Ikarian Capital, LLC

DALLAS, TX · CIK 1778253 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2020 · limited liability company

Assets managed$698.0m
Staff8 · 3 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $564.0m gross assets
Form ADV · 2026-05-20SEC adviser record

Legal entityIKARIAN CAPITAL, LLC (US)

$610.9m reported value -12.6% vs Q1 2026

126positions

39.5%in top 10

27 new 18 added 29 reduced 28 sold out vs Q1 2026

Options: 13 call positions ($130.8m notional), 17 put positions ($186.5m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ABIVAX SA SPONSORED ADS ABVX	ABVX	328,635	$43.4m7.10%	7.10%	Added +271.0k	+271,000 470.2%
2	KODIAK SCIENCES INC COM KOD	KOD	1,059,730	$41.3m6.76%	6.76%	Reduced -206.1k	-206,065 -16.3%
3	ALUMIS INC COM ALMS	ALMS	870,548	$24.5m4.01%	4.01%	Reduced -343.0k	-343,000 -28.3%
4	PRAXIS PRECISION MEDICINES I COM NEW PRAX	PRAX	72,842	$24.4m3.99%	3.99%	Added +1.3k	+1,261 1.8%
5	VAXCYTE INC COM PCVX	PCVX	388,682	$22.6m3.70%	3.70%	Reduced -40.0k	-40,000 -9.3%
6	ANI PHARMACEUTICALS INC COM ANIP	ANIP	272,085	$22.5m3.69%	3.69%	Added +125.0k	+125,000 85.0%
7	CELLDEX THERAPEUTICS INC NEW COM NEW CLDX	CLDX	478,500	$17.8m2.91%	2.91%	Added +17.3k	+17,253 3.7%
8	ARCUS BIOSCIENCES INC COM RCUS	RCUS	504,559	$15.6m2.55%	2.55%	New
9	RELMADA THERAPEUTICS INC COM RLMD	RLMD	2,148,359	$14.9m2.43%	2.43%	Reduced -540.0k	-540,000 -20.1%
10	CAPRICOR THERAPEUTICS INC COM NEW CAPR	CAPR	604,215	$14.5m2.38%	2.38%	Added +76.2k	+76,200 14.4%
11	COGENT BIOSCIENCES INC COM COGT	COGT	370,084	$14.3m2.34%	2.34%	New
12	VERA THERAPEUTICS INC CL A VERA	VERA	310,000	$13.3m2.18%	2.18%	Added +110.0k	+110,000 55.0%
13	CONTINEUM THERAPEUTICS INC CL A CTNM	CTNM	807,874	$13.2m2.17%	2.17%	Unchanged
14	TENAX THERAPEUTICS INC COM NEW TENX	TENX	787,600	$11.5m1.88%	1.88%	Reduced -230.0k	-230,000 -22.6%
15	C4 THERAPEUTICS INC COM STK CCCC	CCCC	2,433,000	$11.4m1.86%	1.86%	New
16	MAZE THERAPEUTICS INC COM MAZE	MAZE	378,999	$11.3m1.85%	1.85%	Unchanged
17	BIOHAVEN LTD COM BHVN	BHVN	748,181	$11.1m1.82%	1.82%	Added +335.7k	+335,700 81.4%
18	CONNECT BIOPHARMA HLDGS LTD SHS CNTB	CNTB	4,538,534	$10.8m1.77%	1.77%	Reduced -850.0k	-849,952 -15.8%
19	ALTO NEUROSCIENCE INC COM SHS ANRO	ANRO	407,338	$10.7m1.76%	1.76%	Reduced -107.7k	-107,662 -20.9%
20	PHARVARIS N V COM PHVS	PHVS	308,856	$10.7m1.75%	1.75%	Reduced -178.0k	-178,000 -36.6%
21	JADE BIOSCIENCES INC COM NEW JBIO	JBIO	427,349	$9.5m1.55%	1.55%	Reduced -85.0k	-85,000 -16.6%
22	DAMORA THERAPEUTICS INC COM NEW COM NEW		335,710	$8.7m1.43%	1.43%	Unchanged
23	VIRIDIAN THERAPEUTICS INC COM VRDN	VRDN	425,000	$7.8m1.28%	1.28%	New
