PERCEPTIVE ADVISORS LLC

NEW YORK, NY · CIK 1224962 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2010 · limited liability company

Assets managed$11.8bn
Staff49 · 28 in investment roles
Main clients (by assets)Private funds 99%
Private funds17 (6 hedge) · $11.7bn gross assets
Form ADV · 2026-07-13SEC adviser record

Legal entityPERCEPTIVE ADVISORS LLC (US)

$6.4bn reported value +27.2% vs Q1 2026

102positions

48.9%in top 10

23 new 30 added 26 reduced 13 sold out vs Q1 2026

Options: 1 call positions ($24.1m notional), 6 put positions ($197.2m 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	PRAXIS PRECISION MEDICINES I COM NEW PRAX	PRAX	2,035,986	$681.6m10.58%	10.58%	Unchanged
2	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	4,319,496	$383.5m5.95%	5.95%	Added +536.3k	+536,271 14.2%
3	CELCUITY INC COM CELC	CELC	3,197,200	$334.5m5.19%	5.19%	Added +70.0k	+70,000 2.2%
4	ASCENDIS PHARMA A/S ORD SHS ASND	ASND	1,163,721	$310.4m4.82%	4.82%	New
5	RHYTHM PHARMACEUTICALS INC COM RYTM	RYTM	2,586,295	$287.2m4.46%	4.46%	Added +212.5k	+212,500 8.9%
6	ROIVANT SCIENCES LTD SHS ROIV	ROIV	8,085,461	$286.1m4.44%	4.44%	Reduced -200.0k	-200,000 -2.4%
7	RELAY THERAPEUTICS INC COM RLAY	RLAY	14,106,187	$263.9m4.10%	4.10%	Added +4.4m	+4,355,046 44.7%
8	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	3,752,574	$213.2m3.31%	3.31%	Reduced -390.0k	-389,977 -9.4%
9	KARDIGAN INC COM KARD	KARD	8,200,662	$195.6m3.04%	3.04%	New
10	NUVALENT INC COM COM		1,580,505	$195.2m3.03%	3.03%	Unchanged
11	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	4,373,974	$177.7m2.76%	2.76%	Reduced -50.0k	-50,000 -1.1%
12	APOGEE THERAPEUTICS INC COM COM		1,308,113	$173.6m2.70%	2.70%	Reduced -232.3k	-232,271 -15.1%
13	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	8,334,882	$149.7m2.32%	2.32%	Added +50.0k	+50,000 0.6%
14	MEIRAGTX HLDGS PLC COM MGTX	MGTX	10,786,658	$145.7m2.26%	2.26%	Added +460.6k	+460,555 4.5%
15	ORUKA THERAPEUTICS INC COM ORKA	ORKA	1,345,063	$128.0m1.99%	1.99%	Reduced -50.4k	-50,438 -3.6%
16	INHIBRX BIOSCIENCES INC COM INBX	INBX	1,297,763	$123.0m1.91%	1.91%	Reduced -144.9k	-144,944 -10.1%
17	PROTAGONIST THERAPEUTICS INC COM PTGX	PTGX	981,879	$120.4m1.87%	1.87%	Reduced -249.0k	-249,000 -20.2%
18	SOLID BIOSCIENCES INC COM NEW SLDB	SLDB	11,906,646	$118.9m1.85%	1.85%	Unchanged
19	ZYMEWORKS INC COM ZYME	ZYME	4,182,953	$109.3m1.70%	1.70%	Added +672.9k	+672,875 19.2%
20	TANGO THERAPEUTICS INC COM TNGX	TNGX	3,377,000	$105.6m1.64%	1.64%	Added +2.6m	+2,568,847 317.9%
21	IMMATICS N.V SHS IMTX	IMTX	10,383,456	$105.2m1.63%	1.63%	Unchanged
22	NURIX THERAPEUTICS INC COM NRIX	NRIX	4,320,422	$104.8m1.63%	1.63%	Added +609.5k	+609,545 16.4%
