Ikarian Capital, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 17, 2024), Ikarian Capital, LLC reported 82 stock positions worth $367.7 million. Its top holding was Crinetics Pharmaceuticals (CRNX) at 8.2% of the portfolio, followed by Tarsus Pharmaceuticals (TARS, 7.0%) and Soleno Therapeutics (SLNO, 6.6%). Compared with Q4 2023, it opened 24 new positions, sold out of 20, added to 22 and reduced 26. The biggest buy was Corbus Pharmaceuticals Holdi (CRBP, shares +185%) and the biggest sale an exit from Argenx SE - ADR (ARGX).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001778253
Portfolio Value
$367.7M (Q1 2024)
SEC Filing
0001420506-24-001013 ↗ filed May 17, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $367.7M $367.7M Q1 2024 Q2 2024: $320.5M Q2 2024 Q3 2024: $322.0M Q3 2024 Q4 2024: $350.2M Q4 2024 Q1 2025: $306.9M Q1 2025 Q2 2025: $302.2M Q2 2025 Q3 2025: $494.3M Q3 2025 Q4 2025: $772.6M Q4 2025 Q1 2026: $699.0M Q1 2026 Q2 2026: $610.9M Q2 2026

Holdings 82 stocks · $367.7M

CRNX Crinetics Pharmaceuticals Inc. 8.20% 643,751 $30.1M Reduce -5.4%
TARS Tarsus Pharmaceuticals Inc. 7.02% 710,277 $25.8M Add +37.0%
SLNO Soleno Therapeutics Inc. 6.58% 565,411 $24.2M Reduce -4.2%
CRBP Corbus Pharmaceuticals Holdi 5.97% 559,271 $21.9M Add +185.5%
SRPT Sarepta Therapeutics Inc. 5.36% 152,278 $19.7M Add +14.8%
AEROVATE THERAPEUTICS INC 2.96% 367,965 $10.9M New
SLRN Acelyrin Inc. 2.87% 1,564,340 $10.6M Reduce -21.4%
ALPN Alpine Immune Sciences Inc. 2.82% 261,365 $10.4M Reduce -46.4%
PRAX Praxis Precision Medicines I 2.79% 168,388 $10.3M Reduce -15.8%
CYTK Cytokinetics Inc. 2.77% 145,147 $10.2M Add +383.8%
ANNX Annexon Inc. 2.74% 1,405,000 $10.1M Reduce -47.0%
IMVT Immunovant Inc. 2.43% 276,925 $8.9M Add +18.6%
BBIO Bridgebio Pharma Inc. 2.37% 282,013 $8.7M Reduce -40.4%
CPRX Catalyst Pharmaceuticals Inc. 2.25% 518,386 $8.3M Add +2.5%
RCKT Rocket Pharmaceuticals Inc. 2.18% 297,096 $8.0M Add +23.9%
ALNY Alnylam Pharmaceuticals Inc. 2.10% 51,541 $7.7M New
NUVL Nuvalent Inc. Class A 2.08% 101,601 $7.6M Reduce -60.6%
PYXS Pyxis Oncology Inc. 1.93% 1,662,408 $7.1M New
LYRA Lyra Therapeutics Inc. 1.79% 1,056,829 $6.6M Reduce -15.8%
ABEO Abeona Therapeutics Inc. 1.75% 888,593 $6.4M Add +48.1%
VRNA Verona Pharma Ltd. 1.64% 375,310 $6.0M Add +2.1%
ARQT Arcutis Biotherapeutics Inc. 1.59% 589,642 $5.8M New
CYBIN INC 1.57% 13,953,488 $5.8M New
CRVO Cervomed Inc. 1.50% 237,345 $5.5M New
SRRK Scholar Rock Holding Corp. 1.41% 291,701 $5.2M New
MRNS Marinus Pharmaceuticals Inc. 1.32% 537,925 $4.9M Reduce -27.9%
MGNX Macrogenics Inc. 1.27% 318,167 $4.7M New
XENE Xenon Pharmaceuticals Inc. 1.25% 107,187 $4.6M New
NRIX Nurix Therapeutics Inc. 1.20% 300,000 $4.4M New
WVE Wave Life Sciences Ltd. 0.99% 590,088 $3.6M New
LRMR Larimar Therapeutics Inc. 0.91% 438,528 $3.3M Reduce -27.3%
JSPR Jasper Therapeutics Inc. 0.84% 105,175 $3.1M New
AEON BIOPHARMA INC 0.81% 257,977 $3.0M No change
MIND MEDICINE MINDMED INC 0.76% 297,481 $2.8M Reduce -50.4%
