Ikarian Capital, LLC
Ikarian Capital, LLC reported 126 US-listed holdings worth $610.9 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Abivax SA (7.1%), Kodiak Sciences Inc. (6.8%) and Alumis Inc. (4.0%). Against the quarter before, it opened 27 positions, added to 18, trimmed 29 and sold out of 28.
Reported holdings$610.9M-12.6% on Q1 2026
Positions126-1 on Q1 2026
The largest ten39.5%of its reported holdings
Latest 13FQ2 2026filed 14 August 2026
OpenedAdded toHeldTrimmed
The 14 largest of its 126 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +102.0% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Its reported holdingsThe S&P 500
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Opened 27Added 18Held 52Trimmed 29Sold out 28
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 27
- Arcus Biosciences, Inc. RCUS$15.6 million
- Cogent Biosciences Inc. COGT$14.3 million
- C4 Therapeutics Inc. CCCC$11.4 million
- Viridian Therapeutics Inc. VRDN$7.8 million
- Hims & Hers Health, Inc. HIMS$6.5 million
- Enliven Therapeutics Inc. ELVN$6.4 million
- Kazia Therapeutics Ltd KZIA$5.6 million
- Q32 Bio Inc. QTTB$5.5 million
and 19 more in the table below
Added to 18
- Abivax SA ABVX+271,000 shares · +470%
- ANI Pharmaceuticals Inc. ANIP+125,000 shares · +85%
- Biohaven Ltd BHVN+335,700 shares · +81%
- Rezolute Inc. RZLT+918,533 shares · +5574%
- Vera Therapeutics Inc. VERA+110,000 shares · +55%
- Proqr Thrapeutics N V PRQR+1.9 million shares · +130%
- Promis Neurosciences Inc. PMN+150,000 shares · +273%
- Capricor Therapeutics Inc. CAPR+76,200 shares · +14%
and 10 more in the table below
Trimmed 29
- Harrow Inc. HROW-407,272 shares · -75%
- Ultragenyx Pharmaceutical in RARE-316,954 shares · -66%
- Alumis Inc. ALMS-343,000 shares · -28%
- Compass Pathways PLC CMPS-660,000 shares · -98%
- Kodiak Sciences Inc. KOD-206,065 shares · -16%
- Bridgebio Pharma Inc. BBIO-102,703 shares · -64%
- Pharvaris N V PHVS-178,000 shares · -37%
- Bright Minds Biosciences Inc. DRUG-77,696 shares · -47%
and 21 more in the table below
Sold out of 28
- Terns Pharmaceuticals Inc. TERN$76.8 million last quarter
- Cytokinetics Inc. CYTK$18.7 million last quarter
- Revolution Medicines, Inc. RVMD$15.9 million last quarter
- Oruka Therapeutics Inc. ORKA$11.9 million last quarter
- Soleno Therapeutics Inc. SLNO$11.5 million last quarter
- Ionis Pharmaceuticals Inc. IONS$9.5 million last quarter
- Palvella Therapeutics Inc. Ne PVLA$8.1 million last quarter
- Eli Lilly & Co. LLY$6.0 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Abivax SA ABVX | 328.6K | $43.4 million | 7.10% | +271.0K |
| Kodiak Sciences Inc. KOD | 1.1M | $41.3 million | 6.76% | -206.1K |
| Alumis Inc. ALMS | 870.5K | $24.5 million | 4.01% | -343.0K |
| Praxis Precision Medicines I PRAX | 72.8K | $24.4 million | 3.99% | +1.3K |
| Vaxcyte Inc. PCVX | 388.7K | $22.6 million | 3.70% | -40.0K |
| ANI Pharmaceuticals Inc. ANIP | 272.1K | $22.5 million | 3.69% | +125.0K |
| Celldex Therapeutics Inc. CLDX | 478.5K | $17.8 million | 2.91% | +17.3K |
| Arcus Biosciences, Inc. RCUS | 504.6K | $15.6 million | 2.55% | new |
| Relmada Therapeutics Inc. RLMD | 2.1M | $14.9 million | 2.43% | -540.0K |
| Capricor Therapeutics Inc. CAPR | 604.2K | $14.5 million | 2.38% | +76.2K |
| Cogent Biosciences Inc. COGT | 370.1K | $14.3 million | 2.34% | new |
| Vera Therapeutics Inc. VERA | 310.0K | $13.3 million | 2.18% | +110.0K |
