KINGDON CAPITAL MANAGEMENT, L.L.C.

NEW YORK, NY · CIK 1000097 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$959.8m
Staff19 · 10 in investment roles
Main clients (by assets)Private funds 100%
Private funds8 (7 hedge) · $1.7bn gross assets
Websitekingdon.com
Form ADV · 2026-03-30SEC adviser record

Legal entityKINGDON CAPITAL MANAGEMENT, L.L.C. (US)

$741.6m reported value +24.2% vs Q1 2026

57positions

39.7%in top 10

20 new 11 added 16 reduced 15 sold out vs Q1 2026

Options: 6 call positions ($42.2m notional), 11 put positions ($192.4m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	2,500,000	$54.6m7.37%	7.37%	Unchanged
2	NVIDIA CORPORATION COM NVDA	NVDA	240,000	$48.0m6.48%	6.48%	Added +40.0k	+40,000 20.0%
3	WARBY PARKER INC CL A COM WRBY	WRBY	1,126,644	$34.2m4.61%	4.61%	Added +73.0k	+73,000 6.9%
4	API GROUP CORP COM STK APG	APG	600,000	$25.4m3.43%	3.43%	Added +150.0k	+150,000 33.3%
5	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	70,000	$24.5m3.30%	3.30%	Reduced -10.0k	-10,000 -12.5%
6	NEXGEN ENERGY LTD COM NXE	NXE	2,500,000	$23.5m3.17%	3.17%	Unchanged
7	GRAIL INC COM GRAL	GRAL	340,000	$23.2m3.13%	3.13%	New
8	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	45,000	$21.5m2.90%	2.90%	Unchanged
9	EVERUS CONSTR GROUP COM ECG	ECG	125,000	$20.7m2.80%	2.80%	Unchanged
10	HIMS & HERS HEALTH INC COM CL A HIMS	HIMS	542,500	$18.8m2.54%	2.54%	New
11	MAPLEBEAR INC COM CART	CART	380,000	$18.0m2.43%	2.43%	Reduced -90.0k	-90,000 -19.1%
12	FLUENCE ENERGY INC COM CL A FLNC	FLNC	900,000	$17.9m2.41%	2.41%	New
13	ILLUMINA INC COM ILMN	ILMN	97,800	$17.2m2.32%	2.32%	New
14	TELEDYNE TECHNOLOGIES INC COM TDY	TDY	25,000	$16.7m2.25%	2.25%	Added +7.5k	+7,500 42.9%
15	HOWMET AEROSPACE INC COM HWM	HWM	60,000	$16.1m2.18%	2.18%	Reduced -10.0k	-10,000 -14.3%
16	OLEMA PHARMACEUTICALS INC COM OLMA	OLMA	1,200,000	$15.0m2.02%	2.02%	Added +345.0k	+345,000 40.4%
17	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	37,100	$14.8m1.99%	1.99%	New
18	FLEX LTD ORD FLEX	FLEX	90,000	$14.6m1.97%	1.97%	Reduced -85.0k	-85,000 -48.6%
19	COGNEX CORP COM CGNX	CGNX	200,000	$14.5m1.95%	1.95%	Added +15.0k	+15,000 8.1%
20	BUTTERFLY NETWORK INC COM CL A BFLY	BFLY	1,700,000	$14.3m1.93%	1.93%	New
21	GARRETT MOTION INC COM GTX	GTX	375,000	$13.6m1.83%	1.83%	Reduced -325.0k	-325,000 -46.4%
22	CYTOKINETICS INC COM NEW CYTK	CYTK	157,100	$13.4m1.80%	1.80%	New
23	BROOKDALE SR LIVING INC COM BKD	BKD	800,000	$12.9m1.74%	1.74%	Reduced -50.0k	-50,000 -5.9%
24	VSE CORP COM VSEC	VSEC	52,500	$12.0m1.62%	1.62%	Reduced -7.5k	-7,500 -12.5%
25	QUANTA SVCS INC COM PWR	PWR	16,000	$11.5m1.55%	1.55%	New
26	ZEVRA THERAPEUTICS INC COM NEW ZVRA	ZVRA	775,000	$11.1m1.50%	1.50%	Unchanged
27	RALLIANT CORP COM RAL	RAL	150,000	$11.0m1.49%	1.49%	Reduced -100.0k	-100,000 -40.0%
28	FEDEX CORP COM FDX	FDX	35,000	$11.0m1.48%	1.48%	New
29	HEICO CORP NEW COM HEI	HEI	30,000	$10.7m1.44%	1.44%	Reduced -10.0k	-10,000 -25.0%
30	INVESCO EXCH TRADED FD TR II SOLAR ETF TAN	TAN	175,000	$10.4m1.40%	1.40%	New
31	AERCAP HOLDINGS NV SHS AER	AER	70,000	$10.2m1.38%	1.38%	Reduced -20.0k	-20,000 -22.2%
32	ITT INC COM ITT	ITT	50,000	$9.9m1.33%	1.33%	New
33	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	100,000	$9.6m1.29%	1.29%	Added +10.0k	+10,000 11.1%
34	THE REALREAL INC COM REAL	REAL	813,000	$9.6m1.29%	1.29%	Added +413.0k	+413,000 103.2%
35	VICOR CORP COM VICR	VICR	25,000	$9.5m1.28%	1.28%	Added +5.0k	+5,000 25.0%
36	GE AEROSPACE COM NEW GE	GE	25,000	$9.3m1.26%	1.26%	New
37	AMERICAN HEALTHCARE REIT INC COM SHS AHR	AHR	175,000	$9.1m1.23%	1.23%	Reduced -125.0k	-125,000 -41.7%
38	ENTEGRIS INC COM ENTG	ENTG	50,000	$9.0m1.21%	1.21%	New
39	CRANE COMPANY COMMON STOCK CR	CR	40,000	$8.9m1.20%	1.20%	Reduced -20.0k	-20,000 -33.3%
40	GENESCO INC COM GCO	GCO	244,000	$8.2m1.11%	1.11%	Unchanged
41	WOLVERINE WORLD WIDE INC COM WWW	WWW	485,000	$8.0m1.08%	1.08%	Added +49.0k	+49,000 11.2%
42	AAR CORP COM AIR	AIR	52,500	$7.5m1.01%	1.01%	Reduced -47.5k	-47,500 -47.5%
43	DARLING INGREDIENTS INC COM DAR	DAR	135,000	$7.4m0.99%	0.99%	Reduced -55.0k	-55,000 -28.9%
44	DELTA AIR LINES INC DEL COM NEW DAL	DAL	77,000	$7.2m0.97%	0.97%	New
45	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	21,500	$5.8m0.79%	0.79%	Reduced -43.5k	-43,500 -66.9%
46	LIONSGATE STUDIOS CORP COM LION	LION	375,000	$5.7m0.77%	0.77%	New
47	WELLTOWER INC COM WELL	WELL	25,000	$5.7m0.77%	0.77%	Reduced -25.0k	-25,000 -50.0%
48	ALDEYRA THERAPEUTICS INC COM ALDX	ALDX	2,652,315	$5.6m0.76%	0.76%	Added +500.0k	+500,000 23.2%
49	F5 INC COM FFIV	FFIV	12,000	$5.0m0.67%	0.67%	New
50	INVENTIVA SA ADS IVA	IVA	1,270,000	$4.8m0.65%	0.65%	New
51	ELEDON PHARMACEUTICALS INC COM ELDN	ELDN	1,039,275	$4.1m0.55%	0.55%	Unchanged
52	COMPASS INC CL A COMP	COMP	250,000	$3.1m0.42%	0.42%	New
53	COMPASS THERAPEUTICS INC COM CMPX	CMPX	1,400,000	$3.1m0.41%	0.41%	New
54	NIOCORP DEVS LTD COM NEW NB	NB	450,000	$2.2m0.29%	0.29%	Unchanged
55	SCYNEXIS INC COM SCYX	SCYX	247,811	$1.0m0.14%	0.14%	New
