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Lion Point Capital, LP

Q4 2025 · Filed 2026-02-17
Market Value
$13.6B
+23.2%
Holdings
35
+14
New Purchases
14
Added To
4
Closed
1
Reduced
9
Top 10 Concentration
58.5%
Turnover
42.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SRPT 4.51% 0.00% +4.51% $613M
VTYX 2.76% 0.00% +2.76% $375M
DYN 2.59% 0.00% +2.59% $352M
QURE 2.59% 0.00% +2.59% $352M
PCRX 2.57% 0.00% +2.57% $349M
VTRS 2.54% 0.00% +2.54% $345M
BRKS 2.37% 0.00% +2.37% $323M
HUMA 3.53% 1.32% +2.22% $480M
MLTX 6.55% 4.39% +2.16% $890M
JANX 1.93% 0.00% +1.93% $262M
EWTX 1.66% 0.00% +1.66% $226M
INVA 1.21% 0.00% +1.21% $164M
IPHA 1.04% 0.00% +1.04% $142M
NERV 1.04% 0.00% +1.04% $141M
GHRS 0.95% 0.00% +0.95% $130M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MLYS 2.80% 13.41% -10.60% $381M
ARQT 1.12% 6.03% -4.91% $152M
FENC 6.37% 10.44% -4.07% $866M
ARDX 5.52% 8.13% -2.61% $750M
RGNX 2.82% 5.05% -2.23% $383M
SNDX 5.56% 7.67% -2.11% $756M
MRSN 0.02% 1.81% -1.79% $3M
MCRB 3.46% 4.73% -1.28% $470M
RPRX 6.08% 6.84% -0.76% $827M
MIST 11.22% 11.94% -0.72% $1.5B
GERN 5.61% 6.21% -0.60% $763M
RCKT 2.22% 2.54% -0.32% $302M
KURA 3.52% 3.69% -0.17% $478M
SPRB 0.00% 0.08% -0.08% $87K
CMPS 2.94% 3.01% -0.07% $400M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 4 $1.2B 8.6%
Mid Cap 7 $1.4B 10.6%
Small Cap 16 $7.3B 54.1%
Micro Cap 8 $3.6B 26.7%

Portfolio Analytics

Avg Market Cap
$3.7B
Median Market Cap
$1.5B
Avg P/E
53.3
Median P/E
27.1
Avg Dividend Yield
0.00%
Avg Beta
0.90
# Stocks
35
# ETFs / Funds
0

Top Holdings (35 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MIST 11.22% 755,000 $1.5B $2,020.00 $208M +96,447 +14.7%
2 MLTX 6.55% 67,500 $890M $13,180.00 $406M
3 FENC 6.37% 112,434 $866M $7,700.00 -$286M -10,566 -8.6%
4 RPRX 6.08% 21,400 $827M $38,640.00 $72M
5 GERN 5.61% 578,000 $763M $1,320.00 $78M +78,000 +15.6%
6 SNDX 5.56% 36,000 $756M $21,010.00 -$90M -19,000 -34.5%
7 ARDX 5.52% 128,650 $750M $5,830.00 -$147M -34,100 -20.9%
8 SRPT 4.51% 28,500 $613M $21,520.00 +28,500 NEW
9 HUMA 3.53% 500,000 $480M $960.50 $335M +416,500 +498.8%
10 KURA 3.52% 46,000 $478M $10,390.00 $71M
11 MCRB 3.46% 31,570 $470M $14,880.01 -$52M +4,432 +16.3%
12 CMPS 2.94% 58,000 $400M $6,900.00 $68M
13 DAWN 2.88% 42,000 $391M $9,320.00 $95M
14 RGNX 2.82% 26,600 $383M $14,400.00 -$174M -31,150 -53.9%
15 MLYS 2.80% 10,500 $381M $36,290.00 -$1.1B -28,500 -73.1%
16 VTYX 2.76% 41,500 $375M $9,030.00 +41,500 NEW
17 DYN 2.59% 18,000 $352M $19,560.00 +18,000 NEW
18 QURE 2.59% 14,700 $352M $23,930.00 +14,700 NEW
19 PCRX 2.57% 13,500 $349M $25,880.00 +13,500 NEW
20 VTRS 2.54% 27,700 $345M $12,450.00 +27,700 NEW
21 BRKS 2.37% 9,700 $323M $33,260.00 +9,700 NEW
22 RCKT 2.22% 86,000 $302M $3,510.00 $22M
23 JANX 1.93% 19,000 $262M $13,800.00 +19,000 NEW
24 EWTX 1.66% 9,100 $226M $24,815.05 +9,100 NEW
25 INVA 1.21% 8,200 $164M $19,990.00 +8,200 NEW
26 ARQT 1.12% 5,250 $152M $29,040.00 -$513M -30,050 -85.1%
27 IPHA 1.04% 81,151 $142M $1,750.00 +81,151 NEW
28 NERV 1.04% 35,000 $141M $4,020.00 +35,000 NEW
29 GHRS 0.95% 10,200 $130M $12,700.00 +10,200 NEW
30 MRSN 0.02% 100 $3M $28,930.00 -$197M -25,660 -99.6%
31 IRON —% 8,100 $643K $79.41 -$57K -2,500 -23.6%
32 BBIO —% 5,000 $382K $76.49 -$308K -8,300 -62.4%
33 LNTH —% 5,500 $366K $66.55 +5,500 NEW
34 SPRB —% 1,000 $87K $87.11 -$9M
35 INSM —% -$900K -6,250 -100.0% SOLD

New Positions

SymbolValue% Port
SRPT $613M 4.51%
VTYX $375M 2.76%
DYN $352M 2.59%
QURE $352M 2.59%
PCRX $349M 2.57%
VTRS $345M 2.54%
BRKS $323M 2.37%
JANX $262M 1.93%
EWTX $226M 1.66%
INVA $164M 1.21%
IPHA $142M 1.04%
NERV $141M 1.04%
GHRS $130M 0.95%
LNTH $366K —%

Sold Out Positions

SymbolValue% Port
INSM —%
View SEC EDGAR Filings for Lion Point Capital, LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms