Ikarian Capital, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Ikarian Capital, LLC reported 135 stock positions worth $772.6 million. Its top holding was Terns Pharmaceuticals (TERN) at 8.3% of the portfolio, followed by Cidara Therapeutics (CDTX, 7.8%) and Abivax SA-ADR (ABVX, 3.8%). Compared with Q3 2025, it opened 44 new positions, sold out of 25, added to 26 and reduced 60. The biggest buy was Terns Pharmaceuticals (TERN, shares +872%) and the biggest sale an exit from Genmab A/S -SP ADR (GMAB).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001778253
- Portfolio Value
- $772.6M (Q4 2025)
- SEC Filing
- 0001420506-26-000592 ↗ filed Feb 18, 2026
Holdings Value
Holdings 135 stocks · $772.6M
| TERN Terns Pharmaceuticals Inc. | 8.35% | 1,596,378 | $64.5M | Add +872.2% |
| CDTX Cidara Therapeutics Inc. | 7.81% | 273,243 | $60.4M | Reduce -1.6% |
| ABVX Abivax SA-ADR | 3.77% | 205,985 | $29.1M | Reduce -48.0% |
| JAZZ Jazz Pharmaceuticals PLC | 3.53% | 160,367 | $27.3M | Add +106.1% |
| MAZE Maze Therapeutics Inc. | 3.46% | 644,680 | $26.7M | Reduce -13.0% |
| PRAX Praxis Precision Medicines I | 3.30% | 86,581 | $25.5M | Add +203.0% |
| RAPT Rapt Therapeutics Inc. | 2.92% | 665,271 | $22.5M | Add +8.2% |
| KOD Kodiak Sciences Inc. | 2.60% | 719,787 | $20.1M | Add +73.9% |
| OLMA Olema Pharmaceuticals Inc. | 2.46% | 758,654 | $19.0M | New |
| PCVX Vaxcyte Inc. | 2.26% | 378,682 | $17.5M | Add +21.5% |
| CAPR Capricor Therapeutics Inc. | 2.16% | 578,015 | $16.7M | Add +118.4% |
| IONS Ionis Pharmaceuticals Inc. | 2.07% | 202,038 | $16.0M | Reduce -51.3% |
| FULC Fulcrum Therapeutics Inc. | 2.01% | 1,375,472 | $15.6M | Add +6.7% |
| LLY Eli Lilly & Co. | 1.92% | 13,815 | $14.8M | New |
| RLMD Relmada Therapeutics Inc. | 1.92% | 3,068,359 | $14.8M | Add +66.5% |
| AMGN Amgen Inc. | 1.91% | 45,000 | $14.7M | New |
| CTMX Cytomx Therapeutics Inc. | 1.75% | 3,172,616 | $13.5M | Reduce -5.9% |
| PHVS Pharvaris NV | 1.75% | 486,856 | $13.5M | Add +131.7% |
| CNTB Connect Biopharma Holdings L | 1.75% | 4,788,486 | $13.5M | New |
| DRUG Bright Minds Biosciences Inc. | 1.61% | 159,421 | $12.4M | Add +933.1% |
| TENX Tenax Therapeutics Inc. | 1.53% | 967,600 | $11.8M | No change |
| RVMD Revolution Medicines Inc. | 1.42% | 138,142 | $11.0M | New |
| CYTK Cytokinetics Inc. | 1.42% | 172,672 | $11.0M | Reduce -22.5% |
| SPRB Spruce Biosciences Inc. | 1.37% | 121,356 | $10.6M | Add +810.3% |
| CELC Celcuity Inc. | 1.36% | 105,545 | $10.5M | New |
| ANRO Alto Neuroscience Inc. | 1.19% | 515,000 | $9.2M | Add +368.2% |
