Cormorant Asset Management, LP Diversified Active

CIK: 0001583977 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $2,162,580 (100.0% shares, 0.0% debt)

Holdings (35)

New Positions (6)

QQQ INVESCO QQQ TR 7.1%

Value ($000) $153,578 Shares 250,000 Est. Cost — Unrealized —

IWM ISHARES TR 5.7%

Value ($000) $123,080 Shares 500,000 Est. Cost — Unrealized —

XBI SPDR SERIES TRUST 5.6%

Value ($000) $121,930 Shares 1,000,000 Est. Cost — Unrealized —

OLMA OLEMA PHARMACEUTICALS INC 3.2%

Value ($000) $68,750 Shares 2,750,000 Est. Cost $17.79 Unrealized 0.0%

ASND ASCENDIS PHARMA A/S 1.0%

Value ($000) $21,324 Shares 100,000 Est. Cost $213.24 Unrealized —

COGT COGENT BIOSCIENCES INC 0.4%

Value ($000) $7,992 Shares 225,000 Est. Cost $28.11 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	250,000	$153,578	7.1%	—	—	PUT	46090E103
IWM	ISHARES TR	500,000	$123,080	5.7%	—	—	PUT	464287655
XBI	SPDR SERIES TRUST	1,000,000	$121,930	5.6%	—	—	PUT	78464A870
OLMA	OLEMA PHARMACEUTICALS INC	2,750,000	$68,750	3.2%	$17.79	0.0%	COM	68062P106
ASND	ASCENDIS PHARMA A/S	100,000	$21,324	1.0%	$213.24	—	SPONSORED ADR	04351P101
COGT	COGENT BIOSCIENCES INC	225,000	$7,992	0.4%	$28.11	0.0%	COM	19240Q201

Increased Positions (3)

MLTX MOONLAKE IMMUNOTHERAPEUTICS 2.7%

Value ($000) $57,405 (+301.5%) Shares 4,355,433 (+118.4%) Est. Cost $11.99 Unrealized -1.6%

ALMS ALUMIS INC 1.6%

Value ($000) $35,483 (+314.1%) Shares 3,635,596 (+69.3%) Est. Cost $10.71 Unrealized -34.8%

ENGN ENGENE HOLDINGS INC 1.7%

Value ($000) $36,120 (+127.6%) Shares 4,000,000 (+72.1%) Est. Cost $8.99 Unrealized -10.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	4,355,433 (+118.4%)	$57,405 (+301.5%)	2.7%	$11.99	-1.6%	CLASS A ORD	61559X104
ALMS	ALUMIS INC	3,635,596 (+69.3%)	$35,483 (+314.1%)	1.6%	$10.71	-34.8%	COM	022307102
ENGN	ENGENE HOLDINGS INC	4,000,000 (+72.1%)	$36,120 (+127.6%)	1.7%	$8.99	-10.8%	COM	29286M105

Exited Positions (7)

ACLX ARCELLX INC 2.9%

Value ($000) $63,628 Shares 775,000 Est. Cost $25.75 Unrealized +209.8%

CGON CG ONCOLOGY INC 1.2%

Value ($000) $25,175 Shares 625,000 Est. Cost $39.73 Unrealized +4.2%

KRRO KORRO BIO INC 1.0%

Value ($000) $22,269 Shares 465,000 Est. Cost $26.87 Unrealized -13.0%

— METSERA INC 1.0%

Value ($000) $20,932 Shares 400,000 Est. Cost $27.22 Unrealized —

RNA AVIDITY BIOSCIENCES INC 0.6%

Value ($000) $13,071 Shares 300,000 Est. Cost $38.44 Unrealized +68.0%

BMEA BIOMEA FUSION INC 0.3%

Value ($000) $7,213 Shares 3,570,872 Est. Cost $17.07 Unrealized -91.8%

ELVN ENLIVEN THERAPEUTICS INC 0.2%

Value ($000) $4,094 Shares 200,000 Est. Cost $25.92 Unrealized -23.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACLX	ARCELLX INC	775,000	$63,628	2.9%	$25.75	+209.8%	—	03940C100
CGON	CG ONCOLOGY INC	625,000	$25,175	1.2%	$39.73	+4.2%	—	156944100
KRRO	KORRO BIO INC	465,000	$22,269	1.0%	$26.87	-13.0%	—	500946108
—	METSERA INC	400,000	$20,932	1.0%	$27.22	—	—	59267L107
RNA	AVIDITY BIOSCIENCES INC	300,000	$13,071	0.6%	$38.44	+68.0%	—	05370A108
BMEA	BIOMEA FUSION INC	3,570,872	$7,213	0.3%	$17.07	-91.8%	—	09077A106
ELVN	ENLIVEN THERAPEUTICS INC	200,000	$4,094	0.2%	$25.92	-23.2%	—	29337E102

