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Portfolio (Quarterly) Guide ↗

TANG CAPITAL MANAGEMENT LLC

· CIK 0001232621
13F Portfolio $2.0B AUM 75 positions Filed Feb 17, 2026 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 9 New 12 Added 35 Reduced 128 Exited
Page 2 of 2  ·  35 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 ACAD ACADIA PHARMACEUTICALS INC Healthcare 300,000.0 $8.0M 0.40% -1.2M -80.0% $26.71 -19.9%
22 SRPT SAREPTA THERAPEUTICS INC Healthcare 349,220.0 $7.5M 0.37% -251K -41.8% $21.52 -13.2%
23 ARVN ARVINAS INC Healthcare 569,698.0 $6.8M 0.33% -824K -59.1% $11.86 -23.4%
24 REGN REGENERON PHARMACEUTICALS Healthcare 8,000.0 $6.2M 0.30% -2K -20.0% $771.87 -7.6%
25 KEZAR LIFE SCIENCES INC 664,314.0 $4.2M 0.21% -56K -7.7% $6.29
26 CHRS COHERUS ONCOLOGY INC Healthcare 2,724,509.0 $3.9M 0.19% -2.4M -46.5% $1.42 +10.6%
27 ERAS ERASCA INC Healthcare 900,000.0 $3.3M 0.17% -603K -40.1% $3.72 +178.8%
28 NKTX NKARTA INC Healthcare 1,480,823.0 $2.7M 0.14% -5.6M -79.0% $1.85 +51.9%
29 NUVL NUVALENT INC Healthcare 21,880.0 $2.2M 0.11% -28K -56.2% $100.59 +3.8%
30 NMRA NEUMORA THERAPEUTICS INC. Healthcare 967,235.0 $1.7M 0.09% -433K -30.9% $1.79 +10.1%
31 RVMD REVOLUTION MEDICINES INC Healthcare 15,640.0 $1.2M 0.06% -84K -84.4% $79.65 +87.7%
32 FATE FATE THERAPEUTICS INC Healthcare 1,167,773.0 $1.1M 0.06% -700K -37.5% $0.98 +78.6%
33 ZYMEWORKS INC 34,631.0 $912K 0.04% -1.1M -96.8% $26.33
34 RCKT ROCKET PHARMACEUTICALS INC Healthcare 100,000.0 $351K 0.02% -750K -88.2% $3.51 -3.1%
35 TCRX TSCAN THERAPEUTICS INC Healthcare 46,131.0 $46K 0.00% -554K -92.3% $1.00 +0.0%
Page 2 of 2  ·  35 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Healthcare 96.6%
Technology 1.3%
Financial Services 1.1%
Communication Services 0.9%
Real Estate 0.1%