Ikarian Capital, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Ikarian Capital, LLC reported 96 stock positions worth $322.0 million. Its top holding was Tarsus Pharmaceuticals (TARS) at 10.5% of the portfolio, followed by Crinetics Pharmaceuticals (CRNX, 6.8%) and Enliven Therapeutics (ELVN, 4.0%). Compared with Q2 2024, it opened 20 new positions, sold out of 9, added to 9 and reduced 28. The biggest buy was Tarsus Pharmaceuticals (TARS, shares +29%) and the biggest sale Sarepta Therapeutics (SRPT, shares −73%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001778253
Portfolio Value
$322.0M (Q3 2024)
SEC Filing
0001420506-24-002562 ↗ filed Nov 14, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $367.7M Q1 2024 Q2 2024: $320.5M Q2 2024 Q3 2024: $322.0M $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 96 stocks · $322.0M
TARS Tarsus Pharmaceuticals Inc. 10.52% 1,030,277 $33.9M Add +28.7%
CRNX Crinetics Pharmaceuticals Inc. 6.77% 426,913 $21.8M Reduce -27.5%
ELVN Enliven Therapeutics Inc. 3.96% 499,566 $12.8M Reduce -14.8%
RCUS Arcus Biosciences Inc. 3.53% 744,000 $11.4M Add +413.1%
VRDN Viridian Therapeutics Inc. 3.53% 499,977 $11.4M New
INSM Insmed Inc. 3.51% 154,835 $11.3M Add +223.7%
SLNO Soleno Therapeutics Inc. 3.47% 221,437 $11.2M Reduce -50.3%
RARE Ultragenyx Pharmaceutical Inc. 3.09% 179,000 $9.9M New
AVTX Avalo Therapeutics Inc. 2.86% 970,359 $9.2M Add +1673.0%
CYTK Cytokinetics Inc. 2.79% 170,147 $9.0M No change
SYRE Spyre Therapeutics Inc. 2.76% 302,247 $8.9M New
CPRX Catalyst Pharmaceuticals Inc. 2.58% 417,850 $8.3M Reduce -19.4%
TECX Tectonic Therapeutic Inc. 2.51% 267,145 $8.1M Add +325.1%
BPMC Blueprint Medicines Corp. 2.44% 85,000 $7.9M New
BBIO Bridgebio Pharma Inc. 2.26% 285,613 $7.3M Reduce -14.0%
SRPT Sarepta Therapeutics Inc. 2.10% 54,176 $6.8M Reduce -73.4%
CRBP Corbus Pharmaceuticals Holdi 1.82% 284,715 $5.9M Reduce -8.0%
NRIX Nurix Therapeutics Inc. 1.81% 260,000 $5.8M Reduce -41.0%
NUVL Nuvalent Inc. Class A 1.66% 52,238 $5.3M Reduce -65.5%
GPCR Structure Therapeutics Inc. 1.57% 115,200 $5.1M New
RLAY Relay Therapeutics Inc. 1.52% 693,350 $4.9M New
LENZ Lenz Therapeutics Inc. 1.51% 204,513 $4.9M No change
CAPR Capricor Therapeutics Inc. 1.42% 300,000 $4.6M New
WVE Wave Life Sciences Ltd. 1.39% 544,265 $4.5M Reduce -5.4%
RZLT Rezolute Inc. 1.34% 887,230 $4.3M Reduce -1.8%
AMGN Amgen Inc. 1.33% 13,300 $4.3M Reduce -65.3%
XENE Xenon Pharmaceuticals Inc. 1.31% 107,187 $4.2M No change
EOLS Evolus Inc. 1.30% 258,279 $4.2M New
ABEO Abeona Therapeutics Inc. 1.15% 583,593 $3.7M Reduce -24.1%
RCKT Rocket Pharmaceuticals Inc. 1.13% 197,096 $3.6M No change
