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Livermore
Livermore
ZHEN

Ikarian Capital, LLC

SEC CIK
0001778253
Latest filing
Aug 14, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Feb 18, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
135
+19 vs. Q3 2025
Portfolio value
$772.6M
+$331.3M (+75.1%) vs. Q3 2025
Filed
Feb 18, 2026
SEC
Holdings of Ikarian Capital, LLC in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
TERNTerns Pharmaceuticals, Inc.COM1,596,378$64.5M8.3%+1,432,176+872.2%AddedHistory
CDTXCidara Therapeutics, Inc.COM NEW273,243$60.4M7.8%−4,461−1.6%ReducedHistory
ABVXAbivax S.A.SPONSORED ADS205,985$29.1M3.8%−190,113−48.0%ReducedHistory
JAZZJazz Pharmaceuticals plcSHS USD160,367$27.3M3.5%+82,567+106.1%AddedHistory
MAZEMaze Therapeutics, Inc.COM644,680$26.7M3.5%−96,145−13.0%ReducedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW86,581$25.5M3.3%+58,010+203.0%AddedHistory
RAPTRAPT Therapeutics, Inc.COM NEW665,271$22.5M2.9%+50,271+8.2%AddedHistory
KODKodiak Sciences Inc.COM719,787$20.1M2.6%+305,946+73.9%AddedHistory
OLMAOlema Pharmaceuticals, Inc.COM758,654$19.0M2.5%+758,654NewHistory
PCVXVaxcyte, Inc.COM378,682$17.5M2.3%+67,000+21.5%AddedHistory
CAPRCapricor Therapeutics, Inc.COM NEW578,015$16.7M2.2%+313,373+118.4%AddedHistory
IONSIonis Pharmaceuticals IncCOM202,038$16.0M2.1%−213,125−51.3%ReducedHistory
FULCFulcrum Therapeutics, Inc.COM1,375,472$15.6M2.0%+86,247+6.7%AddedHistory
LLYEli Lilly & CoStock13,815$14.8M1.9%+13,815NewHistory
RLMDRelmada Therapeutics, Inc.COM3,068,359$14.8M1.9%+1,225,299+66.5%AddedHistory
AMGNAmgen IncStock45,000$14.7M1.9%+45,000NewHistory
CTMXCytomX Therapeutics, Inc.COM3,172,616$13.5M1.7%−200,000−5.9%ReducedHistory
PHVSPharvaris N.V.COM486,856$13.5M1.7%+276,691+131.7%AddedHistory
CNTBConnect Biopharma Holdings LtdSHS4,788,486$13.5M1.7%+4,788,486NewHistory
DRUGBright Minds Biosciences Inc.COM NEW159,421$12.4M1.6%+143,990+933.1%AddedHistory
TENXTenax Therapeutics, Inc.COM NEW967,600$11.8M1.5%00.0%UnchangedHistory
RVMDRevolution Medicines, Inc.COM138,142$11.0M1.4%+138,142NewHistory
CYTKCytokinetics IncCOM NEW172,672$11.0M1.4%−50,002−22.5%ReducedHistory
SPRBSpruce Biosciences, Inc.COM NEW121,356$10.6M1.4%+108,024+810.3%AddedHistory
CELCCelcuity Inc.COM105,545$10.5M1.4%+105,545NewHistory
ANROAlto Neuroscience, Inc.COM SHS515,000$9.17M1.2%+405,000+368.2%AddedHistory
PTCTPTC Therapeutics, Inc.COM118,657$9.01M1.2%−161,894−57.7%ReducedHistory
HROWHarrow, Inc.COM183,347$8.98M1.2%+183,347NewHistory
VTYXVentyx Biosciences, Inc.COM958,704$8.66M1.1%−350,900−26.8%ReducedHistory
CGONCG Oncology, Inc.COM199,473$8.28M1.1%−50,000−20.0%ReducedHistory
