Ikarian Capital, LLC
13F Reported Value
ⓘ$928.2M
incl. option notional
Equity Holdings
ⓘ$610.9M
Option Notional
ⓘ$317.3M
$186.5M puts / $130.8M calls
Holdings
156
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
Portfolio Overview
Ikarian Capital, LLC disclosed 156 positions worth $928.2M in its Form 13F-HR for Q2 2026 — $610.9M in common stock plus $317.3M of put/call option positions (reported at underlying notional value, not premium at risk), followed by $ABVX and $ABVX. During the quarter the fund opened 40 new positions and exited 45 — including a new stake in $ABVX and a full exit from $TERN. The portfolio is most concentrated in Healthcare (99.4% of disclosed assets). All figures are sourced directly from Ikarian Capital, LLC’s Form 13F-HR filing with the SEC under CIK 1778253.
AI Fund Analysis
DiversifyingSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q2 2026
Click any card to unlockTop Holdings
SPDR SERIES TRUST - ST STR SP BIOT PUT
—Quality
$47.5M300,000 sh- —
Quality
$45.5M341,100 sh - —
Quality
$43.4M328,635 sh - —
Quality
$41.3M1,059,730 sh - —
Quality
$33.3M250,000 sh - 23.4
Quality
$31.7M400,000 sh - 21.2
Quality
$28.0M400,000 sh - 7.1
Quality
$24.5M870,548 sh - $24.4M72,842 sh
- 23.4
Quality
$23.8M300,000 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
| SPDR SERIES TRUST - ST STR SP BIOT PUT | — | $47.5M | 300,000 |
 Abivax S.A.$ABVXCALL | — | $45.5M | 341,100 |
| Abivax S.A.$ABVX | — | $43.4M | 328,635 |
 Kodiak Sciences Inc.$KOD | — | $41.3M | 1,059,730 |
| Abivax S.A.$ABVXPUT | — | $33.3M | 250,000 |
 IONIS PHARMACEUTICALS INC$IONSCALL | 23.4 | $31.7M | 400,000 |
 Moderna, Inc.$MRNAPUT | 21.2 | $28.0M | 400,000 |
 ALUMIS INC.$ALMS | 7.1 | $24.5M | 870,548 |
 Praxis Precision Medicines, Inc.$PRAX | — | $24.4M | 72,842 |
| IONIS PHARMACEUTICALS INC$IONSPUT | 23.4 | $23.8M | 300,000 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Ikarian Capital, LLC's 156 positions.
Showing top 10 of 156 holdings.
Sector Allocation
Healthcare
$607.4M
Financials
$1.8M
Other
$1.7M
Top Holdings — Ikarian Capital, LLC (Q2 2026)
Top 150 of 156 disclosed positions (by reported value) from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | — | SPDR SERIES TRUST - ST STR SP BIOT | $47.5M | — | -63% | — |
| 2 | $ABVXCALL | Abivax S.A. | $45.5M | — | +16% | — |
| 3 | $ABVX | Abivax S.A. | $43.4M | 7.1% | +470% | — |
| 4 | $KOD | Kodiak Sciences Inc. | $41.3M | 6.8% | -16% | — |
| 5 | $ABVXPUT | Abivax S.A. | $33.3M | — | NEW | — |
| 6 | $IONSCALL | IONIS PHARMACEUTICALS INC | $31.7M | — | +257% | 23.4 |
| 7 | $MRNAPUT | Moderna, Inc. | $28.0M | — | NEW | 21.2 |
| 8 | $ALMS | ALUMIS INC. | $24.5M | 4.0% | -28% | 7.1 |
