# Ikarian Capital, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1778253. Source: https://holderbook.com/funds/1778253-ikarian-capital-llc/

- Reported value: $928.2M
- Positions: 137
- Weight of the ten largest: 47.1%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $122.1M | 328,635 | 13.2% | 4 |
| IONIS PHARMACEUTICALS INC | [IONS](https://holderbook.com/stocks/IONS/) | $55.5M | 0 | 6.0% | 4 |
| KODIAK SCIENCES INC | [KOD](https://holderbook.com/stocks/KOD/) | $49.8M | 1,059,730 | 5.4% | 14 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $47.5M | 0 | 5.1% | 4 |
| ALUMIS INC | [ALMS](https://holderbook.com/stocks/ALMS/) | $34.5M | 870,548 | 3.7% | 3 |
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $31.4M | 72,842 | 3.4% | 6 |
| MODERNA INC | [MRNA](https://holderbook.com/stocks/MRNA/) | $28.0M | 0 | 3.0% | 1 |
| CAPRICOR THERAPEUTICS INC | [CAPR](https://holderbook.com/stocks/CAPR/) | $23.0M | 604,215 | 2.5% | 8 |
| VAXCYTE INC | [PCVX](https://holderbook.com/stocks/PCVX/) | $22.6M | 388,682 | 2.4% | 6 |
| ANI PHARMACEUTICALS INC | [ANIP](https://holderbook.com/stocks/ANIP/) | $22.5M | 272,085 | 2.4% | 3 |
| CELLDEX THERAPEUTICS INC NEW | [CLDX](https://holderbook.com/stocks/CLDX/) | $22.0M | 478,500 | 2.4% | 2 |
| TENAX THERAPEUTICS INC | [TENX](https://holderbook.com/stocks/TENX/) | $17.1M | 787,600 | 1.8% | 4 |
| VERA THERAPEUTICS INC | [VERA](https://holderbook.com/stocks/VERA/) | $16.4M | 310,000 | 1.8% | 2 |
| ARCUS BIOSCIENCES INC | [RCUS](https://holderbook.com/stocks/RCUS/) | $15.6M | 504,559 | 1.7% | 1 |
| RELMADA THERAPEUTICS INC | [RLMD](https://holderbook.com/stocks/RLMD/) | $14.9M | 2,148,359 | 1.6% | 22 |
| COGENT BIOSCIENCES INC | [COGT](https://holderbook.com/stocks/COGT/) | $14.3M | 370,084 | 1.5% | 1 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMS](https://holderbook.com/stocks/NAMS/) | $13.6M | 0 | 1.5% | 1 |
| CONTINEUM THERAPEUTICS INC | [CTNM](https://holderbook.com/stocks/CTNM/) | $13.2M | 807,874 | 1.4% | 3 |
| C4 THERAPEUTICS INC | [CCCC](https://holderbook.com/stocks/CCCC/) | $11.4M | 2,433,000 | 1.2% | 1 |
| MAZE THERAPEUTICS INC | [MAZE](https://holderbook.com/stocks/MAZE/) | $11.3M | 378,999 | 1.2% | 6 |
| ARROWHEAD PHARMACEUTICALS IN | [ARWR](https://holderbook.com/stocks/ARWR/) | $11.3M | 38,278 | 1.2% | 2 |
| BIOHAVEN LTD | [BHVN](https://holderbook.com/stocks/BHVN/) | $11.1M | 748,181 | 1.2% | 3 |
| CONNECT BIOPHARMA HLDGS LTD | [CNTB](https://holderbook.com/stocks/CNTB/) | $10.8M | 4,538,534 | 1.2% | 3 |
| ALTO NEUROSCIENCE INC | [ANRO](https://holderbook.com/stocks/ANRO/) | $10.7M | 407,338 | 1.2% | 8 |
| PHARVARIS N V | [PHVS](https://holderbook.com/stocks/PHVS/) | $10.7M | 308,856 | 1.2% | 4 |
