Q4 2025 · 13F-HR
Ikarian Capital, LLCholdings as filed
Filed 2026-02-18 · accession 0001420506-26-000592
$1.28B
Reported value
174
Positions
2025-12-31
Period end
The Brief · Ikarian Capital, LLC · Q4 2025
AI · grounded in 13F
Ikarian Capital, LLC exited its position in United Therapeutics Corp Del UTHR, reducing exposure by $88.9M. The fund established a new position in Amgen Inc AMGN worth $80.2M and added Omeros Corp OMER for $25.8M. Other notable activity includes closing positions in Genmab A/S GMAB and Bristol-Myers Squibb Co BMY.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78464A870 | XBI | SPDR SERIES TRUST | $103.6M | 8.09% | 850,000 | PUT | SOLE |
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $66.3M | 5.17% | 300,000 | PUT | SOLE |
| 031162100 | AMGN | AMGEN INC | $65.5M | 5.11% | 200,000 | PUT | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $64.5M | 5.04% | 1,596,378 | Common | SOLE |
| 171757206 | CDTX | CIDARA THERAPEUTICS INC | $60.4M | 4.71% | 273,243 | Common | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $29.1M | 2.27% | 205,985 | Common | SOLE |
| G50871905 | — | JAZZ PHARMACEUTICALS PLC | $28.9M | 2.26% | 170,000 | CALL | SOLE |
| G50871105 | JAZZ | JAZZ PHARMACEUTICALS PLC | $27.3M | 2.13% | 160,367 | Common | SOLE |
| 578784100 | MAZE | MAZE THERAPEUTICS INC | $26.7M | 2.09% | 644,680 | Common | SOLE |
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $25.5M | 1.99% | 86,581 | Common | SOLE |
| 415858109 | HROW | HARROW INC | $25.0M | 1.95% | 509,700 | CALL | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $24.5M | 1.91% | 528,900 | CALL | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $22.5M | 1.76% | 665,271 | Common | SOLE |
| 50015M109 | KOD | KODIAK SCIENCES INC | $20.1M | 1.57% | 719,787 | Common | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $19.0M | 1.48% | 758,654 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $18.5M | 1.44% | 290,900 | CALL | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $17.5M | 1.36% | 378,682 | Common | SOLE |
| 22663K107 | CRNX | CRINETICS PHARMACEUTICALS IN | $17.2M | 1.34% | 368,500 | PUT | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $16.9M | 1.32% | 125,100 | CALL | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $16.7M | 1.30% | 578,015 | Common | SOLE |
| 682143102 | OMER | OMEROS CORP | $16.3M | 1.27% | 950,000 | PUT | SOLE |
| 462222100 | IONS | IONIS PHARMACEUTICALS INC | $16.0M | 1.25% | 202,038 | Common | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $15.6M | 1.21% | 1,375,472 | Common | SOLE |
| 532457108 | LLY | ELI LILLY & CO | $14.8M | 1.16% | 13,815 | Common | SOLE |
| 75955J402 | RLMD | RELMADA THERAPEUTICS INC | $14.8M | 1.16% | 3,068,359 | Common | SOLE |
| 031162100 | AMGN | AMGEN INC | $14.7M | 1.15% | 45,000 | Common | SOLE |
| 23284F105 | CTMX | CYTOMX THERAPEUTICS INC | $13.5M | 1.06% | 3,172,616 | Common | SOLE |
| N69605108 | PHVS | PHARVARIS N V | $13.5M | 1.05% | 486,856 | Common | SOLE |
| G23549101 | CNTB | CONNECT BIOPHARMA HLDGS LTD | $13.5M | 1.05% | 4,788,486 | Common | SOLE |
