Q3 2025 · 13F-HR
Ikarian Capital, LLCholdings as filed
Filed 2025-11-14 · accession 0001420506-25-003413
$990.4M
Reported value
169
Positions
2025-09-30
Period end
The Brief · Ikarian Capital, LLC · Q3 2025
AI · grounded in 13F
Ikarian Capital, LLC established a new position in UTHR valued at $88.9M. The fund also opened new stakes in XBI for $75.2M and GMAB for $53M. On the sell side, the fund closed its position in ALNY, reducing exposure by $18.5M. Other significant reductions included trimming shares of RARE by 89.3% and CDTX by 78.4%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 91307C102 | UTHR | UNITED THERAPEUTICS CORP DEL | $88.0M | 8.88% | 209,800 | PUT | SOLE |
| 78464A870 | XBI | SPDR SERIES TRUST | $75.2M | 7.59% | 750,000 | PUT | SOLE |
| 372303206 | GMAB | GENMAB A/S | $53.0M | 5.35% | 175,000 | Common | SOLE |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $36.1M | 3.64% | 800,000 | PUT | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $33.4M | 3.37% | 396,098 | Common | SOLE |
| N90064901 | — | UNIQURE NV | $31.3M | 3.16% | 535,600 | CALL | SOLE |
| 462222100 | IONS | IONIS PHARMACEUTICALS INC | $27.2M | 2.74% | 415,163 | Common | SOLE |
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $26.6M | 2.69% | 277,704 | Common | SOLE |
| 80706P103 | SRRK | SCHOLAR ROCK HLDG CORP | $20.9M | 2.11% | 561,600 | CALL | SOLE |
| 578784100 | MAZE | MAZE THERAPEUTICS INC | $19.2M | 1.94% | 740,825 | Common | SOLE |
| 69366J200 | PTCT | PTC THERAPEUTICS INC | $17.2M | 1.74% | 280,551 | Common | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $15.9M | 1.60% | 615,000 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $14.4M | 1.45% | 100,000 | CALL | SOLE |
| 457669307 | INSM | INSMED INC | $14.4M | 1.45% | 100,000 | PUT | SOLE |
| 415858109 | HROW | HARROW INC | $14.0M | 1.41% | 289,700 | CALL | SOLE |
| 252828108 | DNTH | DIANTHUS THERAPEUTICS INC | $13.6M | 1.37% | 346,001 | Common | SOLE |
| 69366J200 | PTCT | PTC THERAPEUTICS INC | $13.1M | 1.32% | 213,000 | CALL | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $12.2M | 1.24% | 222,674 | Common | SOLE |
| G1110E907 | — | BIOHAVEN LTD | $12.0M | 1.21% | 796,400 | CALL | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $11.9M | 1.20% | 176,100 | CALL | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $11.9M | 1.20% | 1,289,225 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $11.2M | 1.13% | 311,682 | Common | SOLE |
| 23284F105 | CTMX | CYTOMX THERAPEUTICS INC | $10.8M | 1.09% | 3,372,616 | Common | SOLE |
| 22663K107 | CRNX | CRINETICS PHARMACEUTICALS IN | $10.7M | 1.08% | 257,700 | CALL | SOLE |
| G50871105 | JAZZ | JAZZ PHARMACEUTICALS PLC | $10.3M | 1.04% | 77,800 | Common | SOLE |
| 03753U106 | APLSUSD | APELLIS PHARMACEUTICALS INC | $10.2M | 1.03% | 451,902 | Common | SOLE |
| 156944100 | CGON | CG ONCOLOGY INC | $10.0M | 1.01% | 249,473 | Common | SOLE |
| 00973Y108 | AKRO | AKERO THERAPEUTICS INC | $9.8M | 0.99% | 206,854 | Common | SOLE |
| G50871905 | — | JAZZ PHARMACEUTICALS PLC | $9.3M | 0.94% | 70,700 | CALL | SOLE |
