# EDGAR Filing Document

**Accession Number:** 0001000097
**File Stem:** 0001000097-25-000022
**Filing Date:** 2025-11
**Character Count:** 11914
**Document Hash:** 0a8ca3658c7082c5ae94f47a0ebd59e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001000097-25-000022.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001000097-25-000022

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINGDON CAPITAL MANAGEMENT, L.L.C.
- **CENTRAL INDEX KEY:** 0001000097

**ORGANIZATION NAME:**
- **EIN:** 134015739
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-04575
- **FILM NUMBER:** 251484071

**BUSINESS ADDRESS:**
- **STREET 1:** 152 WEST 57TH STREET
- **STREET 2:** 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-333-0100

**MAIL ADDRESS:**
- **STREET 1:** 152 WEST 57TH STREET
- **STREET 2:** 50TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KINGDON CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 19980914

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KINGDON CAPITAL MANAGEMENT CORP
- **DATE OF NAME CHANGE:** 19960408

### 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:** KINGDON CAPITAL MANAGEMENT L.L.C.<br>**Address:** 152 WEST 57TH STREET<br>50TH FLOOR<br>NEW YORK, NY 10019

**Form 13F File Number:** 028-04575

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:** William Walsh<br>**Title:** Chief Financial Officer<br>**Phone:** 2123330100

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

William Walsh  New York, NY  11-14-2025<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:** 77

