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Ikarian Capital, LLC — 13F Holdings & Portfolio

CIK 1778253 · latest 13F-HR filed 2026-08-14

Backtest portfolio

Ikarian Capital, LLC manages $928.2M in 13F-reported U.S. long-equity assets across 156 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are XBI (5.11%), ABVX (4.90%), ABVX (4.67%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 27 new positions and exited 28; 36 existing positions rose in reported value and 54 fell.

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.

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AUM
$928.2M

Long-equity book

Holdings
156

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+27 / −28 / ↑36 / ↓54

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
ABVX7.1% · +470%KOD6.8% · -16%ALMS4.0% · -28%PRAX4.0% · +2%PCVX3.7% · -9%ANIP3.7% · +85%CLDX2.9% · +4%RCUS2.5% · newRLMD2.4% · -20%CAPR2.4% · +14%COGT2.3% · newVERA2.2% · +55%CTNM2.2% · 0%TENX1.9% · -23%CCCC1.9% · newMAZE1.9% · 0%BHVN1.8% · +81%CNTB1.8% · -16%ANRO1.8% · -21%PHVS1.7% · -37%JBIO1.6% · -17%DMRA1.4% · 0%VRDN1.3% · newPTHS1.2% · 0%ZURA1.2% · +2%TECX1.2% · +31%SPRB1.1% · 0%HIMS1.1% · newELVN1.1% · newPRQR1.0% · +130%DRUG1.0% · -47%OVID1.0% · -22%OCGN1.0% · 0%ACOG1.0% · -21%HROW0.9% · -75%KZIA0.9% · newRARE0.9% · -66%QTTB0.9% · newEPRX0.9% · -33%BIOA0.8% · newRZLT0.8% · +5574%OLMA0.8% · -36%MNPR0.7% · newBBIO0.7% · -64%IVA0.7% · -21%ABSI0.7% · newALEC0.7% · -5%CLYM0.6% · newFULC0.6% · 0%CRDL0.6% · +22%CUE0.5% · newCPIX0.5% · -9%ARWR0.5% · newRNTX0.5% · newARVN0.5% · 0%ABOS0.5% · 0%PMN0.4% · +273%ANNX0.4% · -26%LXEO0.4% · 0%DCTH0.4% · -57%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 39.5%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated May 20, 2026.

Assets Under Management
$698.0M
Discretionary
$698.0M
Employees
8
Accounts
5
Address
100 CRESCENT COURT
SUITE 1620
DALLAS, TX 75201
Phone
(214) 276-0670
Website
Name Title / Status Ownership Type
CHART WESTCOTT LIVING TRUST ControlMEMBER
since Mar 2015
50–75%Domestic Entity
KHANNA, VIKRAM ControlCHIEF INVESTMENT OFFICER
since Apr 2022
Less than 5%Individual
NK CAPRI, LP ControlMEMBER
since May 2020
50–75%Domestic Entity
SHAHRESTANI, NEIL, TRISTAN ControlCHIEF EXECUTIVE OFFICER/MANAGER
since Mar 2015
Less than 5%Individual
WUERTZ, TROY, DAVID ControlCCO/ COO/ GENERAL COUNSEL
since Feb 2021
Less than 5%Individual
ATWELL, RYAN, DAVIDCONTROLLER
since Jun 2025
Less than 5%Individual
HALE, MATTHEW, GDEPUTY COMPLIANCE OFFICER
since Jul 2025
Less than 5%Individual
KAUFMAN, DAVID, EDWARDDIRECTOR OF BUSINESS DEVELOPMENT AND INVESTOR RELATIONS
since Jan 2026
Less than 5%Individual
NEIL SHAHRESTANI AND KATLYN SHAHRESTANI CO-TRUSTEES OR THEIR SUCCESSORS IN TRUST OF THE NEIL AND KATLYN SHAHRESTANI LIVING TRUST Control
Indirect owner via NK CAPRI, LP
LIMITED PARTNER
since Apr 2020
75% or moreDomestic Entity
SHAHRESTANI, KATLYN, GRACE Control
Indirect owner via NEIL SHAHRESTANI AND KATLYN SHAHRESTANI CO-TRUSTEES OR THEIR SUCCESSORS IN TRUST OF THE NEIL AND KATLYN SHAHRESTANI LIVING TRUST
CO-TRUSTEE
since Mar 2020
General partner, trustee or managerIndividual
SHAHRESTANI, KATLYN, GRACE Control
Indirect owner via NK CAPRI GP, LLC
MANAGER
since Apr 2020
General partner, trustee or managerIndividual
SHAHRESTANI, NEIL, TRISTAN Control
Indirect owner via NEIL SHAHRESTANI AND KATLYN SHAHRESTANI CO-TRUSTEES OR THEIR SUCCESSORS IN TRUST OF THE NEIL AND KATLYN SHAHRESTANI LIVING TRUST
CO-TRUSTEE
since Mar 2020
General partner, trustee or managerIndividual
SHAHRESTANI, NEIL, TRISTAN Control
Indirect owner via NK CAPRI GP, LLC
MANAGER
since Apr 2020
General partner, trustee or managerIndividual
WESTCOTT, CHART Control
Indirect owner via CHART WESTCOTT LIVING TRUST
TRUSTEE
since Mar 2015
General partner, trustee or managerIndividual
NK CAPRI GP, LLC
Indirect owner via NK CAPRI, LP
GENERAL PARTNER
since Apr 2020
General partner, trustee or managerDomestic Entity
Ownership & leadership changes · 6 filings with changes since May 12, 2020