PYXS Pyxis Oncology Inc. 1.09% 957,408 $3.5M Reduce -42.4%
SLN Silence Therapeutics PLC-ADR 1.05% 587,343 $3.4M Add +15.9%
SLRN Acelyrin Inc. 1.04% 677,074 $3.3M Reduce -54.1%
HELP Cybin Inc. 1.01% 367,195 $3.3M Add +0.7%
CRVO Cervomed Inc. 0.92% 202,345 $3.0M Reduce -14.8%
TRML Tourmaline Bio Inc. 0.87% 108,483 $2.8M No change
TERN Terns Pharmaceuticals Inc. 0.80% 308,497 $2.6M Reduce -32.7%
ALNY Alnylam Pharmaceuticals Inc. 0.75% 8,741 $2.4M New
LXEO Lexeo Therapeutics Inc. 0.72% 257,216 $2.3M New
MLYS Mineralys Therapeutics Inc. 0.68% 180,000 $2.2M New
RENEO PHARMACEUTICALS INC 0.54% 1,025,668 $1.7M New
NKTR Nektar Therapeutics 0.53% 1,312,405 $1.7M No change
GLUE Monte Rosa Therapeutics Inc. 0.51% 311,593 $1.7M New
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.51% 88,167 $1.6M New
ACHL Achilles Therapeutics PL-ADR 0.46% 1,443,181 $1.5M No change
IBIO Ibio Inc. 0.41% 600,000 $1.3M No change
CMPS Compass Pathways PLC 0.40% 202,908 $1.3M Reduce -33.0%
KOD Kodiak Sciences Inc. 0.39% 476,586 $1.2M No change
MRNS Marinus Pharmaceuticals Inc. 0.39% 706,154 $1.2M No change
ROIV Roivant Sciences Ltd. 0.36% 100,609 $1.2M No change
OLMA Olema Pharmaceuticals Inc. 0.34% 92,000 $1.1M New
IFRX Inflarx NV 0.34% 704,987 $1.1M No change
SGMT Sagimet Biosciences Inc. Class A 0.33% 387,565 $1.1M Reduce -6.1%
JSPR Jasper Therapeutics Inc. 0.32% 55,175 $1.0M Reduce -47.5%
BIOMX INC 0.28% 893,000 $911K New
DCTH Delcath Systems Inc. 0.28% 100,370 $906K No change
CLYM Climb Bio Inc. filed as ELIEM THERAPEUTICS INC 0.28% 175,100 $891K Add +75.1%
AMLX Amylyx Pharmaceuticals Inc. 0.28% 274,551 $890K No change
PRQR Proqr Therapeutics NV 0.27% 483,583 $880K No change
RNAC Cartesian Therapeutics Inc. 0.26% 52,193 $841K Reduce -78.5%
KEZAR LIFE SCIENCES INC 0.26% 1,068,992 $827K Add +23.0%
VERV Verve Therapeutics Inc. 0.26% 170,000 $823K New
IMUX Immunic Inc. 0.25% 493,496 $814K No change
ITOS Iteos Therapeutics Inc. 0.25% 78,574 $802K No change
AEROVATE THERAPEUTICS INC 0.24% 367,965 $769K No change
VERU Veru Inc. 0.23% 946,382 $728K No change
LYEL Lyell Immunopharma Inc. 0.23% 526,066 $726K No change
MIST Milestone Pharmaceuticals Inc. 0.22% 466,019 $708K No change
ABOS Acumen Pharmaceuticals Inc. 0.21% 266,435 $661K No change
INBX Inhibrx Biosciences Inc. 0.20% 42,123 $660K Reduce -81.7%
ALLK Allakos LLC 0.20% 972,675 $635K No change
IMTX Immatics NV 0.18% 49,415 $564K No change
NYXH Nyxoah SA 0.15% 50,699 $484K No change
VTYX Ventyx Biosciences Inc. 0.13% 192,647 $420K Reduce -56.5%
ELEV Elevation Oncology Inc. 0.13% 690,089 $414K No change
