Ikarian Capital, LLC
13F Reported Value
ⓘ$1.2B
incl. option notional
Equity Holdings
ⓘ$699.0M
Option Notional
ⓘ$532.7M
$378.3M puts / $154.4M calls
Holdings
161
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
Ikarian Capital, LLC disclosed 161 positions worth $1.2B in its Form 13F-HR for Q1 2026 — $699.0M in common stock plus $532.7M of put/call option positions (reported at underlying notional value, not premium at risk), followed by $TERN and $TERN. During the quarter the fund opened 41 new positions and exited 54 — including a new stake in $TERN. The portfolio is most concentrated in Healthcare (99.7% 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
StableSector 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 — Q1 2026
Click any card to unlockTop Holdings
SPDR SERIES TRUST PUT
—Quality
$102.2M800,000 sh- —
Quality
$76.8M1,456,378 sh - $63.3M1,200,000 sh
- $57.7M100,000 sh
ISHARES TR PUT
—Quality
$49.6M200,000 sh- —
Quality
$48.3M1,265,795 sh - 28.0
Quality
$36.3M550,500 sh - —
Quality
$32.7M293,300 sh - 70.1
Quality
$30.3M500,000 sh - 28.0
Quality
$26.9M408,400 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
| SPDR SERIES TRUST PUT | — | $102.2M | 800,000 |
 Terns Pharmaceuticals, Inc.$TERN | — | $76.8M | 1,456,378 |
| Terns Pharmaceuticals, Inc.$TERNPUT | — | $63.3M | 1,200,000 |
 INVESCO QQQ TRUST, SERIES 1$QQQPUT | — | $57.7M | 100,000 |
| ISHARES TR PUT | — | $49.6M | 200,000 |
 Kodiak Sciences Inc.$KOD | — | $48.3M | 1,265,795 |
 CYTOKINETICS INC$CYTKPUT | 28.0 | $36.3M | 550,500 |
 Abivax S.A.$ABVXCALL | — | $32.7M | 293,300 |
 BRISTOL MYERS SQUIBB CO$BMYPUT | 70.1 | $30.3M | 500,000 |
| CYTOKINETICS INC$CYTKCALL | 28.0 | $26.9M | 408,400 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Ikarian Capital, LLC's 161 positions.
Showing top 10 of 161 holdings.
Sector Allocation
Healthcare
$696.9M
Other
$1.9M
Financials
$152,705
Full Holdings — Ikarian Capital, LLC (Q1 2026)
All 161 disclosed positions 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 | $102.2M | — | -6% | — |
| 2 | $TERN | Terns Pharmaceuticals, Inc. | $76.8M | 11.0% | -9% | — |
| 3 | $TERNPUT | Terns Pharmaceuticals, Inc. | $63.3M | — | NEW | — |
| 4 | $QQQPUT | INVESCO QQQ TRUST, SERIES 1 | $57.7M | — | NEW | — |
| 5 | — | ISHARES TR | $49.6M | — | NEW | — |
| 6 | $KOD | Kodiak Sciences Inc. | $48.3M | 6.9% | +76% | — |
| 7 | $CYTKPUT | CYTOKINETICS INC | $36.3M | — | NEW | 28 |
| 8 | $ABVXCALL | Abivax S.A. | $32.7M | — | +134% | — |
| 9 | $BMYPUT | BRISTOL MYERS SQUIBB CO | $30.3M | — | NEW | 70.1 |
| 10 | $CYTKCALL | CYTOKINETICS INC | $26.9M | — | +40% | 28 |
| 11 |  $ALMS | ALUMIS INC. | $26.7M | 3.8% | NEW | 9.2 |
