# EDGAR Filing Document

**Accession Number:** 0001224962
**File Stem:** 0001012975-25-000762
**Filing Date:** 2025-11
**Character Count:** 13361
**Document Hash:** 1a5e22da7f321ceb159f526d24da7f15
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001012975-25-000762.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001012975-25-000762

**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:** PERCEPTIVE ADVISORS LLC
- **CENTRAL INDEX KEY:** 0001224962

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10438
- **FILM NUMBER:** 251486158

**BUSINESS ADDRESS:**
- **STREET 1:** 51 ASTOR PLACE, 10TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
- **BUSINESS PHONE:** 646-205-5300

**MAIL ADDRESS:**
- **STREET 1:** 51 ASTOR PLACE, 10TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003

### 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:** PERCEPTIVE ADVISORS LLC<br>**Address:** 51 ASTOR PLACE 10TH FLOOR<br>NEW YORK, NY 10003

**Form 13F File Number:** 028-10438

**CRD Number (if applicable):** 000154703

**SEC File Number (if applicable):** 801-71841

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:** Joseph Edelman<br>**Title:** Managing Member<br>**Phone:** 646-205-5342

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

/s/ Joseph Edelman  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:** 93

**Form 13F Information Table Value Total:** $3463098749

      (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 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 32992819 | 388608 | SH |  | SOLE |  | 388608 | 0 | 0 |
| ADAGIO MED HLDGS INC | COM | 00534B100 |  | 19160576 | 9876576 | SH |  | SOLE |  | 9876576 | 0 | 0 |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 16909841 | 1153468 | SH |  | SOLE |  | 1153468 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 53926170 | 1135766 | SH |  | SOLE |  | 1135766 | 0 | 0 |
| ALDEYRA THERAPEUTICS INC | COM | 01438T106 |  | 27260463 | 5222311 | SH |  | SOLE |  | 5222311 | 0 | 0 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 624571 | 155366 | SH |  | SOLE |  | 155366 | 0 | 0 |
| AMICUS THERAPEUTICS INC | COM | 03152W109 |  | 50202306 | 6370851 | SH |  | SOLE |  | 6370851 | 0 | 0 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 121662640 | 8952365 | SH |  | SOLE |  | 8952365 | 0 | 0 |
| ANTERIS TECHNOLOGIES GLOBAL | COM | 03675P102 |  | 7673085 | 1705130 | SH |  | SOLE |  | 1705130 | 0 | 0 |
| APOGEE THERAPEUTICS INC | COM | 03770N101 |  | 53714523 | 1351989 | SH |  | SOLE |  | 1351989 | 0 | 0 |
| APYX MEDICAL CORPORATION | COM | 03837C106 |  | 321000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| AQUESTIVE THERAPEUTICS INC | COM | 03843E104 |  | 21018953 | 3760099 | SH |  | SOLE |  | 3760099 | 0 | 0 |
| ARCELLX INC | COMMON STOCK | 03940C100 |  | 202651781 | 2468353 | SH |  | SOLE |  | 2468353 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 2010000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| ARTIVION INC | COM | 228903100 |  | 85526800 | 2020000 | SH |  | SOLE |  | 2020000 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 216404884 | 1088501 | SH |  | SOLE |  | 1088501 | 0 | 0 |
| ASTRIA THERAPEUTICS INC | COM | 04635X102 |  | 47213857 | 6485420 | SH |  | SOLE |  | 6485420 | 0 | 0 |
| ATHIRA PHARMA INC | COM | 04746L203 |  | 2236825 | 540296 | SH |  | SOLE |  | 540296 | 0 | 0 |
| AVALO THERAPEUTICS INC | COM NEW | 05338F306 |  | 1775168 | 139667 | SH |  | SOLE |  | 139667 | 0 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 18083905 | 148900 | SH |  | SOLE |  | 148900 | 0 | 0 |
| BELITE BIO INC | SPONSORED ADS | 07782B104 |  | 3684312 | 49788 | SH |  | SOLE |  | 49788 | 0 | 0 |
