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Livermore
Livermore
ZHEN

Caligan Partners LP

SEC CIK
0001727492
Latest filing
Aug 14, 2026

The latest 13F from Caligan Partners LP covers Q2 2026 (filed Aug 14, 2026): 25 long positions worth $2.07B. The top 10 holdings make up 82.9% of the portfolio, and the largest is Liquidia Corp (LQDA) at 31.2%. Livermore has 16 filings on Form 13F from this institution, going back to Q4 2022.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
5
Est. +$121.6M
Added
10
Est. +$170.8M
Reduced
3
Est. −$81.2M
Sold out
4
Est. −$138.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. LQDALiquidia Corp
    31.2%$647.3MHistory
  2. RVMDRevolution Medicines, Inc.
    17.7%$367.4MHistory
  3. ABVXAbivax S.A.
    10.0%$207.6MHistory
  4. PCVXVaxcyte, Inc.
    6.1%$127.2MHistory
  5. EXELExelixis, Inc.
    4.1%$84.5MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. RVMDRevolution Medicines, Inc.
    +$57.9MAddedHistory
  2. IMCRImmunocore Holdings plc
    +$43.9MNewHistory
  3. VRDNViridian Therapeutics, Inc.
    +$40.3MNewHistory
  4. AURAAura Biosciences, Inc.
    +$28.9MAddedHistory
  5. AVTXAvalo Therapeutics, Inc.
    +$28.3MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. RVMDRevolution Medicines, Inc.
    +6.36 pp11.4% → 17.7%History
  2. IMCRImmunocore Holdings plc
    +2.12 pp0.0% → 2.1%History
  3. VRDNViridian Therapeutics, Inc.
    +1.94 pp0.0% → 1.9%History
  4. AURAAura Biosciences, Inc.
    +1.36 pp0.1% → 1.5%History
  5. AVTXAvalo Therapeutics, Inc.
    +1.09 pp1.7% → 2.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MLYSMineralys Therapeutics, Inc.
    −$75.1MSold outHistory
  2. SYRESpyre Therapeutics, Inc.
    −$44.3MSold outHistory
  3. MBXMBX Biosciences, Inc.
    −$35.8MReducedHistory
  4. XENEXenon Pharmaceuticals Inc.
    −$30.4MReducedHistory
  5. MAZEMaze Therapeutics, Inc.
    −$18.4MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MLYSMineralys Therapeutics, Inc.
    −5.31 pp5.3% → 0.0%History
  2. XENEXenon Pharmaceuticals Inc.
    −3.14 pp5.7% → 2.6%History
  3. SYRESpyre Therapeutics, Inc.
    −3.13 pp3.1% → 0.0%History
  4. TYRATyra Biosciences, Inc.
    −2.22 pp3.5% → 1.2%History
  5. MAZEMaze Therapeutics, Inc.
    −1.30 pp1.3% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.07B
+$658.9M (+46.6%) vs. prior quarter
Positions
25
+1 vs. prior quarter
Top 10 concentration
82.9%
Top 10 as share of value
Turnover
12.6%
Q2 2026, one quarter
Average holding period
8.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2022), so positions held before then are understated.

13F filings by quarter

15 quarters, going back to Q4 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.07B (Q2 2026)

Q4 2022: $120.2MQ1 2023: $143.4MQ2 2023: $164.5MQ3 2023: $195.5MQ4 2023: $296.5MQ1 2024: $378.3MQ2 2024: $428.0MQ3 2024: $315.5MQ4 2024: $394.9MQ1 2025: $479.2MQ2 2025: $515.1MQ3 2025: $720.7MQ4 2025: $1.09BQ1 2026: $1.41BQ2 2026: $2.07B
Q4 2022Q2 2026
13F filings of Caligan Partners LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202625$2.07BLQDARVMDABVXvs. Q1 2026SEC
Q1 2026May 15, 202624$1.41BLQDAABVXRVMDvs. Q4 2025SEC
Q4 2025Feb 17, 202620$1.09BLQDAABVXRVMDvs. Q3 2025SEC
Q3 2025Nov 14, 202516$720.7MLQDAABVXMLYSvs. Q2 2025SEC
Q2 2025Aug 14, 202516$515.1MVRNALQDAEXELvs. Q1 2025SEC
Q1 2025May 15, 202516$479.2MLQDAVRNAEXELvs. Q4 2024SEC
Q4 2024Feb 14, 202514$394.9MLQDAVRNAEXELvs. Q3 2024SEC
Q3 2024Nov 14, 202412$315.5MLQDAVRNAEXELvs. Q2 2024SEC
Q2 2024Aug 14, 202413$428.0MLQDAALIMANIKvs. Q1 2024SEC
Q1 2024May 13, 202412$378.3MLQDAALIMANIKvs. Q4 2023SEC
Q4 2023Feb 14, 202411$296.5MLQDAALIMANIKvs. Q3 2023SEC
Q3 2023Nov 14, 202312$195.5MLQDAALIMLABvs. Q2 2023SEC
Q2 2023Aug 14, 202312$164.5MLQDAANIKEXELvs. Q1 2023SEC
Q1 2023May 15, 202311$143.4MLQDAANIKLABvs. Q4 2022SEC
Q4 2022May 15, 2023Amended11$120.2MLQDAANIKEOLS–SEC

13D and 13G filings

Companies where Caligan Partners LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

8 companies, largest stake first.

