13F Insight
DOSSIER · 13F-HR · Q1 2026

Omega Fund Management, LLC

$163M in tracked AUM across 10 positions as of Q1 2026.

OF
CIK 0001637359 · last filed Mar 31, 2026
Total AUM
$163M
as of Q1 2026
Holdings
10
—
positions
Whale Score
69
69
tracked
Activity
—
no data
changes this Q
AI Analysis · Q1 2026

Based on the SEC 13F filing data provided for Omega Fund Management, LLC as of September 30, 2025, here is a comprehensive analysis of the portfolio's composition, activity, and strategic orientation.

1. Portfolio Overview

Omega Fund Management, LLC manages a concentrated, high-conviction portfolio totaling approximately $143.86 million across just 8 holdings. The portfolio is characterized by extreme concentration, with the top four positions accounting for roughly 94% of the total assets ...

During the quarter, the firm executed a significant rotation, resulting in a 6.9% decrease in total portfolio value (from $154.44M to $143.86M). This contraction was driven not only by market performance but also by substantial divestment; the firm exited 6 positions and reduced 5 others. The activity level was high, indicating a dynamic approach to capital allocation where the firm actively trims or liquidates positions to reallocate resources or manage risk.

2. Key Holdings

The portfolio is heavily weighted toward a select group of companies, implying strong conviction in their specific clinical or commercial prospects:

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
BCAX
Bicara Therapeutics Inc.
$48M2.4M29.2%02
NUVB
Nuvation Bio Inc.
$35M8.1M21.2%03
BBOT
BridgeBio Oncology Therapeutics Inc.
$29M3.3M18.0%04
G52441105
Kestra Med Technologies Ltd
$20M1.0M12.5%05
BBNX
Beta Bionics Inc.
$13M1.3M8.1%06
ENGN
enGene Holdings Inc.
$6M876K3.7%07
ALMS
Alumis Inc.
$5M241K3.3%08
SANA
Sana Biotechnology, Inc.
$2M844K1.5%09
IMA
ImageneBio, Inc.
$2M455K1.4%10
REPL
Replimune Group
$2M249K1.2%

Filing history

2026Q1Mar 31
$163M▼ 43.1%
10 positionsView →2025Q4Dec 31
$287M▲ 99.2%
11 positionsView →2025Q3Sep 30
$144M▼ 6.9%
8 positionsView →2025Q2Jun 30
$154M▲ 14.1%
13 positionsLocked2025Q1Mar 31
$135M▲ 12.1%
10 positionsLocked2024Q4Dec 31
$121M▼ 24.6%
11 positionsLocked2024Q3Sep 30
$160M▲ 18.5%
11 positionsLocked2024Q2Jun 30
$135M▼ 12.9%
11 positionsLocked2024Q1Mar 31
$155M▲ 25.6%
11 positionsLocked2023Q4Dec 31
$123M▲ 13.4%
14 positionsLocked2023Q3Sep 30
$109M▼ 39.0%
12 positionsLocked2023Q2Jun 30
$178M▲ 16.4%
12 positionsLocked
Showing 12 of 42