SPHERA FUNDS MANAGEMENT LTD.

TEL AVIV, L3 · CIK 1496201 · 13F filing filed 2026-08-14

Exempt reporting adviser since 2021 · other (specify)

Private funds1 (1 hedge) · $849.7m gross assets
Websitespherafund.com
Form ADV · 2026-03-17SEC adviser record

Legal entityספרה ניהול קרנות בע"מ (IL)

$698.8m reported value +20.2% vs Q1 2026

97positions

36.5%in top 10

22 new 33 added 28 reduced 17 sold out vs Q1 2026

Options: 6 call positions ($41.3m notional), 2 put positions ($26.4m notional) – listed below, not included above.

This report includes the holdings of 2 other managers that share the investment decisions:

Sphera Global Healthcare GP Ltd. – reports through this filing
Sphera Global Healthcare Management LP – 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	TEVA PHARMACEUTICAL INDS LTD SPONSORED ADS SPONSORED ADS		1,500,082	$50.8m7.27%	7.27%	Added +363.1k	+363,107 31.9%
2	MINERALYS THERAPEUTICS INC COM MLYS	MLYS	1,469,971	$39.7m5.68%	5.68%	Added +130.0k	+130,000 9.7%
3	TOWER SEMICONDUCTOR LTD SHS NEW TSEM	TSEM	108,265	$28.2m4.04%	4.04%	Reduced -37.5k	-37,470 -25.7%
4	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	1,014,606	$22.2m3.17%	3.17%	Added +290.0k	+290,043 40.0%
5	BIOGEN INC COM BIIB	BIIB	96,626	$20.9m2.99%	2.99%	Added +4.1k	+4,100 4.4%
6	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	588,494	$19.6m2.81%	2.81%	Reduced -220.8k	-220,839 -27.3%
7	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	328,550	$18.8m2.69%	2.69%	Added +188.7k	+188,650 134.8%
8	CYTOKINETICS INC COM NEW CYTK	CYTK	219,987	$18.7m2.68%	2.68%	Added +180.2k	+180,170 452.5%
9	BRIDGEBIO PHARMA INC COM BBIO	BBIO	245,346	$18.3m2.61%	2.61%	Added +100	+100 0.0%
10	COGENT BIOSCIENCES INC COM COGT	COGT	459,340	$17.8m2.54%	2.54%	Added +43.0k	+43,000 10.3%
11	NOVA LTD COM NVMI	NVMI	25,169	$13.7m1.96%	1.96%	Reduced -28.2k	-28,197 -52.8%
12	INSMED INC COM PAR $.01 INSM	INSM	118,800	$12.7m1.81%	1.81%	New
13	MAZE THERAPEUTICS INC COM MAZE	MAZE	417,564	$12.5m1.78%	1.78%	Added +190.2k	+190,221 83.7%
14	ASTRAZENECA PLC ORD AZN	AZN	62,530	$11.9m1.70%	1.70%	Unchanged
15	SANOFI SPONSORED ADR SNY	SNY	269,515	$11.5m1.65%	1.65%	Unchanged
16	CYBIN INC COM NEW COM NEW		1,620,753	$10.7m1.53%	1.53%	Added +633.7k	+633,663 64.2%
17	ELI LILLY & CO COM LLY	LLY	8,040	$9.6m1.38%	1.38%	Reduced -1.0k	-1,000 -11.1%
18	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	17,419	$9.4m1.34%	1.34%	Added +8.4k	+8,379 92.7%
19	TREVI THERAPEUTICS INC COM TRVI	TRVI	499,029	$9.3m1.33%	1.33%	Reduced -75.0k	-75,000 -13.1%
20	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	356,534	$9.0m1.29%	1.29%	Added +100.3k	+100,332 39.2%
21	CELLDEX THERAPEUTICS INC NEW COM NEW CLDX	CLDX	240,868	$9.0m1.28%	1.28%	Reduced -2.7k	-2,707 -1.1%
