# EDGAR Filing Document

**Accession Number:** 0001496201
**File Stem:** 0001496201-23-000003
**Filing Date:** 2023-2
**Character Count:** 10462
**Document Hash:** 98b17e1f05e8d38a6f6e3965f21531a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001496201-23-000003.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001496201-23-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPHERA FUNDS MANAGEMENT LTD.
- **CENTRAL INDEX KEY:** 0001496201
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** L3

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15863
- **FILM NUMBER:** 23628052

**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:** 12-31-2022

**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:** Israel Mor<br>**Title:** Partner<br>**Phone:** 972 3 684535

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

Israel Mor  Tel Aviv, L3  02-14-2023<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:** 64

**Form 13F Information Table Value Total:** $465932418

      (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 |
| 89BIO INC | COM | 282559103 |  | 2299038 | 180600 | SH |  | DFND | 12 | 180600 | 0 | 0 |
| 89BIO INC | CALL | 282559903 |  | 45828 | 3600 | SH | Call | DFND | 12 | 0 | 0 | 3600 |
| ABBVIE INC | COM | 00287Y109 |  | 9696600 | 60000 | SH |  | DFND | 12 | 60000 | 0 | 0 |
| AEGLEA BIOTHERAPEUTICS INC | COM | 00773J103 |  | 198333 | 440837 | SH |  | DFND | 12 | 440837 | 0 | 0 |
| ALBIREO PHARMA INC | COM | 01345P106 |  | 10023323 | 463828 | SH |  | DFND | 12 | 463828 | 0 | 0 |
| ALPINE IMMUNE SCIENCES INC | COM | 02083G100 |  | 1470000 | 200000 | SH |  | DFND | 12 | 200000 | 0 | 0 |
| ALTIMMUNE INC | COM NEW | 02155H200 |  | 6255902 | 380298 | SH |  | DFND | 12 | 380298 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | PUT | 03753U956 |  | 3102600 | 60000 | SH | Put | DFND | 12 | 60000 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 827558 | 8499 | SH |  | DFND |  | 8499 | 0 | 0 |
| ARBE ROBOTICS LTD | ORDINARY SHARES | M1R95N100 |  | 147193 | 43165 | SH |  | DFND |  | 43165 | 0 | 0 |
| ARCELLX INC | COMMON STOCK | 03940C100 |  | 7357378 | 237488 | SH |  | DFND | 12 | 237488 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 27124068 | 400060 | SH |  | DFND | 12 | 400060 | 0 | 0 |
| ASTRIA THERAPEUTICS INC | COM | 04635X102 |  | 6988473 | 469340 | SH |  | DFND | 12 | 469340 | 0 | 0 |
| AUTOLUS THERAPEUTICS PLC | SPON ADS | 05280R100 |  | 950000 | 500000 | SH |  | DFND | 12 | 500000 | 0 | 0 |
| BELLUS HEALTH INC NEW | COM NEW | 07987C204 |  | 4026649 | 489860 | SH |  | DFND | 12 | 489860 | 0 | 0 |
| BIOATLA INC | COM | 09077B104 |  | 1539450 | 186600 | SH |  | DFND | 12 | 186600 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 2081331 | 7516 | SH |  | DFND | 12 | 7516 | 0 | 0 |
| CAMTEK LTD | ORD | M20791105 |  | 2415600 | 110000 | SH |  | DFND |  | 110000 | 0 | 0 |
| CHINOOK THERAPEUTICS INC | COM | 16961L106 |  | 3332640 | 127200 | SH |  | DFND | 12 | 127200 | 0 | 0 |
| CINCOR PHARMA INC | COM | 17240Y109 |  | 6509276 | 529640 | SH |  | DFND | 12 | 529640 | 0 | 0 |
| CONCERT PHARMACEUTICALS INC | COM | 206022105 |  | 5856253 | 1002783 | SH |  | DFND | 12 | 1002783 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 12291085 | 671644 | SH |  | DFND | 12 | 671644 | 0 | 0 |
| CYCLACEL PHARMACEUTICALS INC | COM | 23254L603 |  | 166750 | 250000 | SH |  | DFND | 12 | 250000 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 82857 | 7149 | SH |  | DFND | 12 | 7149 | 0 | 0 |
| FIVE9 INC | COM | 338307101 |  | 6446600 | 95000 | SH |  | DFND |  | 95000 | 0 | 0 |
| FIVERR INTL LTD | NOTE 11/0 | 33835LAA3 |  | 4013955 | 4951000 | SH |  | DFND |  | 4951000 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 5032995 | 50000 | SH |  | DFND |  | 50000 | 0 | 0 |
