TANG CAPITAL MANAGEMENT LLC

$2.0B reported 13(f) long value · latest quarter 2026-03-31 · CIK 1232621 · EDGAR ↗

sum of disclosed values for 2026-03-31; 0 positions carry a NULL value and are excluded from the sum, surfaced here rather than folded away: $2.0B
ALL retained default holdings for this (filer, period), including NULL-value ones: 51
positions with no comparable holding in the prior quarter (kind new), 2026-03-31: 4
positions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record: 28

A quarter-end snapshot. Filed up to 45 days later, so this page is not current holdings and never a complete portfolio. what a 13F is — and is not ↓ methodology §13F ↗

Position changes — into 2026-03-31

by shares · Δ value · filing link · how changes are classified §

Position changes into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match `identity_reconciled_by_cusip`	the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE `classified_by_value` · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake	derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero	reported unit changed across the pair (SH↔PRN); the share delta is withheld rather than fabricated `shares_unit_mismatch`	Prev value	Curr value	Prev shares	Curr shares
position key `pos:10937` · issuer key `iss:191` COM	ADD	+$536K	+900,000	$181M	$181M	11,329,500	12,229,500
position key `sid:sec:prov:856d00daa392df84ca63299ef03992d5` · issuer key `cusip6:36315X` SPON ADR	TRIM	−$14.6M	−135,228	$128M	$114M	3,921,219	3,785,991
position key `pos:11570` · issuer key `iss:1599` TR UNIT	ADD	+$88.8M	+138,000	$20.5M	$109M	30,000	168,000
position key `sid:sec:prov:f5ab5fc62f8ffc42012ac685dc8651c0` · issuer key `cusip6:14070B` COM NEW	ADD	+$54.3M	+1,699,900	$49.1M	$103M	1,700,000	3,399,900
position key `pos:15541` · issuer key `iss:958` ADS	ADD	−$11.4M	+20,830	$91.2M	$79.9M	2,628,538	2,649,368
position key `pos:17269` · issuer key `iss:128` COM	TRIM	+$9.2M	−1,208	$64.6M	$73.8M	1,332,087	1,330,879
position key `pos:16094` · issuer key `iss:512` COM	ADD	+$55.0M	+1,343,236	$5.5M	$60.5M	156,764	1,500,000
position key `pos:13106` · issuer key `iss:14` COM	ADD	+$16.4M	+226,063	$38.0M	$54.4M	481,437	707,500
position key `pos:14207` · issuer key `iss:973` COM PAR $.01	ADD	+$32.1M	+200,000	$10.4M	$42.5M	60,000	260,000
position key `pos:16936` · issuer key `cusip6:74017N` COM	ADD	+$1.4M	+800,000	$23.5M	$24.8M	5,617,500	6,417,500
position key `sid:sec:prov:88f799da4526ad1ae0a440740a6e9c1b` · issuer key `cusip6:20451W` SPONSORED ADS	NEW	+$22.1M	+4,002,200	$0	$22.1M	—	4,002,200
position key `pos:16706` · issuer key `iss:2081` COM	ADD	+$11.0M	+287,602	$10.3M	$21.3M	872,398	1,160,000
position key `pos:12873` · issuer key `iss:1338` COM CL A	TRIM	−$21.1M	−707,900	$34.6M	$13.5M	3,857,457	3,149,557
position key `sid:sec:prov:11c9c773fc5f030a2e5092fe0f04e997` · issuer key `cusip6:48115J` COM	TRIM	−$6.7M	−244,596	$14.3M	$7.6M	1,854,596	1,610,000
position key `sid:sec:prov:7f79da9ff584753bfd1b9acc24c00236` · issuer key `cusip6:47103J` COM	NEW	+$7.0M	+500,000	$0	$7.0M	—	500,000
position key `pos:11358` · issuer key `iss:173` COM	TRIM	−$1.0M	−31,040	$6.8M	$5.7M	569,698	538,658
