# Caligan Partners LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1727492. Source: https://holderbook.com/funds/1727492-caligan-partners-lp/

- Reported value: $2.1B
- Positions: 26
- Weight of the ten largest: 83.2%
- 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 |
|---|---|---|---|---|---|
| LIQUIDIA CORPORATION | [LQDA](https://holderbook.com/stocks/LQDA/) | $647.3M | 8,118,892 | 30.5% | 15 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $414.6M | 1,961,795 | 19.5% | 6 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $207.6M | 1,557,924 | 9.8% | 7 |
| VAXCYTE INC | [PCVX](https://holderbook.com/stocks/PCVX/) | $127.2M | 2,188,636 | 6.0% | 3 |
| EXELIXIS INC | [EXEL](https://holderbook.com/stocks/EXEL/) | $84.5M | 1,553,262 | 4.0% | 14 |
| TANGO THERAPEUTICS INC | [TNGX](https://holderbook.com/stocks/TNGX/) | $78.2M | 2,500,103 | 3.7% | 3 |
| AVALO THERAPEUTICS INC | [AVTX](https://holderbook.com/stocks/AVTX/) | $58.5M | 3,163,866 | 2.8% | 4 |
| XENON PHARMACEUTICALS INC | [XENE](https://holderbook.com/stocks/XENE/) | $53.7M | 889,944 | 2.5% | 4 |
| ADMA BIOLOGICS INC | [ADMA](https://holderbook.com/stocks/ADMA/) | $50.4M | 5,725,007 | 2.4% | 4 |
| LB PHARMACEUTICALS INC | [LBRX](https://holderbook.com/stocks/LBRX/) | $46.7M | 1,438,070 | 2.2% | 2 |
| IMMUNOCORE HLDGS PLC | [IMCR](https://holderbook.com/stocks/IMCR/) | $43.9M | 1,381,317 | 2.1% | 1 |
| VIRIDIAN THERAPEUTICS INC | [VRDN](https://holderbook.com/stocks/VRDN/) | $40.3M | 2,193,981 | 1.9% | 1 |
| VOR BIOPHARMA INC | [VOR](https://holderbook.com/stocks/VOR/) | $35.4M | 1,925,066 | 1.7% | 3 |
| SAB BIOTHERAPEUTICS INC | [SABS](https://holderbook.com/stocks/SABS/) | $31.1M | 7,967,207 | 1.5% | 2 |
| INVENTIVA SA | [IVA](https://holderbook.com/stocks/IVA/) | $30.9M | 8,163,191 | 1.5% | 3 |
| AURA BIOSCIENCES INC | [AURA](https://holderbook.com/stocks/AURA/) | $30.5M | 4,298,248 | 1.4% | 2 |
| TYRA BIOSCIENCES INC | [TYRA](https://holderbook.com/stocks/TYRA/) | $25.8M | 806,986 | 1.2% | 6 |
| OPUS GENETICS INC | [IRD](https://holderbook.com/stocks/IRD/) | $25.0M | 6,077,084 | 1.2% | 2 |
| ANIKA THERAPEUTICS INC | [ANIK](https://holderbook.com/stocks/ANIK/) | $21.0M | 1,435,130 | 1.0% | 15 |
| SAGIMET BIOSCIENCES INC | [SGMT](https://holderbook.com/stocks/SGMT/) | $19.3M | 2,500,000 | 0.9% | 1 |
| ARTIVA BIOTHERAPEUTICS INC | [ARTV](https://holderbook.com/stocks/ARTV/) | $16.8M | 1,736,111 | 0.8% | 1 |
| FAETH THERAPEUTICS INC | [FTH](https://holderbook.com/stocks/FTH/) | $15.7M | 629,467 | 0.7% | 2 |
| MBX BIOSCIENCES INC | [MBX](https://holderbook.com/stocks/MBX/) | $11.0M | 200,000 | 0.5% | 2 |
| VERRICA PHARMACEUTICALS INC | [VRCA](https://holderbook.com/stocks/VRCA/) | $5.7M | 923,910 | 0.3% | 4 |
| AGIOS PHARMACEUTICALS INC | [AGIO](https://holderbook.com/stocks/AGIO/) | $3.3M | 0 | 0.2% | 15 |
| CELLECTAR BIOSCIENCES INC | [CLRB](https://holderbook.com/stocks/CLRB/) | $1.3M | 469,998 | 0.1% | 1 |

## 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 | +43.7% | +14.8% | +28.9% | 98% |
| Q1 2026 | +3.9% | -4.6% | +8.5% | 88% |
| Q4 2025 | +31.7% | +2.4% | +29.3% | 95% |
| Q3 2025 | +62.4% | +7.8% | +54.6% | 97% |
| Q2 2025 | +7.6% | +10.5% | -2.9% | 100% |
| Q1 2025 | +14.7% | -4.6% | +19.3% | 95% |
| Q4 2024 | +3.4% | +2.1% | +1.3% | 100% |
| Q3 2024 | +7.4% | +5.4% | +1.9% | 78% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.1B | 26 |
| Q1 2026 | $1.5B | 26 |
| Q4 2025 | $1.2B | 21 |
| Q3 2025 | $763.5M | 17 |
| Q2 2025 | $520.2M | 17 |
| Q1 2025 | $479.2M | 16 |
| Q4 2024 | $394.9M | 14 |
| Q3 2024 | $315.5M | 12 |
| Q2 2024 | $428.0M | 13 |
| Q1 2024 | $378.3M | 12 |
| Q4 2023 | $296.5M | 11 |
| Q3 2023 | $217.8M | 13 |