Ikarian Capital, Llc
Institutional manager — quarterly 13F holdings, Q ending 2026-03-31
Reported value
$1.23B
Q ending 2026-03-31
Prior quarter
$1.28B
Q ending 2025-12-31
Change
-3.8% QoQ · +51.8% YoY
Positions
161
reported holdings
Largest positions
Top 100 of 161 reported positions by value, Q ending 2026-03-31. A manager can hold shares, calls and puts on the same security at once — such positions are listed as separate rows. Type: Shares = common stock, Put/Call = option positions (valued at the underlying), Principal = debt. Tickers link to stock pages where covered.
| Holding | Ticker | Type | Value ▼ | Shares |
|---|---|---|---|---|
| Spdr Series Trust | XBI | Put | $102.2M | 800K |
| Terns Pharmaceuticals Inc | 430 | Shares | $76.8M | 1.5M |
| Terns Pharmaceuticals Inc | 430 | Put | $63.3M | 1.2M |
| Invesco Qqq Tr | QQQ | Put | $57.7M | 100K |
| Ishares Tr | IWM | Put | $49.6M | 200K |
| Kodiak Sciences Inc | KOD | Shares | $48.3M | 1.3M |
| Cytokinetics Inc | CYTK | Put | $36.3M | 551K |
| Abivax Sa | ABVX | Call | $32.7M | 293K |
| Bristol-Myers Squibb Co | BMY | Put | $30.3M | 500K |
| Cytokinetics Inc | CYTK | Call | $26.9M | 408K |
| Alumis Inc | ALMS | Shares | $26.7M | 1.2M |
| Vaxcyte Inc | PCVX | Shares | $24.9M | 429K |
| Praxis Precision Medicines I | PRAX | Shares | $23.1M | 72K |
| Harrow Inc | HROW | Shares | $19.1M | 543K |
| Relmada Therapeutics Inc | RLMD | Shares | $18.7M | 2.7M |
| Cytokinetics Inc | CYTK | Shares | $18.7M | 284K |
| Tenax Therapeutics Inc | TENX | Shares | $16.3M | 1.0M |
| Capricor Therapeutics Inc | CAPR | Shares | $16.1M | 528K |
| Revolution Medicines Inc | RVMD | Shares | $15.9M | 163K |
| Novo-Nordisk A S | NVO | Call | $14.7M | 400K |
| Celldex Therapeutics Inc New | CLDX | Shares | $14.6M | 461K |
| Pharvaris N V | Shares | $13.8M | 487K | |
| Connect Biopharma Hldgs Ltd | Shares | $13.1M | 5.4M | |
| Bright Minds Biosciences Inc | DRUG | Shares | $12.2M | 167K |
| Bridgebio Pharma Inc | BBIO | Shares | $11.9M | 160K |
| Oruka Therapeutics Inc | ORKA | Shares | $11.9M | 242K |
| Alto Neuroscience Inc | ANRO | Shares | $11.6M | 515K |
| Ani Pharmaceuticals Inc | ANIP | Call | $11.5M | 150K |
| Soleno Therapeutics Inc | SLNOEUR | Shares | $11.5M | 344K |
| Maze Therapeutics Inc | MAZE | Shares | $11.3M | 379K |
| Ani Pharmaceuticals Inc | ANIP | Shares | $11.3M | 147K |
| Capricor Therapeutics Inc | CAPR | Call | $10.6M | 350K |
| Contineum Therapeutics Inc | CTNM | Shares | $10.6M | 808K |
| Ultragenyx Pharmaceutical In | RARE | Shares | $10.1M | 483K |
| Ionis Pharmaceuticals Inc | IONS | Shares | $9.5M | 127K |
| Revolution Medicines Inc | RVMD | Put | $9.2M | 95K |
| Olema Pharmaceuticals Inc | OLMA | Shares | $8.9M | 598K |
| Eupraxia Pharmaceuticals Inc | EPRX | Shares | $8.8M | 1.2M |
| Damora Therapeutics Inc | DMRA | Shares | $8.7M | 336K |
| Ionis Pharmaceuticals Inc | IONS | Call | $8.4M | 112K |
| Olema Pharmaceuticals Inc | OLMA | Call | $8.2M | 550K |
| Palvella Therapeutics Inc Ne | PVLA | Shares | $8.1M | 65K |
| Fulcrum Therapeutics Inc | FULC | Shares | $8.0M | 1.0M |
| Vera Therapeutics Inc | VERA | Shares | $8.0M | 200K |
