Ikarian Capital, LLC — 13F Holdings & Portfolio
CIK 1778253 · latest 13F-HR filed 2026-05-15
Ikarian Capital, LLC manages $1.23B in 13F-reported U.S. long-equity assets across 161 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are XBI (8.30%), TERN (6.23%), TERN (5.14%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 17 new positions, exited 25, added to 42, and trimmed 55.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$1.23B
Long-equity book
161
Distinct positions
2026-03-31
Filed 2026-05-15
+17 / −25 / ↑42 / ↓55
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- KODIAK SCIENCES INC$28.1M +139.8%
- TERNS PHARMACEUTICALS INC$12.3M +19.1%
- HARROW INC$10.2M +113.1%
- ULTRAGENYX PHARMACEUTICAL IN$9.8M +3369.0%
- SOLENO THERAPEUTICS INC$8.3M +261.6%
Top Trims
- JAZZ PHARMACEUTICALS PLC-$24.9M -91.4%
- ABIVAX SA-$22.9M -78.6%
- MAZE THERAPEUTICS INC-$15.4M -57.6%
- OLEMA PHARMACEUTICALS INC-$10.0M -53.0%
- ELI LILLY & CO-$8.8M -59.4%
New Positions
- ALUMIS INC$26.7M
- CELLDEX THERAPEUTICS INC NEW$14.6M
- BRIDGEBIO PHARMA INC$11.9M
- ORUKA THERAPEUTICS INC$11.9M
- ANI PHARMACEUTICALS INC$11.3M
Exited Positions
- CIDARA THERAPEUTICS INC$60.4M
- RAPT THERAPEUTICS INC$22.5M
- AMGEN INC$14.7M
- CYTOMX THERAPEUTICS INC$13.5M
- CELCUITY INC$10.5M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | SPDR SERIES TRUST Put | XBI | 78464A870 | $102.2M | 8.30% | 800,000 | SH |
| 2 | TERNS PHARMACEUTICALS INC | TERN | 880881107 | $76.8M | 6.23% | 1,456,378 | SH |
| 3 | TERNS PHARMACEUTICALS INC Put | TERN | 880881107 | $63.3M | 5.14% | 1,200,000 | SH |
| 4 | INVESCO QQQ TR Put | QQQ | 46090E103 | $57.7M | 4.69% | 100,000 | SH |
| 5 | ISHARES TR Put | IWM | 464287655 | $49.6M | 4.03% | 200,000 | SH |
| 6 | KODIAK SCIENCES INC | KOD | 50015M109 | $48.3M | 3.92% | 1,265,795 | SH |
| 7 | CYTOKINETICS INC Put | CYTK | 23282W605 | $36.3M | 2.95% | 550,500 | SH |
| 8 | ABIVAX SA Call | ABVX | 00370M103 | $32.7M | 2.65% | 293,300 | SH |
| 9 | BRISTOL-MYERS SQUIBB CO Put | BMY | 110122108 | $30.3M | 2.46% | 500,000 | SH |
| 10 | CYTOKINETICS INC Call | CYTK | 23282W605 | $26.9M | 2.19% | 408,400 | SH |
| 11 | ALUMIS INC | ALMS | 022307102 | $26.7M | 2.17% | 1,213,548 | SH |
| 12 | VAXCYTE INC | PCVX | 92243G108 | $24.9M | 2.02% | 428,682 | SH |
| 13 | PRAXIS PRECISION MEDICINES I | PRAX | 74006W207 | $23.1M | 1.87% | 71,581 | SH |
| 14 | HARROW INC | HROW | 415858109 | $19.1M | 1.55% | 543,047 | SH |
| 15 | RELMADA THERAPEUTICS INC | RLMD | 75955J402 | $18.7M | 1.52% | 2,688,359 | SH |
| 16 | CYTOKINETICS INC | CYTK | 23282W605 | $18.7M | 1.52% | 283,572 | SH |
| 17 | TENAX THERAPEUTICS INC | TENX | 88032L605 | $16.3M | 1.32% | 1,017,600 | SH |
| 18 | CAPRICOR THERAPEUTICS INC | CAPR | 14070B309 | $16.1M | 1.30% | 528,015 | SH |
| 19 | REVOLUTION MEDICINES INC | RVMD | 76155X100 | $15.9M | 1.29% | 163,142 | SH |