24	PELTHOS THERAPEUTICS INC COM SHS PTHS	PTHS	256,598	$7.3m1.19%	1.19%	Unchanged
25	ZURA BIO LTD CLASS A ORD SHS ZURA	ZURA	1,218,492	$7.2m1.18%	1.18%	Added +25.0k	+25,000 2.1%
26	TECTONIC THERAPEUTIC INC COM TECX	TECX	205,837	$7.1m1.16%	1.16%	Added +48.3k	+48,300 30.7%
27	SPRUCE BIOSCIENCES INC COM NEW SPRB	SPRB	121,356	$6.6m1.07%	1.07%	Unchanged
28	HIMS & HERS HEALTH INC COM CL A HIMS	HIMS	188,381	$6.5m1.07%	1.07%	New
29	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	126,541	$6.4m1.05%	1.05%	New
30	PROQR THRAPEUTICS N V SHS EURO PRQR	PRQR	3,425,930	$6.4m1.04%	1.04%	Added +1.9m	+1,933,701 129.6%
31	BRIGHT MINDS BIOSCIENCES INC COM NEW DRUG	DRUG	88,951	$6.2m1.02%	1.02%	Reduced -77.7k	-77,696 -46.6%
32	OVID THERAPEUTICS INC COM OVID	OVID	2,269,704	$6.1m1.00%	1.00%	Reduced -625.0k	-625,000 -21.6%
33	OCUGEN INC COM OCGN	OCGN	3,962,972	$6.1m0.99%	0.99%	Unchanged
34	ALPHA COGNITION INC COM NEW ACOG	ACOG	836,259	$6.0m0.99%	0.99%	Reduced -220.0k	-220,000 -20.8%
35	HARROW INC COM HROW	HROW	135,775	$5.8m0.94%	0.94%	Reduced -407.3k	-407,272 -75.0%
36	KAZIA THERAPEUTICS LTD SPONSORED ADS KZIA	KZIA	396,201	$5.6m0.91%	0.91%	New
37	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	165,617	$5.5m0.91%	0.91%	Reduced -317.0k	-316,954 -65.7%
38	Q32 BIO INC COM QTTB	QTTB	430,000	$5.5m0.90%	0.90%	New
39	EUPRAXIA PHARMACEUTICALS INC COM EPRX	EPRX	809,741	$5.4m0.88%	0.88%	Reduced -405.0k	-405,000 -33.3%
40	BIOAGE LABS INC COM BIOA	BIOA	200,000	$4.9m0.80%	0.80%	New
41	REZOLUTE INC COM NEW RZLT	RZLT	935,012	$4.9m0.80%	0.80%	Added +918.5k	+918,533 5574.0%
42	OLEMA PHARMACEUTICALS INC COM OLMA	OLMA	383,281	$4.8m0.78%	0.78%	Reduced -215.0k	-215,000 -35.9%
43	MONOPAR THERAPEUTICS INC COM NEW MNPR	MNPR	47,861	$4.4m0.73%	0.73%	New
44	BRIDGEBIO PHARMA INC COM BBIO	BBIO	57,417	$4.3m0.70%	0.70%	Reduced -102.7k	-102,703 -64.1%
45	INVENTIVA SA ADS IVA	IVA	1,129,101	$4.2m0.68%	0.68%	Reduced -300.0k	-300,000 -21.0%
46	ABSCI CORPORATION COM ABSI	ABSI	353,772	$4.1m0.67%	0.67%	New
47	ALECTOR INC COM ALEC	ALEC	1,982,606	$4.0m0.65%	0.65%	Reduced -100.0k	-100,000 -4.8%
48	CLIMB BIO INC COM CLYM	CLYM	300,000	$3.9m0.64%	0.64%	New
49	FULCRUM THERAPEUTICS INC COM FULC	FULC	1,049,161	$3.8m0.63%	0.63%	Unchanged
50	CARDIOL THERAPEUTICS INC COM CL A CRDL	CRDL	3,325,000	$3.5m0.58%	0.58%	Added +600.0k	+600,000 22.0%
51	CUE BIOPHARMA INC COM CUE	CUE	104,364	$3.3m0.54%	0.54%	New
52	CUMBERLAND PHARMACEUTICALS I COM CPIX	CPIX	503,153	$3.3m0.53%	0.53%	Reduced -50.0k	-50,000 -9.0%
53	ARROWHEAD PHARMACEUTICALS IN COM ARWR	ARWR	38,278	$3.1m0.51%	0.51%	New
54	REIN THERAPEUTICS INC COM NEW RNTX	RNTX	2,950,000	$3.1m0.50%	0.50%	New
