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Livermore
Livermore
ZHEN

Ikarian Capital, LLC

SEC CIK
0001778253
Latest filing
Aug 14, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Nov 14, 2025. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
116
+13 vs. Q2 2025
Portfolio value
$441.3M
+$139.1M (+46.0%) vs. Q2 2025
Filed
Nov 14, 2025
SEC
Holdings of Ikarian Capital, LLC in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
ABVXAbivax S.A.SPONSORED ADS396,098$33.4M7.6%+396,098NewHistory
IONSIonis Pharmaceuticals IncCOM415,163$27.2M6.2%+415,163NewHistory
CDTXCidara Therapeutics, Inc.COM NEW277,704$26.6M6.0%−186,784−40.2%ReducedHistory
MAZEMaze Therapeutics, Inc.COM740,825$19.2M4.4%+478,085+182.0%AddedHistory
PTCTPTC Therapeutics, Inc.COM280,551$17.2M3.9%+280,551NewHistory
RAPTRAPT Therapeutics, Inc.COM NEW615,000$15.9M3.6%+615,000NewHistory
DNTHDianthus Therapeutics, Inc.COM346,001$13.6M3.1%+346,001NewHistory
CYTKCytokinetics IncCOM NEW222,674$12.2M2.8%−10,790−4.6%ReducedHistory
FULCFulcrum Therapeutics, Inc.COM1,289,225$11.9M2.7%+860,704+200.9%AddedHistory
PCVXVaxcyte, Inc.COM311,682$11.2M2.5%+6,682+2.2%AddedHistory
CTMXCytomX Therapeutics, Inc.COM3,372,616$10.8M2.4%+3,372,616NewHistory
JAZZJazz Pharmaceuticals plcSHS USD77,800$10.3M2.3%+37,800+94.5%AddedHistory
APLSApellis Pharmaceuticals, Inc.COM451,902$10.2M2.3%+376,902+502.5%AddedHistory
CGONCG Oncology, Inc.COM249,473$10.0M2.3%+94,473+61.0%AddedHistory
AKROAkero Therapeutics, Inc.COM206,854$9.82M2.2%−13,146−6.0%ReducedHistory
ZURAZura Bio LtdCLASS A ORD SHS2,132,322$9.23M2.1%+2,132,322NewHistory
TENXTenax Therapeutics, Inc.COM NEW967,600$7.36M1.7%+967,600NewHistory
KODKodiak Sciences Inc.COM413,841$6.77M1.5%−185,693−31.0%ReducedHistory
TGTXTG Therapeutics, Inc.COM174,959$6.32M1.4%−34,979−16.7%ReducedHistory
ACOGAlpha Cognition Inc.COM NEW946,259$6.16M1.4%+28,392+3.1%AddedHistory
CRNXCrinetics Pharmaceuticals, Inc.COM130,902$5.45M1.2%−302,529−69.8%ReducedHistory
VRDNViridian Therapeutics, Inc.COM245,518$5.30M1.2%−224,431−47.8%ReducedHistory
PHVSPharvaris N.V.COM210,165$5.24M1.2%+210,165NewHistory
SNDXSyndax Pharmaceuticals IncCOM333,733$5.13M1.2%+333,733NewHistory
AGIOAgios Pharmaceuticals, Inc.COM126,979$5.10M1.2%+126,979NewHistory
DCTHDelcath Systems, Inc.COM NEW431,251$4.64M1.1%+108,861+33.8%AddedHistory
GPCRStructure Therapeutics Inc.SPONSORED ADS163,237$4.57M1.0%−19,848−10.8%ReducedHistory
TVTXTravere Therapeutics, Inc.COM190,781$4.56M1.0%+190,781NewHistory
FBRXForte Biosciences, Inc.COM NEW300,000$4.50M1.0%−176,443−37.0%ReducedHistory
TARSTarsus Pharmaceuticals, Inc.COM73,619$4.38M1.0%−122,917−62.5%ReducedHistory
KRYSKrystal Biotech, Inc.COM24,421$4.31M1.0%+24,421NewHistory
ARGXArgenx SESPONSORED ADR5,942$4.30M1.0%+5,942NewHistory