| 9 | $PRAX | Praxis Precision Medicines, Inc. | $24.4M | 4.0% | +2% | — |
| 10 | $IONSPUT | IONIS PHARMACEUTICALS INC | $23.8M | — | NEW | 23.4 |
| 11 |  $PCVX | Vaxcyte, Inc. | $22.6M | 3.7% | -9% | — |
| 12 |  $ANIP | ANI PHARMACEUTICALS INC | $22.5M | 3.7% | +85% | 72.5 |
| 13 |  $CLDX | Celldex Therapeutics, Inc. | $17.8M | 2.9% | +4% | 8.4 |
| 14 |  $RCUS | Arcus Biosciences, Inc. | $15.6M | 2.5% | NEW | 8.5 |
| 15 |  $RLMD | RELMADA THERAPEUTICS, INC. | $14.9M | 2.4% | -20% | — |
| 16 |  $CAPR | CAPRICOR THERAPEUTICS, INC. | $14.5M | 2.4% | +14% | 13.6 |
| 17 |  $COGT | Cogent Biosciences, Inc. | $14.3M | 2.3% | NEW | — |
| 18 | — | NEWAMSTERDAM PHARMA COMPANY - PUT | $13.6M | — | NEW | — |
| 19 |  $VERA | Vera Therapeutics, Inc. | $13.3M | 2.2% | +55% | — |
| 20 |  $CTNM | Contineum Therapeutics, Inc. | $13.2M | 2.2% | +0% | — |
| 21 |  $TENX | TENAX THERAPEUTICS, INC. | $11.5M | 1.9% | -23% | — |
| 22 |  $CCCC | C4 Therapeutics, Inc. | $11.4M | 1.9% | NEW | 18.2 |
| 23 |  $MAZE | Maze Therapeutics, Inc. | $11.3M | 1.9% | +0% | 10.3 |
| 24 |  $BHVN | Biohaven Ltd. | $11.1M | 1.8% | +81% | — |
| 25 |  $CNTB | Connect Biopharma Holdings Ltd | $10.8M | 1.8% | -16% | — |
| 26 |  $ANRO | Alto Neuroscience, Inc. | $10.7M | 1.8% | -21% | — |
| 27 |  $PHVS | Pharvaris N.V. | $10.7M | 1.8% | -37% | — |
| 28 | $ALMSCALL | ALUMIS INC. | $10.0M | — | +35% | 7.1 |
| 29 |  $JBIO | Jade Biosciences, Inc. | $9.5M | 1.6% | -17% | — |
| 30 |  $DMRA | Damora Therapeutics, Inc. | $8.7M | 1.4% | +0% | — |
| 31 | $KODCALL | Kodiak Sciences Inc. | $8.5M | — | +118% | — |
| 32 | $CAPRCALL | CAPRICOR THERAPEUTICS, INC. | $8.4M | — | +0% | 13.6 |
| 33 |  $ARWRPUT | ARROWHEAD PHARMACEUTICALS, INC. | $8.2M | — | +74% | 38.7 |
| 34 |  $VRDN | Viridian Therapeutics, Inc.\DE | $7.8M | 1.3% | NEW | 27.2 |
| 35 |  $PTHS | Pelthos Therapeutics Inc. | $7.3M | 1.2% | +0% | 17.5 |
| 36 |  $ZURA | Zura Bio Ltd | $7.2M | 1.2% | +2% | — |
| 37 |  $TECX | Tectonic Therapeutic, Inc. | $7.1M | 1.2% | +31% | — |
| 38 | $PRAXCALL | Praxis Precision Medicines, Inc. | $6.7M | — | NEW | — |
| 39 |  $SPRB | SPRUCE BIOSCIENCES, INC. | $6.6M | 1.1% | +0% | — |
| 40 |  $HIMS | Hims & Hers Health, Inc. | $6.5M | 1.1% | NEW | 53.4 |
| 41 |  $ELVN | Enliven Therapeutics, Inc. | $6.4M | 1.1% | NEW | — |
| 42 |  $PRQR | ProQR Therapeutics N.V. | $6.4M | 1.0% | +130% | — |
| 43 |  $DRUG | BRIGHT MINDS BIOSCIENCES INC. | $6.2M | 1.0% | -47% | — |
| 44 |  $OVID | Ovid Therapeutics Inc. | $6.1M | 1.0% | -22% | 26.4 |
| 45 |  $OCGN | Ocugen, Inc. | $6.1M | 1.0% | +0% | — |
| 46 |  $ACOG | Alpha Cognition Inc. | $6.0M | 1.0% | -21% | — |
| 47 |  $KYMRPUT | Kymera Therapeutics, Inc. | $5.8M | — | +0% | 28.4 |
