Ikarian Capital, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Ikarian Capital, LLC reported 116 stock positions worth $494.3 million. Its top holding was Genmab A/S -SP ADR (GMAB) at 10.7% of the portfolio, followed by Abivax SA-ADR (ABVX, 6.8%) and Ionis Pharmaceuticals (IONS, 5.5%). Compared with Q2 2025, it opened 36 new positions, sold out of 23, added to 23 and reduced 29. The biggest buy was a new position in Genmab A/S -SP ADR (GMAB) and the biggest sale an exit from Alnylam Pharmaceuticals (ALNY).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001778253
Portfolio Value
$494.3M (Q3 2025)
SEC Filing
0001420506-25-003413 ↗ filed Nov 14, 2025

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 Q3 2024 Q4 2024: $350.2M Q4 2024 Q1 2025: $306.9M Q1 2025 Q2 2025: $302.2M Q2 2025 Q3 2025: $494.3M $494.3M Q3 2025 Q4 2025: $772.6M Q4 2025 Q1 2026: $699.0M Q1 2026 Q2 2026: $610.9M Q2 2026

Holdings 116 stocks · $494.3M
GMAB Genmab A/S -SP ADR 10.73% 175,000 $53.0M New
ABVX Abivax SA-ADR 6.76% 396,098 $33.4M New
IONS Ionis Pharmaceuticals Inc. 5.49% 415,163 $27.2M New
CDTX Cidara Therapeutics Inc. 5.38% 277,704 $26.6M Reduce -40.2%
MAZE Maze Therapeutics Inc. 3.89% 740,825 $19.2M Add +182.0%
PTCT PTC Therapeutics Inc. 3.48% 280,551 $17.2M New
RAPT Rapt Therapeutics Inc. 3.21% 615,000 $15.9M New
DNTH Dianthus Therapeutics Inc. 2.75% 346,001 $13.6M New
CYTK Cytokinetics Inc. 2.48% 222,674 $12.2M Reduce -4.6%
FULC Fulcrum Therapeutics Inc. 2.40% 1,289,225 $11.9M Add +200.8%
PCVX Vaxcyte Inc. 2.27% 311,682 $11.2M Add +2.2%
CTMX Cytomx Therapeutics Inc. 2.18% 3,372,616 $10.8M New
JAZZ Jazz Pharmaceuticals PLC 2.07% 77,800 $10.3M Add +94.5%
APLS Apellis Pharmaceuticals Inc. 2.07% 451,902 $10.2M Add +502.5%
CGON CG Oncology Inc. 2.03% 249,473 $10.0M Add +61.0%
AKRO Akero Therapeutics Inc. 1.99% 206,854 $9.8M Reduce -6.0%
ZURA Zura Bio Ltd. 1.87% 2,132,322 $9.2M New
TENX Tenax Therapeutics Inc. 1.49% 967,600 $7.4M New
KOD Kodiak Sciences Inc. 1.37% 413,841 $6.8M Reduce -31.0%
TGTX TG Therapeutics Inc. 1.28% 174,959 $6.3M Reduce -16.7%
ACOG Alpha Cognition Inc. 1.25% 946,259 $6.2M Add +3.1%
CRNX Crinetics Pharmaceuticals Inc. 1.10% 130,902 $5.5M Reduce -69.8%
VRDN Viridian Therapeutics Inc. 1.07% 245,518 $5.3M Reduce -47.8%
PHVS Pharvaris NV 1.06% 210,165 $5.2M New
