Ikarian Capital, LLC

CIK

1778253

Location

DALLAS, TX

Portfolio Value

Mid $1,090,101,890

Diversification

Diversified

Filing Date

Global Rank

#1,670 / 8,603 ▲ 149 · as of Mar 2026

Top Industry

Biotechnology 88.9%

3Y Alpha vs SPY

+10.7%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+125.1%

SPY

+76.5%

Annualised alpha

+10.2%

Max drawdown

−44.9%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

134 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

12.8%

+4.7 pts

Top 5

34.0%

+8.5 pts

Top 10

46.8%

+7.8 pts

HHI

374

Diversified+119

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	94.4%	$1,029,514,852	130
Unclassified	5.3%	$57,718,000	1
Financial Services	0.3%	$2,795,937	2
Industrials	0.0%	$73,101	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
OVID	Ovid Therapeutics Inc.	+2,647,146	2,894,704	$6,426,242
KPTI	Karyopharm Therapeutics Inc.	+2,028,881	2,573,435	$14,334,032
ALMS	Alumis Inc.	+1,267,048	1,478,148	$32,563,600
TERN	Terns Pharmaceuticals, Inc.	+1,060,000	2,656,378	$140,044,248
IVA	Inventiva S.A.	+926,500	1,429,101	$7,931,510
ABOS	Acumen Pharmaceuticals, Inc.	+799,485	1,053,797	$2,486,960
CYTK	Cytokinetics Inc	+778,900	1,242,472	$81,891,329
KOD	Kodiak Sciences Inc.	+646,008	1,365,795	$52,064,105
EPRX	Eupraxia Pharmaceuticals Inc.	+604,741	1,214,741	$8,794,724
CNTB	Connect Biopharma Holdings Ltd	+600,000	5,533,086	$14,496,685
CTNM	Contineum Therapeutics, Inc.	+525,000	807,874	$10,550,834
AVTX	Avalo Therapeutics, Inc.	+470,794	560,000	$8,360,800
ZURA	Zura Bio Ltd	+391,170	1,193,492	$7,101,277
ANNX	Annexon, Inc.	+350,000	580,244	$3,214,551
LPCN	Lipocine Inc.	+309,014	508,556	$4,063,362
CAPR	Capricor Therapeutics, Inc.	+300,000	878,015	$26,691,656
CMPS	COMPASS Pathways plc	+275,000	675,000	$3,732,750
ANIP	Ani Pharmaceuticals Inc	+214,285	297,085	$22,845,836
JBIO	Jade Biosciences, Inc.	+212,349	512,349	$7,198,503
BHVN	Biohaven Ltd.	+200,000	412,481	$3,489,589
OLMA	Olema Pharmaceuticals, Inc.	+189,427	1,148,081	$17,117,887
TENX	Tenax Therapeutics, Inc.	+164,300	1,131,900	$18,099,081
SRZN	Surrozen, Inc./DE	+107,319	173,107	$5,042,606
PCVX	Vaxcyte, Inc.	+50,000	428,682	$24,910,711
DMRA	Damora Therapeutics, Inc.	+50,000	335,710	$8,694,889
No positions match the current search.

