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Livermore
Livermore
ZHEN

Sphera Funds Management Ltd.

SEC CIK
0001496201
Latest filing
Aug 14, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Nov 14, 2025. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
101
0 vs. Q2 2025
Portfolio value
$421.6M
+$39.1M (+10.2%) vs. Q2 2025
Filed
Nov 14, 2025
SEC
Holdings of Sphera Funds Management Ltd. in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
TEVATeva Pharmaceutical Industries LtdSPONSORED ADS1,507,025$30.4M7.2%−113,965−7.0%ReducedHistory
NICENICE Ltd.SPONSORED ADR157,400$22.8M5.4%+157,400NewHistory
TSEMTower Semiconductor LtdSHS NEW311,802$22.5M5.3%+47,080+17.8%AddedHistory
NVMINova Ltd.COM43,896$14.0M3.3%−31,940−42.1%ReducedHistory
Invesco QQQ Trust Series I46090E103ETF22,960$13.8M3.3%+22,960New–
BIIBBiogen Inc.COM82,738$11.6M2.7%00.0%UnchangedHistory
RAREUltragenyx Pharmaceutical Inc.COM352,558$10.6M2.5%+252,473+252.3%AddedHistory
AZNAstraZeneca PLCSPONSORED ADR135,060$10.4M2.5%00.0%UnchangedHistory
SNYSanofiSPONSORED ADR219,515$10.4M2.5%00.0%UnchangedHistory
CYTKCytokinetics IncCOM NEW161,517$8.88M2.1%−165,201−50.6%ReducedHistory
MLYSMineralys Therapeutics, Inc.COM219,910$8.34M2.0%−261,064−54.3%ReducedHistory
FOLDAmicus Therapeutics, Inc.COM991,142$7.81M1.9%+4240.0%AddedHistory
LLYEli Lilly & CoStock10,040$7.66M1.8%−1,500−13.0%ReducedHistory
JNJJohnson & JohnsonStock40,831$7.57M1.8%00.0%UnchangedHistory
CDTXCidara Therapeutics, Inc.COM NEW75,743$7.25M1.7%−62,258−45.1%ReducedHistory
FBRXForte Biosciences, Inc.COM NEW474,309$7.11M1.7%−20,800−4.2%ReducedHistory
SNDXSyndax Pharmaceuticals IncCOM387,716$5.97M1.4%−1,183,848−75.3%ReducedHistory
TRVITrevi Therapeutics, Inc.COM643,957$5.89M1.4%−156,000−19.5%ReducedHistory
NVONovo Nordisk A SADR105,677$5.86M1.4%00.0%UnchangedHistory
ABBVAbbVie Inc.Stock25,256$5.85M1.4%00.0%UnchangedHistory
CLBTCellebrite DI Ltd.ORDINARY SHARES298,948$5.54M1.3%+298,948NewHistory
ANNXAnnexon, Inc.COM1,794,387$5.47M1.3%+30,000+1.7%AddedHistory
DYNDyne Therapeutics, Inc.COM426,518$5.40M1.3%+205,102+92.6%AddedHistory
CLDXCelldex Therapeutics, Inc.COM NEW207,764$5.37M1.3%−211,776−50.5%ReducedHistory
Solaredge Technologies, Inc.83417MAE4NOTE 2.250% 7/04,000,000$5.33M1.3%+4,000,000New–
GSKGSK plcADR122,000$5.27M1.2%00.0%UnchangedHistory
SEDGSolaredge Technologies, Inc.COM140,966$5.22M1.2%+13,000+10.2%AddedHistory
ORICOric Pharmaceuticals, Inc.COM431,693$5.18M1.2%+37,000+9.4%AddedHistory
IMTXImmatics N.V.SHS583,105$4.97M1.2%00.0%UnchangedHistory
GPCRStructure Therapeutics Inc.SPONSORED ADS173,931$4.87M1.2%+78,000+81.3%AddedHistory
SVRASavara IncCOM1,350,333$4.82M1.1%+40,100+3.1%AddedHistory
NVSNovartis AGADR37,000$4.74M1.1%00.0%UnchangedHistory
RAPPRapport Therapeutics, Inc.COM157,533$4.68M1.1%+157,533NewHistory
VRNSVaronis Systems IncCOM73,900$4.25M1.0%+73,900NewHistory
IMVTImmunovant, Inc.COM256,743$4.14M1.0%00.0%UnchangedHistory
MRKMerck & Co., Inc.Stock48,600$4.08M1.0%00.0%UnchangedHistory
MAZEMaze Therapeutics, Inc.COM154,343$4.00M0.9%−202,110−56.7%ReducedHistory
ENGNenGene Therapeutics Inc.COM504,409$3.45M0.8%00.0%UnchangedHistory
ESLTElbit Systems LtdStock6,740$3.44M0.8%+740+12.3%AddedHistory
