Q2 2026 13F · SEC CIK 1595855

Opaleye Management Inc.

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.1B
Reported positions: 58
Top holdings a year, 3 yrs: +34.2%
Assets under management: $802.8M

Opaleye Management Inc. is a hedge fund that reported 58 positions worth $1.1B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Liquidia Corporation (LQDA, 17.7%), Eton Pharmaceuticals Inc (ETON, 9.4%), Harrow Inc (HROW, 9.2%). A portfolio copying its top holdings returned 34.2% a year over the last 3 years, against 20.4% for the S&P 500.

Opaleye Management Inc. holdings largest 50 of 58 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Opaleye Management Inc. 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
LQDALiquidia Corporation	17.7%	11.7%	2,447,500	-3.8%	$195.1M
ETONEton Pharmaceuticals Inc	9.4%	9.3%	2,860,000	+0.0%	$103.5M
HROWHarrow Inc	9.2%	13.2%	2,400,000	-15.3%	$101.9M
IRONDisc Medicine Inc	5.7%	3.5%	855,000	+103.1%	$62.5M
URGNUrogen Pharma Ltd	4.8%	3.4%	1,439,996	+0.7%	$53.0M
APGEApogee Therapeutics Inc	4.7%	4.3%	390,000	+0.0%	$51.8M
MGTXMeiragtx Hldgs PLC	4.3%	2.4%	3,550,000	+67.2%	$48.0M
SLGLSol-Gel Technologies Ltd	3.4%	5.2%	500,000	+0.0%	$37.1M
RZLTRezolute, Inc.	3.0%	2.5%	6,300,000	+0.0%	$32.8M
TGTXTG Therapeutics Inc	2.7%	2.3%	535,000	+0.0%	$29.4M
IMMXImmix Biopharma Inc	2.2%	—	2,345,000	—	$24.2M
CBIOCrescent Biopharma Inc	2.2%	3.2%	1,319,351	+0.5%	$23.7M
STOKStoke Therapeutics Inc	2.1%	3.0%	700,000	+0.0%	$22.9M
ACOGAlpha Cognition Inc	1.9%	1.9%	2,895,467	+13.0%	$20.9M
EWTXEdgewise Therapeutics Inc	1.8%	2.1%	500,000	+0.0%	$20.3M
RVMDRevolution Medicines Inc	1.7%	1.3%	100,000	+0.0%	$18.7M
GLUEMonte Rosa Therapeutics Inc	1.6%	—	745,000	—	$18.0M
ALMSAlumis Ord	1.4%	1.6%	550,000	+0.0%	$15.5M
CDXSCodexis Inc	1.4%	1.5%	6,785,000	+0.0%	$15.3M
REPLReplimune Group Inc	1.4%	—	1,384,993	—	$15.3M
XOMAXoma Royalty Corporation	1.3%	1.2%	338,374	+12.8%	$14.4M
MBXMbx Biosciences Inc	1.3%	1.0%	260,000	+0.0%	$14.4M
RYTMRhythm Pharmaceuticals Inc	1.2%	4.7%	122,500	-0.4%	$13.6M
EDITEditas Medicine Inc	1.1%	0.6%	3,861,930	+100.4%	$12.5M
PTGXProtagonist Therapeutics Inc	1.1%	1.4%	100,000	+0.0%	$12.3M
CABACabaletta Bio Inc	1.1%	0.5%	3,863,800	+180.0%	$12.0M
QTTBQ32 Bio Inc	1.1%	1.1%	931,000	-25.9%	$11.9M
ANNXAnnexon Inc	0.9%	1.7%	1,714,451	-26.5%	$9.8M
VSTMVerastem Inc	0.6%	—	1,800,000	—	$6.9M
ZNTLZentalis Pharmaceuticals Inc	0.6%	0.4%	1,412,656	+0.0%	$6.9M
RLMDRelmada Therapeutics Inc	0.6%	0.9%	935,000	+0.0%	$6.5M
OCULOcular Therapeutix Inc	0.5%	0.7%	600,000	+0.0%	$5.9M
TRVITrevi Therapeutics Inc	0.5%	0.5%	310,000	-10.2%	$5.8M
BBOTBridgebio Oncology Therapeut	0.5%	—	700,000	—	$5.3M
LYELLyell Immunopharma Inc	0.4%	0.2%	344,025	+334.9%	$4.8M
IRDOpus Genetics Inc	0.4%	0.3%	1,125,000	+0.4%	$4.6M
FDMT4d Molecular Therapeutics in	0.4%	0.1%	334,437	+197.8%	$4.4M
NTLAIntellia Therapeutics Inc	0.4%	0.4%	250,000	+2.0%	$4.2M
VYGRVoyager Therapeutics Inc	0.4%	0.6%	1,185,000	+3.0%	$4.1M
BDSXBiodesix Inc	0.4%	0.5%	180,000	-24.4%	$4.1M
RCKTRocket Pharmaceuticals Inc	0.3%	0.5%	1,000,000	+4.7%	$3.4M
008064206Jade Biosciences Inc	0.3%	0.8%	145,000	-66.1%	$3.2M
SNWVSanuwave Health Inc	0.3%	2.2%	306,140	-68.8%	$3.1M
FBIOFortress Biotech Inc	0.2%	0.4%	890,000	-14.6%	$2.7M
DERMJourney Med Corp	0.2%	0.6%	350,000	-63.5%	$2.5M
PHATPhathom Pharmaceuticals Inc Com	0.2%	—	185,589	—	$2.0M
INBXInhibrx Biosciences Inc	0.2%	—	20,291	—	$1.9M
ENTAEnanta Pharmaceuticals Inc	0.2%	0.2%	125,000	+0.0%	$1.8M
COAGHemab Therapeutics Holdings Inc	0.2%	—	47,652	—	$1.8M
TRAXFirst Tracks Biotherapeutics	0.1%	—	65,000	—	$1.3M

