TANG CAPITAL MANAGEMENT LLC Diversified Active

Name: TANG CAPITAL MANAGEMENT LLC Q1 2026 13F Filing | 13F Explorer
Creator: TANG CAPITAL MANAGEMENT LLC
Published: 2026-05-15

Location: SAN DIEGO, CA

CIK: 0001232621 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 15, 2026

Total Value: $1.969B (100.0% shares, 0.0% debt)

Holdings (51)

New Positions (4)

CMPS COMPASS PATHWAYS PLC 1.1%

Value $22.13M Shares 4,002,200 Est. Cost $5.53 Unrealized —

JANX JANUX THERAPEUTICS INC 0.4%

Value $6.95M Shares 500,000 Est. Cost $13.66 Unrealized 0.0%

AGIO AGIOS PHARMACEUTICALS INC 0.2%

Value $3.383M Shares 100,000 Est. Cost $28.04 Unrealized 0.0%

LXRX LEXICON PHARMACEUTICALS INC 0.0%

Value $624K Shares 399,700 Est. Cost $1.35 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CMPS	COMPASS PATHWAYS PLC	4,002,200	$22.13M	1.1%	$5.53	—	SPONSORED ADS	20451W101
JANX	JANUX THERAPEUTICS INC	500,000	$6.95M	0.4%	$13.66	0.0%	COM	47103J105
AGIO	AGIOS PHARMACEUTICALS INC	100,000	$3.383M	0.2%	$28.04	0.0%	COM	00847X104
LXRX	LEXICON PHARMACEUTICALS INC	399,700	$624K	0.0%	$1.35	0.0%	COM NEW	528872302

Increased Positions (8)

SPY STATE STR SPDR S&P 500 ETF T 5.5%

Value $109M (+434.1%) Shares 168,000 (+460.0%) Est. Cost $655.98 Unrealized —

CORT CORCEPT THERAPEUTICS INC 3.1%

Value $60.47M (+1008.4%) Shares 1,500,000 (+856.9%) Est. Cost $42.95 Unrealized -9.7%

CAPR CAPRICOR THERAPEUTICS INC 5.2%

Value $103M (+110.7%) Shares 3,399,900 (+100.0%) Est. Cost $18.97 Unrealized +31.2%

INSM INSMED INC 2.2%

Value $42.52M (+307.1%) Shares 260,000 (+333.3%) Est. Cost $135.63 Unrealized +17.3%

ANIP ANI PHARMACEUTICALS INC 2.8%

Value $54.41M (+43.2%) Shares 707,500 (+47.0%) Est. Cost $74.20 Unrealized +8.3%

CBIO CRESCENT BIOPHARMA INC. 1.1%

Value $21.31M (+106.0%) Shares 1,160,000 (+33.0%) Est. Cost $12.97 Unrealized -14.8%

PGEN PRECIGEN INC 1.3%

Value $24.84M (+5.8%) Shares 6,417,500 (+14.2%) Est. Cost $3.03 Unrealized +48.3%

AUPH AURINIA PHARMACEUTICALS INC 9.2%

Value $181M (+0.3%) Shares 12,229,500 (+7.9%) Est. Cost $7.96 Unrealized +85.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	168,000 (+460.0%)	$109M (+434.1%)	5.5%	$655.98	—	TR UNIT	78462F103
CORT	CORCEPT THERAPEUTICS INC	1,500,000 (+856.9%)	$60.47M (+1008.4%)	3.1%	$42.95	-9.7%	COM	218352102
CAPR	CAPRICOR THERAPEUTICS INC	3,399,900 (+100.0%)	$103M (+110.7%)	5.2%	$18.97	+31.2%	COM NEW	14070B309
INSM	INSMED INC	260,000 (+333.3%)	$42.52M (+307.1%)	2.2%	$135.63	+17.3%	COM PAR $.01	457669307
ANIP	ANI PHARMACEUTICALS INC	707,500 (+47.0%)	$54.41M (+43.2%)	2.8%	$74.20	+8.3%	COM	00182C103
CBIO	CRESCENT BIOPHARMA INC.	1,160,000 (+33.0%)	$21.31M (+106.0%)	1.1%	$12.97	-14.8%	COM	G2545C104
PGEN	PRECIGEN INC	6,417,500 (+14.2%)	$24.84M (+5.8%)	1.3%	$3.03	+48.3%	COM	74017N105
AUPH	AURINIA PHARMACEUTICALS INC	12,229,500 (+7.9%)	$181M (+0.3%)	9.2%	$7.96	+85.8%	COM	05156V102