| G9TY5A101 | ZURA | ZURA BIO LTD | $9.2M | 0.93% | 2,132,322 | Common | SOLE |
| 670100205 | NVO | NOVO-NORDISK A S | $8.3M | 0.84% | 150,000 | CALL | SOLE |
| 03753U106 | APLSUSD | APELLIS PHARMACEUTICALS INC | $8.1M | 0.82% | 358,000 | CALL | SOLE |
| 152309100 | CNTA | CENTESSA PHARMACEUTICALS PLC | $7.5M | 0.75% | 307,700 | CALL | SOLE |
| 88032L605 | TENX | TENAX THERAPEUTICS INC | $7.4M | 0.74% | 967,600 | Common | SOLE |
| 50015M109 | KOD | KODIAK SCIENCES INC | $6.8M | 0.68% | 413,841 | Common | SOLE |
| 88322Q108 | TGTX | TG THERAPEUTICS INC | $6.3M | 0.64% | 174,959 | Common | SOLE |
| 02074J501 | ACOG | ALPHA COGNITION INC | $6.2M | 0.62% | 946,259 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $6.1M | 0.62% | 110,900 | CALL | SOLE |
| 00847X104 | AGIO | AGIOS PHARMACEUTICALS INC | $6.0M | 0.61% | 150,000 | CALL | SOLE |
| 82835W108 | SPRY | ARS PHARMACEUTICALS INC | $5.7M | 0.57% | 562,400 | CALL | SOLE |
| 22663K107 | CRNX | CRINETICS PHARMACEUTICALS IN | $5.5M | 0.55% | 130,902 | Common | SOLE |
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $5.3M | 0.54% | 100,000 | CALL | SOLE |
| 92790C104 | VRDN | VIRIDIAN THERAPEUTICS INC | $5.3M | 0.53% | 245,518 | Common | SOLE |
| N69605108 | PHVS | PHARVARIS N V | $5.2M | 0.53% | 210,165 | Common | SOLE |
| 87164F105 | SNDX | SYNDAX PHARMACEUTICALS INC | $5.1M | 0.52% | 333,733 | Common | SOLE |
| 89422G107 | TVTX | TRAVERE THERAPEUTICS INC | $5.1M | 0.52% | 214,500 | CALL | SOLE |
| 00847X104 | AGIO | AGIOS PHARMACEUTICALS INC | $5.1M | 0.51% | 126,979 | Common | SOLE |
| 032724106 | ANAB | ANAPTYSBIO INC | $4.9M | 0.50% | 161,100 | PUT | SOLE |
| 032724106 | ANAB | ANAPTYSBIO INC | $4.9M | 0.50% | 161,100 | CALL | SOLE |
| 483497103 | KALV | KALVISTA PHARMACEUTICALS INC | $4.9M | 0.49% | 400,000 | CALL | SOLE |
| 24661P807 | DCTH | DELCATH SYS INC | $4.6M | 0.47% | 431,251 | Common | SOLE |
| 86366E106 | GPCR | STRUCTURE THERAPEUTICS INC | $4.6M | 0.46% | 163,237 | Common | SOLE |
| 89422G107 | TVTX | TRAVERE THERAPEUTICS INC | $4.6M | 0.46% | 190,781 | Common | SOLE |
| 53635D202 | LQDA | LIQUIDIA CORPORATION | $4.5M | 0.46% | 200,000 | CALL | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $4.5M | 0.46% | 175,000 | CALL | SOLE |
| 59267L107 | — | METSERA INC | $4.5M | 0.45% | 86,000 | CALL | SOLE |
| 59267L107 | — | METSERA INC | $4.5M | 0.45% | 86,000 | PUT | SOLE |
| 34962G208 | FBRX | FORTE BIOSCIENCES INC | $4.5M | 0.45% | 300,000 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $4.4M | 0.45% | 95,000 | CALL | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $4.4M | 0.44% | 612,200 | CALL | SOLE |
| 87650L103 | TARS | TARSUS PHARMACEUTICALS INC | $4.4M | 0.44% | 73,619 | Common | SOLE |
| 501147102 | KRYS | KRYSTAL BIOTECH INC | $4.3M | 0.44% | 24,421 | Common | SOLE |
| 04016X101 | ARGX | ARGENX SE | $4.3M | 0.43% | 5,942 | Common | SOLE |
| 03969T109 | ARCT | ARCTURUS THERAPEUTICS HLDGS | $4.2M | 0.42% | 227,200 | CALL | SOLE |