Decreased Positions (21)

PRAX PRAXIS PRECISION MEDICINES I 12.9%

Value ($000) $280,003 (+428.3%) Shares 950,000 (-5.0%) Est. Cost $54.23 Unrealized +243.4%

NAMS NEWAMSTERDAM PHARMA COMPANY 1.6%

Value ($000) $35,080 (-43.3%) Shares 1,000,000 (-54.0%) Est. Cost $20.31 Unrealized +79.2%

BBIO BRIDGEBIO PHARMA INC 4.2%

Value ($000) $91,788 (+26.2%) Shares 1,200,000 (-14.3%) Est. Cost $20.96 Unrealized +213.2%

ABVX ABIVAX SA 8.4%

Value ($000) $182,054 (+10.0%) Shares 1,350,000 (-30.8%) Est. Cost $10.70 Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 3.8%

Value ($000) $81,517 (+25.3%) Shares 3,285,000 (-18.1%) Est. Cost $23.73 Unrealized -15.4%

BIOA BIOAGE LABS INC 1.2%

Value ($000) $26,997 (+114.5%) Shares 2,040,605 (-4.7%) Est. Cost $18.97 Unrealized -53.3%

INSM INSMED INC 2.2%

Value ($000) $47,861 (-22.7%) Shares 275,000 (-36.0%) Est. Cost $37.15 Unrealized +391.2%

MBX MBX BIOSCIENCES INC 1.6%

Value ($000) $35,325 (+64.8%) Shares 1,120,000 (-8.6%) Est. Cost $18.80 Unrealized +29.1%

CNTA CENTESSA PHARMACEUTICALS PLC 1.5%

Value ($000) $33,138 (-29.0%) Shares 1,325,000 (-31.2%) Est. Cost $13.13 Unrealized —

JANX JANUX THERAPEUTICS INC 0.4%

Value ($000) $8,970 (-56.8%) Shares 650,000 (-23.5%) Est. Cost $40.93 Unrealized -42.5%

CRBP CORBUS PHARMACEUTICALS HLDGS 0.9%

Value ($000) $19,088 (-36.5%) Shares 2,344,971 (-1.3%) Est. Cost $28.57 Unrealized -56.8%

GHRS GH RESEARCH PLC 0.8%

Value ($000) $16,510 (-39.8%) Shares 1,300,000 (-32.2%) Est. Cost $13.91 Unrealized -2.1%

PHVS PHARVARIS N V 1.4%

Value ($000) $30,053 (-11.6%) Shares 1,083,000 (-20.6%) Est. Cost $21.48 Unrealized +12.1%

RAPP RAPPORT THERAPEUTICS INC 4.2%

Value ($000) $91,855 (-3.1%) Shares 3,027,521 (-5.2%) Est. Cost $22.73 Unrealized +21.7%

CRNX CRINETICS PHARMACEUTICALS IN 0.6%

Value ($000) $13,965 (-16.2%) Shares 300,000 (-25.0%) Est. Cost $24.75 Unrealized +79.8%

TARS TARSUS PHARMACEUTICALS INC 0.9%

Value ($000) $20,470 (+14.8%) Shares 250,000 (-16.7%) Est. Cost $21.36 Unrealized +249.5%

CABA CABALETTA BIO INC 0.4%

Value ($000) $9,636 (-17.6%) Shares 4,400,000 (-12.0%) Est. Cost $1.56 Unrealized +58.9%

AMLX AMYLYX PHARMACEUTICALS INC 0.2%

Value ($000) $4,832 (-28.9%) Shares 400,000 (-20.0%) Est. Cost $9.41 Unrealized +44.3%

AXSM AXSOME THERAPEUTICS INC 0.6%

Value ($000) $13,698 (+12.8%) Shares 75,000 (-25.0%) Est. Cost $74.04 Unrealized +88.6%

PCVX VAXCYTE INC 0.3%

Value ($000) $5,768 (-8.5%) Shares 125,000 (-28.6%) Est. Cost $53.56 Unrealized -16.5%

