Data as of Q4 2025 (Dec 31, 2025)

PERCEPTIVE ADVISORS LLC

•CIK: 1224962•Filing: Q4 2025

Perceptive Advisors LLC, managed by the seasoned team of Jonathan Lemco and Jonathan Schwalbach, is known for its concentrated, high-conviction investment strategy, currently managing $5.6 billion in assets across 116 positions. Recently, the fund has made notable moves by adding BLTE and DYN, which have surged by 1698% and 895% respectively, while exiting positions in VYLD and IM8N.

Total AUM
$5.4B
+ $152.0M in options
QoQ Performance
+57.7%
Positions
111
+ 4 options
Top 10 Concentration
41.9%
Latest Filing
Q4 2025

Top Holdings Allocation

PRAX
CELC
PRAX10.5%
CELC5.6%
RYTM4.9%
ASND4.1%
APGE3.1%
ROIV3.1%
NUVL3.0%
TVTX2.9%

📈 Biggest Buys

XBIPUT
SPDR SERIES TRUST
NEW
2.4% of portfolio
PRAX
PRAXIS PRECISION MEDICINES I
+27.6%
10.5% of portfolio
EXK
EXACT SCIENCES CORP
+157.9%
2.2% of portfolio
APGE
APOGEE THERAPEUTICS INC
+72.4%
3.1% of portfolio
BSX
BOSTON SCIENTIFIC CORP
+215.8%
1.7% of portfolio

📉 Biggest Sells

RYTM
RHYTHM PHARMACEUTICALS INC
-99.4%
4.9% of portfolio
ACLX
ARCELLX INC
-40.6%
1.7% of portfolio
PEN
PENUMBRA INC
-49.9%
0.6% of portfolio
AQST
AQUESTIVE THERAPEUTICS INC
-80.1%
0.1% of portfolio
—
MEIRAGTX HLDGS PLC
-18.2%
1.5% of portfolio

Sector Breakdown

Other98.9%
Healthcare1.1%

🚪 Exited Positionssold since Q3 2025

2GH
MERUS N V
SOLD
$127.4M
IM8N
INSMED INC
SOLD
$101.1M
VRNA
VERONA PHARMA PLC
SOLD
$55.9M
AKRO
AKERO THERAPEUTICS INC
SOLD
$53.9M
JANX
JANUX THERAPEUTICS INC
SOLD
$7.2M
+10 more exited positions

Changes from Q3 2025

NEW39 new positions
↑32 increased
↓21 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

PRAX10.5%
PRAXIS PRECISION MEDICINES I
$588.3M
CELC5.6%
CELCUITY INC
$315.2M
RYTM4.9%
RHYTHM PHARMACEUTICALS INC
$272.6M
ASND4.1%
ASCENDIS PHARMA A/S
$230.6M
APGE3.1%
APOGEE THERAPEUTICS INC
$175.9M

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