Ikarian Capital, LLC

CIK 0001778253 • 6 13F filings • May 15, 2025 – Aug 14, 2026

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Filer information

Filed by: Ikarian Capital, LLC, CHIEF COMPLIANCE OFFICER
Address: 100 CRESCENT COURT, SUITE 1620, DALLAS, TX, 75201
Phone: 214-276-0670
AUM: $1.28B

AUM over time

$928.2M latest

Sector allocation over time

Past 5 quarters

Q4 2025

Q3 2025

Q2 2026

Q2 2025

Q1 2026

HealthcareEnergyOther

Holdings by filing

Portfolio value: $1.28B148 positionsView on SEC.gov

			% of Portfolio
ABIVAX SA	SPONSORED ADS	$46.0M	3.6%Prev: 3.4%	331,085 SH	Increased-65,013 SH
ACUMEN PHARMACEUTICALS INC	COM	$537K	0.0%Prev: 0.0%	254,312 SH	Increased-11,457 SH
ADMA BIOLOGICS INC	COM	$4.3M	0.3%Prev: 0.2%	234,854 SH	Increased+75,000 SH
AETHLON MED INC	COM NEW	$40K	0.0%Prev: 0.0%	14,364 SH	Decreased-139,295 SH
AGIOS PHARMACEUTICALS INC	COM	$6.9M	0.5%Prev: 1.1%	252,689 SH	Decreased-24,290 SH
AIRSCULPT TECHNOLOGIES INC	COM	$32K	0.0%Prev: 0.0%	16,398 SH	Decreased-1,553 SH
ALECTOR INC	COM	$3.2M	0.3%Prev: 0.2%	2,082,606 SH	Increased+1,322,606 SH
ALPHA COGNITION INC	COM NEW	$6.9M	0.5%Prev: 0.6%	1,056,259 SH	Increased+110,000 SH
ALTO NEUROSCIENCE INC	COM SHS	$9.2M	0.7%Prev: 0.0%	515,000 SH	Increased+405,000 SH
ALUMIS INC	COM	$2.1M	0.2%	211,100 SH	New
AMGEN INC	COM	$80.2M	6.3%	245,000 SH	New
ANEBULO PHARMACEUTICALS INC	COM	$18K	0.0%Prev: 0.0%	17,736 SH	Decreased-139,984 SH
ANI PHARMACEUTICALS INC	COM	$6.5M	0.5%	82,800 SH	New
ANNEXON INC	COM	$1.2M	0.1%	230,244 SH	New
APELLIS PHARMACEUTICALS INC	COM	$10.0M	0.8%Prev: 1.9%	397,347 SH	Decreased-412,555 SH
AQUESTIVE THERAPEUTICS INC	COM	$3.2M	0.3%	500,000 SH	New
ARVINAS INC	COM	$4.2M	0.3%Prev: 0.2%	358,257 SH	Increased+132,000 SH
AUTONOMIX MED INC	COM NEW	$10K	0.0%Prev: 0.0%	18,688 SH	Decreased-1,312 SH
AVALO THERAPEUTICS INC	COM NEW	$1.6M	0.1%Prev: 0.2%	89,206 SH	Decreased-70,571 SH
BIOHAVEN LTD	COM	$2.4M	0.2%	212,481 SH	New
BIOMX INC	COM NEW	$36K	0.0%Prev: 0.0%	19,473 SH	Decreased-373,503 SH
BRIDGEBIO ONCOLOGY THERAPEUT	COM NEW	$2.8M	0.2%Prev: 0.3%	220,231 SH	Decreased-25,000 SH
BRIGHT MINDS BIOSCIENCES INC	COM NEW	$12.4M	1.0%Prev: 0.1%	159,421 SH	Increased+143,990 SH
CABALETTA BIO INC	COM	$2.0M	0.2%	900,000 SH	New
CAPRICOR THERAPEUTICS INC	COM NEW	$16.7M	1.3%Prev: 0.3%	578,015 SH	Increased+113,373 SH
CARTESIAN THERAPEUTICS INC	COM NEW	$150K	0.0%Prev: 0.0%	20,807 SH	Decreased-1,359 SH
CATALYST PHARMACEUTICALS INC	COM	$1.3M	0.1%Prev: 0.2%	57,388 SH	Decreased-59,000 SH
CELCUITY INC	COM	$10.5M	0.8%	105,545 SH	New
CG ONCOLOGY INC	COM	$8.3M	0.6%Prev: 1.0%	199,473 SH	Decreased-50,000 SH
CHEMOMAB THERAPEUTICS LTD	SPONSORED ADS	$85K	0.0%Prev: 0.0%	51,793 SH	Decreased-1,469 SH
CIDARA THERAPEUTICS INC	COM NEW	$126.6M	9.9%Prev: 2.7%	573,243 SH	Increased+295,539 SH
