Ikarian Capital, LLC

Registered adviser

CIK

1778253

Location

DALLAS, TX

Portfolio Value

Small $920,175,238

Diversification

Diversified

Filing Date

Global Rank

#2,655 / 8,818 ▼ 653

Top Industry

Biotechnology 93.1%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 281880

Roster of Oct 1, 2026

Regulatory AUM

$697,961,635

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

1 fund · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$563,982,113 gross assets

LEI

549300NZUQ6FNNAIEE33

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$473,138,924 gross assets in 1 fund Hedge funds $473,138,924 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$697,961,635	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$559,757,184	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$565,157,554	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$375,072,066	Pooled investment vehicles (100%)
Apr 2023	$375,072,066	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$662,210,960	Pooled investment vehicles (100%)

2 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 39.1%, 40.2 effective positions, active share 97.2% against the Russell 2000 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

High turnover

140.7% over the last four quarters (100%+)

Horizon

Medium horizon

Value-weighted holding period 4.5 quarters (4 to under 12)

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 97.2%; sector active share 90.5% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

135 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

13.3%

+2.0 pts

Top 5

33.7%

−1.4 pts

Top 10

47.5%

−1.9 pts

HHI

374

Diversified+0

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Healthcare	94.6%	$870,117,471	130
Unclassified	5.2%	$48,290,887	2
Financial Services	0.2%	$1,760,107	2
Technology	0.0%	$6,773	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

