CIK: 0001778253
Total reported value
$1.2B
Reporting period: 2026-03-31 · Number of holdings: 161
Ikarian Capital, LLC disclosed 161 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.2B and a quarterly turnover rate of 95.2%.
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Ikarian Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.038 — mathematically equivalent to about 27 equally-sized positions, well below its 161 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.06), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 16% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add 430
+66.4% $75.6M
Add CYTK
+168.0% $52.4M
Add KOD
+89.7% $31.9M
Add ALMS
+600.2% $30.5M
Trim JAZZ
-92.2% -$24.9M
Add ANIP
+258.8% $16.3M
Showing top 139 holdings (of 161 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | 430 | Terns Pharmaceuticals INC | Stock-Other | 11.37% | +6.33% | +66.40% | |
| 2 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 8.30% | — | -5.88% | |
| 3 | CYTK | Cytokinetics INC | Stock-Healthcare | 6.65% | +4.35% | +168.02% | |
| 4 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 4.69% | +4.69% | NEW | |
| 5 | KOD | Kodiak Sciences INC | Stock-Other | 4.23% | +2.66% | +89.75% | |
| 6 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 4.03% | +4.03% | NEW | |
| 7 | ABVX | Abivax Sa-adr | Stock-Other | 3.16% | -0.43% | +6.00% | |
| 8 | ALMS | Alumis INC | Stock-Other | 2.64% | +2.48% | +600.21% | |
| 9 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 2.46% | +2.46% | NEW | |
| 10 | CAPR | Capricor Therapeutics INC | Stock-Other | 2.17% | +0.87% | +51.90% | |
| 11 | RVMD | Revolution Medicines INC | Stock-Healthcare | 2.04% | +0.59% | +10.72% | |
| 12 | PCVX | Vaxcyte INC | Stock-Other | 2.02% | +0.66% | +13.20% | |
| 13 | PRAX | Praxis Precision Medicines I | Stock-Other | 1.87% | — | -17.32% | |
| 14 | ANIP | Ani Pharmaceuticals INC | Stock-Other | 1.85% | +1.34% | +258.80% | |
| 15 | HROW | Harrow INC | Stock-Other | 1.55% | -1.10% | -21.64% | |
| 16 | RLMD | Relmada Therapeutics INC | Stock-Other | 1.52% | — | -12.38% | |
| 17 | CLDX | Celldex Therapeutics INC | Stock-Other | 1.48% | +1.48% | NEW | |
| 18 | TENX | Tenax Therapeutics INC | Stock-Other | 1.47% | +0.55% | +16.98% | |
| 19 | IONS | Ionis Pharmaceuticals INC | Stock-Healthcare | 1.46% | — | -19.38% | |
| 20 | OLMA | Olema Pharmaceuticals INC | Stock-Other | 1.39% | -0.48% | +19.76% | |
| 21 | BBIO | Bridgebio Pharma INC | Stock-Healthcare | 1.32% | +1.32% | NEW | |
| 22 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 1.19% | +1.19% | NEW | |
| 23 | KPTI | Karyopharm Therapeutics INC | Stock-Other | 1.16% | +0.85% | +372.58% | |
| 24 | PHVS | Pharvaris N.V. | Stock-Other | 1.12% | — | — | |
| 25 | ✓ | Connect Biopharma Hldgs LTD | Stock-Other | 1.10% | — | +12.16% | |
| 26 | DRUG | Bright Minds Biosciences INC | Stock-Other | 0.99% | — | +4.53% | |
| 27 | ORKA | Oruka Therapeutics INC | Stock-Other | 0.96% | +0.96% | NEW | |
| 28 | MAZE | Maze Therapeutics INC | Stock-Other | 0.95% | -1.14% | -38.98% | |
| 29 | ANRO | Alto Neuroscience INC | Stock-Other | 0.94% | — | — | |
