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Livermore
Livermore
ZHEN

Sphera Funds Management Ltd.

SEC CIK
0001496201
Latest filing
Aug 14, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Feb 17, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
94
−7 vs. Q3 2025
Portfolio value
$478.5M
+$56.9M (+13.5%) vs. Q3 2025
Filed
Feb 17, 2026
SEC
Holdings of Sphera Funds Management Ltd. in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
TEVATeva Pharmaceutical Industries LtdSPONSORED ADS1,123,525$35.1M7.3%−383,500−25.4%ReducedHistory
BIIBBiogen Inc.COM94,738$16.7M3.5%+12,000+14.5%AddedHistory
MLYSMineralys Therapeutics, Inc.COM449,003$16.3M3.4%+229,093+104.2%AddedHistory
SNDXSyndax Pharmaceuticals IncCOM762,563$16.0M3.3%+374,847+96.7%AddedHistory
NVMINova Ltd.COM47,846$15.7M3.3%+3,950+9.0%AddedHistory
TSEMTower Semiconductor LtdSHS NEW122,513$14.4M3.0%−189,289−60.7%ReducedHistory
COGTCogent Biosciences, Inc.COM378,500$13.4M2.8%+279,974+284.2%AddedHistory
AZNAstraZeneca PLCSPONSORED ADR135,060$12.4M2.6%00.0%UnchangedHistory
SNYSanofiSPONSORED ADR239,515$11.6M2.4%+20,000+9.1%AddedHistory
LLYEli Lilly & CoStock9,040$9.72M2.0%−1,000−10.0%ReducedHistory
FOLDAmicus Therapeutics, Inc.COM658,377$9.38M2.0%−332,765−33.6%ReducedHistory
IMTXImmatics N.V.SHS861,105$9.04M1.9%+278,000+47.7%AddedHistory
BMRNBiomarin Pharmaceutical IncCOM147,000$8.74M1.8%+147,000NewHistory
BBIOBridgeBio Pharma, Inc.COM107,746$8.24M1.7%+67,000+164.4%AddedHistory
ORICOric Pharmaceuticals, Inc.COM1,004,378$8.22M1.7%+572,685+132.7%AddedHistory
DYNDyne Therapeutics, Inc.COM392,894$7.69M1.6%−33,624−7.9%ReducedHistory
TRVITrevi Therapeutics, Inc.COM598,534$7.49M1.6%−45,423−7.1%ReducedHistory
JNJJohnson & JohnsonStock35,831$7.42M1.5%−5,000−12.2%ReducedHistory
SVRASavara IncCOM1,178,164$7.10M1.5%−172,169−12.8%ReducedHistory
SRRKScholar Rock Holding CorpCOM158,265$6.97M1.5%+158,265NewHistory
WVEWave Life Sciences, Inc.SHS408,166$6.94M1.5%+358,166+716.3%AddedHistory
RAREUltragenyx Pharmaceutical Inc.COM300,623$6.91M1.4%−51,935−14.7%ReducedHistory
HELPHelus Pharma Inc.COM NEW825,576$6.75M1.4%+455,200+122.9%AddedHistory
ANNXAnnexon, Inc.COM1,316,212$6.61M1.4%−478,175−26.6%ReducedHistory
BCRXBiocryst Pharmaceuticals IncCOM837,889$6.54M1.4%+837,889NewHistory
CLDXCelldex Therapeutics, Inc.COM NEW239,764$6.51M1.4%+32,000+15.4%AddedHistory
SLNOSoleno Therapeutics IncCOM136,314$6.31M1.3%+94,708+227.6%AddedHistory
APLSApellis Pharmaceuticals, Inc.COM250,961$6.30M1.3%+187,301+294.2%AddedHistory
GSKGSK plcADR122,000$5.98M1.3%00.0%UnchangedHistory
ENPHEnphase Energy, Inc.Stock186,500$5.98M1.2%+159,800+598.5%AddedHistory
NVONovo Nordisk A SADR115,677$5.89M1.2%+10,000+9.5%AddedHistory
CYTKCytokinetics IncCOM NEW91,717$5.83M1.2%−69,800−43.2%ReducedHistory
ABBVAbbVie Inc.Stock25,256$5.77M1.2%00.0%UnchangedHistory
SEDGSolaredge Technologies, Inc.COM196,536$5.67M1.2%+55,570+39.4%AddedHistory
ACADAcadia Pharmaceuticals IncCOM212,202$5.67M1.2%+63,302+42.5%AddedHistory
VORVor Biopharma Inc.COM NEW410,417$5.37M1.1%+410,417NewHistory
MRKMerck & Co., Inc.Stock48,600$5.12M1.1%00.0%UnchangedHistory
NVSNovartis AGADR37,000$5.10M1.1%00.0%UnchangedHistory
FBRXForte Biosciences, Inc.COM NEW185,869$5.07M1.1%−288,440−60.8%ReducedHistory
KODKodiak Sciences Inc.COM175,500$4.91M1.0%+175,500NewHistory
TNGXTango Therapeutics, Inc.COM544,563$4.82M1.0%+544,563NewHistory
Solaredge Technologies, Inc.83417MAE4NOTE 2.250% 7/04,000,000$4.70M1.0%00.0%Unchanged–
ATXSAstria Therapeutics, Inc.COM355,725$4.66M1.0%+104,500+41.6%AddedHistory
MDWDMediWound Ltd.SHS NEW230,347$4.25M0.9%+45,077+24.3%AddedHistory
