# EDGAR Filing Document

**Accession Number:** 0001496201
**File Stem:** 0001496201-26-000002
**Filing Date:** 2026-2
**Character Count:** 14324
**Document Hash:** 1c6dd48c43e62993f33796883c1adea6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001496201-26-000002.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001496201-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**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:** 26640446

**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:** 12-31-2025

**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:** 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  02-17-2026<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:** 100

**Form 13F Information Table Value Total:** $517294385

      (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 |  | 5770743 | 25256 | SH |  | DFND | 12 | 25256 | 0 | 0 |
| ACADIA PHARMACEUTICALS INC | COM | 004225108 |  | 5667915 | 212202 | SH |  | DFND | 12 | 212202 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 3863446 | 18040 | SH |  | DFND |  | 18040 | 0 | 0 |
| ALPHA COGNITION INC | COM NEW | 02074J501 |  | 3689504 | 567616 | SH |  | DFND | 12 | 567616 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 2454825 | 7500 | SH |  | DFND | 12 | 7500 | 0 | 0 |
| AMICUS THERAPEUTICS INC | COM | 03152W109 |  | 9375288 | 658377 | SH |  | DFND | 12 | 658377 | 0 | 0 |
| ANNEXON INC | COM | 03589W102 |  | 6607384 | 1316212 | SH |  | DFND | 12 | 1316212 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 6304140 | 250961 | SH |  | DFND | 12 | 250961 | 0 | 0 |
| APPLIED THERAPEUTICS INC | COM | 03828A101 |  | 5000 | 50000 | SH |  | DFND | 12 | 50000 | 0 | 0 |
| APREA THERAPEUTICS INC | COM NEW | 03836J201 |  | 230310 | 270000 | SH |  | DFND | 12 | 270000 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 2345640 | 11000 | SH |  | DFND | 12 | 11000 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 12416066 | 135060 | SH |  | DFND | 12 | 135060 | 0 | 0 |
| ASTRIA THERAPEUTICS INC | COM | 04635X102 |  | 4656440 | 355725 | SH |  | DFND | 12 | 355725 | 0 | 0 |
| BIOAGE LABS INC | COM | 09077V100 |  | 3215353 | 243035 | SH |  | DFND | 12 | 243035 | 0 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 |  | 6535534 | 837889 | SH |  | DFND | 12 | 837889 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 16672941 | 94738 | SH |  | DFND | 12 | 94738 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 8736210 | 147000 | SH |  | DFND | 12 | 147000 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 8241492 | 107746 | SH |  | DFND | 12 | 107746 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 943950 | 17500 | SH |  | DFND | 12 | 17500 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 3376206 | 9755 | SH |  | DFND |  | 9755 | 0 | 0 |
| CAMTEK LTD | ORD | M20791105 |  | 4200415 | 39498 | SH |  | DFND |  | 39498 | 0 | 0 |
| CELLDEX THERAPEUTICS INC NEW | COM NEW | 15117B202 |  | 6511990 | 239764 | SH |  | DFND | 12 | 239764 | 0 | 0 |
| CLIMB BIO INC | COM | 28658R106 |  | 3728988 | 932247 | SH |  | DFND | 12 | 932247 | 0 | 0 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 13444320 | 378500 | SH |  | DFND | 12 | 378500 | 0 | 0 |
| CONTINEUM THERAPEUTICS INC | CL A | 21217B100 |  | 1982819 | 173475 | SH |  | DFND | 12 | 173475 | 0 | 0 |
| CORVUS PHARMACEUTICALS INC | COM | 221015100 |  | 3139359 | 407709 | SH |  | DFND | 12 | 407709 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 6753212 | 825576 | SH |  | DFND | 12 | 825576 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 5827698 | 91717 | SH |  | DFND | 12 | 91717 | 0 | 0 |