| 48 |  $HROW | HARROW, INC. | $5.8M | 0.9% | -75% | 40.5 |
| 49 |  $KZIA | KAZIA THERAPEUTICS LTD | $5.6M | 0.9% | NEW | — |
| 50 |  $RARE | Ultragenyx Pharmaceutical Inc. | $5.5M | 0.9% | -66% | 34.2 |
| 51 |  $FIXX | Q32 Bio Inc. | $5.5M | 0.9% | NEW | 36.4 |
| 52 | $TENXCALL | TENAX THERAPEUTICS, INC. | $5.4M | — | +226% | — |
| 53 |  $EPRX | EUPRAXIA PHARMACEUTICALS INC. | $5.4M | 0.9% | -33% | — |
| 54 |  $EYPTCALL | EyePoint, Inc. | $5.3M | — | +0% | 3.5 |
| 55 | $EYPTPUT | EyePoint, Inc. | $5.3M | — | +0% | 3.5 |
| 56 |  $SLSPUT | SELLAS Life Sciences Group, Inc. | $5.2M | — | NEW | — |
| 57 |  $BIOA | BioAge Labs, Inc. | $4.9M | 0.8% | NEW | 26.8 |
| 58 |  $RZLT | Rezolute, Inc. | $4.9M | 0.8% | +5574% | — |
| 59 |  $OLMA | Olema Pharmaceuticals, Inc. | $4.8M | 0.8% | -36% | — |
| 60 |  $SIONPUT | Sionna Therapeutics, Inc. | $4.7M | — | NEW | — |
| 61 |  $MNPR | Monopar Therapeutics | $4.4M | 0.7% | NEW | — |
| 62 |  $BBIO | BridgeBio Pharma, Inc. | $4.3M | 0.7% | -64% | 36.9 |
| 63 | $CLDXPUT | Celldex Therapeutics, Inc. | $4.2M | — | +0% | 8.4 |
| 64 |  $IVA | Inventiva S.A. | $4.2M | 0.7% | -21% | — |
| 65 |  $ABSI | Absci Corp | $4.1M | 0.7% | NEW | 7 |
| 66 |  $ALEC | Alector, Inc. | $4.0M | 0.7% | -5% | 10.9 |
| 67 |  $CLYM | Climb Bio, Inc. | $3.9M | 0.6% | NEW | — |
| 68 |  $FULC | Fulcrum Therapeutics, Inc. | $3.8M | 0.6% | +0% | 32.9 |
| 69 |  $CRDL | Cardiol Therapeutics Inc. | $3.5M | 0.6% | +22% | — |
| 70 |  $CUE | Cue Biopharma, Inc. | $3.3M | 0.5% | NEW | 28.9 |
| 71 |  $CPIX | CUMBERLAND PHARMACEUTICALS INC | $3.3M | 0.5% | -9% | 20.1 |
| 72 | $ARWR | ARROWHEAD PHARMACEUTICALS, INC. | $3.1M | 0.5% | NEW | 38.7 |
| 73 | $VERACALL | Vera Therapeutics, Inc. | $3.1M | — | +0% | — |
| 74 |  $RNTX | Rein Therapeutics, Inc. | $3.1M | 0.5% | NEW | — |
| 75 |  $ARVN | ARVINAS, INC. | $3.0M | 0.5% | +0% | 36.6 |
| 76 |  $ABOS | Acumen Pharmaceuticals, Inc. | $2.8M | 0.5% | +0% | — |
| 77 |  $PMN | ProMIS Neurosciences Inc. | $2.7M | 0.4% | +273% | — |
| 78 | $FIXXPUT | Q32 Bio Inc. | $2.5M | — | NEW | 36.4 |
| 79 | $OLMACALL | Olema Pharmaceuticals, Inc. | $2.5M | — | -64% | — |
| 80 |  $ANNX | Annexon, Inc. | $2.5M | 0.4% | -26% | — |
| 81 |  $BMYPUT | BRISTOL MYERS SQUIBB CO | $2.4M | — | -92% | 70.4 |
| 82 |  $LXEO | Lexeo Therapeutics, Inc. | $2.4M | 0.4% | +0% | — |
| 83 |  $DCTH | DELCATH SYSTEMS, INC. | $2.3M | 0.4% | -57% | 54.7 |
| 84 |  $IVVD | Invivyd, Inc. | $2.3M | 0.4% | +0% | 29.7 |
| 85 |  $QURECALL | uniQure N.V. | $2.3M | — | -86% | — |
| 86 |  $CABA | Cabaletta Bio, Inc. | $2.2M | 0.4% | -22% | — |
| 87 |  $NMRA | Neumora Therapeutics, Inc. | $2.2M | 0.4% | +0% | — |
| 88 |  $AMLX | Amylyx Pharmaceuticals, Inc. | $2.1M | 0.3% | NEW | 8.7 |
