SPHERA FUNDS MANAGEMENT LTD.
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| TEVA PHARMACEUTICAL INDS LTD | TEVA | $50.8M | 1,500,082 | +1.19pp | 14q | +31.9%+$12.3M | |
| BIOGEN INC CALL | BIIB | $42.5M | 96,626 | +2.85pp | 16q | +4.4%+$1.8M | |
| MINERALYS THERAPEUTICS INC | MLYS | $39.7M | 1,469,971 | -0.59pp | 14q | +9.7%+$3.5M | |
| TOWER SEMICONDUCTOR LTD | TSEM | $28.2M | 108,265 | -0.38pp | 13q | -25.7%-$9.8M | |
| CYTOKINETICS INC CALL | CYTK | $27.3M | 219,987 | +0.43pp | 12q | +452.5%+$22.3M | |
| SPDR SERIES TRUST PUT | XBI | $23.7M | options only | -0.96pp | 3q | OPTIONS | |
| SYNDAX PHARMACEUTICALS INC | SNDX | $22.2M | 1,014,606 | +0.21pp | 26q | +40.0%+$6.3M | |
| ULTRAGENYX PHARMACEUTICAL IN | RARE | $19.6M | 588,494 | -0.13pp | 16q | -27.3%-$7.4M | |
| BIOMARIN PHARMACEUTICAL INC | BMRN | $18.8M | 328,550 | +1.20pp | 3q | +134.8%+$10.8M | |
| BRIDGEBIO PHARMA INC | BBIO | $18.3M | 245,346 | -0.51pp | 14q | HELD | |
| COGENT BIOSCIENCES INC | COGT | $17.8M | 459,340 | -0.23pp | 6q | +10.3%+$1.7M | |
| NOVA LTD | NVMI | $13.7M | 25,169 | -1.90pp | 8q | -52.8%-$15.3M | |
| INSMED INC | INSM | $12.7M | 118,800 | - | new | NEW | |
| MAZE THERAPEUTICS INC | MAZE | $12.5M | 417,564 | +0.55pp | 6q | +83.7%+$5.7M | |
| ASTRAZENECA PLC | AZN | $11.9M | 62,530 | -0.41pp | 2q | HELD | |
| SANOFI SA | SNY | $11.5M | 269,515 | -0.56pp | 22q | HELD | |
| CYBIN INC | HELP | $10.7M | 1,620,753 | +0.65pp | 8q | +64.2%+$4.2M | |
| ELI LILLY & CO | LLY | $9.6M | 8,040 | -0.06pp | 25q | -11.1%-$1.2M | |
| MADRIGAL PHARMACEUTICALS INC | MDGL | $9.4M | 17,419 | +0.47pp | 3q | +92.7%+$4.5M | |
| TREVI THERAPEUTICS INC | TRVI | $9.3M | 499,029 | +0.13pp | 5q | -13.1%-$1.4M | |
| ORIC PHARMACEUTICALS INC CALL | ORIC | $9.2M | 752,983 | +0.12pp | 8q | +40.1%+$2.6M | |
| ACADIA PHARMACEUTICALS INC | ACAD | $9.0M | 356,534 | +0.27pp | 5q | +39.2%+$2.5M | |
| CELLDEX THERAPEUTICS INC NEW | CLDX | $9.0M | 240,868 | -0.06pp | 13q | -1.1%-$100.7K | |
| RHYTHM PHARMACEUTICALS INC | RYTM | $8.9M | 80,400 | - | new | NEW | |
| LAM RESEARCH CORP | LRCX | $8.0M | 18,470 | - | new | NEW | |
| APPLIED MATLS INC | AMAT | $8.0M | 11,040 | - | new | NEW | |
| TANGO THERAPEUTICS INC | TNGX | $7.9M | 254,250 | -0.10pp | 3q | -26.0%-$2.8M | |
| NOVARTIS AG | NVS | $7.8M | 50,000 | +0.12pp | 14q | +35.1%+$2.0M | |
| SOLAREDGE TECHNOLOGIES INC | $7.7M | 4,000,000 | -0.09pp | 4q | DEBT | ||
| VOR BIOPHARMA INC | VOR | $7.7M | 416,417 | +0.09pp | 3q | +29.4%+$1.7M | |
| ABBVIE INC | ABBV | $7.6M | 30,256 | -0.05pp | 26q | HELD | |
