# EDGAR Filing Document

**Accession Number:** 0001232621
**File Stem:** 0001214659-26-006493
**Filing Date:** 2026-5
**Character Count:** 9040
**Document Hash:** 30443a469ea7f0899ee0909e9b00878f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-006493.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001214659-26-006493

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TANG CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001232621

**ORGANIZATION NAME:**
- **EIN:** 461592449
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14822
- **FILM NUMBER:** 26987673

**BUSINESS ADDRESS:**
- **STREET 1:** 4747 EXECUTIVE DRIVE
- **STREET 2:** SUITE 210
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** 858-200-3830

**MAIL ADDRESS:**
- **STREET 1:** 4747 EXECUTIVE DRIVE
- **STREET 2:** SUITE 210
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** TANG CAPITAL MANAGEMENT LLC<br>**Address:** 4747 EXECUTIVE DRIVE<br>SUITE 210<br>SAN DIEGO, CA 92121

**Form 13F File Number:** 028-14822

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:** Kevin Tang<br>**Title:** Manager<br>**Phone:** 858-200-3830

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

/s/ Kevin Tang  San Diego, CA  05-15-2026<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:** 1

**Form 13F Information Table Entry Total:** 51

**Form 13F Information Table Value Total:** $1968963283

      (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   |
|:---|:---|:---|
|  | TANG KEVIN | 028-14818              |