Exited Positions (28)

RNAM AVIDITY BIOSCIENCES INC 3.3%

Value $64.92M Shares 900,000 Est. Cost $64.59 Unrealized +12.5%

VRTX VERTEX PHARMACEUTICALS INC 1.8%

Value $36.27M Shares 80,000 Est. Cost $423.29 Unrealized +10.5%

TVTX TRAVERE THERAPEUTICS INC 1.4%

Value $26.75M Shares 700,000 Est. Cost $16.57 Unrealized +87.2%

VTYX VENTYX BIOSCIENCES INC 1.3%

Value $25.41M Shares 2,814,000 Est. Cost $7.75 Unrealized +74.4%

NVDA NVIDIA CORPORATION 1.2%

Value $23.83M Shares 127,788 Est. Cost $102.89 Unrealized +81.4%

META META PLATFORMS INC 0.8%

Value $15.4M Shares 23,331 Est. Cost $492.27 Unrealized +33.2%

GSK GSK PLC 0.7%

Value $14.71M Shares 300,000 Est. Cost $37.80 Unrealized —

PCVX VAXCYTE INC 0.6%

Value $12.69M Shares 275,000 Est. Cost $39.24 Unrealized +34.5%

HRMY HARMONY BIOSCIENCES HLDGS IN 0.6%

Value $10.86M Shares 290,292 Est. Cost $41.00 Unrealized -13.0%

BMY BRISTOL-MYERS SQUIBB CO 0.5%

Value $10.79M Shares 200,000 Est. Cost $47.53 Unrealized +20.8%

TDOC TELADOC HEALTH INC 0.5%

Value $9.8M Shares 1,400,000 Est. Cost $11.08 Unrealized -47.9%

— DYNAVAX TECHNOLOGIES CORP 0.4%

Value $8.557M Shares 556,359 Est. Cost $12.41 Unrealized —

VSTM VERASTEM INC 0.4%

Value $8.259M Shares 1,069,810 Est. Cost $7.70 Unrealized -15.9%

ACAD ACADIA PHARMACEUTICALS INC 0.4%

Value $8.013M Shares 300,000 Est. Cost $19.28 Unrealized +30.8%

SRPT SAREPTA THERAPEUTICS INC 0.4%

Value $7.515M Shares 349,220 Est. Cost $35.22 Unrealized -42.6%

TBPH THERAVANCE BIOPHARMA INC 0.3%

Value $6.572M Shares 351,252 Est. Cost $10.62 Unrealized +83.7%

BCRX BIOCRYST PHARMACEUTICALS INC 0.3%

Value $6.24M Shares 800,000 Est. Cost $9.70 Unrealized -27.8%

REGN REGENERON PHARMACEUTICALS 0.3%

Value $6.175M Shares 8,000 Est. Cost $714.47 Unrealized +7.7%

IBRX IMMUNITYBIO INC 0.2%

Value $4.62M Shares 2,333,333 Est. Cost $4.17 Unrealized +41.1%

NUVL NUVALENT INC 0.1%

Value $2.201M Shares 21,880 Est. Cost $82.95 Unrealized +25.0%

ARE ALEXANDRIA REAL ESTATE EQ IN 0.1%

Value $1.958M Shares 40,000 Est. Cost $108.07 Unrealized -54.7%

STRO SUTRO BIOPHARMA INC 0.1%

Value $1.615M Shares 139,617 Est. Cost $9.49 Unrealized +58.9%

BHVN BIOHAVEN LTD 0.1%

Value $1.581M Shares 140,000 Est. Cost $14.12 Unrealized -16.8%

RVMD REVOLUTION MEDICINES INC 0.1%

Value $1.246M Shares 15,640 Est. Cost $50.47 Unrealized +104.1%

ZYME ZYMEWORKS INC 0.0%

