Q1 2026 · 13F-HR
Ikarian Capital, LLCholdings as filed
Filed 2026-05-15 · accession 0001420506-26-001165
$1.23B
Reported value
161
Positions
2026-03-31
Period end
The Brief · Ikarian Capital, LLC · Q1 2026
AI · grounded in 13F
Ikarian Capital, LLC closed its position in CIDARA THERAPEUTICS INC, reducing exposure by $126.6M. The fund also exited positions in AMGN for $80.2M and RAPT for $32.4M. On the buy side, the fund established new positions in QQQ for $57.7M and IWM for $49.6M. Additionally, the fund increased its holdings in CYTK by 168% and ALUMIS INC by 600%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 78464A870 | XBI | SPDR SERIES TRUST | $102.2M | 8.30% | 800,000 | PUT | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $76.8M | 6.23% | 1,456,378 | Common | SOLE |
| 880881107 | 430 | TERNS PHARMACEUTICALS INC | $63.3M | 5.14% | 1,200,000 | PUT | SOLE |
| 46090E103 | QQQ | INVESCO QQQ TR | $57.7M | 4.69% | 100,000 | PUT | SOLE |
| 464287655 | IWM | ISHARES TR | $49.6M | 4.03% | 200,000 | PUT | SOLE |
| 50015M109 | KOD | KODIAK SCIENCES INC | $48.3M | 3.92% | 1,265,795 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $36.3M | 2.95% | 550,500 | PUT | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $32.7M | 2.65% | 293,300 | CALL | SOLE |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $30.3M | 2.46% | 500,000 | PUT | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $26.9M | 2.19% | 408,400 | CALL | SOLE |
| 022307102 | ALMS | ALUMIS INC | $26.7M | 2.17% | 1,213,548 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $24.9M | 2.02% | 428,682 | Common | SOLE |
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $23.1M | 1.87% | 71,581 | Common | SOLE |
| 415858109 | HROW | HARROW INC | $19.1M | 1.55% | 543,047 | Common | SOLE |
| 75955J402 | RLMD | RELMADA THERAPEUTICS INC | $18.7M | 1.52% | 2,688,359 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $18.7M | 1.52% | 283,572 | Common | SOLE |
| 88032L605 | TENX | TENAX THERAPEUTICS INC | $16.3M | 1.32% | 1,017,600 | Common | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $16.1M | 1.30% | 528,015 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $15.9M | 1.29% | 163,142 | Common | SOLE |
| 670100205 | NVO | NOVO-NORDISK A S | $14.7M | 1.19% | 400,000 | CALL | SOLE |
| 15117B202 | CLDX | CELLDEX THERAPEUTICS INC NEW | $14.6M | 1.19% | 461,247 | Common | SOLE |
| N69605108 | PHVS | PHARVARIS N V | $13.8M | 1.12% | 486,856 | Common | SOLE |
| G23549101 | CNTB | CONNECT BIOPHARMA HLDGS LTD | $13.1M | 1.07% | 5,388,486 | Common | SOLE |
| 10919W405 | DRUG | BRIGHT MINDS BIOSCIENCES INC | $12.2M | 0.99% | 166,647 | Common | SOLE |
| 10806X102 | BBIO | BRIDGEBIO PHARMA INC | $11.9M | 0.97% | 160,120 | Common | SOLE |
| 687604108 | ORKA | ORUKA THERAPEUTICS INC | $11.9M | 0.96% | 242,021 | Common | SOLE |
| 02157Q109 | ANRO | ALTO NEUROSCIENCE INC | $11.6M | 0.94% | 515,000 | Common | SOLE |
