Caligan Partners LP Diversified Active

CIK: 0001727492 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $1,214,793 (100.0% shares, 0.0% debt)

Holdings (24)

New Positions (12)

MLYS MINERALYS THERAPEUTICS INC 6.9%

Value ($000) $83,409 Shares 2,298,400 Est. Cost $14.60 Unrealized +174.7%

PCVX VAXCYTE INC 6.5%

Value ($000) $78,660 Shares 1,704,815 Est. Cost $44.73 Unrealized 0.0%

TNGX TANGO THERAPEUTICS INC 2.7%

Value ($000) $33,047 Shares 3,729,895 Est. Cost $8.62 Unrealized 0.0%

XENE XENON PHARMACEUTICALS INC 2.0%

Value ($000) $24,638 Shares 549,700 Est. Cost $36.52 Unrealized +15.0%

MAZE MAZE THERAPEUTICS INC 1.9%

Value ($000) $22,794 Shares 550,191 Est. Cost $34.37 Unrealized 0.0%

RAPT RAPT THERAPEUTICS INC 1.8%

Value ($000) $21,826 Shares 644,400 Est. Cost $31.06 Unrealized 0.0%

INBX INHIBRX BIOSCIENCES INC 1.0%

Value ($000) $11,850 Shares 150,000 Est. Cost $36.34 Unrealized +87.5%

VOR VOR BIOPHARMA INC 0.8%

Value ($000) $9,963 Shares 925,067 Est. Cost $18.62 Unrealized 0.0%

IVA INVENTIVA SA 0.8%

Value ($000) $9,300 Shares 2,000,000 Est. Cost $4.65 Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 0.2%

Value ($000) $2,450 Shares 90,000 Est. Cost $29.40 Unrealized +19.3%

SPRB SPRUCE BIOSCIENCES INC 0.1%

Value ($000) $1,787 Shares 20,514 Est. Cost $107.14 Unrealized 0.0%

ELDN ELEDON PHARMACEUTICALS INC 0.1%

Value ($000) $840 Shares 555,978 Est. Cost $2.38 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLYS	MINERALYS THERAPEUTICS INC	2,298,400	$83,409	6.9%	$14.60	+174.7%	PUT	603170101
PCVX	VAXCYTE INC	1,704,815	$78,660	6.5%	$44.73	0.0%	COM	92243G108
TNGX	TANGO THERAPEUTICS INC	3,729,895	$33,047	2.7%	$8.62	0.0%	COM	87583X109
XENE	XENON PHARMACEUTICALS INC	549,700	$24,638	2.0%	$36.52	+15.0%	PUT	98420N105
MAZE	MAZE THERAPEUTICS INC	550,191	$22,794	1.9%	$34.37	0.0%	COM	578784100
RAPT	RAPT THERAPEUTICS INC	644,400	$21,826	1.8%	$31.06	0.0%	COM NEW	75382E208
INBX	INHIBRX BIOSCIENCES INC	150,000	$11,850	1.0%	$36.34	+87.5%	CALL	45720N103
VOR	VOR BIOPHARMA INC	925,067	$9,963	0.8%	$18.62	0.0%	COM NEW	929033207
IVA	INVENTIVA SA	2,000,000	$9,300	0.8%	$4.65	—	ADS	46124U107
AGIO	AGIOS PHARMACEUTICALS INC	90,000	$2,450	0.2%	$29.40	+19.3%	CALL	00847X104
SPRB	SPRUCE BIOSCIENCES INC	20,514	$1,787	0.1%	$107.14	0.0%	COM NEW	85209E208
ELDN	ELEDON PHARMACEUTICALS INC	555,978	$840	0.1%	$2.38	0.0%	COM	28617K101

Increased Positions (7)

RVMD REVOLUTION MEDICINES INC 8.4%

Value ($000) $102,263 (+105.8%) Shares 1,283,900 (+20.6%) Est. Cost $44.10 Unrealized +48.7%

INBX INHIBRX BIOSCIENCES INC 2.1%

Value ($000) $25,562 (+221.1%) Shares 323,565 (+36.9%) Est. Cost $36.34 Unrealized +87.5%

ADMA ADMA BIOLOGICS INC 4.5%

Value ($000) $54,948 (+42.2%) Shares 3,012,508 (+14.3%) Est. Cost $17.11 Unrealized -1.5%

TYRA TYRA BIOSCIENCES INC 2.0%

Value ($000) $24,825 (+154.6%) Shares 944,257 (+35.5%) Est. Cost $12.94 Unrealized +42.0%

XENE XENON PHARMACEUTICALS INC 2.0%

Value ($000) $24,636 (+38.0%) Shares 549,665 (+23.6%) Est. Cost $36.52 Unrealized +15.0%

AVTX AVALO THERAPEUTICS INC 1.3%

Value ($000) $16,009 (+51.1%) Shares 881,533 (+5.8%) Est. Cost $9.05 Unrealized +86.4%