| MERCK & CO INC | MRK | $7.5M | 58,600 | +0.05pp | 19q | +20.6%+$1.3M | |
| JOHNSON & JOHNSON | JNJ | $7.3M | 28,831 | -0.16pp | 30q | HELD | |
| IDEAYA BIOSCIENCES INC | IDYA | $7.3M | 196,408 | - | new | NEW | |
| IMMATICS N.V | IMTX | $7.3M | 720,057 | -0.14pp | 20q | +3.4%+$242.6K | |
| NUVECTIS PHARMA INC | NVCT | $7.0M | 382,945 | - | new | NEW | |
| PFIZER INC | PFE | $6.9M | 286,000 | +0.07pp | 14q | +53.8%+$2.4M | |
| HARMONY BIOSCIENCES HLDGS IN | HRMY | $6.4M | 176,663 | - | new | NEW | |
| XENON PHARMACEUTICALS INC | XENE | $6.3M | 105,000 | -0.35pp | 2q | -17.3%-$1.3M | |
| CLIMB BIO INC | CLYM | $6.3M | 483,747 | +0.37pp | 9q | +15.4%+$841.1K | |
| ZENAS BIOPHARMA INC | ZBIO | $5.9M | 230,834 | +0.10pp | 2q | +7.7%+$418.8K | |
| NOVO-NORDISK A S | NVO | $5.8M | 120,677 | +0.05pp | 18q | HELD | |
| ENLIVEN THERAPEUTICS INC | ELVN | $5.7M | 112,765 | -0.21pp | 6q | -26.4%-$2.1M | |
| PRELUDE THERAPEUTICS INC | PRLD | $5.4M | 1,019,832 | +0.41pp | 3q | +82.7%+$2.5M | |
| GSK PLC | GSK | $5.3M | 102,000 | -0.37pp | 13q | -16.4%-$1.0M | |
| FORTE BIOSCIENCES INC | FBRX | $5.3M | 249,693 | -0.07pp | 5q | +35.0%+$1.4M | |
| BIOAGE LABS INC | BIOA | $5.2M | 213,671 | +0.44pp | 3q | +147.0%+$3.1M | |
| SCHOLAR ROCK HLDG CORP | SRRK | $5.2M | 94,265 | -0.06pp | 3q | HELD | |
| SATELLOS BIOSCIENCE INC | MSLE | $5.1M | 652,590 | +0.22pp | 2q | +33.4%+$1.3M | |
| PALISADE BIO INC | PALI | $4.7M | 2,257,106 | +0.13pp | 3q | +30.2%+$1.1M | |
| ELEDON PHARMACEUTICALS INC | ELDN | $4.7M | 1,191,187 | -0.25pp | 9q | -32.8%-$2.3M | |
| VISTRA CORP | VST | $4.7M | 29,450 | - | new | NEW | |
| TALEN ENERGY CORP | TLN | $4.7M | 12,135 | - | new | NEW | |
| SAVARA INC | SVRA | $4.7M | 756,164 | -0.03pp | 9q | +2.3%+$104.7K | |
| DISC MEDICINE INC | IRON | $4.6M | 63,538 | +0.06pp | 2q | +18.7%+$731.4K | |
| GLOBAL X FDS | CLOU | $4.5M | 195,900 | - | new | NEW | |
| DYNE THERAPEUTICS INC | DYN | $4.4M | 199,594 | +0.12pp | 8q | +24.3%+$866.2K | |
| RELAY THERAPEUTICS INC | RLAY | $4.4M | 233,836 | -0.07pp | 2q | -42.7%-$3.3M | |
| AVALO THERAPEUTICS INC | AVTX | $4.3M | 232,294 | - | new | NEW | |
| PROMIS NEUROSCIENCES INC | PMN | $4.3M | 325,591 | -0.10pp | 3q | HELD | |
| BIOCRYST PHARMACEUTICALS INC | BCRX | $4.2M | 422,051 | -0.76pp | 3q | -51.3%-$4.4M | |
| REVOLUTION MEDICINES INC | RVMD | $4.2M | 22,400 | -0.30pp | 4q | -59.4%-$6.1M | |
| PRAXIS PRECISION MEDICINES I CALL | PRAX | $4.2M | options only | - | new | OPTIONS | |
| CABALETTA BIO INC | CABA | $4.1M | 1,329,012 | - | new | NEW | |