| 89 |  $TARS | Tarsus Pharmaceuticals, Inc. | $2.0M | 0.3% | +0% | 55 |
| 90 |  $SLN | Silence Therapeutics plc | $1.8M | 0.3% | -4% | — |
| 91 |  $DERM | Journey Medical Corp | $1.8M | 0.3% | +0% | 16.5 |
| 92 |  $DBVT | DBV Technologies S.A. | $1.7M | 0.3% | +0% | — |
| 93 |  $IBIO | iBio, Inc. | $1.7M | 0.3% | +0% | 10.4 |
| 94 |  $AVTX | Avalo Therapeutics, Inc. | $1.7M | 0.3% | NEW | 11.7 |
| 95 |  $AVR | Anteris Technologies Global Corp. | $1.6M | 0.3% | -55% | — |
| 96 |  $PALI | PALISADE BIO, INC. | $1.6M | 0.3% | +173% | — |
| 97 |  $AMAN | Amanat Acquisition Corp. | $1.5M | 0.3% | NEW | — |
| 98 |  $KLRS | Kalaris Therapeutics, Inc. | $1.5M | 0.2% | +0% | — |
| 99 |  $QNCX | Quince Therapeutics, Inc. | $1.3M | 0.2% | NEW | — |
| 100 |  $LPCN | Lipocine Inc. | $1.3M | 0.2% | +0% | — |
| 101 |  $IMNM | Immunome Inc. | $1.3M | 0.2% | NEW | 25.3 |
| 102 |  $PLRX | PLIANT THERAPEUTICS, INC. | $1.1M | 0.2% | NEW | — |
| 103 |  $IMUX | IMMUNIC, INC. | $1.0M | 0.2% | -90% | — |
| 104 |  $QNRX | Quoin Pharmaceuticals, Ltd. | $1.0M | 0.2% | +0% | — |
| 105 |  $IRONCALL | Disc Medicine, Inc. | $972,762 | — | NEW | — |
| 106 | $IRONPUT | Disc Medicine, Inc. | $972,762 | — | NEW | — |
| 107 |  $EQ | Equillium, Inc. | $971,376 | 0.2% | +0% | 11.7 |
| 108 |  $STIM | Neuronetics, Inc. | $911,537 | 0.1% | +0% | 36.9 |
| 109 | — | FAETH THERAPEUTICS INC - COM NEW | $884,650 | 0.1% | +457% | — |
| 110 |  $GUTS | FRACTYL HEALTH, INC. | $873,840 | 0.1% | +0% | 10 |
| 111 |  $HELP | CYBIN INC. | $873,532 | 0.1% | +0% | — |
| 112 |  $TRAX | First Tracks Biotherapeutics, Inc. | $860,633 | 0.1% | NEW | — |
| 113 |  $VSTM | Verastem, Inc. | $816,965 | 0.1% | +0% | 29.7 |
| 114 | — | DIREXION SHARES ETF TRUST - DAI BIO BEA ETF | $815,887 | 0.1% | +0% | — |
| 115 |  $PEPG | PepGen Inc. | $804,897 | 0.1% | +0% | — |
| 116 |  $ACAD | ACADIA PHARMACEUTICALS INC | $710,905 | 0.1% | +0% | 67.8 |
| 117 |  $CNSP | CNS Pharmaceuticals, Inc. | $649,267 | 0.1% | +196% | — |
| 118 |  $LYEL | Lyell Immunopharma, Inc. | $577,188 | 0.1% | +0% | 9.3 |
| 119 |  $WVE | Wave Life Sciences, Inc. | $495,507 | 0.1% | +0% | 7.5 |
| 120 |  $IMTX | Immatics N.V. | $492,003 | 0.1% | +0% | — |
| 121 |  $PASG | Passage BIO, Inc. | $485,643 | 0.1% | +46% | — |
| 122 |  $NXTC | NextCure, Inc. | $461,284 | 0.1% | +21% | — |
| 123 |  $FBRX | Forte Biosciences, Inc. | $445,655 | 0.1% | -82% | — |
| 124 |  $SLDB | Solid Biosciences Inc. | $429,130 | 0.1% | -84% | — |
| 125 |  $ELTXCALL | Elicio Therapeutics, Inc. | $418,761 | — | NEW | — |
| 126 | $ELTXPUT | Elicio Therapeutics, Inc. | $418,761 | — | NEW | — |
| 127 |  $TRAW | Traws Pharma, Inc. | $403,217 | 0.1% | -29% | — |