Value $912K Shares 34,631 Est. Cost $8.10 Unrealized +188.4%

ACET ADICET BIO INC 0.0%

Value $51,850 Shares 6,158 Est. Cost $11.05 Unrealized -29.8%

TCRX TSCAN THERAPEUTICS INC 0.0%

Value $46,131 Shares 46,131 Est. Cost $2.63 Unrealized -59.4%

SAVA CASSAVA SCIENCES INC 0.0%

Value $14,005 Shares 7,073 Est. Cost $2.40 Unrealized -12.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RNAM	AVIDITY BIOSCIENCES INC	900,000	$64.92M	3.3%	$64.59	+12.5%	—	05370A108
VRTX	VERTEX PHARMACEUTICALS INC	80,000	$36.27M	1.8%	$423.29	+10.5%	—	92532F100
TVTX	TRAVERE THERAPEUTICS INC	700,000	$26.75M	1.4%	$16.57	+87.2%	—	89422G107
VTYX	VENTYX BIOSCIENCES INC	2,814,000	$25.41M	1.3%	$7.75	+74.4%	—	92332V107
NVDA	NVIDIA CORPORATION	127,788	$23.83M	1.2%	$102.89	+81.4%	—	67066G104
META	META PLATFORMS INC	23,331	$15.4M	0.8%	$492.27	+33.2%	—	30303M102
GSK	GSK PLC	300,000	$14.71M	0.7%	$37.80	—	—	37733W204
PCVX	VAXCYTE INC	275,000	$12.69M	0.6%	$39.24	+34.5%	—	92243G108
HRMY	HARMONY BIOSCIENCES HLDGS IN	290,292	$10.86M	0.6%	$41.00	-13.0%	—	413197104
BMY	BRISTOL-MYERS SQUIBB CO	200,000	$10.79M	0.5%	$47.53	+20.8%	—	110122108
TDOC	TELADOC HEALTH INC	1,400,000	$9.8M	0.5%	$11.08	-47.9%	—	87918A105
—	DYNAVAX TECHNOLOGIES CORP	556,359	$8.557M	0.4%	$12.41	—	—	268158201
VSTM	VERASTEM INC	1,069,810	$8.259M	0.4%	$7.70	-15.9%	—	92337C203
ACAD	ACADIA PHARMACEUTICALS INC	300,000	$8.013M	0.4%	$19.28	+30.8%	—	004225108
SRPT	SAREPTA THERAPEUTICS INC	349,220	$7.515M	0.4%	$35.22	-42.6%	—	803607100
TBPH	THERAVANCE BIOPHARMA INC	351,252	$6.572M	0.3%	$10.62	+83.7%	—	G8807B106
BCRX	BIOCRYST PHARMACEUTICALS INC	800,000	$6.24M	0.3%	$9.70	-27.8%	—	09058V103
REGN	REGENERON PHARMACEUTICALS	8,000	$6.175M	0.3%	$714.47	+7.7%	—	75886F107
IBRX	IMMUNITYBIO INC	2,333,333	$4.62M	0.2%	$4.17	+41.1%	—	45256X103
NUVL	NUVALENT INC	21,880	$2.201M	0.1%	$82.95	+25.0%	—	670703107
ARE	ALEXANDRIA REAL ESTATE EQ IN	40,000	$1.958M	0.1%	$108.07	-54.7%	—	015271109
STRO	SUTRO BIOPHARMA INC	139,617	$1.615M	0.1%	$9.49	+58.9%	—	869367201
BHVN	BIOHAVEN LTD	140,000	$1.581M	0.1%	$14.12	-16.8%	—	G1110E107
RVMD	REVOLUTION MEDICINES INC	15,640	$1.246M	0.1%	$50.47	+104.1%	—	76155X100
ZYME	ZYMEWORKS INC	34,631	$912K	0.0%	$8.10	+188.4%	—	98985Y108
ACET	ADICET BIO INC	6,158	$51,850	0.0%	$11.05	-29.8%	—	007002207
TCRX	TSCAN THERAPEUTICS INC	46,131	$46,131	0.0%	$2.63	-59.4%	—	89854M101
SAVA	CASSAVA SCIENCES INC	7,073	$14,005	0.0%	$2.40	-12.2%	—	14817C107