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 30, 2026 filing
  • No longer listedHALE, MATTHEW, RYAN · CONTROLLER AND DIRECTOR OF OPERATIONS · Less than 5% · listed since Oct 2024
  • AddedATWELL, RYAN, DAVID · CONTROLLER · Less than 5%
  • AddedHALE, MATTHEW, G · DEPUTY COMPLIANCE OFFICER · Less than 5%
  • AddedKAUFMAN, DAVID, EDWARD · DIRECTOR OF BUSINESS DEVELOPMENT AND INVESTOR RELATIONS · Less than 5%
Mar 28, 2025 filing
  • AddedHALE, MATTHEW, RYAN · CONTROLLER AND DIRECTOR OF OPERATIONS · Less than 5%
Mar 28, 2024 filing
  • ChangedWUERTZ, TROY, DAVID · title CHIEF COMPLIANCE OFFICER / GENERAL COUNSEL → CCO/ COO/ GENERAL COUNSEL
Oct 14, 2022 filing
  • No longer listedWESTCOTT, CHART · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Mar 2015
  • AddedKHANNA, VIKRAM · CHIEF INVESTMENT OFFICER · Less than 5% · control person
  • ChangedCHART WESTCOTT LIVING TRUST · title MEMBER/MANAGER → MEMBER
  • ChangedSHAHRESTANI, NEIL, TRISTAN · title CHIEF INVESTMENT OFFICER/MANAGER → CHIEF EXECUTIVE OFFICER/MANAGER
Mar 31, 2022 filing
  • AddedNEIL SHAHRESTANI AND KATLYN SHAHRESTANI CO-TRUSTEES OR THEIR SUCCESSORS IN TRUST OF THE NEIL AND KATLYN SHAHRESTANI LIVING TRUST · LIMITED PARTNER · 75% or more · indirect via NK CAPRI, LP · control person
  • AddedNK CAPRI GP, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via NK CAPRI, LP
  • AddedNK CAPRI, LP · MEMBER · 50–75% · control person
  • AddedSHAHRESTANI, KATLYN, GRACE · CO-TRUSTEE · General partner, trustee or manager · indirect via NEIL SHAHRESTANI AND KATLYN SHAHRESTANI CO-TRUSTEES OR THEIR SUCCESSORS IN TRUST OF THE NEIL AND KATLYN SHAHRESTANI LIVING TRUST · control person
  • AddedSHAHRESTANI, KATLYN, GRACE · MANAGER · General partner, trustee or manager · indirect via NK CAPRI GP, LLC · control person
  • AddedSHAHRESTANI, NEIL, TRISTAN · CO-TRUSTEE · General partner, trustee or manager · indirect via NEIL SHAHRESTANI AND KATLYN SHAHRESTANI CO-TRUSTEES OR THEIR SUCCESSORS IN TRUST OF THE NEIL AND KATLYN SHAHRESTANI LIVING TRUST · control person
  • AddedSHAHRESTANI, NEIL, TRISTAN · MANAGER · General partner, trustee or manager · indirect via NK CAPRI GP, LLC · control person
  • ChangedCHART WESTCOTT LIVING TRUST · title MANAGING MEMBER → MEMBER/MANAGER
  • ChangedSHAHRESTANI, NEIL, TRISTAN · title MANAGING MEMBER / CHIEF INVESTMENT OFFICER → CHIEF INVESTMENT OFFICER/MANAGER; ownership 50–75% → Less than 5%
  • ChangedWESTCOTT, CHART · indirect via CHART WESTCOTT LIVING TRUST: ownership 75% or more → General partner, trustee or manager
Mar 26, 2021 filing
  • AddedWUERTZ, TROY, DAVID · CHIEF COMPLIANCE OFFICER / GENERAL COUNSEL · Less than 5% · control person
  • ChangedWESTCOTT, CHART · title CHIEF COMPLIANCE OFFICER / CHIEF OPERATING OFFICER → CHIEF OPERATING OFFICER
May 12, 2020 filing (earliest on record)
  • ListedCHART WESTCOTT LIVING TRUST · MANAGING MEMBER · 50–75% · control person
  • ListedSHAHRESTANI, NEIL, TRISTAN · MANAGING MEMBER / CHIEF INVESTMENT OFFICER · 50–75% · control person
  • ListedWESTCOTT, CHART · TRUSTEE · 75% or more · indirect via CHART WESTCOTT LIVING TRUST · control person
  • ListedWESTCOTT, CHART · CHIEF COMPLIANCE OFFICER / CHIEF OPERATING OFFICER · Less than 5% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Ikarian Capital, LLC Holdings (2026-06-30)