SNDX Syndax Pharmaceuticals Inc. 1.04% 333,733 $5.1M New
AGIO Agios Pharmaceuticals Inc. 1.03% 126,979 $5.1M New
DCTH Delcath Systems Inc. 0.94% 431,251 $4.6M Add +33.8%
GPCR Structure Therapeutics Inc. 0.92% 163,237 $4.6M Reduce -10.8%
TVTX Travere Therapeutics Inc. 0.92% 190,781 $4.6M New
FBRX Forte Biosciences Inc. 0.91% 300,000 $4.5M Reduce -37.0%
TARS Tarsus Pharmaceuticals Inc. 0.89% 73,619 $4.4M Reduce -62.5%
KRYS Krystal Biotech Inc. 0.87% 24,421 $4.3M New
ARGX Argenx SE - ADR 0.87% 5,942 $4.3M New
VTYX Ventyx Biosciences Inc. 0.82% 1,309,604 $4.1M Add +35.4%
PVLA Palvella Therapeutics Inc. 0.82% 64,746 $4.1M New
SLNO Soleno Therapeutics Inc. 0.77% 55,946 $3.8M New
LXEO Lexeo Therapeutics Inc. 0.76% 567,601 $3.8M Add +3.2%
LABD Dire DLY SP BT Be 3X ETF-Usd 0.75% 91,959 $3.7M New
RLMD Relmada Therapeutics Inc. 0.75% 1,843,060 $3.7M Add +4476.8%
QURE Uniqure NV 0.69% 58,610 $3.4M Reduce -51.1%
VIR Vir Biotechnology Inc. 0.69% 593,374 $3.4M Reduce -44.4%
MLTX Moonlake Immunotherapeutics 0.63% 435,839 $3.1M New
NAMS Newamsterdam Pharma Co. NV 0.61% 106,800 $3.0M Reduce -48.4%
UPB Upstream Bio Inc. 0.61% 161,113 $3.0M New
GUTS Fractyl Health Inc. 0.58% 1,800,000 $2.9M New
BBOT Bridgebio Oncology Therapeut 0.57% 245,231 $2.8M New
BBIO Bridgebio Pharma Inc. 0.55% 51,967 $2.7M New
PEPG Pepgen Inc. 0.50% 535,967 $2.5M Add +257.3%
STIM Neuronetics Inc. 0.50% 905,716 $2.5M Reduce -17.6%
RLAY Relay Therapeutics Inc. 0.49% 467,362 $2.4M Reduce -37.1%
ADMA Adma Biologics Inc. 0.47% 159,854 $2.3M New
CPRX Catalyst Pharmaceuticals Inc. 0.46% 116,388 $2.3M Reduce -44.5%
IVVD Invivyd Inc. 0.46% 2,078,706 $2.3M New
ALEC Alector Inc. 0.46% 760,000 $2.2M Reduce -15.6%
VTGN Vistagen Therapeutics Inc. 0.45% 620,869 $2.2M Add +3.2%
AVTX Avalo Therapeutics Inc. 0.41% 159,777 $2.0M Add +352.6%
INSM Insmed Inc. 0.40% 13,751 $2.0M Reduce -91.6%
ARVN Arvinas Inc. 0.39% 226,257 $1.9M Reduce -73.4%
CAPR Capricor Therapeutics Inc. 0.39% 264,642 $1.9M New
PRQR Proqr Therapeutics NV 0.38% 892,229 $1.9M Add +2.8%
PTHS Pelthos Therapeutics Inc. 0.35% 62,451 $1.7M New
CPIX Cumberland Pharmaceuticals 0.35% 555,932 $1.7M Reduce -6.7%
PRAX Praxis Precision Medicines I 0.31% 28,571 $1.5M Reduce -89.7%
ANAB Anaptysbio Inc. 0.30% 48,410 $1.5M Add +209.1%
DYN Dyne Therapeutics Inc. 0.29% 113,837 $1.4M Reduce -68.7%