| 12 |  $PCVX | Vaxcyte, Inc. | $24.9M | 3.6% | +13% | — |
| 13 |  $PRAX | Praxis Precision Medicines, Inc. | $23.1M | 3.3% | -17% | — |
| 14 |  $HROW | HARROW, INC. | $19.1M | 2.7% | +196% | 41.6 |
| 15 |  $RLMD | RELMADA THERAPEUTICS, INC. | $18.7M | 2.7% | -12% | — |
| 16 | $CYTK | CYTOKINETICS INC | $18.7M | 2.7% | +64% | 28 |
| 17 |  $TENX | TENAX THERAPEUTICS, INC. | $16.3M | 2.3% | +5% | — |
| 18 |  $CAPR | CAPRICOR THERAPEUTICS, INC. | $16.1M | 2.3% | -9% | — |
| 19 |  $RVMD | Revolution Medicines, Inc. | $15.9M | 2.3% | +18% | — |
| 20 |  $NVOCALL | NOVO NORDISK A S | $14.7M | — | NEW | — |
| 21 |  $CLDX | Celldex Therapeutics, Inc. | $14.6M | 2.1% | NEW | 13.2 |
| 22 |  $PHVS | Pharvaris N.V. | $13.8M | 2.0% | +0% | — |
| 23 |  $CNTB | Connect Biopharma Holdings Ltd | $13.1M | 1.9% | +13% | — |
| 24 |  $DRUG | BRIGHT MINDS BIOSCIENCES INC. | $12.2M | 1.7% | +5% | — |
| 25 |  $BBIO | BridgeBio Pharma, Inc. | $11.9M | 1.7% | NEW | 31.7 |
| 26 |  $ORKA | Oruka Therapeutics, Inc. | $11.9M | 1.7% | NEW | — |
| 27 |  $ANRO | Alto Neuroscience, Inc. | $11.6M | 1.7% | +0% | — |
| 28 |  $ANIPCALL | ANI PHARMACEUTICALS INC | $11.5M | — | +81% | 68.6 |
| 29 |  $SLNO | SOLENO THERAPEUTICS INC | $11.5M | 1.6% | +400% | 46.3 |
| 30 |  $MAZE | Maze Therapeutics, Inc. | $11.3M | 1.6% | -41% | 19.7 |
| 31 | $ANIP | ANI PHARMACEUTICALS INC | $11.3M | 1.6% | NEW | 68.6 |
| 32 | $CAPRCALL | CAPRICOR THERAPEUTICS, INC. | $10.6M | — | NEW | — |
| 33 |  $CTNM | Contineum Therapeutics, Inc. | $10.6M | 1.5% | +186% | — |
| 34 |  $RARE | Ultragenyx Pharmaceutical Inc. | $10.1M | 1.4% | +3708% | 31 |
| 35 |  $IONS | IONIS PHARMACEUTICALS INC | $9.5M | 1.4% | -37% | 37.1 |
| 36 | $RVMDPUT | Revolution Medicines, Inc. | $9.2M | — | NEW | — |
| 37 |  $OLMA | Olema Pharmaceuticals, Inc. | $8.9M | 1.3% | -21% | — |
| 38 |  $EPRX | EUPRAXIA PHARMACEUTICALS INC. | $8.8M | 1.3% | +99% | — |
| 39 |  $DMRA | Damora Therapeutics, Inc. | $8.7M | 1.2% | +18% | — |
| 40 | $IONSCALL | IONIS PHARMACEUTICALS INC | $8.4M | — | +18% | 37.1 |
| 41 | $OLMACALL | Olema Pharmaceuticals, Inc. | $8.2M | — | +175% | — |
| 42 |  $PVLA | PALVELLA THERAPEUTICS, INC. | $8.1M | 1.1% | NEW | — |
| 43 |  $FULC | Fulcrum Therapeutics, Inc. | $8.0M | 1.1% | -24% | — |
| 44 |  $VERA | Vera Therapeutics, Inc. | $8.0M | 1.1% | NEW | — |
| 45 |  $SPRB | SPRUCE BIOSCIENCES, INC. | $7.9M | 1.1% | +0% | — |
| 46 |  $IVA | Inventiva S.A. | $7.8M | 1.1% | +184% | — |
| 47 |  $JBIO | Jade Biosciences, Inc. | $7.2M | 1.0% | +71% | — |
| 48 |  $OCGN | Ocugen, Inc. | $7.2M | 1.0% | NEW | — |
| 49 |  $ZURA | Zura Bio Ltd | $7.1M | 1.0% | +49% | — |
| 50 |  $OVID | Ovid Therapeutics Inc. | $6.4M | 0.9% | +1069% | 13.1 |