Decreased Positions (13)

NUVB NUVATION BIO INC 0.7%

Value $13.51M (-60.9%) Shares 3,149,557 (-18.4%) Est. Cost $1.54 Unrealized +300.7%

MRNA MODERNA INC 0.3%

Value $5.08M (-75.1%) Shares 100,000 (-85.6%) Est. Cost $36.16 Unrealized +18.7%

GLPG GALAPAGOS NV 5.8%

Value $114M (-11.4%) Shares 3,785,991 (-3.4%) Est. Cost $26.90 Unrealized —

LENZ LENZ THERAPEUTICS INC 0.2%

Value $4.128M (-70.2%) Shares 451,114 (-47.9%) Est. Cost $21.01 Unrealized -25.2%

DERM JOURNEY MED CORP 0.4%

Value $7.551M (-47.2%) Shares 1,610,000 (-13.2%) Est. Cost $5.43 Unrealized +51.2%

EOLS EVOLUS INC 0.1%

Value $1.985M (-76.0%) Shares 483,021 (-61.2%) Est. Cost $10.07 Unrealized -51.4%

ALT ALTIMMUNE INC 0.1%

Value $2.051M (-73.3%) Shares 666,022 (-68.8%) Est. Cost $9.59 Unrealized -51.4%

ABEO ABEONA THERAPEUTICS INC 0.1%

Value $1.792M (-66.0%) Shares 400,000 (-60.0%) Est. Cost $5.03 Unrealized +2.6%

ARVN ARVINAS INC 0.3%

Value $5.71M (-15.5%) Shares 538,658 (-5.4%) Est. Cost $15.67 Unrealized -19.8%

PMVP PMV PHARMACEUTICALS INC 0.3%

Value $5.264M (-14.8%) Shares 4,245,085 (-14.1%) Est. Cost $1.38 Unrealized -18.7%

NMRA NEUMORA THERAPEUTICS INC. 0.0%

Value $858K (-50.5%) Shares 439,878 (-54.5%) Est. Cost $1.71 Unrealized +43.8%

CHRS COHERUS ONCOLOGY INC 0.2%

Value $3.189M (-17.6%) Shares 1,886,748 (-30.7%) Est. Cost $1.38 Unrealized +32.3%

ERAS ERASCA INC 0.2%

Value $3.236M (-3.3%) Shares 200,000 (-77.8%) Est. Cost $1.85 Unrealized +441.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NUVB	NUVATION BIO INC	3,149,557 (-18.4%)	$13.51M (-60.9%)	0.7%	$1.54	+300.7%	COM CL A	67080N101
MRNA	MODERNA INC	100,000 (-85.6%)	$5.08M (-75.1%)	0.3%	$36.16	+18.7%	COM	60770K107
GLPG	GALAPAGOS NV	3,785,991 (-3.4%)	$114M (-11.4%)	5.8%	$26.90	—	SPON ADR	36315X101
LENZ	LENZ THERAPEUTICS INC	451,114 (-47.9%)	$4.128M (-70.2%)	0.2%	$21.01	-25.2%	COM	52635N103
DERM	JOURNEY MED CORP	1,610,000 (-13.2%)	$7.551M (-47.2%)	0.4%	$5.43	+51.2%	COM	48115J109
EOLS	EVOLUS INC	483,021 (-61.2%)	$1.985M (-76.0%)	0.1%	$10.07	-51.4%	COM	30052C107
ALT	ALTIMMUNE INC	666,022 (-68.8%)	$2.051M (-73.3%)	0.1%	$9.59	-51.4%	COM NEW	02155H200
ABEO	ABEONA THERAPEUTICS INC	400,000 (-60.0%)	$1.792M (-66.0%)	0.1%	$5.03	+2.6%	COM NEW	00289Y206
ARVN	ARVINAS INC	538,658 (-5.4%)	$5.71M (-15.5%)	0.3%	$15.67	-19.8%	COM	04335A105
PMVP	PMV PHARMACEUTICALS INC	4,245,085 (-14.1%)	$5.264M (-14.8%)	0.3%	$1.38	-18.7%	COM	69353Y103
NMRA	NEUMORA THERAPEUTICS INC.	439,878 (-54.5%)	$858K (-50.5%)	0.0%	$1.71	+43.8%	COM	640979100
CHRS	COHERUS ONCOLOGY INC	1,886,748 (-30.7%)	$3.189M (-17.6%)	0.2%	$1.38	+32.3%	COM	19249H103
ERAS	ERASCA INC	200,000 (-77.8%)	$3.236M (-3.3%)	0.2%	$1.85	+441.7%	COM	29479A108