ARQT ARCUTIS BIOTHERAPEUTICS INC 0.7%

Value ($000) $14,520 (-0.6%) Shares 500,000 (-35.5%) Est. Cost $7.71 Unrealized +231.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRAX	PRAXIS PRECISION MEDICINES I	950,000 (-5.0%)	$280,003 (+428.3%)	12.9%	$54.23	+243.4%	COM NEW	74006W207
NAMS	NEWAMSTERDAM PHARMA COMPANY	1,000,000 (-54.0%)	$35,080 (-43.3%)	1.6%	$20.31	+79.2%	ORDINARY SHARES	N62509109
BBIO	BRIDGEBIO PHARMA INC	1,200,000 (-14.3%)	$91,788 (+26.2%)	4.2%	$20.96	+213.2%	COM	10806X102
ABVX	ABIVAX SA	1,350,000 (-30.8%)	$182,054 (+10.0%)	8.4%	$10.70	—	SPONSORED ADS	00370M103
EWTX	EDGEWISE THERAPEUTICS INC	3,285,000 (-18.1%)	$81,517 (+25.3%)	3.8%	$23.73	-15.4%	COM	28036F105
BIOA	BIOAGE LABS INC	2,040,605 (-4.7%)	$26,997 (+114.5%)	1.2%	$18.97	-53.3%	COM	09077V100
INSM	INSMED INC	275,000 (-36.0%)	$47,861 (-22.7%)	2.2%	$37.15	+391.2%	COM PAR $.01	457669307
MBX	MBX BIOSCIENCES INC	1,120,000 (-8.6%)	$35,325 (+64.8%)	1.6%	$18.80	+29.1%	COM	55287L101
CNTA	CENTESSA PHARMACEUTICALS PLC	1,325,000 (-31.2%)	$33,138 (-29.0%)	1.5%	$13.13	—	SPONSORED ADS	152309100
JANX	JANUX THERAPEUTICS INC	650,000 (-23.5%)	$8,970 (-56.8%)	0.4%	$40.93	-42.5%	COM	47103J105
CRBP	CORBUS PHARMACEUTICALS HLDGS	2,344,971 (-1.3%)	$19,088 (-36.5%)	0.9%	$28.57	-56.8%	COM NEW	21833P301
GHRS	GH RESEARCH PLC	1,300,000 (-32.2%)	$16,510 (-39.8%)	0.8%	$13.91	-2.1%	ORDINARY SHARES	G3855L106
PHVS	PHARVARIS N V	1,083,000 (-20.6%)	$30,053 (-11.6%)	1.4%	$21.48	+12.1%	COM	N69605108
RAPP	RAPPORT THERAPEUTICS INC	3,027,521 (-5.2%)	$91,855 (-3.1%)	4.2%	$22.73	+21.7%	COM	75383L102
CRNX	CRINETICS PHARMACEUTICALS IN	300,000 (-25.0%)	$13,965 (-16.2%)	0.6%	$24.75	+79.8%	COM	22663K107
TARS	TARSUS PHARMACEUTICALS INC	250,000 (-16.7%)	$20,470 (+14.8%)	0.9%	$21.36	+249.5%	COM	87650L103
CABA	CABALETTA BIO INC	4,400,000 (-12.0%)	$9,636 (-17.6%)	0.4%	$1.56	+58.9%	COM	12674W109
AMLX	AMYLYX PHARMACEUTICALS INC	400,000 (-20.0%)	$4,832 (-28.9%)	0.2%	$9.41	+44.3%	COM	03237H101
AXSM	AXSOME THERAPEUTICS INC	75,000 (-25.0%)	$13,698 (+12.8%)	0.6%	$74.04	+88.6%	COM	05464T104
PCVX	VAXCYTE INC	125,000 (-28.6%)	$5,768 (-8.5%)	0.3%	$53.56	-16.5%	COM	92243G108
ARQT	ARCUTIS BIOTHERAPEUTICS INC	500,000 (-35.5%)	$14,520 (-0.6%)	0.7%	$7.71	+231.9%	COM	03969K108

Unchanged Positions (5)

EYPT EYEPOINT INC 7.0%

Value ($000) $151,002 Shares 8,265,000 Est. Cost $11.03 Unrealized +28.4%

DRUG BRIGHT MINDS BIOSCIENCES INC 3.8%

Value ($000) $82,670 Shares 1,059,331 Est. Cost $35.19 Unrealized +89.9%

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 10.4%

Value ($000) $223,840 Shares 17,878,594 Est. Cost $11.58 Unrealized —

ORKA ORUKA THERAPEUTICS INC 0.7%

Value ($000) $16,166 Shares 533,340 Est. Cost $14.82 Unrealized +88.0%

BHVN BIOHAVEN LTD 0.0%

Value ($000) $113 Shares 10,000 Est. Cost $43.60 Unrealized -71.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EYPT	EYEPOINT INC	8,265,000	$151,002	7.0%	$11.03	+28.4%	COM NEW	30233G209
DRUG	BRIGHT MINDS BIOSCIENCES INC	1,059,331	$82,670	3.8%	$35.19	+89.9%	COM NEW	10919W405
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	17,878,594	$223,840	10.4%	$11.58	—	COM NEW	107924102
ORKA	ORUKA THERAPEUTICS INC	533,340	$16,166	0.7%	$14.82	+88.0%	COM	687604108
BHVN	BIOHAVEN LTD	10,000	$113	0.0%	$43.60	-71.6%	COM	G1110E107