| 10919W405 | DRUG | BRIGHT MINDS BIOSCIENCES INC | $12.4M | 0.97% | 159,421 | Common | SOLE |
| 88032L605 | TENX | TENAX THERAPEUTICS INC | $11.8M | 0.92% | 967,600 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $11.0M | 0.86% | 138,142 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $11.0M | 0.86% | 172,672 | Common | SOLE |
| 85209E208 | SPRB | SPRUCE BIOSCIENCES INC | $10.6M | 0.83% | 121,356 | Common | SOLE |
| 15102K100 | CELC | CELCUITY INC | $10.5M | 0.82% | 105,545 | Common | SOLE |
| 75382E208 | RAPT | RAPT THERAPEUTICS INC | $9.8M | 0.77% | 290,000 | CALL | SOLE |
| 682143102 | OMER | OMEROS CORP | $9.4M | 0.74% | 550,000 | CALL | SOLE |
| 02157Q109 | ANRO | ALTO NEUROSCIENCE INC | $9.2M | 0.72% | 515,000 | Common | SOLE |
| 252131107 | DXCM | DEXCOM INC | $9.1M | 0.71% | 137,500 | CALL | SOLE |
| 69366J200 | PTCT | PTC THERAPEUTICS INC | $9.0M | 0.70% | 118,657 | Common | SOLE |
| 415858109 | HROW | HARROW INC | $9.0M | 0.70% | 183,347 | Common | SOLE |
| 92332V107 | VTYXUSD | VENTYX BIOSCIENCES INC | $8.7M | 0.68% | 958,704 | Common | SOLE |
| 156944100 | CGON | CG ONCOLOGY INC | $8.3M | 0.65% | 199,473 | Common | SOLE |
| 218352102 | CORT | CORCEPT THERAPEUTICS INC | $8.2M | 0.64% | 236,700 | PUT | SOLE |
| 34962G208 | FBRX | FORTE BIOSCIENCES INC | $8.2M | 0.64% | 300,000 | Common | SOLE |
| 03753U106 | APLSUSD | APELLIS PHARMACEUTICALS INC | $8.2M | 0.64% | 325,600 | CALL | SOLE |
| 171126204 | PTHS | PELTHOS THERAPEUTICS INC | $7.9M | 0.62% | 255,758 | Common | SOLE |
| 64125C109 | NBIX | NEUROCRINE BIOSCIENCES INC | $7.7M | 0.60% | 54,062 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $7.6M | 0.59% | 95,000 | CALL | SOLE |
| 462222100 | IONS | IONIS PHARMACEUTICALS INC | $7.5M | 0.58% | 94,600 | CALL | SOLE |
| 603170101 | MLYS | MINERALYS THERAPEUTICS INC | $7.3M | 0.57% | 200,000 | Common | SOLE |
| 64125C109 | NBIX | NEUROCRINE BIOSCIENCES INC | $7.2M | 0.56% | 51,000 | CALL | SOLE |
| 02074J501 | ACOG | ALPHA COGNITION INC | $6.9M | 0.54% | 1,056,259 | Common | SOLE |
| 36322Q206 | DMRA | GALECTO INC | $6.6M | 0.51% | 285,710 | Common | SOLE |
| 00534A102 | IVVD | INVIVYD INC | $6.6M | 0.51% | 2,656,570 | Common | SOLE |
| 00182C103 | ANIP | ANI PHARMACEUTICALS INC | $6.5M | 0.51% | 82,800 | CALL | SOLE |
| 218352102 | CORT | CORCEPT THERAPEUTICS INC | $6.5M | 0.50% | 185,593 | Common | SOLE |
| 670703107 | NUVL | NUVALENT INC | $6.0M | 0.47% | 59,594 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $5.9M | 0.46% | 255,100 | PUT | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $5.8M | 0.45% | 250,000 | CALL | SOLE |
| 218352102 | CORT | CORCEPT THERAPEUTICS INC | $5.7M | 0.45% | 163,800 | CALL | SOLE |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $5.1M | 0.40% | 513,011 | Common | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $5.0M | 0.39% | 200,000 | CALL | SOLE |
| 52490G102 | LEGN | LEGEND BIOTECH CORP | $4.9M | 0.39% | 226,888 | Common | SOLE |
| 008064206 | JBIO | JADE BIOSCIENCES INC | $4.6M | 0.36% | 300,000 | Common | SOLE |
| 29842P105 | EPRX | EUPRAXIA PHARMACEUTICALS INC | $4.6M | 0.36% | 610,000 | Common | SOLE |