22	RHYTHM PHARMACEUTICALS INC COM RYTM	RYTM	80,400	$8.9m1.28%	1.28%	New
23	ORIC PHARMACEUTICALS INC COM ORIC	ORIC	752,983	$8.2m1.17%	1.17%	Added +215.4k	+215,355 40.1%
24	LAM RESEARCH CORP COM NEW LRCX	LRCX	18,470	$8.0m1.15%	1.15%	New
25	APPLIED MATLS INC COM AMAT	AMAT	11,040	$8.0m1.14%	1.14%	New
26	TANGO THERAPEUTICS INC COM TNGX	TNGX	254,250	$7.9m1.14%	1.14%	Reduced -89.3k	-89,313 -26.0%
27	NOVARTIS AG SPONSORED ADR NVS	NVS	50,000	$7.8m1.12%	1.12%	Added +13.0k	+13,000 35.1%
28	SOLAREDGE TECHNOLOGIES INC NOTE 2.250% 7/0 SEDG 2.25 07.01.29	SEDG 2.25 07.01.29	4,000,000	$7.7m1.11%	1.11%	Unchanged
29	VOR BIOPHARMA INC COM NEW VOR	VOR	416,417	$7.7m1.10%	1.10%	Added +94.5k	+94,500 29.4%
30	ABBVIE INC COM ABBV	ABBV	30,256	$7.6m1.09%	1.09%	Unchanged
31	MERCK & CO INC COM MRK	MRK	58,600	$7.5m1.08%	1.08%	Added +10.0k	+10,000 20.6%
32	JOHNSON & JOHNSON COM JNJ	JNJ	28,831	$7.3m1.05%	1.05%	Unchanged
33	IDEAYA BIOSCIENCES INC COM IDYA	IDYA	196,408	$7.3m1.05%	1.05%	New
34	IMMATICS N.V SHS IMTX	IMTX	720,057	$7.3m1.04%	1.04%	Added +24.0k	+23,952 3.4%
35	NUVECTIS PHARMA INC COM NVCT	NVCT	382,945	$7.0m1.01%	1.01%	New
36	PFIZER INC COM PFE	PFE	286,000	$6.9m0.99%	0.99%	Added +100.0k	+100,000 53.8%
37	HARMONY BIOSCIENCES HLDGS IN COM HRMY	HRMY	176,663	$6.4m0.92%	0.92%	New
38	XENON PHARMACEUTICALS INC COM XENE	XENE	105,000	$6.3m0.91%	0.91%	Reduced -22.0k	-22,000 -17.3%
39	CLIMB BIO INC COM CLYM	CLYM	483,747	$6.3m0.90%	0.90%	Added +64.5k	+64,500 15.4%
40	ZENAS BIOPHARMA INC COM ZBIO	ZBIO	230,834	$5.9m0.84%	0.84%	Added +16.5k	+16,500 7.7%
41	NOVO-NORDISK A S ADR NVO	NVO	120,677	$5.8m0.83%	0.83%	Unchanged
42	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	112,765	$5.7m0.82%	0.82%	Reduced -40.5k	-40,500 -26.4%
43	PRELUDE THERAPEUTICS INC COM PRLD	PRLD	1,019,832	$5.4m0.78%	0.78%	Added +461.5k	+461,493 82.7%
44	GSK PLC SPONSORED ADR GSK	GSK	102,000	$5.3m0.77%	0.77%	Reduced -20.0k	-20,000 -16.4%
45	FORTE BIOSCIENCES INC COM NEW FBRX	FBRX	249,693	$5.3m0.76%	0.76%	Added +64.7k	+64,709 35.0%
46	BIOAGE LABS INC COM BIOA	BIOA	213,671	$5.2m0.75%	0.75%	Added +127.2k	+127,153 147.0%
47	SCHOLAR ROCK HLDG CORP COM SRRK	SRRK	94,265	$5.2m0.74%	0.74%	Unchanged
48	SATELLOS BIOSCIENCE INC COM MSLE	MSLE	652,590	$5.1m0.73%	0.73%	Added +163.4k	+163,383 33.4%
49	PALISADE BIO INC COM PALI	PALI	2,257,106	$4.7m0.68%	0.68%	Added +523.6k	+523,635 30.2%
50	ELEDON PHARMACEUTICALS INC COM ELDN	ELDN	1,191,187	$4.7m0.67%	0.67%	Reduced -580.9k	-580,944 -32.8%
51	VISTRA CORP COM VST	VST	29,450	$4.7m0.67%	0.67%	New
52	TALEN ENERGY CORP COM TLN	TLN	12,135	$4.7m0.67%	0.67%	New
53	SAVARA INC COM SVRA	SVRA	756,164	$4.7m0.67%	0.67%	Added +17.0k	+17,000 2.3%
54	DISC MEDICINE INC COM IRON	IRON	63,538	$4.6m0.66%	0.66%	Added +10.0k	+10,000 18.7%