| Contineum Therapeutics Inc. CTNM | 807.9K | $13.2 million | 2.17% | no change |
| Tenax Therapeutics Inc. TENX | 787.6K | $11.5 million | 1.88% | -230.0K |
| C4 Therapeutics Inc. CCCC | 2.4M | $11.4 million | 1.86% | new |
| Maze Therapeatics MAZE | 379.0K | $11.3 million | 1.85% | no change |
| Biohaven Ltd BHVN | 748.2K | $11.1 million | 1.82% | +335.7K |
| Connect Biopharma Hldgs Ltd CNTB | 4.5M | $10.8 million | 1.77% | -850.0K |
| Alto Neuroscience Inc. ANRO | 407.3K | $10.7 million | 1.76% | -107.7K |
| Pharvaris N V PHVS | 308.9K | $10.7 million | 1.75% | -178.0K |
| Jade Biosciences Inc. JBIO | 427.3K | $9.5 million | 1.55% | -85.0K |
| Galecto Inc. DMRA | 335.7K | $8.7 million | 1.43% | no change |
| Viridian Therapeutics Inc. VRDN | 425.0K | $7.8 million | 1.28% | new |
| Pelthos Therapeutics Inc. PTHS | 256.6K | $7.3 million | 1.19% | no change |
| Zura Bio Ltd ZURA | 1.2M | $7.2 million | 1.18% | +25.0K |
| Tectonic Therapeutic Inc. TECX | 205.8K | $7.1 million | 1.16% | +48.3K |
| Spruce Biosciences Inc. SPRB | 121.4K | $6.6 million | 1.07% | no change |
| Hims & Hers Health, Inc. HIMS | 188.4K | $6.5 million | 1.07% | new |
| Enliven Therapeutics Inc. ELVN | 126.5K | $6.4 million | 1.05% | new |
| Proqr Thrapeutics N V PRQR | 3.4M | $6.4 million | 1.04% | +1.9M |
| Bright Minds Biosciences Inc. DRUG | 89.0K | $6.2 million | 1.02% | -77.7K |
| Ovid Therapeutics Inc. OVID | 2.3M | $6.1 million | 1.00% | -625.0K |
| Ocugen Inc. OCGN | 4.0M | $6.1 million | 0.99% | no change |
| Alpha Cognition Inc. ACOG | 836.3K | $6.0 million | 0.99% | -220.0K |
| Harrow Inc. HROW | 135.8K | $5.8 million | 0.94% | -407.3K |
| Kazia Therapeutics Ltd KZIA | 396.2K | $5.6 million | 0.91% | new |
| Ultragenyx Pharmaceutical in RARE | 165.6K | $5.5 million | 0.91% | -317.0K |
| Q32 Bio Inc. QTTB | 430.0K | $5.5 million | 0.90% | new |
| Eupraxia Pharmaceuticals Inc. EPRX | 809.7K | $5.4 million | 0.88% | -405.0K |
| Bioage Labs Inc. BIOA | 200.0K | $4.9 million | 0.80% | new |
| Rezolute Inc. RZLT | 935.0K | $4.9 million | 0.80% | +918.5K |
| Olema Pharmaceuticals Inc. OLMA | 383.3K | $4.8 million | 0.78% | -215.0K |
| Monopar Therapeutics Inc. MNPR | 47.9K | $4.4 million | 0.73% | new |
| Bridgebio Pharma Inc. BBIO | 57.4K | $4.3 million | 0.70% | -102.7K |
| Inventiva SA IVA | 1.1M | $4.2 million | 0.68% | -300.0K |
| Absci Corporation ABSI | 353.8K | $4.1 million | 0.67% | new |
| Alector Inc. ALEC | 2.0M | $4.0 million | 0.65% | -100.0K |
| Eliem Therapeutics Inc. CLYM | 300.0K | $3.9 million | 0.64% | new |
| Fulcrum Therapeutics Inc. FULC | 1.0M | $3.8 million | 0.63% | no change |
| Cardiol Therapeutics Inc. CRDL | 3.3M | $3.5 million | 0.58% | +600.0K |
| Cue Biopharma Inc. Com CUE | 104.4K | $3.3 million | 0.54% | new |
| Cumberland Pharmaceuticals I CPIX | 503.2K | $3.3 million | 0.53% | -50.0K |
| Arrowhead Pharmaceuticals, Inc. ARWR | 38.3K | $3.1 million | 0.51% | new |
| Aileron Therapeutics Inc. RNTX | 3.0M | $3.1 million | 0.50% | new |
| Arvinas Inc. ARVN | 358.3K | $3.0 million | 0.49% | no change |
| Acumen Pharmaceuticals Inc. ABOS | 1.1M | $2.8 million | 0.46% | no change |
| Promis Neurosciences Inc. PMN | 205.0K | $2.7 million | 0.44% | +150.0K |
| Annexon Inc. ANNX | 430.2K | $2.5 million | 0.40% | -150.0K |
| Lexeo Therapeutics Inc. LXEO | 513.0K | $2.4 million | 0.39% | no change |