Unchanged Positions (26)

SYRE SPYRE THERAPEUTICS INC 4.8%

Value $95.44M Shares 1,892,200 Est. Cost $18.65 Unrealized +85.2%

VRDN VIRIDIAN THERAPEUTICS INC 1.8%

Value $35.06M Shares 1,792,626 Est. Cost $16.12 Unrealized +91.3%

KALV KALVISTA PHARMACEUTICALS INC 4.7%

Value $92.07M Shares 4,573,530 Est. Cost $10.28 Unrealized +50.6%

MIRM MIRUM PHARMACEUTICALS INC 5.8%

Value $114M Shares 1,236,027 Est. Cost $22.11 Unrealized +336.8%

KNSA KINIKSA PHARMACEUTICALS INTL 5.5%

Value $109M Shares 2,259,889 Est. Cost $20.52 Unrealized +110.4%

CELC CELCUITY INC 6.1%

Value $120M Shares 1,050,000 Est. Cost $40.03 Unrealized +168.5%

TARS TARSUS PHARMACEUTICALS INC 4.2%

Value $83.38M Shares 1,188,624 Est. Cost $18.91 Unrealized +268.6%

PTCT PTC THERAPEUTICS INC 5.2%

Value $102M Shares 1,500,000 Est. Cost $37.71 Unrealized +95.4%

IMCR IMMUNOCORE HLDGS PLC 4.1%

Value $79.88M Shares 2,649,368 Est. Cost $31.44 Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 1.1%