| 00182C103 | ANIP | ANI PHARMACEUTICALS INC | $11.5M | 0.94% | 150,000 | CALL | SOLE |
| 834203309 | SLNO | SOLENO THERAPEUTICS INC | $11.5M | 0.94% | 344,123 | Common | SOLE |
| 578784100 | MAZE | MAZE THERAPEUTICS INC | $11.3M | 0.92% | 378,999 | Common | SOLE |
| 00182C103 | ANIP | ANI PHARMACEUTICALS INC | $11.3M | 0.92% | 147,085 | Common | SOLE |
| 14070B309 | CAPR | CAPRICOR THERAPEUTICS INC | $10.6M | 0.86% | 350,000 | CALL | SOLE |
| 21217B100 | CTNM | CONTINEUM THERAPEUTICS INC | $10.6M | 0.86% | 807,874 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $10.1M | 0.82% | 482,571 | Common | SOLE |
| 462222100 | IONS | IONIS PHARMACEUTICALS INC | $9.5M | 0.77% | 127,038 | Common | SOLE |
| 76155X100 | RVMD | REVOLUTION MEDICINES INC | $9.2M | 0.75% | 95,000 | PUT | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $8.9M | 0.72% | 598,281 | Common | SOLE |
| 29842P105 | EPRX | EUPRAXIA PHARMACEUTICALS INC | $8.8M | 0.71% | 1,214,741 | Common | SOLE |
| 36322Q206 | DMRA | DAMORA THERAPEUTICS INC | $8.7M | 0.71% | 335,710 | Common | SOLE |
| 462222100 | IONS | IONIS PHARMACEUTICALS INC | $8.4M | 0.68% | 112,100 | CALL | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $8.2M | 0.67% | 549,800 | CALL | SOLE |
| 697947109 | PVLA | PALVELLA THERAPEUTICS INC NE | $8.1M | 0.65% | 64,626 | Common | SOLE |
| 359616109 | FULC | FULCRUM THERAPEUTICS INC | $8.0M | 0.65% | 1,049,161 | Common | SOLE |
| 92337R101 | VERA | VERA THERAPEUTICS INC | $8.0M | 0.65% | 200,000 | Common | SOLE |
| 85209E208 | SPRB | SPRUCE BIOSCIENCES INC | $7.9M | 0.64% | 121,356 | Common | SOLE |
| 46124U107 | IVA | INVENTIVA SA | $7.8M | 0.64% | 1,429,101 | Common | SOLE |
| 008064206 | JBIO | JADE BIOSCIENCES INC | $7.2M | 0.58% | 512,349 | Common | SOLE |
| 67577C105 | OCGN | OCUGEN INC | $7.2M | 0.58% | 3,962,972 | Common | SOLE |
| G9TY5A101 | ZURA | ZURA BIO LTD | $7.1M | 0.58% | 1,193,492 | Common | SOLE |
| 690469101 | OVID | OVID THERAPEUTICS INC | $6.4M | 0.52% | 2,894,704 | Common | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $6.2M | 0.51% | 57,635 | Common | SOLE |
| 532457108 | LLY | ELI LILLY & CO | $6.0M | 0.49% | 6,547 | Common | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $6.0M | 0.49% | 401,500 | CALL | SOLE |
| 022307102 | ALMS | ALUMIS INC | $5.8M | 0.47% | 264,600 | CALL | SOLE |
| N90064901 | — | UNIQURE NV | $5.8M | 0.47% | 355,000 | CALL | SOLE |
| 02074J501 | ACOG | ALPHA COGNITION INC | $5.8M | 0.47% | 1,056,259 | Common | SOLE |
| 171126204 | PTHS | PELTHOS THERAPEUTICS INC | $5.4M | 0.44% | 256,598 | Common | SOLE |
| 48576U205 | KPTI | KARYOPHARM THERAPEUTICS INC | $5.1M | 0.42% | 920,000 | PUT | SOLE |
| 48576U205 | KPTI | KARYOPHARM THERAPEUTICS INC | $5.1M | 0.42% | 920,000 | CALL | SOLE |
| 86889P208 | SRZN | SURROZEN INC | $5.0M | 0.41% | 173,107 | Common | SOLE |