| 92332V107 | VTYXUSD | VENTYX BIOSCIENCES INC | $4.1M | 0.41% | 1,309,604 | Common | SOLE |
| 697947109 | PVLA | PALVELLA THERAPEUTICS INC NE | $4.1M | 0.41% | 64,746 | Common | SOLE |
| 881624209 | TEVA | TEVA PHARMACEUTICAL INDS LTD | $4.0M | 0.41% | 200,000 | CALL | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $3.8M | 0.38% | 55,946 | Common | SOLE |
| 02155H200 | ALT | ALTIMMUNE INC | $3.8M | 0.38% | 1,000,000 | CALL | SOLE |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $3.8M | 0.38% | 567,601 | Common | SOLE |
| 25461H853 | LABD | DIREXION SHS ETF TR | $3.7M | 0.38% | 91,959 | Common | SOLE |
| 75955J402 | RLMD | RELMADA THERAPEUTICS INC | $3.7M | 0.37% | 1,843,060 | Common | SOLE |
| 80706P103 | SRRK | SCHOLAR ROCK HLDG CORP | $3.6M | 0.36% | 96,200 | PUT | SOLE |
| 55287L101 | MBX | MBX BIOSCIENCES INC | $3.5M | 0.35% | 200,000 | CALL | SOLE |
| 55287L101 | MBX | MBX BIOSCIENCES INC | $3.5M | 0.35% | 200,000 | PUT | SOLE |
| N90064101 | QURE | UNIQURE NV | $3.4M | 0.35% | 58,610 | Common | SOLE |
| 92764N102 | VIR | VIR BIOTECHNOLOGY INC | $3.4M | 0.34% | 593,374 | Common | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $3.4M | 0.34% | 50,000 | PUT | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $3.2M | 0.33% | 450,000 | PUT | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $3.1M | 0.32% | 435,839 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA COMPANY | $3.0M | 0.31% | 106,800 | Common | SOLE |
| 91678A107 | UPB | UPSTREAM BIO INC | $3.0M | 0.31% | 161,113 | Common | SOLE |
| 83422E204 | SLDB | SOLID BIOSCIENCES INC | $2.9M | 0.29% | 468,000 | CALL | SOLE |
| 35168W103 | GUTS | FRACTYL HEALTH INC | $2.9M | 0.29% | 1,800,000 | Common | SOLE |
| 107924102 | BBOT | BRIDGEBIO ONCOLOGY THERAPEUT | $2.8M | 0.29% | 245,231 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $2.8M | 0.28% | 92,600 | PUT | SOLE |
| 10806X102 | BBIO | BRIDGEBIO PHARMA INC | $2.7M | 0.27% | 51,967 | Common | SOLE |
| 803607100 | SRPT | SAREPTA THERAPEUTICS INC | $2.6M | 0.27% | 137,000 | CALL | SOLE |
| 713317105 | PEPG | PEPGEN INC | $2.5M | 0.25% | 535,967 | Common | SOLE |
| 64131A105 | STIM | NEURONETICS INC | $2.5M | 0.25% | 905,716 | Common | SOLE |
| 75943R102 | RLAY | RELAY THERAPEUTICS INC | $2.4M | 0.25% | 467,362 | Common | SOLE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $2.3M | 0.24% | 159,854 | Common | SOLE |
| 14888U101 | CPRX | CATALYST PHARMACEUTICALS INC | $2.3M | 0.23% | 116,388 | Common | SOLE |
| 20451W101 | CMPS | COMPASS PATHWAYS PLC | $2.3M | 0.23% | 400,000 | CALL | SOLE |
| 00534A102 | IVVD | INVIVYD INC | $2.3M | 0.23% | 2,078,706 | Common | SOLE |
| 014442107 | ALEC | ALECTOR INC | $2.2M | 0.23% | 760,000 | Common | SOLE |
| 92840H400 | VTGN | VISTAGEN THERAPEUTICS INC | $2.2M | 0.22% | 620,869 | Common | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $2.0M | 0.21% | 159,777 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $2.0M | 0.20% | 13,751 | Common | SOLE |
| 00973Y108 | AKRO | AKERO THERAPEUTICS INC | $2.0M | 0.20% | 41,600 | CALL | SOLE |
