TANG CAPITAL MANAGEMENT LLC

CIK 0001232621 · Q2 2026

13F Equity AUM

$2.2B

+11.8% QoQ

Positions

-10 QoQ

AUM Rank

#2,222

Top 18%

Skill Alpha (FF)

+7.2%/yr^ns

No Clear Edge

Rank #531 · Top 6%

vs S&P -13.0%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 37.1%Top 10: 62.7%Top 20: 88.8%

AUPH10.1%

SYRE7.6%

MIRM6.6%

KINIKSA PHARMACEUTICALS INTL6.6%

CELC6.3%

HTD5.9%

PTCT5.6%

GLPG5.2%

CAPR4.5%

TARS4.5%

Others (31)37.3%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare82.4%

Financial Services10.1%

Unclassified6.6%

Other0.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 41Median: 1.17%Avg: 2.44%

0–0.5%

11(2.5%)

0.5–1%

7(5.4%)

1–3%

9(14.2%)

3–5%

6(24.3%)

5%+

8(53.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 41vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New5Increased7Decreased5Exited15

New Positions

NVCT1.3%

+1.6M

FULC1.1%

+6.5M

NNDM0.9%

+14.3M

GOSS 5 06/01/270.5%

+17.8M

BOLD0.3%

+2.6M

Increased

CMPX1.8%

+1.2M(+7%)

CMPS3.2%

+998K(+25%)

AUPH10.1%

+815K(+7%)

CAPR4.5%

+700K(+21%)

TARS4.5%

+380K(+32%)

CELC6.3%

+265K(+25%)

NUVB0.8%

+150K(+5%)

Decreased

STOK0.5%

-200,000(-40%)

IM8N0.5%

-160,000(-62%)

MRNA0.2%

-50,000(-50%)

SPY4.2%

-45,000(-27%)

PLRX0.3%

-1,871(-0%)

Exited

-4,573,530

-500,000

-35,000

-350,000

-538,658

-664,314

-100,000

-200,000

-1,886,748

-1,480,823

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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