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Livermore
Livermore
ZHEN

Ikarian Capital, LLC

SEC CIK
0001778253
Latest filing
Aug 14, 2026

Holdings in Q1 2025

Holdings as of Mar 31, 2025, filed May 15, 2025. Long positions only; changes compare share counts with Q4 2024.

Institution overview
Positions
116
−6 vs. Q4 2024
Portfolio value
$306.9M
−$43.3M (−12.4%) vs. Q4 2024
Filed
May 15, 2025
SEC
Holdings of Ikarian Capital, LLC in Q1 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
TARSTarsus Pharmaceuticals, Inc.COM485,021$24.9M8.1%−122,668−20.2%ReducedHistory
CRNXCrinetics Pharmaceuticals, Inc.COM523,431$17.6M5.7%+7,000+1.4%AddedHistory
SPYSPDR S&P 500 ETF TrustETF25,000$14.0M4.6%+25,000NewHistory
SRPTSarepta Therapeutics, Inc.COM169,087$10.8M3.5%+135,000+396.0%AddedHistory
BPMCBlueprint Medicines CorpCOM113,904$10.1M3.3%−55,470−32.8%ReducedHistory
AKROAkero Therapeutics, Inc.COM245,000$9.92M3.2%+245,000NewHistory
ALNYAlnylam Pharmaceuticals, Inc.COM31,594$8.53M2.8%+31,594NewHistory
TGTXTG Therapeutics, Inc.COM210,065$8.28M2.7%−81,175−27.9%ReducedHistory
VRNAVerona Pharma plcSPONSORED ADS130,000$8.25M2.7%+50,000+62.5%AddedHistory
RAREUltragenyx Pharmaceutical Inc.COM216,989$7.86M2.6%+38,000+21.2%AddedHistory
SRRKScholar Rock Holding CorpCOM244,179$7.85M2.6%−113,006−31.6%ReducedHistory
PCVXVaxcyte, Inc.COM200,000$7.55M2.5%+200,000NewHistory
VIRVir Biotechnology, Inc.COM1,068,062$6.92M2.3%+170,200+19.0%AddedHistory
VRDNViridian Therapeutics, Inc.COM494,949$6.67M2.2%+25,000+5.3%AddedHistory
INSMINSMED IncCOM PAR $.0184,800$6.47M2.1%−35,000−29.2%ReducedHistory
EWTXEdgewise Therapeutics, Inc.COM280,000$6.16M2.0%+280,000NewHistory
CPRXCatalyst Pharmaceuticals, Inc.COM249,649$6.05M2.0%−100,000−28.6%ReducedHistory
CYTKCytokinetics IncCOM NEW149,982$6.03M2.0%00.0%UnchangedHistory
ELVNEnliven Therapeutics, Inc.COM289,538$5.70M1.9%−105,000−26.6%ReducedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW145,502$5.51M1.8%+145,502NewHistory
CDTXCidara Therapeutics, Inc.COM NEW248,940$5.36M1.7%+195,000+361.5%AddedHistory
ACOGAlpha Cognition Inc.COM NEW967,867$5.11M1.7%+212,000+28.0%AddedHistory
TECXTectonic Therapeutic, Inc.COM269,090$4.77M1.6%+126,762+89.1%AddedHistory
FBRXForte Biosciences, Inc.COM NEW609,225$4.73M1.5%00.0%UnchangedHistory
GPCRStructure Therapeutics Inc.SPONSORED ADS264,085$4.57M1.5%−20,000−7.0%ReducedHistory
MTSRMetsera, Inc.COM150,000$4.08M1.3%+150,000NewHistory
STIMNeuronetics, Inc.COM1,100,000$4.05M1.3%+1,100,000NewHistory
DYNDyne Therapeutics, Inc.COM358,837$3.75M1.2%+358,837NewHistory
TRVITrevi Therapeutics, Inc.COM575,000$3.62M1.2%+250,000+76.9%AddedHistory