| 04335A105 | ARVN | ARVINAS INC | $1.9M | 0.19% | 226,257 | Common | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $1.9M | 0.19% | 264,642 | Common | SOLE |
| N71542109 | PRQR | PROQR THRAPEUTICS N V | $1.9M | 0.19% | 892,229 | Common | SOLE |
| 517125100 | LRMR | LARIMAR THERAPEUTICS INC | $1.8M | 0.18% | 548,400 | CALL | SOLE |
| 171126204 | PTHS | PELTHOS THERAPEUTICS INC | $1.7M | 0.18% | 62,451 | Common | SOLE |
| 230770109 | CPIX | CUMBERLAND PHARMACEUTICALS I | $1.7M | 0.18% | 555,932 | Common | SOLE |
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $1.5M | 0.15% | 28,571 | Common | SOLE |
| 032724106 | ANAB | ANAPTYSBIO INC | $1.5M | 0.15% | 48,410 | Common | SOLE |
| 26818M108 | DYN | DYNE THERAPEUTICS INC | $1.4M | 0.15% | 113,837 | Common | SOLE |
| 690469101 | OVID | OVID THERAPEUTICS INC | $1.4M | 0.14% | 1,095,574 | Common | SOLE |
| 74168J101 | PRME | PRIME MEDICINE INC | $1.4M | 0.14% | 250,000 | PUT | SOLE |
| 74168J101 | PRME | PRIME MEDICINE INC | $1.4M | 0.14% | 250,000 | CALL | SOLE |
| 47103J105 | JANX | JANUX THERAPEUTICS INC | $1.3M | 0.13% | 54,691 | Common | SOLE |
| 82686Q101 | SLN | SILENCE THERAPEUTICS PLC | $1.3M | 0.13% | 900,784 | Common | SOLE |
| 98985Y108 | ZYME | ZYMEWORKS INC | $1.2M | 0.13% | 72,787 | Common | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $1.2M | 0.12% | 164,202 | Common | SOLE |
| 83422E204 | SLDB | SOLID BIOSCIENCES INC | $1.1M | 0.11% | 176,690 | Common | SOLE |
| N44821101 | IFRX | INFLARX NV | $967,568 | 0.10% | 722,066 | Common | SOLE |
| 91307C102 | UTHR | UNITED THERAPEUTICS CORP DEL | $964,183 | 0.10% | 2,300 | CALL | SOLE |
| 10919W405 | DRUG | BRIGHT MINDS BIOSCIENCES INC | $936,044 | 0.09% | 15,431 | Common | SOLE |
| 800677106 | SGMO | SANGAMO THERAPEUTICS INC | $871,819 | 0.09% | 1,294,652 | Common | SOLE |
| 462222100 | IONS | IONIS PHARMACEUTICALS INC | $870,086 | 0.09% | 13,300 | CALL | SOLE |
| 55287L101 | MBX | MBX BIOSCIENCES INC | $841,243 | 0.08% | 48,071 | Common | SOLE |
| 74168J101 | PRME | PRIME MEDICINE INC | $831,000 | 0.08% | 150,000 | Common | SOLE |
| 23256X407 | HELP | CYBIN INC | $827,398 | 0.08% | 140,475 | Common | SOLE |
| 4525EP101 | VTLUSD | IMMUNIC INC | $805,932 | 0.08% | 914,170 | Common | SOLE |
| 140755307 | TVRD | TVARDI THERAPEUTICS INC | $740,430 | 0.07% | 19,000 | CALL | SOLE |
| 60255C885 | BRD1EUR | MIND MEDICINE MINDMED INC | $739,128 | 0.07% | 62,691 | Common | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $721,000 | 0.07% | 100,000 | CALL | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $721,000 | 0.07% | 100,000 | PUT | SOLE |
| 55083R203 | LYEL | LYELL IMMUNOPHARMA INC | $711,296 | 0.07% | 43,799 | Common | SOLE |
| Y95308105 | WVE | WAVE LIFE SCIENCES LTD | $702,390 | 0.07% | 95,955 | Common | SOLE |
| 21833P301 | CRBP | CORBUS PHARMACEUTICALS HLDGS | $693,220 | 0.07% | 54,800 | CALL | SOLE |
| 83548R402 | HOTRUSD | SONNET BIOTHERAPEUTC HLDNG I | $687,000 | 0.07% | 150,000 | Common | SOLE |
| 449778109 | IOBTQ | IO BIOTECH INC | $554,051 | 0.06% | 1,525,893 | Common | SOLE |
