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Livermore
Livermore
ZHEN

Ikarian Capital, LLC

SEC CIK
0001778253
Latest filing
Aug 14, 2026

The latest 13F from Ikarian Capital, LLC covers Q2 2026 (filed Aug 14, 2026): 126 long positions worth $610.9M. The top 10 holdings make up 39.5% of the portfolio, and the largest is Abivax S.A. (ABVX) at 7.1%. Livermore has 25 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
26
Est. +$110.8M
Added
18
Est. +$73.9M
Reduced
29
Est. −$111.7M
Sold out
27
Est. −$190.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. ABVXAbivax S.A.
    7.1%$43.4MHistory
  2. KODKodiak Sciences Inc.
    6.8%$41.3MHistory
  3. ALMSAlumis Inc.
    4.0%$24.5MHistory
  4. PRAXPraxis Precision Medicines, Inc.
    4.0%$24.4MHistory
  5. PCVXVaxcyte, Inc.
    3.7%$22.6MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. ABVXAbivax S.A.
    +$35.7MAddedHistory
  2. RCUSArcus Biosciences, Inc.
    +$15.6MNewHistory
  3. COGTCogent Biosciences, Inc.
    +$14.3MNewHistory
  4. CCCCC4 Therapeutics, Inc.
    +$11.4MNewHistory
  5. ANIPAni Pharmaceuticals Inc
    +$10.3MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. ABVXAbivax S.A.
    +6.21 pp0.9% → 7.1%History
  2. RCUSArcus Biosciences, Inc.
    +2.55 pp0.0% → 2.5%History
  3. COGTCogent Biosciences, Inc.
    +2.34 pp0.0% → 2.3%History
  4. ANIPAni Pharmaceuticals Inc
    +2.07 pp1.6% → 3.7%History
  5. CCCCC4 Therapeutics, Inc.
    +1.86 pp0.0% → 1.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TERNTerns Pharmaceuticals, Inc.
    −$76.8MSold outHistory
  2. CYTKCytokinetics Inc
    −$18.7MSold outHistory
  3. HROWHarrow, Inc.
    −$17.3MReducedHistory
  4. RVMDRevolution Medicines, Inc.
    −$15.9MSold outHistory
  5. ORKAOruka Therapeutics, Inc.
    −$11.9MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. TERNTerns Pharmaceuticals, Inc.
    −10.98 pp11.0% → 0.0%History
  2. CYTKCytokinetics Inc
    −2.67 pp2.7% → 0.0%History
  3. RVMDRevolution Medicines, Inc.
    −2.27 pp2.3% → 0.0%History
  4. HROWHarrow, Inc.
    −1.80 pp2.7% → 0.9%History
  5. ORKAOruka Therapeutics, Inc.
    −1.70 pp1.7% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$610.9M
−$88.1M (−12.6%) vs. prior quarter
Positions
126
−1 vs. prior quarter
Top 10 concentration
39.5%
Top 10 as share of value
Turnover
28.2%
Q2 2026, one quarter
Average holding period
4.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $772.6M (Q4 2025)

Q1 2021: $671.6MQ2 2021: $559.8MQ3 2021: $436.7MQ4 2021: $349.4MQ1 2022: $328.7MQ2 2022: $241.2MQ3 2022: $200.3MQ4 2022: $241.0MQ1 2023: $240.9MQ2 2023: $283.5MQ3 2023: $269.4MQ4 2023: $365.6MQ1 2024: $367.7MQ2 2024: $320.5MQ3 2024: $322.0MQ4 2024: $350.2MQ1 2025: $306.9MQ2 2025: $302.2MQ3 2025: $441.3MQ4 2025: $772.6MQ1 2026: $699.0MQ2 2026: $610.9M
Q1 2021Q2 2026
13F filings of Ikarian Capital, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 2026126$610.9MABVXKODALMSvs. Q1 2026SEC
Q1 2026May 15, 2026127$699.0MTERNKODALMSvs. Q4 2025SEC
Q4 2025Feb 18, 2026135$772.6MTERNCDTXABVXvs. Q3 2025SEC
Q3 2025Nov 14, 2025116$441.3MABVXIONSCDTXvs. Q2 2025SEC
Q2 2025Aug 14, 2025103$302.2MCDTXALNYINSMvs. Q1 2025SEC
Q1 2025May 15, 2025116$306.9MTARSCRNXSPYvs. Q4 2024SEC
Q4 2024Feb 14, 2025122$350.2MTARSCRNXSRRKvs. Q3 2024SEC
Q3 2024Nov 14, 202496$322.0MTARSCRNXELVNvs. Q2 2024SEC
Q2 2024Aug 14, 202485$320.5MSRPTCRNXTARSvs. Q1 2024SEC
Q1 2024May 17, 2024Amended82$367.7MCRNXTARSSLNOvs. Q4 2023SEC
Q4 2023Feb 14, 202478$365.6MARGXCRNXSLNOvs. Q3 2023SEC
Q3 2023Nov 14, 202381$269.4MSLRNCRNXSLNOvs. Q2 2023SEC
Q2 2023Aug 14, 202381$283.5MSLRNAPLSMRKvs. Q1 2023SEC
Q1 2023May 15, 202390$240.9MRXDXIMVTATXSvs. Q4 2022SEC
Q4 2022Feb 14, 202367$241.0MRXDXIMVTPCVXvs. Q3 2022SEC
Q3 2022Nov 14, 202265$200.3MISEEESPRRXDXvs. Q2 2022SEC
Q2 2022Aug 12, 202299$241.2MCLDXESPRHZNPvs. Q1 2022SEC
Q1 2022May 13, 2022155$328.7MBCYCCLDXKZRvs. Q4 2021SEC
Q4 2021Feb 14, 2022149$349.4MBCYCKZRCLDXvs. Q3 2021SEC
Q3 2021Nov 15, 2021144$436.7MBCYCGOSSCLDXvs. Q2 2021SEC
Q2 2021Aug 18, 2021Amended153$559.8MBIIBCRSPXFORvs. Q1 2021SEC
Q1 2021Aug 18, 2021Amended178$671.6MLLYXFORTCON–SEC

13D and 13G filings

Companies where Ikarian Capital, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

9 companies, largest stake first.