56	JASPER THERAPEUTICS INC COM NEW JSPR	JSPR	1,352,106	$569.2k0.08%	0.08%	Unchanged
57	ENVVENO MEDICAL CORPORATION COM NEW NVNO	NVNO	36,166	$387.3k0.05%	0.05%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SOLENO THERAPEUTICS INC SLNO	SLNO	575,000	$19.3m575.0k shares
ISHARES TR ICLN	ICLN	700,000	$12.8m700.0k shares
ICON PLC ICLR	ICLR	105,300	$11.7m105.3k shares
SPORTRADAR GROUP AG SRAD	SRAD	674,000	$11.3m674.0k shares
WAYSTAR HLDG CORP WAY	WAY	438,000	$10.6m438.0k shares
ACADIA HEALTHCARE COMPANY IN ACHC	ACHC	396,192	$9.3m396.2k shares
ISHARES INC EWY	EWY	75,000	$9.2m75.0k shares
COLLECTIVE MINING LTD CNL	CNL	425,000	$7.5m425.0k shares
GXO LOGISTICS INCORPORATED GXO	GXO	125,000	$6.5m125.0k shares
AXON ENTERPRISE INC AXON	AXON	14,500	$6.2m14.5k shares
FORGENT POWER SOLUTIONS INC FPS	FPS	200,000	$5.9m200.0k shares
LOWES COS INC LOW	LOW	21,250	$5.0m21.2k shares
TETRA TECH INC NEW TTEK	TTEK	100,000	$3.0m100.0k shares
ITRON INC ITRI	ITRI	25,000	$2.2m25.0k shares
SCYNEXIS INC		1,982,491	$1.8m2.0m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR SOXX · Put	SOXX	Put	130,000	$83.3m130.0k shares	New
ISHARES INC EWY · Put	EWY	Put	115,000	$23.2m115.0k shares	Reduced
INVESCO QQQ TR QQQ · Put	QQQ	Put	30,000	$22.1m30.0k shares	New
SPDR SER TR KRE · Call	KRE	Call	250,000	$18.7m250.0k shares	New
ISHARES TR IWM · Put	IWM	Put	50,000	$15.0m50.0k shares	Reduced
ROUNDHILL ETF TRUST DRAM · Put	DRAM	Put	140,000	$10.3m140.0k shares	New
ALIBABA GROUP HLDG LTD BABA · Put	BABA	Put	100,000	$9.6m100.0k shares	New
D R HORTON INC DHI · Put	DHI	Put	50,000	$8.1m50.0k shares	New
SUNRUN INC RUN · Call	RUN	Call	500,000	$6.7m500.0k shares	New
FLUENCE ENERGY INC FLNC · Put	FLNC	Put	300,000	$6.0m300.0k shares	New
INVESCO EXCH TRADED FD TR II TAN · Call	TAN	Call	100,000	$5.9m100.0k shares	New
NAVITAS SEMICONDUCTOR CORP NVTS · Put	NVTS	Put	300,000	$5.4m300.0k shares	New
KEYSIGHT TECHNOLOGIES INC KEYS · Put	KEYS	Put	15,000	$5.3m15.0k shares	New
EDGEWISE THERAPEUTICS INC EWTX · Put	EWTX	Put	100,000	$4.1m100.0k shares	New
SHOALS TECHNOLOGIES GROUP IN SHLS · Call	SHLS	Call	400,000	$4.0m400.0k shares	New
COMPASS INC COMP · Call	COMP	Call	300,000	$3.7m300.0k shares	Reduced
WESTERN DIGITAL CORP WDC · Call	WDC	Call	5,000	$3.2m5.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
ENVVENO MEDICAL CORPORATION 13G · filed 2025-09-09		7.1%	new	13G	2025-09-09
ENVVENO MEDICAL CORPORATION NVNO · 13G · filed 2026-05-15	NVNO	5.5%≈ $387.4k		13G	2026-05-15
OPTINOSE INC OPTN · 13G · filed 2025-04-14	OPTN	5.1%	new	13G	2025-04-14