| 92536C202 | VERU | VERU INC | $541,588 | 0.05% | 142,523 | Common | SOLE |
| 451033708 | IBIO | IBIO INC | $511,023 | 0.05% | 617,327 | Common | SOLE |
| 29446K106 | EQ | EQUILLIUM INC | $475,185 | 0.05% | 332,297 | Common | SOLE |
| 00509G209 | ABOS | ACUMEN PHARMACEUTICALS INC | $454,465 | 0.05% | 265,769 | Common | SOLE |
| 02157Q109 | ANRO | ALTO NEUROSCIENCE INC | $442,199 | 0.04% | 110,000 | Common | SOLE |
| N44445109 | IMTX | IMMATICS N.V | $420,854 | 0.04% | 49,396 | Common | SOLE |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $416,914 | 0.04% | 106,901 | Common | SOLE |
| 034569103 | ANEB | ANEBULO PHARMACEUTICALS INC | $394,300 | 0.04% | 157,720 | Common | SOLE |
| 29970R303 | EVAX | EVAXION AS | $300,801 | 0.03% | 80,000 | Common | SOLE |
| 92686J106 | VKTX | VIKING THERAPEUTICS INC | $262,800 | 0.03% | 10,000 | Common | SOLE |
| 92915B106 | VYGR | VOYAGER THERAPEUTICS INC | $260,428 | 0.03% | 55,766 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $252,140 | 0.03% | 7,000 | CALL | SOLE |
| 528872302 | LXRX | LEXICON PHARMACEUTICALS INC | $238,247 | 0.02% | 176,479 | Common | SOLE |
| B6S7WD106 | NYXH | NYXOAH S A | $232,883 | 0.02% | 50,627 | Common | SOLE |
| 816212302 | RNAC | CARTESIAN THERAPEUTICS INC | $226,537 | 0.02% | 22,166 | Common | SOLE |
| 81728A207 | SNSE | SENSEI BIOTHERAPEUTICS INC | $212,596 | 0.02% | 22,497 | Common | SOLE |
| 09090D301 | — | BIOMX INC | $206,312 | 0.02% | 392,976 | Common | SOLE |
| 03969T109 | ARCT | ARCTURUS THERAPEUTICS HLDGS | $197,588 | 0.02% | 10,721 | Common | SOLE |
| 48576U205 | KPTI | KARYOPHARM THERAPEUTICS INC | $178,261 | 0.02% | 27,257 | Common | SOLE |
| 19240Q201 | COGT | COGENT BIOSCIENCES INC | $161,981 | 0.02% | 11,280 | Common | SOLE |
| 009496100 | AIRS | AIRSCULPT TECHNOLOGIES INC | $143,967 | 0.01% | 17,951 | Common | SOLE |
| 16385C203 | CMMB | CHEMOMAB THERAPEUTICS LTD | $140,079 | 0.01% | 53,262 | Common | SOLE |
| 55234L204 | LYRA | LYRA THERAPEUTICS INC | $139,452 | 0.01% | 21,161 | Common | SOLE |
| 69353Y103 | PMVP | PMV PHARMACEUTICALS INC | $136,500 | 0.01% | 97,500 | Common | SOLE |
| 556099109 | MGNX | MACROGENICS INC | $134,519 | 0.01% | 80,071 | Common | SOLE |
| 85209E208 | SPRB | SPRUCE BIOSCIENCES INC | $119,322 | 0.01% | 13,332 | Common | SOLE |
| 00808Y505 | — | AETHLON MED INC | $115,044 | 0.01% | 153,659 | Common | SOLE |
| 92941V308 | VYNE | VYNE THERAPEUTICS INC | $97,149 | 0.01% | 290,000 | Common | SOLE |
| 471871202 | JSPR | JASPER THERAPEUTICS INC | $59,754 | 0.01% | 25,107 | Common | SOLE |
| 68232V884 | TRAW | TRAWS PHARMA INC | $52,712 | 0.01% | 28,493 | Common | SOLE |
| 87164U508 | TOVX | THERIVA BIOLOGICS INC | $48,625 | 0.00% | 120,031 | Common | SOLE |
| 87166L209 | SYBX | SYNLOGIC INC | $34,513 | 0.00% | 20,422 | Common | SOLE |
| 640979100 | NMRA | NEUMORA THERAPEUTICS INC. | $22,747 | 0.00% | 12,498 | Common | SOLE |
| 05330T205 | AMIX | AUTONOMIX MED INC | $21,601 | 0.00% | 20,000 | 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.