Caligan
Based on Q4 2025 SEC Form 13F filings, Caligan manages a portfolio with 20 disclosed long equity positions. The fund's 13F market value sits at $1.10B, reflecting a decline in quarter-over-quarter AUM. Ranked by portfolio weight, the top holdings are LIQUIDIA CORPORATION (LQDA) at 25.63%, ABIVAX SA (ABVX) at 17.92%, and REVOLUTION MEDICINES, INC. (RVMD) at 9.36%. The fund is primarily focused on the Healthcare sector. New positions this quarter include VAXCYTE INC (PCVX) , TANGO THERAPEUTICS INC (TNGX) , MAZE THERAPEUTICS INC (MAZE) , RAPT THERAPEUTICS INC (SYN_75382E208) , and VOR BIOPHARMA INC (VOR) . Fully exited positions include AGIOS PHARMACEUTICALS INC (AGIO) , EVOLUS INC (EOLS) , MERUS N V (SYN_N5749R100) , and AURA BIOSCIENCES INC (AURA) . Ranked by the share of each peer fund's 13F equity portfolio that overlaps with Caligan's disclosed positions as of Q4 2025, the closest peers are Vestal Point Capital (13.6%), Commodore Capital (12.4%), and Deep Track (9.2% overlap).
- 13F AUM
- $1.1B
- Equity Positions
- 20
- Top-10 Concentration
- 88.2%
- Largest Sector · 98.0%
- Healthcare
- Longest held · 13 qtrs
- ANIK
- Median Holding Period
- 3 Qtrs
Top 10 HoldingsQ4 2025
Ranked by portfolio weight. Δ QoQ is the change in weight versus the previous reporting quarter.
| # | Ticker | Company | Sector | Shares | Weight | Δ QoQ | Market Value |
|---|---|---|---|---|---|---|---|
| 1 | LQDA | Healthcare | 8,118,892 | 25.63% | +0.01% | $280.0M | |
| 2 | ABVX | Healthcare | 1,451,924 | 17.92% | +0.82% | $195.8M | |
| 3 | RVMD | Healthcare | 1,283,900 | 9.36% | +2.46% | $102.3M | |
| 4 | MLYS | Healthcare | 2,772,654 | 9.21% | -5.38% | $100.6M | |
| 5 | PCVX | VAXCYTE INCNEW | Healthcare | 1,704,815 | 7.20% | — | $78.7M |
| 6 | EXEL | Healthcare | 1,553,262 | 6.23% | -2.51% | $68.1M | |
| 7 | ADMA | Healthcare | 3,012,508 | 5.03% | -0.33% | $54.9M | |
| 8 | TNGX | Healthcare | 3,729,895 | 3.02% | — | $33.0M | |
| 9 | INBX | Healthcare | 323,565 | 2.34% | +1.24% | $25.6M | |
| 10 | TYRA | Healthcare | 944,257 | 2.27% | +0.92% | $24.8M |
Quarterly shiftsvs previous quarter
Top movers in Caligan's Form 13F versus the prior reporting quarter. Δ Weight is the change in portfolio weight (percentage points); Δ Shares is the percent change in share count.
| Company | Ticker | Δ Weight | Δ Shares |
|---|---|---|---|
| REVOLUTION MEDICINES, INC. | RVMD | +2.46% | +20.64% |
| INHIBRX BIOSCIENCES INC | INBX | +1.24% | +36.88% |
| TYRA BIOSCIENCES, INC. | TYRA | +0.92% | +35.51% |
| ABIVAX SA | ABVX | +0.82% | +0.00% |
| VERRICA PHARMACEUTICALS INC | VRCA | +0.15% | +0.00% |
| Company | Ticker | Δ Weight | Δ Shares |
|---|---|---|---|
| MINERALYS THERAPEUTICS INC | MLYS | -5.38% | +0.00% |
| EXELIXIS INC | EXEL | -2.51% | +1.80% |
| ANIKA THERAPEUTICS INC | ANIK | -0.61% | +0.00% |
| ADMA BIOLOGICS INC | ADMA | -0.33% | +14.26% |
| XENON PHARMACEUTICALS INC | XENE | -0.22% | +23.64% |
| Company | Ticker | New weight |
|---|---|---|
| VAXCYTE INCNEW | PCVX | 7.20% |
| TANGO THERAPEUTICS INCNEW | TNGX | 3.03% |
| MAZE THERAPEUTICS INCNEW | MAZE | 2.09% |
| RAPT THERAPEUTICS INCNEW | SYN_75382E208 | 2.00% |
| VOR BIOPHARMA INCNEW | VOR | 0.91% |
| Company | Ticker | Prev weight |
|---|---|---|
| AGIOS PHARMACEUTICALS INC | AGIO | 6.30% |
| EVOLUS INC | EOLS | 3.53% |
| MERUS N V | SYN_N5749R100 | 2.83% |
| AURA BIOSCIENCES INC | AURA | 0.19% |
Portfolio composition
Sectors, concentrations, and a tap-through treemap of every position in the fund's latest 13F.
