TANG CAPITAL MANAGEMENT LLC

Q4 2025 13F-HR Holdings

Location
San Diego, CA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
75
Total value ($000)
$2,024,361
Net value change ($000)
-573,492 (-22.1%)
New positions
9
Sold out positions
128
Turnover %
48.0%
Sector allocation + QoQ delta (equities-only)

Holdings aggregated across other managers listed in the original SEC filing. View detailed breakdown

Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
RNAM 64,917 NEW
AUPH 55,515 44.3%
CAPR 49,062 NEW
CELC 47,917 84.3%
CMPX 31,325 53.2%
ANAB 23,744 58.1%
PTCT 21,885 23.8%
SPY 20,458 NEW
NUVB 19,023 122.4%
BNTX 18,117 68.0%
Top Reduces (Value $000, Stocks/ETFs)
Merus N.V. -56,490 -100.0%
TARS -48,564 -33.3%
RLAY -42,115 -100.0%
VERA -39,231 -100.0%
NKE -36,218 -100.0%
IONS -35,981 -100.0%
CTMX -35,299 -100.0%
AVDL -32,029 -100.0%
LENZ -27,968 -66.9%
LEGN -27,066 -100.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type