FBRXForte Biosciences, Inc.COM NEW300,000$8.18M1.1%00.0%UnchangedHistory
PTHSPelthos Therapeutics Inc.COM SHS255,758$7.93M1.0%+193,307+309.5%AddedHistory
NBIXNeurocrine Biosciences IncStock54,062$7.67M1.0%+54,062NewHistory
MLYSMineralys Therapeutics, Inc.COM200,000$7.26M0.9%+200,000NewHistory
ACOGAlpha Cognition Inc.COM NEW1,056,259$6.87M0.9%+110,000+11.6%AddedHistory
DMRADamora Therapeutics, Inc.COM NEW285,710$6.57M0.9%+285,710NewHistory
IVVDInvivyd, Inc.COM2,656,570$6.56M0.8%+577,864+27.8%AddedHistory
CORTCorcept Therapeutics IncCOM185,593$6.46M0.8%+185,593NewHistory
NUVLNuvalent, Inc.COM59,594$5.99M0.8%+59,594NewHistory
LXEOLexeo Therapeutics, Inc.COM513,011$5.09M0.7%−54,590−9.6%ReducedHistory
LEGNLegend Biotech CorpSPONSORED ADS226,888$4.93M0.6%+226,888NewHistory
JBIOJade Biosciences, Inc.COM NEW300,000$4.63M0.6%+300,000NewHistory
EPRXEupraxia Pharmaceuticals Inc.COM610,000$4.61M0.6%+610,000NewHistory
DCTHDelcath Systems, Inc.COM NEW431,251$4.36M0.6%00.0%UnchangedHistory
CMPXCompass Therapeutics, Inc.COM800,000$4.30M0.6%+800,000NewHistory
ADMAAdma Biologics, Inc.COM234,854$4.28M0.6%+75,000+46.9%AddedHistory
ARVNArvinas, Inc.COM358,257$4.25M0.5%+132,000+58.3%AddedHistory
ZURAZura Bio LtdCLASS A ORD SHS802,322$4.20M0.5%−1,330,000−62.4%ReducedHistory
KPTIKaryopharm Therapeutics Inc.COM NEW544,554$4.01M0.5%+517,297+1,897.9%AddedHistory
KRYSKrystal Biotech, Inc.COM14,814$3.65M0.5%−9,607−39.3%ReducedHistory
TGTXTG Therapeutics, Inc.COM117,903$3.51M0.5%−57,056−32.6%ReducedHistory
VIRVir Biotechnology, Inc.COM575,712$3.47M0.4%−17,662−3.0%ReducedHistory
NXTCNextCure, Inc.COM NEW238,303$3.38M0.4%+238,303NewHistory
ALECAlector, Inc.COM2,082,606$3.25M0.4%+1,322,606+174.0%AddedHistory
CTNMContineum Therapeutics, Inc.CL A282,874$3.23M0.4%+282,874NewHistory
SLNOSoleno Therapeutics IncCOM68,823$3.19M0.4%+12,877+23.0%AddedHistory
AGIOAgios Pharmaceuticals, Inc.COM115,489$3.14M0.4%−11,490−9.0%ReducedHistory
FRNMFreenome, Inc.CL A ORD SHS240,951$3.14M0.4%+240,951NewHistory
QNRXQuoin Pharmaceuticals Ltd.ADR211,538$3.05M0.4%+211,538NewHistory
KLRSKalaris Therapeutics, Inc.COM360,000$3.04M0.4%+360,000NewHistory
PRQRProQR Therapeutics N.V.SHS EURO1,492,229$3.01M0.4%+600,000+67.2%AddedHistory
PEPGPepGen Inc.COM447,165$2.91M0.4%−88,802−16.6%ReducedHistory
CMPSCOMPASS Pathways plcSPONSORED ADS400,000$2.76M0.4%+400,000NewHistory
BBOTBridgeBio Oncology Therapeutics, Inc.COM NEW220,231$2.76M0.4%−25,000−10.2%ReducedHistory
ERASErasca, Inc.COM735,396$2.74M0.4%+735,396NewHistory
TARSTarsus Pharmaceuticals, Inc.COM31,166$2.55M0.3%−42,453−57.7%ReducedHistory