18 positions

Ticker	Company	Δ Shares	Shares	Value
PRQR	ProQR Therapeutics N.V.	+1,933,701	3,425,930	$6,372,229
RZLT	Rezolute, Inc.	+918,533	935,012	$4,862,062
CRDL	Cardiol Therapeutics Inc.	+600,000	3,325,000	$3,524,500
PALI	Palisade Bio, Inc.	+475,022	750,000	$1,567,500
BHVN	Biohaven Ltd.	+335,700	748,181	$11,132,933
ABVX	Abivax S.A.	+271,000	328,635	$43,793,900
PMN	ProMIS Neurosciences Inc.	+150,000	205,000	$2,697,800
ANIP	Ani Pharmaceuticals Inc	+125,000	272,085	$22,523,196
VERA	Vera Therapeutics, Inc.	+110,000	310,000	$13,302,100
CNSP	CNS Pharmaceuticals, Inc.	+90,000	135,830	$649,267
CAPR	Capricor Therapeutics, Inc.	+76,200	604,215	$14,549,497
NXTC	NextCure, Inc.	+50,000	288,303	$461,284
TECX	Tectonic Therapeutic, Inc.	+48,300	205,837	$7,076,676
PASG	Passage BIO, Inc.	+31,393	99,517	$485,642
FTH	Faeth Therapeutics, Inc.	+29,035	35,386	$884,650
ZURA	Zura Bio Ltd	+25,000	1,218,492	$7,189,102
CLDX	Celldex Therapeutics, Inc.	+17,253	478,500	$17,804,985
PRAX	Praxis Precision Medicines, Inc.	+1,261	72,842	$24,386,773
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CNTB	Connect Biopharma Holdings Ltd	−849,952	4,538,534	$10,801,710
CMPS	COMPASS Pathways plc	−660,000	15,000	$212,250
OVID	Ovid Therapeutics Inc.	−625,000	2,269,704	$6,105,503
IMUX	Immunic, Inc.	−607,198	67,464	$1,036,921
RLMD	Relmada Therapeutics, Inc.	−540,000	2,148,359	$14,866,644
HROW	Harrow, Inc.	−407,272	135,775	$5,766,364
EPRX	Eupraxia Pharmaceuticals Inc.	−405,000	809,741	$5,352,388
ALMS	Alumis Inc.	−343,000	870,548	$24,497,220
RARE	Ultragenyx Pharmaceutical Inc.	−316,954	165,617	$5,529,951
IVA	Inventiva S.A.	−300,000	1,129,101	$4,268,001
DCTH	Delcath Systems, Inc.	−245,584	185,667	$2,337,547
TENX	Tenax Therapeutics, Inc.	−230,000	787,600	$11,459,580
SLDB	Solid Biosciences Inc.	−221,453	42,956	$429,130
ACOG	Alpha Cognition Inc.	−220,000	836,259	$6,037,789
OLMA	Olema Pharmaceuticals, Inc.	−215,000	383,281	$4,794,845
KOD	Kodiak Sciences Inc.	−206,065	1,059,730	$41,287,080
CABA	Cabaletta Bio, Inc.	−200,000	700,000	$2,177,000
TRAW	Traws Pharma, Inc.	−200,000	478,142	$401,639
AVR	Anteris Technologies Global Corp.	−200,000	166,571	$1,640,724
PHVS	Pharvaris N.V.	−178,000	308,856	$10,680,240
ANNX	Annexon, Inc.	−150,000	430,244	$2,456,693
ANRO	Alto Neuroscience, Inc.	−107,662	407,338	$10,749,649
BBIO	BridgeBio Pharma, Inc.	−102,703	57,417	$4,276,418
ALEC	Alector, Inc.	−100,000	1,982,606	$3,985,038
—		−98,000	20,972	$445,655
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
RCUS	Arcus Biosciences, Inc.	504,559	$15,555,553
COGT	Cogent Biosciences, Inc.	370,084	$14,322,250
CCCC	C4 Therapeutics, Inc.	2,433,000	$11,362,110
VRDN	Viridian Therapeutics, Inc.\DE	425,000	$7,807,250
HIMS	Hims & Hers Health, Inc.	188,381	$6,531,169
ELVN	Enliven Therapeutics, Inc.	126,541	$6,421,955
KZIA	Kazia Therapeutics Ltd	396,201	$5,578,510
QTTB	Q32 Bio Inc.	430,000	$5,478,200
BIOA	BioAge Labs, Inc.	200,000	$4,902,000
MNPR	Monopar Therapeutics	47,861	$4,431,449
ABSI	Absci Corp	353,772	$4,100,217
CLYM	Climb Bio, Inc.	300,000	$3,912,000
CUE	Cue Biopharma, Inc.	104,364	$3,293,727
ARWR	Arrowhead Pharmaceuticals, Inc.	38,278	$3,120,039
RNTX	Rein Therapeutics, Inc.	2,950,000	$3,068,000
AMLX	Amylyx Pharmaceuticals, Inc.	117,500	$2,110,300
AVTX	Avalo Therapeutics, Inc.	90,183	$1,666,581
AMAN	Amanat Acquisition Corp.	150,000	$1,524,000
IRLA	IRulya Therapeutics Inc.	72,251	$1,314,245
IMNM	Immunome Inc.	60,000	$1,271,400
PLRX	Pliant Therapeutics, Inc.	1,000,000	$1,140,000
TRAX	First Tracks Biotherapeutics, Inc.	42,775	$860,633
ELTX	Elicio Therapeutics, Inc.	100,000	$391,000
INM	InMed Pharmaceuticals Inc.	245,025	$379,788
BCRX	Biocryst Pharmaceuticals Inc	16,756	$167,560
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
—		1,456,378	$76,780,248
CYTK	Cytokinetics Inc	283,572	$18,690,230
RVMD	Revolution Medicines, Inc.	163,142	$15,865,559
ORKA	Oruka Therapeutics, Inc.	242,021	$11,871,130
—		344,123	$11,521,238
IONS	Ionis Pharmaceuticals Inc	127,038	$9,539,283
PVLA	Palvella Therapeutics, Inc.	64,626	$8,055,630
LLY	ELI LILLY & Co	6,547	$6,021,734
SRZN	Surrozen, Inc.	173,107	$5,042,606
LEGN	Legend Biotech Corp	226,888	$4,104,403
KPTI	Karyopharm Therapeutics Inc.	733,435	$4,085,232
FRNM	Freenome, Inc.	240,951	$2,643,232
VIR	Vir Biotechnology, Inc.	293,258	$2,627,591
BBOT	BridgeBio Oncology Therapeutics, Inc.	270,231	$2,418,567
—		23,594	$2,417,206
JAZZ	Jazz Pharmaceuticals plc	12,460	$2,355,563
QURE	uniQure N.V.	91,060	$1,488,831
DFTX	Definium Therapeutics, Inc.	58,803	$1,111,376
—		102,211	$758,405
CNTA	Centessa Pharmaceuticals plc	18,113	$719,448
—		35,119	$706,946
INSM	INSMED Inc	4,214	$689,073
SGMOQ	Sangamo Therapeutics, Inc	1,218,671	$304,667
VERU	Veru Inc.	133,517	$295,072
IOBTQ	IO Biotech, Inc.	1,386,565	$81,391
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