| 20 | NOVO-NORDISK A S Call | NVO | 670100205 | $14.7M | 1.19% | 400,000 | SH |
| 21 | CELLDEX THERAPEUTICS INC NEW | CLDX | 15117B202 | $14.6M | 1.19% | 461,247 | SH |
| 22 | PHARVARIS N V | PHVS | N69605108 | $13.8M | 1.12% | 486,856 | SH |
| 23 | CONNECT BIOPHARMA HLDGS LTD | CNTB | G23549101 | $13.1M | 1.07% | 5,388,486 | SH |
| 24 | BRIGHT MINDS BIOSCIENCES INC | DRUG | 10919W405 | $12.2M | 0.99% | 166,647 | SH |
| 25 | BRIDGEBIO PHARMA INC | BBIO | 10806X102 | $11.9M | 0.97% | 160,120 | SH |
| 26 | ORUKA THERAPEUTICS INC | ORKA | 687604108 | $11.9M | 0.96% | 242,021 | SH |
| 27 | ALTO NEUROSCIENCE INC | ANRO | 02157Q109 | $11.6M | 0.94% | 515,000 | SH |
| 28 | ANI PHARMACEUTICALS INC Call | ANIP | 00182C103 | $11.5M | 0.94% | 150,000 | SH |
| 29 | SOLENO THERAPEUTICS INC | SLNO | 834203309 | $11.5M | 0.94% | 344,123 | SH |
| 30 | MAZE THERAPEUTICS INC | MAZE | 578784100 | $11.3M | 0.92% | 378,999 | SH |
| 31 | ANI PHARMACEUTICALS INC | ANIP | 00182C103 | $11.3M | 0.92% | 147,085 | SH |
| 32 | CAPRICOR THERAPEUTICS INC Call | CAPR | 14070B309 | $10.6M | 0.86% | 350,000 | SH |
| 33 | CONTINEUM THERAPEUTICS INC | CTNM | 21217B100 | $10.6M | 0.86% | 807,874 | SH |
| 34 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 90400D108 | $10.1M | 0.82% | 482,571 | SH |
| 35 | IONIS PHARMACEUTICALS INC | IONS | 462222100 | $9.5M | 0.77% | 127,038 | SH |
| 36 | REVOLUTION MEDICINES INC Put | RVMD | 76155X100 | $9.2M | 0.75% | 95,000 | SH |
| 37 | OLEMA PHARMACEUTICALS INC | OLMA | 68062P106 | $8.9M | 0.72% | 598,281 | SH |
| 38 | EUPRAXIA PHARMACEUTICALS INC | EPRX | 29842P105 | $8.8M | 0.71% | 1,214,741 | SH |
| 39 | DAMORA THERAPEUTICS INC | DMRA | 36322Q206 | $8.7M | 0.71% | 335,710 | SH |
| 40 | IONIS PHARMACEUTICALS INC Call | IONS | 462222100 | $8.4M | 0.68% | 112,100 | SH |
| 41 | OLEMA PHARMACEUTICALS INC Call | OLMA | 68062P106 | $8.2M | 0.67% | 549,800 | SH |
| 42 | PALVELLA THERAPEUTICS INC NE | PVLA | 697947109 | $8.1M | 0.65% | 64,626 | SH |
| 43 | FULCRUM THERAPEUTICS INC | FULC | 359616109 | $8.0M | 0.65% | 1,049,161 | SH |
| 44 | VERA THERAPEUTICS INC | VERA | 92337R101 | $8.0M | 0.65% | 200,000 | SH |
| 45 | SPRUCE BIOSCIENCES INC | SPRB | 85209E208 | $7.9M | 0.64% | 121,356 | SH |
| 46 | INVENTIVA SA | IVA | 46124U107 | $7.8M | 0.64% | 1,429,101 | SH |
| 47 | JADE BIOSCIENCES INC | JBIO | 008064206 | $7.2M | 0.58% | 512,349 | SH |
| 48 | OCUGEN INC | OCGN | 67577C105 | $7.2M | 0.58% | 3,962,972 | SH |
| 49 | ZURA BIO LTD | ZURA | G9TY5A101 | $7.1M | 0.58% | 1,193,492 | SH |
| 50 | OVID THERAPEUTICS INC | OVID | 690469101 | $6.4M | 0.52% | 2,894,704 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-15 | $1.23B | 161 | 0001420506-26-001165 |
| 2025-12-31 | 2026-02-18 | $1.28B | 174 | 0001420506-26-000592 |
| 2025-09-30 | 2025-11-14 | $990.4M | 169 | 0001420506-25-003413 |