Cormorant Asset Management, LP

BOSTON, MA · CIK 1583977 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2014 · limited partnership

Assets managed$3.8bn
Staff12 · 3 in investment roles
Main clients (by assets)Private funds 100%
Private funds7 (1 hedge) · $3.8bn gross assets
Form ADV · 2026-05-27SEC adviser record

Legal entityCormorant Asset Management, LP (US)

$2.0bn reported value -1.6% vs Q1 2026

50positions

59.2%in top 10

13 new 4 added 28 reduced 9 sold out vs Q1 2026

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

Chen Bihua – 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	PRAXIS PRECISION MEDICINES I COM NEW PRAX	PRAX	640,000	$214.3m10.98%	10.98%	Reduced -245.5k	-245,500 -27.7%
2	BRIDGEBIO ONCOLOGY THERAPEUT COM NEW BBOT	BBOT	17,878,594	$136.2m6.98%	6.98%	Unchanged
3	PARABILIS MEDICINES INC COM PBLS	PBLS	4,615,612	$126.3m6.47%	6.47%	New
4	RAPPORT THERAPEUTICS INC COM RAPP	RAPP	2,657,521	$110.7m5.67%	5.67%	Reduced -300.0k	-300,000 -10.1%
5	ERASCA INC COM ERAS	ERAS	6,000,000	$109.9m5.63%	5.63%	Added +200.0k	+200,000 3.5%
6	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	2,510,000	$102.0m5.23%	5.23%	Reduced -750.0k	-750,000 -23.0%
7	EYEPOINT PHARMACEUTICALS INC COM NEW EYPT	EYPT	7,000,000	$100.1m5.13%	5.13%	Reduced -1.3m	-1,265,000 -15.3%
8	ALUMIS INC COM ALMS	ALMS	3,285,596	$92.5m4.74%	4.74%	Reduced -663.6k	-663,645 -16.8%
9	ABIVAX SA SPONSORED ADS ABVX	ABVX	675,000	$90.0m4.61%	4.61%	Reduced -85.0k	-85,000 -11.2%
10	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	750,000	$73.1m3.75%	3.75%	Reduced -200.0k	-200,000 -21.1%
11	BRIGHT MINDS BIOSCIENCES INC COM NEW DRUG	DRUG	900,000	$63.2m3.24%	3.24%	Reduced -159.3k	-159,331 -15.0%
12	MOONLAKE IMMUNOTHERAPEUTICS CLASS A ORD MLTX	MLTX	3,205,433	$62.4m3.20%	3.20%	Reduced -1.3m	-1,275,000 -28.5%
13	BIOAGE LABS INC COM BIOA	BIOA	2,390,605	$58.6m3.00%	3.00%	Reduced -500.0k	-500,000 -17.3%
14	ORUKA THERAPEUTICS INC COM ORKA	ORKA	533,340	$50.8m2.60%	2.60%	Unchanged
15	ADLAI NORTYE LTD SPONSORED ADS ANL	ANL	3,978,229	$45.7m2.34%	2.34%	Added +1.1m	+1,080,372 37.3%
16	BRIDGEBIO PHARMA INC COM BBIO	BBIO	550,000	$41.0m2.10%	2.10%	Reduced -300.0k	-300,000 -35.3%
17	TANGO THERAPEUTICS INC COM TNGX	TNGX	1,300,000	$40.6m2.08%	2.08%	Reduced -125.0k	-125,000 -8.8%
18	BIOHAVEN LTD COM BHVN	BHVN	2,610,000	$38.8m1.99%	1.99%	Added +850.0k	+850,000 48.3%
19	AGOMAB THERAPEUTICS NV SPONSORED ADS AGMB	AGMB	2,465,348	$32.0m1.64%	1.64%	Unchanged
20	MBX BIOSCIENCES INC COM MBX	MBX	550,000	$30.4m1.56%	1.56%	Reduced -570.0k	-570,000 -50.9%
21	CLIMB BIO INC COM CLYM	CLYM	2,106,000	$27.5m1.41%	1.41%	New
22	OLEMA PHARMACEUTICALS INC COM OLMA	OLMA	2,150,000	$26.9m1.38%	1.38%	Reduced -1.8m	-1,750,000 -44.9%
23	DAMORA THERAPEUTICS INC COM NEW COM NEW		1,000,000	$26.0m1.33%	1.33%	Reduced -525.0k	-525,000 -34.4%
24	PHARVARIS N V COM PHVS	PHVS	750,000	$25.9m1.33%	1.33%	Reduced -250.0k	-250,000 -25.0%
25	CORBUS PHARMACEUTICALS HLDGS COM NEW CRBP	CRBP	2,344,971	$22.0m1.13%	1.13%	Unchanged
26	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	225,000	$20.0m1.02%	1.02%	New
27	DEFINIUM THERAPEUTICS INC COM SHS DFTX	DFTX	400,000	$18.8m0.96%	0.96%	New
28	NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES NAMS	NAMS	500,000	$16.9m0.87%	0.87%	Reduced -450.0k	-450,000 -47.4%
29	ROIVANT SCIENCES LTD SHS ROIV	ROIV	475,000	$16.8m0.86%	0.86%	Reduced -275.0k	-275,000 -36.7%
30	CABALETTA BIO INC COM CABA	CABA	5,000,000	$15.6m0.80%	0.80%	Reduced -500.0k	-500,000 -9.1%