| 878972108 | TECX | TECTONIC THERAPEUTIC INC | $4.9M | 0.40% | 157,537 | Common | SOLE |
| 30233G209 | EYPT | EYEPOINT INC | $4.8M | 0.39% | 370,400 | PUT | SOLE |
| 30233G209 | EYPT | EYEPOINT INC | $4.8M | 0.39% | 370,400 | CALL | SOLE |
| 014442107 | ALEC | ALECTOR INC | $4.5M | 0.36% | 2,082,606 | Common | SOLE |
| 10806X102 | BBIO | BRIDGEBIO PHARMA INC | $4.3M | 0.35% | 58,500 | CALL | SOLE |
| 501575104 | KYMR | KYMERA THERAPEUTICS INC | $4.2M | 0.34% | 50,400 | PUT | SOLE |
| 52490G102 | LEGN | LEGEND BIOTECH CORP | $4.1M | 0.33% | 226,888 | Common | SOLE |
| 48576U205 | KPTI | KARYOPHARM THERAPEUTICS INC | $4.1M | 0.33% | 733,435 | Common | SOLE |
| 53630X203 | LPCN | LIPOCINE INC NEW | $4.1M | 0.33% | 508,556 | Common | SOLE |
| 24661P807 | DCTH | DELCATH SYS INC | $4.0M | 0.32% | 431,251 | Common | SOLE |
| 50015M109 | KOD | KODIAK SCIENCES INC | $3.8M | 0.31% | 100,000 | CALL | SOLE |
| 04335A105 | ARVN | ARVINAS INC | $3.8M | 0.31% | 358,257 | Common | SOLE |
| 20451W101 | CMPS | COMPASS PATHWAYS PLC | $3.7M | 0.30% | 675,000 | Common | SOLE |
| 14161Y200 | CRDL | CARDIOL THERAPEUTICS INC | $3.7M | 0.30% | 2,725,000 | Common | SOLE |
| 15117B202 | CLDX | CELLDEX THERAPEUTICS INC NEW | $3.6M | 0.29% | 114,000 | PUT | SOLE |
| 04280A100 | ARWR | ARROWHEAD PHARMACEUTICALS IN | $3.6M | 0.29% | 57,500 | PUT | SOLE |
| G1110E107 | BHVN | BIOHAVEN LTD | $3.5M | 0.28% | 412,481 | Common | SOLE |
| 00534A102 | IVVD | INVIVYD INC | $3.5M | 0.28% | 2,656,570 | Common | SOLE |
| 29337E102 | ELVN | ENLIVEN THERAPEUTICS INC | $3.3M | 0.27% | 83,700 | PUT | SOLE |
| 03589W102 | ANNX | ANNEXON INC | $3.2M | 0.26% | 580,244 | Common | SOLE |
| 34962G208 | FBRX | FORTE BIOSCIENCES INC | $3.1M | 0.25% | 118,972 | Common | SOLE |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $2.9M | 0.24% | 513,011 | Common | SOLE |
| 92337R101 | VERA | VERA THERAPEUTICS INC | $2.9M | 0.23% | 71,700 | CALL | SOLE |
| G70077105 | PCSC | PERCEPTIVE CAP SOLUTIONS COR | $2.6M | 0.21% | 240,951 | Common | SOLE |
| 92764N102 | VIR | VIR BIOTECHNOLOGY INC | $2.6M | 0.21% | 293,258 | Common | SOLE |
| 65343E207 | NXTC | NEXTCURE INC | $2.5M | 0.20% | 238,303 | Common | SOLE |
| 640979100 | NMRA | NEUMORA THERAPEUTICS INC. | $2.5M | 0.20% | 1,278,408 | Common | SOLE |
| 00509G209 | ABOS | ACUMEN PHARMACEUTICALS INC | $2.5M | 0.20% | 1,053,797 | Common | SOLE |
| 12674W109 | CABA | CABALETTA BIO INC | $2.4M | 0.20% | 900,000 | Common | SOLE |
| 107924102 | BBOT | BRIDGEBIO ONCOLOGY THERAPEUT | $2.4M | 0.20% | 270,231 | Common | SOLE |
| N71542109 | PRQR | PROQR THRAPEUTICS N V | $2.4M | 0.20% | 1,492,229 | Common | SOLE |
| 670703107 | NUVL | NUVALENT INC | $2.4M | 0.20% | 23,594 | Common | SOLE |
| 05338F306 | AVTX | AVALO THERAPEUTICS INC | $2.4M | 0.19% | 158,500 | PUT | SOLE |
| G50871105 | JAZZ | JAZZ PHARMACEUTICALS PLC | $2.4M | 0.19% | 12,460 | Common | SOLE |