| 24661P807 | DCTH | DELCATH SYS INC | $4.4M | 0.34% | 431,251 | Common | SOLE |
| 20454B104 | CMPX | COMPASS THERAPEUTICS INC | $4.3M | 0.34% | 800,000 | Common | SOLE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $4.3M | 0.33% | 234,854 | Common | SOLE |
| 04335A105 | ARVN | ARVINAS INC | $4.2M | 0.33% | 358,257 | Common | SOLE |
| G9TY5A101 | ZURA | ZURA BIO LTD | $4.2M | 0.33% | 802,322 | Common | SOLE |
| 48576U205 | KPTI | KARYOPHARM THERAPEUTICS INC | $4.0M | 0.31% | 544,554 | Common | SOLE |
| 00847X104 | AGIO | AGIOS PHARMACEUTICALS INC | $3.7M | 0.29% | 137,200 | CALL | SOLE |
| 501147102 | KRYS | KRYSTAL BIOTECH INC | $3.7M | 0.29% | 14,814 | Common | SOLE |
| 88322Q108 | TGTX | TG THERAPEUTICS INC | $3.5M | 0.27% | 117,903 | Common | SOLE |
| 92764N102 | VIR | VIR BIOTECHNOLOGY INC | $3.5M | 0.27% | 575,712 | Common | SOLE |
| 65343E207 | NXTC | NEXTCURE INC | $3.4M | 0.26% | 238,303 | Common | SOLE |
| 014442107 | ALEC | ALECTOR INC | $3.2M | 0.25% | 2,082,606 | Common | SOLE |
| 21217B100 | CTNM | CONTINEUM THERAPEUTICS INC | $3.2M | 0.25% | 282,874 | Common | SOLE |
| 03843E104 | AQST | AQUESTIVE THERAPEUTICS INC | $3.2M | 0.25% | 500,000 | PUT | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $3.2M | 0.25% | 68,823 | Common | SOLE |
| 00847X104 | AGIO | AGIOS PHARMACEUTICALS INC | $3.1M | 0.25% | 115,489 | Common | SOLE |
| G70077105 | PCSC | PERCEPTIVE CAP SOLUTIONS COR | $3.1M | 0.25% | 240,951 | Common | SOLE |
| 74907L409 | QNRX | QUOIN PHARMACEUTICALS LTD | $3.1M | 0.24% | 211,538 | Common | SOLE |
| 482929106 | KLRS | KALARIS THERAPEUTICS INC | $3.0M | 0.24% | 360,000 | Common | SOLE |
| N71542109 | PRQR | PROQR THRAPEUTICS N V | $3.0M | 0.24% | 1,492,229 | Common | SOLE |
| 713317105 | PEPG | PEPGEN INC | $2.9M | 0.23% | 447,165 | Common | SOLE |
| 20451W101 | CMPS | COMPASS PATHWAYS PLC | $2.8M | 0.22% | 400,000 | Common | SOLE |
| 107924102 | BBOT | BRIDGEBIO ONCOLOGY THERAPEUT | $2.8M | 0.22% | 220,231 | Common | SOLE |
| 29479A108 | ERAS | ERASCA INC | $2.7M | 0.21% | 735,396 | Common | SOLE |
| 87650L103 | TARS | TARSUS PHARMACEUTICALS INC | $2.6M | 0.20% | 31,166 | Common | SOLE |
| N90064901 | — | UNIQURE NV | $2.5M | 0.20% | 105,400 | CALL | SOLE |
| 35168W103 | GUTS | FRACTYL HEALTH INC | $2.4M | 0.19% | 1,100,000 | Common | SOLE |
| G1110E107 | BHVN | BIOHAVEN LTD | $2.4M | 0.19% | 212,481 | Common | SOLE |
| 83422E204 | SLDB | SOLID BIOSCIENCES INC | $2.4M | 0.19% | 424,000 | CALL | SOLE |
| 46124U107 | IVA | INVENTIVA SA | $2.3M | 0.18% | 502,601 | Common | SOLE |
| 640979100 | NMRA | NEUMORA THERAPEUTICS INC. | $2.3M | 0.18% | 1,278,408 | Common | SOLE |
| 230770109 | CPIX | CUMBERLAND PHARMACEUTICALS I | $2.2M | 0.17% | 555,932 | Common | SOLE |
| N90064101 | QURE | UNIQURE NV | $2.2M | 0.17% | 91,060 | Common | SOLE |
| 23306J309 | DBVT | DBV TECHNOLOGIES S A | $2.1M | 0.16% | 525,000 | Common | SOLE |
| 022307102 | ALMS | ALUMIS INC | $2.1M | 0.16% | 211,100 | PUT | SOLE |
| 12674W109 | CABA | CABALETTA BIO INC | $2.0M | 0.15% | 900,000 | Common | SOLE |
