SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Lion Point Capital, LP

CIK 0001643354 · 375 PARK AVE, SUITE 2609, NEW YORK, NY, 10152 · 212-356-6200

Reported Value
$16M
Q1 2025
Positions
21
Filings on Record
31
2019–present window
Filed
May 15, 2025
original filing

Summary

Lion Point Capital, LP reported $16M in U.S.-listed holdings across 21 positions for Q1 2025.

Its largest position, IM8N, represents 14.8% of the portfolio.

Compared with Q4 2024, the fund opened 2 new positions and exited 0.

Portfolio Metrics

Turnover
+5.5%
vs prior filed quarter
Top-10 Concentration
+73.0%
share of reported value
Largest Position
+14.8%
Insmed

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $636MQ4 ’18Q1 ’19: $1.1BQ2 ’19: $1.0BQ3 ’19: $897MQ4 ’19: $1.1BQ4 ’19Q1 ’20: $379MQ2 ’20: $412MQ3 ’20: $456MQ4 ’20: $519MQ4 ’20Q1 ’21: $550MQ2 ’21: $579MQ3 ’21: $533MQ4 ’21: $373MQ4 ’21Q1 ’22: $431MQ2 ’22: $878MQ3 ’22: $454MQ4 ’22: $703MQ4 ’22Q1 ’23: $243MQ2 ’23: $221MQ3 ’23: $224MQ4 ’23: $200MQ4 ’23Q1 ’24: $179MQ2 ’24: $55MQ3 ’24: $45MQ4 ’24: $19MQ4 ’24Q1 ’25: $16MQ2 ’25: $15MQ3 ’25: $18MQ4 ’25: $19MQ4 ’25Q1 ’26: $17Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 83.5%Other: 16.5%
  • Common Stock · 83.5% · $13M
  • Other · 16.5% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
MERSANA THERAPEUTICS INCNEW+644.0K644.0K+$221,665$221,665
HUMAHUMACYTE INCNEW+83.5K83.5K+$142,368$142,368
JSPRJASPER THERAPEUTICS INCADDED+114.5K146.5K−$54,210$629,950
AVADEL PHARMACEUTICALS PLCADDED+34.7K98.7K+$100,181$772,821
MISTMILESTONE PHARMACEUTICALS INTRIMMED−477.0K548.8K−$2M$439,100
BBIOBRIDGEBIO PHARMA INCTRIMMED−14.3K26.0K−$207,012$898,820
IM8NINSMED INCTRIMMED−6.2K30.5K−$206,923$2M
GONGERON CORPHELD+0500.0K−$975,000$795,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2025

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IM8NINSMED INChistory →COM PAR $.0114.84%$2M30.5K
2ARDXARDELYX INChistory →COM10.51%$2M335.4K
3MLYSMINERALYS THERAPEUTICS INChistory →COM8.00%$1M79.0K
4FRXFENNEC PHARMACEUTICALS INChistory →COM7.60%$1M195.7K
5KINIKSA PHARMACEUTICALS LTDORD SHS CL A6.50%$1M45.9K
6BBIOBRIDGEBIO PHARMA INChistory →COM5.73%$898,82026.0K
7BNTCBENITEC BIOPHARMA INChistory →COM NEW5.15%$806,62062.0K
8GONGERON CORPhistory →COM5.07%$795,000500.0K
9AVADEL PHARMACEUTICALS PLCCOM SHS4.93%$772,82198.7K
10ARQTARCUTIS BIOTHERAPEUTICS INChistory →COM4.62%$724,13246.3K
11SNDXSYNDAX PHARMACEUTICALS INChistory →COM4.31%$675,67555.0K
12JSPRJASPER THERAPEUTICS INChistory →COM NEW4.02%$629,950146.5K
13BIOHAVEN LTDCOM3.48%$545,70822.7K
14IRONDISC MEDICINE INChistory →COM3.36%$526,18410.6K
15MISTMILESTONE PHARMACEUTICALS INhistory →COM2.80%$439,100548.8K
16RGNXREGENXBIO INChistory →COM2.63%$412,91357.8K
17BLUEBIRD BIO INCCOM NEW2.46%$385,09178.9K
18MCRB1EURSERES THERAPEUTICS INChistory →COM1.52%$238,533340.8K
19MERSANA THERAPEUTICS INCCOM1.41%$221,665644.0K
20HUMAHUMACYTE INCCOM0.91%$142,36883.5K
21SPRUCE BIOSCIENCES INCCOM0.14%$21,75875.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$17M35May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$19M39Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$18M27Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$15M19Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$16M21May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$19M19Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$45M25Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$55M27Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$179M32May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$200M30Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$224M31Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$221M30Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$243M31May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$703M32Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$454M41Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$878M40Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$431M35May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$373M33Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$533M38Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$579M34Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$550M30May 19, 2021RESTATEMENTchanges · EDGAR ↗
Q4 2020$519M24Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$456M24Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$412M24Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$379M25May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.1B26Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$897M26Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$1.0B24Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$1.1B24May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$636M35Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.