GUTSFractyl Health, Inc.COM1,100,000$2.42M0.3%−700,000−38.9%ReducedHistory
BHVNBiohaven Ltd.COM212,481$2.40M0.3%+212,481NewHistory
IVAInventiva S.A.ADS502,601$2.33M0.3%+502,601NewHistory
NMRANeumora Therapeutics, Inc.COM1,278,408$2.29M0.3%+1,265,910+10,128.9%AddedHistory
CPIXCumberland Pharmaceuticals IncCOM555,932$2.21M0.3%00.0%UnchangedHistory
QUREuniQure N.V.SHS91,060$2.18M0.3%+32,450+55.4%AddedHistory
DBVTDBV Technologies S.A.SPONSORED ADS525,000$2.08M0.3%+525,000NewHistory
CABACabaletta Bio, Inc.COM900,000$1.97M0.3%+900,000NewHistory
DERMJourney Medical CorpCOM251,436$1.94M0.3%+251,436NewHistory
IBIOiBio, Inc.COM NEW957,062$1.85M0.2%+339,735+55.0%AddedHistory
APLSApellis Pharmaceuticals, Inc.COM71,747$1.80M0.2%−380,155−84.1%ReducedHistory
SLNSilence Therapeutics plcADS865,784$1.73M0.2%−35,000−3.9%ReducedHistory
VSTMVerastem, Inc.COM NEW213,865$1.65M0.2%+213,865NewHistory
INSMINSMED IncCOM PAR $.019,337$1.63M0.2%−4,414−32.1%ReducedHistory
NAMSNewAmsterdam Pharma Co N.V.ORDINARY SHARES45,830$1.61M0.2%−60,970−57.1%ReducedHistory
LPCNLipocine Inc.COM NEW199,542$1.60M0.2%+199,542NewHistory
SRZNSurrozen, Inc.COM NEW65,788$1.49M0.2%+65,788NewHistory
WVEWave Life Sciences, Inc.SHS85,285$1.45M0.2%−10,670−11.1%ReducedHistory
CPRXCatalyst Pharmaceuticals, Inc.COM57,388$1.34M0.2%−59,000−50.7%ReducedHistory
LYELLyell Immunopharma, Inc.COM NEW41,081$1.26M0.2%−2,718−6.2%ReducedHistory
ANNXAnnexon, Inc.COM230,244$1.16M0.1%+230,244NewHistory
HELPHelus Pharma Inc.COM NEW132,153$1.08M0.1%−8,322−5.9%ReducedHistory
STIMNeuronetics, Inc.COM701,182$967.6K0.1%−204,534−22.6%ReducedHistory
SLDBSolid Biosciences Inc.COM NEW160,409$904.7K0.1%−16,281−9.2%ReducedHistory
Direxion Shs ETF Tr25461H853DAILY S&P BIOTEC40,822$859.7K0.1%−51,137−55.6%Reduced–
IOBTIO Biotech, Inc.COM1,386,565$844.3K0.1%−139,328−9.1%ReducedHistory
DFTXDefinium Therapeutics, Inc.Stock58,803$787.4K0.1%−3,888−6.2%ReducedHistory
TRAWTraws Pharma, Inc.COM NEW678,142$766.3K0.1%+649,649+2,280.0%AddedHistory
PALIPalisade Bio, Inc.COM274,978$646.2K0.1%+274,978NewHistory
KZRKezar Life Sciences, Inc.COM102,211$642.9K0.1%−4,690−4.4%ReducedHistory
KALVKalVista Pharmaceuticals, Inc.COM35,119$567.2K0.1%+35,119NewHistory
AVTXAvalo Therapeutics, Inc.COM NEW31,106$564.9K0.1%−128,671−80.5%ReducedHistory
ABOSAcumen Pharmaceuticals, Inc.COM254,312$536.6K0.1%−11,457−4.3%ReducedHistory
SGMOQSangamo Therapeutics, IncCOM1,218,671$511.8K0.1%−75,981−5.9%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 Q4 2025
SecurityClassPutsCalls
State Street SPDR S&P Biotech ETF78464A870ETF$103.6M–
CDTXCidara Therapeutics, Inc.COM NEW$66.3M–
AMGNAmgen IncStock$65.5M–
Jazz Pharmaceuticals PLCG50871905CALL–$28.9M