| 128 |  $LXRX | LEXICON PHARMACEUTICALS, INC. | $395,218 | 0.1% | +0% | 33.7 |
| 129 | $ELTX | Elicio Therapeutics, Inc. | $391,000 | 0.1% | NEW | — |
| 130 |  $ANL | Adlai Nortye Group Ltd. | $389,839 | 0.1% | +0% | — |
| 131 |  $INM | InMed Pharmaceuticals Inc. | $379,788 | 0.1% | NEW | 13.1 |
| 132 |  $VKTX | Viking Therapeutics, Inc. | $379,061 | 0.1% | +0% | — |
| 133 |  $MGNX | MACROGENICS INC | $346,006 | 0.1% | +0% | 39.6 |
| 134 | $PRAXPUT | Praxis Precision Medicines, Inc. | $301,311 | — | NEW | — |
| 135 | $TENXPUT | TENAX THERAPEUTICS, INC. | $240,075 | — | NEW | — |
| 136 |  $PURR | Hyperliquid Strategies Inc | $236,108 | 0.0% | +0% | 41.5 |
| 137 |  $EVAX | Evaxion A/S | $231,564 | 0.0% | +0% | — |
| 138 |  $RNAC | Cartesian Therapeutics, Inc. | $216,809 | 0.0% | +0% | 8 |
| 139 |  $CMPS | COMPASS Pathways plc | $212,250 | 0.0% | -98% | — |
| 140 |  $NEUP | Neuphoria Therapeutics Inc. | $207,326 | 0.0% | +0% | — |
| 141 |  $VYGR | Voyager Therapeutics, Inc. | $185,722 | 0.0% | +0% | 8.1 |
| 142 |  $YARW | Yarrow Bioscience, Inc. | $172,379 | 0.0% | +0% | — |
| 143 |  $BCRX | BIOCRYST PHARMACEUTICALS INC | $167,560 | 0.0% | NEW | 53.2 |
| 144 |  $ENVB | Enveric Biosciences, Inc. | $138,003 | 0.0% | NEW | — |
| 145 |  $PMVP | PMV Pharmaceuticals, Inc. | $119,442 | 0.0% | +0% | — |
| 146 |  $VTGN | Vistagen Therapeutics, Inc. | $117,311 | 0.0% | +0% | — |
| 147 |  $CMMB | Chemomab Therapeutics Ltd. | $83,904 | 0.0% | +0% | — |
| 148 |  $NYXH | Nyxoah SA | $80,035 | 0.0% | +0% | — |
| 149 |  $AIRS | Airsculpt Technologies, Inc. | $73,792 | 0.0% | +0% | 31.1 |
| 150 |  $MGRX | MANGOCEUTICALS, INC. | $52,496 | 0.0% | +0% | — |
New Positions (40)
$ABVXPUT Abivax S.A.$33.3M$MRNAPUT Moderna, Inc.$28.0M$IONSPUT IONIS PHARMACEUTICALS INC$23.8M$RCUS Arcus Biosciences, Inc.$15.6M$COGT Cogent Biosciences, Inc.$14.3M$CCCC C4 Therapeutics, Inc.$11.4M$VRDN Viridian Therapeutics, Inc.\DE$7.8M$PRAXCALL Praxis Precision Medicines, Inc.$6.7M$HIMS Hims & Hers Health, Inc.$6.5M$ELVN Enliven Therapeutics, Inc.$6.4M$KZIA KAZIA THERAPEUTICS LTD$5.6M$FIXX Q32 Bio Inc.$5.5M$SLSPUT SELLAS Life Sciences Group, Inc.$5.2M$BIOA BioAge Labs, Inc.$4.9MExited Positions (45)
$TERN Terns Pharmaceuticals, Inc.$TERNPUT Terns Pharmaceuticals, Inc.
$QQQPUT INVESCO QQQ TRUST, SERIES 1
$CYTKPUT CYTOKINETICS INC$CYTKCALL CYTOKINETICS INC$CYTK CYTOKINETICS INC
$RVMD Revolution Medicines, Inc.
$NVOCALL NOVO NORDISK A S
$ORKA Oruka Therapeutics, Inc.$ANIPCALL ANI PHARMACEUTICALS INC
$SLNO SOLENO THERAPEUTICS INC$IONS IONIS PHARMACEUTICALS INC$RVMDPUT Revolution Medicines, Inc.
$PVLA PALVELLA THERAPEUTICS, INC.Browse Top Institutional Investors
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