Value $22.21M Shares 264,692 Est. Cost $12.62 Unrealized +277.1%

ANAB ANAPTYSBIO INC 3.7%

Value $73.81M Shares 1,330,879 Est. Cost $20.84 Unrealized +136.9%

AVIR ATEA PHARMACEUTICALS INC 1.3%

Value $25.9M Shares 4,814,700 Est. Cost $3.66 Unrealized +8.7%

WVE WAVE LIFE SCIENCES LTD 0.2%

Value $4.35M Shares 600,000 Est. Cost $10.16 Unrealized +35.3%

HRTX HERON THERAPEUTICS INC 0.3%

Value $5.001M Shares 6,250,000 Est. Cost $2.22 Unrealized -41.1%

BNTX BIONTECH SE 2.1%

Value $41.77M Shares 470,000 Est. Cost $108.74 Unrealized —

URGN UROGEN PHARMA LTD 0.3%

Value $6.293M Shares 350,000 Est. Cost $9.60 Unrealized +117.2%

CMPX COMPASS THERAPEUTICS INC 4.5%

Value $88.82M Shares 16,790,809 Est. Cost $2.28 Unrealized +163.7%

VKTX VIKING THERAPEUTICS INC 0.8%

Value $16.27M Shares 500,000 Est. Cost $36.82 Unrealized -14.9%

KZR KEZAR LIFE SCIENCES INC 0.3%

Value $4.929M Shares 664,314 Est. Cost $7.45 Unrealized -15.4%

IDYA IDEAYA BIOSCIENCES INC 0.8%

Value $14.99M Shares 450,000 Est. Cost $25.04 Unrealized +35.2%

STOK STOKE THERAPEUTICS INC 0.8%

Value $16.28M Shares 500,000 Est. Cost $11.10 Unrealized +186.8%

NKTX NKARTA INC 0.2%

Value $3.125M Shares 1,480,823 Est. Cost $3.05 Unrealized -28.5%

BIIB BIOGEN INC 0.3%

Value $6.417M Shares 35,000 Est. Cost $217.32 Unrealized -15.7%

FATE FATE THERAPEUTICS INC 0.1%

Value $1.401M Shares 1,167,773 Est. Cost $3.85 Unrealized -68.7%

PLRX PLIANT THERAPEUTICS INC 0.4%

Value $7.74M Shares 6,143,132 Est. Cost $5.97 Unrealized -79.2%

RCKT ROCKET PHARMACEUTICALS INC 0.0%

Value $358K Shares 100,000 Est. Cost $23.10 Unrealized -84.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SYRE	SPYRE THERAPEUTICS INC	1,892,200	$95.44M	4.8%	$18.65	+85.2%	COM NEW	00773J202
VRDN	VIRIDIAN THERAPEUTICS INC	1,792,626	$35.06M	1.8%	$16.12	+91.3%	COM	92790C104
KALV	KALVISTA PHARMACEUTICALS INC	4,573,530	$92.07M	4.7%	$10.28	+50.6%	COM	483497103
MIRM	MIRUM PHARMACEUTICALS INC	1,236,027	$114M	5.8%	$22.11	+336.8%	COM	604749101
KNSA	KINIKSA PHARMACEUTICALS INTL	2,259,889	$109M	5.5%	$20.52	+110.4%	ORD SHS CL A	G52694109
CELC	CELCUITY INC	1,050,000	$120M	6.1%	$40.03	+168.5%	COM	15102K100
TARS	TARSUS PHARMACEUTICALS INC	1,188,624	$83.38M	4.2%	$18.91	+268.6%	COM	87650L103
PTCT	PTC THERAPEUTICS INC	1,500,000	$102M	5.2%	$37.71	+95.4%	COM	69366J200
IMCR	IMMUNOCORE HLDGS PLC	2,649,368	$79.88M	4.1%	$31.44	—	ADS	45258D105
DNTH	DIANTHUS THERAPEUTICS INC	264,692	$22.21M	1.1%	$12.62	+277.1%	COM	252828108
ANAB	ANAPTYSBIO INC	1,330,879	$73.81M	3.7%	$20.84	+136.9%	COM	032724106
AVIR	ATEA PHARMACEUTICALS INC	4,814,700	$25.9M	1.3%	$3.66	+8.7%	COM	04683R106
WVE	WAVE LIFE SCIENCES LTD	600,000	$4.35M	0.2%	$10.16	+35.3%	SHS	Y95308105
HRTX	HERON THERAPEUTICS INC	6,250,000	$5.001M	0.3%	$2.22	-41.1%	COM	427746102
BNTX	BIONTECH SE	470,000	$41.77M	2.1%	$108.74	—	SPONSORED ADS	09075V102
URGN	UROGEN PHARMA LTD	350,000	$6.293M	0.3%	$9.60	+117.2%	COM	M96088105
CMPX	COMPASS THERAPEUTICS INC	16,790,809	$88.82M	4.5%	$2.28	+163.7%	COM	20454B104
VKTX	VIKING THERAPEUTICS INC	500,000	$16.27M	0.8%	$36.82	-14.9%	COM	92686J106
KZR	KEZAR LIFE SCIENCES INC	664,314	$4.929M	0.3%	$7.45	-15.4%	COM NEW	49372L209
IDYA	IDEAYA BIOSCIENCES INC	450,000	$14.99M	0.8%	$25.04	+35.2%	COM	45166A102
STOK	STOKE THERAPEUTICS INC	500,000	$16.28M	0.8%	$11.10	+186.8%	COM	86150R107
NKTX	NKARTA INC	1,480,823	$3.125M	0.2%	$3.05	-28.5%	COM	65487U108
BIIB	BIOGEN INC	35,000	$6.417M	0.3%	$217.32	-15.7%	COM	09062X103
FATE	FATE THERAPEUTICS INC	1,167,773	$1.401M	0.1%	$3.85	-68.7%	COM	31189P102
PLRX	PLIANT THERAPEUTICS INC	6,143,132	$7.74M	0.4%	$5.97	-79.2%	COM	729139105
RCKT	ROCKET PHARMACEUTICALS INC	100,000	$358K	0.0%	$23.10	-84.4%	COM	77313F106