| Spruce Biosciences Inc | SPRB | Shares | $7.9M | 121K |
| Inventiva Sa | IVA | Shares | $7.8M | 1.4M |
| Jade Biosciences Inc | JBIO | Shares | $7.2M | 512K |
| Ocugen Inc | OCGN | Shares | $7.2M | 4.0M |
| Zura Bio Ltd | Shares | $7.1M | 1.2M | |
| Ovid Therapeutics Inc | OVID | Shares | $6.4M | 2.9M |
| Abivax Sa | ABVX | Shares | $6.2M | 58K |
| Eli Lilly & Co | LLY | Shares | $6.0M | 7K |
| Avalo Therapeutics Inc | AVTX | Call | $6.0M | 402K |
| Alumis Inc | ALMS | Call | $5.8M | 265K |
| Uniqure Nv | Call | $5.8M | 355K | |
| Alpha Cognition Inc | ACOG | Shares | $5.8M | 1.1M |
| Pelthos Therapeutics Inc | PTHS | Shares | $5.4M | 257K |
| Karyopharm Therapeutics Inc | KPTI | Call | $5.1M | 920K |
| Karyopharm Therapeutics Inc | KPTI | Put | $5.1M | 920K |
| Surrozen Inc | SRZN | Shares | $5.0M | 173K |
| Tectonic Therapeutic Inc | TECX | Shares | $4.9M | 158K |
| Eyepoint Inc | EYPT | Call | $4.8M | 370K |
| Eyepoint Inc | EYPT | Put | $4.8M | 370K |
| Alector Inc | ALEC | Shares | $4.5M | 2.1M |
| Bridgebio Pharma Inc | BBIO | Call | $4.3M | 59K |
| Kymera Therapeutics Inc | KYMR | Put | $4.2M | 50K |
| Legend Biotech Corp | LEGN | Shares | $4.1M | 227K |
| Karyopharm Therapeutics Inc | KPTI | Shares | $4.1M | 733K |
| Lipocine Inc New | LPCN | Shares | $4.1M | 509K |
| Delcath Sys Inc | DCTH | Shares | $4.0M | 431K |
| Kodiak Sciences Inc | KOD | Call | $3.8M | 100K |
| Arvinas Inc | ARVN | Shares | $3.8M | 358K |
| Compass Pathways Plc | CMPS | Shares | $3.7M | 675K |
| Cardiol Therapeutics Inc | CRDL | Shares | $3.7M | 2.7M |
| Celldex Therapeutics Inc New | CLDX | Put | $3.6M | 114K |
| Arrowhead Pharmaceuticals In | ARWR | Put | $3.6M | 58K |
| Biohaven Ltd | Shares | $3.5M | 412K | |
| Invivyd Inc | IVVD | Shares | $3.5M | 2.7M |
| Enliven Therapeutics Inc | ELVN | Put | $3.3M | 84K |
| Annexon Inc | ANNX | Shares | $3.2M | 580K |
| Forte Biosciences Inc | FBRX | Shares | $3.1M | 119K |
| Lexeo Therapeutics Inc | LXEO | Shares | $2.9M | 513K |
| Vera Therapeutics Inc | VERA | Call | $2.9M | 72K |
| Perceptive Cap Solutions Cor | Shares | $2.6M | 241K | |
| Vir Biotechnology Inc | VIR | Shares | $2.6M | 293K |
| Nextcure Inc | NXTC | Shares | $2.5M | 238K |
| Neumora Therapeutics Inc. | NMRA | Shares | $2.5M | 1.3M |
| Acumen Pharmaceuticals Inc | ABOS | Shares | $2.5M | 1.1M |
| Cabaletta Bio Inc | CABA | Shares | $2.4M | 900K |
| Bridgebio Oncology Therapeut | BBOT | Shares | $2.4M | 270K |
| Proqr Thrapeutics N V | Shares | $2.4M | 1.5M | |
| Nuvalent Inc | 5AX | Shares | $2.4M | 24K |
| Avalo Therapeutics Inc | AVTX | Put | $2.4M | 159K |
| Jazz Pharmaceuticals Plc | Shares | $2.4M | 12K | |
| Replimune Group Inc | REPL | Put | $2.3M | 300K |
| Dbv Technologies S A | DBVT | Shares | $2.2M | 525K |
| Tarsus Pharmaceuticals Inc | TARS | Shares | $2.2M | 31K |
| Kalaris Therapeutics Inc | KLRS | Shares | $2.1M | 360K |
| Anteris Technologies Global | AVR | Shares | $2.0M | 367K |
| Solid Biosciences Inc | SLDB | Shares | $1.9M | 264K |
Values as reported in public regulatory filings (USD); holdings are reported quarterly, up to 45 days after quarter end, and may contain reporting errors. Nothing here is investment advice.