OVID Ovid Therapeutics Inc. 0.29% 1,095,574 $1.4M New
JANX Janux Therapeutics Inc. 0.27% 54,691 $1.3M Reduce -57.8%
SLN Silence Therapeutics PLC-ADR 0.26% 900,784 $1.3M Add +3.1%
ZYME Zymeworks Inc. 0.25% 72,787 $1.2M Add +191.2%
TERN Terns Pharmaceuticals Inc. 0.25% 164,202 $1.2M Add +180.7%
SLDB Solid Biosciences Inc. 0.22% 176,690 $1.1M New
IFRX Inflarx NV 0.20% 722,066 $968K Add +2.4%
DRUG Bright Minds Biosciences Inc. 0.19% 15,431 $936K Reduce -76.4%
SGMOQ Sangamo Therapeutics Inc. 0.18% 1,294,652 $872K Add +2.7%
MBX MBX Biosciences Inc. 0.17% 48,071 $841K New
PRME Prime Medicine Inc. 0.17% 150,000 $831K New
HELP Cybin Inc. 0.17% 140,475 $827K No change
IMUX Immunic Inc. 0.16% 914,170 $806K No change
MIND MEDICINE MINDMED INC 0.15% 62,691 $739K No change
LYEL Lyell Immunopharma Inc. 0.14% 43,799 $711K No change
WVE Wave Life Sciences Ltd. 0.14% 95,955 $702K Reduce -40.5%
SONN Sonnet Biotherapeutics Holdi 0.14% 150,000 $687K New
IOBTQ Io Biotech Inc. 0.11% 1,525,893 $554K New
VERU Veru Inc. 0.11% 142,523 $542K No change
IBIO Ibio Inc. 0.10% 617,327 $511K Add +2.9%
EQ Equillium Inc. 0.10% 332,297 $475K New
ABOS Acumen Pharmaceuticals Inc. 0.09% 265,769 $454K No change
ANRO Alto Neuroscience Inc. 0.09% 110,000 $442K No change
IMTX Immatics NV 0.09% 49,396 $421K No change
KZR Kezar Life Sciences Inc. 0.08% 106,901 $417K No change
ANEB Anebulo Pharmaceuticals Inc. 0.08% 157,720 $394K No change
EVAX Evaxion A/S 0.06% 80,000 $301K No change
VKTX Viking Therapeutics Inc. 0.05% 10,000 $263K Reduce -90.0%
VYGR Voyager Therapeutics Inc. 0.05% 55,766 $260K No change
LXRX Lexicon Pharmaceuticals Inc. 0.05% 176,479 $238K No change
NYXH Nyxoah SA 0.05% 50,627 $233K No change
RNAC Cartesian Therapeutics Inc. 0.05% 22,166 $227K No change
FTH Faeth Therapeutics Inc. filed as SENSEI BIOTHERAPEUTICS INC 0.04% 22,497 $213K No change
BIOMX INC 0.04% 392,976 $206K Reduce -56.0%
ARCT Arcturus Therapeutics Holdin 0.04% 10,721 $198K Reduce -93.9%

Show all 116 holdings

Options reported separately and not counted above: UTHR puts ($88.0M), XBI puts ($75.2M), BMY puts ($36.1M), UNIQURE NV calls ($31.3M), SRRK calls ($20.9M), INSM puts ($14.4M), INSM calls ($14.4M), HROW calls ($14.0M), PTCT calls ($13.1M), BIOHAVEN LTD calls ($12.0M), SLNO calls ($11.9M), CRNX calls ($10.7M), and 41 more.