| DAY ONE BIOPHARMACEUTICALS I | COM | 23954D109 |  | 1354858 | 145371 | SH |  | DFND | 12 | 145371 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 7685007 | 392894 | SH |  | DFND | 12 | 392894 | 0 | 0 |
| ELBIT SYS LTD | ORD | M3760D101 |  | 3084971 | 5340 | SH |  | DFND |  | 5340 | 0 | 0 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 3219518 | 2132131 | SH |  | DFND | 12 | 2132131 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 9715107 | 9040 | SH |  | DFND | 12 | 9040 | 0 | 0 |
| ENLIVEN THERAPEUTICS INC | COM | 29337E102 |  | 3492181 | 226765 | SH |  | DFND | 12 | 226765 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 5977325 | 186500 | SH |  | DFND |  | 186500 | 0 | 0 |
| ENTRADA THERAPEUTICS INC | COM | 29384C108 |  | 1140484 | 110942 | SH |  | DFND | 12 | 110942 | 0 | 0 |
| EVOMMUNE INC | COM SHS | 30054Y107 |  | 2844437 | 166147 | SH |  | DFND | 12 | 166147 | 0 | 0 |
| FORTE BIOSCIENCES INC | COM NEW | 34962G208 |  | 5068648 | 185869 | SH |  | DFND | 12 | 185869 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 5982880 | 122000 | SH |  | DFND | 12 | 122000 | 0 | 0 |
| IMMATICS N.V | SHS | N44445109 |  | 9041603 | 861105 | SH |  | DFND | 12 | 861105 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 1492231 | 30055 | SH |  | DFND |  | 30055 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 4096520 | 47000 | SH | Call | DFND |  | 0 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 2178192 | 157840 | SH |  | DFND | 12 | 157840 | 0 | 0 |
| JASPER THERAPEUTICS INC | COM NEW | 471871202 |  | 888284 | 485401 | SH |  | DFND | 12 | 485401 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7415225 | 35831 | SH |  | DFND | 12 | 35831 | 0 | 0 |
| KODIAK SCIENCES INC | COM | 50015M109 |  | 4906980 | 175500 | SH |  | DFND | 12 | 175500 | 0 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 3070474 | 295522 | SH |  | DFND | 12 | 295522 | 0 | 0 |
| MADRIGAL PHARMACEUTICALS INC | COM | 558868105 |  | 1921722 | 3300 | SH |  | DFND | 12 | 3300 | 0 | 0 |
| MAZE THERAPEUTICS INC | COM | 578784100 |  | 2976455 | 71843 | SH |  | DFND | 12 | 71843 | 0 | 0 |
| MEDIWOUND LTD | SHS NEW | M68830112 |  | 4252206 | 230347 | SH |  | DFND | 12 | 230347 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 5115636 | 48600 | SH |  | DFND | 12 | 48600 | 0 | 0 |
| MEREO BIOPHARMA GROUP PLC | SPON ADS | 589492107 |  | 106425 | 255400 | SH |  | DFND | 12 | 255400 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 16294319 | 449003 | SH |  | DFND | 12 | 449003 | 0 | 0 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 6296328 | 55700 | SH | Call | DFND |  | 0 | 0 | 0 |
| NOVA LTD | COM | M7516K103 |  | 15712148 | 47846 | SH |  | DFND |  | 47846 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 5101190 | 37000 | SH |  | DFND | 12 | 37000 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 5885646 | 115677 | SH |  | DFND | 12 | 115677 | 0 | 0 |
| NURIX THERAPEUTICS INC | COM | 67080M103 |  | 2352280 | 124000 | SH |  | DFND | 12 | 124000 | 0 | 0 |
| ONKURE THERAPEUTICS INC | COM CL A | 68277Q105 |  | 175317 | 60454 | SH |  | DFND | 12 | 60454 | 0 | 0 |
| ORIC PHARMACEUTICALS INC | COM | 68622P109 |  | 8215812 | 1004378 | SH |  | DFND | 12 | 1004378 | 0 | 0 |
| PALISADE BIO INC | COM | 696389402 |  | 432635 | 184100 | SH |  | DFND | 12 | 184100 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 790750 | 121467 | SH |  | DFND | 12 | 121467 | 0 | 0 |
| PERSPECTIVE THERAPEUTICS INC | COM NEW | 46489V302 |  | 962426 | 349973 | SH |  | DFND | 12 | 349973 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 2141400 | 86000 | SH |  | DFND | 12 | 86000 | 0 | 0 |