| EYEPOINT INC | [EYPT](https://holderbook.com/stocks/EYPT/) | $10.6M | 0 | 1.1% | 2 |
| JADE BIOSCIENCES INC | [JBIO](https://holderbook.com/stocks/JBIO/) | $9.5M | 427,349 | 1.0% | 3 |
| DAMORA THERAPEUTICS INC | [DMRA](https://holderbook.com/stocks/DMRA/) | $8.7M | 335,710 | 0.9% | 3 |
| Q32 BIO INC | [QTTB](https://holderbook.com/stocks/QTTB/) | $8.0M | 430,000 | 0.9% | 1 |
| VIRIDIAN THERAPEUTICS INC | [VRDN](https://holderbook.com/stocks/VRDN/) | $7.8M | 425,000 | 0.8% | 1 |
| OLEMA PHARMACEUTICALS INC | [OLMA](https://holderbook.com/stocks/OLMA/) | $7.3M | 383,281 | 0.8% | 3 |
| PELTHOS THERAPEUTICS INC | [PTHS](https://holderbook.com/stocks/PTHS/) | $7.3M | 256,598 | 0.8% | 4 |
| ZURA BIO LTD | [ZURA](https://holderbook.com/stocks/ZURA/) | $7.2M | 1,218,492 | 0.8% | 4 |
| TECTONIC THERAPEUTIC INC | [TECX](https://holderbook.com/stocks/TECX/) | $7.1M | 205,837 | 0.8% | 2 |
| SPRUCE BIOSCIENCES INC | [SPRB](https://holderbook.com/stocks/SPRB/) | $6.6M | 121,356 | 0.7% | 4 |
| HIMS & HERS HEALTH INC | [HIMS](https://holderbook.com/stocks/HIMS/) | $6.5M | 188,381 | 0.7% | 1 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $6.4M | 126,541 | 0.7% | 2 |
| PROQR THRAPEUTICS N V | [PRQR](https://holderbook.com/stocks/PRQR/) | $6.4M | 3,425,930 | 0.7% | 5 |
| BRIGHT MINDS BIOSCIENCES INC | [DRUG](https://holderbook.com/stocks/DRUG/) | $6.2M | 88,951 | 0.7% | 7 |
| OVID THERAPEUTICS INC | [OVID](https://holderbook.com/stocks/OVID/) | $6.1M | 2,269,704 | 0.7% | 4 |
| OCUGEN INC | [OCGN](https://holderbook.com/stocks/OCGN/) | $6.1M | 3,962,972 | 0.7% | 2 |
| ALPHA COGNITION INC | [ACOG](https://holderbook.com/stocks/ACOG/) | $6.0M | 836,259 | 0.7% | 7 |
| KYMERA THERAPEUTICS INC | [KYMR](https://holderbook.com/stocks/KYMR/) | $5.8M | 0 | 0.6% | 2 |
| HARROW INC | [HROW](https://holderbook.com/stocks/HROW/) | $5.8M | 135,775 | 0.6% | 4 |
| KAZIA THERAPEUTICS LTD | [KZIA](https://holderbook.com/stocks/KZIA/) | $5.6M | 396,201 | 0.6% | 1 |
| ULTRAGENYX PHARMACEUTICAL IN | [RARE](https://holderbook.com/stocks/RARE/) | $5.5M | 165,617 | 0.6% | 8 |
| EUPRAXIA PHARMACEUTICALS INC | [EPRX](https://holderbook.com/stocks/EPRX/) | $5.4M | 809,741 | 0.6% | 3 |
| SELLAS LIFE SCIENCES GROUP I | [SLS](https://holderbook.com/stocks/SLS/) | $5.2M | 0 | 0.6% | 1 |
| BIOAGE LABS INC | [BIOA](https://holderbook.com/stocks/BIOA/) | $4.9M | 200,000 | 0.5% | 1 |
| REZOLUTE INC | [RZLT](https://holderbook.com/stocks/RZLT/) | $4.9M | 935,012 | 0.5% | 3 |
| SIONNA THERAPEUTICS INC | [SION](https://holderbook.com/stocks/SION/) | $4.7M | 0 | 0.5% | 1 |
| MONOPAR THERAPEUTICS INC | [MNPR](https://holderbook.com/stocks/MNPR/) | $4.4M | 47,861 | 0.5% | 1 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $4.3M | 57,417 | 0.5% | 2 |
