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Livermore
Livermore
ZHEN

Ikarian Capital, LLC

SEC CIK
0001778253
Latest filing
Aug 14, 2026

Holdings in Q2 2026

Holdings as of Jun 30, 2026, filed Aug 14, 2026. Long positions only; changes compare share counts with Q1 2026.

Institution overview
Positions
126
−1 vs. Q1 2026
Portfolio value
$610.9M
−$88.1M (−12.6%) vs. Q1 2026
Filed
Aug 14, 2026
SEC
Holdings of Ikarian Capital, LLC in Q2 2026
SecurityClassSharesValue% of portfolioShare changeActionHistory
ABVXAbivax S.A.SPONSORED ADS328,635$43.4M7.1%+271,000+470.2%AddedHistory
KODKodiak Sciences Inc.COM1,059,730$41.3M6.8%−206,065−16.3%ReducedHistory
ALMSAlumis Inc.COM870,548$24.5M4.0%−343,000−28.3%ReducedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW72,842$24.4M4.0%+1,261+1.8%AddedHistory
PCVXVaxcyte, Inc.COM388,682$22.6M3.7%−40,000−9.3%ReducedHistory
ANIPAni Pharmaceuticals IncCOM272,085$22.5M3.7%+125,000+85.0%AddedHistory
CLDXCelldex Therapeutics, Inc.COM NEW478,500$17.8M2.9%+17,253+3.7%AddedHistory
RCUSArcus Biosciences, Inc.COM504,559$15.6M2.5%+504,559NewHistory
RLMDRelmada Therapeutics, Inc.COM2,148,359$14.9M2.4%−540,000−20.1%ReducedHistory
CAPRCapricor Therapeutics, Inc.COM NEW604,215$14.5M2.4%+76,200+14.4%AddedHistory
COGTCogent Biosciences, Inc.COM370,084$14.3M2.3%+370,084NewHistory
VERAVera Therapeutics, Inc.CL A310,000$13.3M2.2%+110,000+55.0%AddedHistory
CTNMContineum Therapeutics, Inc.CL A807,874$13.2M2.2%00.0%UnchangedHistory
TENXTenax Therapeutics, Inc.COM NEW787,600$11.5M1.9%−230,000−22.6%ReducedHistory
CCCCC4 Therapeutics, Inc.COM STK2,433,000$11.4M1.9%+2,433,000NewHistory
MAZEMaze Therapeutics, Inc.COM378,999$11.3M1.9%00.0%UnchangedHistory
BHVNBiohaven Ltd.COM748,181$11.1M1.8%+335,700+81.4%AddedHistory
CNTBConnect Biopharma Holdings LtdSHS4,538,534$10.8M1.8%−849,952−15.8%ReducedHistory
ANROAlto Neuroscience, Inc.COM SHS407,338$10.7M1.8%−107,662−20.9%ReducedHistory
PHVSPharvaris N.V.COM308,856$10.7M1.7%−178,000−36.6%ReducedHistory
JBIOJade Biosciences, Inc.COM NEW427,349$9.50M1.6%−85,000−16.6%ReducedHistory
DMRADamora Therapeutics, Inc.COM NEW335,710$8.73M1.4%00.0%UnchangedHistory
VRDNViridian Therapeutics, Inc.COM425,000$7.81M1.3%+425,000NewHistory
PTHSPelthos Therapeutics Inc.COM SHS256,598$7.25M1.2%00.0%UnchangedHistory
ZURAZura Bio LtdCLASS A ORD SHS1,218,492$7.19M1.2%+25,000+2.1%AddedHistory
TECXTectonic Therapeutic, Inc.COM205,837$7.08M1.2%+48,300+30.7%AddedHistory
SPRBSpruce Biosciences, Inc.COM NEW121,356$6.55M1.1%00.0%UnchangedHistory
HIMSHims & Hers Health, Inc.Stock188,381$6.53M1.1%+188,381NewHistory