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 $47.5M 5.11% 300,000 SH
2 ABIVAX SA Call ABVX 00370M103 $45.5M 4.90% 341,100 SH
3 ABIVAX SA ABVX 00370M103 $43.4M 4.67% 328,635 SH
4 KODIAK SCIENCES INC KOD 50015M109 $41.3M 4.45% 1,059,730 SH
5 ABIVAX SA Put ABVX 00370M103 $33.3M 3.59% 250,000 SH
6 IONIS PHARMACEUTICALS INC Call IONS 462222100 $31.7M 3.42% 400,000 SH
7 MODERNA INC Put MRNA 60770K107 $28.0M 3.02% 400,000 SH
8 ALUMIS INC ALMS 022307102 $24.5M 2.64% 870,548 SH
9 PRAXIS PRECISION MEDICINES I PRAX 74006W207 $24.4M 2.63% 72,842 SH
10 IONIS PHARMACEUTICALS INC Put IONS 462222100 $23.8M 2.56% 300,000 SH
11 VAXCYTE INC PCVX 92243G108 $22.6M 2.43% 388,682 SH
12 ANI PHARMACEUTICALS INC ANIP 00182C103 $22.5M 2.43% 272,085 SH
13 CELLDEX THERAPEUTICS INC NEW CLDX 15117B202 $17.8M 1.92% 478,500 SH
14 ARCUS BIOSCIENCES INC RCUS 03969F109 $15.6M 1.68% 504,559 SH
15 RELMADA THERAPEUTICS INC RLMD 75955J402 $14.9M 1.60% 2,148,359 SH
16 CAPRICOR THERAPEUTICS INC CAPR 14070B309 $14.5M 1.57% 604,215 SH
17 COGENT BIOSCIENCES INC COGT 19240Q201 $14.3M 1.54% 370,084 SH
18 NEWAMSTERDAM PHARMA COMPANY Put NAMSW N62509959 $13.6M 1.46% 400,000 SH
19 VERA THERAPEUTICS INC VERA 92337R101 $13.3M 1.43% 310,000 SH
20 CONTINEUM THERAPEUTICS INC CTNM 21217B100 $13.2M 1.43% 807,874 SH
21 TENAX THERAPEUTICS INC TENX 88032L605 $11.5M 1.23% 787,600 SH
22 C4 THERAPEUTICS INC CCCC 12529R107 $11.4M 1.22% 2,433,000 SH
23 MAZE THERAPEUTICS INC MAZE 578784100 $11.3M 1.22% 378,999 SH
24 BIOHAVEN LTD BHVN G1110E107 $11.1M 1.20% 748,181 SH
25 CONNECT BIOPHARMA HLDGS LTD CNTB G23549101 $10.8M 1.16% 4,538,534 SH
26 ALTO NEUROSCIENCE INC ANRO 02157Q109 $10.7M 1.16% 407,338 SH
27 PHARVARIS N V PHVS N69605108 $10.7M 1.15% 308,856 SH
28 ALUMIS INC Call ALMS 022307102 $10.0M 1.08% 356,300 SH