SENSEI BIOTHERAPEUTICS INC 0.12% 650,000 $389K No change
LRMR Larimar Therapeutics Inc. 0.12% 58,528 $383K Reduce -81.9%
MIND MEDICINE MINDMED INC 0.11% 62,481 $356K Reduce -61.5%
KPTI Karyopharm Therapeutics Inc. 0.11% 409,355 $340K No change
CMMB Chemomab Therapeutics Ltd. 0.10% 213,392 $335K No change
VYGR Voyager Therapeutics Inc. 0.10% 55,857 $327K No change
RAPT THERAPEUTICS INC 0.10% 154,625 $311K No change
ANEB Anebulo Pharmaceuticals Inc. 0.09% 157,862 $305K No change
TARA Protara Therapeutic Inc. 0.09% 155,712 $285K Reduce -13.8%
LYRA Lyra Therapeutics Inc. 0.08% 1,056,829 $272K No change
AEON BIOPHARMA INC 0.08% 257,977 $271K No change
FULC Fulcrum Therapeutics Inc. 0.08% 75,000 $268K New
MGNX Macrogenics Inc. 0.08% 80,079 $263K Reduce -60.0%
HOOK Hookipa Pharma Inc. 0.07% 53,076 $228K New
NUVB Nuvation Bio Inc. 0.06% 83,282 $191K Reduce -76.8%
TPST Tempest Therapeutics Inc. 0.05% 105,600 $148K No change
RLMD Relmada Therapeutics Inc. 0.04% 40,369 $131K No change
STOK Stoke Therapeutics Inc. 0.03% 6,816 $84K No change
SYBX Synlogic Inc. 0.01% 20,448 $30K No change
CTMX Cytomx Therapeutics Inc. 0.00% 8,924 $11K No change
FDMT 4D Molecular Therapeutics Inc. 0.00% 39 $421 New

Options reported separately and not counted above: XBI puts ($49.4M), AMGN calls ($47.0M), VRTX calls ($46.5M), VRTX puts ($46.5M), JANX puts ($16.6M), BHVN puts ($16.3M), IMVT calls ($14.3M), ANAB puts ($13.5M), ANAB calls ($11.7M), CLDX puts ($10.4M), CLDX calls ($10.4M), ONC calls ($6.7M), and 37 more.

Portfolio Sells Q2 2024 → Q3 2024
SRPT Sarepta Therapeutics Inc. Reduce -73.4% 2.10% −7.94
CRBP Corbus Pharmaceuticals Holdi Reduce -8.0% 1.82% −2.55
AMGN Amgen Inc. Reduce -65.3% 1.33% −2.40
VKTX Viking Therapeutics Inc. Sold out 0.00% −2.29
IMVT Immunovant Inc. Sold out 0.00% −2.28
SLNO Soleno Therapeutics Inc. Reduce -50.3% 3.47% −2.20
NUVL Nuvalent Inc. Class A Reduce -65.5% 1.66% −1.93
RNAC Cartesian Therapeutics Inc. Reduce -78.5% 0.26% −1.78
NBIX Neurocrine Biosciences Inc. Sold out 0.00% −1.72
CRNX Crinetics Pharmaceuticals Inc. Reduce -27.5% 6.77% −1.45
ARQT Arcutis Biotherapeutics Inc. Sold out 0.00% −1.42
NRIX Nurix Therapeutics Inc. Reduce -41.0% 1.81% −1.05
SLRN Acelyrin Inc. Reduce -54.1% 1.04% −0.99
VRNA Verona Pharma Ltd. Sold out 0.00% −0.91
INBX Inhibrx Biosciences Inc. Reduce -81.7% 0.20% −0.81
PYXS Pyxis Oncology Inc. Reduce -42.4% 1.09% −0.63
LRMR Larimar Therapeutics Inc. Reduce -81.9% 0.12% −0.61
QTTB Q32 Bio Inc. Sold out 0.00% −0.61
ANNX Annexon Inc. Sold out 0.00% −0.58
SRRK Scholar Rock Holding Corp. Sold out 0.00% −0.48
JSPR Jasper Therapeutics Inc. Reduce -47.5% 0.32% −0.42
