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Livermore
Livermore
ZHEN

Ikarian Capital, LLC

SEC CIK
0001778253
Latest filing
Aug 14, 2026

Holdings in Q1 2026

Holdings as of Mar 31, 2026, filed May 15, 2026. Long positions only; changes compare share counts with Q4 2025.

Institution overview
Positions
127
−8 vs. Q4 2025
Portfolio value
$699.0M
−$73.6M (−9.5%) vs. Q4 2025
Filed
May 15, 2026
SEC
Holdings of Ikarian Capital, LLC in Q1 2026
SecurityClassSharesValue% of portfolioShare changeActionHistory
TERNTerns Pharmaceuticals, Inc.COM1,456,378$76.8M11.0%−140,000−8.8%ReducedHistory
KODKodiak Sciences Inc.COM1,265,795$48.3M6.9%+546,008+75.9%AddedHistory
ALMSAlumis Inc.COM1,213,548$26.7M3.8%+1,213,548NewHistory
PCVXVaxcyte, Inc.COM428,682$24.9M3.6%+50,000+13.2%AddedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW71,581$23.1M3.3%−15,000−17.3%ReducedHistory
HROWHarrow, Inc.COM543,047$19.1M2.7%+359,700+196.2%AddedHistory
RLMDRelmada Therapeutics, Inc.COM2,688,359$18.7M2.7%−380,000−12.4%ReducedHistory
CYTKCytokinetics IncCOM NEW283,572$18.7M2.7%+110,900+64.2%AddedHistory
TENXTenax Therapeutics, Inc.COM NEW1,017,600$16.3M2.3%+50,000+5.2%AddedHistory
CAPRCapricor Therapeutics, Inc.COM NEW528,015$16.1M2.3%−50,000−8.7%ReducedHistory
RVMDRevolution Medicines, Inc.COM163,142$15.9M2.3%+25,000+18.1%AddedHistory
CLDXCelldex Therapeutics, Inc.COM NEW461,247$14.6M2.1%+461,247NewHistory
PHVSPharvaris N.V.COM486,856$13.8M2.0%00.0%UnchangedHistory
CNTBConnect Biopharma Holdings LtdSHS5,388,486$13.1M1.9%+600,000+12.5%AddedHistory
DRUGBright Minds Biosciences Inc.COM NEW166,647$12.2M1.7%+7,226+4.5%AddedHistory
BBIOBridgeBio Pharma, Inc.COM160,120$11.9M1.7%+160,120NewHistory
ORKAOruka Therapeutics, Inc.COM242,021$11.9M1.7%+242,021NewHistory
ANROAlto Neuroscience, Inc.COM SHS515,000$11.6M1.7%00.0%UnchangedHistory
SLNOSoleno Therapeutics IncCOM344,123$11.5M1.6%+275,300+400.0%AddedHistory
MAZEMaze Therapeutics, Inc.COM378,999$11.3M1.6%−265,681−41.2%ReducedHistory
ANIPAni Pharmaceuticals IncCOM147,085$11.3M1.6%+147,085NewHistory
CTNMContineum Therapeutics, Inc.CL A807,874$10.6M1.5%+525,000+185.6%AddedHistory
RAREUltragenyx Pharmaceutical Inc.COM482,571$10.1M1.4%+469,900+3,708.5%AddedHistory
IONSIonis Pharmaceuticals IncCOM127,038$9.54M1.4%−75,000−37.1%ReducedHistory
OLMAOlema Pharmaceuticals, Inc.COM598,281$8.92M1.3%−160,373−21.1%ReducedHistory
EPRXEupraxia Pharmaceuticals Inc.COM1,214,741$8.79M1.3%+604,741+99.1%AddedHistory
DMRADamora Therapeutics, Inc.COM NEW335,710$8.69M1.2%+50,000+17.5%AddedHistory
