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Livermore
Livermore
ZHEN

Ikarian Capital, LLC

SEC CIK
0001778253
Latest filing
Aug 14, 2026

Holdings in Q2 2025

Holdings as of Jun 30, 2025, filed Aug 14, 2025. Long positions only; changes compare share counts with Q1 2025.

Institution overview
Positions
103
−13 vs. Q1 2025
Portfolio value
$302.2M
−$4.71M (−1.5%) vs. Q1 2025
Filed
Aug 14, 2025
SEC
Holdings of Ikarian Capital, LLC in Q2 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
CDTXCidara Therapeutics, Inc.COM NEW464,488$22.6M7.5%+215,548+86.6%AddedHistory
ALNYAlnylam Pharmaceuticals, Inc.COM56,594$18.5M6.1%+25,000+79.1%AddedHistory
INSMINSMED IncCOM PAR $.01163,751$16.5M5.5%+78,951+93.1%AddedHistory
VRNAVerona Pharma plcSPONSORED ADS146,831$13.9M4.6%+16,831+12.9%AddedHistory
CRNXCrinetics Pharmaceuticals, Inc.COM433,431$12.5M4.1%−90,000−17.2%ReducedHistory
AKROAkero Therapeutics, Inc.COM220,000$11.7M3.9%−25,000−10.2%ReducedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW276,950$11.6M3.9%+131,448+90.3%AddedHistory
APGEApogee Therapeutics, Inc.COM232,047$10.1M3.3%+232,047NewHistory
PCVXVaxcyte, Inc.COM305,000$9.92M3.3%+105,000+52.5%AddedHistory
ACOGAlpha Cognition Inc.COM NEW917,867$8.56M2.8%−50,000−5.2%ReducedHistory
TARSTarsus Pharmaceuticals, Inc.COM196,536$7.96M2.6%−288,485−59.5%ReducedHistory
CYTKCytokinetics IncCOM NEW233,464$7.71M2.6%+83,482+55.7%AddedHistory
SRPTSarepta Therapeutics, Inc.COM449,087$7.68M2.5%+280,000+165.6%AddedHistory
TGTXTG Therapeutics, Inc.COM209,938$7.56M2.5%−127−0.1%ReducedHistory
COGTCogent Biosciences, Inc.COM1,035,528$7.44M2.5%+1,035,528NewHistory
VRDNViridian Therapeutics, Inc.COM469,949$6.57M2.2%−25,000−5.1%ReducedHistory
ARVNArvinas, Inc.COM850,000$6.26M2.1%+620,100+269.7%AddedHistory
FBRXForte Biosciences, Inc.COM NEW476,443$6.16M2.0%−132,782−21.8%ReducedHistory
VIRVir Biotechnology, Inc.COM1,068,062$5.38M1.8%00.0%UnchangedHistory
CPRXCatalyst Pharmaceuticals, Inc.COM209,649$4.55M1.5%−40,000−16.0%ReducedHistory
DCTHDelcath Systems, Inc.COM NEW322,390$4.38M1.5%+222,025+221.2%AddedHistory
JAZZJazz Pharmaceuticals plcSHS USD40,000$4.24M1.4%+40,000NewHistory
CGONCG Oncology, Inc.COM155,000$4.03M1.3%+155,000NewHistory
STIMNeuronetics, Inc.COM1,099,700$3.84M1.3%−3000.0%ReducedHistory
GPCRStructure Therapeutics Inc.SPONSORED ADS183,085$3.80M1.3%−81,000−30.7%ReducedHistory
NAMSNewAmsterdam Pharma Co N.V.ORDINARY SHARES206,800$3.75M1.2%+206,800NewHistory
DYNDyne Therapeutics, Inc.COM363,837$3.46M1.1%+5,000+1.4%AddedHistory
TECXTectonic Therapeutic, Inc.COM163,696$3.25M1.1%−105,394−39.2%ReducedHistory