RZLTRezolute, Inc.COM NEW363,947$3.42M0.8%−387,500−51.6%ReducedHistory
ELVNEnliven Therapeutics, Inc.COM166,765$3.41M0.8%+38,250+29.8%AddedHistory
MDWDMediWound Ltd.SHS NEW185,270$3.34M0.8%+185,270NewHistory
ELDNEledon Pharmaceuticals, Inc.COM1,280,233$3.32M0.8%−679,377−34.7%ReducedHistory
ACADAcadia Pharmaceuticals IncCOM148,900$3.18M0.8%−26,000−14.9%ReducedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW57,901$3.07M0.7%−51,856−47.2%ReducedHistory
CAMTCamtek LtdORD29,048$3.05M0.7%−2,928−9.2%ReducedHistory
AMZNAmazon Com IncStock13,760$3.02M0.7%−18,681−57.6%ReducedHistory
CRVSCorvus Pharmaceuticals, Inc.COM407,709$3.00M0.7%+224,615+122.7%AddedHistory
PHVSPharvaris N.V.COM119,406$2.98M0.7%−190,525−61.5%ReducedHistory
METAMeta Platforms, Inc.Stock3,924$2.88M0.7%−4,602−54.0%ReducedHistory
SLNOSoleno Therapeutics IncCOM41,606$2.81M0.7%+41,606NewHistory
RVMDRevolution Medicines, Inc.COM60,000$2.80M0.7%+60,000NewHistory
ORAOrmat Technologies, Inc.COM29,000$2.79M0.7%−49,000−62.8%ReducedHistory
IDYAIDEAYA Biosciences, Inc.COM100,000$2.72M0.6%+100,000NewHistory
AMGNAmgen IncStock9,500$2.68M0.6%00.0%UnchangedHistory
AMDAdvanced Micro Devices IncStock15,470$2.50M0.6%+7,220+87.5%AddedHistory
ACOGAlpha Cognition Inc.COM NEW338,752$2.21M0.5%−37,897−10.1%ReducedHistory
PFEPfizer IncStock86,000$2.19M0.5%00.0%UnchangedHistory
HELPHelus Pharma Inc.COM NEW370,376$2.18M0.5%−27,933−7.0%ReducedHistory
KURAKura Oncology, Inc.COM245,522$2.17M0.5%+10,000+4.2%AddedHistory
AVGOBroadcom Inc.Stock6,555$2.16M0.5%+6,555NewHistory
CEVACeva IncCOM81,085$2.14M0.5%+32,165+65.8%AddedHistory
BBIOBridgeBio Pharma, Inc.COM40,746$2.12M0.5%−46,362−53.2%ReducedHistory
JANXJanux Therapeutics, Inc.COM85,840$2.10M0.5%00.0%UnchangedHistory
SKYESkye Bioscience, Inc.COM NEW478,928$1.88M0.4%−59,506−11.1%ReducedHistory
ATXSAstria Therapeutics, Inc.COM251,225$1.83M0.4%−6,177−2.4%ReducedHistory
TECXTectonic Therapeutic, Inc.COM115,908$1.82M0.4%+115,908NewHistory
PCVXVaxcyte, Inc.COM50,000$1.80M0.4%+50,000NewHistory
CATXPerspective Therapeutics, Inc.COM NEW510,343$1.75M0.4%+200,000+64.4%AddedHistory
IMNMImmunome Inc.COM147,200$1.72M0.4%+147,200NewHistory
MISTMilestone Pharmaceuticals Inc.COM820,000$1.64M0.4%+820,000NewHistory
JSPRJasper Therapeutics, Inc.COM NEW629,470$1.50M0.4%+614,799+4,190.6%AddedHistory
QUREuniQure N.V.SHS24,900$1.45M0.3%+24,900NewHistory
APLSApellis Pharmaceuticals, Inc.COM63,660$1.44M0.3%−50,686−44.3%ReducedHistory
COGTCogent Biosciences, Inc.COM98,526$1.41M0.3%−45,167−31.4%ReducedHistory
IBITiShares Bitcoin Trust ETFETF21,455$1.39M0.3%00.0%UnchangedHistory
VTYXVentyx Biosciences, Inc.COM440,114$1.37M0.3%−115,700−20.8%ReducedHistory
BHVNBiohaven Ltd.COM91,155$1.37M0.3%−54,217−37.3%ReducedHistory
BCAXBicara Therapeutics Inc.COM85,747$1.35M0.3%+20,068+30.6%AddedHistory
TSHATaysha Gene Therapies, Inc.COM SHS408,146$1.33M0.3%−11,854−2.8%ReducedHistory
DAWNDay One Biopharmaceuticals, Inc.Stock175,371$1.24M0.3%00.0%UnchangedHistory
HOWLWerewolf Therapeutics, Inc.COM626,810$1.23M0.3%00.0%UnchangedHistory
SABSSAB Biotherapeutics, Inc.COM NEW566,395$1.14M0.3%+566,395NewHistory
ENPHEnphase Energy, Inc.Stock26,700$944.9K0.2%+26,700NewHistory
VYGRVoyager Therapeutics, Inc.COM199,761$932.9K0.2%+199,761NewHistory