Quarterly shifts
Top movers versus the prior reporting quarter. Left panel bridges market-value change in USD millions; right panel shows share-count change in %.
Holding period analytics
Distribution of holding periods for all 39 stocks the fund has ever held (up to selected quarter):
Peer Group — Funds With Most Portfolio Overlap
Ranked by percentage of the peer fund's 13F equity portfolio that overlaps with Caligan's positions in Q4 2025.
| # | Fund | Shared Positions | Overlap % |
|---|---|---|---|
| 1 | Vestal Point Capital | 4 | 13.6% |
| 2 | Commodore Capital | 4 | 12.4% |
| 3 | Deep Track | 6 | 9.2% |
| 4 | Darwin Global Management | 1 | 8.9% |
| 5 | Washington University in St. Louis | 1 | 5.9% |
13F AUM Development
Quarterly 13F-reported equity AUM for Caligan, derived from aggregate long equity position market values disclosed to the U.S. SEC.
Methodology & FAQ
How We Track Caligan Holdings
Our data is systematically aggregated directly from quarterly Form 13F-HR disclosures submitted to the U.S. Securities and Exchange Commission (SEC).
- Who Must File (Reporting Threshold): This dataset includes filings from U.S. institutional investment managers, hedge funds, mutual funds, university endowments, and family offices managing at least $100 million in qualifying discretionary U.S. equities.
- What is Included (Data Scope): We exclusively capture long equity positions and listed options (calls and puts) for Caligan. By SEC regulation, 13F filings do not require the disclosure of short positions, non-U.S. holdings, or OTC derivatives.
- Portfolio Weight Explained (Metric Definition): “Portfolio Weight” shows how much of a fund's total 13F U.S. equity portfolio is allocated to a specific position on the reporting date.
- How to Use This Data (Interpretation): Quarter-over-quarter changes in shares and portfolio weight reflect a combination of active trading and market price movements. These are descriptive metrics of fund allocation, not explicit buy or sell signals.
How do you measure hedge fund conviction in Caligan's portfolio?
We evaluate conviction by looking at portfolio weight rather than just absolute share count. A position that represents a large percentage of a fund's total 13F equity value signals high conviction, regardless of whether it ranks highly in absolute dollar terms. Tracking how this weight changes quarter-over-quarter helps distinguish active capital allocation from passive drift.
Does Caligan's 13F data include short positions or derivatives?
SEC Form 13F only mandates the disclosure of long U.S. equity positions and listed options (put and call contracts). Short interest, swaps, and OTC derivatives are excluded by regulatory design. To ensure accurate position scaling, listed options are reported based on their underlying share equivalent.
Are family offices and endowments included in this data?
Yes. Any institutional entity exercising investment discretion over at least $100 million in qualifying U.S. equities must file a Form 13F — this explicitly includes single-family offices and university endowments. If a qualifying entity holds positions reported by Caligan, their allocation is included in this dataset.
When is the data updated, and is there a reporting lag?
Institutional investment managers are required to file their Form 13F within 45 days after the end of each calendar quarter (the standard “T+45” window). Our platform processes filings immediately upon publication to the SEC EDGAR database, providing point-in-time consensus positioning without look-ahead bias.
Data Source: Aggregated from public SEC Form 13F filings via the EDGAR database.