| BETA BIONICS INC | COM | 08659B102 |  | 5522747 | 277944 | SH |  | SOLE |  | 277944 | 0 | 0 |
| BIODESIX | COM | 09075X207 |  | 820639 | 108694 | SH |  | SOLE |  | 108694 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 30265300 | 310000 | SH |  | SOLE |  | 310000 | 0 | 0 |
| BRIGHT MINDS BIOSCIENCES INC | COM NEW | 10919W405 |  | 27253931 | 449290 | SH |  | SOLE |  | 449290 | 0 | 0 |
| CARIS LIFE SCIENCES INC | COM | 142152107 |  | 33219430 | 1098163 | SH |  | SOLE |  | 1098163 | 0 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 146042159 | 2956319 | SH |  | SOLE |  | 2956319 | 0 | 0 |
| CELCUITY INC | NOTE 2.750% 8/0 | 15102KAA8 |  | 8723792 | 6500000 | PRN |  | SOLE |  | 6500000 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 75196874 | 3100902 | SH |  | SOLE |  | 3100902 | 0 | 0 |
| CONTINEUM THERAPEUTICS INC | CL A | 21217B100 |  | 8396456 | 714592 | SH |  | SOLE |  | 714592 | 0 | 0 |
| CORVUS PHARMACEUTICALS INC | COM | 221015100 |  | 10602445 | 1438595 | SH |  | SOLE |  | 1438595 | 0 | 0 |
| CRESCENT BIOPHARMA INC. | COM | G2545C104 |  | 5394327 | 453686 | SH |  | SOLE |  | 453686 | 0 | 0 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 30879790 | 9680185 | SH |  | SOLE |  | 9680185 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 6836617 | 540444 | SH |  | SOLE |  | 540444 | 0 | 0 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 61569401 | 3795894 | SH |  | SOLE |  | 3795894 | 0 | 0 |
| ENGENE HOLDINGS INC | COM | 29286M105 |  | 14324122 | 2097236 | SH |  | SOLE |  | 2097236 | 0 | 0 |
| ENSYSCE BIOSCIENCES INC | COM NEW | 293602504 |  | 205398 | 86666 | SH |  | SOLE |  | 86666 | 0 | 0 |
| ENVVENO MEDICAL CORPORATION | COM | 29415J106 |  | 1593686 | 1759035 | SH |  | SOLE |  | 1759035 | 0 | 0 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 25466794 | 465487 | SH |  | SOLE |  | 465487 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 10027656 | 3812797 | SH |  | SOLE |  | 3812797 | 0 | 0 |
| HEARTFLOW INC | COM | 42238D107 |  | 5049000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| IMMATICS N.V | SHS | N44445109 |  | 79947045 | 9383456 | SH |  | SOLE |  | 9383456 | 0 | 0 |
| IMMUNOVANT INC | COM | 45258J102 |  | 25596787 | 1587890 | SH |  | SOLE |  | 1587890 | 0 | 0 |
| INHIBIKASE THERAPEUTICS INC | COM NEW | 45719W205 |  | 8782940 | 5421568 | SH |  | SOLE |  | 5421568 | 0 | 0 |
| INHIBRX BIOSCIENCES INC | COM | 45720N103 |  | 44717171 | 1327707 | SH |  | SOLE |  | 1327707 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 101113741 | 702130 | SH |  | SOLE |  | 702130 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 23309180 | 52119 | SH |  | SOLE |  | 52119 | 0 | 0 |
| IRHYTHM TECHNOLOGIES INC | COM | 450056106 |  | 21154770 | 123000 | SH |  | SOLE |  | 123000 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 7153246 | 292686 | SH |  | SOLE |  | 292686 | 0 | 0 |
| KODIAK SCIENCES INC | COM | 50015M109 |  | 10388025 | 634577 | SH |  | SOLE |  | 634577 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 6178550 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| KYMERA THERAPEUTICS INC | COM | 501575104 |  | 9610454 | 169796 | SH |  | SOLE |  | 169796 | 0 | 0 |
| LEXEO THERAPEUTICS INC | COM | 52886X107 |  | 928504 | 139835 | SH |  | SOLE |  | 139835 | 0 | 0 |
| LYRA THERAPEUTICS INC | COM NEW | 55234L204 |  | 1497864 | 229382 | SH |  | SOLE |  | 229382 | 0 | 0 |
| MEIRAGTX HLDGS PLC | COM | G59665102 |  | 103792540 | 12626103 | SH |  | SOLE |  | 12626103 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 127393706 | 1353093 | SH |  | SOLE |  | 1353093 | 0 | 0 |