| 713317105 | PEPG | PEPGEN INC | $2.0M | 0.15% | 300,000 | CALL | SOLE |
| 48115J109 | DERM | JOURNEY MED CORP | $1.9M | 0.15% | 251,436 | Common | SOLE |
| 451033708 | IBIO | IBIO INC | $1.8M | 0.14% | 957,062 | Common | SOLE |
| 03753U106 | APLSUSD | APELLIS PHARMACEUTICALS INC | $1.8M | 0.14% | 71,747 | Common | SOLE |
| 82686Q101 | SLN | SILENCE THERAPEUTICS PLC | $1.7M | 0.14% | 865,784 | Common | SOLE |
| 98937L105 | ZBIO | ZENAS BIOPHARMA INC | $1.7M | 0.13% | 46,800 | PUT | SOLE |
| 98937L105 | ZBIO | ZENAS BIOPHARMA INC | $1.7M | 0.13% | 46,800 | CALL | SOLE |
| 92337C203 | VSTM | VERASTEM INC | $1.7M | 0.13% | 213,865 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $1.6M | 0.13% | 9,337 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA COMPANY | $1.6M | 0.13% | 45,830 | Common | SOLE |
| 53630X203 | LPCN | LIPOCINE INC NEW | $1.6M | 0.13% | 199,542 | Common | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $1.6M | 0.12% | 500,000 | CALL | SOLE |
| 38341P102 | GOSS | GOSSAMER BIO INC | $1.6M | 0.12% | 500,000 | PUT | SOLE |
| 640268306 | NKTR | NEKTAR THERAPEUTICS | $1.5M | 0.12% | 36,300 | PUT | SOLE |
| 640268306 | NKTR | NEKTAR THERAPEUTICS | $1.5M | 0.12% | 36,300 | CALL | SOLE |
| 457669307 | INSM | INSMED INC | $1.5M | 0.12% | 8,600 | CALL | SOLE |
| 86889P208 | SRZN | SURROZEN INC | $1.5M | 0.12% | 65,788 | Common | SOLE |
| Y95308105 | WVE | WAVE LIFE SCIENCES LTD | $1.4M | 0.11% | 85,285 | Common | SOLE |
| 89422G107 | TVTX | TRAVERE THERAPEUTICS INC | $1.4M | 0.11% | 36,600 | CALL | SOLE |
| 14888U101 | CPRX | CATALYST PHARMACEUTICALS INC | $1.3M | 0.10% | 57,388 | Common | SOLE |
| 55083R203 | LYEL | LYELL IMMUNOPHARMA INC | $1.3M | 0.10% | 41,081 | Common | SOLE |
| 03589W102 | ANNX | ANNEXON INC | $1.2M | 0.09% | 230,244 | Common | SOLE |
| 23256X407 | HELP | CYBIN INC | $1.1M | 0.08% | 132,153 | Common | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $1.1M | 0.08% | 58,100 | CALL | SOLE |
| 64131A105 | STIM | NEURONETICS INC | $967,631 | 0.08% | 701,182 | Common | SOLE |
| 83422E204 | SLDB | SOLID BIOSCIENCES INC | $904,707 | 0.07% | 160,409 | Common | SOLE |
| 25461H853 | LABD | DIREXION SHS ETF TR | $859,712 | 0.07% | 40,822 | Common | SOLE |
| 449778109 | IOBTQ | IO BIOTECH INC | $844,279 | 0.07% | 1,386,565 | Common | SOLE |
| 60255C885 | BRD1EUR | MIND MEDICINE MINDMED INC | $787,373 | 0.06% | 58,803 | Common | SOLE |
| 68232V884 | TRAW | TRAWS PHARMA INC | $766,299 | 0.06% | 678,142 | Common | SOLE |
| 696389402 | PALI | PALISADE BIO INC | $646,199 | 0.05% | 274,978 | Common | SOLE |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $642,907 | 0.05% | 102,211 | Common | SOLE |
| 483497103 | KALV | KALVISTA PHARMACEUTICALS INC | $567,173 | 0.04% | 35,119 | Common | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $564,885 | 0.04% | 31,106 | Common | SOLE |
| 00509G209 | ABOS | ACUMEN PHARMACEUTICALS INC | $536,599 | 0.04% | 254,312 | Common | SOLE |
| 800677106 | SGMO | SANGAMO THERAPEUTICS INC | $511,842 | 0.04% | 1,218,671 | Common | SOLE |
| N44445109 | IMTX | IMMATICS N.V | $509,976 | 0.04% | 48,569 | Common | SOLE |
