TANG CAPITAL MANAGEMENT LLC

Q4 2025 13F-HR Detailed 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 broken out by other managers reported in the original SEC filing. View aggregated holdings

Prev filing: 11/14/2025 Next filing: — SEC filing
You are on the SEC detailed breakdown page. Rows are shown as reported in the filing (including other manager, discretion, and voting authority fields), and are not merged like the standard holdings view. Switch to aggregated holdings.

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 Discretion Other Manager Sole Shared None

Other Managers

Num Name File Number
1 TANG KEVIN 028-14818