# SPHERA FUNDS MANAGEMENT LTD.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1496201. Source: https://holderbook.com/funds/1496201-sphera-funds-management-ltd/

- Reported value: $766.5M
- Positions: 101
- Weight of the ten largest: 38.0%
- 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 |
|---|---|---|---|---|---|
| TEVA PHARMACEUTICAL INDS LTD | [TEVA](https://holderbook.com/stocks/TEVA/) | $50.8M | 1,500,082 | 6.6% | 14 |
| BIOGEN INC | [BIIB](https://holderbook.com/stocks/BIIB/) | $42.5M | 96,626 | 5.5% | 16 |
| MINERALYS THERAPEUTICS INC | [MLYS](https://holderbook.com/stocks/MLYS/) | $39.7M | 1,469,971 | 5.2% | 14 |
| TOWER SEMICONDUCTOR LTD | [TSEM](https://holderbook.com/stocks/TSEM/) | $28.2M | 108,265 | 3.7% | 13 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $27.3M | 219,987 | 3.6% | 12 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $23.7M | 0 | 3.1% | 3 |
| SYNDAX PHARMACEUTICALS INC | [SNDX](https://holderbook.com/stocks/SNDX/) | $22.2M | 1,014,606 | 2.9% | 26 |
| ULTRAGENYX PHARMACEUTICAL IN | [RARE](https://holderbook.com/stocks/RARE/) | $19.6M | 588,494 | 2.6% | 16 |
| BIOMARIN PHARMACEUTICAL INC | [BMRN](https://holderbook.com/stocks/BMRN/) | $18.8M | 328,550 | 2.5% | 3 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $18.3M | 245,346 | 2.4% | 14 |
| COGENT BIOSCIENCES INC | [COGT](https://holderbook.com/stocks/COGT/) | $17.8M | 459,340 | 2.3% | 6 |
| NOVA LTD | [NVMI](https://holderbook.com/stocks/NVMI/) | $13.7M | 25,169 | 1.8% | 8 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $12.7M | 118,800 | 1.7% | 1 |
| MAZE THERAPEUTICS INC | [MAZE](https://holderbook.com/stocks/MAZE/) | $12.5M | 417,564 | 1.6% | 6 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $11.9M | 62,530 | 1.5% | 2 |
| SANOFI SA | [SNY](https://holderbook.com/stocks/SNY/) | $11.5M | 269,515 | 1.5% | 22 |
| CYBIN INC | [HELP](https://holderbook.com/stocks/HELP/) | $10.7M | 1,620,753 | 1.4% | 8 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $9.6M | 8,040 | 1.3% | 25 |
| MADRIGAL PHARMACEUTICALS INC | [MDGL](https://holderbook.com/stocks/MDGL/) | $9.4M | 17,419 | 1.2% | 3 |
| TREVI THERAPEUTICS INC | [TRVI](https://holderbook.com/stocks/TRVI/) | $9.3M | 499,029 | 1.2% | 5 |
| ORIC PHARMACEUTICALS INC | [ORIC](https://holderbook.com/stocks/ORIC/) | $9.2M | 752,983 | 1.2% | 8 |
| ACADIA PHARMACEUTICALS INC | [ACAD](https://holderbook.com/stocks/ACAD/) | $9.0M | 356,534 | 1.2% | 5 |
| CELLDEX THERAPEUTICS INC NEW | [CLDX](https://holderbook.com/stocks/CLDX/) | $9.0M | 240,868 | 1.2% | 13 |
