Q2 2025 · 13F-HR
Ikarian Capital, LLCholdings as filed
Filed 2025-08-14 · accession 0001420506-25-002181
$520.6M
Reported value
133
Positions
2025-06-30
Period end
The Brief · Ikarian Capital, LLC · Q2 2025
AI · grounded in 13F
Ikarian Capital, LLC established a new position in CDTX valued at $62.7M. The fund also initiated new stakes in SLNO for $33.5M and RARE for $31.4M. Additional new positions include PRAX, CAPR, and ALNY. The fund ended the period with 114 positions and total AUM of $520.6M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $24.4M | 4.69% | 501,600 | PUT | SOLE |
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $22.6M | 4.35% | 464,488 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $20.5M | 3.93% | 563,100 | CALL | SOLE |
| 02043Q107 | ALNY | ALNYLAM PHARMACEUTICALS INC | $18.5M | 3.54% | 56,594 | Common | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $16.8M | 3.22% | 200,000 | CALL | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $16.8M | 3.22% | 200,000 | PUT | SOLE |
| 457669307 | INSM | INSMED INC | $16.5M | 3.17% | 163,751 | Common | SOLE |
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $15.6M | 3.00% | 321,000 | CALL | SOLE |
| 925050106 | VRNA | VERONA PHARMA PLC | $13.9M | 2.67% | 146,831 | Common | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $13.5M | 2.59% | 1,360,200 | PUT | SOLE |
| 22663K107 | CRNX | CRINETICS PHARMACEUTICALS IN | $12.5M | 2.39% | 433,431 | Common | SOLE |
| 00973Y108 | AKRO | AKERO THERAPEUTICS INC | $11.7M | 2.25% | 220,000 | Common | SOLE |
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $11.6M | 2.24% | 276,950 | Common | SOLE |
| N90064901 | — | UNIQURE NV | $11.2M | 2.14% | 800,000 | CALL | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $10.9M | 2.10% | 300,000 | PUT | SOLE |
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $10.2M | 1.96% | 242,400 | CALL | SOLE |
| 03770N101 | APGE | APOGEE THERAPEUTICS INC | $10.1M | 1.94% | 232,047 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $9.9M | 1.90% | 305,000 | Common | SOLE |
| 92686J106 | VKTX | VIKING THERAPEUTICS INC | $9.3M | 1.78% | 350,000 | CALL | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $9.2M | 1.76% | 194,500 | PUT | SOLE |
| 02074J501 | ACOG | ALPHA COGNITION INC | $8.6M | 1.64% | 917,867 | Common | SOLE |
| 87650L103 | TARS | TARSUS PHARMACEUTICALS INC | $8.0M | 1.53% | 196,536 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $7.7M | 1.48% | 233,464 | Common | SOLE |
| 803607100 | SRPT | SAREPTA THERAPEUTICS INC | $7.7M | 1.48% | 449,087 | Common | SOLE |
| 88322Q108 | TGTX | TG THERAPEUTICS INC | $7.6M | 1.45% | 209,938 | Common | SOLE |
| 19240Q201 | COGT | COGENT BIOSCIENCES INC | $7.4M | 1.43% | 1,035,528 | Common | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $7.0M | 1.34% | 700,000 | CALL | SOLE |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $6.6M | 1.26% | 469,949 | Common | SOLE |
| 04335A105 | ARVN | ARVINAS INC | $6.3M | 1.20% | 850,000 | Common | SOLE |