| 51 | $ABVX | Abivax S.A. | $6.2M | 0.9% | -72% | — |
| 52 |  $LLY | ELI LILLY & Co | $6.0M | 0.9% | -53% | 89.3 |
| 53 |  $AVTXCALL | Avalo Therapeutics, Inc. | $6.0M | — | +591% | 4.6 |
| 54 | $ALMSCALL | ALUMIS INC. | $5.8M | — | NEW | 9.2 |
| 55 |  $QURECALL | uniQure N.V. | $5.8M | — | +237% | — |
| 56 |  $ACOG | Alpha Cognition Inc. | $5.8M | 0.8% | +0% | — |
| 57 |  $PTHS | Pelthos Therapeutics Inc. | $5.4M | 0.8% | +0% | 25.4 |
| 58 |  $KPTIPUT | Karyopharm Therapeutics Inc. | $5.1M | — | NEW | 20.4 |
| 59 | $KPTICALL | Karyopharm Therapeutics Inc. | $5.1M | — | NEW | 20.4 |
| 60 |  $SRZN | Surrozen, Inc./DE | $5.0M | 0.7% | +163% | — |
| 61 |  $TECX | Tectonic Therapeutic, Inc. | $4.9M | 0.7% | NEW | — |
| 62 |  $EYPTPUT | EyePoint, Inc. | $4.8M | — | NEW | 10.3 |
| 63 | $EYPTCALL | EyePoint, Inc. | $4.8M | — | NEW | 10.3 |
| 64 |  $ALEC | Alector, Inc. | $4.5M | 0.6% | +0% | 8.9 |
| 65 | $BBIOCALL | BridgeBio Pharma, Inc. | $4.3M | — | NEW | 31.7 |
| 66 |  $KYMRPUT | Kymera Therapeutics, Inc. | $4.2M | — | NEW | 29.2 |
| 67 |  $LEGN | Legend Biotech Corp | $4.1M | 0.6% | +0% | 44.2 |
| 68 | $KPTI | Karyopharm Therapeutics Inc. | $4.1M | 0.6% | +35% | 20.4 |
| 69 |  $LPCN | Lipocine Inc. | $4.1M | 0.6% | +155% | — |
| 70 |  $DCTH | DELCATH SYSTEMS, INC. | $4.0M | 0.6% | +0% | 54.9 |
| 71 | $KODCALL | Kodiak Sciences Inc. | $3.8M | — | NEW | — |
| 72 |  $ARVN | ARVINAS, INC. | $3.8M | 0.5% | +0% | 13.9 |
| 73 |  $CMPS | COMPASS Pathways plc | $3.7M | 0.5% | +69% | — |
| 74 |  $CRDL | Cardiol Therapeutics Inc. | $3.7M | 0.5% | NEW | — |
| 75 | $CLDXPUT | Celldex Therapeutics, Inc. | $3.6M | — | NEW | 13.2 |
| 76 |  $ARWRPUT | ARROWHEAD PHARMACEUTICALS, INC. | $3.6M | — | NEW | 74.4 |
| 77 |  $BHVN | Biohaven Ltd. | $3.5M | 0.5% | +94% | — |
| 78 |  $IVVD | Invivyd, Inc. | $3.5M | 0.5% | +0% | 25.7 |
| 79 |  $ELVNPUT | Enliven Therapeutics, Inc. | $3.3M | — | NEW | — |
| 80 |  $ANNX | Annexon, Inc. | $3.2M | 0.5% | +152% | — |
| 81 |  $FBRX | Forte Biosciences, Inc. | $3.1M | 0.4% | -60% | — |
| 82 |  $LXEO | Lexeo Therapeutics, Inc. | $2.9M | 0.4% | +0% | — |
| 83 | $VERACALL | Vera Therapeutics, Inc. | $2.9M | — | NEW | — |
| 84 |  $PCSC | Perceptive Capital Solutions Corp | $2.6M | 0.4% | +0% | — |
| 85 |  $VIR | Vir Biotechnology, Inc. | $2.6M | 0.4% | -49% | 5.6 |
| 86 |  $NXTC | NextCure, Inc. | $2.5M | 0.4% | +0% | — |
| 87 |  $NMRA | Neumora Therapeutics, Inc. | $2.5M | 0.4% | +0% | — |
| 88 |  $ABOS | Acumen Pharmaceuticals, Inc. | $2.5M | 0.4% | +314% | — |
| 89 |  $CABA | Cabaletta Bio, Inc. | $2.4M | 0.3% | +0% | — |
| 90 |  $BBOT | BridgeBio Oncology Therapeutics, Inc. | $2.4M | 0.3% | +23% | — |
| 91 |  $PRQR | ProQR Therapeutics N.V. | $2.4M | 0.3% | +0% | — |