23	BIOCRYST PHARMACEUTICALS INC COM BCRX	BCRX	10,308,888	$103.1m1.60%	1.60%	Added +2.9m	+2,874,855 38.7%
24	REVOLUTION MEDICINES INC COM RVMD	RVMD	527,600	$98.8m1.53%	1.53%	Added +269.0k	+269,000 104.0%
25	AVALYN PHARMACEUTICALS INC COM SHS AVLN	AVLN	2,675,296	$88.1m1.37%	1.37%	New
26	DYNE THERAPEUTICS INC COM DYN	DYN	2,689,235	$59.7m0.93%	0.93%	Reduced -2.0m	-1,979,604 -42.4%
27	BIOGEN INC COM BIIB	BIIB	276,173	$59.7m0.93%	0.93%	New
28	IMMUNOVANT INC COM IMVT	IMVT	1,357,383	$52.3m0.81%	0.81%	Reduced -240.0k	-240,000 -15.0%
29	UNITEDHEALTH GROUP INC COM UNH	UNH	116,806	$48.5m0.75%	0.75%	New
30	IONIS PHARMACEUTICALS INC COM IONS	IONS	566,000	$44.9m0.70%	0.70%	Added +62.0k	+62,000 12.3%
31	SUTRO BIOPHARMA INC COM SHS STRO	STRO	1,304,846	$43.3m0.67%	0.67%	Added +589.5k	+589,539 82.4%
32	ALTO NEUROSCIENCE INC COM SHS ANRO	ANRO	1,609,893	$42.5m0.66%	0.66%	Reduced -400.0k	-400,000 -19.9%
33	JAZZ PHARMACEUTICALS PLC SHS USD JAZZ	JAZZ	170,000	$41.0m0.64%	0.64%	Unchanged
34	CORVUS PHARMACEUTICALS INC COM CRVS	CRVS	2,667,441	$39.9m0.62%	0.62%	Added +375.0k	+375,000 16.4%
35	SIONNA THERAPEUTICS INC COM SION	SION	905,000	$39.8m0.62%	0.62%	Added +246.6k	+246,561 37.5%
36	CYTOMX THERAPEUTICS INC COM CTMX	CTMX	10,439,185	$39.1m0.61%	0.61%	Added +340.4k	+340,361 3.4%
37	ARTIVION INC COM AORT	AORT	1,737,290	$39.0m0.61%	0.61%	Added +100.0k	+100,000 6.1%
38	X4 PHARMACEUTICALS INC COM NEW XFOR	XFOR	7,933,491	$37.0m0.58%	0.58%	Added +1.2m	+1,195,843 17.8%
39	CORCEPT THERAPEUTICS INC COM CORT	CORT	398,385	$34.6m0.54%	0.54%	Added +348.4k	+348,385 696.8%
40	REPLIGEN CORP COM RGEN	RGEN	248,212	$33.9m0.53%	0.53%	Reduced -32.3k	-32,329 -11.5%
41	ANTERIS TECHNOLOGIES GLOBAL COM AVR	AVR	3,425,476	$33.7m0.52%	0.52%	Unchanged
42	RAPPORT THERAPEUTICS INC COM RAPP	RAPP	773,342	$32.2m0.50%	0.50%	Added +99.4k	+99,419 14.8%
43	DAMORA THERAPEUTICS INC COM NEW COM NEW		1,223,000	$31.8m0.49%	0.49%	Unchanged
44	CHARLES RIV LABS INTL INC COM CRL	CRL	140,000	$31.8m0.49%	0.49%	New
45	AXSOME THERAPEUTICS INC COM AXSM	AXSM	118,450	$29.0m0.45%	0.45%	Reduced -31.5k	-31,500 -21.0%
46	DBV TECHNOLOGIES S A SPONSORED ADS DBVT	DBVT	1,653,350	$27.1m0.42%	0.42%	Added +689.0k	+688,959 71.4%
47	IRHYTHM TECHNOLOGIES INC COM IRTC	IRTC	223,766	$26.6m0.41%	0.41%	Added +118.7k	+118,740 113.1%
48	ADAPTIVE BIOTECHNOLOGIES COR COM ADPT	ADPT	1,217,325	$26.1m0.41%	0.41%	Added +1.1m	+1,064,825 698.2%
49	SAB BIOTHERAPEUTICS INC COM NEW SABS	SABS	6,627,501	$25.8m0.40%	0.40%	Added +195.8k	+195,758 3.0%
50	DANAHER CORPORATION COM DHR	DHR	130,000	$24.8m0.38%	0.38%	New
51	TENAX THERAPEUTICS INC COM NEW TENX	TENX	1,700,000	$24.7m0.38%	0.38%	Added +252.2k	+252,218 17.4%
52	NAUTILUS BIOTECHNOLOGY INC COM NAUT	NAUT	11,634,211	$21.8m0.34%	0.34%	Reduced -960.0k	-960,000 -7.6%