CAMTCamtek LtdORD39,498$4.20M0.9%+10,450+36.0%AddedHistory
RVMDRevolution Medicines, Inc.COM52,500$4.18M0.9%−7,500−12.5%ReducedHistory
AMDAdvanced Micro Devices IncStock18,040$3.86M0.8%+2,570+16.6%AddedHistory
CLYMClimb Bio, Inc.COM932,247$3.73M0.8%+497,410+114.4%AddedHistory
ACOGAlpha Cognition Inc.COM NEW567,616$3.69M0.8%+228,864+67.6%AddedHistory
ELVNEnliven Therapeutics, Inc.COM226,765$3.49M0.7%+60,000+36.0%AddedHistory
TARAProtara Therapeutics, Inc.COM STK650,000$3.46M0.7%+650,000NewHistory
AVGOBroadcom Inc.Stock9,755$3.38M0.7%+3,200+48.8%AddedHistory
ELDNEledon Pharmaceuticals, Inc.COM2,132,131$3.22M0.7%+851,898+66.5%AddedHistory
BIOABioAge Labs, Inc.COM243,035$3.22M0.7%+243,035NewHistory
CRVSCorvus Pharmaceuticals, Inc.COM407,709$3.14M0.7%00.0%UnchangedHistory
ESLTElbit Systems LtdStock5,340$3.08M0.6%−1,400−20.8%ReducedHistory
KURAKura Oncology, Inc.COM295,522$3.07M0.6%+50,000+20.4%AddedHistory
MAZEMaze Therapeutics, Inc.COM71,843$2.98M0.6%−82,500−53.5%ReducedHistory
ZIMZIM Integrated Shipping Services Ltd.SHS136,005$2.89M0.6%+136,005NewHistory
GPCRStructure Therapeutics Inc.SPONSORED ADS41,000$2.85M0.6%−132,931−76.4%ReducedHistory
EVMNEvommune, Inc.COM SHS166,147$2.84M0.6%+166,147NewHistory
VSTMVerastem, Inc.COM NEW343,678$2.65M0.6%+265,371+338.9%AddedHistory
AMGNAmgen IncStock7,500$2.45M0.5%−2,000−21.1%ReducedHistory
NRIXNurix Therapeutics, Inc.COM124,000$2.35M0.5%+124,000NewHistory
ASNDAscendis Pharma A/SSPONSORED ADR11,000$2.35M0.5%+11,000NewHistory
TENXTenax Therapeutics, Inc.COM NEW190,111$2.32M0.5%+190,111NewHistory
JANXJanux Therapeutics, Inc.COM157,840$2.18M0.5%+72,000+83.9%AddedHistory
PFEPfizer IncStock86,000$2.14M0.4%00.0%UnchangedHistory
TSHATaysha Gene Therapies, Inc.COM SHS368,146$2.02M0.4%−40,000−9.8%ReducedHistory
CTNMContineum Therapeutics, Inc.CL A173,475$1.98M0.4%+173,475NewHistory
MDGLMadrigal Pharmaceuticals, Inc.COM3,300$1.92M0.4%+3,300NewHistory
PHVSPharvaris N.V.COM63,953$1.77M0.4%−55,453−46.4%ReducedHistory
VRNSVaronis Systems IncCOM52,500$1.72M0.4%−21,400−29.0%ReducedHistory
DTILPrecision Biosciences IncCOM NEW396,116$1.65M0.3%+396,116NewHistory
VTYXVentyx Biosciences, Inc.COM180,114$1.63M0.3%−260,000−59.1%ReducedHistory
IBITiShares Bitcoin Trust ETFETF30,055$1.49M0.3%+8,600+40.1%AddedHistory
DAWNDay One Biopharmaceuticals, Inc.Stock145,371$1.35M0.3%−30,000−17.1%ReducedHistory
VYGRVoyager Therapeutics, Inc.COM339,761$1.34M0.3%+140,000+70.1%AddedHistory
TRDAEntrada Therapeutics, Inc.COM110,942$1.14M0.2%+110,942NewHistory
TNYATenaya Therapeutics, Inc.COM1,500,000$1.07M0.2%+1,500,000NewHistory
CATXPerspective Therapeutics, Inc.COM NEW349,973$962.4K0.2%−160,370−31.4%ReducedHistory
BMYBristol Myers Squibb CoStock17,500$944.0K0.2%00.0%UnchangedHistory
JSPRJasper Therapeutics, Inc.COM NEW485,401$888.3K0.2%−144,069−22.9%ReducedHistory
PEPGPepGen Inc.COM121,467$790.8K0.2%−50,000−29.2%ReducedHistory
STTKShattuck Labs, Inc.COM195,212$712.5K0.1%+195,212NewHistory
PALIPalisade Bio, Inc.COM184,100$432.6K0.1%+184,100NewHistory
HOWLWerewolf Therapeutics, Inc.COM626,810$397.1K0.1%00.0%UnchangedHistory
SKYESkye Bioscience, Inc.COM NEW478,928$359.1K0.1%00.0%UnchangedHistory
PRLDPrelude Therapeutics IncCOM122,752$356.0K0.1%+122,752NewHistory
APREAprea Therapeutics, Inc.COM NEW270,000$230.3K<0.1%00.0%UnchangedHistory
OKUROnKure Therapeutics, Inc.COM CL A60,454$175.3K<0.1%00.0%UnchangedHistory
MREOMereo BioPharma Group plcSPON ADS255,400$106.4K<0.1%+255,400NewHistory
PMNProMIS Neurosciences Inc.COM SHS11,807$80.6K<0.1%00.0%UnchangedConverted for a 1-for-25 splitHistory
APLTApplied Therapeutics, Inc.COM50,000$5.00K<0.1%00.0%UnchangedHistory

