Ikarian Capital, LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Ikarian Capital, LLC reported 85 stock positions worth $320.5 million. Its top holding was Sarepta Therapeutics (SRPT) at 10.0% of the portfolio, followed by Crinetics Pharmaceuticals (CRNX, 8.2%) and Tarsus Pharmaceuticals (TARS, 6.8%). Compared with Q1 2024, it opened 17 new positions, sold out of 14, added to 13 and reduced 22. The biggest buy was Sarepta Therapeutics (SRPT, shares +34%) and the biggest sale an exit from Alpine Immune Sciences (ALPN).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001778253
Portfolio Value
$320.5M (Q2 2024)
SEC Filing
0001420506-24-001556 ↗ filed Aug 14, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $367.7M Q1 2024 Q2 2024: $320.5M $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 85 stocks · $320.5M
SRPT Sarepta Therapeutics Inc. 10.04% 203,612 $32.2M Add +33.7%
CRNX Crinetics Pharmaceuticals Inc. 8.23% 588,818 $26.4M Reduce -8.5%
TARS Tarsus Pharmaceuticals Inc. 6.79% 800,277 $21.8M Add +12.7%
SLNO Soleno Therapeutics Inc. 5.67% 445,451 $18.2M Reduce -21.2%
CRBP Corbus Pharmaceuticals Holdi 4.37% 309,540 $14.0M Reduce -44.6%
ELVN Enliven Therapeutics Inc. 4.28% 586,552 $13.7M New
AMGN Amgen Inc. 3.73% 38,300 $12.0M New
NUVL Nuvalent Inc. Class A 3.59% 151,601 $11.5M Add +49.2%
CYTK Cytokinetics Inc. 2.88% 170,147 $9.2M Add +17.2%
NRIX Nurix Therapeutics Inc. 2.87% 440,500 $9.2M Add +46.8%
BBIO Bridgebio Pharma Inc. 2.62% 332,013 $8.4M Add +17.7%
CPRX Catalyst Pharmaceuticals Inc. 2.51% 518,386 $8.0M No change
VKTX Viking Therapeutics Inc. 2.29% 138,262 $7.3M New
IMVT Immunovant Inc. 2.28% 276,925 $7.3M No change
RNAC Cartesian Therapeutics Inc. 2.04% 242,370 $6.5M New
SLRN Acelyrin Inc. 2.03% 1,475,074 $6.5M Reduce -5.7%
NBIX Neurocrine Biosciences Inc. 1.72% 40,000 $5.5M New
PYXS Pyxis Oncology Inc. 1.72% 1,662,408 $5.5M No change
ARQT Arcutis Biotherapeutics Inc. 1.42% 489,642 $4.6M Reduce -17.0%
RCKT Rocket Pharmaceuticals Inc. 1.32% 197,096 $4.2M Reduce -33.7%
XENE Xenon Pharmaceuticals Inc. 1.30% 107,187 $4.2M No change
CRVO Cervomed Inc. 1.27% 237,345 $4.1M No change
RZLT Rezolute Inc. 1.21% 903,744 $3.9M New
CYBIN INC 1.18% 13,953,488 $3.8M No change
LENZ Lenz Therapeutics Inc. 1.10% 204,513 $3.5M Add +140.6%
SLN Silence Therapeutics PLC-ADR 1.03% 506,665 $3.3M New
INBX Inhibrx Biosciences Inc. 1.02% 230,000 $3.3M New
ABEO Abeona Therapeutics Inc. 1.02% 768,593 $3.3M Reduce -13.5%
INSM Insmed Inc. 1.00% 47,835 $3.2M Reduce -6.8%