| PTCT PTC Therapeutics Inc. | 1.17% | 118,657 | $9.0M | Reduce -57.7% |
| HROW Harrow Inc. | 1.16% | 183,347 | $9.0M | New |
| VTYX Ventyx Biosciences Inc. | 1.12% | 958,704 | $8.7M | Reduce -26.8% |
| CGON CG Oncology Inc. | 1.07% | 199,473 | $8.3M | Reduce -20.0% |
| FBRX Forte Biosciences Inc. | 1.06% | 300,000 | $8.2M | No change |
| PTHS Pelthos Therapeutics Inc. | 1.03% | 255,758 | $7.9M | Add +309.5% |
| NBIX Neurocrine Biosciences Inc. | 0.99% | 54,062 | $7.7M | New |
| MLYS Mineralys Therapeutics Inc. | 0.94% | 200,000 | $7.3M | New |
| ACOG Alpha Cognition Inc. | 0.89% | 1,056,259 | $6.9M | Add +11.6% |
| DMRA Damora Therapeutics Inc. filed as GALECTO INC | 0.85% | 285,710 | $6.6M | New |
| IVVD Invivyd Inc. | 0.85% | 2,656,570 | $6.6M | Add +27.8% |
| CORT Corcept Therapeutics Inc. | 0.84% | 185,593 | $6.5M | New |
| NUVL Nuvalent Inc. Class A | 0.78% | 59,594 | $6.0M | New |
| LXEO Lexeo Therapeutics Inc. | 0.66% | 513,011 | $5.1M | Reduce -9.6% |
| LEGN Legend Biotech Corp.-ADR | 0.64% | 226,888 | $4.9M | New |
| JBIO Jade Biosciences Inc. | 0.60% | 300,000 | $4.6M | New |
| EPRX Eupraxia Pharmaceuticals Inc. | 0.60% | 610,000 | $4.6M | New |
| DCTH Delcath Systems Inc. | 0.56% | 431,251 | $4.4M | No change |
| CMPX Compass Therapeutics Inc. | 0.56% | 800,000 | $4.3M | New |
| ADMA Adma Biologics Inc. | 0.55% | 234,854 | $4.3M | Add +46.9% |
| ARVN Arvinas Inc. | 0.55% | 358,257 | $4.2M | Add +58.3% |
| ZURA Zura Bio Ltd. | 0.54% | 802,322 | $4.2M | Reduce -62.4% |
| KPTI Karyopharm Therapeutics Inc. | 0.52% | 544,554 | $4.0M | Add +1897.8% |
| KRYS Krystal Biotech Inc. | 0.47% | 14,814 | $3.7M | Reduce -39.3% |
| TGTX TG Therapeutics Inc. | 0.45% | 117,903 | $3.5M | Reduce -32.6% |
| VIR Vir Biotechnology Inc. | 0.45% | 575,712 | $3.5M | Reduce -3.0% |
| NXTC Nextcure Inc. | 0.44% | 238,303 | $3.4M | New |
| ALEC Alector Inc. | 0.42% | 2,082,606 | $3.2M | Add +174.0% |
| CTNM Contineum Therapeutics Inc. Class A | 0.42% | 282,874 | $3.2M | New |
| SLNO Soleno Therapeutics Inc. | 0.41% | 68,823 | $3.2M | Add +23.0% |
| AGIO Agios Pharmaceuticals Inc. | 0.41% | 115,489 | $3.1M | Reduce -9.1% |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.41% | 240,951 | $3.1M | New |
| QNRX Quoin Pharmaceuticals LT-ADR | 0.40% | 211,538 | $3.1M | New |
| KLRS Kalaris Therapeutics Inc. | 0.39% | 360,000 | $3.0M | New |
| PRQR Proqr Therapeutics NV | 0.39% | 1,492,229 | $3.0M | Add +67.3% |
| PEPG Pepgen Inc. | 0.38% | 447,165 | $2.9M | Reduce -16.6% |
| CMPS Compass Pathways PLC | 0.36% | 400,000 | $2.8M | New |
| BBOT Bridgebio Oncology Therapeut | 0.36% | 220,231 | $2.8M | Reduce -10.2% |
