SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Lion Point Capital, LP

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

Reported Value
$19M
Q4 2025
Positions
39
Filings on Record
31
2019–present window
Filed
Feb 17, 2026
original filing

Summary

Lion Point Capital, LP reported $19M in U.S.-listed holdings across 39 positions for Q4 2025.

Its largest position, MIST, represents 7.9% of the portfolio.

Compared with Q3 2025, the fund opened 15 new positions and exited 3.

Portfolio Metrics

Turnover
+31.3%
vs prior filed quarter
Top-10 Concentration
+48.5%
share of reported value
Largest Position
+7.9%
Milestone Pharmaceuticals In
New / Exited
15 / 3
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: 87.4%Other: 9.8%ADR: 2.8%
  • Common Stock · 87.4% · $17M
  • Other · 9.8% · $2M
  • ADR · 2.8% · $542,214

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CUE1EURCUE BIOPHARMA INCNEW+2.20M2.20M+$672,752$672,752
SRPTSAREPTA THERAPEUTICS INCNEW+28.5K28.5K+$613,320$613,320
VTYXUSDVENTYX BIOSCIENCES INCNEW+41.5K41.5K+$374,745$374,745
LNTHLANTHEUS HLDGS INCNEW+5.5K5.5K+$366,025$366,025
DYNDYNE THERAPEUTICS INCNEW+18.0K18.0K+$352,080$352,080
UNIQURE NVNEW+14.7K14.7K+$351,771$351,771
PCRXPACIRA PHARMACEUTICALS INCNEW+13.5K13.5K+$349,380$349,380
VTRSVIATRIS INCNEW+27.7K27.7K+$344,865$344,865

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

Holdings — Q4 2025

39 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MISTMILESTONE PHARMACEUTICALS INhistory →COM7.89%$2M755.0K
2PRAXPRAXIS PRECISION MEDICINES Ihistory →COM NEW6.79%$1M4.5K
3MLTXMOONLAKE IMMUNOTHERAPEUTICShistory →CLASS A ORD4.60%$889,65067.5K
4FRXFENNEC PHARMACEUTICALS INChistory →COM4.48%$865,742112.4K
5JSPRJASPER THERAPEUTICS INChistory →COM NEW4.40%$850,950465.0K
6BNTCBENITEC BIOPHARMA INChistory →COM NEW4.32%$835,14062.0K
7ROYALTY PHARMA PLCSHS CLASS A4.28%$826,89621.4K
8GONGERON CORPhistory →COM3.95%$762,960578.0K
9SNDXSYNDAX PHARMACEUTICALS INChistory →COM3.91%$756,36036.0K
10ARDXARDELYX INChistory →COM3.88%$750,030128.7K
11CUE1EURCUE BIOPHARMA INChistory →COM3.48%$672,7522.20M
12IRONDISC MEDICINE INChistory →COM3.33%$643,2218.1K
13SRPTSAREPTA THERAPEUTICS INChistory →COM3.17%$613,32028.5K
14BIOHAVEN LTDCOM3.02%$583,69351.7K
15HUMAHUMACYTE INChistory →COM2.49%$480,250500.0K
16KURAKURA ONCOLOGY INChistory →COM2.47%$477,94046.0K
17MCRBSERES THERAPEUTICS INChistory →COM NEW2.43%$469,76231.6K
18CMPSCOMPASS PATHWAYS PLChistory →SPONSORED ADS2.07%$400,20058.0K
19DAWNGBXDAY ONE BIOPHARMACEUTICALS Ihistory →COM2.03%$391,44042.0K
20RGNXREGENXBIO INChistory →COM1.98%$383,04026.6K
21BBIOBRIDGEBIO PHARMA INChistory →COM1.98%$382,4505.0K
22MLYSMINERALYS THERAPEUTICS INChistory →COM1.97%$381,04510.5K
23VTYXUSDVENTYX BIOSCIENCES INChistory →COM1.94%$374,74541.5K
24LNTHLANTHEUS HLDGS INChistory →COM1.89%$366,0255.5K
25DYNDYNE THERAPEUTICS INChistory →COM1.82%$352,08018.0K
26UNIQURE NVSHS1.82%$351,77114.7K
27PCRXPACIRA PHARMACEUTICALS INChistory →COM1.81%$349,38013.5K
28VTRSVIATRIS INChistory →COM1.78%$344,86527.7K
29AZTAAZENTA INChistory →COM1.67%$322,6229.7K
30RCKTROCKET PHARMACEUTICALS INChistory →COM1.56%$301,86086.0K
31JANXJANUX THERAPEUTICS INChistory →COM1.36%$262,20019.0K
32EWTXEDGEWISE THERAPEUTICS INChistory →COM1.17%$225,8179.1K
33INVAINNOVIVA INCCOM0.85%$163,9188.2K
34ARQTARCUTIS BIOTHERAPEUTICS INCCOM0.79%$152,4605.3K
35IPHAINNATE PHARMA S ASPONSORED ADS0.73%$142,01481.2K
36NERVMINERVA NEUROSCIENCES INCCOM NEW0.73%$140,70035.0K
37GH RESEARCH PLCORDINARY SHARES0.67%$129,54010.2K
38SPRBSPRUCE BIOSCIENCES INCCOM NEW0.45%$87,1101.0K
39MRSNMERSANA THERAPEUTICS INCCOM0.01%$2,893100

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 ↗.