| INVENTIVA SA | [IVA](https://holderbook.com/stocks/IVA/) | $4.2M | 1,129,101 | 0.4% | 3 |
| ABSCI CORPORATION | [ABSI](https://holderbook.com/stocks/ABSI/) | $4.1M | 353,772 | 0.4% | 1 |
| ALECTOR INC | [ALEC](https://holderbook.com/stocks/ALEC/) | $4.0M | 1,982,606 | 0.4% | 7 |
| CLIMB BIO INC | [CLYM](https://holderbook.com/stocks/CLYM/) | $3.9M | 300,000 | 0.4% | 1 |
| FULCRUM THERAPEUTICS INC | [FULC](https://holderbook.com/stocks/FULC/) | $3.8M | 1,049,161 | 0.4% | 8 |
| CARDIOL THERAPEUTICS INC | [CRDL](https://holderbook.com/stocks/CRDL/) | $3.5M | 3,325,000 | 0.4% | 2 |
| CUE BIOPHARMA INC | [CUE](https://holderbook.com/stocks/CUE/) | $3.3M | 104,364 | 0.4% | 1 |
| CUMBERLAND PHARMACEUTICALS I | [CPIX](https://holderbook.com/stocks/CPIX/) | $3.3M | 503,153 | 0.4% | 6 |
| REIN THERAPEUTICS INC | [RNTX](https://holderbook.com/stocks/RNTX/) | $3.1M | 2,950,000 | 0.3% | 1 |
| ARVINAS INC | [ARVN](https://holderbook.com/stocks/ARVN/) | $3.0M | 358,257 | 0.3% | 6 |
| ACUMEN PHARMACEUTICALS INC | [ABOS](https://holderbook.com/stocks/ABOS/) | $2.8M | 1,053,797 | 0.3% | 16 |
| PROMIS NEUROSCIENCES INC | [PMN](https://holderbook.com/stocks/PMN/) | $2.7M | 205,000 | 0.3% | 2 |
| ANNEXON INC | [ANNX](https://holderbook.com/stocks/ANNX/) | $2.5M | 430,244 | 0.3% | 3 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $2.4M | 0 | 0.3% | 2 |
| LEXEO THERAPEUTICS INC | [LXEO](https://holderbook.com/stocks/LXEO/) | $2.4M | 513,011 | 0.3% | 8 |
| DELCATH SYS INC | [DCTH](https://holderbook.com/stocks/DCTH/) | $2.3M | 185,667 | 0.3% | 9 |
| INVIVYD INC | [IVVD](https://holderbook.com/stocks/IVVD/) | $2.3M | 2,656,570 | 0.2% | 4 |
| UNIQURE NV | [QURE](https://holderbook.com/stocks/QURE/) | $2.3M | 0 | 0.2% | 5 |
| CABALETTA BIO INC | [CABA](https://holderbook.com/stocks/CABA/) | $2.2M | 700,000 | 0.2% | 3 |
| NEUMORA THERAPEUTICS INC. | [NMRA](https://holderbook.com/stocks/NMRA/) | $2.2M | 1,278,408 | 0.2% | 8 |
| AMYLYX PHARMACEUTICALS INC | [AMLX](https://holderbook.com/stocks/AMLX/) | $2.1M | 117,500 | 0.2% | 1 |
| TARSUS PHARMACEUTICALS INC | [TARS](https://holderbook.com/stocks/TARS/) | $2.0M | 31,166 | 0.2% | 12 |
| DISC MEDICINE INC | [IRON](https://holderbook.com/stocks/IRON/) | $1.9M | 0 | 0.2% | 1 |
| SILENCE THERAPEUTICS PLC | [SLN](https://holderbook.com/stocks/SLN/) | $1.8M | 830,784 | 0.2% | 5 |
| JOURNEY MED CORP | [DERM](https://holderbook.com/stocks/DERM/) | $1.8M | 251,436 | 0.2% | 3 |
| DBV TECHNOLOGIES S A | [DBVT](https://holderbook.com/stocks/DBVT/) | $1.7M | 525,000 | 0.2% | 3 |
| IBIO INC | [IBIO](https://holderbook.com/stocks/IBIO/) | $1.7M | 957,062 | 0.2% | 10 |
