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Hedge fund

Soleus Capital Management, L.P.

13F for the quarter to June 30, 2026, filed August 11, 2026 · SEC CIK 1802630

Reported value
$2.9bn
100% in companies we cover
Positions we cover
97
Largest KRYS 12.0%
Copy, a year
+9.8%
S&P 500 +14.6%
Copy Sharpe ratio
0.36
S&P 500 0.66

How copying its 13F would have done

$10.0k$20.0k 2020202120222023202420252026 $24.9k$18.7k
CopyS&P 500 $10,000 copying Soleus Capital Management, L.P.'s filed holdings in companies we cover from February 21, 2020, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −43.0% (S&P 500 −31.0%); beta 1.05; alpha −2.3% a year (t = −0.27); last 12 months +22.3% against +12.1%.

Reported value by quarter

Soleus Capital Management, L.P.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $200B $400B $600B $800B Reported value, 2019-12-31: $103.7M Reported value, 2020-03-31: $85.8M Reported value, 2020-06-30: $162.4M Reported value, 2020-09-30: $187.4M Reported value, 2020-12-31: $349M Reported value, 2021-03-31: $548.5M Reported value, 2021-06-30: $638.5M Reported value, 2021-09-30: $630.6M Reported value, 2021-12-31: $739.6M Reported value, 2022-03-31: $647.4M Reported value, 2022-06-30: $623.2M Reported value, 2022-09-30: $734.8M Reported value, 2022-12-31: $697.1B Reported value, 2023-03-31: $807.2M Reported value, 2023-06-30: $899.5M Reported value, 2023-09-30: $992.6M Reported value, 2023-12-31: $901.2M Reported value, 2024-03-31: $1.1B Reported value, 2024-06-30: $1.1B Reported value, 2024-09-30: $1.2B Reported value, 2024-12-31: $1.3B Reported value, 2025-03-31: $1.3B Reported value, 2025-06-30: $1.4B Reported value, 2025-09-30: $1.9B Reported value, 2025-12-31: $2.4B Reported value, 2026-03-31: $2.5B Reported value, 2026-06-30: $2.9B 2019-12-31 2021-06-30 2022-12-31 2024-06-30 2026-06-30 $2.9B
View chart data
Period Reported value
2019-12-31 $103.7M
2020-03-31 $85.8M
2020-06-30 $162.4M
2020-09-30 $187.4M
2020-12-31 $349M
2021-03-31 $548.5M
2021-06-30 $638.5M
2021-09-30 $630.6M
2021-12-31 $739.6M
2022-03-31 $647.4M
2022-06-30 $623.2M
2022-09-30 $734.8M
2022-12-31 $697.1B
2023-03-31 $807.2M
2023-06-30 $899.5M
2023-09-30 $992.6M
2023-12-31 $901.2M
2024-03-31 $1.1B
2024-06-30 $1.1B
2024-09-30 $1.2B
2024-12-31 $1.3B
2025-03-31 $1.3B
2025-06-30 $1.4B
2025-09-30 $1.9B
2025-12-31 $2.4B
2026-03-31 $2.5B
2026-06-30 $2.9B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
KRYSKrystal Biotech, Inc.12.03%$349.1m939.3K−18.5% Reduced
CELCCelcuity Inc.6.14%$178.3m1.70M+32.7% Added
TGTXTG Therapeutics, Inc.5.54%$160.9m2.93M−27.3% Reduced
PODDInsulet Corporation5.50%$159.7m1.05M+86.5% Added
NVCRNovocure Ltd5.17%$150.2m9.91M−5.5% Reduced
UTHRUnited Therapeutics Corp4.21%$122.2m225.6K+20.5% Added
INSPInspire Medical Systems, Inc.2.97%$86.2m1.93M+235.1% Added
RIGLRigel Pharmaceuticals Inc2.48%$72.1m1.84M+18335.0% Added
ANIPANI Pharmaceuticals Inc2.48%$71.8m867.8K+5.8% Added
BBNXBeta Bionics, Inc.2.37%$68.8m4.39M+0.9% Added
VCELVericel Corp2.24%$64.9m1.46M−42.8% Reduced
PRAXPraxis Precision Medicines, Inc.2.05%$59.4m177.5K−46.3% Reduced
GERNGeron Corp1.89%$54.8m42.81M+3.1% Added
ALKSAlkermes plc.1.86%$53.9m1.03M−47.8% Reduced
ERASErasca, Inc.1.70%$49.5m2.70MNew