BBIO Bridgebio Pharma Inc. Reduce -14.0% 2.26% −0.37
CRVO Cervomed Inc. Reduce -14.8% 0.92% −0.35
ELVN Enliven Therapeutics Inc. Reduce -14.8% 3.96% −0.32
NUVB Nuvation Bio Inc. Reduce -76.8% 0.06% −0.27
MIND MEDICINE MINDMED INC Reduce -61.5% 0.11% −0.26
VTYX Ventyx Biosciences Inc. Reduce -56.5% 0.13% −0.19
MGNX Macrogenics Inc. Reduce -60.0% 0.08% −0.18
TERN Terns Pharmaceuticals Inc. Reduce -32.7% 0.80% −0.18
CMPS Compass Pathways PLC Reduce -33.0% 0.40% −0.17
SGMT Sagimet Biosciences Inc. Class A Reduce -6.1% 0.33% −0.11
TARA Protara Therapeutic Inc. Reduce -13.8% 0.09% −0.03
BCLI Brainstorm Cell Therapeutics Sold out 0.00% −0.01
CPRX Catalyst Pharmaceuticals Inc. Reduce -19.4% 2.58% +0.07
RZLT Rezolute Inc. Reduce -1.8% 1.34% +0.12
ABEO Abeona Therapeutics Inc. Reduce -24.1% 1.15% +0.13
WVE Wave Life Sciences Ltd. Reduce -5.4% 1.39% +0.49

Portfolio Buys Q2 2024 → Q3 2024
TARS Tarsus Pharmaceuticals Inc. Add +28.7% 10.52% +3.74
VRDN Viridian Therapeutics Inc. New 3.53% +3.53
RARE Ultragenyx Pharmaceutical Inc. New 3.09% +3.09
RCUS Arcus Biosciences Inc. Add +413.1% 3.53% +2.84
SYRE Spyre Therapeutics Inc. New 2.76% +2.76
AVTX Avalo Therapeutics Inc. Add +1673.0% 2.86% +2.65
INSM Insmed Inc. Add +223.7% 3.51% +2.51
BPMC Blueprint Medicines Corp. New 2.44% +2.44
TECX Tectonic Therapeutic Inc. Add +325.1% 2.51% +2.19
GPCR Structure Therapeutics Inc. New 1.57% +1.57
RLAY Relay Therapeutics Inc. New 1.52% +1.52
CAPR Capricor Therapeutics Inc. New 1.42% +1.42
EOLS Evolus Inc. New 1.30% +1.30
ALNY Alnylam Pharmaceuticals Inc. New 0.75% +0.75
LXEO Lexeo Therapeutics Inc. New 0.72% +0.72
MLYS Mineralys Therapeutics Inc. New 0.68% +0.68
RENEO PHARMACEUTICALS INC New 0.54% +0.54
GLUE Monte Rosa Therapeutics Inc. New 0.51% +0.51
ONC Beone Medicines Ltd.-ADR New 0.51% +0.51
OLMA Olema Pharmaceuticals Inc. New 0.34% +0.34
BIOMX INC New 0.28% +0.28
VERV Verve Therapeutics Inc. New 0.26% +0.26
KEZAR LIFE SCIENCES INC Add +23.0% 0.26% +0.09
FULC Fulcrum Therapeutics Inc. New 0.08% +0.08
HOOK Hookipa Pharma Inc. New 0.07% +0.07
CLYM Climb Bio Inc. Add +75.1% 0.28% +0.05
SLN Silence Therapeutics PLC-ADR Add +15.9% 1.05% +0.02
FDMT 4D Molecular Therapeutics Inc. New 0.00% +0.00
HELP Cybin Inc. Add +0.7% 1.01% −0.17

Options Activity Q2 2024 → Q3 2024
XBI SS SPDR S&P Biotech ETF put New 500,000 $49.4M
AMGN Amgen Inc. call Add +24233.3% 146,000 $47.0M
VRTX Vertex Pharmaceuticals Inc. call New 100,000 $46.5M
VRTX Vertex Pharmaceuticals Inc. put New 100,000 $46.5M
ALNY Alnylam Pharmaceuticals Inc. call Sold out 1,500 $36.5Mbefore exit
ALNY Alnylam Pharmaceuticals Inc. put Sold out 1,500 $36.5Mbefore exit