| 76029N106 | REPL | REPLIMUNE GROUP INC | $2.3M | 0.19% | 300,000 | PUT | SOLE |
| 23306J309 | DBVT | DBV TECHNOLOGIES S A | $2.2M | 0.18% | 525,000 | Common | SOLE |
| 87650L103 | TARS | TARSUS PHARMACEUTICALS INC | $2.2M | 0.18% | 31,166 | Common | SOLE |
| 482929106 | KLRS | KALARIS THERAPEUTICS INC | $2.1M | 0.17% | 360,000 | Common | SOLE |
| 03675P102 | AVR | ANTERIS TECHNOLOGIES GLOBAL | $2.0M | 0.17% | 366,571 | Common | SOLE |
| 83422E204 | SLDB | SOLID BIOSCIENCES INC | $1.9M | 0.15% | 264,409 | Common | SOLE |
| 88032L605 | TENX | TENAX THERAPEUTICS INC | $1.8M | 0.15% | 114,300 | CALL | SOLE |
| 451033708 | IBIO | IBIO INC | $1.8M | 0.15% | 957,062 | Common | SOLE |
| 230770109 | CPIX | CUMBERLAND PHARMACEUTICALS I | $1.8M | 0.15% | 553,153 | Common | SOLE |
| 82686Q101 | SLN | SILENCE THERAPEUTICS PLC | $1.7M | 0.14% | 865,784 | Common | SOLE |
| 25461H853 | LABD | DIREXION SHARES ETF TRUST | $1.7M | 0.14% | 105,822 | Common | SOLE |
| N90064101 | QURE | UNIQURE NV | $1.5M | 0.12% | 91,060 | Common | SOLE |
| 74907L409 | QNRX | QUOIN PHARMACEUTICALS LTD | $1.4M | 0.11% | 211,538 | Common | SOLE |
| 68232V884 | TRAW | TRAWS PHARMA INC | $1.2M | 0.10% | 678,142 | Common | SOLE |
| 48115J109 | DERM | JOURNEY MED CORP | $1.2M | 0.10% | 251,436 | Common | SOLE |
| 92337C203 | VSTM | VERASTEM INC | $1.1M | 0.09% | 213,865 | Common | SOLE |
| 24477V105 | DFTX | DEFINIUM THERAPEUTICS INC | $1.1M | 0.09% | 58,803 | Common | SOLE |
| 64131A105 | STIM | NEURONETICS INC | $1.0M | 0.08% | 701,182 | Common | SOLE |
| 55083R203 | LYEL | LYELL IMMUNOPHARMA INC | $824,084 | 0.07% | 41,081 | Common | SOLE |
| 713317105 | PEPG | PEPGEN INC | $791,482 | 0.06% | 447,165 | Common | SOLE |
| 49372L209 | 2KZ0 | KEZAR LIFE SCIENCES INC | $758,405 | 0.06% | 102,211 | Common | SOLE |
| 4525EP101 | VTLUSD | IMMUNIC INC | $748,876 | 0.06% | 674,662 | Common | SOLE |
| 152309100 | CNTA | CENTESSA PHARMACEUTICALS PLC | $719,448 | 0.06% | 18,113 | Common | SOLE |
| 483497103 | KALV | KALVISTA PHARMACEUTICALS INC | $706,946 | 0.06% | 35,119 | Common | SOLE |
| 74346M505 | PMN | PROMIS NEUROSCIENCES INC | $698,500 | 0.06% | 55,000 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $689,074 | 0.06% | 4,214 | Common | SOLE |
| 23256X407 | HELP | CYBIN INC | $634,334 | 0.05% | 132,153 | Common | SOLE |
| 004225108 | ACAD | ACADIA PHARMACEUTICALS INC | $625,484 | 0.05% | 28,099 | Common | SOLE |
| Y95308105 | WVE | WAVE LIFE SCIENCES LTD | $618,317 | 0.05% | 85,285 | Common | SOLE |
| 29446K106 | EQ | EQUILLIUM INC | $607,110 | 0.05% | 303,555 | Common | SOLE |
| 702712209 | PASG | PASSAGE BIO INC | $534,773 | 0.04% | 68,124 | Common | SOLE |
| 713317105 | PEPG | PEPGEN INC | $531,000 | 0.04% | 300,000 | CALL | SOLE |
| 35168W103 | GUTS | FRACTYL HEALTH INC | $503,580 | 0.04% | 1,100,000 | Common | SOLE |
| 696389402 | PALI | PALISADE BIO INC | $481,212 | 0.04% | 274,978 | Common | SOLE |