| 34962G208 | FBRX | FORTE BIOSCIENCES INC | $6.2M | 1.18% | 476,443 | Common | SOLE |
| 803607100 | SRPT | SAREPTA THERAPEUTICS INC | $5.7M | 1.09% | 332,100 | CALL | SOLE |
| 92764N102 | VIR | VIR BIOTECHNOLOGY INC | $5.4M | 1.03% | 1,068,062 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $5.0M | 0.95% | 150,000 | CALL | SOLE |
| 14888U101 | CPRX | CATALYST PHARMACEUTICALS INC | $4.5M | 0.87% | 209,649 | Common | SOLE |
| 483497103 | KALV | KALVISTA PHARMACEUTICALS INC | $4.5M | 0.87% | 400,000 | CALL | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $4.5M | 0.86% | 94,500 | CALL | SOLE |
| 24661P807 | DCTH | DELCATH SYS INC | $4.4M | 0.84% | 322,390 | Common | SOLE |
| G50871105 | JAZZ | JAZZ PHARMACEUTICALS PLC | $4.2M | 0.82% | 40,000 | Common | SOLE |
| G1110E907 | — | BIOHAVEN LTD | $4.2M | 0.81% | 300,000 | CALL | SOLE |
| 156944100 | CGON | CG ONCOLOGY INC | $4.0M | 0.77% | 155,000 | Common | SOLE |
| 64131A105 | STIM | NEURONETICS INC | $3.8M | 0.74% | 1,099,700 | Common | SOLE |
| 86366E106 | GPCR | STRUCTURE THERAPEUTICS INC | $3.8M | 0.73% | 183,085 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA COMPANY | $3.7M | 0.72% | 206,800 | Common | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $3.7M | 0.71% | 534,000 | CALL | SOLE |
| 92337R101 | VERA | VERA THERAPEUTICS INC | $3.6M | 0.69% | 153,200 | CALL | SOLE |
| 80706P103 | SRRK | SCHOLAR ROCK HLDG CORP | $3.5M | 0.68% | 100,000 | CALL | SOLE |
| 26818M108 | DYN | DYNE THERAPEUTICS INC | $3.5M | 0.67% | 363,837 | Common | SOLE |
| 03770N101 | APGE | APOGEE THERAPEUTICS INC | $3.4M | 0.66% | 79,100 | PUT | SOLE |
| 881624209 | TEVA | TEVA PHARMACEUTICAL INDS LTD | $3.4M | 0.64% | 200,000 | CALL | SOLE |
| 878972108 | TECX | TECTONIC THERAPEUTIC INC | $3.3M | 0.62% | 163,696 | Common | SOLE |
| 578784100 | MAZE | MAZE THERAPEUTICS INC | $3.2M | 0.62% | 262,740 | Common | SOLE |
| 02155H200 | ALT | ALTIMMUNE INC | $3.2M | 0.62% | 827,500 | CALL | SOLE |
| 47103J105 | JANX | JANUX THERAPEUTICS INC | $3.0M | 0.58% | 129,691 | Common | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $2.9M | 0.57% | 428,521 | Common | SOLE |
| 28617K101 | ELDN | ELEDON PHARMACEUTICALS INC | $2.7M | 0.52% | 1,000,221 | Common | SOLE |
| 09062X103 | BIIB | BIOGEN INC | $2.7M | 0.52% | 21,516 | Common | SOLE |
| 92686J106 | VKTX | VIKING THERAPEUTICS INC | $2.7M | 0.51% | 100,000 | Common | SOLE |
| 152309100 | CNTA | CENTESSA PHARMACEUTICALS PLC | $2.6M | 0.50% | 200,000 | CALL | SOLE |
| 75943R102 | RLAY | RELAY THERAPEUTICS INC | $2.6M | 0.49% | 743,308 | Common | SOLE |
| 00973Y108 | AKRO | AKERO THERAPEUTICS INC | $2.4M | 0.46% | 44,400 | CALL | SOLE |
| 03969T109 | ARCT | ARCTURUS THERAPEUTICS HLDGS | $2.3M | 0.44% | 175,000 | Common | SOLE |
| 374163103 | GERN | GERON CORP | $2.3M | 0.43% | 1,600,000 | Common | SOLE |
| 483497103 | KALV | KALVISTA PHARMACEUTICALS INC | $2.2M | 0.43% | 198,528 | Common | SOLE |