| RHYTHM PHARMACEUTICALS INC | [RYTM](https://holderbook.com/stocks/RYTM/) | $8.9M | 80,400 | 1.2% | 1 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $8.0M | 18,470 | 1.0% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $8.0M | 11,040 | 1.0% | 1 |
| TANGO THERAPEUTICS INC | [TNGX](https://holderbook.com/stocks/TNGX/) | $7.9M | 254,250 | 1.0% | 3 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $7.8M | 50,000 | 1.0% | 14 |
| SOLAREDGE TECHNOLOGIES INC | - | $7.7M | 4,000,000 | 1.0% | 4 |
| VOR BIOPHARMA INC | [VOR](https://holderbook.com/stocks/VOR/) | $7.7M | 416,417 | 1.0% | 3 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $7.6M | 30,256 | 1.0% | 26 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $7.5M | 58,600 | 1.0% | 19 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $7.3M | 28,831 | 1.0% | 30 |
| IDEAYA BIOSCIENCES INC | [IDYA](https://holderbook.com/stocks/IDYA/) | $7.3M | 196,408 | 1.0% | 1 |
| IMMATICS N.V | [IMTX](https://holderbook.com/stocks/IMTX/) | $7.3M | 720,057 | 1.0% | 20 |
| NUVECTIS PHARMA INC | [NVCT](https://holderbook.com/stocks/NVCT/) | $7.0M | 382,945 | 0.9% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $6.9M | 286,000 | 0.9% | 14 |
| HARMONY BIOSCIENCES HLDGS IN | [HRMY](https://holderbook.com/stocks/HRMY/) | $6.4M | 176,663 | 0.8% | 1 |
| XENON PHARMACEUTICALS INC | [XENE](https://holderbook.com/stocks/XENE/) | $6.3M | 105,000 | 0.8% | 2 |
| CLIMB BIO INC | [CLYM](https://holderbook.com/stocks/CLYM/) | $6.3M | 483,747 | 0.8% | 9 |
| ZENAS BIOPHARMA INC | [ZBIO](https://holderbook.com/stocks/ZBIO/) | $5.9M | 230,834 | 0.8% | 2 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $5.8M | 120,677 | 0.8% | 18 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $5.7M | 112,765 | 0.7% | 6 |
| PRELUDE THERAPEUTICS INC | [PRLD](https://holderbook.com/stocks/PRLD/) | $5.4M | 1,019,832 | 0.7% | 3 |
| GSK PLC | [GSK](https://holderbook.com/stocks/GSK/) | $5.3M | 102,000 | 0.7% | 13 |
| FORTE BIOSCIENCES INC | [FBRX](https://holderbook.com/stocks/FBRX/) | $5.3M | 249,693 | 0.7% | 5 |
| BIOAGE LABS INC | [BIOA](https://holderbook.com/stocks/BIOA/) | $5.2M | 213,671 | 0.7% | 3 |
| SCHOLAR ROCK HLDG CORP | [SRRK](https://holderbook.com/stocks/SRRK/) | $5.2M | 94,265 | 0.7% | 3 |
| SATELLOS BIOSCIENCE INC | [MSLE](https://holderbook.com/stocks/MSLE/) | $5.1M | 652,590 | 0.7% | 2 |
| PALISADE BIO INC | [PALI](https://holderbook.com/stocks/PALI/) | $4.7M | 2,257,106 | 0.6% | 3 |
| ELEDON PHARMACEUTICALS INC | [ELDN](https://holderbook.com/stocks/ELDN/) | $4.7M | 1,191,187 | 0.6% | 9 |
| VISTRA CORP | [VST](https://holderbook.com/stocks/VST/) | $4.7M | 29,450 | 0.6% | 1 |
| TALEN ENERGY CORP | [TLN](https://holderbook.com/stocks/TLN/) | $4.7M | 12,135 | 0.6% | 1 |