CNS PHARMACEUTICALS INC	COM	$241K	0.0%	45,830 SH	New
COMPASS PATHWAYS PLC	SPONSORED ADS	$2.8M	0.2%Prev: 0.2%	400,000 SH	Increased
COMPASS THERAPEUTICS INC	COM	$4.3M	0.3%	800,000 SH	New
CONNECT BIOPHARMA HLDGS LTD	SHS	$13.9M	1.1%	4,933,086 SH	New
CONTINEUM THERAPEUTICS INC	CL A	$3.2M	0.3%	282,874 SH	New
CORCEPT THERAPEUTICS INC	COM	$20.4M	1.6%	586,093 SH	New
CRINETICS PHARMACEUTICALS IN	COM	$17.2M	1.3%Prev: 1.6%	368,500 SH	Increased-20,102 SH
CUMBERLAND PHARMACEUTICALS I	COM	$2.2M	0.2%Prev: 0.2%	555,932 SH	Increased
CYBIN INC	COM NEW	$1.1M	0.1%Prev: 0.1%	132,153 SH	Increased-8,322 SH
CYTOKINETICS INC	COM NEW	$29.5M	2.3%Prev: 1.9%	463,572 SH	Increased+129,998 SH
CYTOMX THERAPEUTICS INC	COM	$13.5M	1.1%Prev: 1.1%	3,172,616 SH	Increased-200,000 SH
DBV TECHNOLOGIES S A	SPONSORED ADS	$2.1M	0.2%	525,000 SH	New
DELCATH SYS INC	COM NEW	$4.4M	0.3%Prev: 0.5%	431,251 SH	Decreased
DEXCOM INC	COM	$9.1M	0.7%	137,500 SH	New
DIREXION SHS ETF TR	DAILY S&P BIOTEC	$860K	0.1%Prev: 0.4%	40,822 SH	Decreased-51,137 SH
ELI LILLY & CO	COM	$14.8M	1.2%	13,815 SH	New
EQUILLIUM INC	COM	$471K	0.0%Prev: 0.0%	303,555 SH	Decreased-28,742 SH
ERASCA INC	COM	$2.7M	0.2%	735,396 SH	New
EUPRAXIA PHARMACEUTICALS INC	COM	$4.6M	0.4%	610,000 SH	New
EVAXION AS	SPONSORED ADS	$356K	0.0%Prev: 0.0%	74,698 SH	Increased-5,302 SH
FORTE BIOSCIENCES INC	COM NEW	$8.2M	0.6%Prev: 0.5%	300,000 SH	Increased
FRACTYL HEALTH INC	COM	$2.4M	0.2%Prev: 0.3%	1,100,000 SH	Decreased-700,000 SH
FULCRUM THERAPEUTICS INC	COM	$15.6M	1.2%Prev: 1.2%	1,375,472 SH	Increased+86,247 SH
GALECTO INC	COM NEW	$6.6M	0.5%	285,710 SH	New
GLUCOTRACK INC	COM NEW	$177K	0.0%	45,830 SH	New
GOSSAMER BIO INC	COM	$3.1M	0.2%	1,000,000 SH	New
HARROW INC	COM	$34.0M	2.7%Prev: 1.4%	693,047 SH	Increased+403,347 SH
HYPERLIQUID STRATEGIES INC	COM	$107K	0.0%	30,001 SH	New
IBIO INC	COM NEW	$1.8M	0.1%Prev: 0.1%	957,062 SH	Increased+339,735 SH
IMMATICS N.V	SHS	$510K	0.0%Prev: 0.0%	48,569 SH	Increased-827 SH
IMMUNIC INC	COM	$360K	0.0%Prev: 0.1%	674,662 SH	Decreased-239,508 SH
INSMED INC	COM PAR $.01	$3.1M	0.2%Prev: 3.1%	17,937 SH	Decreased-195,814 SH
INVENTIVA SA	ADS	$2.3M	0.2%	502,601 SH	New
INVIVYD INC	COM	$6.6M	0.5%Prev: 0.2%	2,656,570 SH	Increased+577,864 SH
IO BIOTECH INC	COM	$844K	0.1%Prev: 0.1%	1,386,565 SH	Increased-139,328 SH
IONIS PHARMACEUTICALS INC	COM	$23.5M	1.8%Prev: 2.8%	296,638 SH	Decreased-131,825 SH
JADE BIOSCIENCES INC	COM NEW	$4.6M	0.4%	300,000 SH	New
JASPER THERAPEUTICS INC	COM NEW	$44K	0.0%Prev: 0.0%	24,093 SH	Decreased-1,014 SH
JAZZ PHARMACEUTICALS PLC	CALL	$28.9M	2.3%Prev: 0.9%	170,000 SH	Increased+99,300 SH
JAZZ PHARMACEUTICALS PLC	SHS USD	$27.3M	2.1%Prev: 1.0%	160,367 SH	Increased+82,567 SH
JOURNEY MED CORP	COM	$1.9M	0.2%	251,436 SH	New