OMEROmeros CorpCOM$16.3M$9.45M
HROWHarrow, Inc.COM–$25.0M
SLNOSoleno Therapeutics IncCOM–$24.5M
CYTKCytokinetics IncCOM NEW–$18.5M
CRNXCrinetics Pharmaceuticals, Inc.COM$17.2M–
ABVXAbivax S.A.SPONSORED ADS–$16.9M
CORTCorcept Therapeutics IncCOM$8.24M$5.70M
RAREUltragenyx Pharmaceutical Inc.COM$5.87M$5.75M
RAPTRAPT Therapeutics, Inc.COM NEW–$9.82M
DXCMDexcom IncCOM–$9.13M
APLSApellis Pharmaceuticals, Inc.COM–$8.18M
RVMDRevolution Medicines, Inc.COM–$7.57M
IONSIonis Pharmaceuticals IncCOM–$7.48M
NBIXNeurocrine Biosciences IncStock–$7.23M
ANIPAni Pharmaceuticals IncCOM–$6.54M
OLMAOlema Pharmaceuticals, Inc.COM–$5.00M
AGIOAgios Pharmaceuticals, Inc.COM–$3.73M
ZBIOZenas BioPharma, Inc.COM$1.70M$1.70M
AQSTAquestive Therapeutics, Inc.COM$3.23M–
GOSSGossamer Bio, Inc.COM$1.55M$1.55M
NKTRNektar TherapeuticsCOM NEW$1.53M$1.53M
Uniqure NVN90064901CALL–$2.52M
SLDBSolid Biosciences Inc.COM NEW–$2.39M
ALMSAlumis Inc.COM$2.06M–
PEPGPepGen Inc.COM–$1.95M
INSMINSMED IncCOM PAR $.01–$1.50M
TVTXTravere Therapeutics, Inc.COM–$1.40M
AVTXAvalo Therapeutics, Inc.COM NEW–$1.06M
CNTBConnect Biopharma Holdings LtdSHS–$407.8K

Sold out since Q3 2025 (24)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Ikarian Capital, LLC sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
DNTHDianthus Therapeutics, Inc.COM346,001$13.6M3.1%History
AKROAkero Therapeutics, Inc.COM206,854$9.82M2.2%History
CRNXCrinetics Pharmaceuticals, Inc.COM130,902$5.45M1.2%History
VRDNViridian Therapeutics, Inc.COM245,518$5.30M1.2%History
SNDXSyndax Pharmaceuticals IncCOM333,733$5.13M1.2%History
TVTXTravere Therapeutics, Inc.COM190,781$4.56M1.0%History
ARGXArgenx SESPONSORED ADR5,942$4.30M1.0%History
PVLAPalvella Therapeutics, Inc.COM64,746$4.06M0.9%History
MLTXMoonLake ImmunotherapeuticsCLASS A ORD435,839$3.12M0.7%History
UPBUpstream Bio, Inc.COM161,113$3.03M0.7%History
BBIOBridgeBio Pharma, Inc.COM51,967$2.70M0.6%History
RLAYRelay Therapeutics, Inc.COM467,362$2.44M0.6%History
ANABAnaptysbio, IncCOM48,410$1.48M0.3%History
DYNDyne Therapeutics, Inc.COM113,837$1.44M0.3%History
JANXJanux Therapeutics, Inc.COM54,691$1.34M0.3%History
ZYMEZymeworks Inc.COM72,787$1.24M0.3%History
IFRXInflaRx N.V.COM722,066$967.6K0.2%History
MBXMBX Biosciences, Inc.COM48,071$841.2K0.2%History
PRMEPrime Medicine, Inc.COM150,000$831.0K0.2%History
SONNSonnet BioTherapeutics Holdings, Inc.COM NEW150,000$687.0K0.2%History
ARCTArcturus Therapeutics Holdings Inc.COM10,721$197.6K<0.1%History
COGTCogent Biosciences, Inc.COM11,280$162.0K<0.1%History
AEMDAethlon Medical IncCOM NEW153,659$115.0K<0.1%History
GMABGenmab A/SSPONSORED ADS175,000––History