Portfolio Sells Q2 2025 → Q3 2025
ALNY Alnylam Pharmaceuticals Inc. Sold out 0.00% −6.11
INSM Insmed Inc. Reduce -91.6% 0.40% −5.05
VRNA Verona Pharma Ltd. Sold out 0.00% −4.59
PRAX Praxis Precision Medicines I Reduce -89.7% 0.31% −3.55
APGE Apogee Therapeutics Inc. Sold out 0.00% −3.33
CRNX Crinetics Pharmaceuticals Inc. Reduce -69.8% 1.10% −3.02
SRPT Sarepta Therapeutics Inc. Sold out 0.00% −2.54
COGT Cogent Biosciences Inc. Reduce -98.9% 0.03% −2.43
CDTX Cidara Therapeutics Inc. Reduce -40.2% 5.38% −2.11
AKRO Akero Therapeutics Inc. Reduce -6.0% 1.99% −1.90
TARS Tarsus Pharmaceuticals Inc. Reduce -62.5% 0.89% −1.75
ARVN Arvinas Inc. Reduce -73.4% 0.39% −1.68
TGTX TG Therapeutics Inc. Reduce -16.7% 1.28% −1.22
FBRX Forte Biosciences Inc. Reduce -37.0% 0.91% −1.13
VRDN Viridian Therapeutics Inc. Reduce -47.8% 1.07% −1.10
VIR Vir Biotechnology Inc. Reduce -44.4% 0.69% −1.10
TECX Tectonic Therapeutic Inc. Sold out 0.00% −1.08
CPRX Catalyst Pharmaceuticals Inc. Reduce -44.5% 0.46% −1.04
ELDN Eledon Pharmaceuticals Inc. Sold out 0.00% −0.90
BIIB Biogen Inc. Sold out 0.00% −0.89
DYN Dyne Therapeutics Inc. Reduce -68.7% 0.29% −0.85
VKTX Viking Therapeutics Inc. Reduce -90.0% 0.05% −0.82
STIM Neuronetics Inc. Reduce -17.6% 0.50% −0.77
GERN Geron Corp. Sold out 0.00% −0.75
KALV Kalvista Pharmaceuticals Inc. Sold out 0.00% −0.74
MTSR Metsera Inc. Sold out 0.00% −0.73
JANX Janux Therapeutics Inc. Reduce -57.8% 0.27% −0.72
ARCT Arcturus Therapeutics Holdin Reduce -93.9% 0.04% −0.71
NAMS Newamsterdam Pharma Co. NV Reduce -48.4% 0.61% −0.62
SRRK Scholar Rock Holding Corp. Sold out 0.00% −0.58
RCUS Arcus Biosciences Inc. Sold out 0.00% −0.44
NUVB Nuvation Bio Inc. Sold out 0.00% −0.40
DRUG Bright Minds Biosciences Inc. Reduce -76.4% 0.19% −0.38
TRML Tourmaline Bio Inc. Sold out 0.00% −0.36
RLAY Relay Therapeutics Inc. Reduce -37.1% 0.49% −0.36
GPCR Structure Therapeutics Inc. Reduce -10.8% 0.92% −0.33
CPIX Cumberland Pharmaceuticals Reduce -6.7% 0.35% −0.31
ORKA Oruka Therapeutics Inc. Sold out 0.00% −0.25
IBB iShares Biotechnology ETF Sold out 0.00% −0.24
WVE Wave Life Sciences Ltd. Reduce -40.5% 0.14% −0.20
INBX Inhibrx Biosciences Inc. Sold out 0.00% −0.20
VERA Vera Therapeutics Inc. Sold out 0.00% −0.11
BIOMX INC Reduce -56.0% 0.04% −0.09
VIGL Vigil Neuroscience Inc. Sold out 0.00% −0.08
CYTK Cytokinetics Inc. Reduce -4.6% 2.48% −0.08
SGMT Sagimet Biosciences Inc. Class A Sold out 0.00% −0.03
SPRB Spruce Biosciences Inc. Sold out 0.00% −0.02
TKNO Alpha Teknova Inc. Sold out 0.00% −0.02
HOOK Hookipa Pharma Inc. Sold out 0.00% −0.02
ALEC Alector Inc. Reduce -15.6% 0.46% +0.04

