X0202 13F-HR LIVE false false false 0001496201 XXXXXXXX 12-31-2025 12-31-2025 SPHERA FUNDS MANAGEMENT LTD.

4 ITZHAK SADE BUILDING A 29TH FLOOR TEL AVIV L3 6777520

13F HOLDINGS REPORT 028-15863 000312614 802-120694 Y Investment discretion with regard to a portion of the securities reported herein exercised by Sphera Portfolio Management Ltd, which is wholly owned by Sphera Funds Management Ltd. Per guidance received from the Division of Investment Management, since Sphera Portfolio Management Ltd does not meet the Section 13(f) securities threshold, its holdings are aggregated with those reported for Sphera Funds Management Ltd. Investment discretion with regard to a portion of the securities reported herein is exercised by Sphera Global Healthcare Management L.P. (the "Management Company"). The Management Company is managed, controlled, and operated by its general partner, Sphera Global Healthcare GP Ltd. (the "General Partner"), the shares of which are owned 90% by Sphera Funds Management Ltd. ("SFML"). SFML is entitled to appoint the members of the board of directors of the General Partner (the "Board of Directors"), and therefore may be deemed to control the General Partner and Management Company. This Form 13F shall not be construed as an admission by SFML, Sphera Portfolio Management, the General Partner, or the Management Company that it is the beneficial owner of any of the securities covered by this Form 13F, and each of SFML, Sphera Portfolio Management, the General Partner, and the Management Company disclaim beneficial ownership of any such securities. Per informal guidance received from the Division of Investment Management, section 13(f) securities that are dual listed on a U.S. stock exchange and the Tel Aviv Stock Exchange were included in this Form 13F only if they were purchased in the U.S.. Oshrat Levi 972 3 6845617 Oshrat Levi Tel Aviv L3 02-17-2026 2 100 517294385 false 1 0001599854 028-15865 000172608 802-127045 Sphera Global Healthcare Management LP 2 0001599855 028-15864 Sphera Global Healthcare GP Ltd.