| ERAS Erasca Inc. | 0.35% | 735,396 | $2.7M | New |
| TARS Tarsus Pharmaceuticals Inc. | 0.33% | 31,166 | $2.6M | Reduce -57.7% |
| GUTS Fractyl Health Inc. | 0.31% | 1,100,000 | $2.4M | Reduce -38.9% |
| BHVN Biohaven Ltd. | 0.31% | 212,481 | $2.4M | New |
| IVA Inventiva SA - ADR | 0.30% | 502,601 | $2.3M | New |
| NMRA Neumora Therapeutics Inc. | 0.30% | 1,278,408 | $2.3M | Add +10128.9% |
| CPIX Cumberland Pharmaceuticals | 0.29% | 555,932 | $2.2M | No change |
| QURE Uniqure NV | 0.28% | 91,060 | $2.2M | Add +55.4% |
| DBVT DBV Technologies SA-Spon ADR | 0.27% | 525,000 | $2.1M | New |
| CABA Cabaletta Bio Inc. | 0.26% | 900,000 | $2.0M | New |
| DERM Journey Medical Corp. | 0.25% | 251,436 | $1.9M | New |
| IBIO Ibio Inc. | 0.24% | 957,062 | $1.8M | Add +55.0% |
| APLS Apellis Pharmaceuticals Inc. | 0.23% | 71,747 | $1.8M | Reduce -84.1% |
| SLN Silence Therapeutics PLC-ADR | 0.22% | 865,784 | $1.7M | Reduce -3.9% |
| VSTM Verastem Inc. | 0.21% | 213,865 | $1.7M | New |
| INSM Insmed Inc. | 0.21% | 9,337 | $1.6M | Reduce -32.1% |
| NAMS Newamsterdam Pharma Co. NV | 0.21% | 45,830 | $1.6M | Reduce -57.1% |
| LPCN Lipocine Inc. | 0.21% | 199,542 | $1.6M | New |
| SRZN Surrozen Inc. | 0.19% | 65,788 | $1.5M | New |
| WVE Wave Life Sciences Ltd. | 0.19% | 85,285 | $1.4M | Reduce -11.1% |
| CPRX Catalyst Pharmaceuticals Inc. | 0.17% | 57,388 | $1.3M | Reduce -50.7% |
| LYEL Lyell Immunopharma Inc. | 0.16% | 41,081 | $1.3M | Reduce -6.2% |
| ANNX Annexon Inc. | 0.15% | 230,244 | $1.2M | New |
| HELP Cybin Inc. | 0.14% | 132,153 | $1.1M | Reduce -5.9% |
| STIM Neuronetics Inc. | 0.13% | 701,182 | $968K | Reduce -22.6% |
| SLDB Solid Biosciences Inc. | 0.12% | 160,409 | $905K | Reduce -9.2% |
| LABD Dire DLY SP BT Be 3X ETF-Usd | 0.11% | 40,822 | $860K | Reduce -55.6% |
| IOBTQ Io Biotech Inc. | 0.11% | 1,386,565 | $844K | Reduce -9.1% |
| MIND MEDICINE MINDMED INC | 0.10% | 58,803 | $787K | Reduce -6.2% |
| TRAW Traws Pharma Inc. | 0.10% | 678,142 | $766K | Add +2280.0% |
| PALI Palisade Bio Inc. | 0.08% | 274,978 | $646K | New |
| KZR Kezar Life Sciences Inc. | 0.08% | 102,211 | $643K | Reduce -4.4% |
| KALV Kalvista Pharmaceuticals Inc. | 0.07% | 35,119 | $567K | New |
| AVTX Avalo Therapeutics Inc. | 0.07% | 31,106 | $565K | Reduce -80.5% |
| ABOS Acumen Pharmaceuticals Inc. | 0.07% | 254,312 | $537K | Reduce -4.3% |
| SGMOQ Sangamo Therapeutics Inc. | 0.07% | 1,218,671 | $512K | Reduce -5.9% |
| IMTX Immatics NV | 0.07% | 48,569 | $510K | Reduce -1.7% |
| EQ Equillium Inc. | 0.06% | 303,555 | $471K | Reduce -8.7% |