| N44445109 | IMTX | IMMATICS N.V | $477,919 | 0.04% | 48,569 | Common | SOLE |
| 578784100 | MAZE | MAZE THERAPEUTICS INC | $429,840 | 0.03% | 14,400 | PUT | SOLE |
| G23549101 | CNTB | CONNECT BIOPHARMA HLDGS LTD | $378,852 | 0.03% | 144,600 | CALL | SOLE |
| 92686J106 | VKTX | VIKING THERAPEUTICS INC | $316,191 | 0.03% | 9,717 | Common | SOLE |
| 800677106 | SGMO | SANGAMO THERAPEUTICS INC | $300,890 | 0.02% | 1,218,671 | Common | SOLE |
| 92840H400 | VTGN | VISTAGEN THERAPEUTICS INC | $296,654 | 0.02% | 519,077 | Common | SOLE |
| 92536C202 | VERU | VERU INC | $295,073 | 0.02% | 133,517 | Common | SOLE |
| 29970R303 | EVAX | EVAXION AS | $277,876 | 0.02% | 74,698 | Common | SOLE |
| 528872302 | LXRX | LEXICON PHARMACEUTICALS INC | $256,892 | 0.02% | 164,674 | Common | SOLE |
| 00704R109 | ANL | ADLAI NORTYE LTD | $234,581 | 0.02% | 33,899 | Common | SOLE |
| 556099109 | MGNX | MACROGENICS INC | $216,441 | 0.02% | 74,893 | Common | SOLE |
| 92915B106 | VYGR | VOYAGER THERAPEUTICS INC | $204,823 | 0.02% | 53,063 | Common | SOLE |
| 81728A207 | SNSE | SENSEI BIOTHERAPEUTICS INC | $200,184 | 0.02% | 6,351 | Common | SOLE |
| 64136E102 | NEUP | NEUPHORIA THERAPEUTICS INC | $193,093 | 0.02% | 47,443 | Common | SOLE |
| 92941V308 | VYNE | VYNE THERAPEUTICS INC | $158,284 | 0.01% | 264,912 | Common | SOLE |
| 44916Y106 | PURR | HYPERLIQUID STRATEGIES INC | $152,705 | 0.01% | 30,001 | Common | SOLE |
| B6S7WD106 | NYXH | NYXOAH S A | $138,285 | 0.01% | 47,358 | Common | SOLE |
| 816212302 | RNAC | CARTESIAN THERAPEUTICS INC | $127,963 | 0.01% | 20,807 | Common | SOLE |
| 69353Y103 | PMVP | PMV PHARMACEUTICALS INC | $110,529 | 0.01% | 89,136 | Common | SOLE |
| 18978H508 | CNSP | CNS PHARMACEUTICALS INC | $109,992 | 0.01% | 45,830 | Common | SOLE |
| 20454B104 | CMPX | COMPASS THERAPEUTICS INC | $95,220 | 0.01% | 18,000 | Common | SOLE |
| 449778109 | IOBTQ | IO BIOTECH INC | $81,391 | 0.01% | 1,386,565 | Common | SOLE |
| 16385C203 | CMMB | CHEMOMAB THERAPEUTICS LTD | $81,315 | 0.01% | 51,793 | Common | SOLE |
| 09090D509 | PHGE | BIOMX INC | $73,102 | 0.01% | 19,473 | Common | SOLE |
| 76200L309 | RZLT | REZOLUTE INC | $50,261 | 0.00% | 16,479 | Common | SOLE |
| 56270V205 | MGRX | MANGOCEUTICALS INC | $49,747 | 0.00% | 138,146 | Common | SOLE |
| 825693401 | SHPH | SHUTTLE PHARMACTCLS HLDGS IN | $46,832 | 0.00% | 68,993 | Common | SOLE |
| 009496100 | AIRS | AIRSCULPT TECHNOLOGIES INC | $46,405 | 0.00% | 16,398 | Common | SOLE |
| 00808Y604 | AEMD | AETHLON MED INC | $31,458 | 0.00% | 14,364 | Common | SOLE |
| 45824Q804 | GCTK | GLUCOTRACK INC | $29,790 | 0.00% | 45,830 | Common | SOLE |
| 87164U508 | TOVX | THERIVA BIOLOGICS INC | $21,944 | 0.00% | 112,076 | Common | SOLE |
| 471871202 | JSPR | JASPER THERAPEUTICS INC | $21,110 | 0.00% | 24,093 | Common | SOLE |
| 05330T205 | AMIX | AUTONOMIX MED INC | $7,290 | 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.