55	GLOBAL X FDS CLOUD COMPUTNG CLOU	CLOU	195,900	$4.5m0.64%	0.64%	New
56	DYNE THERAPEUTICS INC COM DYN	DYN	199,594	$4.4m0.63%	0.63%	Added +39.0k	+39,000 24.3%
57	RELAY THERAPEUTICS INC COM RLAY	RLAY	233,836	$4.4m0.63%	0.63%	Reduced -174.6k	-174,600 -42.8%
58	AVALO THERAPEUTICS INC COM NEW AVTX	AVTX	232,294	$4.3m0.61%	0.61%	New
59	PROMIS NEUROSCIENCES INC COM SHS PMN	PMN	325,591	$4.3m0.61%	0.61%	Unchanged
60	BIOCRYST PHARMACEUTICALS INC COM BCRX	BCRX	422,051	$4.2m0.60%	0.60%	Reduced -444.4k	-444,413 -51.3%
61	REVOLUTION MEDICINES INC COM RVMD	RVMD	22,400	$4.2m0.60%	0.60%	Reduced -32.7k	-32,710 -59.4%
62	CABALETTA BIO INC COM CABA	CABA	1,329,012	$4.1m0.59%	0.59%	New
63	GENERATE BIOMEDICINES INC COM SHS GENB	GENB	245,000	$4.1m0.59%	0.59%	Added +60.0k	+60,000 32.4%
64	MEDIWOUND LTD SHS NEW MDWD	MDWD	273,192	$4.0m0.57%	0.57%	Unchanged
65	ALPHA COGNITION INC COM NEW ACOG	ACOG	545,816	$3.9m0.56%	0.56%	Reduced -21.8k	-21,800 -3.8%
66	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	638,272	$3.7m0.53%	0.53%	Added +90.0k	+90,000 16.4%
67	CORVUS PHARMACEUTICALS INC COM CRVS	CRVS	244,961	$3.7m0.52%	0.52%	Reduced -3.0k	-3,000 -1.2%
68	OVID THERAPEUTICS INC COM OVID	OVID	1,353,000	$3.6m0.52%	0.52%	Reduced -269.8k	-269,828 -16.6%
69	BRIDGEBIO ONCOLOGY THERAPEUT COM NEW BBOT	BBOT	460,985	$3.5m0.50%	0.50%	New
70	CYTOMX THERAPEUTICS INC COM CTMX	CTMX	879,000	$3.3m0.47%	0.47%	Added +659.0k	+659,000 299.6%
71	PROQR THRAPEUTICS N V SHS EURO PRQR	PRQR	1,757,458	$3.3m0.47%	0.47%	New
72	ALNYLAM PHARMACEUTICALS INC COM ALNY	ALNY	10,800	$3.3m0.47%	0.47%	New
73	KURA ONCOLOGY INC COM KURA	KURA	295,039	$3.2m0.46%	0.46%	Reduced -483	-483 -0.2%
74	KODIAK SCIENCES INC COM KOD	KOD	81,796	$3.2m0.46%	0.46%	Reduced -33.0k	-33,000 -28.8%
75	ORMAT TECHNOLOGIES INC COM ORA	ORA	28,015	$3.1m0.44%	0.44%	Reduced -40.2k	-40,235 -59.0%
76	CONTINEUM THERAPEUTICS INC CL A CTNM	CTNM	183,475	$3.0m0.43%	0.43%	Added +10.0k	+10,000 5.8%
77	LARIMAR THERAPEUTICS INC COM LRMR	LRMR	926,004	$2.8m0.40%	0.40%	New
78	IMMIX BIOPHARMA INC COM IMMX	IMMX	270,000	$2.8m0.40%	0.40%	New
79	AMGEN INC COM AMGN	AMGN	7,500	$2.7m0.39%	0.39%	Unchanged
80	BIOHAVEN LTD COM BHVN	BHVN	164,437	$2.4m0.35%	0.35%	Reduced -429.6k	-429,563 -72.3%
81	CONSTELLATION ENERGY CORP COM CEG	CEG	9,850	$2.4m0.35%	0.35%	New
82	VERASTEM INC COM NEW VSTM	VSTM	632,632	$2.4m0.35%	0.35%	Added +289.0k	+288,954 84.1%
83	TENAX THERAPEUTICS INC COM NEW TENX	TENX	120,200	$1.7m0.25%	0.25%	Reduced -15.8k	-15,815 -11.6%
84	TAYSHA GENE THERAPIES INC COM SHS TSHA	TSHA	250,000	$1.7m0.24%	0.24%	New
85	STRUCTURE THERAPEUTICS INC SPONSORED ADS GPCR	GPCR	28,600	$1.5m0.22%	0.22%	Reduced -22.2k	-22,200 -43.7%
86	UPSTREAM BIO INC COM UPB	UPB	219,700	$1.5m0.22%	0.22%	Reduced -138.3k	-138,300 -38.6%