| 50015M109 | KOD | KODIAK SCIENCES INC | $2.2M | 0.43% | 599,534 | Common | SOLE |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $2.2M | 0.42% | 550,029 | Common | SOLE |
| 59267L107 | — | METSERA INC | $2.2M | 0.42% | 77,316 | Common | SOLE |
| 92332V107 | VTYXUSD | VENTYX BIOSCIENCES INC | $2.1M | 0.40% | 967,590 | Common | SOLE |
| 230770109 | CPIX | CUMBERLAND PHARMACEUTICALS I | $2.0M | 0.38% | 595,932 | Common | SOLE |
| 19240Q201 | COGT | COGENT BIOSCIENCES INC | $1.9M | 0.36% | 262,600 | CALL | SOLE |
| N71542109 | PRQR | PROQR THRAPEUTICS N V | $1.8M | 0.34% | 868,069 | Common | SOLE |
| 80706P103 | SRRK | SCHOLAR ROCK HLDG CORP | $1.7M | 0.33% | 49,179 | Common | SOLE |
| 10919W405 | DRUG | BRIGHT MINDS BIOSCIENCES INC | $1.7M | 0.33% | 65,431 | Common | SOLE |
| N90064101 | QURE | UNIQURE NV | $1.7M | 0.32% | 119,986 | Common | SOLE |
| 82686Q101 | SLN | SILENCE THERAPEUTICS PLC | $1.4M | 0.27% | 873,568 | Common | SOLE |
| 03969F109 | RCUS | ARCUS BIOSCIENCES INC | $1.3M | 0.26% | 163,363 | Common | SOLE |
| 03753U106 | APLSUSD | APELLIS PHARMACEUTICALS INC | $1.3M | 0.25% | 75,000 | Common | SOLE |
| 014442107 | ALEC | ALECTOR INC | $1.3M | 0.24% | 900,000 | Common | SOLE |
| 67080N101 | NUVB | NUVATION BIO INC | $1.2M | 0.23% | 619,258 | Common | SOLE |
| 92840H400 | VTGN | VISTAGEN THERAPEUTICS INC | $1.2M | 0.23% | 601,703 | Common | SOLE |
| 23256X407 | HELP | CYBIN INC | $1.2M | 0.23% | 140,475 | Common | SOLE |
| 89157D105 | TRML | TOURMALINE BIO INC | $1.1M | 0.21% | 67,927 | Common | SOLE |
| Y95308105 | WVE | WAVE LIFE SCIENCES LTD | $1.0M | 0.20% | 161,137 | Common | SOLE |
| 92536C103 | VERUEUR | VERU INC | $829,204 | 0.16% | 1,425,239 | Common | SOLE |
| 687604108 | ORKA | ORUKA THERAPEUTICS INC | $768,715 | 0.15% | 68,574 | Common | SOLE |
| 464287556 | IBB | ISHARES TR | $728,065 | 0.14% | 5,755 | Common | SOLE |
| 800677106 | SGMO | SANGAMO THERAPEUTICS INC | $682,134 | 0.13% | 1,260,179 | Common | SOLE |
| 4525EP101 | VTLUSD | IMMUNIC INC | $637,633 | 0.12% | 914,170 | Common | SOLE |
| G72800108 | PRTA | PROTHENA CORP PLC | $607,000 | 0.12% | 100,000 | CALL | SOLE |
| 45720N103 | INBX | INHIBRX BIOSCIENCES INC | $601,081 | 0.12% | 42,122 | Common | SOLE |
| N44821101 | IFRX | INFLARX NV | $556,958 | 0.11% | 705,010 | Common | SOLE |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $489,607 | 0.09% | 106,901 | Common | SOLE |
| 92941V308 | VYNE | VYNE THERAPEUTICS INC | $478,501 | 0.09% | 290,000 | Common | SOLE |
| 451033708 | IBIO | IBIO INC | $457,794 | 0.09% | 599,913 | Common | SOLE |
| 501575104 | KYMR | KYMERA THERAPEUTICS INC | $436,400 | 0.08% | 10,000 | PUT | SOLE |
| 60255C885 | BRD1EUR | MIND MEDICINE MINDMED INC | $406,864 | 0.08% | 62,691 | Common | SOLE |
| 09090D301 | — | BIOMX INC | $401,839 | 0.08% | 892,976 | Common | SOLE |
| 55083R203 | LYEL | LYELL IMMUNOPHARMA INC | $387,183 | 0.07% | 43,799 | Common | SOLE |
| B6S7WD106 | NYXH | NYXOAH S A | $378,691 | 0.07% | 50,627 | Common | SOLE |
| 03770N101 | APGE | APOGEE THERAPEUTICS INC | $364,812 | 0.07% | 8,400 | CALL | SOLE |