KALARIS THERAPEUTICS INC	COM	$3.0M	0.2%	360,000 SH	New
KALVISTA PHARMACEUTICALS INC	COM	$567K	0.0%Prev: 0.5%	35,119 SH	Decreased-364,881 SH
KARYOPHARM THERAPEUTICS INC	COM NEW	$4.0M	0.3%Prev: 0.0%	544,554 SH	Increased+517,297 SH
KEZAR LIFE SCIENCES INC	COM NEW	$643K	0.1%Prev: 0.0%	102,211 SH	Increased-4,690 SH
KODIAK SCIENCES INC	COM	$20.1M	1.6%Prev: 0.7%	719,787 SH	Increased+305,946 SH
KRYSTAL BIOTECH INC	COM	$3.7M	0.3%Prev: 0.4%	14,814 SH	Decreased-9,607 SH
LEGEND BIOTECH CORP	SPONSORED ADS	$4.9M	0.4%	226,888 SH	New
LEXEO THERAPEUTICS INC	COM	$5.1M	0.4%Prev: 0.4%	513,011 SH	Increased-54,590 SH
LEXICON PHARMACEUTICALS INC	COM NEW	$189K	0.0%Prev: 0.0%	164,674 SH	Decreased-11,805 SH
LIPOCINE INC NEW	COM NEW	$1.6M	0.1%	199,542 SH	New
LYELL IMMUNOPHARMA INC	COM NEW	$1.3M	0.1%Prev: 0.1%	41,081 SH	Increased-2,718 SH
LYRA THERAPEUTICS INC	COM NEW	$65K	0.0%Prev: 0.0%	21,161 SH	Decreased
MACROGENICS INC	COM	$121K	0.0%Prev: 0.0%	74,893 SH	Decreased-5,178 SH
MANGOCEUTICALS INC	COM NEW	$102K	0.0%	138,146 SH	New
MAZE THERAPEUTICS INC	COM	$26.7M	2.1%Prev: 1.9%	644,680 SH	Increased-96,145 SH
MIND MEDICINE MINDMED INC	COM NEW	$787K	0.1%Prev: 0.1%	58,803 SH	Increased-3,888 SH
MINERALYS THERAPEUTICS INC	COM	$7.3M	0.6%	200,000 SH	New
NEKTAR THERAPEUTICS	COM NEW	$3.1M	0.2%	72,600 SH	New
NEUMORA THERAPEUTICS INC.	COM	$2.3M	0.2%Prev: 0.0%	1,278,408 SH	Increased+1,265,910 SH
NEUPHORIA THERAPEUTICS INC	COM	$184K	0.0%	47,443 SH	New
NEUROCRINE BIOSCIENCES INC	COM	$14.9M	1.2%	105,062 SH	New
NEURONETICS INC	COM	$968K	0.1%Prev: 0.2%	701,182 SH	Decreased-204,534 SH
NEWAMSTERDAM PHARMA COMPANY	ORDINARY SHARES	$1.6M	0.1%Prev: 0.3%	45,830 SH	Decreased-60,970 SH
NEXTCURE INC	COM NEW	$3.4M	0.3%	238,303 SH	New
NUVALENT INC	COM	$6.0M	0.5%	59,594 SH	New
NYXOAH S A	SHS	$218K	0.0%Prev: 0.0%	47,358 SH	Decreased-3,269 SH
OLEMA PHARMACEUTICALS INC	COM	$24.0M	1.9%	958,654 SH	New
OMEROS CORP	COM	$25.8M	2.0%	1,500,000 SH	New
OVID THERAPEUTICS INC	COM	$404K	0.0%Prev: 0.1%	247,558 SH	Decreased-848,016 SH
PALISADE BIO INC	COM	$646K	0.1%	274,978 SH	New
PELTHOS THERAPEUTICS INC	COM SHS	$7.9M	0.6%Prev: 0.2%	255,758 SH	Increased+193,307 SH
PEPGEN INC	COM	$4.9M	0.4%Prev: 0.3%	747,165 SH	Increased+211,198 SH
PERCEPTIVE CAP SOLUTIONS COR	CL A ORD SHS	$3.1M	0.2%	240,951 SH	New
PHARVARIS N V	COM	$13.5M	1.1%Prev: 0.5%	486,856 SH	Increased+276,691 SH
PMV PHARMACEUTICALS INC	COM	$111K	0.0%Prev: 0.0%	89,136 SH	Decreased-8,364 SH
PRAXIS PRECISION MEDICINES I	COM NEW	$25.5M	2.0%Prev: 0.7%	86,581 SH	Increased-41,990 SH
PROQR THRAPEUTICS N V	SHS EURO	$3.0M	0.2%Prev: 0.2%	1,492,229 SH	Increased+600,000 SH
PTC THERAPEUTICS INC	COM	$9.0M	0.7%Prev: 3.1%	118,657 SH	Decreased-374,894 SH
QUOIN PHARMACEUTICALS LTD	SPONSORED ADS	$3.1M	0.2%	211,538 SH	New