87	VOYAGER THERAPEUTICS INC COM VYGR	VYGR	427,554	$1.5m0.21%	0.21%	Reduced -42.2k	-42,207 -9.0%
88	ORGANOGENESIS HLDGS INC COM ORGO	ORGO	550,000	$1.3m0.19%	0.19%	Unchanged
89	INHIBIKASE THERAPEUTICS INC COM NEW IKT	IKT	649,309	$1.3m0.19%	0.19%	New
90	CURIS INC COM COM		98,996	$1.0m0.15%	0.15%	Reduced -1.9m	-1,895,941 -95.0%
91	SHATTUCK LABS INC COM STTK	STTK	86,461	$600.0k0.09%	0.09%	Reduced -194.3k	-194,325 -69.2%
92	FIRST TRACKS BIOTHERAPEUTICS ORD SHS TRAX	TRAX	27,876	$560.9k0.08%	0.08%	New
93	SKYE BIOSCIENCE INC COM NEW COM NEW		678,928	$470.7k0.07%	0.07%	Unchanged
94	TRAWS PHARMA INC COM NEW TRAW	TRAW	398,486	$336.0k0.05%	0.05%	New
95	EVOMMUNE INC COM SHS EVMN	EVMN	22,632	$300.8k0.04%	0.04%	Reduced -55.6k	-55,602 -71.1%
96	WEREWOLF THERAPEUTICS INC COM HOWL	HOWL	626,810	$225.6k0.03%	0.03%	Unchanged
97	APREA THERAPEUTICS INC COM NEW APRE	APRE	270,000	$216.6k0.03%	0.03%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
AMICUS THERAPEUTICS INC FOLD	FOLD	603,377	$8.7m603.4k shares
CELLEBRITE DI LTD CLBT	CLBT	631,521	$8.7m631.5k shares
APELLIS PHARMACEUTICALS INC APLS	APLS	214,914	$8.6m214.9k shares
PALO ALTO NETWORKS INC PANW	PANW	52,800	$8.5m52.8k shares
CAMTEK LTD CAMT	CAMT	53,020	$8.0m53.0k shares
SOLENO THERAPEUTICS INC SLNO	SLNO	216,281	$7.2m216.3k shares
AMAZON COM INC AMZN	AMZN	31,940	$6.7m31.9k shares
APPLIED OPTOELECTRONICS INC AAOI	AAOI	73,400	$6.2m73.4k shares
ENPHASE ENERGY INC ENPH	ENPH	142,419	$5.4m142.4k shares
ZIM INTEGRATED SHIPPING SERV ZIM	ZIM	105,950	$2.8m106.0k shares
SOLAREDGE TECHNOLOGIES INC SEDG	SEDG	52,836	$2.7m52.8k shares
ISHARES BITCOIN TRUST ETF IBIT	IBIT	59,505	$2.3m59.5k shares
ASCENDIS PHARMA A/S		8,000	$1.8m8.0k shares
BRISTOL-MYERS SQUIBB CO BMY	BMY	17,500	$1.1m17.5k shares
NICE LTD NICE	NICE	5,611	$618.7k5.6k shares
PRECISION BIOSCIENCES INC DTIL	DTIL	40,000	$220.0k40.0k shares
FOGHORN THERAPEUTICS INC FHTX	FHTX	12,224	$58.4k12.2k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR SER TR XBI · Put	XBI	Put	150,000	$23.7m150.0k shares	Reduced
BIOGEN INC BIIB · Call	BIIB	Call	100,000	$21.6m100.0k shares	New
CYTOKINETICS INC CYTK · Call	CYTK	Call	100,000	$8.5m100.0k shares	Reduced
PRAXIS PRECISION MEDICINES I PRAX · Call	PRAX	Call	12,500	$4.2m12.5k shares	New
ISHARES TR TLT · Call	TLT	Call	47,000	$4.1m47.0k shares	Unchanged
ABIVAX SA ABVX · Put	ABVX	Put	20,000	$2.7m20.0k shares	New
TENAX THERAPEUTICS INC TENX · Call	TENX	Call	127,600	$1.9m127.6k shares	New
ORIC PHARMACEUTICALS INC ORIC · Call	ORIC	Call	100,000	$1.1m100.0k 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
PROMIS NEUROSCIENCES INC PMN · 13G · filed 2026-02-05	PMN	7.8%	+2.3 pts	13G	2026-02-05
TENAX THERAPEUTICS INC TENX · 13G · filed 2026-10-13	TENX	7.1%≈ $38.8m	+1.8 pts	13G	2026-10-13