31	HELIX ACQUISITION CORP III USD CL A ORD SHS HLXC	HLXC	1,297,500	$13.8m0.71%	0.71%	Unchanged
32	ASCENDIS PHARMA A/S ORD SHS ASND	ASND	50,000	$13.3m0.68%	0.68%	New
33	KAILERA THERAPEUTICS INC COMMON STOCK KLRA	KLRA	550,000	$12.1m0.62%	0.62%	New
34	INSMED INC COM PAR $.01 INSM	INSM	75,000	$8.0m0.41%	0.41%	Reduced -115.0k	-115,000 -60.5%
35	FAETH THERAPEUTICS INC COM NEW FTH	FTH	1,028,242	$7.7m0.39%	0.39%	Added +722.0k	+722,020 235.8%
36	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	150,000	$7.6m0.39%	0.39%	New
37	TARSUS PHARMACEUTICALS INC COM TARS	TARS	100,000	$6.3m0.32%	0.32%	Reduced -125.0k	-125,000 -55.6%
38	IBIO INC COM NEW IBIO	IBIO	3,570,000	$6.2m0.32%	0.32%	New
39	CRINETICS PHARMACEUTICALS IN COM CRNX	CRNX	125,000	$4.7m0.24%	0.24%	Reduced -125.0k	-125,000 -50.0%
40	ARCUTIS BIOTHERAPEUTICS INC COM ARQT	ARQT	175,000	$4.6m0.24%	0.24%	Reduced -275.0k	-275,000 -61.1%
41	ARROWHEAD PHARMACEUTICALS IN COM ARWR	ARWR	50,000	$4.1m0.21%	0.21%	Reduced -50.0k	-50,000 -50.0%
42	STRUCTURE THERAPEUTICS INC SPONSORED ADS GPCR	GPCR	75,000	$4.0m0.21%	0.21%	Reduced -100.0k	-100,000 -57.1%
43	RESEARCH ALLIANCE CORP III ORD SHS CL A RACC	RACC	370,000	$4.0m0.20%	0.20%	New
44	COGENT BIOSCIENCES INC COM COGT	COGT	100,000	$3.9m0.20%	0.20%	Reduced -100.0k	-100,000 -50.0%
45	ALTIMMUNE INC COM NEW ALT	ALT	1,250,000	$3.8m0.19%	0.19%	New
46	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	200,000	$3.6m0.18%	0.18%	Reduced -150.0k	-150,000 -42.9%
47	ODYSSEY THERAPEUTICS INC COMMON STOCK ODTX	ODTX	175,000	$3.3m0.17%	0.17%	New
48	VAXCYTE INC COM PCVX	PCVX	50,000	$2.9m0.15%	0.15%	Reduced -50.0k	-50,000 -50.0%
49	BOUNDLESS BIO INC COM BOLD	BOLD	1,000,000	$2.5m0.13%	0.13%	New
50	QUINCE THERAPEUTICS INC COM IRLA	IRLA	5,498	$100.0k0.01%	0.01%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
CENTESSA PHARMACEUTICALS PLC		1,050,000	$41.7m1.1m shares
MAZE THERAPEUTICS INC MAZE	MAZE	750,000	$22.4m750.0k shares
ASCENDIS PHARMA A/S		95,000	$21.7m95.0k shares
TERNS PHARMACEUTICALS INC		300,000	$15.8m300.0k shares
ZURA BIO LTD ZURA	ZURA	1,450,000	$8.6m1.4m shares
AXSOME THERAPEUTICS INC AXSM	AXSM	50,000	$8.5m50.0k shares
MONTE ROSA THERAPEUTICS INC GLUE	GLUE	400,000	$6.6m400.0k shares
RALLYBIO CORP RLYB	RLYB	400,000	$3.6m400.0k shares
CONTEXT THERAPEUTICS INC CNTX	CNTX	529,550	$1.4m529.5k 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
CORBUS PHARMACEUTICALS HLDGS CRBP · 13G · filed 2025-12-15	CRBP	13.4%≈ $22.0m	+0.5 pts	13G	2025-12-15
IBIO INC IBIO · 13G · filed 2026-08-14	IBIO	10.0%≈ $9.0m	no change	13G	2026-08-14
QUINCE THERAPEUTICS INC IRLA · 13G · filed 2026-08-14	IRLA	10.0%≈ $2.0m	new	13G	2026-08-14
BRIGHT MINDS BIOSCIENCES INC DRUG · 13G · filed 2026-08-14	DRUG	9.2%≈ $32.0m	-0.5 pts	13G	2026-08-14
EYEPOINT PHARMACEUTICALS INC EYPT · 13G · filed 2026-08-14	EYPT	8.3%≈ $100.1m	-1.6 pts	13G	2026-08-14
CARGO THERAPEUTICS INC 13G · filed 2025-05-15		7.3%	new	13G	2025-05-15
ADLAI NORTYE LTD ANL · 13G · filed 2026-08-14	ANL	6.8%	+1.6 pts	13G	2026-08-14
CABALETTA BIO INC CABA · 13G · filed 2026-08-14	CABA	6.0%≈ $31.1m	-3.1 pts	13G	2026-08-14
RAPPORT THERAPEUTICS INC RAPP · 13G · filed 2026-08-14	RAPP	5.6%≈ $110.7m	-0.6 pts	13G	2026-08-14
BIOAGE LABS INC BIOA · 13G · filed 2026-08-14	BIOA	5.4%≈ $58.6m	-1.1 pts	13G	2026-08-14
AGOMAB THERAPEUTICS NV AGMB · 13G · filed 2026-05-15	AGMB	5.0%	new	13G	2026-05-15

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
2026-04-28	BRIGHT MINDS BIOSCIENCES INC Former 10% Owner · See Footnotes	DRUG	Sold	109,331	$9.8m109.3k shares	-10%