| Delcath Sys Inc. DCTH | 185.7K | $2.3 million | 0.38% | -245.6K |
| Invivyd Inc. IVVD | 2.7M | $2.3 million | 0.38% | no change |
| Cabaletta Bio Inc. CABA | 700.0K | $2.2 million | 0.36% | -200.0K |
| Neumora Therapeutics Inc. NMRA | 1.3M | $2.2 million | 0.36% | no change |
| Amylyx Pharmaceuticals Inc. AMLX | 117.5K | $2.1 million | 0.35% | new |
| Tarsus Pharmaceuticals Inc. TARS | 31.2K | $2.0 million | 0.32% | no change |
| Silence Therapeutics PLC SLN | 830.8K | $1.8 million | 0.30% | -35.0K |
| Journey Medical Corp. (derm) DERM | 251.4K | $1.8 million | 0.29% | no change |
| DBV Technologies S A DBVT | 525.0K | $1.7 million | 0.28% | no change |
| Ibio Inc. Com IBIO | 957.1K | $1.7 million | 0.27% | no change |
| Avalo Therapeutics Inc. AVTX | 90.2K | $1.7 million | 0.27% | new |
| Anteris Technologies Global AVR | 166.6K | $1.6 million | 0.27% | -200.0K |
| Palisade Bio Inc. PALI | 750.0K | $1.6 million | 0.26% | +475.0K |
| Amanat Acquisition Corp. AMAN | 150.0K | $1.5 million | 0.25% | new |
| Kalaris Therapeutics Inc KLRS | 360.0K | $1.5 million | 0.24% | no change |
| Quince Therapeutics Inc. Com QNCX | 72.3K | $1.3 million | 0.22% | new |
| Lipocine Inc. New LPCN | 508.6K | $1.3 million | 0.21% | no change |
| Immunome Inc. IMNM | 60.0K | $1.3 million | 0.21% | new |
| Pliant Therapeutics Inc. PLRX | 1.0M | $1.1 million | 0.19% | new |
| Immunic Inc. IMUX | 67.5K | $1.0 million | 0.17% | new |
| Quoin Pharmaceuticals Ltd ADR QNRX | 211.5K | $1.0 million | 0.17% | no change |
| Equillium Inc. EQ | 303.6K | $971,376 | 0.16% | no change |
| Neuronetics Inc. STIM | 701.2K | $911,537 | 0.15% | no change |
| Sensei Biotherapeutics Inc. FTH | 35.4K | $884,650 | 0.14% | +29.0K |
| Fractyl Health Inc. GUTS | 1.1M | $873,840 | 0.14% | no change |
| Cybin Inc. HELP | 132.2K | $873,532 | 0.14% | no change |
| First Tracks Biotherapeutics TRAX | 42.8K | $860,633 | 0.14% | new |
| Verastem Inc. VSTM | 213.9K | $816,965 | 0.13% | no change |
| DRX Dly S&P Biotech Bear 3X LABD | 105.8K | $815,887 | 0.13% | no change |
| Pepgen Inc. PEPG | 447.2K | $804,897 | 0.13% | no change |
| Acadia Pharmaceuticals Inc. ACAD | 28.1K | $710,905 | 0.12% | no change |
| CNS Pharmaceuticals Inc CNSP | 135.8K | $649,267 | 0.11% | +90.0K |
| Lyell Immunopharma Inc. LYEL | 41.1K | $577,188 | 0.09% | no change |
| Wave Life Sciences Ltd WVE | 85.3K | $495,507 | 0.08% | no change |
| Immatics N.V IMTX | 48.6K | $492,003 | 0.08% | no change |
| Passage Bio Inc PASG | 99.5K | $485,643 | 0.08% | +31.4K |
| Nextcure Inc. NXTC | 288.3K | $461,284 | 0.08% | +50.0K |
| Forte Biosciences Inc. FBRX | 21.0K | $445,655 | 0.07% | -98.0K |
| Solid Biosciences Inc. SLDB | 43.0K | $429,130 | 0.07% | -221.5K |
| Traws Pharma Inc. TRAW | 478.1K | $403,217 | 0.07% | -200.0K |
| Lexicon Pharmaceuticals Inc. LXRX | 164.7K | $395,218 | 0.06% | no change |
| Elicio Therapeutics Inc. ELTX | 100.0K | $391,000 | 0.06% | new |
| Adlai Nortye Ltd ANL | 33.9K | $389,839 | 0.06% | no change |
| Inmed Pharmaceuticals Inc. INM | 245.0K | $379,788 | 0.06% | new |
| Viking Therapeutics Inc. VKTX | 9.7K | $379,061 | 0.06% | no change |
| Macrogenics Inc. MGNX | 74.9K | $346,006 | 0.06% | no change |
| Hyperliquid Strategies Inc. PURR | 30.0K | $236,108 | 0.04% | no change |
| Evaxion Biotech A/S ADR EVAX | 74.7K | $231,564 | 0.04% | no change |
| Selecta Biosciences, Inc. RNAC | 20.8K | $216,809 | 0.04% | no change |