ELVNEnliven Therapeutics, Inc.COM126,541$6.42M1.1%+126,541NewHistory
PRQRProQR Therapeutics N.V.SHS EURO3,425,930$6.37M1.0%+1,933,701+129.6%AddedHistory
DRUGBright Minds Biosciences Inc.COM NEW88,951$6.24M1.0%−77,696−46.6%ReducedHistory
OVIDOvid Therapeutics Inc.COM2,269,704$6.11M1.0%−625,000−21.6%ReducedHistory
OCGNOcugen, Inc.COM3,962,972$6.06M1.0%00.0%UnchangedHistory
ACOGAlpha Cognition Inc.COM NEW836,259$6.04M1.0%−220,000−20.8%ReducedHistory
HROWHarrow, Inc.COM135,775$5.77M0.9%−407,272−75.0%ReducedHistory
KZIAKazia Therapeutics LtdSPONSORED ADS396,201$5.58M0.9%+396,201NewHistory
RAREUltragenyx Pharmaceutical Inc.COM165,617$5.53M0.9%−316,954−65.7%ReducedHistory
QTTBQ32 Bio Inc.COM430,000$5.48M0.9%+430,000NewHistory
EPRXEupraxia Pharmaceuticals Inc.COM809,741$5.35M0.9%−405,000−33.3%ReducedHistory
BIOABioAge Labs, Inc.COM200,000$4.90M0.8%+200,000NewHistory
RZLTRezolute, Inc.COM NEW935,012$4.86M0.8%+918,533+5,574.0%AddedHistory
OLMAOlema Pharmaceuticals, Inc.COM383,281$4.79M0.8%−215,000−35.9%ReducedHistory
MNPRMonopar TherapeuticsCOM NEW47,861$4.43M0.7%+47,861NewHistory
BBIOBridgeBio Pharma, Inc.COM57,417$4.28M0.7%−102,703−64.1%ReducedHistory
IVAInventiva S.A.ADS1,129,101$4.15M0.7%−300,000−21.0%ReducedHistory
ABSIAbsci CorpCOM353,772$4.10M0.7%+353,772NewHistory
ALECAlector, Inc.COM1,982,606$3.99M0.7%−100,000−4.8%ReducedHistory
CLYMClimb Bio, Inc.COM300,000$3.91M0.6%+300,000NewHistory
FULCFulcrum Therapeutics, Inc.COM1,049,161$3.84M0.6%00.0%UnchangedHistory
CRDLCardiol Therapeutics Inc.COM CL A3,325,000$3.52M0.6%+600,000+22.0%AddedHistory
CUECue Biopharma, Inc.COM104,364$3.29M0.5%+104,364NewHistory
CPIXCumberland Pharmaceuticals IncCOM503,153$3.26M0.5%−50,000−9.0%ReducedHistory
ARWRArrowhead Pharmaceuticals, Inc.COM38,278$3.12M0.5%+38,278NewHistory
RNTXRein Therapeutics, Inc.COM NEW2,950,000$3.07M0.5%+2,950,000NewHistory
ARVNArvinas, Inc.COM358,257$2.98M0.5%00.0%UnchangedHistory
ABOSAcumen Pharmaceuticals, Inc.COM1,053,797$2.81M0.5%00.0%UnchangedHistory
PMNProMIS Neurosciences Inc.COM SHS205,000$2.70M0.4%+150,000+272.7%AddedHistory
ANNXAnnexon, Inc.COM430,244$2.46M0.4%−150,000−25.9%ReducedHistory
LXEOLexeo Therapeutics, Inc.COM513,011$2.39M0.4%00.0%UnchangedHistory
DCTHDelcath Systems, Inc.COM NEW185,667$2.34M0.4%−245,584−56.9%ReducedHistory
IVVDInvivyd, Inc.COM2,656,570$2.32M0.4%00.0%UnchangedHistory
CABACabaletta Bio, Inc.COM700,000$2.18M0.4%−200,000−22.2%ReducedHistory
NMRANeumora Therapeutics, Inc.COM1,278,408$2.17M0.4%00.0%UnchangedHistory
AMLXAmylyx Pharmaceuticals, Inc.COM117,500$2.11M0.3%+117,500NewHistory
