Data as of Q4 2025 (Dec 31, 2025)

Boxer Capital Management, LLC

•CIK: 2018299•Filing: Q4 2025

**Boxer Capital Management, LLC** is a sophisticated investment manager overseeing $457M in assets. The fund maintains a concentrated portfolio of 45 positions, with significant conviction shown in its top holdings. Notably, TNGX anchors the portfolio at $96.4M, followed by substantial allocations to RVMD ($31.9M) and KOD ($31.8M). This structure indicates a focused, high-conviction approach across its investment universe.

Total AUM
$456.9M
QoQ Performance
+45.6%
Positions
44
Top 10 Concentration
62.1%
Latest Filing
Q4 2025

Top Holdings Allocation

TNGX
RVMD
KOD
KYMR
TNGX21.1%
RVMD7.0%
KOD7.0%
KYMR5.6%
CELC4.9%
ABVX3.7%
PTCT3.3%
TERN3.3%

📈 Biggest Buys

TERN
TERNS PHARMACEUTICALS INC
NEW
3.3% of portfolio
PRAX
PRAXIS PRECISION MEDICINES I
NEW
3.0% of portfolio
CELC
CELCUITY INC
+150.0%
4.9% of portfolio
PALI
PALISADE BIO INC
NEW
2.5% of portfolio
KOD
KODIAK SCIENCES INC
+51.5%
7.0% of portfolio

📉 Biggest Sells

QURE
UNIQURE NV
-63.7%
1.5% of portfolio
CYTK
CYTOKINETICS INC
-50.0%
1.4% of portfolio
REPL
REPLIMUNE GROUP INC
-28.6%
1.6% of portfolio
SRPT
SAREPTA THERAPEUTICS INC
-40.0%
0.7% of portfolio
—
UROGEN PHARMA LTD
-13.0%
2.6% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

2GH
MERUS N V
SOLD
$11.3M
NKTR
NEKTAR THERAPEUTICS
SOLD
$7.1M
DNLI
DENALI THERAPEUTICS INC
SOLD
$3.6M
TIL
INSTIL BIO INC
SOLD
$1.1M

Changes from Q3 2025

NEW15 new positions
↑14 increased
↓8 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024

📌 Top Holdings

TNGX21.1%
TANGO THERAPEUTICS INC
$96.4M
RVMD7.0%
REVOLUTION MEDICINES INC
$31.9M
KOD7.0%
KODIAK SCIENCES INC
$31.8M
KYMR5.6%
KYMERA THERAPEUTICS INC
$25.6M
CELC4.9%
CELCUITY INC
$22.4M

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