RAPT THERAPEUTICS INC	COM NEW	$32.4M	2.5%Prev: 2.1%	955,271 SH	Increased+165,271 SH
RELMADA THERAPEUTICS INC	COM	$14.8M	1.2%Prev: 0.4%	3,068,359 SH	Increased+1,225,299 SH
REVOLUTION MEDICINES INC	COM	$18.6M	1.4%Prev: 0.4%	233,142 SH	Increased+138,142 SH
REZOLUTE INC	COM NEW	$39K	0.0%	16,479 SH	New
SANGAMO THERAPEUTICS INC	COM	$512K	0.0%Prev: 0.1%	1,218,671 SH	Decreased-75,981 SH
SENSEI BIOTHERAPEUTICS INC	COM NEW	$228K	0.0%Prev: 0.0%	21,351 SH	Increased-1,146 SH
SHUTTLE PHARMACTCLS HLDGS IN	COM	$124K	0.0%	68,993 SH	New
SILENCE THERAPEUTICS PLC	ADS	$1.7M	0.1%Prev: 0.1%	865,784 SH	Increased-35,000 SH
SOLENO THERAPEUTICS INC	COM	$27.7M	2.2%Prev: 1.9%	597,723 SH	Increased+315,677 SH
SOLID BIOSCIENCES INC	COM NEW	$3.3M	0.3%Prev: 0.4%	584,409 SH	Decreased-60,281 SH
SPDR SERIES TRUST	STATE STREET SPD	$103.6M	8.1%	850,000 SH	New
SPRUCE BIOSCIENCES INC	COM NEW	$10.6M	0.8%Prev: 0.0%	121,356 SH	Increased+108,024 SH
STRUCTURE THERAPEUTICS INC	SPONSORED ADS	$336K	0.0%Prev: 0.5%	4,824 SH	Decreased-158,413 SH
SURROZEN INC	COM NEW	$1.5M	0.1%	65,788 SH	New
SYNLOGIC INC	COM NEW	$22K	0.0%Prev: 0.0%	19,966 SH	Decreased-456 SH
TARSUS PHARMACEUTICALS INC	COM	$2.6M	0.2%Prev: 0.4%	31,166 SH	Decreased-42,453 SH
TENAX THERAPEUTICS INC	COM NEW	$11.8M	0.9%Prev: 0.7%	967,600 SH	Increased
TERNS PHARMACEUTICALS INC	COM	$64.5M	5.0%Prev: 0.1%	1,596,378 SH	Increased+1,432,176 SH
TG THERAPEUTICS INC	COM	$3.5M	0.3%Prev: 0.6%	117,903 SH	Decreased-57,056 SH
THERIVA BIOLOGICS INC	COM NEW	$24K	0.0%Prev: 0.0%	112,076 SH	Decreased-7,955 SH
TRAVERE THERAPEUTICS INC	COM	$1.4M	0.1%Prev: 1.0%	36,600 SH	Decreased-368,681 SH
TRAWS PHARMA INC	COM NEW	$766K	0.1%Prev: 0.0%	678,142 SH	Increased+649,649 SH
ULTRAGENYX PHARMACEUTICAL IN	COM	$11.9M	0.9%Prev: 0.3%	517,771 SH	Increased+425,171 SH
UNIQURE NV	CALL	$2.5M	0.2%Prev: 3.2%	105,400 SH	Decreased-430,200 SH
UNIQURE NV	SHS	$2.2M	0.2%Prev: 0.3%	91,060 SH	Decreased+32,450 SH
VAXCYTE INC	COM	$17.5M	1.4%Prev: 1.2%	378,682 SH	Increased+60,000 SH
VENTYX BIOSCIENCES INC	COM	$8.7M	0.7%Prev: 0.4%	958,704 SH	Increased-350,900 SH
VERASTEM INC	COM NEW	$1.7M	0.1%	213,865 SH	New
VERU INC	COM NEW	$286K	0.0%Prev: 0.1%	133,517 SH	Decreased-9,006 SH
VIKING THERAPEUTICS INC	COM	$342K	0.0%Prev: 0.0%	9,717 SH	Increased-283 SH
VIR BIOTECHNOLOGY INC	COM	$3.5M	0.3%Prev: 0.3%	575,712 SH	Increased-17,662 SH
VISTAGEN THERAPEUTICS INC	COM	$344K	0.0%Prev: 0.2%	519,077 SH	Decreased-101,792 SH
VOYAGER THERAPEUTICS INC	COM	$209K	0.0%Prev: 0.0%	53,063 SH	Decreased-2,703 SH
VYNE THERAPEUTICS INC	COM	$154K	0.0%Prev: 0.0%	264,912 SH	Increased-25,088 SH
WAVE LIFE SCIENCES LTD	SHS	$1.4M	0.1%Prev: 0.1%	85,285 SH	Increased-10,670 SH
ZENAS BIOPHARMA INC	COM	$3.4M	0.3%	93,600 SH	New
ZURA BIO LTD	CLASS A ORD SHS	$4.2M	0.3%Prev: 0.9%	802,322 SH	Decreased-1,330,000 SH