TERN Terns Pharmaceuticals Inc. 0.97% 458,497 $3.1M Add +418.1%
VRNA Verona Pharma Ltd. 0.91% 201,116 $2.9M Reduce -46.4%
WVE Wave Life Sciences Ltd. 0.90% 575,088 $2.9M Reduce -2.5%
JSPR Jasper Therapeutics Inc. 0.74% 105,175 $2.4M No change
LRMR Larimar Therapeutics Inc. 0.73% 323,528 $2.3M Reduce -26.2%
RCUS Arcus Biosciences Inc. 0.69% 145,000 $2.2M New
QTTB Q32 Bio Inc. 0.61% 109,094 $2.0M Add +388.4%
ELEV Elevation Oncology Inc. 0.58% 690,089 $1.9M Add +366.0%
ANNX Annexon Inc. 0.58% 380,000 $1.9M Reduce -73.0%
CMPS Compass Pathways PLC 0.57% 302,908 $1.8M New
NKTR Nektar Therapeutics 0.51% 1,312,405 $1.6M New
SRRK Scholar Rock Holding Corp. 0.48% 183,701 $1.5M Reduce -37.0%
SGMT Sagimet Biosciences Inc. Class A 0.44% 412,565 $1.4M No change
TRML Tourmaline Bio Inc. 0.44% 108,483 $1.4M No change
IBIO Ibio Inc. 0.40% 600,000 $1.3M No change
IFRX Inflarx NV 0.38% 704,987 $1.2M No change
ACHL Achilles Therapeutics PL-ADR 0.37% 1,443,181 $1.2M No change
MIND MEDICINE MINDMED INC 0.37% 162,481 $1.2M Reduce -45.4%
ITOS Iteos Therapeutics Inc. 0.36% 78,574 $1.2M Reduce -22.4%
KOD Kodiak Sciences Inc. 0.35% 476,586 $1.1M No change
ROIV Roivant Sciences Ltd. 0.33% 100,609 $1.1M No change
NUVB Nuvation Bio Inc. 0.33% 358,282 $1.0M Reduce -43.4%
TECX Tectonic Therapeutic Inc. 0.32% 62,836 $1.0M New
VTYX Ventyx Biosciences Inc. 0.32% 442,647 $1.0M Reduce -12.8%
ALLK Allakos LLC 0.30% 972,675 $973K Add +4.3%
MGNX Macrogenics Inc. 0.27% 200,079 $850K Reduce -37.1%
DCTH Delcath Systems Inc. 0.26% 100,370 $840K New
MRNS Marinus Pharmaceuticals Inc. 0.26% 706,154 $826K Add +31.3%
PRQR Proqr Therapeutics NV 0.25% 483,583 $803K No change
VERU Veru Inc. 0.25% 946,382 $796K No change
LYEL Lyell Immunopharma Inc. 0.24% 526,066 $763K New
CLYM Climb Bio Inc. filed as ELIEM THERAPEUTICS INC 0.22% 100,000 $711K New
AVTX Avalo Therapeutics Inc. 0.21% 54,730 $682K Add +17.3%
ABOS Acumen Pharmaceuticals Inc. 0.20% 266,435 $645K No change
MIST Milestone Pharmaceuticals Inc. 0.19% 466,019 $620K No change
AEROVATE THERAPEUTICS INC 0.19% 367,965 $611K No change
IMTX Immatics NV 0.18% 49,415 $574K No change
IMUX Immunic Inc. 0.17% 493,496 $548K Reduce -69.4%
AMLX Amylyx Pharmaceuticals Inc. 0.16% 274,551 $522K Reduce -17.2%
KEZAR LIFE SCIENCES INC 0.16% 868,992 $521K No change
RAPT THERAPEUTICS INC 0.15% 154,625 $472K No change
VYGR Voyager Therapeutics Inc. 0.14% 55,857 $442K Reduce -69.1%
ANEB Anebulo Pharmaceuticals Inc. 0.13% 157,862 $431K No change
SENSEI BIOTHERAPEUTICS INC 0.13% 650,000 $403K New
