TANG CAPITAL MANAGEMENT LLC

SAN DIEGO, CA · CIK 1232621 · 13F filing filed 2026-08-14

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityTang Capital Management, LLC (US)

$2.2bn reported value +11.8% vs Q1 2026

41positions

62.7%in top 10

5 new 7 added 5 reduced 15 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

TANG KEVIN – reports through this filing

Shares in two reports are counted once in each security's totals.

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	AURINIA PHARMACEUTICALS INC COM AUPH	AUPH	13,044,106	$221.4m10.05%	10.05%	Added +814.6k	+814,606 6.7%
2	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	1,892,200	$168.0m7.63%	7.63%	Unchanged
3	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	1,236,027	$144.7m6.57%	6.57%	Unchanged
4	KINIKSA PHARMACEUTICALS INTL ORD SHS CL A KNSA	KNSA	2,259,889	$144.5m6.56%	6.56%	Unchanged
5	CELCUITY INC COM CELC	CELC	1,314,594	$137.5m6.25%	6.25%	Added +264.6k	+264,594 25.2%
6	CORCEPT THERAPEUTICS INC COM CORT	CORT	1,500,000	$130.4m5.92%	5.92%	Unchanged
7	PTC THERAPEUTICS INC COM PTCT	PTCT	1,500,000	$122.4m5.56%	5.56%	Unchanged
8	GALAPAGOS NV SPON ADR LKFT	LKFT	3,785,991	$113.5m5.16%	5.16%	Unchanged
9	CAPRICOR THERAPEUTICS INC COM NEW CAPR	CAPR	4,099,900	$98.7m4.48%	4.48%	Added +700.0k	+700,000 20.6%
10	TARSUS PHARMACEUTICALS INC COM TARS	TARS	1,568,266	$98.7m4.48%	4.48%	Added +379.6k	+379,642 31.9%
11	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	123,000	$91.9m4.17%	4.17%	Reduced -45.0k	-45,000 -26.8%
12	ANAPTYSBIO INC COM ANAB	ANAB	1,330,879	$89.8m4.08%	4.08%	Unchanged
13	IMMUNOCORE HLDGS PLC ADS IMCR	IMCR	2,649,368	$84.1m3.82%	3.82%	Unchanged
14	COMPASS PATHWAYS PLC SPONSORED ADS CMPS	CMPS	5,000,000	$70.8m3.21%	3.21%	Added +997.8k	+997,800 24.9%
15	ANI PHARMACEUTICALS INC COM ANIP	ANIP	707,500	$58.6m2.66%	2.66%	Unchanged
16	BIONTECH SE SPONSORED ADS BNTX	BNTX	470,000	$43.7m1.99%	1.99%	Unchanged
17	COMPASS THERAPEUTICS INC COM CMPX	CMPX	17,990,782	$39.4m1.79%	1.79%	Added +1.2m	+1,199,973 7.2%
18	PRECIGEN INC COM PGEN	PGEN	6,417,500	$36.6m1.66%	1.66%	Unchanged
19	VIRIDIAN THERAPEUTICS INC COM VRDN	VRDN	1,792,626	$32.9m1.50%	1.50%	Unchanged
20	NUVECTIS PHARMA INC COM NVCT	NVCT	1,550,000	$28.5m1.29%	1.29%	New
21	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	264,692	$25.8m1.17%	1.17%	Unchanged
22	FULCRUM THERAPEUTICS INC COM FULC	FULC	6,521,412	$23.9m1.08%	1.08%	New
23	ATEA PHARMACEUTICALS INC COM AVIR	AVIR	4,814,700	$22.4m1.02%	1.02%	Unchanged
24	CRESCENT BIOPHARMA INC. COM CBIO	CBIO	1,160,000	$20.9m0.95%	0.95%	Unchanged
25	NANO DIMENSION LTD SPONSORD ADS NEW NNDM	NNDM	14,292,813	$20.7m0.94%	0.94%	New
26	VIKING THERAPEUTICS INC COM VKTX	VKTX	500,000	$19.5m0.89%	0.89%	Unchanged
27	NUVATION BIO INC COM CL A NUVB	NUVB	3,299,557	$18.7m0.85%	0.85%	Added +150.0k	+150,000 4.8%
28	IDEAYA BIOSCIENCES INC COM IDYA	IDYA	450,000	$16.8m0.76%	0.76%	Unchanged
29	GOSSAMER BIO INC NOTE 5.000% 6/0 · principal GOSS 5 06.01.27 · principal	GOSS 5 06.01.27	17,841,000	$11.5m0.52%	0.52%	New
30	JOURNEY MED CORP COM DERM	DERM	1,610,000	$11.4m0.52%	0.52%	Unchanged
31	INSMED INC COM PAR $.01 INSM	INSM	100,000	$10.7m0.48%	0.48%	Reduced -160.0k	-160,000 -61.5%
32	STOKE THERAPEUTICS INC COM STOK	STOK	300,000	$9.8m0.45%	0.45%	Reduced -200.0k	-200,000 -40.0%
33	PLIANT THERAPEUTICS INC COM PLRX	PLRX	6,141,261	$7.0m0.32%	0.32%	Reduced -1.9k	-1,871 -0.0%
34	BOUNDLESS BIO INC COM BOLD	BOLD	2,559,875	$6.4m0.29%	0.29%	New
35	PMV PHARMACEUTICALS INC COM PMVP	PMVP	4,245,085	$5.7m0.26%	0.26%	Unchanged
36	MODERNA INC COM MRNA	MRNA	50,000	$3.5m0.16%	0.16%	Reduced -50.0k	-50,000 -50.0%
37	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	600,000	$3.5m0.16%	0.16%	Unchanged
38	HERON THERAPEUTICS INC COM HRTX	HRTX	6,250,000	$2.7m0.12%	0.12%	Unchanged
39	LENZ THERAPEUTICS INC COM LENZ	LENZ	451,114	$2.6m0.12%	0.12%	Unchanged
40	ALTIMMUNE INC COM NEW ALT	ALT	666,022	$2.0m0.09%	0.09%	Unchanged
41	ROCKET PHARMACEUTICALS INC COM RCKT	RCKT	100,000	$342.0k0.02%	0.02%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
KALVISTA PHARMACEUTICALS INC KALV	KALV	4,573,530	$92.1m4.6m shares
JANUX THERAPEUTICS INC JANX	JANX	500,000	$7.0m500.0k shares
BIOGEN INC BIIB	BIIB	35,000	$6.4m35.0k shares
UROGEN PHARMA LTD URGN	URGN	350,000	$6.3m350.0k shares
ARVINAS INC ARVN	ARVN	538,658	$5.7m538.7k shares
KEZAR LIFE SCIENCES INC KZR	KZR	664,314	$4.9m664.3k shares
AGIOS PHARMACEUTICALS INC AGIO	AGIO	100,000	$3.4m100.0k shares
ERASCA INC ERAS	ERAS	200,000	$3.2m200.0k shares
COHERUS BIOSCIENCES INC CHRS	CHRS	1,886,748	$3.2m1.9m shares
NKARTA INC NKTX	NKTX	1,480,823	$3.1m1.5m shares
EVOLUS INC EOLS	EOLS	483,021	$2.0m483.0k shares
ABEONA THERAPEUTICS INC ABEO	ABEO	400,000	$1.8m400.0k shares
FATE THERAPEUTICS INC FATE	FATE	1,167,773	$1.4m1.2m shares
NEUMORA THERAPEUTICS INC. NMRA	NMRA	439,878	$857.8k439.9k shares
LEXICON PHARMACEUTICALS INC LXRX	LXRX	399,700	$623.5k399.7k shares