MAZEMaze Therapeutics, Inc.COM322,740$3.55M1.2%+322,740NewHistory
JANXJanux Therapeutics, Inc.COM129,691$3.50M1.1%+55,000+73.6%AddedHistory
ELDNEledon Pharmaceuticals, Inc.COM1,025,221$3.48M1.1%−101,416−9.0%ReducedHistory
BBIOBridgeBio Pharma, Inc.COM90,837$3.14M1.0%−124,876−57.9%ReducedHistory
CPIXCumberland Pharmaceuticals IncCOM740,000$3.13M1.0%+740,000NewHistory
KROSKeros Therapeutics, Inc.COM274,009$2.79M0.9%+274,009NewHistory
ABEOAbeona Therapeutics Inc.COM NEW533,581$2.54M0.8%00.0%UnchangedHistory
HELPHelus Pharma Inc.COM NEW397,175$2.52M0.8%00.0%UnchangedHistory
IBIOiBio, Inc.COM NEW599,913$2.41M0.8%00.0%UnchangedHistory
DRUGBright Minds Biosciences Inc.COM NEW65,431$2.36M0.8%−86,780−57.0%ReducedHistory
EOLSEvolus, Inc.COM193,265$2.32M0.8%−180,000−48.2%ReducedHistory
RLAYRelay Therapeutics, Inc.COM743,308$1.95M0.6%+50,000+7.2%AddedHistory
LXEOLexeo Therapeutics, Inc.COM550,029$1.91M0.6%+50,728+10.2%AddedHistory
ARCTArcturus Therapeutics Holdings Inc.COM175,000$1.85M0.6%−25,000−12.5%ReducedHistory
KODKodiak Sciences Inc.COM649,534$1.82M0.6%+73,368+12.7%AddedHistory
ORKAOruka Therapeutics, Inc.COM175,000$1.80M0.6%+175,000NewHistory
APLSApellis Pharmaceuticals, Inc.COM75,000$1.64M0.5%+71,406+1,986.8%AddedHistory
VERVVerve Therapeutics, Inc.COM358,393$1.64M0.5%+188,402+110.8%AddedHistory
ARVNArvinas, Inc.COM229,900$1.61M0.5%+229,900NewHistory
AVTXAvalo Therapeutics, Inc.COM NEW200,000$1.60M0.5%−770,259−79.4%ReducedHistory
VTGNVistagen Therapeutics, Inc.COM601,703$1.50M0.5%+524,087+675.2%AddedHistory
RCKTRocket Pharmaceuticals, Inc.COM221,911$1.48M0.5%00.0%UnchangedHistory
VTYXVentyx Biosciences, Inc.COM1,217,590$1.40M0.5%+125,000+11.4%AddedHistory
RCUSArcus Biosciences, Inc.COM163,363$1.28M0.4%−215,000−56.8%ReducedHistory
DCTHDelcath Systems, Inc.COM NEW100,365$1.28M0.4%00.0%UnchangedHistory
SGMOQSangamo Therapeutics, IncCOM1,860,179$1.22M0.4%00.0%UnchangedHistory
VKTXViking Therapeutics, Inc.COM50,000$1.21M0.4%+50,000NewHistory
TDOCTeladoc Health, Inc.COM150,000$1.19M0.4%+150,000NewHistory
ALECAlector, Inc.COM950,000$1.17M0.4%00.0%UnchangedHistory
OKUROnKure Therapeutics, Inc.COM CL A253,754$1.09M0.4%00.0%UnchangedHistory
NUVBNuvation Bio Inc.COM CL A619,258$1.09M0.4%+535,851+642.5%AddedHistory
NKTRNektar TherapeuticsCOM1,579,528$1.07M0.3%−449,500−22.2%ReducedHistory
TRMLTourmaline Bio, Inc.COM67,927$1.03M0.3%00.0%UnchangedHistory
IMUXImmunic, Inc.COM914,170$996.4K0.3%−700,000−43.4%ReducedHistory
TERNTerns Pharmaceuticals, Inc.COM308,491$851.4K0.3%00.0%UnchangedHistory
SLDBSolid Biosciences Inc.COM NEW230,000$851.0K0.3%+230,000NewHistory