**Form 13F Information Table Value Total:** $805723229

      (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

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 |
| ALCON AG | ORD SHS | H01301128 |  | 4284325 | 57500 | SH |  | DFND | 1234 | 57500 | 0 | 0 |
| ALDEYRA THERAPEUTICS INC | COM | 01438T106 |  | 6951949 | 1331791 | SH |  | DFND | 1234 | 1331791 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 7293000 | 30000 | SH |  | DFND | 1234 | 30000 | 0 | 0 |
| API GROUP CORP | COM STK | 00187Y100 |  | 11170250 | 325000 | SH |  | DFND | 1234 | 325000 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 7176400 | 10000 | SH |  | DFND | 1234 | 10000 | 0 | 0 |
| BEYOND AIR INC | COM NEW | 08862L202 |  | 108184 | 46833 | SH |  | DFND | 1234 | 46833 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 10251000 | 60000 | SH | Put | DFND | 1234 | 60000 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 4114800 | 60000 | SH |  | DFND | 1234 | 60000 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 18187500 | 150000 | SH |  | DFND | 1234 | 150000 | 0 | 0 |
| CARVANA CO | CL A | 146869102 |  | 943100 | 2500 | SH |  | DFND | 1234 | 2500 | 0 | 0 |
| CHAMPION HOMES INC | COM | 830830105 |  | 11455500 | 150000 | SH |  | DFND | 1234 | 150000 | 0 | 0 |
| CORE  MAIN INC | CL A | 21874C102 |  | 8074500 | 150000 | SH |  | DFND | 1234 | 150000 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 6562400 | 80000 | SH |  | DFND | 1234 | 80000 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 17985000 | 150000 | SH |  | DFND | 1234 | 150000 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 9501450 | 17500 | SH |  | DFND | 1234 | 17500 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 19551378 | 251400 | SH |  | DFND | 1234 | 251400 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 10716850 | 115000 | SH |  | DFND | 1234 | 115000 | 0 | 0 |
| ENVVENO MEDICAL CORPORATION | COM | 29415J106 |  | 1231626 | 1359261 | SH |  | DFND | 1234 | 1359261 | 0 | 0 |
| EVERUS CONSTR GROUP | COM | 300426103 |  | 17150000 | 200000 | SH |  | DFND | 1234 | 200000 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 10144750 | 175000 | SH |  | DFND | 1234 | 175000 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 6149000 | 10000 | SH | Put | DFND | 1234 | 10000 | 0 | 0 |
| GLOBUS MED INC | CL A | 379577208 |  | 14755616 | 257650 | SH |  | DFND | 1234 | 257650 | 0 | 0 |
| GREAT ELM GROUP INC | COM NEW | 39037G109 |  | 2863822 | 1168907 | SH |  | DFND | 1234 | 1168907 | 0 | 0 |
| HCI GROUP INC | COM | 40416E103 |  | 8157025 | 42500 | SH |  | DFND | 1234 | 42500 | 0 | 0 |
| HCI GROUP INC | COM | 40416E103 |  | 9596500 | 50000 | SH | Call | DFND | 1234 | 50000 | 0 | 0 |
| HEICO CORP NEW | COM | 422806109 |  | 12912800 | 40000 | SH |  | DFND | 1234 | 40000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 5794217 | 14300 | SH |  | DFND | 1234 | 14300 | 0 | 0 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 10792650 | 55000 | SH |  | DFND | 1234 | 55000 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 18368002 | 70600 | SH |  | DFND | 1234 | 70600 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 8424000 | 50000 | SH |  | DFND | 1234 | 50000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 51031450 | 85000 | SH | Put | DFND | 1234 | 85000 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 10813500 | 135000 | SH |  | DFND | 1234 | 135000 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 |  | 15219000 | 190000 | SH | Put | DFND | 1234 | 190000 | 0 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 8043750 | 75000 | SH | Put | DFND | 1234 | 75000 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 6228000 | 50000 | SH |  | DFND | 1234 | 50000 | 0 | 0 |
| JASPER THERAPEUTICS INC | COM NEW | 471871202 |  | 3153131 | 1324845 | SH |  | DFND | 1234 | 1324845 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 5198000 | 40000 | SH |  | DFND | 1234 | 40000 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 16243750 | 125000 | SH | Call | DFND | 1234 | 125000 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 8356000 | 80000 | SH |  | DFND | 1234 | 80000 | 0 | 0 |
| LOAR HOLDINGS INC | COM SHS | 53947R105 |  | 12000000 | 150000 | SH |  | DFND | 1234 | 150000 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 5591648 | 22250 | SH |  | DFND | 1234 | 22250 | 0 | 0 |
| MAPLEBEAR INC | COM | 565394103 |  | 16542000 | 450000 | SH |  | DFND | 1234 | 450000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 11750080 | 16000 | SH |  | DFND | 1234 | 16000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 14243625 | 27500 | SH |  | DFND | 1234 | 27500 | 0 | 0 |
| MIRION TECHNOLOGIES INC | COM CL A | 60471A101 |  | 8722500 | 375000 | SH |  | DFND | 1234 | 375000 | 0 | 0 |
| MOLINA HEALTHCARE INC | COM | 60855R100 |  | 21087872 | 110200 | SH |  | DFND | 1234 | 110200 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 10869050 | 240200 | SH |  | DFND | 1234 | 240200 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 358500 | 50000 | SH | Call | DFND | 1234 | 50000 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 19491641 | 2177837 | SH |  | DFND | 1234 | 2177837 | 0 | 0 |
| NIOCORP DEVS LTD | COM NEW | 654484609 |  | 2100626 | 314465 | SH |  | DFND | 1234 | 314465 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 21923150 | 117500 | SH |  | DFND | 1234 | 117500 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 10817175 | 47500 | SH |  | DFND | 1234 | 47500 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 8360660 | 854000 | SH |  | DFND | 1234 | 854000 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 5624800 | 20000 | SH | Call | DFND | 1234 | 20000 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 9162900 | 45000 | SH |  | DFND | 1234 | 45000 | 0 | 0 |
| PARSONS CORP DEL | COM | 70202L102 |  | 829200 | 10000 | SH |  | DFND | 1234 | 10000 | 0 | 0 |
| PURECYCLE TECHNOLOGIES INC | COM | 74623V103 |  | 7271950 | 553000 | SH |  | DFND | 1234 | 553000 | 0 | 0 |
| RALLIANT CORP | COM | 750940108 |  | 9620600 | 220000 | SH |  | DFND | 1234 | 220000 | 0 | 0 |
| SAMSARA INC | COM CL A | 79589L106 |  | 3725000 | 100000 | SH | Call | DFND | 1234 | 100000 | 0 | 0 |
| SCYNEXIS INC | COM NEW | 811292200 |  | 1722527 | 2237048 | SH |  | DFND | 1234 | 2237048 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 13081500 | 150000 | SH | Put | DFND | 1234 | 150000 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 20347600 | 301000 | SH |  | DFND | 1234 | 301000 | 0 | 0 |
| SPORTRADAR GROUP AG | CLASS A ORD SHS | H8088L103 |  | 12750600 | 474000 | SH |  | DFND | 1234 | 474000 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 5328750 | 75000 | SH | Put | DFND | 1234 | 75000 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 38462500 | 2500000 | SH |  | DFND | 1234 | 2500000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 11869825 | 42500 | SH |  | DFND | 1234 | 42500 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 8790600 | 15000 | SH |  | DFND | 1234 | 15000 | 0 | 0 |
| TETRA TECH INC NEW | COM | 88162G103 |  | 5841500 | 175000 | SH |  | DFND | 1234 | 175000 | 0 | 0 |
| UL SOLUTIONS INC | CLASS A COM SHS | 903731107 |  | 8857500 | 125000 | SH |  | DFND | 1234 | 125000 | 0 | 0 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 22845200 | 70000 | SH | Put | DFND | 1234 | 70000 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 10306000 | 100000 | SH |  | DFND | 1234 | 100000 | 0 | 0 |
| WARBY PARKER INC | CL A COM | 93403J106 |  | 9653000 | 350000 | SH |  | DFND | 1234 | 350000 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 10688400 | 60000 | SH |  | DFND | 1234 | 60000 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 7203600 | 60000 | SH |  | DFND | 1234 | 60000 | 0 | 0 |
| WOLVERINE WORLD WIDE INC | COM | 978097103 |  | 3553480 | 129500 | SH |  | DFND | 1234 | 129500 | 0 | 0 |
| X4 PHARMACEUTICALS INC | COM NEW | 98420X202 |  | 3191995 | 933332 | SH |  | DFND | 1234 | 933332 | 0 | 0 |
| ZEVRA THERAPEUTICS INC | COM NEW | 488445206 |  | 6181500 | 650000 | SH |  | DFND | 1234 | 650000 | 0 | 0 |

---