| 92 |  $NUVL | Nuvalent, Inc. | $2.4M | 0.3% | -60% | — |
| 93 | $AVTXPUT | Avalo Therapeutics, Inc. | $2.4M | — | NEW | 4.6 |
| 94 |  $JAZZ | Jazz Pharmaceuticals plc | $2.4M | 0.3% | -92% | — |
| 95 |  $REPLPUT | Replimune Group, Inc. | $2.3M | — | NEW | — |
| 96 |  $DBVT | DBV Technologies S.A. | $2.2M | 0.3% | +0% | 6.1 |
| 97 |  $TARS | Tarsus Pharmaceuticals, Inc. | $2.2M | 0.3% | +0% | 40.8 |
| 98 |  $KLRS | Kalaris Therapeutics, Inc. | $2.1M | 0.3% | +0% | — |
| 99 |  $AVR | Anteris Technologies Global Corp. | $2.0M | 0.3% | NEW | — |
| 100 |  $SLDB | Solid Biosciences Inc. | $1.9M | 0.3% | +65% | — |
| 101 | $TENXCALL | TENAX THERAPEUTICS, INC. | $1.8M | — | NEW | — |
| 102 |  $IBIO | iBio, Inc. | $1.8M | 0.3% | +0% | — |
| 103 |  $CPIX | CUMBERLAND PHARMACEUTICALS INC | $1.8M | 0.3% | -0% | 34.6 |
| 104 |  $SLN | Silence Therapeutics plc | $1.7M | 0.3% | +0% | — |
| 105 | — | DIREXION SHARES ETF TRUST | $1.7M | 0.3% | +159% | — |
| 106 | $QURE | uniQure N.V. | $1.5M | 0.2% | +0% | — |
| 107 |  $QNRX | Quoin Pharmaceuticals, Ltd. | $1.4M | 0.2% | +0% | — |
| 108 |  $TRAW | Traws Pharma, Inc. | $1.2M | 0.2% | +0% | — |
| 109 |  $DERM | Journey Medical Corp | $1.2M | 0.2% | +0% | 26.4 |
| 110 |  $VSTM | Verastem, Inc. | $1.1M | 0.2% | +0% | 40.8 |
| 111 |  $DFTX | Definium Therapeutics, Inc. | $1.1M | 0.2% | NEW | — |
| 112 |  $STIM | Neuronetics, Inc. | $1.0M | 0.1% | +0% | 31.3 |
| 113 |  $LYEL | Lyell Immunopharma, Inc. | $824,084 | 0.1% | +0% | 3.6 |
| 114 |  $PEPG | PepGen Inc. | $791,482 | 0.1% | +0% | — |
| 115 |  $KZR | Kezar Life Sciences, Inc. | $758,405 | 0.1% | +0% | — |
| 116 |  $IMUX | IMMUNIC, INC. | $748,876 | 0.1% | +0% | — |
| 117 |  $CNTA | Centessa Pharmaceuticals plc | $719,448 | 0.1% | NEW | — |
| 118 |  $KALV | KalVista Pharmaceuticals, Inc. | $706,946 | 0.1% | +0% | 25.9 |
| 119 |  $PMN | ProMIS Neurosciences Inc. | $698,500 | 0.1% | NEW | — |
| 120 |  $INSM | INSMED Inc | $689,074 | 0.1% | -55% | 29.4 |
| 121 |  $HELP | CYBIN INC. | $634,334 | 0.1% | +0% | — |
| 122 |  $ACAD | ACADIA PHARMACEUTICALS INC | $625,484 | 0.1% | NEW | 69.8 |
| 123 |  $WVE | Wave Life Sciences Ltd. | $618,317 | 0.1% | +0% | — |
| 124 |  $EQ | Equillium, Inc. | $607,110 | 0.1% | +0% | 27.2 |
| 125 |  $PASG | Passage BIO, Inc. | $534,773 | 0.1% | NEW | — |
| 126 | $PEPGCALL | PepGen Inc. | $531,000 | — | +0% | — |
| 127 |  $GUTS | FRACTYL HEALTH, INC. | $503,580 | 0.1% | +0% | — |
| 128 |  $PALI | PALISADE BIO, INC. | $481,212 | 0.1% | +0% | — |
| 129 |  $IMTX | Immatics N.V. | $477,919 | 0.1% | +0% | — |
| 130 | $MAZEPUT | Maze Therapeutics, Inc. | $429,840 | — | NEW | 19.7 |