| 032724106 | ANAB | ANAPTYSBIO INC | $347,696 | 0.07% | 15,662 | Common | SOLE |
| 92337R101 | VERA | VERA THERAPEUTICS INC | $332,102 | 0.06% | 14,096 | Common | SOLE |
| 98985Y108 | ZYME | ZYMEWORKS INC | $313,751 | 0.06% | 25,000 | Common | SOLE |
| 00509G209 | ABOS | ACUMEN PHARMACEUTICALS INC | $308,292 | 0.06% | 265,769 | Common | SOLE |
| N44445109 | IMTX | IMMATICS N.V | $265,750 | 0.05% | 49,396 | Common | SOLE |
| 92673K108 | VIGL | VIGIL NEUROSCIENCE INC | $249,311 | 0.05% | 31,360 | Common | SOLE |
| 16385C104 | — | CHEMOMAB THERAPEUTICS LTD | $247,141 | 0.05% | 213,052 | Common | SOLE |
| 02157Q109 | ANRO | ALTO NEUROSCIENCE INC | $242,001 | 0.05% | 110,000 | Common | SOLE |
| 816212302 | RNAC | CARTESIAN THERAPEUTICS INC | $230,304 | 0.04% | 22,166 | Common | SOLE |
| 034569103 | ANEB | ANEBULO PHARMACEUTICALS INC | $227,117 | 0.04% | 157,720 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $224,319 | 0.04% | 6,900 | CALL | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $218,172 | 0.04% | 58,491 | Common | SOLE |
| 29970R303 | EVAX | EVAXION AS | $196,000 | 0.04% | 80,000 | Common | SOLE |
| 81728A207 | SNSE | SENSEI BIOTHERAPEUTICS INC | $193,025 | 0.04% | 22,497 | Common | SOLE |
| 55234L204 | LYRA | LYRA THERAPEUTICS INC | $189,603 | 0.04% | 21,161 | Common | SOLE |
| 00808Y505 | — | AETHLON MED INC | $184,391 | 0.04% | 153,659 | Common | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $176,147 | 0.03% | 35,300 | Common | SOLE |
| 92915B106 | VYGR | VOYAGER THERAPEUTICS INC | $173,433 | 0.03% | 55,766 | Common | SOLE |
| 528872302 | LXRX | LEXICON PHARMACEUTICALS INC | $166,897 | 0.03% | 176,479 | Common | SOLE |
| 713317105 | PEPG | PEPGEN INC | $166,500 | 0.03% | 150,000 | Common | SOLE |
| 471871202 | JSPR | JASPER THERAPEUTICS INC | $139,344 | 0.03% | 25,107 | Common | SOLE |
| 48576U205 | KPTI | KARYOPHARM THERAPEUTICS INC | $117,478 | 0.02% | 27,257 | Common | SOLE |
| 556099109 | MGNX | MACROGENICS INC | $96,886 | 0.02% | 80,071 | Common | SOLE |
| 786700104 | SGMT | SAGIMET BIOSCIENCES INC | $91,318 | 0.02% | 11,984 | Common | SOLE |
| 009496100 | AIRS | AIRSCULPT TECHNOLOGIES INC | $86,703 | 0.02% | 17,951 | Common | SOLE |
| 85209E109 | — | SPRUCE BIOSCIENCES INC | $72,501 | 0.01% | 1,000,000 | Common | SOLE |
| 02080L102 | TKNO | ALPHA TEKNOVA INC | $68,779 | 0.01% | 14,008 | Common | SOLE |
| 43906K209 | HOOK | HOOKIPA PHARMA INC | $66,510 | 0.01% | 52,996 | Common | SOLE |
| 87164U508 | TOVX | THERIVA BIOLOGICS INC | $52,070 | 0.01% | 120,031 | Common | SOLE |
| 68232V884 | TRAW | TRAWS PHARMA INC | $42,170 | 0.01% | 28,493 | Common | SOLE |
| 05330T205 | AMIX | AUTONOMIX MED INC | $31,401 | 0.01% | 20,000 | Common | SOLE |
| 87166L209 | SYBX | SYNLOGIC INC | $25,936 | 0.00% | 20,422 | Common | SOLE |
| 75955J402 | RLMD | RELMADA THERAPEUTICS INC | $24,174 | 0.00% | 40,270 | Common | SOLE |
| 640979100 | NMRA | NEUMORA THERAPEUTICS INC. | $9,164 | 0.00% | 12,498 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.