TARA Protara Therapeutic Inc. 0.12% 180,712 $376K Reduce -10.8%
NYXH Nyxoah SA 0.11% 50,699 $357K No change
KPTI Karyopharm Therapeutics Inc. 0.11% 409,355 $355K No change
LYRA Lyra Therapeutics Inc. 0.09% 1,056,829 $292K No change
AEON BIOPHARMA INC 0.08% 257,977 $271K No change
TPST Tempest Therapeutics Inc. 0.07% 105,600 $231K No change
CMMB Chemomab Therapeutics Ltd. 0.06% 213,392 $196K No change
RLMD Relmada Therapeutics Inc. 0.04% 40,369 $121K No change
STOK Stoke Therapeutics Inc. 0.03% 6,816 $92K No change
SYBX Synlogic Inc. 0.01% 20,448 $31K No change
BCLI Brainstorm Cell Therapeutics 0.01% 90,242 $31K No change
CTMX Cytomx Therapeutics Inc. 0.00% 8,924 $11K New

Options reported separately and not counted above: ALNY puts ($36.5M), ALNY calls ($36.5M), INSM calls ($34.0M), AMGN calls ($18.7M), PRAX puts ($17.5M), SRPT calls ($15.8M), BBIO calls ($15.2M), NBIX calls ($13.8M), PRAX calls ($12.4M), ARE puts ($8.6M), AZN calls ($8.5M), CORT calls ($6.0M), and 16 more.

Portfolio Sells Q1 2024 → Q2 2024
ALPN Alpine Immune Sciences Inc. Sold out 0.00% −2.82
PRAX Praxis Precision Medicines I Sold out 0.00% −2.79
ANNX Annexon Inc. Reduce -73.0% 0.58% −2.16
ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −2.10
CRBP Corbus Pharmaceuticals Holdi Reduce -44.6% 4.37% −1.60
MGNX Macrogenics Inc. Reduce -37.1% 0.27% −1.01
SRRK Scholar Rock Holding Corp. Reduce -37.0% 0.48% −0.93
SLNO Soleno Therapeutics Inc. Reduce -21.2% 5.67% −0.91
RCKT Rocket Pharmaceuticals Inc. Reduce -33.7% 1.32% −0.85
SLRN Acelyrin Inc. Reduce -5.7% 2.03% −0.84
ABEO Abeona Therapeutics Inc. Reduce -13.5% 1.02% −0.74
VRNA Verona Pharma Ltd. Reduce -46.4% 0.91% −0.73
QURE Uniqure NV Sold out 0.00% −0.66
APLS Apellis Pharmaceuticals Inc. Sold out 0.00% −0.56
ATXS Astria Therapeutics Inc. Sold out 0.00% −0.54
VTYX Ventyx Biosciences Inc. Reduce -12.8% 0.32% −0.44
IRON Disc Medicine Inc. Sold out 0.00% −0.43
IMUX Immunic Inc. Reduce -69.4% 0.17% −0.41
MIND MEDICINE MINDMED INC Reduce -45.4% 0.37% −0.40
VYGR Voyager Therapeutics Inc. Reduce -69.1% 0.14% −0.32
NUVB Nuvation Bio Inc. Reduce -43.4% 0.33% −0.30
AVROBIO INC Sold out 0.00% −0.26
LRMR Larimar Therapeutics Inc. Reduce -26.2% 0.73% −0.17
ARQT Arcutis Biotherapeutics Inc. Reduce -17.0% 1.42% −0.17
TARA Protara Therapeutic Inc. Reduce -10.8% 0.12% −0.10
HOOKIPA PHARMA INC Sold out 0.00% −0.10
WVE Wave Life Sciences Ltd. Reduce -2.5% 0.90% −0.09
AMLX Amylyx Pharmaceuticals Inc. Reduce -17.2% 0.16% −0.09
ITOS Iteos Therapeutics Inc. Reduce -22.4% 0.36% −0.01