### 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 |
| ABEONA THERAPEUTICS INC | COM NEW | 00289Y206 |  | 1792000 | 400000 | SH |  | OTR | 1 | 0 | 400000 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 3383000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| ALTIMMUNE INC | COM NEW | 02155H200 |  | 2051348 | 666022 | SH |  | OTR | 1 | 0 | 666022 | 0 |
| ANAPTYSBIO INC | COM | 032724106 |  | 73810549 | 1330879 | SH |  | OTR | 1 | 0 | 1330879 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 54406750 | 707500 | SH |  | OTR | 1 | 0 | 707500 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 5709775 | 538658 | SH |  | OTR | 1 | 0 | 538658 | 0 |
| ATEA PHARMACEUTICALS INC | COM | 04683R106 |  | 25903086 | 4814700 | SH |  | OTR | 1 | 0 | 4814700 | 0 |
| AURINIA PHARMACEUTICALS INC | COM | 05156V102 |  | 181241190 | 12229500 | SH |  | OTR | 1 | 0 | 12229500 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 6416550 | 35000 | SH |  | OTR | 1 | 0 | 35000 | 0 |
| BIONTECH SE | SPONSORED ADS | 09075V102 |  | 41773600 | 470000 | SH |  | OTR | 1 | 0 | 470000 | 0 |
| CAPRICOR THERAPEUTICS INC | COM NEW | 14070B309 |  | 103356960 | 3399900 | SH |  | OTR | 1 | 0 | 3399900 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 119847000 | 1050000 | SH |  | OTR | 1 | 0 | 1050000 | 0 |
| COHERUS ONCOLOGY INC | COM | 19249H103 |  | 3188604 | 1886748 | SH |  | OTR | 1 | 0 | 1886748 | 0 |
| COMPASS PATHWAYS PLC | SPONSORED ADS | 20451W101 |  | 22132166 | 4002200 | SH |  | OTR | 1 | 0 | 4002200 | 0 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 88823380 | 16790809 | SH |  | OTR | 1 | 0 | 16790809 | 0 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 60465000 | 1500000 | SH |  | OTR | 1 | 0 | 1500000 | 0 |
| CRESCENT BIOPHARMA INC. | COM | G2545C104 |  | 21309200 | 1160000 | SH |  | OTR | 1 | 0 | 1160000 | 0 |
| DIANTHUS THERAPEUTICS INC | COM | 252828108 |  | 22212953 | 264692 | SH |  | OTR | 1 | 0 | 264692 | 0 |
| ERASCA INC | COM | 29479A108 |  | 3236000 | 200000 | SH |  | OTR | 1 | 0 | 200000 | 0 |
| EVOLUS INC | COM | 30052C107 |  | 1985216 | 483021 | SH |  | OTR | 1 | 0 | 483021 | 0 |
| FATE THERAPEUTICS INC | COM | 31189P102 |  | 1401328 | 1167773 | SH |  | OTR | 1 | 0 | 1167773 | 0 |
| GALAPAGOS NV | SPON ADR | 36315X101 |  | 113579730 | 3785991 | SH |  | OTR | 1 | 0 | 3785991 | 0 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 5000625 | 6250000 | SH |  | OTR | 1 | 0 | 6250000 | 0 |
| IDEAYA BIOSCIENCES INC | COM | 45166A102 |  | 14994000 | 450000 | SH |  | OTR | 1 | 0 | 450000 | 0 |
| IMMUNOCORE HLDGS PLC | ADS | 45258D105 |  | 79878445 | 2649368 | SH |  | OTR | 1 | 0 | 2649368 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 42515200 | 260000 | SH |  | OTR | 1 | 0 | 260000 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 6950000 | 500000 | SH |  | OTR | 1 | 0 | 500000 | 0 |
| JOURNEY MED CORP | COM | 48115J109 |  | 7550900 | 1610000 | SH |  | OTR | 1 | 0 | 1610000 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 92065159 | 4573530 | SH |  | OTR | 1 | 0 | 4573530 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 4929210 | 664314 | SH |  | OTR | 1 | 0 | 664314 | 0 |
| KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 |  | 108813655 | 2259889 | SH |  | OTR | 1 | 0 | 2259889 | 0 |
| LENZ THERAPEUTICS INC | COM | 52635N103 |  | 4127696 | 451114 | SH |  | OTR | 1 | 0 | 451114 | 0 |
| LEXICON PHARMACEUTICALS INC | COM NEW | 528872302 |  | 623532 | 399700 | SH |  | OTR | 1 | 0 | 399700 | 0 |
| MIRUM PHARMACEUTICALS INC | COM | 604749101 |  | 114184174 | 1236027 | SH |  | OTR | 1 | 0 | 1236027 | 0 |
| MODERNA INC | COM | 60770K107 |  | 5080000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| NEUMORA THERAPEUTICS INC. | COM | 640979100 |  | 857762 | 439878 | SH |  | OTR | 1 | 0 | 439878 | 0 |
| NKARTA INC | COM | 65487U108 |  | 3124537 | 1480823 | SH |  | OTR | 1 | 0 | 1480823 | 0 |
| NUVATION BIO INC | COM CL A | 67080N101 |  | 13511600 | 3149557 | SH |  | OTR | 1 | 0 | 3149557 | 0 |
| PLIANT THERAPEUTICS INC | COM | 729139105 |  | 7740346 | 6143132 | SH |  | OTR | 1 | 0 | 6143132 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 5263905 | 4245085 | SH |  | OTR | 1 | 0 | 4245085 | 0 |
| PRECIGEN INC | COM | 74017N105 |  | 24835725 | 6417500 | SH |  | OTR | 1 | 0 | 6417500 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 102195000 | 1500000 | SH |  | OTR | 1 | 0 | 1500000 | 0 |
| ROCKET PHARMACEUTICALS INC | COM | 77313F106 |  | 358000 | 100000 | SH |  | OTR | 1 | 0 | 100000 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 109257120 | 168000 | SH |  | OTR | 1 | 0 | 168000 | 0 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 95442568 | 1892200 | SH |  | OTR | 1 | 0 | 1892200 | 0 |
| STOKE THERAPEUTICS INC | COM | 86150R107 |  | 16280000 | 500000 | SH |  | OTR | 1 | 0 | 500000 | 0 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 |  | 83381974 | 1188624 | SH |  | OTR | 1 | 0 | 1188624 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 6293000 | 350000 | SH |  | OTR | 1 | 0 | 350000 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 16270000 | 500000 | SH |  | OTR | 1 | 0 | 500000 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 35063765 | 1792626 | SH |  | OTR | 1 | 0 | 1792626 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 4350000 | 600000 | SH |  | OTR | 1 | 0 | 600000 | 0 |

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