# EDGAR Filing Document

**Accession Number:** 0001496201
**File Stem:** 0001496201-26-000003
**Filing Date:** 2026-5
**Character Count:** 13973
**Document Hash:** ecb7c3dfe08040202e12180ac1ac4b80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001496201-26-000003.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001496201-26-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPHERA FUNDS MANAGEMENT LTD.
- **CENTRAL INDEX KEY:** 0001496201

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15863
- **FILM NUMBER:** 26986148

**BUSINESS ADDRESS:**
- **STREET 1:** 4 ITZHAK SADE BUILDING A
- **STREET 2:** 29TH FLOOR
- **CITY:** TEL AVIV
- **STATE:** L3
- **ZIP:** 6777520
- **BUSINESS PHONE:** 972-3-6845535

**MAIL ADDRESS:**
- **STREET 1:** 4 ITZHAK SADE BUILDING A
- **STREET 2:** 29TH FLOOR
- **CITY:** TEL AVIV
- **STATE:** L3
- **ZIP:** 6777520

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** SPHERA FUNDS MANAGEMENT LTD.<br>**Address:** 4 ITZHAK SADE BUILDING A<br>29TH FLOOR<br>TEL AVIV, L3 6777520

**Form 13F File Number:** 028-15863

**CRD Number (if applicable):** 000312614

**SEC File Number (if applicable):** 802-120694

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Oshrat Levi<br>**Title:** Chief Financial Officer<br>**Phone:** 972 3 6845617

**Signature, Place, and Date of Signing:**

Oshrat Levi  Tel Aviv, L3  05-15-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 97