55	ARVINAS INC COM ARVN	ARVN	358,257	$3.0m0.49%	0.49%	Unchanged
56	ACUMEN PHARMACEUTICALS INC COM ABOS	ABOS	1,053,797	$2.8m0.46%	0.46%	Unchanged
57	PROMIS NEUROSCIENCES INC COM SHS PMN	PMN	205,000	$2.7m0.44%	0.44%	Added +150.0k	+150,000 272.7%
58	ANNEXON INC COM ANNX	ANNX	430,244	$2.5m0.40%	0.40%	Reduced -150.0k	-150,000 -25.9%
59	LEXEO THERAPEUTICS INC COM LXEO	LXEO	513,011	$2.4m0.39%	0.39%	Unchanged
60	DELCATH SYS INC COM NEW DCTH	DCTH	185,667	$2.3m0.38%	0.38%	Reduced -245.6k	-245,584 -57.0%
61	INVIVYD INC COM IVVD	IVVD	2,656,570	$2.3m0.38%	0.38%	Unchanged
62	CABALETTA BIO INC COM CABA	CABA	700,000	$2.2m0.36%	0.36%	Reduced -200.0k	-200,000 -22.2%
63	NEUMORA THERAPEUTICS INC. COM NMRA	NMRA	1,278,408	$2.2m0.36%	0.36%	Unchanged
64	AMYLYX PHARMACEUTICALS INC COM AMLX	AMLX	117,500	$2.1m0.35%	0.35%	New
65	TARSUS PHARMACEUTICALS INC COM TARS	TARS	31,166	$2.0m0.32%	0.32%	Unchanged
66	SILENCE THERAPEUTICS PLC ADS SLN	SLN	830,784	$1.8m0.30%	0.30%	Reduced -35.0k	-35,000 -4.0%
67	JOURNEY MED CORP COM DERM	DERM	251,436	$1.8m0.29%	0.29%	Unchanged
68	DBV TECHNOLOGIES S A SPONSORED ADS DBVT	DBVT	525,000	$1.7m0.28%	0.28%	Unchanged
69	IBIO INC COM NEW IBIO	IBIO	957,062	$1.7m0.27%	0.27%	Unchanged
70	AVALO THERAPEUTICS INC COM NEW AVTX	AVTX	90,183	$1.7m0.27%	0.27%	New
71	ANTERIS TECHNOLOGIES GLOBAL COM AVR	AVR	166,571	$1.6m0.27%	0.27%	Reduced -200.0k	-200,000 -54.6%
72	PALISADE BIO INC COM PALI	PALI	750,000	$1.6m0.26%	0.26%	Added +475.0k	+475,022 172.8%
73	AMANAT ACQUISITION CORP CL A ORD AMAN	AMAN	150,000	$1.5m0.25%	0.25%	New
74	KALARIS THERAPEUTICS INC COM KLRS	KLRS	360,000	$1.5m0.24%	0.24%	Unchanged
75	QUINCE THERAPEUTICS INC COM IRLA	IRLA	72,251	$1.3m0.22%	0.22%	New
76	LIPOCINE INC NEW COM NEW LPCN	LPCN	508,556	$1.3m0.21%	0.21%	Unchanged
77	IMMUNOME INC COM IMNM	IMNM	60,000	$1.3m0.21%	0.21%	New
78	PLIANT THERAPEUTICS INC COM PLRX	PLRX	1,000,000	$1.1m0.19%	0.19%	New
79	IMMUNIC INC COM NEW IMUX	IMUX	67,464	$1.0m0.17%	0.17%	New
80	QUOIN PHARMACEUTICALS LTD SPONSORED ADS QNRX	QNRX	211,538	$1.0m0.17%	0.17%	Unchanged
81	EQUILLIUM INC COM EQ	EQ	303,555	$971.4k0.16%	0.16%	Unchanged
82	NEURONETICS INC COM STIM	STIM	701,182	$911.5k0.15%	0.15%	Unchanged
83	FAETH THERAPEUTICS INC COM NEW FTH	FTH	35,386	$884.6k0.14%	0.14%	Added +29.0k	+29,035 457.2%
84	FRACTYL HEALTH INC COM COM		1,100,000	$873.8k0.14%	0.14%	Unchanged
85	CYBIN INC COM NEW COM NEW		132,153	$873.5k0.14%	0.14%	Unchanged
86	FIRST TRACKS BIOTHERAPEUTICS ORD SHS TRAX	TRAX	42,775	$860.6k0.14%	0.14%	New
87	VERASTEM INC COM NEW VSTM	VSTM	213,865	$817.0k0.13%	0.13%	Unchanged
88	DIREXION SHS ETF TR DAILY S&P BIOTEC LABD	LABD	105,822	$815.9k0.13%	0.13%	Unchanged