Trimmed

Positions the filer reduced

18 positions

Ticker	Company	Δ Shares	Shares	Value
CMPX	Compass Therapeutics, Inc.	−782,000	18,000	$95,220
RLMD	Relmada Therapeutics, Inc.	−380,000	2,688,359	$18,710,978
FULC	Fulcrum Therapeutics, Inc.	−326,311	1,049,161	$8,047,064
SLDB	Solid Biosciences Inc.	−320,000	264,409	$1,903,744
VIR	Vir Biotechnology, Inc.	−282,454	293,258	$2,627,591
SLNO	Soleno Therapeutics Inc	−253,600	344,123	$11,521,238
MAZE	Maze Therapeutics, Inc.	−251,281	393,399	$11,742,960
FBRX	Forte Biosciences, Inc.	−181,028	118,972	$3,081,374
HROW	Harrow, Inc.	−150,000	543,047	$19,147,837
JAZZ	Jazz Pharmaceuticals plc	−147,907	12,460	$2,355,563
IONS	Ionis Pharmaceuticals Inc	−57,500	239,138	$17,956,872
NUVL	Nuvalent, Inc.	−36,000	23,594	$2,417,205
RARE	Ultragenyx Pharmaceutical Inc.	−35,200	482,571	$10,109,862
FTH	Faeth Therapeutics, Inc.	−15,000	6,351	$200,183
PRAX	Praxis Precision Medicines, Inc.	−15,000	71,581	$23,062,682
INSM	INSMED Inc	−13,723	4,214	$689,073
LLY	ELI LILLY & Co	−7,268	6,547	$6,021,734
CPIX	Cumberland Pharmaceuticals Inc	−2,779	553,153	$1,797,747
No positions match the current search.

New Positions

Positions the filer opened this quarter

23 positions

Ticker	Company	Shares	Value
QQQ	Invesco Qqq Trust, Series 1	100,000	$57,718,000
BMY	Bristol Myers Squibb Co	500,000	$30,325,000
CLDX	Celldex Therapeutics, Inc.	575,247	$18,246,834
BBIO	BridgeBio Pharma, Inc.	218,620	$16,234,721
NVO	Novo Nordisk A S	400,000	$14,700,000
ORKA	Oruka Therapeutics, Inc.	242,021	$11,871,130
VERA	Vera Therapeutics, Inc.	271,700	$10,930,491
EYPT	EyePoint, Inc.	740,800	$9,548,912
PVLA	Palvella Therapeutics, Inc.	64,626	$8,055,630
OCGN	Ocugen, Inc.	3,962,972	$7,172,979
TECX	Tectonic Therapeutic, Inc.	157,537	$4,869,468
KYMR	Kymera Therapeutics, Inc.	50,400	$4,197,816
CRDL	Cardiol Therapeutics Inc.	2,725,000	$3,678,750
ARWR	Arrowhead Pharmaceuticals, Inc.	57,500	$3,605,250
ELVN	Enliven Therapeutics, Inc.	83,700	$3,281,040
REPL	Replimune Group, Inc.	300,000	$2,295,000
AVR	Anteris Technologies Global Corp.	366,571	$2,034,469
DFTX	Definium Therapeutics, Inc.	58,803	$1,111,376
CNTA	Centessa Pharmaceuticals plc	18,113	$719,448
PMN	ProMIS Neurosciences Inc.	55,000	$698,500
ACAD	Acadia Pharmaceuticals Inc	28,099	$625,483
PASG	Passage BIO, Inc.	68,124	$534,773
ANL	Adlai Nortye Ltd.	33,899	$234,581
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
AMGN	Amgen Inc	245,000	$80,190,950
OMER	Omeros Corp	1,500,000	$25,770,000
CORT	Corcept Therapeutics Inc	586,093	$20,396,036
CRNX	Crinetics Pharmaceuticals, Inc.	368,500	$17,153,675
NBIX	Neurocrine Biosciences Inc	105,062	$14,900,943
CTMX	CytomX Therapeutics, Inc.	3,172,616	$13,515,344
CELC	Celcuity Inc.	105,545	$10,527,058
APLS	Apellis Pharmaceuticals, Inc.	397,347	$9,981,356
DXCM	Dexcom Inc	137,500	$9,125,875
PTCT	Ptc Therapeutics, Inc.	118,657	$9,013,185
CGON	CG Oncology, Inc.	199,473	$8,282,118
MLYS	Mineralys Therapeutics, Inc.	200,000	$7,258,000
AGIO	Agios Pharmaceuticals, Inc.	252,689	$6,878,194
ADMA	Adma Biologics, Inc.	234,854	$4,283,736
KRYS	Krystal Biotech, Inc.	14,814	$3,652,243
TGTX	Tg Therapeutics, Inc.	117,903	$3,514,688
ZBIO	Zenas BioPharma, Inc.	93,600	$3,398,616
AQST	Aquestive Therapeutics, Inc.	500,000	$3,230,000
GOSS	Gossamer Bio, Inc.	1,000,000	$3,100,000
NKTR	Nektar Therapeutics	72,600	$3,069,528
ERAS	Erasca, Inc.	735,396	$2,735,673
NAMS	NewAmsterdam Pharma Co N.V.	45,830	$1,607,716
TVTX	Travere Therapeutics, Inc.	36,600	$1,398,486
CPRX	Catalyst Pharmaceuticals, Inc.	57,388	$1,339,435
GPCR	Structure Therapeutics Inc.	4,824	$335,509
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