| GENERATE BIOMEDICINES INC | GENB | $4.1M | 245,000 | +0.17pp | 2q | +32.4%+$1.0M | |
| ISHARES TR CALL | TLT | $4.1M | options only | -0.12pp | 6q | OPTIONS | |
| MEDIWOUND LTD | MDWD | $4.0M | 273,192 | -0.18pp | 4q | HELD | |
| ALPHA COGNITION INC | ACOG | $3.9M | 545,816 | +0.02pp | 7q | -3.8%-$157.4K | |
| WAVE LIFE SCIENCES LTD | WVE | $3.7M | 638,272 | -0.15pp | 4q | +16.4%+$522.9K | |
| CORVUS PHARMACEUTICALS INC | CRVS | $3.7M | 244,961 | -0.10pp | 7q | -1.2%-$44.8K | |
| OVID THERAPEUTICS INC | OVID | $3.6M | 1,353,000 | -0.10pp | 2q | -16.6%-$725.8K | |
| TENAX THERAPEUTICS INC CALL | TENX | $3.6M | 120,200 | +0.12pp | 3q | -11.6%-$474.4K | |
| BRIDGEBIO ONCOLOGY THERAPEUT | BBOT | $3.5M | 460,985 | - | new | NEW | |
| CYTOMX THERAPEUTICS INC | CTMX | $3.3M | 879,000 | +0.27pp | 2q | +299.5%+$2.5M | |
| PROQR THRAPEUTICS N V | PRQR | $3.3M | 1,757,458 | - | new | NEW | |
| ALNYLAM PHARMACEUTICALS INC | ALNY | $3.3M | 10,800 | - | new | NEW | |
| KURA ONCOLOGY INC | KURA | $3.2M | 295,039 | +0.04pp | 25q | HELD | |
| KODIAK SCIENCES INC | KOD | $3.2M | 81,796 | -0.28pp | 3q | -28.7%-$1.3M | |
| ORMAT TECHNOLOGIES INC | ORA | $3.1M | 28,015 | -0.82pp | 2q | -59.0%-$4.4M | |
| CONTINEUM THERAPEUTICS INC | CTNM | $3.0M | 183,475 | +0.03pp | 3q | +5.8%+$163.9K | |
| LARIMAR THERAPEUTICS INC | LRMR | $2.8M | 926,004 | - | new | NEW | |
| IMMIX BIOPHARMA INC | IMMX | $2.8M | 270,000 | - | new | NEW | |
| AMGEN INC | AMGN | $2.7M | 7,500 | -0.06pp | 6q | HELD | |
| ABIVAX SA PUT | ABVX | $2.7M | options only | - | new | OPTIONS | |
| BIOHAVEN LTD | BHVN | $2.4M | 164,437 | -0.48pp | 2q | -72.3%-$6.4M | |
| CONSTELLATION ENERGY CORP | CEG | $2.4M | 9,850 | - | new | NEW | |
| VERASTEM INC | VSTM | $2.4M | 632,632 | +0.03pp | 5q | +84.1%+$1.1M | |
| TAYSHA GENE THERAPIES INC | TSHA | $1.7M | 250,000 | - | new | NEW | |
| STRUCTURE THERAPEUTICS INC | GPCR | $1.5M | 28,600 | -0.19pp | 6q | -43.7%-$1.2M | |
| UPSTREAM BIO INC | UPB | $1.5M | 219,700 | -0.31pp | 2q | -38.6%-$957.0K | |
| VOYAGER THERAPEUTICS INC | VYGR | $1.5M | 427,554 | -0.09pp | 4q | -9.0%-$147.7K | |
| ORGANOGENESIS HLDGS INC | ORGO | $1.3M | 550,000 | -0.03pp | 2q | HELD | |
| INHIBIKASE THERAPEUTICS INC | IKT | $1.3M | 649,309 | - | new | NEW | |
| CURIS INC? | CRISXXXX | $1.0M | 98,996? | -0.04pp | 2q | ||
| SHATTUCK LABS INC | STTK | $600.0K | 86,461 | -0.21pp | 3q | -69.2%-$1.3M | |
| FIRST TRACKS BIOTHERAPEUTICS | TRAX | $560.9K | 27,876 | - | new | NEW | |
| SKYE BIOSCIENCE INC | SKYE | $470.7K | 678,928 | flat | 9q | HELD | |