| PHARVARIS N V | COM | N69605108 |  | 1774696 | 63953 | SH |  | DFND | 12 | 63953 | 0 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 11789600 | 40000 | SH | Call | DFND | 12 | 0 | 0 | 0 |
| PRECISION BIOSCIENCES INC | COM NEW | 74019P207 |  | 1647843 | 396116 | SH |  | DFND | 12 | 396116 | 0 | 0 |
| PRELUDE THERAPEUTICS INC | COM | 74065P101 |  | 355981 | 122752 | SH |  | DFND | 12 | 122752 | 0 | 0 |
| PROMIS NEUROSCIENCES INC | COM SHS | 74346M505 |  | 80586 | 11807 | SH |  | DFND | 12 | 11807 | 0 | 0 |
| PROTARA THERAPEUTICS INC | COM STK | 74365U107 |  | 3464500 | 650000 | SH |  | DFND | 12 | 650000 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 4181625 | 52500 | SH |  | DFND | 12 | 52500 | 0 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 11606897 | 239515 | SH |  | DFND | 12 | 239515 | 0 | 0 |
| SAVARA INC | COM | 805111101 |  | 7104329 | 1178164 | SH |  | DFND | 12 | 1178164 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 6971573 | 158265 | SH |  | DFND | 12 | 158265 | 0 | 0 |
| SHATTUCK LABS INC | COM | 82024L103 |  | 712524 | 195212 | SH |  | DFND | 12 | 195212 | 0 | 0 |
| SKYE BIOSCIENCE INC | COM NEW | 83086J200 |  | 359052 | 478928 | SH |  | DFND | 12 | 478928 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | COM | 83417M104 |  | 5670064 | 196536 | SH |  | DFND |  | 196536 | 0 | 0 |
| SOLAREDGE TECHNOLOGIES INC | NOTE 2.250% 7/0 | 83417MAE4 |  | 4699440 | 4000000 | SH |  | DFND |  | 4000000 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 6311338 | 136314 | SH |  | DFND | 12 | 136314 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 8535100 | 70000 | SH | Put | DFND | 12 | 70000 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 2851550 | 41000 | SH |  | DFND | 12 | 41000 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 16021449 | 762563 | SH |  | DFND | 12 | 762563 | 0 | 0 |
| TANGO THERAPEUTICS INC | COM | 87583X109 |  | 4824828 | 544563 | SH |  | DFND | 12 | 544563 | 0 | 0 |
| TAYSHA GENE THERAPIES INC | COM SHS | 877619106 |  | 2024803 | 368146 | SH |  | DFND | 12 | 368146 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 2317453 | 190111 | SH |  | DFND | 12 | 190111 | 0 | 0 |
| TENAYA THERAPEUTICS INC | COM | 87990A106 |  | 1067250 | 1500000 | SH |  | DFND | 12 | 1500000 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 31163965 | 998525 | SH |  | DFND |  | 998525 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 3901250 | 125000 | SH |  | DFND | 12 | 125000 | 0 | 0 |
| TOWER SEMICONDUCTOR LTD | SHS NEW | M87915274 |  | 14385476 | 122513 | SH |  | DFND |  | 122513 | 0 | 0 |
| TREVI THERAPEUTICS INC | COM | 89532M101 |  | 7493646 | 598534 | SH |  | DFND | 12 | 598534 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 6914329 | 300623 | SH |  | DFND | 12 | 300623 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 8050000 | 350000 | SH | Call | DFND | 12 | 0 | 0 | 0 |
| VARONIS SYS INC | COM | 922280102 |  | 1722000 | 52500 | SH |  | DFND |  | 52500 | 0 | 0 |
| VENTYX BIOSCIENCES INC | COM | 92332V107 |  | 1626429 | 180114 | SH |  | DFND | 12 | 180114 | 0 | 0 |
| VERASTEM INC | COM NEW | 92337C203 |  | 2653194 | 343678 | SH |  | DFND | 12 | 343678 | 0 | 0 |
| VOR BIOPHARMA INC | COM NEW | 929033207 |  | 5368254 | 410417 | SH |  | DFND | 12 | 410417 | 0 | 0 |
| VOYAGER THERAPEUTICS INC | COM | 92915B106 |  | 1335261 | 339761 | SH |  | DFND | 12 | 339761 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 6938822 | 408166 | SH |  | DFND | 12 | 408166 | 0 | 0 |
| WEREWOLF THERAPEUTICS INC | COM | 95075A107 |  | 397084 | 626810 | SH |  | DFND | 12 | 626810 | 0 | 0 |
| ZIM INTEGRATED SHIPPING SERV | SHS | M9T951109 |  | 2887386 | 136005 | SH |  | DFND |  | 136005 | 0 | 0 |

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