134 positions · $1,090,101,890 total · as of Mar 31, 2026

All sectors Financial Services Healthcare Industrials

Showing 1–50 of 134 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TERN	Terns Pharmaceuticals, Inc. Healthcare	Added	2,656,378	+1,060,000	$140,044,248	+117.1%	12.85%
CYTK	Cytokinetics Inc Healthcare	Added	1,242,472	+778,900	$81,891,329	+178.0%	7.51%
QQQ	Invesco Qqq Trust, Series 1	NEW	100,000	NEW	$57,718,000	NEW	5.29%
KOD	Kodiak Sciences Inc. Healthcare	Added	1,365,795	+646,008	$52,064,105	+158.7%	4.78%
ABVX	Abivax S.A. Healthcare	Added	350,935	+19,850	$39,076,612	−12.5%	3.58%
ALMS	Alumis Inc. Healthcare	Added	1,478,148	+1,267,048	$32,563,600	+1480.5%	2.99%
BMY	Bristol Myers Squibb Co Healthcare	NEW	500,000	NEW	$30,325,000	NEW	2.78%
CAPR	Capricor Therapeutics, Inc. Healthcare	Added	878,015	+300,000	$26,691,656	+60.0%	2.45%
RVMD	Revolution Medicines, Inc. Healthcare	Added	258,142	+25,000	$25,104,309	+35.2%	2.30%
PCVX	Vaxcyte, Inc. Healthcare	Added	428,682	+50,000	$24,910,711	+42.6%	2.29%
PRAX	Praxis Precision Medicines, Inc. Healthcare	Reduced	71,581	-15,000	$23,062,682	−9.6%	2.12%
ANIP	Ani Pharmaceuticals Inc Healthcare	Added	297,085	+214,285	$22,845,836	+249.5%	2.10%
HROW	Harrow, Inc. Healthcare	Reduced	543,047	-150,000	$19,147,837	−43.6%	1.76%
RLMD	Relmada Therapeutics, Inc. Healthcare	Reduced	2,688,359	-380,000	$18,710,978	+26.3%	1.72%
CLDX	Celldex Therapeutics, Inc. Healthcare	NEW	575,247	NEW	$18,246,834	NEW	1.67%
TENX	Tenax Therapeutics, Inc. Healthcare	Added	1,131,900	+164,300	$18,099,081	+53.4%	1.66%
IONS	Ionis Pharmaceuticals Inc Healthcare	Reduced	239,138	-57,500	$17,956,872	−23.5%	1.65%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Added	1,148,081	+189,427	$17,117,887	−28.6%	1.57%
BBIO	BridgeBio Pharma, Inc. Healthcare	NEW	218,620	NEW	$16,234,721	NEW	1.49%
NVO	Novo Nordisk A S Healthcare	NEW	400,000	NEW	$14,700,000	NEW	1.35%
CNTB	Connect Biopharma Holdings Ltd Healthcare	Added	5,533,086	+600,000	$14,496,685	+4.2%	1.33%
KPTI	Karyopharm Therapeutics Inc. Healthcare	Added	2,573,435	+2,028,881	$14,334,032	+257.6%	1.31%
PHVS	Pharvaris N.V. Healthcare	Held	486,856	0	$13,753,682	+1.8%	1.26%
DRUG	Bright Minds Biosciences Inc. Healthcare	Added	166,647	+7,226	$12,160,231	−2.3%	1.12%