CLYMClimb Bio, Inc.COM434,837$874.0K0.2%+225,000+107.2%AddedHistory
LRMRLarimar Therapeutics, Inc.COM260,385$841.0K0.2%+63,750+32.4%AddedHistory
PEPGPepGen Inc.COM171,467$792.2K0.2%+15,000+9.6%AddedHistory
BMYBristol Myers Squibb CoStock17,500$789.3K0.2%00.0%UnchangedHistory
VSTMVerastem, Inc.COM NEW78,307$691.5K0.2%−85,000−52.0%ReducedHistory
ROIVRoivant Sciences Ltd.SHS42,571$644.1K0.2%+42,571NewHistory
ETNB89bio, Inc.COM39,675$583.2K0.1%−166,000−80.7%ReducedHistory
MLTXMoonLake ImmunotherapeuticsCLASS A ORD71,010$509.1K0.1%+71,010NewHistory
CMMBChemomab Therapeutics Ltd.SPONSORED ADS179,425$471.9K0.1%−5,087−2.8%ReducedConverted for a 1-for-4 splitHistory
ARWRArrowhead Pharmaceuticals, Inc.COM12,496$431.0K0.1%−190,500−93.8%ReducedHistory
APREAprea Therapeutics, Inc.COM NEW270,000$398.3K0.1%00.0%UnchangedHistory
WVEWave Life Sciences, Inc.SHS50,000$366.0K0.1%+50,000NewHistory
OKUROnKure Therapeutics, Inc.COM CL A60,454$166.2K<0.1%00.0%UnchangedHistory
DSGNDesign Therapeutics, Inc.COM21,918$165.0K<0.1%+21,918NewHistory
PMNProMIS Neurosciences Inc.COM295,187$125.5K<0.1%−1,604,110−84.5%ReducedHistory

Options (13)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Sphera Funds Management Ltd. in Q3 2025
SecurityClassPutsCalls
MRUSMerus N.V.COM–$14.1M
CDTXCidara Therapeutics, Inc.COM NEW–$9.58M
BBIOBridgeBio Pharma, Inc.COM–$6.75M
QUREuniQure N.V.SHS$4.38M–
iShares Tr46428743220 YR TR BD ETF–$4.20M
SRPTSarepta Therapeutics, Inc.COM–$2.89M
PRAXPraxis Precision Medicines, Inc.COM NEW–$2.65M
TVTXTravere Therapeutics, Inc.COM–$2.43M
ROIVRoivant Sciences Ltd.SHS–$2.29M
GPCRStructure Therapeutics Inc.SPONSORED ADS–$1.40M
TRVITrevi Therapeutics, Inc.COM–$1.18M
ELDNEledon Pharmaceuticals, Inc.COM$518.0K–
MLTXMoonLake ImmunotherapeuticsCLASS A ORD–$71.7K

Sold out since Q2 2025 (23)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of Sphera Funds Management Ltd. sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
NVDANVIDIA CorpStock54,515$8.61M2.3%History
MSFTMicrosoft CorpStock11,792$5.87M1.5%History
Ormat Technologies, Inc.686688AC6DEBT 2.500% 7/15,037,000$5.61M1.5%–
TVTXTravere Therapeutics, Inc.COM335,333$4.96M1.3%History
Avidity Biosciences, Inc.05370A108COM126,000$3.58M0.9%–
AMATApplied Materials IncStock18,000$3.30M0.9%History
UBERUber Technologies, IncStock30,000$2.80M0.7%History
SRPTSarepta Therapeutics, Inc.COM159,323$2.72M0.7%History
PANWPalo Alto Networks IncStock13,114$2.68M0.7%History
WIXWix.com Ltd.SHS16,931$2.68M0.7%History
SRRKScholar Rock Holding CorpCOM57,497$2.04M0.5%History
CRMSalesforce, Inc.Stock6,800$1.85M0.5%History
Cyberark Software LtdM2682V108SHS4,000$1.63M0.4%–
MRVLMarvell Technology, Inc.COM18,730$1.45M0.4%History
NTLAIntellia Therapeutics, Inc.COM128,780$1.21M0.3%History
NNDMNano Dimension Ltd.SPONSORD ADS NEW717,518$1.16M0.3%History
KRYSKrystal Biotech, Inc.COM7,335$1.01M0.3%History
VTGNVistagen Therapeutics, Inc.COM447,939$895.9K0.2%History
SSentinelOne, Inc.CL A27,000$493.6K0.1%History
CGNTCognyte Software Ltd.ORD SHS45,181$417.5K0.1%History
KZRKezar Life Sciences, Inc.COM58,539$268.1K0.1%History
SLDBSolid Biosciences Inc.COM NEW50,190$244.4K0.1%History
ELEVElevation Acquisition Group Inc.COM328,562$120.6K<0.1%History