| SAVARA INC | [SVRA](https://holderbook.com/stocks/SVRA/) | $4.7M | 756,164 | 0.6% | 9 |
| DISC MEDICINE INC | [IRON](https://holderbook.com/stocks/IRON/) | $4.6M | 63,538 | 0.6% | 2 |
| GLOBAL X FDS | [CLOU](https://holderbook.com/stocks/CLOU/) | $4.5M | 195,900 | 0.6% | 1 |
| DYNE THERAPEUTICS INC | [DYN](https://holderbook.com/stocks/DYN/) | $4.4M | 199,594 | 0.6% | 8 |
| RELAY THERAPEUTICS INC | [RLAY](https://holderbook.com/stocks/RLAY/) | $4.4M | 233,836 | 0.6% | 2 |
| AVALO THERAPEUTICS INC | [AVTX](https://holderbook.com/stocks/AVTX/) | $4.3M | 232,294 | 0.6% | 1 |
| PROMIS NEUROSCIENCES INC | [PMN](https://holderbook.com/stocks/PMN/) | $4.3M | 325,591 | 0.6% | 3 |
| BIOCRYST PHARMACEUTICALS INC | [BCRX](https://holderbook.com/stocks/BCRX/) | $4.2M | 422,051 | 0.6% | 3 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $4.2M | 22,400 | 0.5% | 4 |
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $4.2M | 0 | 0.5% | 1 |
| CABALETTA BIO INC | [CABA](https://holderbook.com/stocks/CABA/) | $4.1M | 1,329,012 | 0.5% | 1 |
| GENERATE BIOMEDICINES INC | [GENB](https://holderbook.com/stocks/GENB/) | $4.1M | 245,000 | 0.5% | 2 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $4.1M | 0 | 0.5% | 6 |
| MEDIWOUND LTD | [MDWD](https://holderbook.com/stocks/MDWD/) | $4.0M | 273,192 | 0.5% | 4 |
| ALPHA COGNITION INC | [ACOG](https://holderbook.com/stocks/ACOG/) | $3.9M | 545,816 | 0.5% | 7 |
| WAVE LIFE SCIENCES LTD | [WVE](https://holderbook.com/stocks/WVE/) | $3.7M | 638,272 | 0.5% | 4 |
| CORVUS PHARMACEUTICALS INC | [CRVS](https://holderbook.com/stocks/CRVS/) | $3.7M | 244,961 | 0.5% | 7 |
| OVID THERAPEUTICS INC | [OVID](https://holderbook.com/stocks/OVID/) | $3.6M | 1,353,000 | 0.5% | 2 |
| TENAX THERAPEUTICS INC | [TENX](https://holderbook.com/stocks/TENX/) | $3.6M | 120,200 | 0.5% | 3 |
| BRIDGEBIO ONCOLOGY THERAPEUT | [BBOT](https://holderbook.com/stocks/BBOT/) | $3.5M | 460,985 | 0.5% | 1 |
| CYTOMX THERAPEUTICS INC | [CTMX](https://holderbook.com/stocks/CTMX/) | $3.3M | 879,000 | 0.4% | 2 |
| PROQR THRAPEUTICS N V | [PRQR](https://holderbook.com/stocks/PRQR/) | $3.3M | 1,757,458 | 0.4% | 1 |
| ALNYLAM PHARMACEUTICALS INC | [ALNY](https://holderbook.com/stocks/ALNY/) | $3.3M | 10,800 | 0.4% | 1 |
| KURA ONCOLOGY INC | [KURA](https://holderbook.com/stocks/KURA/) | $3.2M | 295,039 | 0.4% | 25 |
| KODIAK SCIENCES INC | [KOD](https://holderbook.com/stocks/KOD/) | $3.2M | 81,796 | 0.4% | 3 |
| ORMAT TECHNOLOGIES INC | [ORA](https://holderbook.com/stocks/ORA/) | $3.1M | 28,015 | 0.4% | 2 |
| CONTINEUM THERAPEUTICS INC | [CTNM](https://holderbook.com/stocks/CTNM/) | $3.0M | 183,475 | 0.4% | 3 |