VTYXVentyx Biosciences, Inc.COM1,309,604$4.07M0.9%+342,014+35.3%AddedHistory
PVLAPalvella Therapeutics, Inc.COM64,746$4.06M0.9%+64,746NewHistory
SLNOSoleno Therapeutics IncCOM55,946$3.78M0.9%+55,946NewHistory
LXEOLexeo Therapeutics, Inc.COM567,601$3.77M0.9%+17,572+3.2%AddedHistory
Direxion Shs ETF Tr25461H853DAILY S&P BIOTEC91,959$3.72M0.8%+91,959New–
RLMDRelmada Therapeutics, Inc.COM1,843,060$3.70M0.8%+1,802,790+4,476.8%AddedHistory
QUREuniQure N.V.SHS58,610$3.42M0.8%−61,376−51.2%ReducedHistory
VIRVir Biotechnology, Inc.COM593,374$3.39M0.8%−474,688−44.4%ReducedHistory
MLTXMoonLake ImmunotherapeuticsCLASS A ORD435,839$3.12M0.7%+435,839NewHistory
NAMSNewAmsterdam Pharma Co N.V.ORDINARY SHARES106,800$3.04M0.7%−100,000−48.4%ReducedHistory
UPBUpstream Bio, Inc.COM161,113$3.03M0.7%+161,113NewHistory
GUTSFractyl Health, Inc.COM1,800,000$2.86M0.6%+1,800,000NewHistory
BBOTBridgeBio Oncology Therapeutics, Inc.COM NEW245,231$2.84M0.6%+245,231NewHistory
BBIOBridgeBio Pharma, Inc.COM51,967$2.70M0.6%+51,967NewHistory
PEPGPepGen Inc.COM535,967$2.48M0.6%+385,967+257.3%AddedHistory
STIMNeuronetics, Inc.COM905,716$2.47M0.6%−193,984−17.6%ReducedHistory
RLAYRelay Therapeutics, Inc.COM467,362$2.44M0.6%−275,946−37.1%ReducedHistory
ADMAAdma Biologics, Inc.COM159,854$2.34M0.5%+159,854NewHistory
CPRXCatalyst Pharmaceuticals, Inc.COM116,388$2.29M0.5%−93,261−44.5%ReducedHistory
IVVDInvivyd, Inc.COM2,078,706$2.29M0.5%+2,078,706NewHistory
ALECAlector, Inc.COM760,000$2.25M0.5%−140,000−15.6%ReducedHistory
VTGNVistagen Therapeutics, Inc.COM620,869$2.20M0.5%+19,166+3.2%AddedHistory
AVTXAvalo Therapeutics, Inc.COM NEW159,777$2.03M0.5%+124,477+352.6%AddedHistory
INSMINSMED IncCOM PAR $.0113,751$1.98M0.4%−150,000−91.6%ReducedHistory
ARVNArvinas, Inc.COM226,257$1.93M0.4%−623,743−73.4%ReducedHistory
CAPRCapricor Therapeutics, Inc.COM NEW264,642$1.91M0.4%+264,642NewHistory
PRQRProQR Therapeutics N.V.SHS EURO892,229$1.90M0.4%+24,160+2.8%AddedHistory
PTHSPelthos Therapeutics Inc.COM SHS62,451$1.75M0.4%+62,451NewHistory
CPIXCumberland Pharmaceuticals IncCOM555,932$1.73M0.4%−40,000−6.7%ReducedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW28,571$1.51M0.3%−248,379−89.7%ReducedHistory
ANABAnaptysbio, IncCOM48,410$1.48M0.3%+32,748+209.1%AddedHistory
DYNDyne Therapeutics, Inc.COM113,837$1.44M0.3%−250,000−68.7%ReducedHistory
OVIDOvid Therapeutics Inc.COM1,095,574$1.42M0.3%+1,095,574NewHistory
JANXJanux Therapeutics, Inc.COM54,691$1.34M0.3%−75,000−57.8%ReducedHistory
SLNSilence Therapeutics plcADS900,784$1.31M0.3%+27,216+3.1%AddedHistory
ZYMEZymeworks Inc.COM72,787$1.24M0.3%+47,787+191.1%AddedHistory
TERNTerns Pharmaceuticals, Inc.COM164,202$1.23M0.3%+105,711+180.7%AddedHistory
SLDBSolid Biosciences Inc.COM NEW176,690$1.09M0.2%+176,690NewHistory