Options (5)

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 Q4 2025
SecurityClassPutsCalls
PRAXPraxis Precision Medicines, Inc.COM NEW–$11.8M
State Street SPDR S&P Biotech ETF78464A870ETF$8.54M–
RAREUltragenyx Pharmaceutical Inc.COM–$8.05M
NICENICE Ltd.SPONSORED ADR–$6.30M
iShares Tr46428743220 YR TR BD ETF–$4.10M

Sold out since Q3 2025 (29)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Sphera Funds Management Ltd. sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
NICENICE Ltd.SPONSORED ADR157,400$22.8M5.4%History
Invesco QQQ Trust Series I46090E103ETF22,960$13.8M3.3%–
CDTXCidara Therapeutics, Inc.COM NEW75,743$7.25M1.7%History
CLBTCellebrite DI Ltd.ORDINARY SHARES298,948$5.54M1.3%History
RAPPRapport Therapeutics, Inc.COM157,533$4.68M1.1%History
IMVTImmunovant, Inc.COM256,743$4.14M1.0%History
ENGNenGene Therapeutics Inc.COM504,409$3.45M0.8%History
RZLTRezolute, Inc.COM NEW363,947$3.42M0.8%History
PRAXPraxis Precision Medicines, Inc.COM NEW57,901$3.07M0.7%History
AMZNAmazon Com IncStock13,760$3.02M0.7%History
METAMeta Platforms, Inc.Stock3,924$2.88M0.7%History
ORAOrmat Technologies, Inc.COM29,000$2.79M0.7%History
IDYAIDEAYA Biosciences, Inc.COM100,000$2.72M0.6%History
CEVACeva IncCOM81,085$2.14M0.5%History
TECXTectonic Therapeutic, Inc.COM115,908$1.82M0.4%History
PCVXVaxcyte, Inc.COM50,000$1.80M0.4%History
IMNMImmunome Inc.COM147,200$1.72M0.4%History
MISTMilestone Pharmaceuticals Inc.COM820,000$1.64M0.4%History
QUREuniQure N.V.SHS24,900$1.45M0.3%History
BHVNBiohaven Ltd.COM91,155$1.37M0.3%History
BCAXBicara Therapeutics Inc.COM85,747$1.35M0.3%History
SABSSAB Biotherapeutics, Inc.COM NEW566,395$1.14M0.3%History
LRMRLarimar Therapeutics, Inc.COM260,385$841.0K0.2%History
ROIVRoivant Sciences Ltd.SHS42,571$644.1K0.2%History
ETNB89bio, Inc.COM39,675$583.2K0.1%History
MLTXMoonLake ImmunotherapeuticsCLASS A ORD71,010$509.1K0.1%History
CMMBChemomab Therapeutics Ltd.SPONSORED ADS179,425$471.9K0.1%History
ARWRArrowhead Pharmaceuticals, Inc.COM12,496$431.0K0.1%History
DSGNDesign Therapeutics, Inc.COM21,918$165.0K<0.1%History