| IMMATICS N.V | *W EXP 07/01/202 | N44445117 |  | 251000 | 100000 | SH |  | DFND | 12 | 100000 | 0 | 0 |
| IMMATICS N.V | SHS | N44445109 |  | 6801221 | 780852 | SH |  | DFND | 12 | 780852 | 0 | 0 |
| INFINITY PHARMACEUTICALS INC | COM | 45665G303 |  | 819180 | 1476000 | SH |  | DFND | 12 | 1476000 | 0 | 0 |
| INOZYME PHARMA INC | COM | 45790W108 |  | 1706311 | 1625058 | SH |  | DFND | 12 | 1625058 | 0 | 0 |
| INVESCO QQQ TR | PUT | 46090E953 |  | 55918800 | 210000 | SH | Put | DFND |  | 210000 | 0 | 0 |
| INVESCO QQQ TR | CALL | 46090E903 |  | 61510680 | 231000 | SH | Call | DFND |  | 0 | 0 | 231000 |
| IVERIC BIO INC | COM | 46583P102 |  | 4187603 | 195591 | SH |  | DFND | 12 | 195591 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 19401646 | 109831 | SH |  | DFND | 12 | 109831 | 0 | 0 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 7623511 | 158757 | SH |  | DFND | 12 | 158757 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM | 49372L100 |  | 9188446 | 1305183 | SH |  | DFND | 12 | 1305183 | 0 | 0 |
| KINIKSA PHARMACEUTICALS LTD | COM CL A | G5269C101 |  | 4603099 | 307283 | SH |  | DFND | 12 | 307283 | 0 | 0 |
| KURA ONCOLOGY INC | COM | 50127T109 |  | 6928342 | 558287 | SH |  | DFND | 12 | 558287 | 0 | 0 |
| LEONARDO DRS INC | COM | 52661A108 |  | 4288418 | 335557 | SH |  | DFND |  | 335557 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 9398430 | 25690 | SH |  | DFND | 12 | 25690 | 0 | 0 |
| MAGIC SOFTWARE ENTERPRISES L | ORD | 559166103 |  | 352199 | 21981 | SH |  | DFND |  | 21981 | 0 | 0 |
| MEDIWOUND LTD | SHS NEW | M68830112 |  | 1017321 | 75413 | SH |  | DFND |  | 75413 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 13380570 | 120600 | SH |  | DFND | 12 | 120600 | 0 | 0 |
| MERUS N V | COM | N5749R100 |  | 4903882 | 316993 | SH |  | DFND | 12 | 316993 | 0 | 0 |
| NICE SYS INC | NOTE 1.250% 1/1 | 65366HAB9 |  | 576550 | 250000 | SH |  | DFND |  | 250000 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 9682224 | 71540 | SH |  | DFND | 12 | 71540 | 0 | 0 |
| ONCORUS INC | COM | 68236R103 |  | 136847 | 540258 | SH |  | DFND | 12 | 540258 | 0 | 0 |
| OTONOMO TECHNOLOGIES LTD | ORDINARY SHARES | M7571L103 |  | 159488 | 391863 | SH |  | DFND |  | 391863 | 0 | 0 |
| OUTBRAIN INC | COM | 69002R103 |  | 43976 | 12148 | SH |  | DFND |  | 12148 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 1633860 | 187800 | SH |  | DFND | 12 | 187800 | 0 | 0 |
| POINT BIOPHARMA GLOBAL INC | COM | 730541109 |  | 6944760 | 952642 | SH |  | DFND | 12 | 952642 | 0 | 0 |
| REZOLUTE INC | COM NEW | 76200L309 |  | 2392707 | 1155897 | SH |  | DFND | 12 | 1155897 | 0 | 0 |
| RIGEL PHARMACEUTICALS INC | COM NEW | 766559603 |  | 3418268 | 2278845 | SH |  | DFND | 12 | 2278845 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 27097311 | 559515 | SH |  | DFND | 12 | 559515 | 0 | 0 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 5810000 | 70000 | SH |  | DFND | 12 | 70000 | 0 | 0 |
| SPRINGWORKS THERAPEUTICS INC | COM | 85205L107 |  | 8235416 | 316625 | SH |  | DFND | 12 | 316625 | 0 | 0 |
| STOKE THERAPEUTICS INC | COM | 86150R107 |  | 1741147 | 188640 | SH |  | DFND | 12 | 188640 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 18083777 | 710561 | SH |  | DFND | 12 | 710561 | 0 | 0 |
| TABOOLA.COM LTD | ORD SHS | M8744T106 |  | 369600 | 120000 | SH |  | DFND |  | 120000 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | CALL | 881624909 |  | 20267376 | 2222300 | SH | Call | DFND |  | 0 | 0 | 2222300 |
| TOWER SEMICONDUCTOR LTD | PUT | M87915954 |  | 6981120 | 161600 | SH | Put | DFND |  | 161600 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 8510636 | 183696 | SH |  | DFND | 12 | 183696 | 0 | 0 |
| WEREWOLF THERAPEUTICS INC | COM | 95075A107 |  | 1284961 | 626810 | SH |  | DFND | 12 | 626810 | 0 | 0 |

---