| 29446K106 | EQ | EQUILLIUM INC | $470,510 | 0.04% | 303,555 | Common | SOLE |
| G23549101 | CNTB | CONNECT BIOPHARMA HLDGS LTD | $407,772 | 0.03% | 144,600 | CALL | SOLE |
| 690469101 | OVID | OVID THERAPEUTICS INC | $403,520 | 0.03% | 247,558 | Common | SOLE |
| 4525EP101 | VTLUSD | IMMUNIC INC | $360,067 | 0.03% | 674,662 | Common | SOLE |
| 29970R303 | EVAX | EVAXION AS | $356,310 | 0.03% | 74,698 | Common | SOLE |
| 92840H400 | VTGN | VISTAGEN THERAPEUTICS INC | $343,576 | 0.03% | 519,077 | Common | SOLE |
| 92686J106 | VKTX | VIKING THERAPEUTICS INC | $341,844 | 0.03% | 9,717 | Common | SOLE |
| 86366E106 | GPCR | STRUCTURE THERAPEUTICS INC | $335,510 | 0.03% | 4,824 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $291,433 | 0.02% | 12,671 | Common | SOLE |
| 92536C202 | VERU | VERU INC | $285,726 | 0.02% | 133,517 | Common | SOLE |
| 18978H508 | CNSP | CNS PHARMACEUTICALS INC | $240,608 | 0.02% | 45,830 | Common | SOLE |
| 81728A207 | SNSE | SENSEI BIOTHERAPEUTICS INC | $227,815 | 0.02% | 21,351 | Common | SOLE |
| B6S7WD106 | NYXH | NYXOAH S A | $217,846 | 0.02% | 47,358 | Common | SOLE |
| 92915B106 | VYGR | VOYAGER THERAPEUTICS INC | $208,538 | 0.02% | 53,063 | Common | SOLE |
| 528872302 | LXRX | LEXICON PHARMACEUTICALS INC | $189,376 | 0.01% | 164,674 | Common | SOLE |
| 64136E102 | NEUP | NEUPHORIA THERAPEUTICS INC | $184,079 | 0.01% | 47,443 | Common | SOLE |
| 45824Q804 | GCTK | GLUCOTRACK INC | $177,362 | 0.01% | 45,830 | Common | SOLE |
| 92941V308 | VYNE | VYNE THERAPEUTICS INC | $153,675 | 0.01% | 264,912 | Common | SOLE |
| 816212302 | RNAC | CARTESIAN THERAPEUTICS INC | $150,018 | 0.01% | 20,807 | Common | SOLE |
| 825693401 | SHPH | SHUTTLE PHARMACTCLS HLDGS IN | $124,187 | 0.01% | 68,993 | Common | SOLE |
| 556099109 | MGNX | MACROGENICS INC | $120,578 | 0.01% | 74,893 | Common | SOLE |
| 69353Y103 | PMVP | PMV PHARMACEUTICALS INC | $111,421 | 0.01% | 89,136 | Common | SOLE |
| 44916Y106 | PURR | HYPERLIQUID STRATEGIES INC | $106,804 | 0.01% | 30,001 | Common | SOLE |
| 56270V205 | MGRX | MANGOCEUTICALS INC | $102,229 | 0.01% | 138,146 | Common | SOLE |
| 16385C203 | CMMB | CHEMOMAB THERAPEUTICS LTD | $85,458 | 0.01% | 51,793 | Common | SOLE |
| 55234L204 | LYRA | LYRA THERAPEUTICS INC | $65,176 | 0.01% | 21,161 | Common | SOLE |
| 471871202 | JSPR | JASPER THERAPEUTICS INC | $44,090 | 0.00% | 24,093 | Common | SOLE |
| 00808Y604 | AEMD | AETHLON MED INC | $39,788 | 0.00% | 14,364 | Common | SOLE |
| 76200L309 | RZLT | REZOLUTE INC | $38,891 | 0.00% | 16,479 | Common | SOLE |
| 09090D509 | PHGE | BIOMX INC | $36,414 | 0.00% | 19,473 | Common | SOLE |
| 009496100 | AIRS | AIRSCULPT TECHNOLOGIES INC | $32,468 | 0.00% | 16,398 | Common | SOLE |
| 87164U508 | TOVX | THERIVA BIOLOGICS INC | $23,580 | 0.00% | 112,076 | Common | SOLE |
| 87166L209 | SYBX | SYNLOGIC INC | $22,362 | 0.00% | 19,966 | Common | SOLE |
| 034569103 | ANEB | ANEBULO PHARMACEUTICALS INC | $17,913 | 0.00% | 17,736 | Common | SOLE |
| 05330T205 | AMIX | AUTONOMIX MED INC | $10,278 | 0.00% | 18,688 | 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.