ETNB89bio, Inc.COM100,000$727.0K0.2%+100,000NewHistory
OLMAOlema Pharmaceuticals, Inc.COM191,994$721.9K0.2%+100,000+108.7%AddedHistory
VERUVeru Inc.COM1,425,239$698.5K0.2%+480,000+50.8%AddedHistory
LXRXLexicon Pharmaceuticals, Inc.COM NEW1,417,952$653.4K0.2%−132,048−8.5%ReducedHistory
GLUEMonte Rosa Therapeutics, Inc.COM136,575$633.7K0.2%−175,000−56.2%ReducedHistory
PTHSPelthos Therapeutics Inc.Equity440,849$626.0K0.2%+440,849NewHistory
PYXSPyxis Oncology, Inc.COMMON STOCK613,253$600.9K0.2%00.0%UnchangedHistory
INBXInhibrx Biosciences, Inc.COM42,122$589.3K0.2%00.0%UnchangedHistory
FULCFulcrum Therapeutics, Inc.COM200,096$576.3K0.2%00.0%UnchangedHistory
SWTXSpringWorks Therapeutics, Inc.COM12,519$552.5K0.2%−25,000−66.6%ReducedHistory
KZRKezar Life Sciences, Inc.COM106,901$521.7K0.2%00.0%UnchangedHistory
HLSQTessera Defense & Homeland Security Inc.COM NEW892,976$496.2K0.2%00.0%UnchangedHistory
LYELLyell Immunopharma, Inc.COM876,037$471.3K0.2%−400,000−31.3%ReducedHistory
ITOSiTeos Therapeutics, Inc.COM78,585$469.2K0.2%00.0%UnchangedHistory
VIGLVigil Neuroscience, Inc.COM250,000$445.0K0.1%−250,000−50.0%ReducedHistory
AEMDAethlon Medical IncCOM NEW1,229,285$440.1K0.1%+479,285+63.9%AddedHistory
ANROAlto Neuroscience, Inc.COM SHS175,000$378.0K0.1%−175,000−50.0%ReducedHistory
DFTXDefinium Therapeutics, Inc.Stock62,691$366.7K0.1%00.0%UnchangedHistory
THRDThird Harmonic Bio, Inc.COM100,000$347.0K0.1%00.0%UnchangedHistory
DNAGinkgo Bioworks Holdings, Inc.CL A NEW58,300$332.3K0.1%+58,300NewHistory
TYRATyra Biosciences, Inc.COM35,000$325.5K0.1%−25,000−41.7%ReducedHistory
ABOSAcumen Pharmaceuticals, Inc.COM265,769$292.3K0.1%00.0%UnchangedHistory
RNACCartesian Therapeutics, Inc.COM NEW22,166$292.1K0.1%−30,000−57.5%ReducedHistory
SPRBSpruce Biosciences, Inc.COM1,000,000$290.1K0.1%00.0%UnchangedHistory
ALLKAllakos Inc.COM1,171,950$266.7K0.1%+200,000+20.6%AddedHistory
GERNGeron CorpCOM150,000$238.5K0.1%+150,000NewHistory
CMMBChemomab Therapeutics Ltd.SPONSORED ADS213,052$232.2K0.1%00.0%UnchangedHistory
ACRSAclaris Therapeutics, Inc.COM150,900$230.9K0.1%−199,100−56.9%ReducedHistory
MNPRMonopar TherapeuticsCOM NEW5,908$215.1K0.1%00.0%UnchangedHistory
CLYMClimb Bio, Inc.COM175,088$213.6K0.1%00.0%UnchangedHistory
PEPGPepGen Inc.COM150,000$210.8K0.1%+150,000NewHistory
ANEBAnebulo Pharmaceuticals, Inc.COM157,720$205.0K0.1%00.0%UnchangedHistory
VYGRVoyager Therapeutics, Inc.COM55,766$188.5K0.1%00.0%UnchangedHistory
ELEVElevation Acquisition Group Inc.COM690,050$178.8K0.1%00.0%UnchangedHistory
FTHFaeth Therapeutics, Inc.COM449,963$177.3K0.1%−200,000−30.8%ReducedHistory

