# Lion Point Capital, LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1643354. Source: https://holderbook.com/funds/1643354-lion-point-capital-lp/

- Reported value: $20.9M
- Positions: 35
- Weight of the ten largest: 55.0%
- 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 |
|---|---|---|---|---|---|
| CUE BIOPHARMA INC | [CUE](https://holderbook.com/stocks/CUE/) | $1.7M | 52,928 | 8.0% | 1 |
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $1.5M | 4,450 | 7.1% | 4 |
| MOONLAKE IMMUNOTHERAPEUTICS | [MLTX](https://holderbook.com/stocks/MLTX/) | $1.3M | 67,500 | 6.3% | 4 |
| FENNEC PHARMACEUTICALS INC | [FENC](https://holderbook.com/stocks/FENC/) | $1.2M | 112,434 | 5.8% | 13 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $1.2M | 21,400 | 5.7% | 4 |
| COMPASS PATHWAYS PLC | [CMPS](https://holderbook.com/stocks/CMPS/) | $1.1M | 80,000 | 5.4% | 4 |
| MILESTONE PHARMACEUTICALS IN | [MIST](https://holderbook.com/stocks/MIST/) | $1.1M | 820,000 | 5.3% | 18 |
| BENITEC BIOPHARMA INC | [BNTC](https://holderbook.com/stocks/BNTC/) | $829.6K | 62,000 | 4.0% | 8 |
| SYNDAX PHARMACEUTICALS INC | [SNDX](https://holderbook.com/stocks/SNDX/) | $787.0K | 36,000 | 3.8% | 13 |
| BIOHAVEN LTD | [BHVN](https://holderbook.com/stocks/BHVN/) | $769.3K | 51,700 | 3.7% | 8 |
| GERON CORP | [GERN](https://holderbook.com/stocks/GERN/) | $739.8K | 578,000 | 3.5% | 10 |
| UNIQURE NV | [QURE](https://holderbook.com/stocks/QURE/) | $677.1K | 14,700 | 3.2% | 3 |
| ARDELYX INC | [ARDX](https://holderbook.com/stocks/ARDX/) | $656.1K | 128,650 | 3.1% | 16 |
| LANTHEUS HLDGS INC | [LNTH](https://holderbook.com/stocks/LNTH/) | $610.2K | 5,500 | 2.9% | 3 |
| DISC MEDICINE INC | [IRON](https://holderbook.com/stocks/IRON/) | $592.4K | 8,100 | 2.8% | 8 |
| SAREPTA THERAPEUTICS INC | [SRPT](https://holderbook.com/stocks/SRPT/) | $512.1K | 28,500 | 2.4% | 3 |
| HUMACYTE INC | [HUMA](https://holderbook.com/stocks/HUMA/) | $507.3K | 650,000 | 2.4% | 6 |
| KURA ONCOLOGY INC | [KURA](https://holderbook.com/stocks/KURA/) | $504.6K | 46,000 | 2.4% | 4 |
| VIATRIS INC | [VTRS](https://holderbook.com/stocks/VTRS/) | $439.9K | 27,700 | 2.1% | 3 |
| DYNE THERAPEUTICS INC | [DYN](https://holderbook.com/stocks/DYN/) | $399.8K | 18,000 | 1.9% | 3 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $372.4K | 5,000 | 1.8% | 9 |
| EDGEWISE THERAPEUTICS INC | [EWTX](https://holderbook.com/stocks/EWTX/) | $369.7K | 9,100 | 1.8% | 3 |
| PACIRA BIOSCIENCES INC | [PCRX](https://holderbook.com/stocks/PCRX/) | $342.5K | 13,500 | 1.6% | 3 |
| REGENXBIO INC | [RGNX](https://holderbook.com/stocks/RGNX/) | $318.7K | 26,600 | 1.5% | 10 |
| ROCKET PHARMACEUTICALS INC | [RCKT](https://holderbook.com/stocks/RCKT/) | $294.1K | 86,000 | 1.4% | 4 |
| JANUX THERAPEUTICS INC | [JANX](https://holderbook.com/stocks/JANX/) | $291.8K | 19,000 | 1.4% | 3 |
| MINERALYS THERAPEUTICS INC | [MLYS](https://holderbook.com/stocks/MLYS/) | $283.3K | 10,500 | 1.4% | 10 |
| GH RESEARCH PLC | [GHRS](https://holderbook.com/stocks/GHRS/) | $274.2K | 10,200 | 1.3% | 3 |
| SERES THERAPEUTICS INC | [MCRB](https://holderbook.com/stocks/MCRB/) | $249.1K | 31,570 | 1.2% | 5 |
| AZENTA INC | [AZTA](https://holderbook.com/stocks/AZTA/) | $247.5K | 9,700 | 1.2% | 3 |
| JASPER THERAPEUTICS INC | [JSPR](https://holderbook.com/stocks/JSPR/) | $195.8K | 465,000 | 0.9% | 10 |
| INNOVIVA INC | [INVA](https://holderbook.com/stocks/INVA/) | $186.2K | 8,200 | 0.9% | 3 |
| INNATE PHARMA S A | [IPHA](https://holderbook.com/stocks/IPHA/) | $149.3K | 81,151 | 0.7% | 3 |
| ARCUTIS BIOTHERAPEUTICS INC | [ARQT](https://holderbook.com/stocks/ARQT/) | $137.7K | 5,250 | 0.7% | 8 |
| SPRUCE BIOSCIENCES INC | [SPRB](https://holderbook.com/stocks/SPRB/) | $54.0K | 1,000 | 0.3% | 4 |

## 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 | +18.5% | +14.8% | +3.7% | 97% |
| Q1 2026 | -7.4% | -4.6% | -2.7% | 98% |
| Q4 2025 | +22.8% | +2.4% | +20.5% | 100% |
| Q3 2025 | +67.3% | +7.8% | +59.5% | 100% |
| Q2 2025 | +10.0% | +10.5% | -0.4% | 96% |
| Q1 2025 | -16.8% | -4.6% | -12.2% | 100% |
| Q4 2024 | -6.3% | +2.1% | -8.4% | 96% |
| Q3 2024 | +5.7% | +5.4% | +0.3% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $20.9M | 35 |
| Q1 2026 | $16.7M | 35 |
| Q4 2025 | $19.3M | 39 |
| Q3 2025 | $17.6M | 27 |
| Q2 2025 | $14.7M | 19 |
| Q1 2025 | $15.7M | 21 |
| Q4 2024 | $19.1M | 19 |
| Q3 2024 | $44.9M | 25 |
| Q2 2024 | $54.9M | 27 |
| Q1 2024 | $179.0M | 31 |
| Q4 2023 | $199.9M | 29 |
| Q3 2023 | $224.4M | 30 |