Caligan Partners LP

Key Holdings

The portfolio is dominated by a few large positions, with the top three holdings comprising nearly 65% of the total assets.

• Liquidia Corporation (LQDA) is the largest position, valued at $184.62 million, representing a massive 30.45% portfolio allocation. With 8.12 million shares held, this is clearly the firm's "conviction" bet.
• ABIVAX SA (ABVX) is the second-largest holding at $123.27 million (20.33%), followed by Agios Pharmaceuticals Inc (AGIO) at $84.54 million (13.95%).
• The top five positions are rounded out by Exelixis Inc (EXEL) at 10.39% and Revolution Medicines Inc (RVMD) at 8.20%.

The heavy weighting in LQDA and ABVX signals that the fund’s performance is highly correlated with the success of these specific companies. The inclusion of mid-cap and larger-cap names like EXEL alongside smaller developmental biotech companies suggests a blend of stability and high-growth potential within the healthcare universe.