MAZEMaze Therapeutics, Inc.COM262,740$3.22M1.1%−60,000−18.6%ReducedHistory
JANXJanux Therapeutics, Inc.COM129,691$3.00M1.0%00.0%UnchangedHistory
FULCFulcrum Therapeutics, Inc.COM428,521$2.95M1.0%+228,425+114.2%AddedHistory
ELDNEledon Pharmaceuticals, Inc.COM1,000,221$2.71M0.9%−25,000−2.4%ReducedHistory
BIIBBiogen Inc.COM21,516$2.70M0.9%+21,516NewHistory
VKTXViking Therapeutics, Inc.COM100,000$2.65M0.9%+50,000+100.0%AddedHistory
RLAYRelay Therapeutics, Inc.COM743,308$2.57M0.9%00.0%UnchangedHistory
ARCTArcturus Therapeutics Holdings Inc.COM175,000$2.28M0.8%00.0%UnchangedHistory
GERNGeron CorpCOM1,600,000$2.26M0.7%+1,450,000+966.7%AddedHistory
KALVKalVista Pharmaceuticals, Inc.COM198,528$2.24M0.7%+198,528NewHistory
KODKodiak Sciences Inc.COM599,534$2.24M0.7%−50,000−7.7%ReducedHistory
LXEOLexeo Therapeutics, Inc.COM550,029$2.21M0.7%00.0%UnchangedHistory
MTSRMetsera, Inc.COM77,316$2.20M0.7%−72,684−48.5%ReducedHistory
VTYXVentyx Biosciences, Inc.COM967,590$2.07M0.7%−250,000−20.5%ReducedHistory
CPIXCumberland Pharmaceuticals IncCOM595,932$2.00M0.7%−144,068−19.5%ReducedHistory
PRQRProQR Therapeutics N.V.SHS EURO868,069$1.77M0.6%+868,069NewHistory
SRRKScholar Rock Holding CorpCOM49,179$1.74M0.6%−195,000−79.9%ReducedHistory
DRUGBright Minds Biosciences Inc.COM NEW65,431$1.71M0.6%00.0%UnchangedHistory
QUREuniQure N.V.SHS119,986$1.67M0.6%+119,986NewHistory
SLNSilence Therapeutics plcADS873,568$1.40M0.5%+873,568NewHistory
RCUSArcus Biosciences, Inc.COM163,363$1.33M0.4%00.0%UnchangedHistory
APLSApellis Pharmaceuticals, Inc.COM75,000$1.30M0.4%00.0%UnchangedHistory
ALECAlector, Inc.COM900,000$1.26M0.4%−50,000−5.3%ReducedHistory
NUVBNuvation Bio Inc.COM CL A619,258$1.21M0.4%00.0%UnchangedHistory
VTGNVistagen Therapeutics, Inc.COM601,703$1.20M0.4%00.0%UnchangedHistory
HELPHelus Pharma Inc.COM NEW140,475$1.18M0.4%−256,700−64.6%ReducedHistory
TRMLTourmaline Bio, Inc.COM67,927$1.09M0.4%00.0%UnchangedHistory
WVEWave Life Sciences, Inc.SHS161,137$1.05M0.3%+161,137NewHistory
VERUVeru Inc.COM1,425,239$829.2K0.3%00.0%UnchangedHistory
ORKAOruka Therapeutics, Inc.COM68,574$768.7K0.3%−106,426−60.8%ReducedHistory
iShares Tr464287556ISHARES BIOTECH5,755$728.1K0.2%+5,755New–
SGMOQSangamo Therapeutics, IncCOM1,260,179$682.1K0.2%−600,000−32.3%ReducedHistory
IMUXImmunic, Inc.COM914,170$637.6K0.2%00.0%UnchangedHistory
INBXInhibrx Biosciences, Inc.COM42,122$601.1K0.2%00.0%UnchangedHistory
IFRXInflaRx N.V.COM705,010$557.0K0.2%+705,010NewHistory
KZRKezar Life Sciences, Inc.COM106,901$489.6K0.2%00.0%UnchangedHistory
YARWYarrow Bioscience, Inc.COM290,000$478.5K0.2%+290,000NewHistory