| 30 | SLNOEUR | Soleno Therapeutics INC | Stock-Other | 0.94% | -1.22% | -42.43% | |
| 31 | VERA | Vera Therapeutics INC | Stock-Other | 0.89% | +0.89% | NEW | |
| 32 | CTNM | Contineum Therapeutics Inc-a | Stock-Other | 0.86% | +0.61% | +185.59% | |
| 33 | RARE | Ultragenyx Pharmaceutical In | Stock-Other | 0.82% | — | -6.80% | |
| 34 | EYPT | Eyepoint INC | Stock-Other | 0.78% | +0.78% | NEW | |
| 35 | EPRX | Eupraxia Pharmaceuticals INC | Stock-Other | 0.71% | — | +99.14% | |
| 36 | DMRA | Damora Therapeutics INC | Stock-Other | 0.71% | — | +17.50% | |
| 37 | AVTX | Avalo Therapeutics INC | Stock-Other | 0.68% | +0.55% | +527.76% | |
| 38 | PVLA | Palvella Therapeutics INC | Stock-Other | 0.65% | +0.65% | NEW | |
| 39 | FULC | Fulcrum Therapeutics INC | Stock-Other | 0.65% | -0.56% | -23.72% | |
| 40 | SPRB | Spruce Biosciences INC | Stock-Other | 0.64% | — | — | |
| 41 | IVA | Inventiva SA - Adr | Stock-Other | 0.64% | +0.46% | +184.34% | |
| 42 | JBIO | Jade Biosciences INC | Stock-Other | 0.58% | — | +70.78% | |
| 43 | OCGN | Ocugen INC | Stock-Other | 0.58% | +0.58% | NEW | |
| 44 | ✓ | Zura Bio LTD | Stock-Other | 0.58% | — | +48.75% | |
| 45 | OVID | Ovid Therapeutics INC | Stock-Other | 0.52% | +0.49% | +1069.30% | |
| 46 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.49% | -0.67% | -52.61% | |
| 47 | ✓ | Uniqure NV | Stock-Other | 0.47% | — | +236.81% | |
| 48 | ACOG | Alpha Cognition INC | Stock-Other | 0.47% | — | — | |
| 49 | PTHS | Pelthos Therapeutics INC | Stock-Other | 0.44% | — | +0.33% | |
| 50 | SRZN | Surrozen INC | Stock-Other | 0.41% | — | +163.13% |
Performance for Q3 2026
+9.1%
Performance Last 4 Quarters
+110.1%
Based on 72% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 161 | $1.2B | 95 | |
| 2025-12-31 | 174 | $1.3B | 100 | |
| 2025-09-30 | 169 | $990.4M | 100 | |
| 2025-06-30 | 133 | $520.6M | 0 | |
| 2025-03-31 | 160 | $811.5M | 100 | |
| 2024-12-31 | 171 | $735.3M | 0 | |
| 2024-09-30 | 145 | $717.2M | 0 | |
| 2024-06-30 | 130 | $574.1M | 0 | |
| 2024-03-31 | 137 | $912.0M | 0 | |
| 2023-12-31 | 136 | $1.1B | 0 | |
| 2023-09-30 | 140 | $831.4M | 0 | |
| 2023-06-30 | 122 | $627.9M | 0 | |
| 2023-03-31 | 117 | $440.7M | 0 | |
| 2022-12-31 | 86 | $414.5M | 0 | |
| 2022-09-30 | 104 | $501.8M | 0 | |
| 2022-06-30 | 139 | $548.4M | 0 | |
| 2022-03-31 | 196 | $760.5M | 0 | |
| 2021-12-31 | 186 | $671.3M | 0 | |
| 2021-09-30 | 209 | $1.4B | 0 | |
| 2021-06-30 | 211 | $1.2B | 100 | |
| 2021-03-31 | 292 | $3.0B | 96 | |
| 2020-12-31 | 230 | $2.3B | 90 | |
| 2020-09-30 | 174 | $1.4B | 100 | |
| 2020-06-30 | 164 | $1.3B | 96 | |
| 2020-03-31 | 151 | $1.3B | 100 | |
| 2019-12-31 | 114 | $617.2M | 0 |
Ikarian Capital, LLC's most significant position changes for 2026-03-31: Sold out: Cidara Therapeutics INC (CDTX); Sold out: Amgen INC (AMGN); New buy: Invesco Qqq Trust Series 1 (QQQ); New buy: Ishares Russell 2000 ETF (IWM); Sold out: Rapt Therapeutics INC (RAPT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | 430 | Terns Pharmaceuticals INC | +6.3% | +66.40% | Add |
| 2 | CYTK | Cytokinetics INC | +4.4% | +168.02% | Add |
| 3 | KOD | Kodiak Sciences INC | +2.7% | +89.75% | Add |