What Opaleye Management Inc. bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +66.6% /yr; S&P 500 +20.1%
3 years: +34.2% /yr; S&P 500 +20.4%
5 years: +7.2% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$1.1B	58
Q1 2026	$759.2M	54
Q4 2025	$757.9M	54
Q3 2025	$702.7M	42
Q2 2025	$483.6M	39
Q1 2025	$438.3M	43
Q4 2024	$560.7M	37
Q3 2024	$591.4M	42
Q2 2024	$430.0M	49
Q1 2024	$455.6M	51
Q4 2023	$373.2M	45
Q3 2023	$307.4M	40

Questions about Opaleye Management Inc.'s portfolio

What stocks does Opaleye Management Inc. own?

Opaleye Management Inc.'s latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 58 positions worth $1.1B. The largest are Liquidia Corporation (LQDA) at 17.7%, Eton Pharmaceuticals Inc (ETON) at 9.4%, Harrow Inc (HROW) at 9.2%, Disc Medicine Inc (IRON) at 5.7% and Urogen Pharma Ltd (URGN) at 4.8%.

What did Opaleye Management Inc. buy last quarter?

In Q2 2026, Opaleye Management Inc. added Lyell Immunopharma Inc (LYEL) (+334.9% shares), 4d Molecular Therapeutics in (FDMT) (+197.8% shares) and Cabaletta Bio Inc (CABA) (+180.0% shares), compared with its Q1 2026 filing.

What did Opaleye Management Inc. sell last quarter?

In Q2 2026, Opaleye Management Inc. cut from its top 50 Perspective Therapeutics Inc (CATX), cut from its top 50 Cg Oncology Inc (CGON), cut from its top 50 Assertio Holdings Inc, cut from its top 50 Sutro Biopharma Inc (STRO), cut from its top 50 Tectonic Therapeutic Inc (TECX), Sanuwave Health Inc (SNWV) (-68.8% shares), Jade Biosciences Inc (-66.1% shares) and Journey Med Corp (DERM) (-63.5% shares), compared with its Q1 2026 filing.

How has Opaleye Management Inc.'s portfolio performed?

A portfolio copying Opaleye Management Inc.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +34.2% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +66.6% against +20.1%. Over 5 years: +7.2% a year against +11.6%.

When is Opaleye Management Inc.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Opaleye Management Inc.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Opaleye Management Inc. manage?

Opaleye Management Inc. reported $802.8M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $1.1B.