EXEL EXELIXIS INC 5.6%

Value ($000) $68,079 (+8.0%) Shares 1,553,262 (+1.8%) Est. Cost $19.81 Unrealized +108.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RVMD	REVOLUTION MEDICINES INC	1,283,900 (+20.6%)	$102,263 (+105.8%)	8.4%	$44.10	+48.7%	COM	76155X100
INBX	INHIBRX BIOSCIENCES INC	323,565 (+36.9%)	$25,562 (+221.1%)	2.1%	$36.34	+87.5%	COM	45720N103
ADMA	ADMA BIOLOGICS INC	3,012,508 (+14.3%)	$54,948 (+42.2%)	4.5%	$17.11	-1.5%	COM	000899104
TYRA	TYRA BIOSCIENCES INC	944,257 (+35.5%)	$24,825 (+154.6%)	2.0%	$12.94	+42.0%	COM	90240B106
XENE	XENON PHARMACEUTICALS INC	549,665 (+23.6%)	$24,636 (+38.0%)	2.0%	$36.52	+15.0%	COM	98420N105
AVTX	AVALO THERAPEUTICS INC	881,533 (+5.8%)	$16,009 (+51.1%)	1.3%	$9.05	+86.4%	COM NEW	05338F306
EXEL	EXELIXIS INC	1,553,262 (+1.8%)	$68,079 (+8.0%)	5.6%	$19.81	+108.8%	COM	30161Q104

Exited Positions (6)

AGIO AGIOS PHARMACEUTICALS INC 3.7%

Value ($000) $45,407 Shares 1,131,205 Est. Cost $29.40 Unrealized +19.3%

AGIO AGIOS PHARMACEUTICALS INC 3.2%

Value ($000) $39,137 Shares 975,000 Est. Cost $29.40 Unrealized +19.3%

EOLS EVOLUS INC 2.1%

Value ($000) $25,413 Shares 4,138,943 Est. Cost $10.04 Unrealized -32.5%

— MERUS N V 1.7%

Value ($000) $20,426 Shares 216,954 Est. Cost $46.55 Unrealized —

SLS SELLAS LIFE SCIENCES GROUP I 0.3%

Value ($000) $3,703 Shares 2,300,000 Est. Cost — Unrealized —

AURA AURA BIOSCIENCES INC 0.1%

Value ($000) $1,404 Shares 227,174 Est. Cost $5.93 Unrealized +0.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AGIO	AGIOS PHARMACEUTICALS INC	1,131,205	$45,407	3.7%	$29.40	+19.3%	—	00847X104
AGIO	AGIOS PHARMACEUTICALS INC	975,000	$39,137	3.2%	$29.40	+19.3%	PUT	00847X104
EOLS	EVOLUS INC	4,138,943	$25,413	2.1%	$10.04	-32.5%	—	30052C107
—	MERUS N V	216,954	$20,426	1.7%	$46.55	—	—	N5749R100
SLS	SELLAS LIFE SCIENCES GROUP I	2,300,000	$3,703	0.3%	—	—	CALL	81642T209
AURA	AURA BIOSCIENCES INC	227,174	$1,404	0.1%	$5.93	+0.1%	—	05153U107

Unchanged Positions (5)

LQDA LIQUIDIA CORPORATION 23.1%

Value ($000) $280,021 Shares 8,118,892 Est. Cost $5.57 Unrealized +411.0%

ABVX ABIVAX SA 16.1%

Value ($000) $195,799 Shares 1,451,924 Est. Cost $7.07 Unrealized —

MLYS MINERALYS THERAPEUTICS INC 8.3%

Value ($000) $100,620 Shares 2,772,654 Est. Cost $14.60 Unrealized +174.7%

VRCA VERRICA PHARMACEUTICALS INC 0.6%

Value ($000) $7,678 Shares 923,910 Est. Cost $6.03 Unrealized -8.1%

ANIK ANIKA THERAPEUTICS INC 1.1%

Value ($000) $13,792 Shares 1,435,130 Est. Cost $25.57 Unrealized -62.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LQDA	LIQUIDIA CORPORATION	8,118,892	$280,021	23.1%	$5.57	+411.0%	COM NEW	53635D202
ABVX	ABIVAX SA	1,451,924	$195,799	16.1%	$7.07	—	SPONSORED ADS	00370M103
MLYS	MINERALYS THERAPEUTICS INC	2,772,654	$100,620	8.3%	$14.60	+174.7%	COM	603170101
VRCA	VERRICA PHARMACEUTICALS INC	923,910	$7,678	0.6%	$6.03	-8.1%	COM SHS	92511W207
ANIK	ANIKA THERAPEUTICS INC	1,435,130	$13,792	1.1%	$25.57	-62.5%	COM	035255108