position key `sid:sec:prov:325eed3e19d59a984be6eb2201e2d894` · issuer key `cusip6:69353Y` COM	TRIM	−$911K	−694,915	$6.2M	$5.3M	4,940,000	4,245,085
position key `pos:12487` · issuer key `iss:1240` COM	TRIM	−$15.4M	−592,820	$20.4M	$5.1M	692,820	100,000
position key `sid:sec:prov:37d3b7d0376e44b079f1262ff7392888` · issuer key `cusip6:52635N` COM	TRIM	−$9.7M	−414,055	$13.8M	$4.1M	865,169	451,114
position key `pos:13165` · issuer key `cusip6:00847X` COM	NEW	+$3.4M	+100,000	$0	$3.4M	—	100,000
position key `pos:11747` · issuer key `iss:680` COM	TRIM	−$112K	−700,000	$3.3M	$3.2M	900,000	200,000
position key `sid:sec:prov:fb282388a58c6265f871891455dcfcbb` · issuer key `cusip6:19249H` COM	TRIM	−$680K	−837,761	$3.9M	$3.2M	2,724,509	1,886,748
position key `sid:sec:prov:6a2dba0acbb42028c25d866c026c78de` · issuer key `cusip6:02155H` COM NEW	TRIM	−$5.6M	−1,465,285	$7.7M	$2.1M	2,131,307	666,022
position key `sid:sec:prov:3c1bdde45f78766466db92da273259f5` · issuer key `cusip6:30052C` COM	TRIM	−$6.3M	−762,671	$8.3M	$2.0M	1,245,692	483,021
position key `sid:sec:prov:714d680633cb6e30dfa6e0d524e9cebd` · issuer key `cusip6:00289Y` COM NEW	TRIM	−$3.5M	−600,000	$5.3M	$1.8M	1,000,000	400,000
position key `sid:sec:prov:87e5cb91aeaa35f0c2f2443d9f9aa785` · issuer key `cusip6:640979` COM	TRIM	−$874K	−527,357	$1.7M	$858K	967,235	439,878
position key `sid:sec:prov:3de8946eed46444b94fd5342eaddeac0` · issuer key `cusip6:528872` COM NEW	NEW	+$624K	+399,700	$0	$624K	—	399,700
pos:10179	EXIT‡e	−$9.8M	−1,400,000	$9.8M	$0	1,400,000	—
pos:10586	EXIT‡e	−$36.3M	−80,000	$36.3M	$0	80,000	—
pos:11390	EXIT‡e	−$15.4M	−23,331	$15.4M	$0	23,331	—
pos:11660	EXIT‡e	−$12.7M	−275,000	$12.7M	$0	275,000	—
pos:13163	EXIT‡e	−$8.3M	−1,069,810	$8.3M	$0	1,069,810	—
pos:13206	EXIT‡e	−$2.2M	−21,880	$2.2M	$0	21,880	—
pos:13461	EXIT‡e	−$10.9M	−290,292	$10.9M	$0	290,292	—
pos:13686	EXIT‡e	−$1.6M	−140,000	$1.6M	$0	140,000	—
pos:14090	EXIT‡e	−$2.0M	−40,000	$2.0M	$0	40,000	—
pos:14114	EXIT‡e	−$7.5M	−349,220	$7.5M	$0	349,220	—
pos:14656	EXIT‡e	−$1.2M	−15,640	$1.2M	$0	15,640	—
pos:15008	EXIT‡e	−$10.8M	−200,000	$10.8M	$0	200,000	—
pos:15075	EXIT‡e	−$6.2M	−800,000	$6.2M	$0	800,000	—
pos:15140	EXIT‡e	−$6.2M	−8,000	$6.2M	$0	8,000	—
pos:15642	EXIT‡e	−$23.8M	−127,788	$23.8M	$0	127,788	—
pos:16076	EXIT‡e	−$14.7M	−300,000	$14.7M	$0	300,000	—
pos:17462	EXIT‡e	−$6.6M	−351,252	$6.6M	$0	351,252	—
pos:17501	EXIT‡e	−$4.6M	−2,333,333	$4.6M	$0	2,333,333	—
pos:17702	EXIT‡e	−$26.7M	−700,000	$26.7M	$0	700,000	—
pos:17971	EXIT‡e	−$8.0M	−300,000	$8.0M	$0	300,000	—
sid:sec:prov:055a2567de67e3d96ef1117e9fce8ec2	EXIT‡e	−$51.9K	−6,158	$51.9K	$0	6,158	—
sid:sec:prov:0e361d30324f107464e8c1d4734fc7e8	EXIT‡e	−$25.4M	−2,814,000	$25.4M	$0	2,814,000	—
sid:sec:prov:39d93878365e006cfbf0af4c0560d7f2	EXIT‡e	−$46.1K	−46,131	$46.1K	$0	46,131	—
sid:sec:prov:6a1de202689437ba5ea3d3a29fa60708	EXIT‡e	−$8.6M	−556,359	$8.6M	$0	556,359	—
sid:sec:prov:96105f9c4a049e845d3fa818880fba2d	EXIT‡e	−$14.0K	−7,073	$14.0K	$0	7,073	—
sid:sec:prov:c4149a9e14976bb08df8d6a0cb6dd6b6	EXIT‡e	−$1.6M	−139,617	$1.6M	$0	139,617	—
sid:sec:prov:cc436d9af4067ff4382c62284d4ff9e5	EXIT‡e	−$912K	−34,631	$912K	$0	34,631	—
sid:sec:prov:fc7c842ed91a7e3b374f2a94cbad8d9a	EXIT‡e	−$64.9M	−900,000	$64.9M	$0	900,000	—