| OVID Ovid Therapeutics Inc. | 0.05% | 247,558 | $404K | Reduce -77.4% |
| IMUX Immunic Inc. | 0.05% | 674,662 | $360K | Reduce -26.2% |
| EVAX Evaxion A/S | 0.05% | 74,698 | $356K | Reduce -6.6% |
| VTGN Vistagen Therapeutics Inc. | 0.04% | 519,077 | $344K | Reduce -16.4% |
| VKTX Viking Therapeutics Inc. | 0.04% | 9,717 | $342K | Reduce -2.8% |
| GPCR Structure Therapeutics Inc. | 0.04% | 4,824 | $336K | Reduce -97.0% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.04% | 12,671 | $291K | New |
| VERU Veru Inc. | 0.04% | 133,517 | $286K | Reduce -6.3% |
| CNSP CNS Pharmaceuticals Inc. | 0.03% | 45,830 | $241K | New |
| FTH Faeth Therapeutics Inc. filed as SENSEI BIOTHERAPEUTICS INC | 0.03% | 21,351 | $228K | Reduce -5.1% |
| NYXH Nyxoah SA | 0.03% | 47,358 | $218K | Reduce -6.5% |
| VYGR Voyager Therapeutics Inc. | 0.03% | 53,063 | $209K | Reduce -4.8% |
| LXRX Lexicon Pharmaceuticals Inc. | 0.02% | 164,674 | $189K | Reduce -6.7% |
| NEUP Neuphoria Therapeutics Inc. | 0.02% | 47,443 | $184K | New |
| GCTK Glucotrack Inc. | 0.02% | 45,830 | $177K | New |
| VYNE THERAPEUTICS INC | 0.02% | 264,912 | $154K | Reduce -8.7% |
| RNAC Cartesian Therapeutics Inc. | 0.02% | 20,807 | $150K | Reduce -6.1% |
| SHUTTLE PHARMACTCLS HLDGS IN | 0.02% | 68,993 | $124K | New |
| MGNX Macrogenics Inc. | 0.02% | 74,893 | $121K | Reduce -6.5% |
| PMVP PMV Pharmaceuticals Inc. | 0.01% | 89,136 | $111K | Reduce -8.6% |
| PURR Hyperliquid Strategies | 0.01% | 30,001 | $107K | New |
| MGRX Mangoceuticals Inc. | 0.01% | 138,146 | $102K | New |
| CMMB Chemomab Therapeutics Ltd. | 0.01% | 51,793 | $85K | Reduce -2.8% |
| LYRA Lyra Therapeutics Inc. | 0.01% | 21,161 | $65K | No change |
| JSPR Jasper Therapeutics Inc. | 0.01% | 24,093 | $44K | Reduce -4.0% |
| AETHLON MED INC | 0.01% | 14,364 | $40K | New |
| RZLT Rezolute Inc. | 0.01% | 16,479 | $39K | New |
| BIOMX INC | 0.00% | 19,473 | $36K | New |
| AIRS Airsculpt Technologies Inc. | 0.00% | 16,398 | $32K | Reduce -8.7% |
| TOVX Theriva Biologics Inc. | 0.00% | 112,076 | $24K | Reduce -6.6% |
| SYBX Synlogic Inc. | 0.00% | 19,966 | $22K | Reduce -2.2% |
| ANEB Anebulo Pharmaceuticals Inc. | 0.00% | 17,736 | $18K | Reduce -88.8% |
| AUTONOMIX MED INC | 0.00% | 18,688 | $10K | Reduce -6.6% |
Options reported separately and not counted above: XBI puts ($103.6M), CDTX puts ($66.3M), AMGN puts ($65.5M), JAZZ PHARMACEUTICALS PLC calls ($28.9M), HROW calls ($25.0M), SLNO calls ($24.5M), CYTK calls ($18.5M), CRNX puts ($17.2M), ABVX calls ($16.9M), OMER puts ($16.3M), RAPT calls ($9.8M), OMER calls ($9.4M), and 27 more.
