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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 3 of 4  ·  75 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
41 TDOC TELADOC HEALTH INC Healthcare 1,400,000.0 $9.8M 0.48% $7.00 -5.6%
42 DYNAVAX TECHNOLOGIES CORP 556,359.0 $8.6M 0.42% -1.4M -71.5% $15.38
43 EOLS EVOLUS INC Healthcare 1,245,692.0 $8.3M 0.41% -4.2M -77.3% $6.65 -1.1%
44 VERASTEM INC 1,069,810.0 $8.3M 0.41% +280K +35.5% $7.72
45 URGN UROGEN PHARMA LTD Healthcare 350,000.0 $8.2M 0.41% -650K -65.0% $23.42 +26.7%
46 HRTX HERON THERAPEUTICS INC Healthcare 6,250,000.0 $8.1M 0.40% +2.8M +81.2% $1.30 -34.6%
47 ACAD ACADIA PHARMACEUTICALS INC Healthcare 300,000.0 $8.0M 0.40% -1.2M -80.0% $26.71 -19.9%
48 ALT ALTIMMUNE INC Healthcare 2,131,307.0 $7.7M 0.38% $3.61 -21.1%
49 SRPT SAREPTA THERAPEUTICS INC Healthcare 349,220.0 $7.5M 0.37% -251K -41.8% $21.52 -13.2%
50 PLRX PLIANT THERAPEUTICS INC Healthcare 6,143,132.0 $7.5M 0.37% +140K +2.3% $1.22 -5.7%
51 ARVN ARVINAS INC Healthcare 569,698.0 $6.8M 0.33% -824K -59.1% $11.86 -23.4%
52 TBPH THERAVANCE BIOPHARMA INC Healthcare 351,252.0 $6.6M 0.33% +87K +32.9% $18.71 -11.8%
53 BCRX BIOCRYST PHARMACEUTICALS INC Healthcare 800,000.0 $6.2M 0.31% $7.80 +15.6%
54 PMVP PMV PHARMACEUTICALS INC Healthcare 4,940,000.0 $6.2M 0.30% +155K +3.2% $1.25 +3.2%
55 REGN REGENERON PHARMACEUTICALS Healthcare 8,000.0 $6.2M 0.30% -2K -20.0% $771.87 -7.6%
56 BIIB BIOGEN INC Healthcare 35,000.0 $6.2M 0.30% $175.99 +9.6%
57 CORT CORCEPT THERAPEUTICS INC Healthcare 156,764.0 $5.5M 0.27% NEW $34.80 +67.5%
58 ABEONA THERAPEUTICS INC 1,000,000.0 $5.3M 0.26% NEW $5.27
59 IMMUNITYBIO INC 2,333,333.0 $4.6M 0.23% $1.98
60 KEZAR LIFE SCIENCES INC 664,314.0 $4.2M 0.21% -56K -7.7% $6.29
Page 3 of 4  ·  75 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%