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
ITEOS THERAPEUTICS INC ITOS · 13D · filed 2025-09-03	ITOS	100.0%	+90.0 pts	13D	2025-09-03
CARGO THERAPEUTICS INC 13D · filed 2025-08-21		100.0%	+93.4 pts	13D	2025-08-21
ALLAKOS INC ALLKG · 13D · filed 2025-05-19	ALLKG	100.0%	+90.4 pts	13D	2025-05-19
BOUNDLESS BIO INC BOLD · 13G · filed 2026-06-29	BOLD	11.3%≈ $6.3m	new	13G	2026-06-29
FULCRUM THERAPEUTICS INC FULC · 13G · filed 2026-07-15	FULC	10.4%≈ $25.3m	+2.2 pts	13G	2026-07-15
AURINIA PHARMACEUTICALS INC AUPH · 13D · filed 2026-06-04	AUPH	10.0%≈ $221.4m	+0.8 pts	13D	2026-06-04
COMPASS THERAPEUTICS INC CMPX · 13G · filed 2025-11-14	CMPX	10.0%≈ $37.6m	no change	13G	2025-11-14
ADICET BIO INC 13G · filed 2025-05-15		9.9%		13G	2025-05-15
BOLT BIOTHERAPEUTICS INC 13G · filed 2025-05-15		9.9%		13G	2025-05-15
EYEPOINT PHARMACEUTICALS INC EYPT · 13G · filed 2026-10-27	EYPT	9.6%≈ $118.0m	new	13G	2026-10-27
PLIANT THERAPEUTICS INC PLRX · 13D · filed 2025-03-10	PLRX	9.6%≈ $6.7m	new	13D	2025-03-10
NANO DIMENSION LTD NNDM · 13G · filed 2026-08-21	NNDM	9.1%	+1.2 pts	13G	2026-08-21
PMV PHARMACEUTICALS INC PMVP · 13G · filed 2025-09-23	PMVP	8.9%≈ $6.3m	new	13G	2025-09-23
GALAPAGOS NV LKFT · 13G · filed 2025-10-29	LKFT	8.4%	+0.9 pts	13G	2025-10-29
JOURNEY MED CORP DERM · 13G · filed 2025-05-15	DERM	8.0%≈ $13.1m		13G	2025-05-15
CAPRICOR THERAPEUTICS INC CAPR · 13G · filed 2026-08-14	CAPR	7.1%≈ $98.7m	+0.5 pts	13G	2026-08-14
ATEA PHARMACEUTICALS INC AVIR · 13G · filed 2026-10-06	AVIR	6.0%≈ $22.4m	new	13G	2026-10-06
IMMUNOCORE HLDGS PLC IMCR · 13G · filed 2025-10-24	IMCR	5.2%	new	13G	2025-10-24
KINIKSA PHARMACEUTICALS INTL KNSA · 13G · filed 2025-04-04	KNSA	5.2%≈ $139.3m	new	13G	2025-04-04
PURETECH HEALTH PLC PRTCY · 13G · filed 2026-04-29	PRTCY	5.2%	new	13G	2026-04-29