Portfolio Sells Q3 2025 → Q4 2025
| GMAB Genmab A/S -SP ADR | Sold out | 0.00% | −10.73 |
| IONS Ionis Pharmaceuticals Inc. | Reduce -51.3% | 2.07% | −3.43 |
| ABVX Abivax SA-ADR | Reduce -48.0% | 3.77% | −2.99 |
| DNTH Dianthus Therapeutics Inc. | Sold out | 0.00% | −2.75 |
| PTCT PTC Therapeutics Inc. | Reduce -57.7% | 1.17% | −2.32 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −1.99 |
| APLS Apellis Pharmaceuticals Inc. | Reduce -84.1% | 0.23% | −1.84 |
| ZURA Zura Bio Ltd. | Reduce -62.4% | 0.54% | −1.32 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −1.10 |
| VRDN Viridian Therapeutics Inc. | Sold out | 0.00% | −1.07 |
| CYTK Cytokinetics Inc. | Reduce -22.5% | 1.42% | −1.06 |
| SNDX Syndax Pharmaceuticals Inc. | Sold out | 0.00% | −1.04 |
| CGON CG Oncology Inc. | Reduce -20.0% | 1.07% | −0.96 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −0.92 |
| GPCR Structure Therapeutics Inc. | Reduce -97.0% | 0.04% | −0.88 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −0.87 |
| TGTX TG Therapeutics Inc. | Reduce -32.6% | 0.45% | −0.82 |
| PVLA Palvella Therapeutics Inc. | Sold out | 0.00% | −0.82 |
| LABD Dire DLY SP BT Be 3X ETF-Usd | Reduce -55.6% | 0.11% | −0.64 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −0.63 |
| AGIO Agios Pharmaceuticals Inc. | Reduce -9.1% | 0.41% | −0.62 |
| UPB Upstream Bio Inc. | Sold out | 0.00% | −0.61 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -57.7% | 0.33% | −0.55 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −0.55 |
| RLAY Relay Therapeutics Inc. | Sold out | 0.00% | −0.49 |
| MAZE Maze Therapeutics Inc. | Reduce -13.0% | 3.46% | −0.43 |
| CTMX Cytomx Therapeutics Inc. | Reduce -5.9% | 1.75% | −0.43 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -57.1% | 0.21% | −0.41 |
| VTGN Vistagen Therapeutics Inc. | Reduce -16.4% | 0.04% | −0.40 |
| KRYS Krystal Biotech Inc. | Reduce -39.3% | 0.47% | −0.40 |
| STIM Neuronetics Inc. | Reduce -22.6% | 0.13% | −0.38 |
| AVTX Avalo Therapeutics Inc. | Reduce -80.5% | 0.07% | −0.34 |
| ANAB Anaptysbio Inc. | Sold out | 0.00% | −0.30 |
| DYN Dyne Therapeutics Inc. | Sold out | 0.00% | −0.29 |
| CPRX Catalyst Pharmaceuticals Inc. | Reduce -50.7% | 0.17% | −0.29 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.27 |
| GUTS Fractyl Health Inc. | Reduce -38.9% | 0.31% | −0.27 |
| ZYME Zymeworks Inc. | Sold out | 0.00% | −0.25 |
| VIR Vir Biotechnology Inc. | Reduce -3.0% | 0.45% | −0.24 |
| OVID Ovid Therapeutics Inc. | Reduce -77.4% | 0.05% | −0.24 |