| 4 | ALMS | Alumis INC | +2.5% | +600.21% | Add |
| 5 | ANIP | Ani Pharmaceuticals INC | +1.3% | +258.80% | Add |
| 6 | CAPR | Capricor Therapeutics INC | +0.9% | +51.90% | Add |
| 7 | KPTI | Karyopharm Therapeutics INC | +0.9% | +372.58% | Add |
| 8 | PCVX | Vaxcyte INC | +0.7% | +13.20% | Add |
| 9 | CTNM | Contineum Therapeutics Inc-a | +0.6% | +185.59% | Add |
| 10 | RVMD | Revolution Medicines INC | +0.6% | +10.72% | Add |
| 11 | AVTX | Avalo Therapeutics INC | +0.6% | +527.76% | Add |
| 12 | TENX | Tenax Therapeutics INC | +0.6% | +16.98% | Add |
| 13 | OVID | Ovid Therapeutics INC | +0.5% | +1069.30% | Add |
| 14 | IVA | Inventiva SA - Adr | +0.5% | +184.34% | Add |
| 15 | ABVX | Abivax Sa-adr | -0.4% | +6.00% | Add |
| 16 | OLMA | Olema Pharmaceuticals INC | -0.5% | +19.76% | Add |
| 17 | FULC | Fulcrum Therapeutics INC | -0.6% | -23.72% | Trim |
| 18 | LLY | Eli Lilly & Co | -0.7% | -52.61% | Trim |
| 19 | HROW | Harrow INC | -1.1% | -21.64% | Trim |
| 20 | MAZE | Maze Therapeutics INC | -1.1% | -38.98% | Trim |
| 21 | SLNOEUR | Soleno Therapeutics INC | -1.2% | -42.43% | Trim |
| 22 | JAZZ | Jazz Pharmaceuticals plc | -1.9% | -92.23% | Trim |
| 23 | CDTX | Cidara Therapeutics INC | — | EXIT | Sold out |
| 24 | AMGN | Amgen INC | — | EXIT | Sold out |
| 25 | QQQ | Invesco Qqq Trust Series 1 | — | NEW | New buy |
| 26 | IWM | Ishares Russell 2000 ETF | — | NEW | New buy |
| 27 | RAPT | Rapt Therapeutics INC | — | EXIT | Sold out |
| 28 | BMY | Bristol-myers Squibb Co | — | NEW | New buy |
| 29 | ✓ | Jazz Pharmaceuticals PLC | — | EXIT | Sold out |
| 30 | OMER | Omeros CORP | — | EXIT | Sold out |
| 31 | CORT | Corcept Therapeutics INC | — | EXIT | Sold out |
| 32 | CLDX | Celldex Therapeutics INC | — | NEW | New buy |
| 33 | CRNX | Crinetics Pharmaceuticals In | — | EXIT | Sold out |
| 34 | BBIO | Bridgebio Pharma INC | — | NEW | New buy |
| 35 | NBIX | Neurocrine Biosciences INC | — | EXIT | Sold out |
| 36 | NVO | Novo-nordisk A/s-spons Adr | — | NEW | New buy |
| 37 | CTMX | Cytomx Therapeutics INC | — | EXIT | Sold out |
| 38 | ORKA | Oruka Therapeutics INC | — | NEW | New buy |
| 39 | VERA | Vera Therapeutics INC | — | NEW | New buy |
| 40 | CELC | Celcuity INC | — | EXIT | Sold out |
| 41 | APLSUSD | Apellis Pharmaceuticals INC | — | EXIT | Sold out |
| 42 | EYPT | Eyepoint INC | — | NEW | New buy |
| 43 | DXCM | Dexcom INC | — | EXIT | Sold out |
| 44 | PTCT | Ptc Therapeutics INC | — | EXIT | Sold out |
| 45 | VTYXUSD | Ventyx Biosciences INC | — | EXIT | Sold out |
| 46 | CGON | Cg Oncology INC | — | EXIT | Sold out |
| 47 | PVLA | Palvella Therapeutics INC | — | NEW | New buy |
| 48 | MLYS | Mineralys Therapeutics INC | — | EXIT | Sold out |
| 49 | OCGN | Ocugen INC | — | NEW | New buy |
| 50 | AGIO | Agios Pharmaceuticals INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-18 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-17 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-18 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-08-18 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-31 | 13F-HR | View on EDGAR |
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