Portfolio Buys Q2 2025 → Q3 2025
GMAB Genmab A/S -SP ADR New 10.73% +10.73
ABVX Abivax SA-ADR New 6.76% +6.76
IONS Ionis Pharmaceuticals Inc. New 5.49% +5.49
PTCT PTC Therapeutics Inc. New 3.48% +3.48
RAPT Rapt Therapeutics Inc. New 3.21% +3.21
MAZE Maze Therapeutics Inc. Add +182.0% 3.89% +2.82
DNTH Dianthus Therapeutics Inc. New 2.75% +2.75
CTMX Cytomx Therapeutics Inc. New 2.18% +2.18
ZURA Zura Bio Ltd. New 1.87% +1.87
APLS Apellis Pharmaceuticals Inc. Add +502.5% 2.07% +1.64
TENX Tenax Therapeutics Inc. New 1.49% +1.49
FULC Fulcrum Therapeutics Inc. Add +200.8% 2.40% +1.42
PHVS Pharvaris NV New 1.06% +1.06
SNDX Syndax Pharmaceuticals Inc. New 1.04% +1.04
AGIO Agios Pharmaceuticals Inc. New 1.03% +1.03
TVTX Travere Therapeutics Inc. New 0.92% +0.92
KRYS Krystal Biotech Inc. New 0.87% +0.87
ARGX Argenx SE - ADR New 0.87% +0.87
PVLA Palvella Therapeutics Inc. New 0.82% +0.82
SLNO Soleno Therapeutics Inc. New 0.77% +0.77
LABD Dire DLY SP BT Be 3X ETF-Usd New 0.75% +0.75
RLMD Relmada Therapeutics Inc. Add +4476.8% 0.75% +0.74
CGON CG Oncology Inc. Add +61.0% 2.03% +0.70
JAZZ Jazz Pharmaceuticals PLC Add +94.5% 2.07% +0.67
MLTX Moonlake Immunotherapeutics New 0.63% +0.63
UPB Upstream Bio Inc. New 0.61% +0.61
GUTS Fractyl Health Inc. New 0.58% +0.58
BBOT Bridgebio Oncology Therapeut New 0.57% +0.57
BBIO Bridgebio Pharma Inc. New 0.55% +0.55
ADMA Adma Biologics Inc. New 0.47% +0.47
IVVD Invivyd Inc. New 0.46% +0.46
PEPG Pepgen Inc. Add +257.3% 0.50% +0.45
CAPR Capricor Therapeutics Inc. New 0.39% +0.39
PTHS Pelthos Therapeutics Inc. New 0.35% +0.35
AVTX Avalo Therapeutics Inc. Add +352.6% 0.41% +0.35
OVID Ovid Therapeutics Inc. New 0.29% +0.29
SLDB Solid Biosciences Inc. New 0.22% +0.22
ANAB Anaptysbio Inc. Add +209.1% 0.30% +0.18
TERN Terns Pharmaceuticals Inc. Add +180.7% 0.25% +0.18
MBX MBX Biosciences Inc. New 0.17% +0.17
PRME Prime Medicine Inc. New 0.17% +0.17
ZYME Zymeworks Inc. Add +191.2% 0.25% +0.15
SONN Sonnet Biotherapeutics Holdi New 0.14% +0.14
VTYX Ventyx Biosciences Inc. Add +35.4% 0.82% +0.14
IOBTQ Io Biotech Inc. New 0.11% +0.11
EQ Equillium Inc. New 0.10% +0.10
VTGN Vistagen Therapeutics Inc. Add +3.2% 0.45% +0.05
LXEO Lexeo Therapeutics Inc. Add +3.2% 0.76% +0.03
PMVP PMV Pharmaceuticals Inc. New 0.03% +0.03
SPRB Spruce Biosciences Inc. New 0.02% +0.02

Options Activity Q2 2025 → Q3 2025
UTHR United Therapeutics Corp. put New 209,800 $88.0M
XBI SS SPDR S&P Biotech ETF put New 750,000 $75.2M
BMY Bristol-Myers Squibb Co. put New 800,000 $36.1M
UNIQURE NV call Reduce -33.0% 535,600 $31.3M
CDTX Cidara Therapeutics Inc. put Sold out 501,600 $24.4Mbefore exit
