.9% | 1 |
| VIKING THERAPEUTICS INC | [VKTX](https://holderbook.com/stocks/VKTX/) | $19.5M | 500,000 | 0.9% | 10 |
| NUVATION BIO INC | [NUVB](https://holderbook.com/stocks/NUVB/) | $18.7M | 3,299,557 | 0.9% | 11 |
| IDEAYA BIOSCIENCES INC | [IDYA](https://holderbook.com/stocks/IDYA/) | $16.8M | 450,000 | 0.8% | 4 |
| GOSSAMER BIO INC | - | $11.5M | 17,841,000 | 0.5% | 1 |
| JOURNEY MED CORP | [DERM](https://holderbook.com/stocks/DERM/) | $11.4M | 1,610,000 | 0.5% | 7 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $10.7M | 100,000 | 0.5% | 9 |
| STOKE THERAPEUTICS INC | [STOK](https://holderbook.com/stocks/STOK/) | $9.8M | 300,000 | 0.4% | 7 |
| PLIANT THERAPEUTICS INC | [PLRX](https://holderbook.com/stocks/PLRX/) | $7.0M | 6,141,261 | 0.3% | 6 |
| BOUNDLESS BIO INC | [BOLD](https://holderbook.com/stocks/BOLD/) | $6.4M | 2,559,875 | 0.3% | 1 |
| PMV PHARMACEUTICALS INC | [PMVP](https://holderbook.com/stocks/PMVP/) | $5.7M | 4,245,085 | 0.3% | 4 |
| MODERNA INC | [MRNA](https://holderbook.com/stocks/MRNA/) | $3.5M | 50,000 | 0.2% | 7 |
| WAVE LIFE SCIENCES LTD | [WVE](https://holderbook.com/stocks/WVE/) | $3.5M | 600,000 | 0.2% | 3 |
| HERON THERAPEUTICS INC | [HRTX](https://holderbook.com/stocks/HRTX/) | $2.7M | 6,250,000 | 0.1% | 21 |
| LENZ THERAPEUTICS INC | [LENZ](https://holderbook.com/stocks/LENZ/) | $2.6M | 451,114 | 0.1% | 10 |
| ALTIMMUNE INC | [ALT](https://holderbook.com/stocks/ALT/) | $2.0M | 666,022 | 0.1% | 21 |
| ROCKET PHARMACEUTICALS INC | [RCKT](https://holderbook.com/stocks/RCKT/) | $342.0K | 100,000 | 0.0% | 12 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.7% | +14.8% | -1.1% | 95% |
| Q1 2026 | +1.6% | -4.6% | +6.2% | 95% |
| Q4 2025 | +25.4% | +2.4% | +23.1% | 100% |
| Q3 2025 | +23.1% | +7.8% | +15.3% | 97% |
| Q2 2025 | +2.7% | +10.5% | -7.7% | 98% |
| Q1 2025 | -8.2% | -4.6% | -3.7% | 99% |
| Q4 2024 | -8.5% | +2.1% | -10.6% | 99% |
| Q3 2024 | +11.1% | +5.4% | +5.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.2B | 41 |
| Q1 2026 | $2.0B | 51 |
| Q4 2025 | $2.0B | 75 |
| Q3 2025 | $2.6B | 194 |
| Q2 2025 | $2.0B | 200 |
| Q1 2025 | $1.8B | 202 |
| Q4 2024 | $1.5B | 183 |
| Q3 2024 | $1.4B | 154 |
| Q2 2024 | $981.9M | 128 |
| Q1 2024 | $960.4M | 99 |
| Q4 2023 | $1.1B | 123 |
| Q3 2023 | $708.7M | 106 |