| AVALO THERAPEUTICS INC | [AVTX](https://holderbook.com/stocks/AVTX/) | $1.7M | 90,183 | 0.2% | 10 |
| ANTERIS TECHNOLOGIES GLOBAL | [AVR](https://holderbook.com/stocks/AVR/) | $1.6M | 166,571 | 0.2% | 2 |
| PALISADE BIO INC | [PALI](https://holderbook.com/stocks/PALI/) | $1.6M | 750,000 | 0.2% | 3 |
| AMANAT ACQUISITION CORP | [AMAN](https://holderbook.com/stocks/AMAN/) | $1.5M | 150,000 | 0.2% | 1 |
| KALARIS THERAPEUTICS INC | [KLRS](https://holderbook.com/stocks/KLRS/) | $1.5M | 360,000 | 0.2% | 3 |
| QUINCE THERAPEUTICS INC | - | $1.3M | 72,251 | 0.1% | 1 |
| LIPOCINE INC NEW | [LPCN](https://holderbook.com/stocks/LPCN/) | $1.3M | 508,556 | 0.1% | 3 |
| IMMUNOME INC | [IMNM](https://holderbook.com/stocks/IMNM/) | $1.3M | 60,000 | 0.1% | 1 |
| ELICIO THERAPEUTICS INC | [ELTX](https://holderbook.com/stocks/ELTX/) | $1.2M | 100,000 | 0.1% | 1 |
| PLIANT THERAPEUTICS INC | [PLRX](https://holderbook.com/stocks/PLRX/) | $1.1M | 1,000,000 | 0.1% | 1 |
| IMMUNIC INC | [IMUX](https://holderbook.com/stocks/IMUX/) | $1.0M | 67,464 | 0.1% | 1 |
| QUOIN PHARMACEUTICALS LTD | [QNRX](https://holderbook.com/stocks/QNRX/) | $1.0M | 211,538 | 0.1% | 3 |
| EQUILLIUM INC | [EQ](https://holderbook.com/stocks/EQ/) | $971.4K | 303,555 | 0.1% | 4 |
| NEURONETICS INC | [STIM](https://holderbook.com/stocks/STIM/) | $911.5K | 701,182 | 0.1% | 6 |
| FAETH THERAPEUTICS INC | [FTH](https://holderbook.com/stocks/FTH/) | $884.6K | 35,386 | 0.1% | 5 |
| FRACTYL HEALTH INC | [GUTS](https://holderbook.com/stocks/GUTS/) | $873.8K | 1,100,000 | 0.1% | 4 |
| CYBIN INC | [HELP](https://holderbook.com/stocks/HELP/) | $873.5K | 132,153 | 0.1% | 8 |
| FIRST TRACKS BIOTHERAPEUTICS | [TRAX](https://holderbook.com/stocks/TRAX/) | $860.6K | 42,775 | 0.1% | 1 |
| VERASTEM INC | [VSTM](https://holderbook.com/stocks/VSTM/) | $817.0K | 213,865 | 0.1% | 3 |
| DIREXION SHARES ETF TRUST | [LABD](https://holderbook.com/stocks/LABD/) | $815.9K | 105,822 | 0.1% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +12.3% | +14.8% | -2.5% | 66% |
| Q1 2026 | +1.9% | -4.6% | +6.6% | 64% |
| Q4 2025 | +40.7% | +2.4% | +38.4% | 69% |
| Q3 2025 | +35.8% | +7.8% | +28.0% | 77% |
| Q1 2025 | -19.8% | -4.6% | -15.2% | 83% |
| Q4 2024 | -2.8% | +2.1% | -4.9% | 84% |
| Q3 2024 | +5.4% | +5.4% | +0.0% | 76% |
| Q2 2024 | -18.4% | +4.0% | -22.4% | 63% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $928.2M | 137 |
| Q1 2026 | $1.2B | 139 |
| Q4 2025 | $1.3B | 148 |
| Q3 2025 | $990.4M | 139 |
| Q2 2025 | $520.6M | 114 |
| Q1 2025 | $811.5M | 141 |
| Q4 2024 | $735.3M | 147 |
| Q3 2024 | $717.2M | 121 |
| Q2 2024 | $574.1M | 95 |
| Q1 2024 | $912.0M | 100 |
| Q4 2023 | $1.1B | 101 |
| Q3 2023 | $831.4M | 107 |