PVLAPalvella Therapeutics, Inc.COM64,626$8.06M1.2%+64,626NewHistory
FULCFulcrum Therapeutics, Inc.COM1,049,161$8.05M1.2%−326,311−23.7%ReducedHistory
VERAVera Therapeutics, Inc.CL A200,000$8.05M1.2%+200,000NewHistory
SPRBSpruce Biosciences, Inc.COM NEW121,356$7.93M1.1%00.0%UnchangedHistory
IVAInventiva S.A.ADS1,429,101$7.84M1.1%+926,500+184.3%AddedHistory
JBIOJade Biosciences, Inc.COM NEW512,349$7.20M1.0%+212,349+70.8%AddedHistory
OCGNOcugen, Inc.COM3,962,972$7.17M1.0%+3,962,972NewHistory
ZURAZura Bio LtdCLASS A ORD SHS1,193,492$7.10M1.0%+391,170+48.8%AddedHistory
OVIDOvid Therapeutics Inc.COM2,894,704$6.43M0.9%+2,647,146+1,069.3%AddedHistory
ABVXAbivax S.A.SPONSORED ADS57,635$6.23M0.9%−148,350−72.0%ReducedHistory
LLYEli Lilly & CoStock6,547$6.02M0.9%−7,268−52.6%ReducedHistory
ACOGAlpha Cognition Inc.COM NEW1,056,259$5.80M0.8%00.0%UnchangedHistory
PTHSPelthos Therapeutics Inc.COM SHS256,598$5.39M0.8%+840+0.3%AddedHistory
SRZNSurrozen, Inc.COM NEW173,107$5.04M0.7%+107,319+163.1%AddedHistory
TECXTectonic Therapeutic, Inc.COM157,537$4.87M0.7%+157,537NewHistory
ALECAlector, Inc.COM2,082,606$4.48M0.6%00.0%UnchangedHistory
LEGNLegend Biotech CorpSPONSORED ADS226,888$4.10M0.6%00.0%UnchangedHistory
KPTIKaryopharm Therapeutics Inc.COM NEW733,435$4.09M0.6%+188,881+34.7%AddedHistory
LPCNLipocine Inc.COM NEW508,556$4.06M0.6%+309,014+154.9%AddedHistory
DCTHDelcath Systems, Inc.COM NEW431,251$4.00M0.6%00.0%UnchangedHistory
ARVNArvinas, Inc.COM358,257$3.80M0.5%00.0%UnchangedHistory
CMPSCOMPASS Pathways plcSPONSORED ADS675,000$3.73M0.5%+275,000+68.8%AddedHistory
CRDLCardiol Therapeutics Inc.COM CL A2,725,000$3.68M0.5%+2,725,000NewHistory
BHVNBiohaven Ltd.COM412,481$3.49M0.5%+200,000+94.1%AddedHistory
IVVDInvivyd, Inc.COM2,656,570$3.45M0.5%00.0%UnchangedHistory
ANNXAnnexon, Inc.COM580,244$3.21M0.5%+350,000+152.0%AddedHistory
FBRXForte Biosciences, Inc.COM NEW118,972$3.08M0.4%−181,028−60.3%ReducedHistory
LXEOLexeo Therapeutics, Inc.COM513,011$2.94M0.4%00.0%UnchangedHistory
FRNMFreenome, Inc.CL A ORD SHS240,951$2.64M0.4%00.0%UnchangedHistory
VIRVir Biotechnology, Inc.COM293,258$2.63M0.4%−282,454−49.1%ReducedHistory
NXTCNextCure, Inc.COM NEW238,303$2.51M0.4%00.0%UnchangedHistory
NMRANeumora Therapeutics, Inc.COM1,278,408$2.49M0.4%00.0%UnchangedHistory
ABOSAcumen Pharmaceuticals, Inc.COM1,053,797$2.49M0.4%+799,485+314.4%AddedHistory
CABACabaletta Bio, Inc.COM900,000$2.42M0.3%00.0%UnchangedHistory
BBOTBridgeBio Oncology Therapeutics, Inc.COM NEW270,231$2.42M0.3%+50,000+22.7%AddedHistory
PRQRProQR Therapeutics N.V.SHS EURO1,492,229$2.42M0.3%00.0%UnchangedHistory