89	PEPGEN INC COM PEPG	PEPG	447,165	$804.9k0.13%	0.13%	Unchanged
90	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	28,099	$710.9k0.12%	0.12%	Unchanged
91	CNS PHARMACEUTICALS INC COM CNSP	CNSP	135,830	$649.3k0.11%	0.11%	Added +90.0k	+90,000 196.4%
92	LYELL IMMUNOPHARMA INC COM NEW LYEL	LYEL	41,081	$577.2k0.09%	0.09%	Unchanged
93	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	85,285	$495.5k0.08%	0.08%	Unchanged
94	IMMATICS N.V SHS IMTX	IMTX	48,569	$492.0k0.08%	0.08%	Unchanged
95	PASSAGE BIO INC COM NEW PASG	PASG	99,517	$485.6k0.08%	0.08%	Added +31.4k	+31,393 46.1%
96	NEXTCURE INC COM NEW NXTC	NXTC	288,303	$461.3k0.08%	0.08%	Added +50.0k	+50,000 21.0%
97	FORTE BIOSCIENCES INC COM NEW FBRX	FBRX	20,972	$445.7k0.07%	0.07%	Reduced -98.0k	-98,000 -82.4%
98	SOLID BIOSCIENCES INC COM NEW SLDB	SLDB	42,956	$429.1k0.07%	0.07%	Reduced -221.5k	-221,453 -83.8%
99	TRAWS PHARMA INC COM NEW TRAW	TRAW	478,142	$403.2k0.07%	0.07%	Reduced -200.0k	-200,000 -29.5%
100	LEXICON PHARMACEUTICALS INC COM NEW LXRX	LXRX	164,674	$395.2k0.06%	0.06%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
TERNS PHARMACEUTICALS INC		1,456,378	$76.8m1.5m shares
CYTOKINETICS INC CYTK	CYTK	283,572	$18.7m283.6k shares
REVOLUTION MEDICINES INC RVMD	RVMD	163,142	$15.9m163.1k shares
ORUKA THERAPEUTICS INC ORKA	ORKA	242,021	$11.9m242.0k shares
SOLENO THERAPEUTICS INC SLNO	SLNO	344,123	$11.5m344.1k shares
IONIS PHARMACEUTICALS INC IONS	IONS	127,038	$9.5m127.0k shares
PALVELLA THERAPEUTICS INC NE PVLA	PVLA	64,626	$8.1m64.6k shares
ELI LILLY & CO LLY	LLY	6,547	$6.0m6.5k shares
SURROZEN INC SRZN	SRZN	173,107	$5.0m173.1k shares
LEGEND BIOTECH CORP LEGN	LEGN	226,888	$4.1m226.9k shares
KARYOPHARM THERAPEUTICS INC KPTI	KPTI	733,435	$4.1m733.4k shares
PERCEPTIVE CAP SOLUTIONS COR FRNM	FRNM	240,951	$2.6m241.0k shares
VIR BIOTECHNOLOGY INC VIR	VIR	293,258	$2.6m293.3k shares
BRIDGEBIO ONCOLOGY THERAPEUT BBOT	BBOT	270,231	$2.4m270.2k shares
NUVALENT INC		23,594	$2.4m23.6k shares
JAZZ PHARMACEUTICALS PLC JAZZ	JAZZ	12,460	$2.4m12.5k shares
UNIQURE NV QURE	QURE	91,060	$1.5m91.1k shares
DEFINIUM THERAPEUTICS INC DFTX	DFTX	58,803	$1.1m58.8k shares
KEZAR LIFE SCIENCES INC KZR	KZR	102,211	$758.4k102.2k shares
IMMUNIC INC		674,662	$748.9k674.7k shares
CENTESSA PHARMACEUTICALS PLC		18,113	$719.4k18.1k shares
KALVISTA PHARMACEUTICALS INC KALV	KALV	35,119	$706.9k35.1k shares
INSMED INC INSM	INSM	4,214	$689.1k4.2k shares
SANGAMO THERAPEUTICS INC SGMOQ	SGMOQ	1,218,671	$300.9k1.2m shares
VERU INC VERU	VERU	133,517	$295.1k133.5k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR SER TR XBI · Put	XBI	Put	300,000	$47.5m300.0k shares	Reduced