**Form 13F Information Table Value Total:** $629683422

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                   | Form 13F File Number   |
|:---|:---|:---|
|  | Sphera Global Healthcare Management LP | 028-15865              |
|  | Sphera Global Healthcare GP Ltd.       | 028-15864              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 6580377 | 30256 | SH |  | DFND | 12 | 30256 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 5703057 | 256202 | SH |  | DFND | 12 | 256202 | 0 | 0 |
| ALPHA COGNITION INC | COM NEW | 02074J501 |  | 3116212 | 567616 | SH |  | DFND | 12 | 567616 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 6652144 | 31940 | SH |  | DFND |  | 31940 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 2638875 | 7500 | SH |  | DFND | 12 | 7500 | 0 | 0 |
| AMICUS THERAPEUTIC | COM | 03152W109 |  | 8724831 | 603377 | SH |  | DFND | 12 | 603377 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 8645990 | 214914 | SH |  | DFND | 12 | 214914 | 0 | 0 |
| APPLIED OPTOELECTRONICS INC | COM | 03823U102 |  | 6208906 | 73400 | SH |  | DFND |  | 73400 | 0 | 0 |
| APREA THERAPEUTICS INC | COM NEW | 03836J201 |  | 205983 | 270000 | SH |  | DFND | 12 | 270000 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 1829840 | 8000 | SH |  | DFND | 12 | 8000 | 0 | 0 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 12332167 | 62530 | SH |  | DFND | 12 | 62530 | 0 | 0 |
| BIOAGE LABS INC | COM | 09077V100 |  | 1513200 | 86518 | SH |  | DFND | 12 | 86518 | 0 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 |  | 8248737 | 866464 | SH |  | DFND | 12 | 866464 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 16962792 | 92526 | SH |  | DFND | 12 | 92526 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 5025240 | 594000 | SH |  | DFND | 12 | 594000 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 7902951 | 139900 | SH |  | DFND | 12 | 139900 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 18211968 | 245246 | SH |  | DFND | 12 | 245246 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1061375 | 17500 | SH |  | DFND | 12 | 17500 | 0 | 0 |
| CAMTEK LTD | ORD | M20791105 |  | 8038362 | 53020 | SH |  | DFND |  | 53020 | 0 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 7726199 | 243575 | SH |  | DFND | 12 | 243575 | 0 | 0 |
| CELLEBRITE DI LTD | ORDINARY SHARES | M2197Q107 |  | 8702359 | 631521 | SH |  | DFND |  | 631521 | 0 | 0 |
| CLIMB BIO INC | COM | 28658R106 |  | 2871842 | 419247 | SH |  | DFND | 12 | 419247 | 0 | 0 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 16024927 | 416340 | SH |  | DFND | 12 | 416340 | 0 | 0 |
| CONTINEUM THERAPEUTICS INC | CL A | 21217B100 |  | 2265584 | 173475 | SH |  | DFND | 12 | 173475 | 0 | 0 |
| CORVUS PHARMACEUTICALS INC | COM | 221015100 |  | 3627669 | 247961 | SH |  | DFND | 12 | 247961 | 0 | 0 |
| CURIS INC | COM | 231269309 |  | 1091829 | 1994937 | SH |  | DFND | 12 | 1994937 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 4738032 | 987090 | SH |  | DFND | 12 | 987090 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 2624338 | 39817 | SH |  | DFND | 12 | 39817 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 17090464 | 259300 | SH | Call | DFND | 12 | 0 | 0 | 0 |
| CYTOMX THERAPEUTICS INC. | COM | 23284F105 |  | 1034000 | 220000 | SH |  | DFND | 12 | 220000 | 0 | 0 |
| DISC MEDICINE INC | COM | 254604101 |  | 3423220 | 53538 | SH |  | DFND | 12 | 53538 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 2911569 | 160594 | SH |  | DFND | 12 | 160594 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 5458163 | 1772131 | SH |  | DFND | 12 | 1772131 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 8314721 | 9040 | SH |  | DFND | 12 | 9040 | 0 | 0 |
| ENLIVEN THERAPEUTICS INC | COM | 29337E102 |  | 6007988 | 153265 | SH |  | DFND | 12 | 153265 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 5384862 | 142419 | SH |  | DFND |  | 142419 | 0 | 0 |
| EVOMMUNE INC | COM SHS | 30054Y107 |  | 1798600 | 78234 | SH |  | DFND | 12 | 78234 | 0 | 0 |
| FOGHORN THERAPEUTICS INC | COM | 344174107 |  | 58431 | 12224 | SH |  | DFND | 12 | 12224 | 0 | 0 |
| FORTE BIOSCIENCES INC | COM NEW | 34962G208 |  | 4791086 | 184984 | SH |  | DFND | 12 | 184984 | 0 | 0 |
| GENERATE BIOMEDICINES INC | COM SHS | 370920100 |  | 2312500 | 185000 | SH |  | DFND | 12 | 185000 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 6733180 | 122000 | SH |  | DFND | 12 | 122000 | 0 | 0 |
| IMMATICS N.V | SHS | N44445109 |  | 6849673 | 696105 | SH |  | DFND | 12 | 696105 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 2286182 | 59505 | SH |  | DFND |  | 59505 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 4074430 | 47000 | SH | Call | DFND |  | 0 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7047450 | 28831 | SH |  | DFND | 12 | 28831 | 0 | 0 |
| KODIAK SCIENCES INC | COM | 50015M109 |  | 4376024 | 114796 | SH |  | DFND | 12 | 114796 | 0 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 2402594 | 295522 | SH |  | DFND | 12 | 295522 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 4732169 | 9040 | SH |  | DFND | 12 | 9040 | 0 | 0 |