IFRXInflaRx N.V.COM722,066$967.6K0.2%+17,056+2.4%AddedHistory
DRUGBright Minds Biosciences Inc.COM NEW15,431$936.0K0.2%−50,000−76.4%ReducedHistory
SGMOQSangamo Therapeutics, IncCOM1,294,652$871.8K0.2%+34,473+2.7%AddedHistory
MBXMBX Biosciences, Inc.COM48,071$841.2K0.2%+48,071NewHistory
PRMEPrime Medicine, Inc.COM150,000$831.0K0.2%+150,000NewHistory
HELPHelus Pharma Inc.COM NEW140,475$827.4K0.2%00.0%UnchangedHistory
IMUXImmunic, Inc.COM914,170$805.9K0.2%00.0%UnchangedHistory
DFTXDefinium Therapeutics, Inc.Stock62,691$739.1K0.2%00.0%UnchangedHistory
LYELLyell Immunopharma, Inc.COM NEW43,799$711.3K0.2%00.0%UnchangedHistory
WVEWave Life Sciences, Inc.SHS95,955$702.4K0.2%−65,182−40.5%ReducedHistory
SONNSonnet BioTherapeutics Holdings, Inc.COM NEW150,000$687.0K0.2%+150,000NewHistory
IOBTIO Biotech, Inc.COM1,525,893$554.1K0.1%+1,525,893NewHistory
VERUVeru Inc.COM NEW142,523$541.6K0.1%00.0%UnchangedConverted for a 1-for-10 splitHistory
IBIOiBio, Inc.COM NEW617,327$511.0K0.1%+17,414+2.9%AddedHistory
EQEquillium, Inc.COM332,297$475.2K0.1%+332,297NewHistory
ABOSAcumen Pharmaceuticals, Inc.COM265,769$454.5K0.1%00.0%UnchangedHistory
ANROAlto Neuroscience, Inc.COM SHS110,000$442.2K0.1%00.0%UnchangedHistory
IMTXImmatics N.V.SHS49,396$420.9K0.1%00.0%UnchangedHistory
KZRKezar Life Sciences, Inc.COM106,901$416.9K0.1%00.0%UnchangedHistory
ANEBAnebulo Pharmaceuticals, Inc.COM157,720$394.3K0.1%00.0%UnchangedHistory
EVAXEvaxion A/SADR80,000$300.8K0.1%00.0%UnchangedHistory
VKTXViking Therapeutics, Inc.COM10,000$262.8K0.1%−90,000−90.0%ReducedHistory
VYGRVoyager Therapeutics, Inc.COM55,766$260.4K0.1%00.0%UnchangedHistory
LXRXLexicon Pharmaceuticals, Inc.COM NEW176,479$238.2K0.1%00.0%UnchangedHistory
NYXHNyxoah SACOMMONSTOCK50,627$232.9K0.1%00.0%UnchangedHistory
RNACCartesian Therapeutics, Inc.COM NEW22,166$226.5K0.1%00.0%UnchangedHistory
FTHFaeth Therapeutics, Inc.COM NEW22,497$212.6K<0.1%00.0%UnchangedHistory
HLSQTessera Defense & Homeland Security Inc.COM NEW392,976$206.3K<0.1%−500,000−56.0%ReducedHistory
ARCTArcturus Therapeutics Holdings Inc.COM10,721$197.6K<0.1%−164,279−93.9%ReducedHistory
KPTIKaryopharm Therapeutics Inc.COM NEW27,257$178.3K<0.1%00.0%UnchangedHistory

Options (43)

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 Q3 2025
SecurityClassPutsCalls
UTHRUnited Therapeutics CorpCOM$88.0M$964.2K
State Street SPDR S&P Biotech ETF78464A870ETF$75.2M–
BMYBristol Myers Squibb CoStock$36.1M–
Uniqure NVN90064901CALL–$31.3M
INSMINSMED IncCOM PAR $.01$14.4M$14.4M
SRRKScholar Rock Holding CorpCOM$3.58M$20.9M
SLNOSoleno Therapeutics IncCOM$3.38M$11.9M
HROWHarrow, Inc.COM–$14.0M
PTCTPTC Therapeutics, Inc.COM–$13.1M
Biohaven LtdG1110E907CALL–$12.0M
CRNXCrinetics Pharmaceuticals, Inc.COM–$10.7M
ANABAnaptysbio, IncCOM$4.93M$4.93M