Companies where Caligan Partners LP owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
VRCAVerrica Pharmaceuticals Inc.13G9.99%15.9M sharesNewFeb 12, 20251 filingFeb 12, 2025SEC
VRCAVerrica Pharmaceuticals Inc.13D/A9.99%6.50M shares0.00 ppfrom 9.99%Nov 24, 20252 filingsDec 30, 2025SEC
ANIKAnika Therapeutics, Inc.13D/A9.95%1.44M shares0.00 ppfrom 9.95%Aug 17, 20236 filingsJan 27, 2026SEC
SABSSAB Biotherapeutics, Inc.13G/A8.80%7.97M shares−1.60 ppfrom 10.40%May 15, 20262 filingsAug 14, 2026SEC
IRDOpus Genetics, Inc.13G/A7.30%6.08M shares−1.20 ppfrom 8.50%May 15, 20262 filingsAug 14, 2026SEC
AVTXAvalo Therapeutics, Inc.13G/A5.90%3.16M shares−1.30 ppfrom 7.20%Nov 14, 20254 filingsAug 14, 2026SEC
CLRBCellectar Biosciences, Inc.13G5.90%470.0K sharesNewAug 14, 20261 filingAug 14, 2026SEC
LBRXLB Pharmaceuticals Inc13G5.00%1.44M sharesNewMay 15, 20261 filingMay 15, 2026SEC

Latest filings

50 filings on file made by Caligan Partners LP or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Caligan Partners LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
SABSSAB Biotherapeutics, Inc.Aug 14, 20264:52 PM ET13G/A8.80%7.97M shares−1.60 ppfrom 10.40%Jun 30, 2026SEC
AVTXAvalo Therapeutics, Inc.Aug 14, 20264:40 PM ET13G/A5.90%3.16M shares−1.30 ppfrom 7.20%Jun 30, 2026SEC
IRDOpus Genetics, Inc.Aug 14, 20264:32 PM ET13G/A7.30%6.08M shares−1.20 ppfrom 8.50%Jun 30, 2026SEC
FTHFaeth Therapeutics, Inc.Aug 14, 20264:22 PM ET13G/A2.40%629.5K shares−7.00 ppfrom 9.40%Below 5%Jun 30, 2026SEC
CLRBCellectar Biosciences, Inc.Aug 14, 20264:08 PM ET13G5.90%470.0K sharesNewJun 30, 2026SEC
SABSSAB Biotherapeutics, Inc.May 15, 202611:17 AM ET13G10.40%7.97M sharesNewMar 31, 2026SEC
IRDOpus Genetics, Inc.May 15, 202610:56 AM ET13G8.50%6.08M sharesNewMar 31, 2026SEC
LBRXLB Pharmaceuticals IncMay 15, 202610:43 AM ET13G5.00%1.44M sharesNewMar 31, 2026SEC
AVTXAvalo Therapeutics, Inc.May 15, 202610:31 AM ET13G/A7.20%1.64M shares+2.30 ppfrom 4.90%Mar 31, 2026SEC
FTHFaeth Therapeutics, Inc.May 15, 20268:32 AM ET13G9.40%126.0K sharesNewMar 31, 2026SEC
AVTXAvalo Therapeutics, Inc.Feb 17, 20265:00 PM ET13G/A4.90%881.5K shares−1.40 ppfrom 6.30%Below 5%Dec 31, 2025SEC
EOLSEvolus, Inc.Feb 17, 20264:56 PM ET13G/A0.00%0 shares−6.40 ppfrom 6.40%Below 5%Dec 31, 2025SEC
ANIKAnika Therapeutics, Inc.Jan 27, 20267:29 PM ET13D/A9.95%1.44M shares0.00 ppfrom 9.95%Jan 23, 2026SEC
VRCAVerrica Pharmaceuticals Inc.Dec 30, 20257:10 AM ET13D/A9.99%6.50M shares0.00 ppfrom 9.99%Dec 26, 2025SEC
VRCAVerrica Pharmaceuticals Inc.Nov 24, 20254:15 PM ET13D9.99%6.50M sharesNewNov 23, 2025SEC
ANIKAnika Therapeutics, Inc.Nov 21, 20259:21 AM ET13D/A9.95%1.44M shares–Nov 19, 2025SEC
YMABY-mAbs Therapeutics, Inc.Nov 14, 20252:34 PM ET13G/A0.00%0 shares−5.20 ppfrom 5.20%Below 5%Sep 30, 2025SEC
AVTXAvalo Therapeutics, Inc.Nov 14, 20252:31 PM ET13G6.30%833.3K sharesNewSep 30, 2025SEC
EOLSEvolus, Inc.Nov 14, 20252:30 PM ET13G/A6.40%4.14M shares+1.20 ppfrom 5.20%Sep 30, 2025SEC
EOLSEvolus, Inc.Aug 14, 20254:15 PM ET13G5.20%3.34M sharesNewJun 30, 2025SEC