ABIVAX SA ABVX · Call	ABVX	Call	341,100	$45.5m341.1k shares	Added
ABIVAX SA ABVX · Put	ABVX	Put	250,000	$33.3m250.0k shares	New
IONIS PHARMACEUTICALS INC IONS · Call	IONS	Call	400,000	$31.7m400.0k shares	Added
MODERNA INC MRNA · Put	MRNA	Put	400,000	$28.0m400.0k shares	New
IONIS PHARMACEUTICALS INC IONS · Put	IONS	Put	300,000	$23.8m300.0k shares	New
NEWAMSTERDAM PHARMA COMPANY NAMS · Put	NAMS	Put	400,000	$13.6m400.0k shares	New
ALUMIS INC ALMS · Call	ALMS	Call	356,300	$10.0m356.3k shares	Added
KODIAK SCIENCES INC KOD · Call	KOD	Call	217,700	$8.5m217.7k shares	Added
CAPRICOR THERAPEUTICS INC CAPR · Call	CAPR	Call	350,000	$8.4m350.0k shares	Unchanged
ARROWHEAD PHARMACEUTICALS IN ARWR · Put	ARWR	Put	100,000	$8.2m100.0k shares	Added
PRAXIS PRECISION MEDICINES I PRAX · Call	PRAX	Call	20,000	$6.7m20.0k shares	New
KYMERA THERAPEUTICS INC KYMR · Put	KYMR	Put	50,400	$5.8m50.4k shares	Unchanged
TENAX THERAPEUTICS INC TENX · Call	TENX	Call	373,100	$5.4m373.1k shares	Added
EYEPOINT PHARMACEUTICALS INC EYPT · Put	EYPT	Put	370,400	$5.3m370.4k shares	Unchanged
EYEPOINT PHARMACEUTICALS INC EYPT · Call	EYPT	Call	370,400	$5.3m370.4k shares	Unchanged
SELLAS LIFE SCIENCES GROUP I SLS · Put	SLS	Put	354,700	$5.2m354.7k shares	New
SIONNA THERAPEUTICS INC SION · Put	SION	Put	107,500	$4.7m107.5k shares	New
CELLDEX THERAPEUTICS INC NEW CLDX · Put	CLDX	Put	114,000	$4.2m114.0k shares	Unchanged
VERA THERAPEUTICS INC VERA · Call	VERA	Call	71,700	$3.1m71.7k shares	Unchanged
Q32 BIO INC QTTB · Put	QTTB	Put	200,000	$2.5m200.0k shares	New
OLEMA PHARMACEUTICALS INC OLMA · Call	OLMA	Call	200,000	$2.5m200.0k shares	Reduced
BRISTOL-MYERS SQUIBB CO BMY · Put	BMY	Put	42,500	$2.4m42.5k shares	Reduced
UNIQURE NV QURE · Call	QURE	Call	49,800	$2.3m49.8k shares	Reduced
DISC MEDICINE INC IRON · Put	IRON	Put	13,300	$972.8k13.3k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NEXTCURE INC NXTC · 13G · filed 2026-08-14	NXTC	10.0%≈ $804.3k	no change	13G	2026-08-14
CNS PHARMACEUTICALS INC CNSP · 13G · filed 2026-08-14	CNSP	9.9%≈ $704.0k	+4.2 pts	13G	2026-08-14
TRAWS PHARMA INC TRAW · 13G · filed 2026-08-14	TRAW	9.5%≈ $1.3m	-0.5 pts	13G	2026-08-14
QUINCE THERAPEUTICS INC IRLA · 13G · filed 2026-08-14	IRLA	9.0%≈ $1.7m	new	13G	2026-08-14
PELTHOS THERAPEUTICS INC PTHS · 13G · filed 2026-05-15	PTHS	7.7%≈ $7.3m	-0.7 pts	13G	2026-05-15
CHANNEL THERAPEUTICS CORPORA 13G · filed 2025-02-14		7.3%	new	13G	2025-02-14
CONNECT BIOPHARMA HLDGS LTD 13G · filed 2026-08-14		6.9%	-1.9 pts	13G	2026-08-14
LIPOCINE INC NEW LPCN · 13G · filed 2026-05-15	LPCN	6.3%	new	13G	2026-05-15