Flags: no row carries a flag.

1–20 of the 55 changes on this page

Mark-to-market only (no share change) · 24

Positions whose share count is identical in both quarters; the value changed with price, not with a decision.

Positions held with no share change into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match `identity_reconciled_by_cusip`	the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE `classified_by_value` · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake	derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero	Prev value	Curr value	Prev shares	Curr shares
position key `pos:10390` · issuer key `iss:416` COM	NO CHANGE	+$15.1M	$105M	$120M	1,050,000	1,050,000
position key `pos:11504` · issuer key `iss:1236` COM	NO CHANGE	+$16.6M	$97.6M	$114M	1,236,027	1,236,027
position key `pos:13344` · issuer key `iss:2148` ORD SHS CL A	NO CHANGE	+$15.6M	$93.2M	$109M	2,259,889	2,259,889
position key `pos:17611` · issuer key `iss:1399` COM	NO CHANGE	−$11.7M	$114M	$102M	1,500,000	1,500,000
position key `pos:13625` · issuer key `iss:45` COM NEW	NO CHANGE	+$33.5M	$62.0M	$95.4M	1,892,200	1,892,200
position key `pos:10126` · issuer key `cusip6:483497` COM	NO CHANGE	+$18.2M	$73.9M	$92.1M	4,573,530	4,573,530
position key `sid:sec:prov:c5f3f37de4d48fd1b29c266e9a76eb0b` · issuer key `cusip6:20454B` COM	NO CHANGE	−$1.3M	$90.2M	$88.8M	16,790,809	16,790,809
position key `pos:10610` · issuer key `iss:1761` COM	NO CHANGE	−$13.9M	$97.3M	$83.4M	1,188,624	1,188,624
position key `pos:15139` · issuer key `iss:270` SPONSORED ADS	NO CHANGE	−$3.0M	$44.7M	$41.8M	470,000	470,000
position key `sid:sec:prov:4b145c10f034612809a5ead021971789` · issuer key `cusip6:92790C` COM	NO CHANGE	−$20.7M	$55.8M	$35.1M	1,792,626	1,792,626
position key `sid:sec:prov:59d0b0eafecf175026d132907aed2349` · issuer key `cusip6:04683R` COM	NO CHANGE	+$8.7M	$17.2M	$25.9M	4,814,700	4,814,700
position key `pos:17547` · issuer key `iss:577` COM	NO CHANGE	+$11.3M	$10.9M	$22.2M	264,692	264,692
position key `sid:sec:prov:3fee4169345e05a49cf14bcc2babfc71` · issuer key `cusip6:86150R` COM	NO CHANGE	+$410K	$15.9M	$16.3M	500,000	500,000
position key `pos:16822` · issuer key `iss:1916` COM	NO CHANGE	−$1.3M	$17.6M	$16.3M	500,000	500,000
position key `sid:sec:prov:f7d48a640772d3aa60939ca4949078c5` · issuer key `cusip6:45166A` COM	NO CHANGE	−$563K	$15.6M	$15.0M	450,000	450,000
position key `pos:14085` · issuer key `cusip6:729139` COM	NO CHANGE	+$246K	$7.5M	$7.7M	6,143,132	6,143,132
position key `pos:11450` · issuer key `iss:267` COM	NO CHANGE	+$257K	$6.2M	$6.4M	35,000	35,000
position key `sid:sec:prov:a469da6cabfc03832e3d85a7bff09e97` · issuer key `cusip6:M96088` COM	NO CHANGE	−$1.9M	$8.2M	$6.3M	350,000	350,000
position key `sid:sec:prov:bf8ba8a176478fa55a6137c9e08e0ee6` · issuer key `cusip6:427746` COM	NO CHANGE	−$3.1M	$8.1M	$5.0M	6,250,000	6,250,000
position key `sid:sec:prov:b6b50028a2ad8d2a67e01abc2d70052f` · issuer key `cusip6:49372L` COM NEW	NO CHANGE	+$751K	$4.2M	$4.9M	664,314	664,314
position key `pos:14281` · issuer key `iss:2313` SHS	NO CHANGE	−$5.9M	$10.2M	$4.4M	600,000	600,000
position key `sid:sec:prov:d87c40180b837190c93dcee0de07232d` · issuer key `cusip6:65487U` COM	NO CHANGE	+$385K	$2.7M	$3.1M	1,480,823	1,480,823
position key `sid:sec:prov:4d3637158067a06dca4ed69ca356c5a7` · issuer key `cusip6:31189P` COM	NO CHANGE	+$254K	$1.1M	$1.4M	1,167,773	1,167,773
position key `sid:sec:prov:5db085c4e925ed01a4a1cbc6ba09d304` · issuer key `cusip6:77313F` COM	NO CHANGE	+$7.0K	$351K	$358K	100,000	100,000