| BBOT Bridgebio Oncology Therapeut | Reduce -10.2% | 0.36% | −0.22 |
| IFRX Inflarx NV | Sold out | 0.00% | −0.20 |
| INSM Insmed Inc. | Reduce -32.1% | 0.21% | −0.19 |
| MBX MBX Biosciences Inc. | Sold out | 0.00% | −0.17 |
| PRME Prime Medicine Inc. | Sold out | 0.00% | −0.17 |
| SONN Sonnet Biotherapeutics Holdi | Sold out | 0.00% | −0.14 |
| PEPG Pepgen Inc. | Reduce -16.6% | 0.38% | −0.12 |
| IMUX Immunic Inc. | Reduce -26.2% | 0.05% | −0.12 |
| SGMOQ Sangamo Therapeutics Inc. | Reduce -5.9% | 0.07% | −0.11 |
| SLDB Solid Biosciences Inc. | Reduce -9.2% | 0.12% | −0.10 |
Portfolio Buys Q3 2025 → Q4 2025
| TERN Terns Pharmaceuticals Inc. | Add +872.2% | 8.35% | +8.10 |
| PRAX Praxis Precision Medicines I | Add +203.0% | 3.30% | +3.00 |
| OLMA Olema Pharmaceuticals Inc. | New | 2.46% | +2.46 |
| LLY Eli Lilly & Co. | New | 1.92% | +1.92 |
| AMGN Amgen Inc. | New | 1.91% | +1.91 |
| CAPR Capricor Therapeutics Inc. | Add +118.4% | 2.16% | +1.77 |
| CNTB Connect Biopharma Holdings L | New | 1.75% | +1.75 |
| JAZZ Jazz Pharmaceuticals PLC | Add +106.1% | 3.53% | +1.45 |
| RVMD Revolution Medicines Inc. | New | 1.42% | +1.42 |
| DRUG Bright Minds Biosciences Inc. | Add +933.1% | 1.61% | +1.42 |
| CELC Celcuity Inc. | New | 1.36% | +1.36 |
| SPRB Spruce Biosciences Inc. | Add +810.3% | 1.37% | +1.34 |
| KOD Kodiak Sciences Inc. | Add +73.9% | 2.60% | +1.23 |
| RLMD Relmada Therapeutics Inc. | Add +66.5% | 1.92% | +1.17 |
| HROW Harrow Inc. | New | 1.16% | +1.16 |
| ANRO Alto Neuroscience Inc. | Add +368.2% | 1.19% | +1.10 |
| NBIX Neurocrine Biosciences Inc. | New | 0.99% | +0.99 |
| MLYS Mineralys Therapeutics Inc. | New | 0.94% | +0.94 |
| DMRA Damora Therapeutics Inc. | New | 0.85% | +0.85 |
| CORT Corcept Therapeutics Inc. | New | 0.84% | +0.84 |
| NUVL Nuvalent Inc. Class A | New | 0.78% | +0.78 |
| PHVS Pharvaris NV | Add +131.7% | 1.75% | +0.69 |
| PTHS Pelthos Therapeutics Inc. | Add +309.5% | 1.03% | +0.67 |
| LEGN Legend Biotech Corp.-ADR | New | 0.64% | +0.64 |
| JBIO Jade Biosciences Inc. | New | 0.60% | +0.60 |
| EPRX Eupraxia Pharmaceuticals Inc. | New | 0.60% | +0.60 |
| CMPX Compass Therapeutics Inc. | New | 0.56% | +0.56 |
| KPTI Karyopharm Therapeutics Inc. | Add +1897.8% | 0.52% | +0.48 |
| NXTC Nextcure Inc. | New | 0.44% | +0.44 |
| CTNM Contineum Therapeutics Inc. Class A | New | 0.42% | +0.42 |
| FRNM Freenome Inc. | New | 0.41% | +0.41 |
| QNRX Quoin Pharmaceuticals LT-ADR | New | 0.40% | +0.40 |
| KLRS Kalaris Therapeutics Inc. | New | 0.39% | +0.39 |
| IVVD Invivyd Inc. | Add +27.8% | 0.85% | +0.39 |