NPCENeuropace Inc1.59%$46.3m2.91M−0.7% Reduced
PGNYProgyny, Inc.1.59%$46.2m1.60M−22.5% Reduced
INDVIndivior Pharmaceuticals, Inc.1.50%$43.7m1.06M−16.5% Reduced
PBLSParabilis Medicines, Inc.1.38%$40.1m1.47MNew
FOCLEdap TMS SA1.30%$37.9m7.31M0.0%
GMEDGlobus Medical Inc1.28%$37.0m468.9K−35.7% Reduced
RCUSArcus Biosciences, Inc.1.24%$36.0m1.17M+158.6% Added
SNDXSyndax Pharmaceuticals Inc1.23%$35.6m1.63M−5.7% Reduced
NRIXNurix Therapeutics, Inc.1.23%$35.5m1.47M+56.2% Added
LEGNLegend Biotech Corp1.20%$34.8m1.21MNew
JBIOJade Biosciences, Inc.1.19%$34.5m1.55M+94.6% Added
UNHUnitedHealth Group1.15%$33.3m80.0KNew
AVTXAvalo Therapeutics, Inc.1.05%$30.6m1.65M+274.4% Added
URGNUrogen Pharma Ltd.1.05%$30.5m829.8K+14.1% Added
MBXMBX Biosciences, Inc.0.98%$28.4m515.3K+188.0% Added
PALIPalisade BIO, Inc.0.94%$27.3m13.06MNew
PHVSPharvaris N.V.0.87%$25.3m730.9K+4.1% Added
ORGOOrganogenesis Holdings Inc.0.85%$24.6m10.14M+0.5% Added
SUPNSupernus Pharmaceuticals, Inc.0.83%$24.2m520.0KNew
PRCTProcept Biorobotics Corp0.78%$22.6m1.00M+526.9% Added
TNGXTango Therapeutics, Inc.0.76%$22.2m709.0K+57.6% Added
IKTInhibikase Therapeutics, Inc.0.76%$22.1m10.88M0.0%
TRVITrevi Therapeutics, Inc.0.76%$22.0m1.18M−27.2% Reduced
BMRNBiomarin Pharmaceutical Inc0.74%$21.5m375.6K−42.3% Reduced
LIVNLivanova PLC0.72%$21.0m255.0K−56.2% Reduced
ARGXArgenx SE0.64%$18.5m20.0K+470.1% Added
NVCTNuvectis Pharma, Inc.0.63%$18.4m1.00MNew
CAPRCapricor Therapeutics, Inc.0.63%$18.3m761.7KNew
EWTXEdgewise Therapeutics, Inc.0.63%$18.3m450.9K−68.9% Reduced
PRLDPrelude Therapeutics Inc0.62%$18.0m3.38MNew
XENEXenon Pharmaceuticals Inc.0.56%$16.1m267.0K−8.6% Reduced
CCCCC4 Therapeutics, Inc.0.54%$15.8m3.38M−11.2% Reduced
KNSAKiniksa Pharmaceuticals International, plc0.54%$15.8m246.4K−52.7% Reduced
KIDSOrthopediatrics Corp0.48%$14.0m732.1K+19.0% Added
AVLNAvalyn Pharma Inc.0.47%$13.8m419.0KNew
BDSXBiodesix Inc0.46%$13.2m586.0K+40.7% Added
SYRESpyre Therapeutics, Inc.0.45%$13.1m147.0KNew
TWSTTwist Bioscience Corp0.37%$10.8m104.6K−91.5% Reduced
VIRVir Biotechnology, Inc.0.35%$10.2m1.00M−50.0% Reduced
ALNYAlnylam Pharmaceuticals, Inc.0.34%$9.9m33.0K−74.9% Reduced
IMVTImmunovant, Inc.0.34%$9.7m252.0K+9.6% Added
INSMInsmed Inc0.33%$9.6m90.3K+780.5% Added
SEPNSepterna, Inc.0.32%$9.2m275.0K0.0%
SOPHSophia Genetics SA0.31%$9.0m1.56M−15.4% Reduced
NKTRNektar Therapeutics0.31%$9.0m128.4KNew
MIRMMirum Pharmaceuticals, Inc.0.30%$8.8m75.0K−81.3% Reduced
AORTArtivion, Inc.0.30%$8.7m388.0KNew
TNDMTandem Diabetes Care Inc0.30%$8.7m575.0K−26.6% Reduced
ELVNEnliven Therapeutics, Inc.0.29%$8.4m165.7K−28.2% Reduced
SIONSionna Therapeutics, Inc.0.27%$7.8m177.7K−39.5% Reduced
BLTEBelite BIO, Inc0.27%$7.8m50.5KNew
CERSCerus Corp0.25%$7.3m2.50M−76.8% Reduced
SLNSilence Therapeutics plc0.24%$6.9m630.0KNew
IMUXImmunic, Inc.0.24%$6.9m450.0KNew
IVVDInvivyd, Inc.0.23%$6.7m7.71M0.0%
MRKMerck & Co.0.22%$6.4m50.0K−75.4% Reduced
RLMDRelmada Therapeutics, Inc.0.20%$5.8m842.1K0.0%
GPCRStructure Therapeutics Inc.0.20%$5.7m107.0K+33.7% Added
EOLSEvolus, Inc.0.20%$5.7m822.4K−63.4% Reduced
ANLAdlai Nortye Group Ltd.0.16%$4.7m405.5KNew
ZNTLZentalis Pharmaceuticals, Inc.0.16%$4.6m950.0KNew
KPTIKaryopharm Therapeutics Inc.0.15%$4.3m440.0K0.0%
CNTXContext Therapeutics Inc.0.14%$3.9m7.06M+1.4% Added