VTYX Ventyx Biosciences Inc. 0.76% 507,647 $2.8M Add +8483.8%
KOD Kodiak Sciences Inc. 0.68% 476,586 $2.5M Add +15.4%
TRML Tourmaline Bio Inc. 0.68% 108,483 $2.5M New
QURE Uniqure NV 0.66% 469,133 $2.4M Add +198.1%
IBIO Ibio Inc. 0.66% 600,000 $2.4M New
NUVB Nuvation Bio Inc. 0.63% 633,282 $2.3M Reduce -48.2%
SGMT Sagimet Biosciences Inc. Class A 0.61% 412,565 $2.2M New
IMUX Immunic Inc. 0.58% 1,612,378 $2.1M New
APLS Apellis Pharmaceuticals Inc. 0.56% 35,092 $2.1M Add +2.1%
ATXS Astria Therapeutics Inc. 0.54% 140,687 $2.0M Reduce -62.5%
LENZ Lenz Therapeutics Inc. 0.52% 85,000 $1.9M New
ACHL Achilles Therapeutics PL-ADR 0.49% 1,443,181 $1.8M New
VYGR Voyager Therapeutics Inc. 0.46% 180,857 $1.7M Reduce -40.9%
IRON Disc Medicine Inc. 0.43% 25,372 $1.6M Reduce -87.0%
INSM Insmed Inc. 0.38% 51,335 $1.4M New
RAPT THERAPEUTICS INC 0.38% 154,625 $1.4M New
ITOS Iteos Therapeutics Inc. 0.38% 101,325 $1.4M Reduce -70.8%
ALLK Allakos LLC 0.32% 932,675 $1.2M Add +293.4%
PRQR Proqr Therapeutics NV 0.30% 483,583 $1.1M Add +2.3%
IFRX Inflarx NV 0.30% 704,987 $1.1M Add +2.4%
ABOS Acumen Pharmaceuticals Inc. 0.29% 266,435 $1.1M Reduce -15.5%
ROIV Roivant Sciences Ltd. 0.29% 100,609 $1.1M Reduce -33.7%
AVTX Avalo Therapeutics Inc. 0.28% 46,648 $1.0M New
AVROBIO INC 0.26% 754,061 $965K Add +5.0%
AMLX Amylyx Pharmaceuticals Inc. 0.26% 331,451 $941K Reduce -62.2%
MIST Milestone Pharmaceuticals Inc. 0.23% 466,019 $834K Add +0.7%
TARA Protara Therapeutic Inc. 0.22% 202,701 $813K Add +7.4%
KEZAR LIFE SCIENCES INC 0.21% 868,992 $783K Add +1.8%
ELEV Elevation Oncology Inc. 0.21% 148,089 $760K Reduce -87.4%
NYXH Nyxoah SA 0.19% 50,699 $684K New
VERU Veru Inc. 0.18% 946,382 $663K New
KPTI Karyopharm Therapeutics Inc. 0.17% 409,355 $618K Add +2.3%
TERN Terns Pharmaceuticals Inc. 0.16% 88,497 $581K Reduce -46.5%
IMTX Immatics NV 0.14% 49,415 $519K Add +0.8%
ANEB Anebulo Pharmaceuticals Inc. 0.12% 157,862 $453K No change
TPST Tempest Therapeutics Inc. 0.11% 105,600 $413K No change
QTTB Q32 Bio Inc. 0.10% 22,335 $381K New
HOOKIPA PHARMA INC 0.10% 530,776 $378K No change
RLMD Relmada Therapeutics Inc. 0.05% 40,369 $188K No change
CMMB Chemomab Therapeutics Ltd. 0.05% 213,392 $166K No change
STOK Stoke Therapeutics Inc. 0.03% 6,816 $92K Reduce -43.7%
BCLI Brainstorm Cell Therapeutics 0.01% 90,242 $51K No change
SYBX Synlogic Inc. 0.01% 20,448 $37K No change
EYPT Eyepoint Inc. 0.01% 1,047 $22K Reduce -99.7%
FNCHQ Finch Therapeutics Group Inc. 0.00% 6,892 $18K No change
TYRA Tyra Biosciences Inc. 0.00% 501 $8K Reduce -99.0%
ASLAN PHARMACEUTICALS LTD 0.00% 35,420 $6K No change
LBPH Longboard Pharmaceuticals Inc. 0.00% 236 $5K Reduce -100.0%

Options reported separately and not counted above: KRYS puts ($66.7M), XBI puts ($66.4M), CORT puts ($25.1M), IRON puts ($24.7M), AZN calls ($20.9M), ALNY puts ($20.4M), ALNY calls ($18.1M), KRYS calls ($17.8M), AMGN calls ($17.1M), VKTX puts ($16.4M), BMEA calls ($16.1M), SRPT calls ($15.0M), and 43 more.