Sold (vs prior filing)

AKERO THERAPEUTICS INC — $11.8M
ALTIMMUNE INC — $3.8M
ANAPTYSBIO INC — $11.3M
ARCTURUS THERAPEUTICS HLDGS — $4.4M
ARGENX SE — $4.3M
ARS PHARMACEUTICALS INC — $5.7M
BIOHAVEN LTD — $12.0M
BRIDGEBIO PHARMA INC — $2.7M
BRISTOL-MYERS SQUIBB CO — $36.1M
CENTESSA PHARMACEUTICALS PLC — $7.5M
COGENT BIOSCIENCES INC — $162K
CORBUS PHARMACEUTICALS HLDGS — $693K
DIANTHUS THERAPEUTICS INC — $13.6M
DYNE THERAPEUTICS INC — $1.4M
GENMAB A/S — $53.0M
INFLARX NV — $968K
JANUX THERAPEUTICS INC — $1.3M
LARIMAR THERAPEUTICS INC — $1.8M
LIQUIDIA CORPORATION — $4.5M
MBX BIOSCIENCES INC — $7.8M
… and 17 more

All filings

Open a filing on Jive Data

Filing Date	Quarter	Form	Accession	Portfolio	Filing
Feb 18, 2026	Q4 2025	13F-HR	0001420506-26-000592	$1.28B	View
Nov 14, 2025	Q3 2025	13F-HR	0001420506-25-003413	$990.4M	View
Aug 14, 2026	Q2 2026