# EDGAR Filing Document

**Accession Number:** 0001841857
**File Stem:** 0001841857-25-000005
**Filing Date:** 2025-11
**Character Count:** 10080
**Document Hash:** b7f1ef450ae09a9796da7a4a55af9ec0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001841857-25-000005.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001841857-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CM Management, LLC
- **CENTRAL INDEX KEY:** 0001841857

**ORGANIZATION NAME:**
- **EIN:** 272093526
- **STATE OF INCORPORATION:** AL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20559
- **FILM NUMBER:** 251474612

**BUSINESS ADDRESS:**
- **STREET 1:** 15 COLLEY COVE DRIVE
- **CITY:** GULF BREEZE
- **STATE:** FL
- **ZIP:** 32561
- **BUSINESS PHONE:** 205.298.0371

**MAIL ADDRESS:**
- **STREET 1:** 15 COLLEY COVE DRIVE
- **CITY:** GULF BREEZE
- **STATE:** FL
- **ZIP:** 32561

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** CM Management LLC<br>**Address:** 15 COLLEY COVE DRIVE<br>GULF BREEZE, FL 32561

**Form 13F File Number:** 028-20559

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:** Mark R. Lilly<br>**Title:** Chief Operating Officer<br>**Phone:** 205-298-0371

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

Mark R. Lilly  Henderson, NV  11-12-2025<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:** 0

**Form 13F Information Table Entry Total:** 66

**Form 13F Information Table Value Total:** $119937261

      (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.]

**NONE**

### FORM 13F INFORMATION TABLE

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|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 1058250 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 1244500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ALICO INC | COM | 016230104 |  | 7451900 | 215000 | SH |  | SOLE |  | 215000 | 0 | 0 |
| AMCON DISTRG CO | COM | 02341Q205 |  | 1023840 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| AMICUS THERAPEUTICS INC | COM | 03152W109 |  | 3546000 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| ARK RESTAURANTS CORP | COM | 040712101 |  | 1602000 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| ARKO CORP | COM | 041242108 |  | 2513500 | 550000 | SH |  | SOLE |  | 550000 | 0 | 0 |
| ARKO CORP | WAR | 041242108 |  | 1395 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| ASHLAND INC | COM | 044186104 |  | 479100 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ASSERTIO HOLDINGS INC | COM | 04546C205 |  | 638036 | 724382 | SH |  | SOLE |  | 724382 | 0 | 0 |
| ATEA PHARMACEUTICALS INC | COM | 04683R106 |  | 1450000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| AVIAT NETWORKS INC | COM | 05366Y201 |  | 458600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| BERKSHIRE HILLS BANCORP INC | COM | 084680107 |  | 1792476 | 75600 | SH |  | SOLE |  | 75600 | 0 | 0 |
| BGC GROUP INC | COM - CLASS A | 088929104 |  | 3311000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| BIOCARDIA INC | COM | 09060U606 |  | 167700 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| BRISTOW GROUP INC | COM | 11040G103 |  | 1082400 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 2146000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| CLEARPOINT NEURO INC | COM | 18507C103 |  | 1743200 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| COGNYTE SOFTWARE LTD ORD | COM | M25133105 |  | 1344000 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| COHERUS BIOSCIENCES INC | COM | 19249H103 |  | 3444000 | 2100000 | SH |  | SOLE |  | 2100000 | 0 | 0 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 525000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| COPA HOLDINGS SA | COM - CLASS A | P31076105 |  | 1069380 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| COYA THERAPEUTICS INC COMMON | COM | 22407B108 |  | 1710000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| CRESCENT ENERGY COMPANY CL A | COM | 44952J104 |  | 1561000 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| CURIS INC | COM | 231269309 |  | 539500 | 325000 | SH |  | SOLE |  | 325000 | 0 | 0 |
| CYTOSORBENTS CORP | COM | 23283X206 |  | 1203240 | 1288128 | SH |  | SOLE |  | 1288128 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 1554000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| ELICIO THERAPEUTICS INC | COM | 28657F103 |  | 65640 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ENVVENO MEDICAL CORPORATION | COM | 29415J106 |  | 543660 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 1536675 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| EVOLUS INC | COM | 30052C107 |  | 1535000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| FIRST FINL CORP IND | COM | 320218100 |  | 1269900 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| FRACTYL HEALTH INC | COM | 35168W103 |  | 954000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| HELEN OF TROY CORP LTD | COM | G4388N106 |  | 378000 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| HERC HLDGS INC | COM | 42704L104 |  | 874950 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 945000 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 1225000 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| INNOSPEC INC | COM | 45768S105 |  | 925920 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| INTEST CORP | COM | 461147100 |  | 3284839 | 420594 | SH |  | SOLE |  | 420594 | 0 | 0 |
| IOVANCE BIOTHERAPEUTICS INC | COM | 462260100 |  | 1519000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 1139640 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 2040800 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| LANTERN PHARMA INC | COM | 51654W101 |  | 978750 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A | N53745100 |  | 490400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MARINEMAX INC | COM | 567908108 |  | 2533000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| NEWELL BRANDS INC | COM | 651229106 |  | 524000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| NEWMARK GROUP INC | COM - CLASS A | 65158N102 |  | 3543500 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| ORGANON  CO COMMON | COM | 68622V106 |  | 2403000 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| OS THERAPIES INCORPORATED | COM | 68764Y207 |  | 784000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 491600 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| PAGERDUTY INC | COM | 69553P100 |  | 1982400 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| PARK HOTELS RESORTS INC | COM | 700517105 |  | 2493000 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1146600 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| PREFORMED LINE PRODS CO | COM | 740444104 |  | 5492200 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| RADIANT LOGISTICS INC | COM | 75025X100 |  | 4425000 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| REPUBLIC BANCORP KY | COM - CLASS A | 760281204 |  | 2312000 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| RIGEL PHARMACEUTICALS INC | COM | 766559702 |  | 6374250 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| ROYALTY PHARMA PLC SHS | SHS CLASS A | G7709Q104 |  | 1764000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| SABRE CORP | COM | 78573M104 |  | 1464000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| SCOTTS MIRACLE GRO CO | COM - CLASS A | 810186106 |  | 1139000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SERVICE PPTYS TR | COM SH BEN INT | 81761L102 |  | 813000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| TALOS ENERGY INC | COM | 87484T108 |  | 2397500 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 |  | 7825500 | 1850000 | SH |  | SOLE |  | 1850000 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 2475000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| WINNEBAGO INDS INC | COM | 974637100 |  | 1337600 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| XOMA CORP DEL | COM | 98419J206 |  | 1849920 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |

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