135 tracked positions · $920,175,238 total · filing declares 156 positions · $928,174,362 · as of Jun 30, 2026

All sectors Financial Services Healthcare Technology

Showing 1–50 of 135 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
ABVX	Abivax S.A. PUT CALL + SHARES Healthcare	Added	919,735	+568,800	$122,563,886	+213.7%	4	$104.08	13.32%
IONS	Ionis Pharmaceuticals Inc PUT CALL Healthcare	Added	700,000	+460,862	$55,503,000	+209.1%	—	—	6.03%
KOD	Kodiak Sciences Inc. CALL + SHARES Healthcare	Reduced	1,277,430	-88,365	$49,768,672	−4.4%	14	$17.52	5.41%
XBI	State Street(R) SPDR(R) S&P(R) Biotech ETF PUT	Reduced	300,000	-500,000	$47,475,000	−53.5%	—	—	5.16%
ALMS	Alumis Inc. CALL + SHARES Healthcare	Reduced	1,226,848	-251,300	$34,523,502	+6.0%	2	$25.00	3.75%
PRAX	Praxis Precision Medicines, Inc. PUT CALL + SHARES Healthcare	Added	93,742	+22,161	$31,383,884	+36.1%	6	$144.59	3.41%
MRNA	Moderna, Inc. PUT Healthcare	NEW	400,000	NEW	$28,012,000	NEW	—	—	3.04%
CAPR	Capricor Therapeutics, Inc. CALL + SHARES Healthcare	Added	954,215	+76,200	$22,977,497	−13.9%	4	$12.96	2.50%
PCVX	Vaxcyte, Inc. Healthcare	Reduced	388,682	-40,000	$22,594,084	−9.3%	6	$59.17	2.46%
ANIP	Ani Pharmaceuticals Inc Healthcare	Reduced	272,085	-25,000	$22,523,196	−1.4%	2	$79.05	2.45%
CLDX	Celldex Therapeutics, Inc. PUT + SHARES Healthcare	Added	592,500	+17,253	$22,046,925	+20.8%	2	$27.44	2.40%
TENX	Tenax Therapeutics, Inc. PUT CALL + SHARES Healthcare	Added	1,177,200	+45,300	$17,128,260	−5.4%	4	$6.47	1.86%
VERA	Vera Therapeutics, Inc. CALL + SHARES Healthcare	Added	381,700	+110,000	$16,378,747	+49.8%	2	$41.02	1.78%
RCUS	Arcus Biosciences, Inc. Healthcare	NEW	504,559	NEW	$15,555,553	NEW	1	$24.72	1.69%
RLMD	Relmada Therapeutics, Inc. Healthcare	Reduced	2,148,359	-540,000	$14,866,644	−20.5%	15	$2.02	1.62%
COGT	Cogent Biosciences, Inc. Healthcare	NEW	370,084	NEW	$14,322,250	NEW	1	$34.99	1.56%
CTNM	Contineum Therapeutics, Inc. Healthcare	Held	807,874	0	$13,241,054	+25.5%	3	$12.71	1.44%
CCCC	C4 Therapeutics, Inc. Healthcare	NEW	2,433,000	NEW	$11,362,110	NEW	1	$3.42	1.23%
MAZE	Maze Therapeutics, Inc. Healthcare	Reduced	378,999	-14,400	$11,309,330	−3.7%	6	$15.16	1.23%
ARWR	Arrowhead Pharmaceuticals, Inc. PUT + SHARES Healthcare	Added	138,278	+80,778	$11,271,039	+212.6%	1	$73.86	1.22%
BHVN	Biohaven Ltd. Healthcare	Added	748,181	+335,700	$11,132,933	+219.0%	3	$11.27	1.21%
CNTB	Connect Biopharma Holdings Ltd Healthcare	Reduced	4,538,534	-994,552	$10,801,710	−25.5%	3	$2.19	1.17%
ANRO	Alto Neuroscience, Inc. Healthcare	Reduced	407,338	-107,662	$10,749,649	−7.1%	7	$11.24	1.17%