Flags: no row carries a flag.

Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Truncated by Public Filings. Changes compare every position with a security identifier, new and exited included; holdings without one are counted, not compared. methodology §13F ↗

Reported positions — 2026-03-31

1–51 of 51 positions · $2.0B disclosed value over 51 rows · 0 undisclosed-value rows

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This build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.

Positions TANG CAPITAL MANAGEMENT LLC reported for the quarter ended 2026-03-31, as that filer reported them
This list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names.	a position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing	value undisclosed on the filing: retained and counted, excluded from sums, never shown as $0	Shares	Wt
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	AURINIA PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$181M	12,229,500	9.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	CELCUITY INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$120M	1,050,000	6.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	MIRUM PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$114M	1,236,027	5.8%
—	GALAPAGOS NV · SPON ADR CUSIP 36315X101 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$114M	3,785,991	5.8%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	STATE STR SPDR S&P 500 ETF T · TR UNIT CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$109M	168,000	5.5%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	KINIKSA PHARMACEUTICALS INTL · ORD SHS CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$109M	2,259,889	5.5%
—	CAPRICOR THERAPEUTICS INC · COM NEW CUSIP 14070B309 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$103M	3,399,900	5.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	PTC THERAPEUTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$102M	1,500,000	5.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	SPYRE THERAPEUTICS INC · COM NEW CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$95.4M	1,892,200	4.8%
—	KALVISTA PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$92.1M	4,573,530	4.7%
—	COMPASS THERAPEUTICS INC · COM CUSIP 20454B104 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$88.8M	16,790,809	4.5%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	TARSUS PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$83.4M	1,188,624	4.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	IMMUNOCORE HLDGS PLC · ADS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$79.9M	2,649,368	4.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ANAPTYSBIO INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$73.8M	1,330,879	3.7%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	CORCEPT THERAPEUTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$60.5M	1,500,000	3.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ANI PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$54.4M	707,500	2.8%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	INSMED INC · COM PAR $.01 CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$42.5M	260,000	2.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	BIONTECH SE · SPONSORED ADS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$41.8M	470,000	2.1%
—	VIRIDIAN THERAPEUTICS INC · COM CUSIP 92790C104 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$35.1M	1,792,626	1.8%
—	ATEA PHARMACEUTICALS INC · COM CUSIP 04683R106 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$25.9M	4,814,700	1.3%
—	PRECIGEN INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$24.8M	6,417,500	1.3%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	DIANTHUS THERAPEUTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$22.2M	264,692	1.1%
—	COMPASS PATHWAYS PLC · SPONSORED ADS CUSIP 20451W101 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$22.1M	4,002,200	1.1%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	CRESCENT BIOPHARMA INC. · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$21.3M	1,160,000	1.1%
—	STOKE THERAPEUTICS INC · COM CUSIP 86150R107 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$16.3M	500,000	0.8%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	VIKING THERAPEUTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$16.3M	500,000	0.8%
—	IDEAYA BIOSCIENCES INC · COM CUSIP 45166A102 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$15.0M	450,000	0.8%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	NUVATION BIO INC · COM CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$13.5M	3,149,557	0.7%
—	PLIANT THERAPEUTICS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$7.7M	6,143,132	0.4%
—	JOURNEY MED CORP · COM CUSIP 48115J109 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$7.6M	1,610,000	0.4%
—	JANUX THERAPEUTICS INC · COM CUSIP 47103J105 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$7.0M	500,000	0.4%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	BIOGEN INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$6.4M	35,000	0.3%
—	UROGEN PHARMA LTD · COM CUSIP M96088105 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$6.3M	350,000	0.3%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ARVINAS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$5.7M	538,658	0.3%
—	PMV PHARMACEUTICALS INC · COM CUSIP 69353Y103 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$5.3M	4,245,085	0.3%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	MODERNA INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$5.1M	100,000	0.3%
—	HERON THERAPEUTICS INC · COM CUSIP 427746102 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$5.0M	6,250,000	0.3%
—	KEZAR LIFE SCIENCES INC · COM NEW CUSIP 49372L209 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$4.9M	664,314	0.3%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	WAVE LIFE SCIENCES LTD · SHS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$4.4M	600,000	0.2%
—	LENZ THERAPEUTICS INC · COM CUSIP 52635N103 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$4.1M	451,114	0.2%
—	AGIOS PHARMACEUTICALS INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$3.4M	100,000	0.2%
verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)	ERASCA INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗	$3.2M	200,000	0.2%
—	COHERUS ONCOLOGY INC · COM CUSIP 19249H103 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$3.2M	1,886,748	0.2%
—	NKARTA INC · COM CUSIP 65487U108 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$3.1M	1,480,823	0.2%
—	ALTIMMUNE INC · COM NEW CUSIP 02155H200 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$2.1M	666,022	0.1%
—	EVOLUS INC · COM CUSIP 30052C107 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$2.0M	483,021	0.1%
—	ABEONA THERAPEUTICS INC · COM NEW CUSIP 00289Y206 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$1.8M	400,000	0.1%
—	FATE THERAPEUTICS INC · COM CUSIP 31189P102 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$1.4M	1,167,773	0.1%
—	NEUMORA THERAPEUTICS INC. · COM CUSIP 640979100 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$858K	439,878	0.0%
—	LEXICON PHARMACEUTICALS INC · COM NEW CUSIP 528872302 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$624K	399,700	0.0%
—	ROCKET PHARMACEUTICALS INC · COM CUSIP 77313F106 quarter ended 2026-03-31 filed filed 2026-05-15 +45d src ↗ ticker not yet mapped	$358K	100,000	0.0%