| LARIMAR THERAPEUTICS INC | [LRMR](https://holderbook.com/stocks/LRMR/) | $2.8M | 926,004 | 0.4% | 1 |
| IMMIX BIOPHARMA INC | [IMMX](https://holderbook.com/stocks/IMMX/) | $2.8M | 270,000 | 0.4% | 1 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $2.7M | 7,500 | 0.4% | 6 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $2.7M | 0 | 0.3% | 1 |
| BIOHAVEN LTD | [BHVN](https://holderbook.com/stocks/BHVN/) | $2.4M | 164,437 | 0.3% | 2 |
| CONSTELLATION ENERGY CORP | [CEG](https://holderbook.com/stocks/CEG/) | $2.4M | 9,850 | 0.3% | 1 |
| VERASTEM INC | [VSTM](https://holderbook.com/stocks/VSTM/) | $2.4M | 632,632 | 0.3% | 5 |
| TAYSHA GENE THERAPIES INC | [TSHA](https://holderbook.com/stocks/TSHA/) | $1.7M | 250,000 | 0.2% | 1 |
| STRUCTURE THERAPEUTICS INC | [GPCR](https://holderbook.com/stocks/GPCR/) | $1.5M | 28,600 | 0.2% | 6 |
| UPSTREAM BIO INC | [UPB](https://holderbook.com/stocks/UPB/) | $1.5M | 219,700 | 0.2% | 2 |
| VOYAGER THERAPEUTICS INC | [VYGR](https://holderbook.com/stocks/VYGR/) | $1.5M | 427,554 | 0.2% | 4 |
| ORGANOGENESIS HLDGS INC | [ORGO](https://holderbook.com/stocks/ORGO/) | $1.3M | 550,000 | 0.2% | 2 |
| INHIBIKASE THERAPEUTICS INC | [IKT](https://holderbook.com/stocks/IKT/) | $1.3M | 649,309 | 0.2% | 1 |
| CURIS INC | [CRISXXXX](https://holderbook.com/stocks/CRISXXXX/) | $1.0M | 98,996 | 0.1% | 2 |
| SHATTUCK LABS INC | [STTK](https://holderbook.com/stocks/STTK/) | $600.0K | 86,461 | 0.1% | 3 |
| FIRST TRACKS BIOTHERAPEUTICS | [TRAX](https://holderbook.com/stocks/TRAX/) | $560.9K | 27,876 | 0.1% | 1 |
| SKYE BIOSCIENCE INC | [SKYE](https://holderbook.com/stocks/SKYE/) | $470.7K | 678,928 | 0.1% | 9 |
| TRAWS PHARMA INC | [TRAW](https://holderbook.com/stocks/TRAW/) | $336.0K | 398,486 | 0.0% | 1 |
| EVOMMUNE INC | [EVMN](https://holderbook.com/stocks/EVMN/) | $300.8K | 22,632 | 0.0% | 3 |
| WEREWOLF THERAPEUTICS INC | [HOWL](https://holderbook.com/stocks/HOWL/) | $225.6K | 626,810 | 0.0% | 21 |

## 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 | +16.8% | +14.8% | +2.0% | 92% |
| Q1 2026 | +9.7% | -4.6% | +14.3% | 96% |
| Q4 2025 | +25.5% | +2.4% | +23.1% | 92% |
| Q3 2025 | +28.9% | +7.8% | +21.1% | 94% |
| Q2 2025 | +8.7% | +10.5% | -1.7% | 97% |
| Q1 2025 | -16.0% | -4.6% | -11.4% | 97% |
| Q4 2024 | -7.4% | +2.1% | -9.6% | 96% |
| Q3 2024 | -0.4% | +5.4% | -5.8% | 88% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $766.5M | 101 |
| Q1 2026 | $629.7M | 95 |
| Q4 2025 | $517.3M | 98 |
| Q3 2025 | $474.1M | 105 |
| Q2 2025 | $426.1M | 104 |
| Q1 2025 | $434.3M | 113 |
| Q4 2024 | $553.1M | 103 |
| Q3 2024 | $628.4M | 109 |
| Q2 2024 | $733.2M | 113 |
| Q1 2024 | $711.7M | 97 |
| Q4 2023 | $621.3M | 91 |
| Q3 2023 | $549.0M | 77 |