| CMPS Compass Pathways PLC | New | 0.36% | +0.36 |
| ERAS Erasca Inc. | New | 0.35% | +0.35 |
| BHVN Biohaven Ltd. | New | 0.31% | +0.31 |
| IVA Inventiva SA - ADR | New | 0.30% | +0.30 |
| NMRA Neumora Therapeutics Inc. | Add +10128.9% | 0.30% | +0.29 |
| DBVT DBV Technologies SA-Spon ADR | New | 0.27% | +0.27 |
| CABA Cabaletta Bio Inc. | New | 0.26% | +0.26 |
| DERM Journey Medical Corp. | New | 0.25% | +0.25 |
| VSTM Verastem Inc. | New | 0.21% | +0.21 |
| LPCN Lipocine Inc. | New | 0.21% | +0.21 |
| SRZN Surrozen Inc. | New | 0.19% | +0.19 |
| ARVN Arvinas Inc. | Add +58.3% | 0.55% | +0.16 |
| ANNX Annexon Inc. | New | 0.15% | +0.15 |
| IBIO Ibio Inc. | Add +55.0% | 0.24% | +0.14 |
| TRAW Traws Pharma Inc. | Add +2280.0% | 0.10% | +0.09 |
| PALI Palisade Bio Inc. | New | 0.08% | +0.08 |
Options Activity Q3 2025 → Q4 2025
| XBI SS SPDR S&P Biotech ETF | put | Add +13.3% | 850,000 | $103.6M |
| UTHR United Therapeutics Corp. | put | Sold out | 209,800 | $88.0Mbefore exit |
| CDTX Cidara Therapeutics Inc. | put | New | 300,000 | $66.3M |
| AMGN Amgen Inc. | put | New | 200,000 | $65.5M |
| BMY Bristol-Myers Squibb Co. | put | Sold out | 800,000 | $36.1Mbefore exit |
| JAZZ PHARMACEUTICALS PLC | call | Add +140.4% | 170,000 | $28.9M |
| HROW Harrow Inc. | call | Add +75.9% | 509,700 | $25.0M |
| SLNO Soleno Therapeutics Inc. | call | Add +200.3% | 528,900 | $24.5M |
| SRRK Scholar Rock Holding Corp. | call | Sold out | 561,600 | $20.9Mbefore exit |
| CYTK Cytokinetics Inc. | call | Add +162.3% | 290,900 | $18.5M |
| CRNX Crinetics Pharmaceuticals Inc. | put | New | 368,500 | $17.2M |
| ABVX Abivax SA-ADR | call | New | 125,100 | $16.9M |
| OMER Omeros Corp. | put | New | 950,000 | $16.3M |
| INSM Insmed Inc. | put | Sold out | 100,000 | $14.4Mbefore exit |
| PTCT PTC Therapeutics Inc. | call | Sold out | 213,000 | $13.1Mbefore exit |
| BIOHAVEN LTD | call | Sold out | 796,400 | $12.0Mbefore exit |
| CRNX Crinetics Pharmaceuticals Inc. | call | Sold out | 257,700 | $10.7Mbefore exit |
| RAPT Rapt Therapeutics Inc. | call | Add +65.7% | 290,000 | $9.8M |
| OMER Omeros Corp. | call | New | 550,000 | $9.4M |
| DXCM Dexcom Inc. | call | New | 137,500 | $9.1M |
| NVO Novo-Nordisk A/S-Spons ADR | call | Sold out | 150,000 | $8.3Mbefore exit |
| CORT Corcept Therapeutics Inc. | put | New | 236,700 | $8.2M |
| APLS Apellis Pharmaceuticals Inc. | call | Reduce -9.1% | 325,600 | $8.2M |
| IONS Ionis Pharmaceuticals Inc. | call | Add +611.3% | 94,600 | $7.5M |
| CNTA Centessa Pharmaceuticals Ltd. | call | Sold out | 307,700 | $7.5Mbefore exit |