Companies where Ikarian Capital, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
QNRXQuoin Pharmaceuticals Ltd.13G/A12.60%211.5K shares−12.60 ppfrom 25.20%Dec 15, 20252 filingsFeb 6, 2026SEC
NXTCNextCure, Inc.13G/A9.99%502.7K shares0.00 ppfrom 9.99%Feb 17, 20262 filingsAug 14, 2026SEC
CNSPCNS Pharmaceuticals, Inc.13G/A9.90%147.3K shares+4.20 ppfrom 5.70%Apr 17, 20262 filingsAug 14, 2026SEC
TRAWTraws Pharma, Inc.13G/A9.50%1.56M shares−0.49 ppfrom 9.99%Feb 14, 20254 filingsAug 14, 2026SEC
QNCXQuince Therapeutics, Inc.13G9.00%91.8K sharesNewAug 14, 20261 filingAug 14, 2026SEC
PTHSPelthos Therapeutics Inc.13G/A7.70%256.6K shares−0.70 ppfrom 8.40%Nov 14, 20253 filingsMay 15, 2026SEC
PTHSPelthos Therapeutics Inc.13G7.30%440.8K sharesNewFeb 14, 20251 filingFeb 14, 2025SEC
CNTBConnect Biopharma Holdings Ltd13G/A6.90%4.34M shares−1.90 ppfrom 8.80%Feb 17, 20262 filingsAug 14, 2026SEC
LPCNLipocine Inc.13G6.30%508.6K sharesNewMay 15, 20261 filingMay 15, 2026SEC

Latest filings

87 filings on file made by Ikarian Capital, LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Ikarian Capital, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
CNSPCNS Pharmaceuticals, Inc.Aug 14, 20269:25 PM ET13G/A9.90%147.3K shares+4.20 ppfrom 5.70%Jun 30, 2026SEC
CNTBConnect Biopharma Holdings LtdAug 14, 20269:24 PM ET13G/A6.90%4.34M shares−1.90 ppfrom 8.80%Jun 30, 2026SEC
QNCXQuince Therapeutics, Inc.Aug 14, 20269:20 PM ET13G9.00%91.8K sharesNewJun 30, 2026SEC
TRAWTraws Pharma, Inc.Aug 14, 20269:16 PM ET13G/A9.50%1.56M shares−0.49 ppfrom 9.99%Jun 30, 2026SEC
TENXTenax Therapeutics, Inc.Aug 14, 20269:14 PM ET13G/A2.90%1.08M shares−3.80 ppfrom 6.70%Below 5%Jun 30, 2026SEC
INMInMed Pharmaceuticals Inc.Aug 14, 20269:12 PM ET13G4.20%137.6K sharesNewBelow 5%Jun 30, 2026SEC
GRTXGalera Therapeutics, Inc.Aug 14, 20269:08 PM ET13G/A0.00%0 shares−9.99 ppfrom 9.99%Below 5%Jun 30, 2026SEC
KZIAKazia Therapeutics LtdAug 14, 20269:05 PM ET13G/A4.90%575.8K shares−0.20 ppfrom 5.10%Below 5%Jun 30, 2026SEC
NXTCNextCure, Inc.Aug 14, 20268:57 PM ET13G/A9.99%502.7K shares0.00 ppfrom 9.99%Jun 30, 2026SEC
LPCNLipocine Inc.May 15, 20265:00 PM ET13G6.30%508.6K sharesNewMar 31, 2026SEC
KPTIKaryopharm Therapeutics Inc.May 15, 20264:59 PM ET13G0.00%0 sharesNewBelow 5%Mar 31, 2026SEC
PTHSPelthos Therapeutics Inc.May 15, 20264:56 PM ET13G/A7.70%256.6K shares−0.70 ppfrom 8.40%Mar 31, 2026SEC
SPRBSpruce Biosciences, Inc.May 7, 20265:13 PM ET13G/A4.80%121.4K shares−6.60 ppfrom 11.40%Below 5%Apr 30, 2026SEC
CNSPCNS Pharmaceuticals, Inc.Apr 17, 20264:57 PM ET13G5.70%45.8K sharesNewDec 31, 2025SEC
TENXTenax Therapeutics, Inc.Apr 7, 20269:34 PM ET13G/A6.70%1.15M shares−8.80 ppfrom 15.50%Mar 31, 2026SEC
DMRADamora Therapeutics, Inc.Mar 6, 20264:43 PM ET13G/A0.60%335.7K shares−20.90 ppfrom 21.50%Below 5%Feb 28, 2026SEC
KZIAKazia Therapeutics LtdFeb 17, 20265:47 PM ET13G5.10%580.8K sharesNewDec 31, 2025SEC
NXTCNextCure, Inc.Feb 17, 20265:28 PM ET13G9.99%363.0K sharesNewDec 31, 2025SEC
GCTKGlucotrack, Inc.Feb 17, 20265:23 PM ET13G4.50%45.8K sharesNewBelow 5%Dec 31, 2025SEC
CNTBConnect Biopharma Holdings LtdFeb 17, 20265:22 PM ET13G8.80%4.93M sharesNewDec 31, 2025SEC