53	ORCHESTRA BIOMED HLDGS INC COM OBIO	OBIO	5,037,906	$21.7m0.34%	0.34%	Unchanged
54	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	51,884	$20.6m0.32%	0.32%	Reduced -33.5k	-33,535 -39.3%
55	ADLAI NORTYE LTD SPONSORED ADS ANL	ANL	1,793,190	$20.6m0.32%	0.32%	New
56	CONTINEUM THERAPEUTICS INC CL A CTNM	CTNM	1,255,592	$20.6m0.32%	0.32%	Unchanged
57	NUVECTIS PHARMA INC COM NVCT	NVCT	1,000,000	$18.4m0.29%	0.29%	New
58	PALISADE BIO INC COM PALI	PALI	8,425,065	$17.6m0.27%	0.27%	Reduced -503.1k	-503,084 -5.6%
59	OMADA HEALTH INC COM OMDA	OMDA	786,330	$17.3m0.27%	0.27%	Unchanged
60	LEONABIO INC COM LONA	LONA	1,859,322	$17.1m0.27%	0.27%	Unchanged
61	EVOLUS INC COM EOLS	EOLS	2,459,285	$17.1m0.27%	0.27%	Added +1.2m	+1,172,423 91.1%
62	INVIVYD INC COM IVVD	IVVD	18,490,636	$16.1m0.25%	0.25%	Reduced -2.4m	-2,368,667 -11.4%
63	CELCUITY INC NOTE 2.750% 8/0 · principal CELC 2.75 08.01.31 · principal	CELC 2.75 08.01.31	6,500,000	$14.6m0.23%	0.23%	Unchanged
64	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	115,391	$13.5m0.21%	0.21%	New
65	SURROZEN INC COM NEW SRZN	SRZN	503,985	$13.1m0.20%	0.20%	Added +274.6k	+274,592 119.7%
66	BETA BIONICS INC COM BBNX	BBNX	832,944	$13.1m0.20%	0.20%	Reduced -10.0k	-10,000 -1.2%
67	AXOGEN INC COM AXGN	AXGN	247,312	$11.4m0.18%	0.18%	Reduced -450.0k	-450,000 -64.5%
68	OSCAR HEALTH INC CL A OSCR	OSCR	400,000	$11.4m0.18%	0.18%	New
69	OCULIS HOLDING AG ORDINARY SHARES OCS	OCS	808,827	$11.2m0.17%	0.17%	Added +315.0k	+315,000 63.8%
70	SEAPORT THERAPEUTICS INC COMMON STOCK SPTX	SPTX	500,000	$10.9m0.17%	0.17%	New
71	VIRIDIAN THERAPEUTICS INC COM VRDN	VRDN	581,980	$10.7m0.17%	0.17%	Reduced -588.8k	-588,849 -50.3%
72	BOSTON SCIENTIFIC CORP COM BSX	BSX	250,000	$10.7m0.17%	0.17%	New
73	BILLIONTOONE INC CL A BLLN	BLLN	86,812	$10.4m0.16%	0.16%	Reduced -5.0k	-5,000 -5.5%
74	ABIVAX SA SPONSORED ADS ABVX	ABVX	74,000	$9.9m0.15%	0.15%	Reduced -254.9k	-254,884 -77.5%
75	NATERA INC COM NTRA	NTRA	34,689	$9.4m0.15%	0.15%	New
76	ENGENE THERAPEUTICS INC COM ENGN	ENGN	4,822,169	$8.3m0.13%	0.13%	New
77	RESEARCH ALLIANCE CORP III ORD SHS CL A RACC	RACC	750,000	$8.0m0.12%	0.12%	New
78	AGOMAB THERAPEUTICS NV SPONSORED ADS AGMB	AGMB	600,000	$7.8m0.12%	0.12%	Unchanged
79	CULLINAN THERAPEUTICS INC COM CGEM	CGEM	426,478	$7.8m0.12%	0.12%	New
80	UNIQURE NV SHS QURE	QURE	168,000	$7.7m0.12%	0.12%	New
81	MOBIA MED INC COMMON STOCK MOBI	MOBI	523,654	$7.0m0.11%	0.11%	New
82	ADAGIO MED HLDGS INC COM ADGM	ADGM	9,876,586	$6.4m0.10%	0.10%	Added +10	+10 0.0%
83	GUARDANT HEALTH INC COM GH	GH	41,327	$6.2m0.10%	0.10%	Reduced -258.7k	-258,673 -86.2%
84	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	532,000	$5.8m0.09%	0.09%	Reduced -393.0k	-393,000 -42.5%