ORKA	Oruka Therapeutics, Inc. Healthcare	NEW	242,021	NEW	$11,871,130	NEW	1.09%
MAZE	Maze Therapeutics, Inc. Healthcare	Reduced	393,399	-251,281	$11,742,960	−56.0%	1.08%
ANRO	Alto Neuroscience, Inc. Healthcare	Held	515,000	0	$11,577,200	+26.3%	1.06%
SLNO	Soleno Therapeutics Inc Healthcare	Reduced	344,123	-253,600	$11,521,238	−58.4%	1.06%
DBVT	DBV Technologies S.A. Healthcare	Held	525,000	0	$10,967,250	+9.0%	1.01%
VERA	Vera Therapeutics, Inc. Healthcare	NEW	271,700	NEW	$10,930,491	NEW	1.00%
CTNM	Contineum Therapeutics, Inc. Healthcare	Added	807,874	+525,000	$10,550,834	+226.3%	0.97%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Reduced	482,571	-35,200	$10,109,862	−15.1%	0.93%
EYPT	EyePoint, Inc. Healthcare	NEW	740,800	NEW	$9,548,912	NEW	0.88%
EPRX	Eupraxia Pharmaceuticals Inc. Healthcare	Added	1,214,741	+604,741	$8,794,724	+91.0%	0.81%
DMRA	Damora Therapeutics, Inc. Healthcare	Added	335,710	+50,000	$8,694,889	+32.3%	0.80%
AVTX	Avalo Therapeutics, Inc. Healthcare	Added	560,000	+470,794	$8,360,800	+416.1%	0.77%
PVLA	Palvella Therapeutics, Inc. Healthcare	NEW	64,626	NEW	$8,055,630	NEW	0.74%
FULC	Fulcrum Therapeutics, Inc. Healthcare	Reduced	1,049,161	-326,311	$8,047,064	−48.3%	0.74%
IVA	Inventiva S.A. Healthcare	Added	1,429,101	+926,500	$7,931,510	+239.4%	0.73%
SPRB	Spruce Biosciences, Inc. Healthcare	Held	121,356	0	$7,930,614	−25.0%	0.73%
IMUX	Immunic, Inc. Healthcare	Held	674,662	0	$7,488,748	+107.9%	0.69%
JBIO	Jade Biosciences, Inc. Healthcare	Added	512,349	+212,349	$7,198,503	+55.5%	0.66%
OCGN	Ocugen, Inc. Healthcare	NEW	3,962,972	NEW	$7,172,979	NEW	0.66%
ZURA	Zura Bio Ltd Healthcare	Added	1,193,492	+391,170	$7,101,277	+68.9%	0.65%
OVID	Ovid Therapeutics Inc. Healthcare	Added	2,894,704	+2,647,146	$6,426,242	+1492.6%	0.59%
LLY	ELI LILLY & Co Healthcare	Reduced	6,547	-7,268	$6,021,734	−59.4%	0.55%
ACOG	Alpha Cognition Inc. Healthcare	Held	1,056,259	0	$5,798,861	−15.5%	0.53%
PTHS	Pelthos Therapeutics Inc. Healthcare	Reduced	256,598	-254,918	$5,391,123	−66.0%	0.49%
SRZN	Surrozen, Inc./DE Healthcare	Added	173,107	+107,319	$5,042,606	+239.2%	0.46%
TECX	Tectonic Therapeutic, Inc. Healthcare	NEW	157,537	NEW	$4,869,468	NEW	0.45%