29 JADE BIOSCIENCES INC JBIO 008064206 $9.5M 1.02% 427,349 SH
30 DAMORA THERAPEUTICS INC DMRA 36322Q206 $8.7M 0.94% 335,710 SH
31 KODIAK SCIENCES INC Call KOD 50015M109 $8.5M 0.91% 217,700 SH
32 CAPRICOR THERAPEUTICS INC Call CAPR 14070B309 $8.4M 0.91% 350,000 SH
33 ARROWHEAD PHARMACEUTICALS IN Put ARWR 04280A100 $8.2M 0.88% 100,000 SH
34 VIRIDIAN THERAPEUTICS INC VRDN 92790C104 $7.8M 0.84% 425,000 SH
35 PELTHOS THERAPEUTICS INC PTHS 171126204 $7.3M 0.78% 256,598 SH
36 ZURA BIO LTD ZURA G9TY5A101 $7.2M 0.77% 1,218,492 SH
37 TECTONIC THERAPEUTIC INC TECX 878972108 $7.1M 0.76% 205,837 SH
38 PRAXIS PRECISION MEDICINES I Call PRAX 74006W207 $6.7M 0.72% 20,000 SH
39 SPRUCE BIOSCIENCES INC SPRB 85209E208 $6.6M 0.71% 121,356 SH
40 HIMS & HERS HEALTH INC HIMS 433000106 $6.5M 0.70% 188,381 SH
41 ENLIVEN THERAPEUTICS INC ELVN 29337E102 $6.4M 0.69% 126,541 SH
42 PROQR THRAPEUTICS N V PRQR N71542109 $6.4M 0.69% 3,425,930 SH
43 BRIGHT MINDS BIOSCIENCES INC DRUG 10919W405 $6.2M 0.67% 88,951 SH
44 OVID THERAPEUTICS INC OVID 690469101 $6.1M 0.66% 2,269,704 SH
45 OCUGEN INC OCGN 67577C105 $6.1M 0.65% 3,962,972 SH
46 ALPHA COGNITION INC ACOG 02074J501 $6.0M 0.65% 836,259 SH
47 KYMERA THERAPEUTICS INC Put KYMR 501575104 $5.8M 0.62% 50,400 SH
48 HARROW INC HROW 415858109 $5.8M 0.62% 135,775 SH
49 KAZIA THERAPEUTICS LTD KZIA 48669G303 $5.6M 0.60% 396,201 SH
50 ULTRAGENYX PHARMACEUTICAL IN RARE 90400D108 $5.5M 0.60% 165,617 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $928.2M 156 0001420506-26-001820
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
Filer Information
Address
100 CRESCENT COURT
SUITE 1620
DALLAS, TX 75201
Phone
(214) 364-2883
Filing Manager
Ikarian Capital, LLC
DALLAS, TX
Signatory
Troy Wuertz
CHIEF COMPLIANCE OFFICER