85	OUTLOOK THERAPEUTICS INC COM OTLK	OTLK	3,139,216	$5.0m0.08%	0.08%	New
86	COGENT BIOSCIENCES INC COM COGT	COGT	121,082	$4.7m0.07%	0.07%	Unchanged
87	EDESA BIOTECH INC COM NEW EDSA	EDSA	563,239	$4.6m0.07%	0.07%	Unchanged
88	AVALO THERAPEUTICS INC COM NEW AVTX	AVTX	219,813	$4.1m0.06%	0.06%	Added +80.1k	+80,146 57.4%
89	TWIST BIOSCIENCE CORP COM TWST	TWST	36,812	$3.8m0.06%	0.06%	Reduced -113.2k	-113,188 -75.5%
90	CRESCENT BIOPHARMA INC. COM CBIO	CBIO	206,942	$3.7m0.06%	0.06%	Unchanged
91	XERIS BIOPHARMA HOLDINGS INC COM XERS	XERS	467,013	$3.7m0.06%	0.06%	New
92	OUTSET MED INC COM NEW OM	OM	833,333	$3.6m0.06%	0.06%	Unchanged
93	BIODESIX INC COM BDSX	BDSX	108,694	$2.5m0.04%	0.04%	New
94	REVOLUTION MEDICINES INC *W EXP 12/17/202 RVMDW	RVMDW	250,000	$2.3m0.04%	0.04%	Unchanged
95	CONNECT BIOPHARMA HLDGS LTD SHS CNTB	CNTB	792,696	$1.9m0.03%	0.03%	Unchanged
96	KIORA PHARMACEUTICALS INC COM KPRX	KPRX	438,471	$1.2m0.02%	0.02%	New
97	MEDLINE INC COM CL A MDLN	MDLN	28,000	$1.1m0.02%	0.02%	Unchanged
98	ADMA BIOLOGICS INC COM ADMA	ADMA	113,765	$952.2k0.01%	0.01%	Reduced -353.5k	-353,468 -75.7%
99	CUMBERLAND PHARMACEUTICALS I COM CPIX	CPIX	96,982	$628.4k0.01%	0.01%	Reduced -100.0k	-99,996 -50.8%
100	EXAGEN INC COM XGN	XGN	114,893	$534.3k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ASCENDIS PHARMA A/S		1,531,421	$350.3m1.5m shares
CENTESSA PHARMACEUTICALS PLC		5,258,903	$208.9m5.3m shares
ENGENE HOLDINGS INC		5,827,506	$39.7m5.8m shares
DAY ONE BIOPHARMACEUTICALS I		1,755,799	$37.6m1.8m shares
BRIGHT MINDS BIOSCIENCES INC DRUG	DRUG	377,544	$27.5m377.5k shares
BELITE BIO INC BLTE	BLTE	151,979	$24.2m152.0k shares
EVOMMUNE INC EVMN	EVMN	448,350	$10.3m448.4k shares
NEUMORA THERAPEUTICS INC. NMRA	NMRA	5,104,097	$10.0m5.1m shares
NEUROCRINE BIOSCIENCES INC NBIX	NBIX	65,050	$8.6m65.0k shares
OPUS GENETICS INC IRD	IRD	1,835,842	$8.4m1.8m shares
INHIBIKASE THERAPEUTICS INC IKT	IKT	2,315,000	$3.9m2.3m shares
APELLIS PHARMACEUTICALS INC APLS	APLS	80,956	$3.3m81.0k shares
PALATIN TECHNOLOGIES INC PTN	PTN	61,945	$1.1m61.9k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
MODERNA INC MRNA · Put	MRNA	Put	1,000,000	$70.0m1.0m shares	Unchanged
SPDR SER TR XBI · Put	XBI	Put	300,000	$47.5m300.0k shares	New
EYEPOINT PHARMACEUTICALS INC EYPT · Put	EYPT	Put	2,000,000	$28.6m2.0m shares	New
CAPRICOR THERAPEUTICS INC CAPR · Call	CAPR	Call	1,000,000	$24.1m1.0m shares	New
SELLAS LIFE SCIENCES GROUP I SLS · Put	SLS	Put	1,500,000	$22.1m1.5m shares	New
NEWAMSTERDAM PHARMA COMPANY NAMS · Put	NAMS	Put	500,000	$16.9m500.0k shares	New
CAPRICOR THERAPEUTICS INC CAPR · Put	CAPR	Put	500,000	$12.0m500.0k 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. The largest 25 of 38.