| NBIX Neurocrine Biosciences Inc. | call | New | 51,000 | $7.2M |
| ANIP Ani Pharmaceuticals Inc. | call | New | 82,800 | $6.5M |
| RARE Ultragenyx Pharmaceutical Inc. | put | Add +175.5% | 255,100 | $5.9M |
| RARE Ultragenyx Pharmaceutical Inc. | call | New | 250,000 | $5.8M |
| CORT Corcept Therapeutics Inc. | call | New | 163,800 | $5.7M |
| SPRY Ars Pharmaceuticals Inc. | call | Sold out | 562,400 | $5.7Mbefore exit |
| PRAX Praxis Precision Medicines I | call | Sold out | 100,000 | $5.3Mbefore exit |
| OLMA Olema Pharmaceuticals Inc. | call | New | 200,000 | $5.0M |
| ANAB Anaptysbio Inc. | call | Sold out | 161,100 | $4.9Mbefore exit |
| ANAB Anaptysbio Inc. | put | Sold out | 161,100 | $4.9Mbefore exit |
| KALV Kalvista Pharmaceuticals Inc. | call | Sold out | 400,000 | $4.9Mbefore exit |
| LQDA Liquidia Corp. | call | Sold out | 200,000 | $4.5Mbefore exit |
| MTSR Metsera Inc. | put | Sold out | 86,000 | $4.5Mbefore exit |
| MTSR Metsera Inc. | call | Sold out | 86,000 | $4.5Mbefore exit |
| MLTX Moonlake Immunotherapeutics | call | Sold out | 612,200 | $4.4Mbefore exit |
| ARCT Arcturus Therapeutics Holdin | call | Sold out | 227,200 | $4.2Mbefore exit |
| TEVA Teva Pharmaceutical-SP ADR | call | Sold out | 200,000 | $4.0Mbefore exit |
| ALT Altimmune Inc. | call | Sold out | 1,000,000 | $3.8Mbefore exit |
| AGIO Agios Pharmaceuticals Inc. | call | Reduce -8.5% | 137,200 | $3.7M |
| SRRK Scholar Rock Holding Corp. | put | Sold out | 96,200 | $3.6Mbefore exit |
| MBX MBX Biosciences Inc. | put | Sold out | 200,000 | $3.5Mbefore exit |
| MBX MBX Biosciences Inc. | call | Sold out | 200,000 | $3.5Mbefore exit |
| SLNO Soleno Therapeutics Inc. | put | Sold out | 50,000 | $3.4Mbefore exit |
| AQST Aquestive Therapeutics Inc. | put | New | 500,000 | $3.2M |
| MLTX Moonlake Immunotherapeutics | put | Sold out | 450,000 | $3.2Mbefore exit |
Showing the first 50 of 76.
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 126 | $610.9M | ABVX, KOD, ALMS, PRAX, PCVX |
| Q1 2026 | 127 | $699.0M | TERN, KOD, ALMS, PCVX, PRAX |
| Q4 2025 | 135 | $772.6M | TERN, CDTX, ABVX, JAZZ, MAZE |
| Q3 2025 | 116 | $494.3M | GMAB, ABVX, IONS, CDTX, MAZE |
| Q2 2025 | 103 | $302.2M | CDTX, ALNY, INSM, VRNA, CRNX |
| Q1 2025 | 116 | $306.9M | TARS, CRNX, SPY, SRPT, BPMC |
| Q4 2024 | 122 | $350.2M | TARS, CRNX, SRRK, BPMC, FBRX |
| Q3 2024 | 96 | $322.0M | TARS, CRNX, ELVN, RCUS, VRDN |
| Q2 2024 | 85 | $320.5M | SRPT, CRNX, TARS, SLNO, CRBP |
| Q1 2024Amended | 82 | $367.7M | CRNX, TARS, SLNO, CRBP, SRPT |