NUVLNuvalent, Inc.COM23,594$2.42M0.3%−36,000−60.4%ReducedHistory
JAZZJazz Pharmaceuticals plcSHS USD12,460$2.36M0.3%−147,907−92.2%ReducedHistory
DBVTDBV Technologies S.A.SPONSORED ADS525,000$2.20M0.3%00.0%UnchangedHistory
TARSTarsus Pharmaceuticals, Inc.COM31,166$2.19M0.3%00.0%UnchangedHistory
KLRSKalaris Therapeutics, Inc.COM360,000$2.08M0.3%00.0%UnchangedHistory
AVRAnteris Technologies Global Corp.COM366,571$2.03M0.3%+366,571NewHistory
SLDBSolid Biosciences Inc.COM NEW264,409$1.90M0.3%+104,000+64.8%AddedHistory
IBIOiBio, Inc.COM NEW957,062$1.82M0.3%00.0%UnchangedHistory
CPIXCumberland Pharmaceuticals IncCOM553,153$1.80M0.3%−2,779−0.5%ReducedHistory
SLNSilence Therapeutics plcADS865,784$1.73M0.2%00.0%UnchangedHistory
Direxion Shs ETF Tr25461H853DAILY S&P BIOTEC105,822$1.72M0.2%+65,000+159.2%Added–
QUREuniQure N.V.SHS91,060$1.49M0.2%00.0%UnchangedHistory
QNRXQuoin Pharmaceuticals Ltd.ADR211,538$1.40M0.2%00.0%UnchangedHistory
TRAWTraws Pharma, Inc.COM NEW678,142$1.24M0.2%00.0%UnchangedHistory
DERMJourney Medical CorpCOM251,436$1.18M0.2%00.0%UnchangedHistory
VSTMVerastem, Inc.COM NEW213,865$1.13M0.2%00.0%UnchangedHistory
DFTXDefinium Therapeutics, Inc.COM SHS58,803$1.11M0.2%00.0%UnchangedHistory
STIMNeuronetics, Inc.COM701,182$1.02M0.1%00.0%UnchangedHistory
LYELLyell Immunopharma, Inc.COM NEW41,081$824.1K0.1%00.0%UnchangedHistory
PEPGPepGen Inc.COM447,165$791.5K0.1%00.0%UnchangedHistory
KZRKezar Life Sciences, Inc.COM102,211$758.4K0.1%00.0%UnchangedHistory
IMUXImmunic, Inc.COM674,662$748.9K0.1%00.0%UnchangedHistory
CNTACentessa Pharmaceuticals plcSPONSORED ADS18,113$719.4K0.1%+18,113NewHistory
KALVKalVista Pharmaceuticals, Inc.COM35,119$706.9K0.1%00.0%UnchangedHistory
PMNProMIS Neurosciences Inc.COM SHS55,000$698.5K0.1%+55,000NewHistory
INSMINSMED IncCOM PAR $.014,214$689.1K0.1%−5,123−54.9%ReducedHistory
HELPHelus Pharma Inc.COM NEW132,153$634.3K0.1%00.0%UnchangedHistory
ACADAcadia Pharmaceuticals IncCOM28,099$625.5K0.1%+28,099NewHistory
WVEWave Life Sciences, Inc.SHS85,285$618.3K0.1%00.0%UnchangedHistory
EQEquillium, Inc.COM303,555$607.1K0.1%00.0%UnchangedHistory
PASGPassage BIO, Inc.COM68,124$534.8K0.1%+68,124NewHistory
GUTSFractyl Health, Inc.COM1,100,000$503.6K0.1%00.0%UnchangedHistory
PALIPalisade Bio, Inc.COM274,978$481.2K0.1%00.0%UnchangedHistory
IMTXImmatics N.V.SHS48,569$477.9K0.1%00.0%UnchangedHistory
VKTXViking Therapeutics, Inc.COM9,717$316.2K<0.1%00.0%UnchangedHistory
SGMOQSangamo Therapeutics, IncCOM1,218,671$300.9K<0.1%00.0%UnchangedHistory
VTGNVistagen Therapeutics, Inc.COM519,077$296.7K<0.1%00.0%UnchangedHistory