| NAUTILUS BIOTECHNOLOGY INC | COM | 63909J108 |  | 10642108 | 12594211 | SH |  | SOLE |  | 12594211 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 63178019 | 450050 | SH |  | SOLE |  | 450050 | 0 | 0 |
| NURIX THERAPEUTICS INC | COM | 67080M103 |  | 13085217 | 1416149 | SH |  | SOLE |  | 1416149 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 135110817 | 1562336 | SH |  | SOLE |  | 1562336 | 0 | 0 |
| OUTSET MED INC | COM NEW | 690145206 |  | 11766661 | 833333 | SH |  | SOLE |  | 833333 | 0 | 0 |
| OMADA HEALTH INC | COM | 68170A108 |  | 52982856 | 2396330 | SH |  | SOLE |  | 2396330 | 0 | 0 |
| OPUS GENETICS INC | COM | 67577R102 |  | 7136250 | 4325000 | SH |  | SOLE |  | 4325000 | 0 | 0 |
| ORCHESTRA BIOMED HLDGS INC | COM | 68572M106 |  | 13125539 | 5292556 | SH |  | SOLE |  | 5292556 | 0 | 0 |
| ORUKA THERAPEUTICS INC | COM | 687604108 |  | 24384044 | 1268021 | SH |  | SOLE |  | 1268021 | 0 | 0 |
| PALVELLA THERAPEUTICS INC NE | COM | 697947109 |  | 24768380 | 395093 | SH |  | SOLE |  | 395093 | 0 | 0 |
| PENUMBRA INC | COM | 70975L107 |  | 55868966 | 220547 | SH |  | SOLE |  | 220547 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 3833999 | 829870 | SH |  | SOLE |  | 829870 | 0 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 82921362 | 1564554 | SH |  | SOLE |  | 1564554 | 0 | 0 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 68431802 | 1030134 | SH |  | SOLE |  | 1030134 | 0 | 0 |
| PYXIS ONCOLOGY INC | COMMON STOCK | 747324101 |  | 2615842 | 1178307 | SH |  | SOLE |  | 1178307 | 0 | 0 |
| RAPPORT THERAPEUTICS INC | COM | 75383L102 |  | 11996513 | 403923 | SH |  | SOLE |  | 403923 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 4742523 | 183890 | SH |  | SOLE |  | 183890 | 0 | 0 |
| REPLIGEN CORP | COM | 759916109 |  | 36148111 | 270428 | SH |  | SOLE |  | 270428 | 0 | 0 |
| REVOLUTION MEDICINES INC | *W EXP 12/17/202 | 76155X118 |  | 74975 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 246311479 | 2438969 | SH |  | SOLE |  | 2438969 | 0 | 0 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 42079099 | 416666000 | PRN |  | SOLE |  | 416666000 | 0 | 0 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 111484815 | 7368461 | SH |  | SOLE |  | 7368461 | 0 | 0 |
| SCPHARMACEUTICALS INC | COM | 810648105 |  | 3306415 | 583142 | SH |  | SOLE |  | 583142 | 0 | 0 |
| SEPTERNA INC | COM | 81734D104 |  | 10184675 | 541450 | SH |  | SOLE |  | 541450 | 0 | 0 |
| SIONNA THERAPEUTICS INC | COM | 829401108 |  | 34677272 | 1179098 | SH |  | SOLE |  | 1179098 | 0 | 0 |
| SOLID BIOSCIENCES INC | COM NEW | 83422E204 |  | 73012936 | 11833539 | SH |  | SOLE |  | 11833539 | 0 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 20605498 | 1229445 | SH |  | SOLE |  | 1229445 | 0 | 0 |
| SURROZEN INC | *W EXP 08/01/203 | 86889P117 |  | 2967 | 166666 | SH |  | SOLE |  | 166666 | 0 | 0 |
| TEMPUS AI INC | CL A | 88023B103 |  | 6860350 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 90691299 | 3794615 | SH |  | SOLE |  | 3794615 | 0 | 0 |
| TRINITY BIOTECH PLC | SPONS ADR NEW | 896438504 |  | 1861600 | 1790000 | SH |  | SOLE |  | 1790000 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 1167400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| VERONA PHARMA PLC | SPONSORED ADS | 925050106 |  | 55925430 | 524088 | SH |  | SOLE |  | 524088 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 2775089 | 105597 | SH |  | SOLE |  | 105597 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 31558592 | 1462400 | SH |  | SOLE |  | 1462400 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 8061759 | 200791 | SH |  | SOLE |  | 200791 | 0 | 0 |
| ZYMEWORKS INC | COM | 98985Y108 |  | 35708524 | 2090663 | SH |  | SOLE |  | 2090663 | 0 | 0 |

---