TARSTarsus Pharmaceuticals, Inc.COM31,166$1.96M0.3%00.0%UnchangedHistory
SLNSilence Therapeutics plcADS830,784$1.83M0.3%−35,000−4.0%ReducedHistory
DERMJourney Medical CorpCOM251,436$1.78M0.3%00.0%UnchangedHistory
DBVTDBV Technologies S.A.SPONSORED ADS525,000$1.69M0.3%00.0%UnchangedHistory
IBIOiBio, Inc.COM NEW957,062$1.67M0.3%00.0%UnchangedHistory
AVTXAvalo Therapeutics, Inc.COM NEW90,183$1.67M0.3%+90,183NewHistory
AVRAnteris Technologies Global Corp.COM166,571$1.64M0.3%−200,000−54.6%ReducedHistory
PALIPalisade Bio, Inc.COM750,000$1.57M0.3%+475,022+172.7%AddedHistory
AMANAmanat Acquisition Corp.CL A ORD150,000$1.52M0.2%+150,000NewHistory
KLRSKalaris Therapeutics, Inc.COM360,000$1.47M0.2%00.0%UnchangedHistory
QNCXQuince Therapeutics, Inc.Stock72,251$1.31M0.2%+72,251NewHistory
LPCNLipocine Inc.COM NEW508,556$1.30M0.2%00.0%UnchangedHistory
IMNMImmunome Inc.COM60,000$1.27M0.2%+60,000NewHistory
PLRXPliant Therapeutics, Inc.COM1,000,000$1.14M0.2%+1,000,000NewHistory
IMUXImmunic, Inc.COM NEW67,464$1.04M0.2%00.0%UnchangedConverted for a 1-for-10 splitHistory
QNRXQuoin Pharmaceuticals Ltd.ADR211,538$1.02M0.2%00.0%UnchangedHistory
EQEquillium, Inc.COM303,555$971.4K0.2%00.0%UnchangedHistory
STIMNeuronetics, Inc.COM701,182$911.5K0.1%00.0%UnchangedHistory
FTHFaeth Therapeutics, Inc.COM NEW35,386$884.6K0.1%+29,035+457.2%AddedHistory
GUTSFractyl Health, Inc.COM1,100,000$873.8K0.1%00.0%UnchangedHistory
HELPHelus Pharma Inc.COM NEW132,153$873.5K0.1%00.0%UnchangedHistory
TRAXFirst Tracks Biotherapeutics, Inc.ORD SHS42,775$860.6K0.1%+42,775NewHistory
VSTMVerastem, Inc.COM NEW213,865$817.0K0.1%00.0%UnchangedHistory
Direxion Shs ETF Tr25461H853DAILY S&P BIOTEC105,822$815.9K0.1%00.0%Unchanged–
PEPGPepGen Inc.COM447,165$804.9K0.1%00.0%UnchangedHistory
ACADAcadia Pharmaceuticals IncCOM28,099$710.9K0.1%00.0%UnchangedHistory
CNSPCNS Pharmaceuticals, Inc.COM135,830$649.3K0.1%+90,000+196.4%AddedHistory
LYELLyell Immunopharma, Inc.COM NEW41,081$577.2K0.1%00.0%UnchangedHistory
WVEWave Life Sciences, Inc.SHS85,285$495.5K0.1%00.0%UnchangedHistory
IMTXImmatics N.V.SHS48,569$492.0K0.1%00.0%UnchangedHistory
PASGPassage BIO, Inc.COM99,517$485.6K0.1%+31,393+46.1%AddedHistory
NXTCNextCure, Inc.COM NEW288,303$461.3K0.1%+50,000+21.0%AddedHistory
FBRXForte Biosciences, Inc.COM NEW20,972$445.7K0.1%−98,000−82.4%ReducedHistory
SLDBSolid Biosciences Inc.COM NEW42,956$429.1K0.1%−221,453−83.8%ReducedHistory
TRAWTraws Pharma, Inc.COM NEW478,142$403.2K0.1%−200,000−29.5%ReducedHistory
LXRXLexicon Pharmaceuticals, Inc.COM NEW164,674$395.2K0.1%00.0%UnchangedHistory