Options (33)

Puts and calls in the same filing. Amounts are the market value of the underlying shares, which is what 13F reports.

Option positions of Ikarian Capital, LLC in Q1 2025
SecurityClassPutsCalls
SPYSPDR S&P 500 ETF TrustETF$179.0M–
LLYEli Lilly & CoStock$123.9M–
CORTCorcept Therapeutics IncCOM$32.9M$11.4M
SLNOSoleno Therapeutics IncCOM$7.14M$17.4M
BBIOBridgeBio Pharma, Inc.COM–$22.7M
PTGXProtagonist Therapeutics, IncCOM$4.84M$4.84M
TRUPTrupanion, Inc.COM$1.49M$7.45M
Avidity Biosciences, Inc.05370A108COM$8.86M–
BHVNBiohaven Ltd.COM–$8.37M
RAREUltragenyx Pharmaceutical Inc.COM$3.62M$4.10M
KYMRKymera Therapeutics, Inc.COM$4.84M$2.74M
MLTXMoonLake ImmunotherapeuticsCLASS A ORD$3.69M$3.69M
ACLXArcellx, Inc.COMMON STOCK$7.32M–
IMVTImmunovant, Inc.COM$6.84M–
CAPRCapricor Therapeutics, Inc.COM NEW–$3.80M
INCYIncyte CorpCOM–$3.66M
VKTXViking Therapeutics, Inc.COM–$3.62M
SRRKScholar Rock Holding CorpCOM–$3.21M
QUREuniQure N.V.SHS–$3.18M
TEVATeva Pharmaceutical Industries LtdSPONSORED ADS–$3.07M
APGEApogee Therapeutics, Inc.COM$2.64M–
CMPXCompass Therapeutics, Inc.COM$1.26M$1.26M
DYNDyne Therapeutics, Inc.COM–$1.96M
ARCTArcturus Therapeutics Holdings Inc.COM–$1.59M
HROWHarrow, Inc.COM–$1.55M
PRTAProthena Corp Public Ltd CoSHS–$1.24M
CRVSCorvus Pharmaceuticals, Inc.COM$159.0K$1.08M
ALTAltimmune, Inc.COM NEW$1.20M–
IMUXImmunic, Inc.COM–$693.0K
CLDXCelldex Therapeutics, Inc.COM NEW$323.1K$323.1K
IRONDisc Medicine, Inc.COM–$590.7K
CELCCelcuity Inc.COM$403.4K$150.6K
MLYSMineralys Therapeutics, Inc.COM–$544.7K

Sold out since Q4 2024 (32)

Positions held at the end of Q4 2024 that are gone from this filing.

Positions of Ikarian Capital, LLC sold out since Q4 2024
SecurityClassShares in Q4 2024Value in Q4 2024% of portfolio in Q4 2024History
SYRESpyre Therapeutics, Inc.COM NEW282,159$6.57M1.9%History
LENZLENZ Therapeutics, Inc.COM149,502$4.32M1.2%History
MLYSMineralys Therapeutics, Inc.COM332,390$4.09M1.2%History
NUVLNuvalent, Inc.COM52,216$4.09M1.2%History
PTGXProtagonist Therapeutics, IncCOM70,000$2.70M0.8%History
ALGSAligos Therapeutics, Inc.COM NEW64,300$2.56M0.7%History
ZVRAZevra Therapeutics, Inc.COM NEW292,772$2.44M0.7%History
XENEXenon Pharmaceuticals Inc.COM62,052$2.43M0.7%History
SLRNACELYRIN, Inc.COM676,608$2.12M0.6%History
CRDFCardiff Oncology, Inc.COM450,000$1.95M0.6%History
TARAProtara Therapeutics, Inc.COM STK350,489$1.85M0.5%History
Achilles Therapeutics PLC00449L102SPONSORED ADS1,441,141$1.64M0.5%–
MISTMilestone Pharmaceuticals Inc.COM466,030$1.10M0.3%History
CMPSCOMPASS Pathways plcSPONSORED ADS202,894$766.9K0.2%History
AMLXAmylyx Pharmaceuticals, Inc.COM201,187$760.5K0.2%History
NRIXNurix Therapeutics, Inc.COM34,985$659.1K0.2%History
CRBPCorbus Pharmaceuticals Holdings, Inc.COM NEW51,431$606.9K0.2%History
SANASana Biotechnology, Inc.COM365,000$594.9K0.2%History
TVTXTravere Therapeutics, Inc.COM22,600$393.7K0.1%History
CATXPerspective Therapeutics, Inc.COM NEW108,300$345.5K0.1%History
ATXIAvenue Therapeutics, Inc.COM NEW140,000$280.0K0.1%History
QNRXQuoin Pharmaceuticals Ltd.ADS275,000$178.9K0.1%History
AEONAEON Biopharma, Inc.CL A257,563$139.1K<0.1%History
TPSTTempest Therapeutics, Inc.COM105,285$87.9K<0.1%History
STOKStoke Therapeutics, Inc.COM6,798$75.0K<0.1%History
IMVTImmunovant, Inc.COM600$14.9K<0.1%History
BCLIBrainstorm Cell Therapeutics Inc.Stock6,016$13.7K<0.1%History
CADLCandel Therapeutics, Inc.COM1,400$12.2K<0.1%History
CTMXCytomX Therapeutics, Inc.COM8,924$9.19K<0.1%History
CBIOCrescent Biopharma, Inc.COM6,501$1.62K<0.1%History
FDMT4D Molecular Therapeutics, Inc.COM40$223<0.1%History
GALTGalectin Therapeutics IncCOM NEW100$129<0.1%History