Portfolio Sells Q4 2023 → Q1 2024

ARGX Argenx SE - ADR Sold out 0.00% −7.26
XHB SS SPDR S&P Homebldrs ETF Sold out 0.00% −5.23
AMLX Amylyx Pharmaceuticals Inc. Reduce -62.2% 0.26% −3.28
NUVL Nuvalent Inc. Class A Reduce -60.6% 2.08% −3.12
BBIO Bridgebio Pharma Inc. Reduce -40.4% 2.37% −2.85
IRON Disc Medicine Inc. Reduce -87.0% 0.43% −2.65
EYPT Eyepoint Inc. Reduce -99.7% 0.01% −2.32
PTGX Protagonist Therapeutics Inc. Sold out 0.00% −2.00
ICVX Icosavax Inc. Sold out 0.00% −1.90
LBPH Longboard Pharmaceuticals Inc. Reduce -100.0% 0.00% −1.61
CABA Cabaletta Bio Inc. Sold out 0.00% −1.35
FUSN Fusion Pharmaceuticals Inc. Sold out 0.00% −1.31
CRSP Crispr Therapeutics AG Sold out 0.00% −1.21
SLRN Acelyrin Inc. Reduce -21.4% 2.87% −1.19
DYN Dyne Therapeutics Inc. Sold out 0.00% −1.04
MRNS Marinus Pharmaceuticals Inc. Reduce -27.9% 1.32% −0.90
EWTX Edgewise Therapeutics Inc. Sold out 0.00% −0.81
IMGN Immunogen Inc. Sold out 0.00% −0.73
MRNA Moderna Inc. Sold out 0.00% −0.67
ITOS Iteos Therapeutics Inc. Reduce -70.8% 0.38% −0.66
ANNX Annexon Inc. Reduce -47.0% 2.74% −0.55
AUTL Autolus Therapeutics PLC Sold out 0.00% −0.46
BDTX Black Diamond Therapeutics I Sold out 0.00% −0.43
CHRS Coherus Oncology Inc. Sold out 0.00% −0.31
ESPR Esperion Therapeutics Inc. Sold out 0.00% −0.28
LNTH Lantheus Holdings Inc. Sold out 0.00% −0.25
ATXS Astria Therapeutics Inc. Reduce -62.5% 0.54% −0.25
VYGR Voyager Therapeutics Inc. Reduce -40.9% 0.46% −0.25
RENEO PHARMACEUTICALS INC Sold out 0.00% −0.18
TYRA Tyra Biosciences Inc. Reduce -99.0% 0.00% −0.18
ROIV Roivant Sciences Ltd. Reduce -33.7% 0.29% −0.18
GPCR Structure Therapeutics Inc. Sold out 0.00% −0.16
TERN Terns Pharmaceuticals Inc. Reduce -46.5% 0.16% −0.14
TRACON PHARMACEUTICALS INC Sold out 0.00% −0.13
ABOS Acumen Pharmaceuticals Inc. Reduce -15.5% 0.29% −0.04
LYRA Lyra Therapeutics Inc. Reduce -15.8% 1.79% −0.01
ACRS Aclaris Therapeutics Inc. Sold out 0.00% −0.01
STOK Stoke Therapeutics Inc. Reduce -43.7% 0.03% +0.01
ELEV Elevation Oncology Inc. Reduce -87.4% 0.21% +0.03
SLNO Soleno Therapeutics Inc. Reduce -4.2% 6.58% +0.08
NUVB Nuvation Bio Inc. Reduce -48.2% 0.63% +0.12
LRMR Larimar Therapeutics Inc. Reduce -27.3% 0.91% +0.15
MIND MEDICINE MINDMED INC Reduce -50.4% 0.76% +0.16
ALPN Alpine Immune Sciences Inc. Reduce -46.4% 2.82% +0.28
CRNX Crinetics Pharmaceuticals Inc. Reduce -5.4% 8.20% +1.57
PRAX Praxis Precision Medicines I Reduce -15.8% 2.79% +1.58