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	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Sold	18,300	$54.4k18.3k shares	-1%
2026-07-21	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	2,975	$7.3k3.0k shares	+<1%
2026-07-20	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	1,623	$4.0k1.6k shares	+<1%
2026-07-17	FULCRUM THERAPEUTICS INC 10% owner · See Footnote	FULC	Bought	50,945	$179.3k50.9k shares	+1%
2026-07-17	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	265	$647265 shares	+<1%
2026-07-16	FULCRUM THERAPEUTICS INC 10% owner · See Footnote	FULC	Bought	116,671	$415.3k116.7k shares	+2%
2026-07-16	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	18,491	$45.1k18.5k shares	+1%
2026-07-15	FULCRUM THERAPEUTICS INC 10% owner · See Footnote	FULC	Bought	107,377	$382.3k107.4k shares	+2%
2026-07-15	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	1,600	$3.9k1.6k shares	+<1%
2026-07-14	FULCRUM THERAPEUTICS INC 10% owner · See Footnote	FULC	Bought	129,603	$462.9k129.6k shares	+2%
2026-07-14	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	43,878	$106.6k43.9k shares	+2%
2026-07-13	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	48,211	$116.7k48.2k shares	+2%
2026-07-13	FULCRUM THERAPEUTICS INC 10% owner · See Footnote	FULC	Bought	12,966	$45.9k13.0k shares	+<1%
2026-07-10	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	43,367	$105.4k43.4k shares	+2%
2026-07-09	BOUNDLESS BIO INC 10% owner · See Footnote	BOLD	Bought	7	$177 shares	+<1%
2026-07-08	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	14,338	$35.3k14.3k shares	+0%
2026-07-07	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	15,810	$39.2k15.8k shares	+1%
2026-07-06	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	27,062	$67.4k27.1k shares	+1%
2026-07-02	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	9,821	$24.5k9.8k shares	+<1%
2026-07-01	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	71,612	$178.3k71.6k shares	+3%
2026-06-30	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	26,030	$66.1k26.0k shares	+1%
2026-06-29	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	64,762	$160.0k64.8k shares	+3%
2026-06-26	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	75,181	$191.7k75.2k shares	+3%
2026-06-25	BOUNDLESS BIO INC 10% owner · By LP	BOLD	Bought	146,390	$363.1k146.4k shares	+6%
2026-06-02	AURINIA PHARMACEUTICALS INC Chief Executive Officer · By LP	AUPH	Bought	206,005	$3.1m206.0k shares	+2%