IBIOiBio, Inc.COM NEW599,913$457.8K0.2%00.0%UnchangedHistory
DFTXDefinium Therapeutics, Inc.Stock62,691$406.9K0.1%00.0%UnchangedHistory
HLSQTessera Defense & Homeland Security Inc.COM NEW892,976$401.8K0.1%00.0%UnchangedHistory
LYELLyell Immunopharma, Inc.COM NEW43,799$387.2K0.1%00.0%UnchangedConverted for a 1-for-20 splitHistory
NYXHNyxoah SACOMMONSTOCK50,627$378.7K0.1%+50,627NewHistory
ANABAnaptysbio, IncCOM15,662$347.7K0.1%+15,662NewHistory
VERAVera Therapeutics, Inc.CL A14,096$332.1K0.1%+14,096NewHistory
ZYMEZymeworks Inc.COM25,000$313.8K0.1%+25,000NewHistory
ABOSAcumen Pharmaceuticals, Inc.COM265,769$308.3K0.1%00.0%UnchangedHistory
IMTXImmatics N.V.SHS49,396$265.8K0.1%+49,396NewHistory
VIGLVigil Neuroscience, Inc.COM31,360$249.3K0.1%−218,640−87.5%ReducedHistory
CMMBChemomab Therapeutics Ltd.SPONSORED ADS213,052$247.1K0.1%00.0%UnchangedHistory
ANROAlto Neuroscience, Inc.COM SHS110,000$242.0K0.1%−65,000−37.1%ReducedHistory
RNACCartesian Therapeutics, Inc.COM NEW22,166$230.3K0.1%00.0%UnchangedHistory
ANEBAnebulo Pharmaceuticals, Inc.COM157,720$227.1K0.1%00.0%UnchangedHistory
TERNTerns Pharmaceuticals, Inc.COM58,491$218.2K0.1%−250,000−81.0%ReducedHistory
EVAXEvaxion A/SADR80,000$196.0K0.1%00.0%UnchangedHistory
FTHFaeth Therapeutics, Inc.COM NEW22,497$193.0K0.1%00.0%UnchangedConverted for a 1-for-20 splitHistory
LYRALyra Therapeutics, Inc.COM NEW21,161$189.6K0.1%00.0%UnchangedConverted for a 1-for-50 splitHistory
AEMDAethlon Medical IncCOM NEW153,659$184.4K0.1%00.0%UnchangedConverted for a 1-for-8 splitHistory
AVTXAvalo Therapeutics, Inc.COM NEW35,300$176.1K0.1%−164,700−82.4%ReducedHistory
VYGRVoyager Therapeutics, Inc.COM55,766$173.4K0.1%00.0%UnchangedHistory
LXRXLexicon Pharmaceuticals, Inc.COM NEW176,479$166.9K0.1%−1,241,473−87.6%ReducedHistory
PEPGPepGen Inc.COM150,000$166.5K0.1%00.0%UnchangedHistory
JSPRJasper Therapeutics, Inc.COM NEW25,107$139.3K<0.1%00.0%UnchangedHistory
KPTIKaryopharm Therapeutics Inc.COM NEW27,257$117.5K<0.1%00.0%UnchangedHistory
MGNXMacrogenics IncCOM80,071$96.9K<0.1%00.0%UnchangedHistory
SGMTSagimet Biosciences Inc.COM SER A11,984$91.3K<0.1%00.0%UnchangedHistory
AIRSAirsculpt Technologies, Inc.COM17,951$86.7K<0.1%+17,951NewHistory
SPRBSpruce Biosciences, Inc.COM1,000,000$72.5K<0.1%00.0%UnchangedHistory
TKNOAlpha Teknova, Inc.COM14,008$68.8K<0.1%00.0%UnchangedHistory
HOOKHOOKIPA Pharma Inc.COM52,996$66.5K<0.1%00.0%UnchangedHistory
TOVXTheriva Biologics, Inc.COM NEW120,031$52.1K<0.1%00.0%UnchangedHistory
TRAWTraws Pharma, Inc.COM NEW28,493$42.2K<0.1%00.0%UnchangedHistory
AMIXAutonomix Medical, Inc.COM NEW20,000$31.4K<0.1%00.0%UnchangedHistory