Company	Ticker	Stake	Change	Schedule	Last filed
ADAGIO MED HLDGS INC ADGM · 13G · filed 2026-05-15	ADGM	55.4%≈ $8.8m	-2.1 pts	13G	2026-05-15
LEONABIO INC LONA · 13D · filed 2026-10-26	LONA	20.0%≈ $17.4m	no change	13D	2026-10-26
LYRA THERAPEUTICS INC LYRA · 13D · filed 2025-08-14	LYRA	15.6%		13D	2025-08-14
MEIRAGTX HLDGS PLC MGTX · 13D · filed 2026-04-24	MGTX	12.6%≈ $158.6m	-0.3 pts	13D	2026-04-24
SOLID BIOSCIENCES INC SLDB · 13D · filed 2026-08-14	SLDB	11.2%≈ $120.3m	-1.7 pts	13D	2026-08-14
PERCEPTIVE CAP SOLUTIONS COR FRNM · 13G · filed 2026-07-23	FRNM	10.1%	new	13G	2026-07-23
INHIBRX BIOSCIENCES INC INBX · 13G · filed 2026-08-14	INBX	10.0%≈ $141.1m	no change	13G	2026-08-14
ALTO NEUROSCIENCE INC ANRO · 13G · filed 2026-08-14	ANRO	10.0%≈ $110.2m	no change	13G	2026-08-14
OPUS GENETICS INC IRD · 13G · filed 2026-08-14	IRD	10.0%≈ $37.6m	no change	13G	2026-08-14
ENGENE HOLDINGS INC 13G · filed 2026-08-14		10.0%	no change	13G	2026-08-14
KIORA PHARMACEUTICALS INC KPRX · 13G · filed 2026-08-10	KPRX	10.0%≈ $1.2m	new	13G	2026-08-10
ENVVENO MEDICAL CORPORATION 13G · filed 2026-02-17		10.0%		13G	2026-02-17
ORCHESTRA BIOMED HLDGS INC OBIO · 13G · filed 2025-11-14	OBIO	10.0%≈ $24.5m		13G	2025-11-14
TRINITY BIOTECH PLC 13D · filed 2026-05-04		9.9%	no change	13D	2026-05-04
OUTSET MED INC OM · 13G · filed 2025-02-28	OM	9.5%	new	13G	2025-02-28
NAUTILUS BIOTECHNOLOGY INC NAUT · 13D · filed 2026-08-14	NAUT	9.1%≈ $21.8m	-1.0 pts	13D	2026-08-14
KARDIGAN INC KARD · 13D · filed 2026-10-01	KARD	8.8%≈ $196.9m	-0.1 pts	13D	2026-10-01
QUINCE THERAPEUTICS INC IRLA · 13G · filed 2026-10-14	IRLA	8.4%≈ $1.7m	new	13G	2026-10-14
RESEARCH ALLIANCE CORP III RACC · 13G · filed 2026-05-28	RACC	8.2%≈ $8.0m	new	13G	2026-05-28
X4 PHARMACEUTICALS INC XFOR · 13G · filed 2026-08-14	XFOR	8.1%≈ $37.8m	+0.8 pts	13G	2026-08-14
SUTRO BIOPHARMA INC STRO · 13G · filed 2026-08-14	STRO	7.9%≈ $43.3m	+2.5 pts	13G	2026-08-14
PALISADE BIO INC PALI · 13G · filed 2026-05-15	PALI	7.9%≈ $29.5m	-2.1 pts	13G	2026-05-15
IMMATICS N.V IMTX · 13D · filed 2026-08-27	IMTX	7.6%≈ $113.5m		13D	2026-08-27
AMYLYX PHARMACEUTICALS INC AMLX · 13G · filed 2026-05-15	AMLX	7.5%≈ $148.8m	-0.7 pts	13G	2026-05-15
SAB BIOTHERAPEUTICS INC SABS · 13G · filed 2026-08-14	SABS	7.3%≈ $25.8m	-1.1 pts	13G	2026-08-14

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-08-26	IMMATICS N.V Director · See Footnote	IMTX	Bought	863,060	$7.5m863.1k shares	+8%