1–20 of 51 positions

Change kind and share change are in Position changes above; Congress overlap is planned.

One line per issuer, largest first; a row with no issuer key stands on its own line. Open a line for its rows as this filer reported them. The list holds every row this filer reported for the quarter. Issuer totals on the holders pages count each manager's own report once; that never removes a row here. how positions are grouped ↗

Book shape

2026-03-31 · concentration · vs tracked median · tick = median

Top-25 concentration: 93.1%above median 80.0%
Concentration index: 458 bpsabove median 446 bps
Positions with value: 51 / 51median book 97.5 positions

Concentration uses reported 13F long value, not total assets. The index is withheld when any position lacks a value. Medians are over the 8,748 tracked filers with a 2026-03-31 book; the index median over the 8,662 with a complete book.

holdings whose <value> did not parse — retained and counted, never zero-filled: 0 · share of the period's disclosed value held in the top-N positions; denominator is reported 13F value, not total assets: 93.1% · integer Herfindahl–Hirschman index in basis points over disclosed position values: 458 · QoQ moves: 79

Filing history

AVAILABLE QUARTERS

Available filing periods
Period	Source
2026-03-31	EDGAR ↗

PLANNED sector rotation · Congress overlap · signals for this filer

Complete source filings on SEC EDGAR

The complete filing on EDGAR.

The position list above is served from the published Public Filings build, each position as this filer reported it; where the page cannot embed every reported row, the list says how many it leaves out. This block is provenance, not a substitute: the filing itself is the record, and it is one click away. Public Filings decided on 2026-08-01 to serve this list from its published build; filings newer than this build are on EDGAR.

Open TANG CAPITAL MANAGEMENT LLC's 13F filings on SEC EDGAR ↗

Notes on this data

Reported positions

Quarter-end holdings as filed

Explore the full published position list and its source filing. This record excludes the manager’s cash, shorts and non-13(f) assets.

Share changes

Compare consecutive quarters

Position changes retain the producer’s classification and comparability flags. Share counts and reported values describe different changes.

Coverage

A snapshot, not current holdings

Use the quarter selector to inspect available periods. Unknown values stay unknown and each table states its coverage.

A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗

13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.

Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.

Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.

Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.

Positions under confidential treatment may be omitted until a later amendment discloses them.

These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).