PHVS	Pharvaris N.V. Healthcare	Reduced	308,856	-178,000	$10,680,240	−22.3%	4	$23.26	1.16%
EYPT	EyePoint, Inc. PUT CALL Healthcare	Held	740,800	0	$10,593,440	+10.9%	—	—	1.15%
JBIO	Jade Biosciences, Inc. Healthcare	Reduced	427,349	-85,000	$9,495,694	+31.9%	3	$12.87	1.03%
SLN	Silence Therapeutics plc Healthcare	Reduced	830,784	-35,000	$9,122,008	+99.9%	5	$4.33	0.99%
DMRA	Damora Therapeutics, Inc. Healthcare	Held	335,710	0	$8,731,817	+0.4%	3	$18.62	0.95%
QTTB	Q32 Bio Inc. PUT + SHARES Healthcare	NEW	630,000	NEW	$8,026,200	NEW	1	$8.36	0.87%
VRDN	Viridian Therapeutics, Inc.\DE Healthcare	NEW	425,000	NEW	$7,807,250	NEW	1	$16.11	0.85%
OLMA	Olema Pharmaceuticals, Inc. CALL + SHARES Healthcare	Reduced	583,281	-564,800	$7,296,845	−57.4%	3	$17.79	0.79%
PTHS	Pelthos Therapeutics Inc. Healthcare	Held	256,598	0	$7,251,459	+34.5%	4	unpriced	0.79%
ZURA	Zura Bio Ltd Healthcare	Added	1,218,492	+25,000	$7,189,102	+1.2%	4	$3.22	0.78%
TECX	Tectonic Therapeutic, Inc. Healthcare	Added	205,837	+48,300	$7,076,676	+45.3%	2	$25.73	0.77%
SPRB	Spruce Biosciences, Inc. Healthcare	Held	121,356	0	$6,553,224	−17.4%	7	unpriced	0.71%
HIMS	Hims & Hers Health, Inc. Healthcare	NEW	188,381	NEW	$6,531,169	NEW	1	$26.84	0.71%
ELVN	Enliven Therapeutics, Inc. Healthcare	Added	126,541	+42,841	$6,421,955	+95.7%	1	$42.45	0.70%
PRQR	ProQR Therapeutics N.V. Healthcare	Added	3,425,930	+1,933,701	$6,372,229	+163.6%	5	$1.77	0.69%
DRUG	Bright Minds Biosciences Inc. Healthcare	Reduced	88,951	-77,696	$6,244,360	−48.6%	7	$64.49	0.68%
OVID	Ovid Therapeutics Inc. Healthcare	Reduced	2,269,704	-625,000	$6,105,503	−5.0%	4	$1.71	0.66%
OCGN	Ocugen, Inc. Healthcare	Held	3,962,972	0	$6,063,347	−15.5%	2	$1.73	0.66%
ACOG	Alpha Cognition Inc. Healthcare	Reduced	836,259	-220,000	$6,037,789	+4.1%	7	$5.82	0.66%
KYMR	Kymera Therapeutics, Inc. PUT Healthcare	Held	50,400	0	$5,779,368	+37.7%	—	—	0.63%
HROW	Harrow, Inc. Healthcare	Reduced	135,775	-407,272	$5,766,364	−69.9%	3	$43.29	0.63%
KZIA	Kazia Therapeutics Ltd Healthcare	NEW	396,201	NEW	$5,578,510	NEW	1	$12.18	0.61%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Reduced	165,617	-316,954	$5,529,951	−45.3%	3	$22.79	0.60%
EPRX	Eupraxia Pharmaceuticals Inc. Healthcare	Reduced	809,741	-405,000	$5,352,388	−39.1%	3	$7.10	0.58%
SLS	SELLAS Life Sciences Group, Inc. PUT Healthcare	NEW	354,700	NEW	$5,235,372	NEW	—	—	0.57%
BIOA	BioAge Labs, Inc. Healthcare	NEW	200,000	NEW	$4,902,000	NEW	1	$18.07	0.53%
RZLT	Rezolute, Inc. Healthcare	Added	935,012	+918,533	$4,862,062	+9573.8%	3	$3.79	0.53%

Showing the top 50 of 135 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.