Options (24)

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 Q2 2025
SecurityClassPutsCalls
CDTXCidara Therapeutics, Inc.COM NEW$24.4M$15.6M
SLNOSoleno Therapeutics IncCOM$16.8M$16.8M
RAREUltragenyx Pharmaceutical Inc.COM$10.9M$20.5M
CAPRCapricor Therapeutics, Inc.COM NEW$13.5M$6.95M
MLTXMoonLake ImmunotherapeuticsCLASS A ORD$9.18M$4.46M
Uniqure NVN90064901CALL–$11.2M
PRAXPraxis Precision Medicines, Inc.COM NEW–$10.2M
VKTXViking Therapeutics, Inc.COM–$9.28M
SRPTSarepta Therapeutics, Inc.COM–$5.68M
CYTKCytokinetics IncCOM NEW–$4.96M
KALVKalVista Pharmaceuticals, Inc.COM–$4.52M
Biohaven LtdG1110E907CALL–$4.23M
APGEApogee Therapeutics, Inc.COM$3.44M$364.8K
FULCFulcrum Therapeutics, Inc.COM–$3.67M
VERAVera Therapeutics, Inc.CL A–$3.61M
SRRKScholar Rock Holding CorpCOM–$3.54M
TEVATeva Pharmaceutical Industries LtdSPONSORED ADS–$3.35M
ALTAltimmune, Inc.COM NEW–$3.20M
CNTACentessa Pharmaceuticals plcSPONSORED ADS–$2.63M
AKROAkero Therapeutics, Inc.COM–$2.37M
COGTCogent Biosciences, Inc.COM–$1.89M
PRTAProthena Corp Public Ltd CoSHS–$607.0K
KYMRKymera Therapeutics, Inc.COM$436.4K–
PCVXVaxcyte, Inc.COM–$224.3K

Sold out since Q1 2025 (33)

Positions held at the end of Q1 2025 that are gone from this filing.

Positions of Ikarian Capital, LLC sold out since Q1 2025
SecurityClassShares in Q1 2025Value in Q1 2025% of portfolio in Q1 2025History
SPYSPDR S&P 500 ETF TrustETF25,000$14.0M4.6%History
BPMCBlueprint Medicines CorpCOM113,904$10.1M3.3%History
RAREUltragenyx Pharmaceutical Inc.COM216,989$7.86M2.6%History
EWTXEdgewise Therapeutics, Inc.COM280,000$6.16M2.0%History
ELVNEnliven Therapeutics, Inc.COM289,538$5.70M1.9%History
TRVITrevi Therapeutics, Inc.COM575,000$3.62M1.2%History
BBIOBridgeBio Pharma, Inc.COM90,837$3.14M1.0%History
KROSKeros Therapeutics, Inc.COM274,009$2.79M0.9%History
ABEOAbeona Therapeutics Inc.COM NEW533,581$2.54M0.8%History
EOLSEvolus, Inc.COM193,265$2.32M0.8%History
VERVVerve Therapeutics, Inc.COM358,393$1.64M0.5%History
RCKTRocket Pharmaceuticals, Inc.COM221,911$1.48M0.5%History
TDOCTeladoc Health, Inc.COM150,000$1.19M0.4%History
OKUROnKure Therapeutics, Inc.COM CL A253,754$1.09M0.4%History
NKTRNektar TherapeuticsCOM1,579,528$1.07M0.3%History
SLDBSolid Biosciences Inc.COM NEW230,000$851.0K0.3%History
ETNB89bio, Inc.COM100,000$727.0K0.2%History
OLMAOlema Pharmaceuticals, Inc.COM191,994$721.9K0.2%History
GLUEMonte Rosa Therapeutics, Inc.COM136,575$633.7K0.2%History
PTHSPelthos Therapeutics Inc.Equity440,849$626.0K0.2%History
PYXSPyxis Oncology, Inc.COMMON STOCK613,253$600.9K0.2%History
SWTXSpringWorks Therapeutics, Inc.COM12,519$552.5K0.2%History
ITOSiTeos Therapeutics, Inc.COM78,585$469.2K0.2%History
THRDThird Harmonic Bio, Inc.COM100,000$347.0K0.1%History
DNAGinkgo Bioworks Holdings, Inc.CL A NEW58,300$332.3K0.1%History
TYRATyra Biosciences, Inc.COM35,000$325.5K0.1%History
ALLKAllakos Inc.COM1,171,950$266.7K0.1%History
ACRSAclaris Therapeutics, Inc.COM150,900$230.9K0.1%History
MNPRMonopar TherapeuticsCOM NEW5,908$215.1K0.1%History
CLYMClimb Bio, Inc.COM175,088$213.6K0.1%History
ELEVElevation Acquisition Group Inc.COM690,050$178.8K0.1%History
RZLTRezolute, Inc.COM NEW50,058$145.2K<0.1%History
LRMRLarimar Therapeutics, Inc.COM58,526$125.8K<0.1%History