Portfolio Buys Q4 2023 → Q1 2024

CRBP Corbus Pharmaceuticals Holdi Add +185.5% 5.97% +5.65
TARS Tarsus Pharmaceuticals Inc. Add +37.0% 7.02% +4.15
AEROVATE THERAPEUTICS INC New 2.96% +2.96
ALNY Alnylam Pharmaceuticals Inc. New 2.10% +2.10
CYTK Cytokinetics Inc. Add +383.8% 2.77% +2.08
PYXS Pyxis Oncology Inc. New 1.93% +1.93
SRPT Sarepta Therapeutics Inc. Add +14.8% 5.36% +1.86
ARQT Arcutis Biotherapeutics Inc. New 1.59% +1.59
VRNA Verona Pharma Ltd. Add +2.1% 1.64% +1.57
CYBIN INC New 1.57% +1.57
CRVO Cervomed Inc. New 1.50% +1.50
SRRK Scholar Rock Holding Corp. New 1.41% +1.41
MGNX Macrogenics Inc. New 1.27% +1.27
XENE Xenon Pharmaceuticals Inc. New 1.25% +1.25
NRIX Nurix Therapeutics Inc. New 1.20% +1.20
WVE Wave Life Sciences Ltd. New 0.99% +0.99
ABEO Abeona Therapeutics Inc. Add +48.1% 1.75% +0.93
JSPR Jasper Therapeutics Inc. New 0.84% +0.84
VTYX Ventyx Biosciences Inc. Add +8483.8% 0.76% +0.76
TRML Tourmaline Bio Inc. New 0.68% +0.68
IBIO Ibio Inc. New 0.66% +0.66
SGMT Sagimet Biosciences Inc. Class A New 0.61% +0.61
IMUX Immunic Inc. New 0.58% +0.58
LENZ Lenz Therapeutics Inc. New 0.52% +0.52
ACHL Achilles Therapeutics PL-ADR New 0.49% +0.49
INSM Insmed Inc. New 0.38% +0.38
RAPT THERAPEUTICS INC New 0.38% +0.38
QURE Uniqure NV Add +198.1% 0.66% +0.37
KOD Kodiak Sciences Inc. Add +15.4% 0.68% +0.34
AVTX Avalo Therapeutics Inc. New 0.28% +0.28
RCKT Rocket Pharmaceuticals Inc. Add +23.9% 2.18% +0.21
NYXH Nyxoah SA New 0.19% +0.19
VERU Veru Inc. New 0.18% +0.18
ALLK Allakos LLC Add +293.4% 0.32% +0.14
TARA Protara Therapeutic Inc. Add +7.4% 0.22% +0.12
QTTB Q32 Bio Inc. New 0.10% +0.10
KPTI Karyopharm Therapeutics Inc. Add +2.3% 0.17% +0.07
PRQR Proqr Therapeutics NV Add +2.3% 0.30% +0.04
MIST Milestone Pharmaceuticals Inc. Add +0.7% 0.23% +0.02
IMTX Immatics NV Add +0.8% 0.14% 0.00
APLS Apellis Pharmaceuticals Inc. Add +2.1% 0.56% −0.00
AVROBIO INC Add +5.0% 0.26% −0.00
KEZAR LIFE SCIENCES INC Add +1.8% 0.21% −0.01
IFRX Inflarx NV Add +2.4% 0.30% −0.01
CPRX Catalyst Pharmaceuticals Inc. Add +2.5% 2.25% −0.08
IMVT Immunovant Inc. Add +18.6% 2.43% −0.26