Options (23)

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 2026
SecurityClassPutsCalls
ABVXAbivax S.A.SPONSORED ADS$33.3M$45.5M
IONSIonis Pharmaceuticals IncCOM$23.8M$31.7M
State Street SPDR S&P Biotech ETF78464A870ETF$47.5M–
MRNAModerna, Inc.Stock$28.0M–
Newamsterdam Pharma CompanyN62509959PUT$13.6M–
EYPTEyePoint, Inc.COM NEW$5.30M$5.30M
ALMSAlumis Inc.COM–$10.0M
KODKodiak Sciences Inc.COM–$8.48M
CAPRCapricor Therapeutics, Inc.COM NEW–$8.43M
ARWRArrowhead Pharmaceuticals, Inc.COM$8.15M–
PRAXPraxis Precision Medicines, Inc.COM NEW$301.3K$6.70M
KYMRKymera Therapeutics, Inc.COM$5.78M–
TENXTenax Therapeutics, Inc.COM NEW$240.1K$5.43M
SLSSELLAS Life Sciences Group, Inc.COM NEW$5.24M–
SIONSionna Therapeutics, Inc.COM$4.73M–
CLDXCelldex Therapeutics, Inc.COM NEW$4.24M–
VERAVera Therapeutics, Inc.CL A–$3.08M
QTTBQ32 Bio Inc.COM$2.55M–
OLMAOlema Pharmaceuticals, Inc.COM–$2.50M
BMYBristol Myers Squibb CoStock$2.45M–
Uniqure NVN90064901CALL–$2.29M
IRONDisc Medicine, Inc.COM$972.8K$972.8K
ELTXElicio Therapeutics, Inc.COM$418.8K$418.8K

Sold out since Q1 2026 (27)

Positions held at the end of Q1 2026 that are gone from this filing.

Positions of Ikarian Capital, LLC sold out since Q1 2026
SecurityClassShares in Q1 2026Value in Q1 2026% of portfolio in Q1 2026History
TERNTerns Pharmaceuticals, Inc.COM1,456,378$76.8M11.0%History
CYTKCytokinetics IncCOM NEW283,572$18.7M2.7%History
RVMDRevolution Medicines, Inc.COM163,142$15.9M2.3%History
ORKAOruka Therapeutics, Inc.COM242,021$11.9M1.7%History
SLNOSoleno Therapeutics IncCOM344,123$11.5M1.6%History
IONSIonis Pharmaceuticals IncCOM127,038$9.54M1.4%History
PVLAPalvella Therapeutics, Inc.COM64,626$8.06M1.2%History
LLYEli Lilly & CoStock6,547$6.02M0.9%History
SRZNSurrozen, Inc.COM NEW173,107$5.04M0.7%History
LEGNLegend Biotech CorpSPONSORED ADS226,888$4.10M0.6%History
KPTIKaryopharm Therapeutics Inc.COM NEW733,435$4.09M0.6%History
FRNMFreenome, Inc.CL A ORD SHS240,951$2.64M0.4%History
VIRVir Biotechnology, Inc.COM293,258$2.63M0.4%History
BBOTBridgeBio Oncology Therapeutics, Inc.COM NEW270,231$2.42M0.3%History
NUVLNuvalent, Inc.COM23,594$2.42M0.3%History
JAZZJazz Pharmaceuticals plcSHS USD12,460$2.36M0.3%History
QUREuniQure N.V.SHS91,060$1.49M0.2%History
DFTXDefinium Therapeutics, Inc.COM SHS58,803$1.11M0.2%History
KZRKezar Life Sciences, Inc.COM102,211$758.4K0.1%History
CNTACentessa Pharmaceuticals plcSPONSORED ADS18,113$719.4K0.1%History
KALVKalVista Pharmaceuticals, Inc.COM35,119$706.9K0.1%History
INSMINSMED IncCOM PAR $.014,214$689.1K0.1%History
SGMOQSangamo Therapeutics, IncCOM1,218,671$300.9K<0.1%History
VERUVeru Inc.COM NEW133,517$295.1K<0.1%History
IOBTIO Biotech, Inc.COM1,386,565$81.4K<0.1%History
SHPHShuttle Pharmaceuticals Holdings, Inc.COM68,993$46.8K<0.1%History
AMIXAutonomix Medical, Inc.COM NEW18,688$7.29K<0.1%History