EYPT Eyepoint Inc. Sold out 0.00% −0.01
FNCHQ Finch Therapeutics Group Inc. Sold out 0.00% −0.00
TYRA Tyra Biosciences Inc. Sold out 0.00% −0.00
ASLAN PHARMACEUTICALS LTD Sold out 0.00% −0.00
LBPH Longboard Pharmaceuticals Inc. Sold out 0.00% −0.00
CRNX Crinetics Pharmaceuticals Inc. Reduce -8.5% 8.23% +0.03
INSM Insmed Inc. Reduce -6.8% 1.00% +0.62

Portfolio Buys Q1 2024 → Q2 2024
SRPT Sarepta Therapeutics Inc. Add +33.7% 10.04% +4.68
ELVN Enliven Therapeutics Inc. New 4.28% +4.28
AMGN Amgen Inc. New 3.73% +3.73
VKTX Viking Therapeutics Inc. New 2.29% +2.29
RNAC Cartesian Therapeutics Inc. New 2.04% +2.04
NBIX Neurocrine Biosciences Inc. New 1.72% +1.72
NRIX Nurix Therapeutics Inc. Add +46.8% 2.87% +1.67
NUVL Nuvalent Inc. Class A Add +49.2% 3.59% +1.51
RZLT Rezolute Inc. New 1.21% +1.21
SLN Silence Therapeutics PLC-ADR New 1.03% +1.03
INBX Inhibrx Biosciences Inc. New 1.02% +1.02
TERN Terns Pharmaceuticals Inc. Add +418.1% 0.97% +0.82
RCUS Arcus Biosciences Inc. New 0.69% +0.69
LENZ Lenz Therapeutics Inc. Add +140.6% 1.10% +0.59
CMPS Compass Pathways PLC New 0.57% +0.57
NKTR Nektar Therapeutics New 0.51% +0.51
QTTB Q32 Bio Inc. Add +388.4% 0.61% +0.51
ELEV Elevation Oncology Inc. Add +366.0% 0.58% +0.37
TECX Tectonic Therapeutic Inc. New 0.32% +0.32
DCTH Delcath Systems Inc. New 0.26% +0.26
BBIO Bridgebio Pharma Inc. Add +17.7% 2.62% +0.25
LYEL Lyell Immunopharma Inc. New 0.24% +0.24
CLYM Climb Bio Inc. New 0.22% +0.22
SENSEI BIOTHERAPEUTICS INC New 0.13% +0.13
CYTK Cytokinetics Inc. Add +17.2% 2.88% +0.11
CTMX Cytomx Therapeutics Inc. New 0.00% +0.00
ALLK Allakos LLC Add +4.3% 0.30% −0.02
AVTX Avalo Therapeutics Inc. Add +17.3% 0.21% −0.06
TARS Tarsus Pharmaceuticals Inc. Add +12.7% 6.79% −0.23
MRNS Marinus Pharmaceuticals Inc. Add +31.3% 0.26% −1.06

Options Activity Q1 2024 → Q2 2024
KRYS Krystal Biotech Inc. put Sold out 375,000 $66.7Mbefore exit
XBI SS SPDR S&P Biotech ETF put Sold out 700,000 $66.4Mbefore exit
ALNY Alnylam Pharmaceuticals Inc. call Reduce -98.8% 1,500 $36.5M
ALNY Alnylam Pharmaceuticals Inc. put Reduce -98.9% 1,500 $36.5M
INSM Insmed Inc. call Reduce -98.5% 5,070 $34.0M
CORT Corcept Therapeutics Inc. put Sold out 994,500 $25.1Mbefore exit
IRON Disc Medicine Inc. put Sold out 396,600 $24.7Mbefore exit
AMGN Amgen Inc. call Reduce -99.0% 600 $18.7M
KRYS Krystal Biotech Inc. call Sold out 100,000 $17.8Mbefore exit
PRAX Praxis Precision Medicines I put New 4,225 $17.5M
VKTX Viking Therapeutics Inc. put Sold out 200,000 $16.4Mbefore exit