Options (30)

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 2026
SecurityClassPutsCalls
State Street SPDR S&P Biotech ETF78464A870ETF$102.2M–
TERNTerns Pharmaceuticals, Inc.COM$63.3M–
CYTKCytokinetics IncCOM NEW$36.3M$26.9M
Invesco QQQ Trust Series I46090E103ETF$57.7M–
iShares Russell 2000 ETF464287655ETF$49.6M–
ABVXAbivax S.A.SPONSORED ADS–$32.7M
BMYBristol Myers Squibb CoStock$30.3M–
NVONovo Nordisk A SADR–$14.7M
ANIPAni Pharmaceuticals IncCOM–$11.5M
CAPRCapricor Therapeutics, Inc.COM NEW–$10.6M
KPTIKaryopharm Therapeutics Inc.COM NEW$5.12M$5.12M
EYPTEyePoint, Inc.COM NEW$4.77M$4.77M
RVMDRevolution Medicines, Inc.COM$9.24M–
IONSIonis Pharmaceuticals IncCOM–$8.42M
AVTXAvalo Therapeutics, Inc.COM NEW$2.37M$5.99M
OLMAOlema Pharmaceuticals, Inc.COM–$8.20M
ALMSAlumis Inc.COM–$5.83M
Uniqure NVN90064901CALL–$5.80M
BBIOBridgeBio Pharma, Inc.COM–$4.34M
KYMRKymera Therapeutics, Inc.COM$4.20M–
KODKodiak Sciences Inc.COM–$3.81M
CLDXCelldex Therapeutics, Inc.COM NEW$3.62M–
ARWRArrowhead Pharmaceuticals, Inc.COM$3.61M–
ELVNEnliven Therapeutics, Inc.COM$3.28M–
VERAVera Therapeutics, Inc.CL A–$2.88M
REPLReplimune Group, Inc.COM$2.29M–
TENXTenax Therapeutics, Inc.COM NEW–$1.83M
PEPGPepGen Inc.COM–$531.0K
MAZEMaze Therapeutics, Inc.COM$429.8K–
CNTBConnect Biopharma Holdings LtdSHS–$378.9K

Sold out since Q4 2025 (24)

Positions held at the end of Q4 2025 that are gone from this filing.

Positions of Ikarian Capital, LLC sold out since Q4 2025
SecurityClassShares in Q4 2025Value in Q4 2025% of portfolio in Q4 2025History
CDTXCidara Therapeutics, Inc.COM NEW273,243$60.4M7.8%History
RAPTRAPT Therapeutics, Inc.COM NEW665,271$22.5M2.9%History
AMGNAmgen IncStock45,000$14.7M1.9%History
CTMXCytomX Therapeutics, Inc.COM3,172,616$13.5M1.7%History
CELCCelcuity Inc.COM105,545$10.5M1.4%History
PTCTPTC Therapeutics, Inc.COM118,657$9.01M1.2%History
VTYXVentyx Biosciences, Inc.COM958,704$8.66M1.1%History
CGONCG Oncology, Inc.COM199,473$8.28M1.1%History
NBIXNeurocrine Biosciences IncStock54,062$7.67M1.0%History
MLYSMineralys Therapeutics, Inc.COM200,000$7.26M0.9%History
CORTCorcept Therapeutics IncCOM185,593$6.46M0.8%History
ADMAAdma Biologics, Inc.COM234,854$4.28M0.6%History
KRYSKrystal Biotech, Inc.COM14,814$3.65M0.5%History
TGTXTG Therapeutics, Inc.COM117,903$3.51M0.5%History
AGIOAgios Pharmaceuticals, Inc.COM115,489$3.14M0.4%History
ERASErasca, Inc.COM735,396$2.74M0.4%History
APLSApellis Pharmaceuticals, Inc.COM71,747$1.80M0.2%History
NAMSNewAmsterdam Pharma Co N.V.ORDINARY SHARES45,830$1.61M0.2%History
CPRXCatalyst Pharmaceuticals, Inc.COM57,388$1.34M0.2%History
AVTXAvalo Therapeutics, Inc.COM NEW31,106$564.9K0.1%History
GPCRStructure Therapeutics Inc.SPONSORED ADS4,824$335.5K<0.1%History
LYRALyra Therapeutics, Inc.COM NEW21,161$65.2K<0.1%History
SYBXSynlogic, Inc.COM NEW19,966$22.4K<0.1%History
ANEBAnebulo Pharmaceuticals, Inc.COM17,736$17.9K<0.1%History