| TRAWS PHARMA INC | TRAW | $336.0K | 398,486 | - | new | NEW | |
| EVOMMUNE INC | EVMN | $300.8K | 22,632 | -0.25pp | 3q | -71.1%-$738.9K | |
| WEREWOLF THERAPEUTICS INC | HOWL | $225.6K | 626,810 | -0.05pp | 21q | HELD | |
| APREA THERAPEUTICS INC | APRE | $216.6K | 270,000 | flat | 10q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Biotech & Pharma | $652.2M | 85.2% |
| Semiconductors & Electronics | $36.2M | 4.7% |
| Utilities | $14.8M | 1.9% |
| Instruments & Controls | $13.7M | 1.8% |
| Other sectors | $8.0M | 1.0% |
| Not classified | $40.6M | 5.3% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $766.5M | 101 | 24 | 32 | 27 | 18 | 38.0% | 45 |
| Q1 2026 | $629.7M | 95 | 20 | 30 | 28 | 23 | 37.1% | 45 |
| Q4 2025 | $517.3M | 98 | 24 | 32 | 27 | 31 | 32.2% | 48 |
| Q3 2025 | $474.1M | 105 | 24 | 20 | 36 | 23 | 35.2% | 45 |
| Q2 2025 | $426.1M | 104 | 18 | 22 | 53 | 27 | 33.4% | 45 |
| Q1 2025 | $434.3M | 113 | 19 | 17 | 51 | 9 | 36.4% | 45 |
| Q4 2024 | $553.1M | 103 | 17 | 27 | 36 | 23 | 31.8% | 45 |
| Q3 2024 | $628.4M | 109 | 21 | 26 | 39 | 25 | 32.5% | 45 |
| Q2 2024 | $733.2M | 113 | 32 | 29 | 30 | 16 | 36.1% | 45 |
| Q1 2024 | $711.7M | 97 | 25 | 22 | 32 | 19 | 36.1% | 45 |
| Q4 2023 | $621.3M | 91 | 24 | 15 | 30 | 10 | 36.3% | 46 |
| Q3 2023 | $549.0M | 77 | 15 | 25 | 18 | 19 | 44.6% | 45 |
| Q2 2023 | $640.4M | 81 | 22 | 16 | 24 | 19 | 42.9% | 45 |
| Q1 2023 | $598.4M | 78 | 36 | 15 | 11 | 22 | 46.5% | 45 |
| Q4 2022 | $465.9M | 64 | 19 | 12 | 19 | 29 | 56.9% | 45 |
| Q3 2022 | $720.5M | 74 | 37 | 15 | 12 | 15 | 53.8% | 45 |
| Q2 2022 | $934.9M | 52 | 14 | 16 | 13 | 23 | 73.5% | 46 |
| Q1 2022 | $707.6M | 61 | 13 | 15 | 23 | 41 | 53.5% | 46 |
| Q4 2021 | $909.6M | 89 | 21 | 18 | 32 | 43 | 42.2% | 45 |
| Q3 2021 | $1.2B | 111 | 33 | 25 | 24 | 51 | 42.4% | 46 |
| Q2 2021 | $1.5B | 129 | 38 | 32 | 30 | 75 | 40.9% | 48 |
| Q1 2021 | $1.3B | 166 | 99 | 35 | 20 | 38 | 42.5% | 47 |
| Q4 2020 | $1.1B | 105 | 42 | 18 | 31 | 29 | 47.7% | 47 |
| Q3 2020 | $1.0B | 92 | 35 | 19 | 27 | 29 | 53.2% | 43 |
| Q2 2020 | $1.1B | 86 | 39 | 16 | 23 | 31 | 50.2% | 44 |
| Q1 2020 | $799.5M | 78 | 25 | 21 | 26 | 32 | 60.0% | 44 |
| Q4 2019 | $1.2B | 85 | 25 | 22 | 29 | 19 | 61.2% | 44 |
| Q3 2019 | $647.3M | 79 | 20 | 23 | 13 | 26 | 51.2% | 45 |
| Q2 2019 | $731.0M | 85 | 22 | 35 | 18 | 37 | 46.9% | 45 |
| Q1 2019 | $1.1B | 100 | 32 | 26 | 27 | 30 | 56.5% | 45 |
| Q4 2018 | $887.2M | 98 | 0 | 0 | 0 | 0 | 51.2% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.