BMEA Biomea Fusion Inc. call Sold out 1,077,600 $16.1Mbefore exit
SRPT Sarepta Therapeutics Inc. call Reduce -99.1% 1,000 $15.8M
BBIO Bridgebio Pharma Inc. call Reduce -98.5% 6,000 $15.2M
CRNX Crinetics Pharmaceuticals Inc. put Sold out 300,400 $14.1Mbefore exit
NBIX Neurocrine Biosciences Inc. call New 1,000 $13.8M
MDGL Madrigal Pharmaceuticals Inc. put Sold out 51,400 $13.7Mbefore exit
EYPT Eyepoint Inc. put Sold out 658,200 $13.6Mbefore exit
PRAX Praxis Precision Medicines I call Reduce -86.2% 3,000 $12.4M
BHVN Biohaven Ltd. call Sold out 223,700 $12.2Mbefore exit
LNTH Lantheus Holdings Inc. call Sold out 170,000 $10.6Mbefore exit
ARE Alexandria Real Estate Equit put Reduce -99.0% 733 $8.6M
AZN Astrazeneca PLC-Spons ADR call Reduce -99.7% 1,092 $8.5M
FDMT 4D Molecular Therapeutics Inc. call Sold out 257,600 $8.2Mbefore exit
FDMT 4D Molecular Therapeutics Inc. put Sold out 257,600 $8.2Mbefore exit
MLTX Moonlake Immunotherapeutics put Sold out 158,000 $7.9Mbefore exit
MGNX Macrogenics Inc. call Sold out 523,500 $7.7Mbefore exit
CYTK Cytokinetics Inc. put Sold out 100,000 $7.0Mbefore exit
SRRK Scholar Rock Holding Corp. call Sold out 362,300 $6.4Mbefore exit
CORT Corcept Therapeutics Inc. call Reduce -99.3% 1,860 $6.0M
APLS Apellis Pharmaceuticals Inc. put Sold out 100,000 $5.9Mbefore exit
ATXS Astria Therapeutics Inc. call Sold out 400,000 $5.6Mbefore exit
INSM Insmed Inc. put Reduce -99.0% 709 $4.8M
EYPT Eyepoint Inc. call Sold out 206,500 $4.3Mbefore exit
TRML Tourmaline Bio Inc. call Sold out 179,200 $4.1Mbefore exit
ALPN Alpine Immune Sciences Inc. call Sold out 103,000 $4.1Mbefore exit
TARS Tarsus Pharmaceuticals Inc. call Sold out 100,000 $3.6Mbefore exit
VRDN Viridian Therapeutics Inc. put Reduce -98.4% 2,789 $3.6M
SLNO Soleno Therapeutics Inc. call Sold out 81,100 $3.5Mbefore exit
CABA Cabaletta Bio Inc. put Sold out 200,000 $3.4Mbefore exit
ANVS Annovis Bio put Reduce -97.8% 5,517 $3.2M
IRON Disc Medicine Inc. call Sold out 49,600 $3.1Mbefore exit
AMLX Amylyx Pharmaceuticals Inc. call Sold out 1,060,100 $3.0Mbefore exit
GTHX G1 Therapeutics Inc. put New 12,864 $2.9M
GTHX G1 Therapeutics Inc. call New 12,248 $2.8M
MRNS Marinus Pharmaceuticals Inc. call Sold out 303,200 $2.7Mbefore exit
IMVT Immunovant Inc. call New 1,000 $2.6M
RAPT THERAPEUTICS INC put Sold out 246,200 $2.2Mbefore exit
SANA Sana Biotechnology Inc. put New 4,000 $2.2M
SANA Sana Biotechnology Inc. call New 4,000 $2.2M

Showing the first 50 of 65.

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