LUNGPulmonx Corp0.13%$3.6m2.79M0.0%
SABSSAB Biotherapeutics, Inc.0.12%$3.5m900.0K−14.3% Reduced
TECXTectonic Therapeutic, Inc.0.12%$3.5m101.7K−16.4% Reduced
AXGNAxogen, Inc.0.09%$2.6m57.0K−91.6% Reduced
MSLESatellos Bioscience Inc.0.08%$2.4m314.4K−24.1% Reduced
AVBPArrivent Biopharma, Inc.0.06%$1.7m50.0KNew
CORTCorcept Therapeutics Inc0.06%$1.7m19.7K−93.1% Reduced
SLDBSolid Biosciences Inc.0.05%$1.5m150.0KNew
VCYTVeracyte, Inc.0.05%$1.5m25.0K−92.2% Reduced
CGEMCullinan Therapeutics, Inc.0.03%$910,50050.0K−87.8% Reduced
NSPRInspiremd, Inc.0.03%$732,1001.05M0.0%
WGSGenedx Holdings Corp.0.02%$686,50010.0KNew
IOVAIovance Biotherapeutics, Inc.0.02%$624,000150.0K−85.0% Reduced
LRMRLarimar Therapeutics, Inc.0.02%$573,711188.1K−82.4% Reduced
CGONCG Oncology, Inc.0.01%$355,2505.0K−75.0% Reduced
QNRXQuoin Pharmaceuticals Ltd.0.01%$352,01372.7K0.0%
EQEquillium, Inc.0.01%$288,00090.0KNew
NTRANatera, Inc.0.01%$271,4501.0K−99.2% Reduced
NEONeogenomics Inc0.01%$145,90010.0K−94.3% Reduced
CompanyBought (value)Shares
PODDInsulet Corporation$74.1m486.5K
RIGLRigel Pharmaceuticals Inc$71.7m1.83M
INSPInspire Medical Systems, Inc.$60.5m1.36M
ERASErasca, Inc.$49.5m2.70M
CELCCelcuity Inc.$43.9m419.9K
PBLSParabilis Medicines, Inc.$40.1m1.47M
LEGNLegend Biotech Corp$34.8m1.21M
UNHUnitedHealth Group$33.3m80.0K
PALIPalisade BIO, Inc.$27.3m13.06M
SUPNSupernus Pharmaceuticals, Inc.$24.2m520.0K
AVTXAvalo Therapeutics, Inc.$22.4m1.21M
RCUSArcus Biosciences, Inc.$22.1m716.8K
UTHRUnited Therapeutics Corp$20.8m38.4K
PRCTProcept Biorobotics Corp$19.0m843.0K
MBXMBX Biosciences, Inc.$18.6m336.4K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
TWSTTwist Bioscience Corp−$115.4m−1.12M
KRYSKrystal Biotech, Inc.−$79.5m−213.8K
TGTXTG Therapeutics, Inc.−$60.5m−1.10M
PRAXPraxis Precision Medicines, Inc.−$51.2m−153.0K
ALKSAlkermes plc.−$49.3m−941.6K
VCELVericel Corp−$48.5m−1.09M
EWTXEdgewise Therapeutics, Inc.−$40.6m−999.0K
MIRMMirum Pharmaceuticals, Inc.−$38.1m−325.3K
NTRANatera, Inc.−$32.0m−118.0K
ALNYAlnylam Pharmaceuticals, Inc.−$29.7m−98.6K
AXGNAxogen, Inc.−$28.7m−622.1K
LIVNLivanova PLC−$26.9m−327.5K
CERSCerus Corp−$24.1m−8.25M
CORTCorcept Therapeutics Inc−$23.1m−265.9K
PCVXVaxcyte, Inc.−$22.4m−385.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
PCVXVaxcyte, Inc.$22.4m385.5K
ICLRIcon PLC$21.2m192.0K
TVTXTravere Therapeutics, Inc.$16.2m546.0K
INBXInhibrx Biosciences, Inc.$8.8m131.0K
DXCMDexcom$8.8m140.0K
ETONEton Pharmaceuticals, Inc.$4.1m166.4K
ARWRArrowhead Pharmaceuticals, Inc.$1.8m28.5K
CTMXCytomx Therapeutics, Inc.$1.4m300.0K
COGTCogent Biosciences, Inc.$384,90010.0K
TYRATyra Biosciences, Inc.$383,00010.0K
STAAStaar Surgical Co$374,00020.0K
ANABAnaptysbio, Inc$332,7606.0K
RAPPRapport Therapeutics, Inc.$312,90010.0K
ZYMEZymeworks Inc.$250,40010.0K
LBRXLB Pharmaceuticals Inc$246,60010.0K
ORKAOruka Therapeutics, Inc.$245,2505.0K
JSPRJasper Therapeutics, Inc.$242,105276.3K
  • Health Care100.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 21, 2020 to November 2, 2026+9.8%+14.6%0.360.66−43.0%1.05
Last three yearsNovember 3, 2023 to November 2, 2026+26.9%+21.8%0.841.16−31.7%1.04
Last yearNovember 7, 2025 to November 2, 2026+25.6%+14.2%0.930.84−15.4%0.84

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.