Options Activity Q4 2023 → Q1 2024

KRYS Krystal Biotech Inc. put Reduce -9.0% 375,000 $66.7M
XBI SS SPDR S&P Biotech ETF put Add +27.3% 700,000 $66.4M
CYTK Cytokinetics Inc. call Sold out 603,500 $50.4Mbefore exit
LLY Eli Lilly & Co. put Sold out 70,000 $40.8Mbefore exit
CRSP Crispr Therapeutics AG put Sold out 649,400 $40.7Mbefore exit
ARGX Argenx SE - ADR call Sold out 78,100 $29.7Mbefore exit
ARGX Argenx SE - ADR put Sold out 78,100 $29.7Mbefore exit
CORT Corcept Therapeutics Inc. put Add +266.6% 994,500 $25.1M
IRON Disc Medicine Inc. put New 396,600 $24.7M
PRTA Prothena Corp. PLC call Sold out 600,000 $21.8Mbefore exit
AZN Astrazeneca PLC-Spons ADR call New 309,200 $20.9M
ABBV Abbvie Inc. call Sold out 132,500 $20.5Mbefore exit
ALNY Alnylam Pharmaceuticals Inc. put Add +38.6% 136,700 $20.4M
KRTX Karuna Therapeutics Inc. call Sold out 58,600 $18.5Mbefore exit
ALNY Alnylam Pharmaceuticals Inc. call Reduce -28.8% 120,800 $18.1M
AMGN Amgen Inc. call Add +71.4% 60,000 $17.1M
VKTX Viking Therapeutics Inc. put New 200,000 $16.4M
BMEA Biomea Fusion Inc. call Add +38.6% 1,077,600 $16.1M
PRTA Prothena Corp. PLC put Sold out 418,400 $15.2Mbefore exit
SRPT Sarepta Therapeutics Inc. call Reduce -36.4% 116,100 $15.0M
CRNX Crinetics Pharmaceuticals Inc. put New 300,400 $14.1M
MDGL Madrigal Pharmaceuticals Inc. put New 51,400 $13.7M
EYPT Eyepoint Inc. put Add +132.4% 658,200 $13.6M
IMGN Immunogen Inc. call Sold out 456,800 $13.5Mbefore exit
IMVT Immunovant Inc. call Sold out 300,700 $12.7Mbefore exit
BHVN Biohaven Ltd. call New 223,700 $12.2M
BBIO Bridgebio Pharma Inc. call New 389,400 $12.0M
LNTH Lantheus Holdings Inc. call Reduce -37.0% 170,000 $10.6M
SRPT Sarepta Therapeutics Inc. put Sold out 101,800 $9.8Mbefore exit
INSM Insmed Inc. call Add +173500.0% 347,200 $9.4M
APLS Apellis Pharmaceuticals Inc. call Sold out 150,000 $9.0Mbefore exit
FDMT 4D Molecular Therapeutics Inc. put New 257,600 $8.2M
FDMT 4D Molecular Therapeutics Inc. call New 257,600 $8.2M
DYN Dyne Therapeutics Inc. call Sold out 607,600 $8.1Mbefore exit
MLTX Moonlake Immunotherapeutics put Reduce -21.2% 158,000 $7.9M
MGNX Macrogenics Inc. call New 523,500 $7.7M
NUVL Nuvalent Inc. Class A call Sold out 104,400 $7.7Mbefore exit
RCUS Arcus Biosciences Inc. call Sold out 400,000 $7.6Mbefore exit
XENE Xenon Pharmaceuticals Inc. put Sold out 154,089 $7.1Mbefore exit
CORT Corcept Therapeutics Inc. call Add +3.0% 279,500 $7.0M
CYTK Cytokinetics Inc. put Add +2757.1% 100,000 $7.0M
IMVT Immunovant Inc. put Sold out 164,700 $6.9Mbefore exit
SRRK Scholar Rock Holding Corp. call New 362,300 $6.4M
APLS Apellis Pharmaceuticals Inc. put New 100,000 $5.9M
ATXS Astria Therapeutics Inc. call New 400,000 $5.6M
GPCR Structure Therapeutics Inc. put New 120,400 $5.2M
JAZZ Jazz Pharmaceuticals PLC call Sold out 41,800 $5.1Mbefore exit
RCKT Rocket Pharmaceuticals Inc. call Sold out 150,000 $4.5Mbefore exit
MRNA Moderna Inc. put Sold out 44,300 $4.4Mbefore exit
NVAX Novavax Inc. put Sold out 913,200 $4.4Mbefore exit

Showing the first 50 of 84.

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 126$610.9MABVX, KOD, ALMS, PRAX, PCVX
Q1 2026 127$699.0MTERN, KOD, ALMS, PCVX, PRAX
Q4 2025 135$772.6MTERN, CDTX, ABVX, JAZZ, MAZE
Q3 2025 116$494.3MGMAB, ABVX, IONS, CDTX, MAZE
Q2 2025 103$302.2MCDTX, ALNY, INSM, VRNA, CRNX
Q1 2025 116$306.9MTARS, CRNX, SPY, SRPT, BPMC
Q4 2024 122$350.2MTARS, CRNX, SRRK, BPMC, FBRX
Q3 2024 96$322.0MTARS, CRNX, ELVN, RCUS, VRDN
Q2 2024 85$320.5MSRPT, CRNX, TARS, SLNO, CRBP
Q1 2024Amended 82$367.7MCRNX, TARS, SLNO, CRBP, SRPT