| Compass Pathways PLC CMPS | 15.0K | $212,250 | 0.03% | -660.0K |
| Neuphoria Therapeutics Inc. NEUP | 47.4K | $207,326 | 0.03% | no change |
| Voyager Therapeutics Inc. VYGR | 53.1K | $185,722 | 0.03% | no change |
| Vyne Therapeutics Inc. VYNE | 264.9K | $172,379 | 0.03% | no change |
| Biocryst Pharmaceuticals Inc. BCRX | 16.8K | $167,560 | 0.03% | new |
| Enveric Biosciences Inc. ENVB | 100.0K | $138,003 | 0.02% | new |
| PMV Pharmaceuticals Inc. PMVP | 89.1K | $119,442 | 0.02% | no change |
| Vistagen Therapeutics Inc. VTGN | 519.1K | $117,311 | 0.02% | no change |
| Chemomab Therapeutics Ltd CMMB | 51.8K | $83,904 | 0.01% | no change |
| Nyxoah S A NYXH | 47.4K | $80,035 | 0.01% | no change |
| Airsculpt Technologies Inc. AIRS | 16.4K | $73,792 | 0.01% | no change |
| Mangoceuticals Inc. Com New MGRX | 138.1K | $52,496 | 0.01% | no change |
| Compass Therapeutics Inc. CMPX | 18.0K | $39,419 | 0.01% | no change |
| Theriva Biologics Inc. TOVX | 112.1K | $28,041 | 0.00% | no change |
| Glucotrack Inc. GCTK | 45.8K | $14,621 | 0.00% | no change |
| Aethlon Medical Inc AEMD | 14.4K | $11,827 | 0.00% | no change |
| Jasper Therapeutics Inc. JSPR | 24.1K | $10,144 | 0.00% | no change |
| Biomx Inc. PHGE | 19.5K | $6,773 | 0.00% | no change |
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
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Change is shares against its 13F for the quarter before; the 28 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| SPDR Ser Trust XBI | Puts | 300.0K | $47.5 million |
| Abivax SA ABVX | Calls | 341.1K | $45.5 million |
| Abivax SA ABVX | Puts | 250.0K | $33.3 million |
| Ionis Pharmaceuticals Inc. IONS | Calls | 400.0K | $31.7 million |
| Moderna, Inc. MRNA | Puts | 400.0K | $28.0 million |
| Ionis Pharmaceuticals Inc. IONS | Puts | 300.0K | $23.8 million |
| Newamsterdam Pharma Company | Puts | 400.0K | $13.6 million |
| Alumis Inc. ALMS | Calls | 356.3K | $10.0 million |
| Kodiak Sciences Inc. KOD | Calls | 217.7K | $8.5 million |
| Capricor Therapeutics Inc. CAPR | Calls | 350.0K | $8.4 million |
| Arrowhead Pharmaceuticals, Inc. ARWR | Puts | 100.0K | $8.2 million |
| Praxis Precision Medicines I PRAX | Calls | 20.0K | $6.7 million |
| Kymera Therapeutics Inc. KYMR | Puts | 50.4K | $5.8 million |
| Tenax Therapeutics Inc. TENX | Calls | 373.1K | $5.4 million |
| Eyepoint Pharmaceuticals Inc. EYPT | Calls | 370.4K | $5.3 million |
| Eyepoint Pharmaceuticals Inc. EYPT | Puts | 370.4K | $5.3 million |
| Sellas Life Sciences Group I SLS | Puts | 354.7K | $5.2 million |
| Sionna Therapeutics Inc SION | Puts | 107.5K | $4.7 million |
| Celldex Therapeutics Inc. CLDX | Puts | 114.0K | $4.2 million |
| Vera Therapeutics Inc. VERA | Calls | 71.7K | $3.1 million |
| Q32 Bio Inc. QTTB | Puts | 200.0K | $2.5 million |
| Olema Pharmaceuticals Inc. OLMA | Calls | 200.0K | $2.5 million |
| Bristol-Myers Squibb Co. BMY | Puts | 42.5K | $2.4 million |
| Uniqure NV | Calls | 49.8K | $2.3 million |
| Disc Medicine Inc. IRON | Calls | 13.3K | $972,762 |
| Disc Medicine Inc. IRON | Puts | 13.3K | $972,762 |
| Elicio Therapeutics Inc. ELTX | Calls | 107.1K | $418,761 |
| Elicio Therapeutics Inc. ELTX | Puts | 107.1K | $418,761 |
| Praxis Precision Medicines I PRAX | Puts | 900 | $301,311 |
| Tenax Therapeutics Inc. TENX | Puts | 16.5K | $240,075 |
30 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.