Jazz Pharmaceuticals PLCG50871905CALL–$9.32M
MTSRMetsera, Inc.COM$4.50M$4.50M
NVONovo Nordisk A SADR–$8.32M
APLSApellis Pharmaceuticals, Inc.COM–$8.10M
MLTXMoonLake ImmunotherapeuticsCLASS A ORD$3.23M$4.39M
CNTACentessa Pharmaceuticals plcSPONSORED ADS–$7.46M
MBXMBX Biosciences, Inc.COM$3.50M$3.50M
CYTKCytokinetics IncCOM NEW–$6.10M
AGIOAgios Pharmaceuticals, Inc.COM–$6.02M
SPRYARS Pharmaceuticals, Inc.COM–$5.65M
PRAXPraxis Precision Medicines, Inc.COM NEW–$5.30M
TVTXTravere Therapeutics, Inc.COM–$5.13M
KALVKalVista Pharmaceuticals, Inc.COM–$4.87M
LQDALiquidia CorpCOM NEW–$4.55M
RAPTRAPT Therapeutics, Inc.COM NEW–$4.51M
RVMDRevolution Medicines, Inc.COM–$4.44M
ARCTArcturus Therapeutics Holdings Inc.COM–$4.19M
TEVATeva Pharmaceutical Industries LtdSPONSORED ADS–$4.04M
ALTAltimmune, Inc.COM NEW–$3.77M
SLDBSolid Biosciences Inc.COM NEW–$2.89M
RAREUltragenyx Pharmaceutical Inc.COM$2.79M–
PRMEPrime Medicine, Inc.COM$1.39M$1.39M
SRPTSarepta Therapeutics, Inc.COM–$2.64M
CMPSCOMPASS Pathways plcSPONSORED ADS–$2.29M
AKROAkero Therapeutics, Inc.COM–$1.98M
LRMRLarimar Therapeutics, Inc.COM–$1.77M
CAPRCapricor Therapeutics, Inc.COM NEW$721.0K$721.0K
IONSIonis Pharmaceuticals IncCOM–$870.1K
TVRDTvardi Therapeutics, Inc.COM–$740.4K
CRBPCorbus Pharmaceuticals Holdings, Inc.COM NEW–$693.2K
PCVXVaxcyte, Inc.COM–$252.1K

Sold out since Q2 2025 (23)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of Ikarian Capital, LLC sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
ALNYAlnylam Pharmaceuticals, Inc.COM56,594$18.5M6.1%History
VRNAVerona Pharma plcSPONSORED ADS146,831$13.9M4.6%History
APGEApogee Therapeutics, Inc.COM232,047$10.1M3.3%History
SRPTSarepta Therapeutics, Inc.COM449,087$7.68M2.5%History
TECXTectonic Therapeutic, Inc.COM163,696$3.25M1.1%History
ELDNEledon Pharmaceuticals, Inc.COM1,000,221$2.71M0.9%History
BIIBBiogen Inc.COM21,516$2.70M0.9%History
GERNGeron CorpCOM1,600,000$2.26M0.7%History
KALVKalVista Pharmaceuticals, Inc.COM198,528$2.24M0.7%History
MTSRMetsera, Inc.COM77,316$2.20M0.7%History
SRRKScholar Rock Holding CorpCOM49,179$1.74M0.6%History
RCUSArcus Biosciences, Inc.COM163,363$1.33M0.4%History
NUVBNuvation Bio Inc.COM CL A619,258$1.21M0.4%History
TRMLTourmaline Bio, Inc.COM67,927$1.09M0.4%History
ORKAOruka Therapeutics, Inc.COM68,574$768.7K0.3%History
iShares Tr464287556ISHARES BIOTECH5,755$728.1K0.2%–
INBXInhibrx Biosciences, Inc.COM42,122$601.1K0.2%History
VERAVera Therapeutics, Inc.CL A14,096$332.1K0.1%History
VIGLVigil Neuroscience, Inc.COM31,360$249.3K0.1%History
SGMTSagimet Biosciences Inc.COM SER A11,984$91.3K<0.1%History
SPRBSpruce Biosciences, Inc.COM1,000,000$72.5K<0.1%History
TKNOAlpha Teknova, Inc.COM14,008$68.8K<0.1%History
HOOKHOOKIPA Pharma Inc.COM52,996$66.5K<0.1%History