SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Lion Point Capital, LP

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

Reported Value
$18M
Q3 2025
Positions
27
Filings on Record
31
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Lion Point Capital, LP reported $18M in U.S.-listed holdings across 27 positions for Q3 2025.

Its largest position, MLYS, represents 8.4% of the portfolio.

Compared with Q2 2025, the fund opened 9 new positions and exited 1.

Portfolio Metrics

Turnover
+13.0%
vs prior filed quarter
Top-10 Concentration
+58.1%
share of reported value
Largest Position
+8.4%
Mineralys Therapeutics
New / Exited
9 / 1
positions this quarter

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: 81.5%Other: 16.6%ADR: 1.9%
  • Common Stock · 81.5% · $14M
  • Other · 16.6% · $3M
  • ADR · 1.9% · $332,340

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ROYALTY PHARMA PLCNEW+21.4K21.4K+$754,992$754,992
MLTXMOONLAKE IMMUNOTHERAPEUTICSNEW+67.5K67.5K+$483,975$483,975
KURAKURA ONCOLOGY INCNEW+46.0K46.0K+$407,100$407,100
CMPSCOMPASS PATHWAYS PLCNEW+58.0K58.0K+$332,340$332,340
PRAXPRAXIS PRECISION MEDICINES INEW+5.7K5.7K+$302,100$302,100
DAWNGBXDAY ONE BIOPHARMACEUTICALS INEW+42.0K42.0K+$296,100$296,100
RCKTROCKET PHARMACEUTICALS INCNEW+86.0K86.0K+$280,360$280,360
MRSNMERSANA THERAPEUTICS INCNEW+25.8K25.8K+$199,898$199,898

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

Holdings — Q3 2025

27 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MLYSMINERALYS THERAPEUTICS INChistory →COM8.40%$1M39.0K
2MISTMILESTONE PHARMACEUTICALS INhistory →COM7.48%$1M658.6K
3FRXFENNEC PHARMACEUTICALS INChistory →COM6.54%$1M123.0K
4JSPRJASPER THERAPEUTICS INChistory →COM NEW5.39%$948,568398.6K
5AVADEL PHARMACEUTICALS PLCCOM SHS5.18%$911,61959.7K
6KINIKSA PHARMACEUTICALS INTLORD SHS CL A5.16%$908,62223.4K
7IM8NINSMED INChistory →COM PAR $.015.11%$900,0636.3K
8ARDXARDELYX INChistory →COM5.09%$896,753162.8K
9BNTCBENITEC BIOPHARMA INChistory →COM NEW4.94%$869,86062.0K
10SNDXSYNDAX PHARMACEUTICALS INChistory →COM4.81%$846,17555.0K
11ROYALTY PHARMA PLCSHS CLASS A4.29%$754,99221.4K
12IRONDISC MEDICINE INChistory →COM3.98%$700,44810.6K
13BBIOBRIDGEBIO PHARMA INChistory →COM3.92%$690,80213.3K
14GONGERON CORPhistory →COM3.89%$685,000500.0K
15ARQTARCUTIS BIOTHERAPEUTICS INChistory →COM3.78%$665,40535.3K
16RGNXREGENXBIO INChistory →COM3.17%$557,28857.8K
17MCRBSERES THERAPEUTICS INChistory →COM NEW2.97%$522,13527.1K
18MLTXMOONLAKE IMMUNOTHERAPEUTICShistory →CLASS A ORD2.75%$483,97567.5K
19KURAKURA ONCOLOGY INChistory →COM2.31%$407,10046.0K
20BIOHAVEN LTDCOM1.94%$340,72722.7K
21CMPSCOMPASS PATHWAYS PLChistory →SPONSORED ADS1.89%$332,34058.0K
22PRAXPRAXIS PRECISION MEDICINES Ihistory →COM NEW1.72%$302,1005.7K
23DAWNGBXDAY ONE BIOPHARMACEUTICALS Ihistory →COM1.68%$296,10042.0K
24RCKTROCKET PHARMACEUTICALS INChistory →COM1.59%$280,36086.0K
25MRSNMERSANA THERAPEUTICS INChistory →COM1.14%$199,89825.8K
26HUMAHUMACYTE INCCOM0.83%$145,29083.5K
27SPRBSPRUCE BIOSCIENCES INCCOM NEW0.05%$8,9501.0K

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 ↗.