SRRK Scholar Rock Holding Corp. call Add +461.6% 561,600 $20.9M
RARE Ultragenyx Pharmaceutical Inc. call Sold out 563,100 $20.5Mbefore exit
CDTX Cidara Therapeutics Inc. call Sold out 321,000 $15.6Mbefore exit
INSM Insmed Inc. put New 100,000 $14.4M
INSM Insmed Inc. call New 100,000 $14.4M
HROW Harrow Inc. call New 289,700 $14.0M
PTCT PTC Therapeutics Inc. call New 213,000 $13.1M
BIOHAVEN LTD call Add +165.5% 796,400 $12.0M
SLNO Soleno Therapeutics Inc. call Reduce -11.9% 176,100 $11.9M
CRNX Crinetics Pharmaceuticals Inc. call New 257,700 $10.7M
JAZZ PHARMACEUTICALS PLC call New 70,700 $9.3M
VKTX Viking Therapeutics Inc. call Sold out 350,000 $9.3Mbefore exit
NVO Novo-Nordisk A/S-Spons ADR call New 150,000 $8.3M
APLS Apellis Pharmaceuticals Inc. call New 358,000 $8.1M
CNTA Centessa Pharmaceuticals Ltd. call Add +53.9% 307,700 $7.5M
CYTK Cytokinetics Inc. call Reduce -26.1% 110,900 $6.1M
AGIO Agios Pharmaceuticals Inc. call New 150,000 $6.0M
SPRY Ars Pharmaceuticals Inc. call New 562,400 $5.7M
PRAX Praxis Precision Medicines I call Reduce -58.8% 100,000 $5.3M
TVTX Travere Therapeutics Inc. call New 214,500 $5.1M
ANAB Anaptysbio Inc. call New 161,100 $4.9M
ANAB Anaptysbio Inc. put New 161,100 $4.9M
LQDA Liquidia Corp. call New 200,000 $4.5M
RAPT Rapt Therapeutics Inc. call New 175,000 $4.5M
MTSR Metsera Inc. call New 86,000 $4.5M
MTSR Metsera Inc. put New 86,000 $4.5M
RVMD Revolution Medicines Inc. call New 95,000 $4.4M
MLTX Moonlake Immunotherapeutics call Add +547.8% 612,200 $4.4M
ARCT Arcturus Therapeutics Holdin call New 227,200 $4.2M
ALT Altimmune Inc. call Add +20.9% 1,000,000 $3.8M
FULC Fulcrum Therapeutics Inc. call Sold out 534,000 $3.7Mbefore exit
VERA Vera Therapeutics Inc. call Sold out 153,200 $3.6Mbefore exit
SRRK Scholar Rock Holding Corp. put New 96,200 $3.6M
MBX MBX Biosciences Inc. call New 200,000 $3.5M
MBX MBX Biosciences Inc. put New 200,000 $3.5M
APGE Apogee Therapeutics Inc. put Sold out 79,100 $3.4Mbefore exit
SLNO Soleno Therapeutics Inc. put Reduce -75.0% 50,000 $3.4M
MLTX Moonlake Immunotherapeutics put Add +131.4% 450,000 $3.2M
SLDB Solid Biosciences Inc. call New 468,000 $2.9M
RARE Ultragenyx Pharmaceutical Inc. put Reduce -69.1% 92,600 $2.8M
SRPT Sarepta Therapeutics Inc. call Reduce -58.8% 137,000 $2.6M
CMPS Compass Pathways PLC call New 400,000 $2.3M
AKRO Akero Therapeutics Inc. call Reduce -6.3% 41,600 $2.0M
COGT Cogent Biosciences Inc. call Sold out 262,600 $1.9Mbefore exit
LRMR Larimar Therapeutics Inc. call New 548,400 $1.8M

Showing the first 50 of 62.

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