INSM Insmed Inc. call Sold out 5,070 $34.0Mbefore exit
PRAX Praxis Precision Medicines I put Sold out 4,225 $17.5Mbefore exit
JANX Janux Therapeutics Inc. put New 365,200 $16.6M
BHVN Biohaven Ltd. put New 325,600 $16.3M
SRPT Sarepta Therapeutics Inc. call Sold out 1,000 $15.8Mbefore exit
BBIO Bridgebio Pharma Inc. call Sold out 6,000 $15.2Mbefore exit
IMVT Immunovant Inc. call Add +49900.0% 500,000 $14.3M
NBIX Neurocrine Biosciences Inc. call Sold out 1,000 $13.8Mbefore exit
ANAB Anaptysbio Inc. put New 404,300 $13.5M
PRAX Praxis Precision Medicines I call Sold out 3,000 $12.4Mbefore exit
ANAB Anaptysbio Inc. call New 350,000 $11.7M
CLDX Celldex Therapeutics Inc. put New 305,500 $10.4M
CLDX Celldex Therapeutics Inc. call New 305,500 $10.4M
ARE Alexandria Real Estate Equit put Sold out 733 $8.6Mbefore exit
AZN Astrazeneca PLC-Spons ADR call Sold out 1,092 $8.5Mbefore exit
ONC Beone Medicines Ltd.-ADR call New 29,800 $6.7M
CORT Corcept Therapeutics Inc. call Sold out 1,860 $6.0Mbefore exit
APLS Apellis Pharmaceuticals Inc. put New 200,000 $5.8M
AKRO Akero Therapeutics Inc. put New 198,900 $5.7M
SLNO Soleno Therapeutics Inc. call New 110,000 $5.6M
NMRA Neumora Therapeutics Inc. call New 400,000 $5.3M
NMRA Neumora Therapeutics Inc. put New 400,000 $5.3M
ANRO Alto Neuroscience Inc. put New 450,000 $5.1M
MDGL Madrigal Pharmaceuticals Inc. put New 23,500 $5.0M
ANRO Alto Neuroscience Inc. call New 431,000 $4.9M
CRBP Corbus Pharmaceuticals Holdi put New 233,100 $4.8M
DYN Dyne Therapeutics Inc. put New 133,000 $4.8M
INSM Insmed Inc. put Sold out 709 $4.8Mbefore exit
CAPR Capricor Therapeutics Inc. put New 300,000 $4.6M
CAPR Capricor Therapeutics Inc. call New 300,000 $4.6M
VRDN Viridian Therapeutics Inc. call Add +19900.0% 200,000 $4.5M
APLS Apellis Pharmaceuticals Inc. call New 150,000 $4.3M
BDTX Black Diamond Therapeutics I put New 950,000 $4.1M
VRDN Viridian Therapeutics Inc. put Sold out 2,789 $3.6Mbefore exit
ANVS Annovis Bio put Sold out 5,517 $3.2Mbefore exit
BDTX Black Diamond Therapeutics I call New 700,000 $3.0M
GTHX G1 Therapeutics Inc. put Sold out 12,864 $2.9Mbefore exit
GTHX G1 Therapeutics Inc. call Sold out 12,248 $2.8Mbefore exit
CYTK Cytokinetics Inc. call New 52,300 $2.8M
SANA Sana Biotechnology Inc. put Add +16150.0% 650,000 $2.7M
SANA Sana Biotechnology Inc. call Add +16150.0% 650,000 $2.7M
CRBP Corbus Pharmaceuticals Holdi call New 107,800 $2.2M
SLDB Solid Biosciences Inc. call New 300,000 $2.1M
RCUS Arcus Biosciences Inc. call New 113,700 $1.7M

Showing the first 50 of 71.

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