| MAZE THERAPEUTICS INC | COM | 578784100 |  | 6786189 | 227343 | SH |  | DFND | 12 | 227343 | 0 | 0 |
| MEDIWOUND LTD | SHS NEW | M68830112 |  | 4401123 | 273192 | SH |  | DFND | 12 | 273192 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 5846094 | 48600 | SH |  | DFND | 12 | 48600 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 36299814 | 1339971 | SH |  | DFND | 12 | 1339971 | 0 | 0 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 618669 | 5611 | SH |  | DFND |  | 5611 | 0 | 0 |
| NOVA LTD | COM | M7516K103 |  | 23175786 | 53366 | SH |  | DFND |  | 53366 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 5651750 | 37000 | SH |  | DFND | 12 | 37000 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 4434880 | 120677 | SH |  | DFND | 12 | 120677 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 1491000 | 100000 | SH | Call | DFND | 12 | 0 | 0 | 0 |
| ORGANOGENESIS HLDGS INC | COM | 68621F102 |  | 1303500 | 550000 | SH |  | DFND | 12 | 550000 | 0 | 0 |
| ORIC PHARMACEUTICALS INC | COM | 68622P109 |  | 6811747 | 537628 | SH |  | DFND | 12 | 537628 | 0 | 0 |
| ORMAT TECHNOLOGIES INC | COM | 686688102 |  | 7638540 | 68250 | SH |  | DFND |  | 68250 | 0 | 0 |
| OVID THERAPEUTICS INC | COM | 690469101 |  | 3602678 | 1622828 | SH |  | DFND | 12 | 1622828 | 0 | 0 |
| PALISADE BIO INC | COM | 696389402 |  | 3033574 | 1733471 | SH |  | DFND | 12 | 1733471 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 8464896 | 52800 | SH |  | DFND |  | 52800 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 5222880 | 186000 | SH |  | DFND | 12 | 186000 | 0 | 0 |
| PRECISION BIOSCIENCES INC | COM NEW | 74019P207 |  | 220000 | 40000 | SH |  | DFND | 12 | 40000 | 0 | 0 |
| PRELUDE THERAPEUTICS INC | COM | 74065P101 |  | 1909519 | 558339 | SH |  | DFND | 12 | 558339 | 0 | 0 |
| PROMIS NEUROSCIENCES INC | COM SHS | 74346M505 |  | 4135012 | 325591 | SH |  | DFND | 12 | 325591 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 4063938 | 408436 | SH |  | DFND | 12 | 408436 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 5359448 | 55110 | SH |  | DFND | 12 | 55110 | 0 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 12985233 | 269515 | SH |  | DFND | 12 | 269515 | 0 | 0 |
| SATELLOS BIOSCIENCE INC | COM | 80401L803 |  | 2754235 | 489207 | SH |  | DFND | 12 | 489207 | 0 | 0 |
| SAVARA INC | COM | 805111101 |  | 4035835 | 739164 | SH |  | DFND | 12 | 739164 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 4634067 | 94265 | SH |  | DFND | 12 | 94265 | 0 | 0 |
| SHATTUCK LABS INC | COM | 82024L103 |  | 1805454 | 280786 | SH |  | DFND | 12 | 280786 | 0 | 0 |
| SKYE BIOSCIENCE INC | COM NEW | 83086J200 |  | 417269 | 678928 | SH |  | DFND | 12 | 678928 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 |  | 2697278 | 52836 | SH |  | DFND |  | 52836 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | NOTE 2.250% 7/0 | 83417MAE4 |  | 6909620 | 4000000 | SH |  | DFND |  | 4000000 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 7241088 | 216281 | SH |  | DFND | 12 | 216281 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 25546001 | 200000 | SH | Put | DFND | 12 | 200000 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 2448560 | 50800 | SH |  | DFND | 12 | 50800 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 16925792 | 724563 | SH |  | DFND | 12 | 724563 | 0 | 0 |
| TANGO THERAPEUTICS INC | COM | 87583X109 |  | 7187338 | 343563 | SH |  | DFND | 12 | 343563 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 2174880 | 136015 | SH |  | DFND | 12 | 136015 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 31534887 | 1046975 | SH |  | DFND |  | 1046975 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 2710800 | 90000 | SH |  | DFND | 12 | 90000 | 0 | 0 |
| TOWER SEMICONDUCTOR LTD | SHS NEW | M87915274 |  | 25573578 | 145735 | SH |  | DFND |  | 145735 | 0 | 0 |
| TREVI THERAPEUTICS INC | COM | 89532M101 |  | 6848166 | 574029 | SH |  | DFND | 12 | 574029 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 16955526 | 809333 | SH |  | DFND | 12 | 809333 | 0 | 0 |
| UPSTREAM BIO INC | COM | 91678A107 |  | 3222000 | 358000 | SH |  | DFND | 12 | 358000 | 0 | 0 |
| VERASTEM INC | COM NEW | 92337C203 |  | 1821493 | 343678 | SH |  | DFND | 12 | 343678 | 0 | 0 |
| VOR BIOPHARMA INC | COM NEW | 929033207 |  | 5742999 | 321917 | SH |  | DFND | 12 | 321917 | 0 | 0 |
| VOYAGER THERAPEUTICS INC | COM | 92915B106 |  | 1813277 | 469761 | SH |  | DFND | 12 | 469761 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 3974972 | 548272 | SH |  | DFND | 12 | 548272 | 0 | 0 |
| WEREWOLF THERAPEUTICS INC | COM | 95075A107 |  | 521882 | 626810 | SH |  | DFND | 12 | 626810 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 7385050 | 127000 | SH |  | DFND | 12 | 127000 | 0 | 0 |
| ZENAS BIOPHARMA INC | COM | 98937L105 |  | 4190230 | 214334 | SH |  | DFND | 12 | 214334 | 0 | 0 |
| ZIM INTEGRATED SHIPPING SERV | SHS | M9T951109 |  | 2791783 | 105950 | SH |  | DFND |  | 105950 | 0 | 0 |

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