| 131 | $CNTBCALL | Connect Biopharma Holdings Ltd | $378,852 | — | +0% | — |
| 132 |  $VKTX | Viking Therapeutics, Inc. | $316,191 | 0.1% | +0% | — |
| 133 |  $SGMO | SANGAMO THERAPEUTICS, INC | $300,890 | 0.0% | +0% | 8.8 |
| 134 |  $VTGN | Vistagen Therapeutics, Inc. | $296,654 | 0.0% | +0% | — |
| 135 |  $VERU | VERU INC. | $295,073 | 0.0% | +0% | — |
| 136 |  $EVAX | Evaxion A/S | $277,876 | 0.0% | +0% | — |
| 137 |  $LXRX | LEXICON PHARMACEUTICALS, INC. | $256,892 | 0.0% | +0% | 33.1 |
| 138 |  $ANL | Adlai Nortye Ltd. | $234,581 | 0.0% | NEW | — |
| 139 |  $MGNX | MACROGENICS INC | $216,441 | 0.0% | +0% | 31.7 |
| 140 |  $VYGR | Voyager Therapeutics, Inc. | $204,823 | 0.0% | +0% | 5.5 |
| 141 | — | SENSEI BIOTHERAPEUTICS INC | $200,184 | 0.0% | -70% | — |
| 142 |  $NEUP | Neuphoria Therapeutics Inc. | $193,093 | 0.0% | +0% | — |
| 143 |  $VYNE | VYNE Therapeutics Inc. | $158,284 | 0.0% | +0% | — |
| 144 |  $PURR | Hyperliquid Strategies Inc | $152,705 | 0.0% | +0% | — |
| 145 |  $NYXH | Nyxoah SA | $138,285 | 0.0% | +0% | — |
| 146 |  $RNAC | Cartesian Therapeutics, Inc. | $127,963 | 0.0% | +0% | 7.5 |
| 147 |  $PMVP | PMV Pharmaceuticals, Inc. | $110,529 | 0.0% | +0% | — |
| 148 |  $CNSP | CNS Pharmaceuticals, Inc. | $109,992 | 0.0% | +0% | — |
| 149 |  $CMPX | Compass Therapeutics, Inc. | $95,220 | 0.0% | -98% | — |
| 150 |  $IOBT | IO Biotech, Inc. | $81,391 | 0.0% | +0% | — |
| 151 |  $CMMB | Chemomab Therapeutics Ltd. | $81,315 | 0.0% | +0% | — |
| 152 |  $PHGE | BiomX Inc. | $73,102 | 0.0% | +0% | — |
| 153 |  $RZLT | Rezolute, Inc. | $50,261 | 0.0% | +0% | — |
| 154 |  $MGRX | MANGOCEUTICALS, INC. | $49,747 | 0.0% | +0% | — |
| 155 |  $SHPH | Shuttle Pharmaceuticals Holdings, Inc. | $46,832 | 0.0% | +0% | — |
| 156 |  $AIRS | Airsculpt Technologies, Inc. | $46,405 | 0.0% | +0% | 24.3 |
| 157 |  $AEMD | AETHLON MEDICAL INC | $31,458 | 0.0% | +0% | — |
| 158 |  $GCTK | Glucotrack, Inc. | $29,790 | 0.0% | +0% | — |
| 159 |  $TOVX | Theriva Biologics, Inc. | $21,944 | 0.0% | +0% | — |
| 160 |  $JSPR | Jasper Therapeutics, Inc. | $21,110 | 0.0% | +0% | — |
| 161 |  $AMIX | Autonomix Medical, Inc. | $7,290 | 0.0% | +0% | — |
New Positions (41)
$TERNPUT Terns Pharmaceuticals, Inc.$63.3M$QQQPUT INVESCO QQQ TRUST, SERIES 1$57.7M$CYTKPUT CYTOKINETICS INC$36.3M$BMYPUT BRISTOL MYERS SQUIBB CO$30.3M$ALMS ALUMIS INC.$26.7M$NVOCALL NOVO NORDISK A S$14.7M$CLDX Celldex Therapeutics, Inc.$14.6M$BBIO BridgeBio Pharma, Inc.$11.9M$ORKA Oruka Therapeutics, Inc.$11.9M$ANIP ANI PHARMACEUTICALS INC$11.3M$CAPRCALL CAPRICOR THERAPEUTICS, INC.$10.6M$RVMDPUT Revolution Medicines, Inc.$9.2M$PVLA PALVELLA THERAPEUTICS, INC.$8.1M$VERA Vera Therapeutics, Inc.$8.0MExited Positions (54)
$AMGNPUT AMGEN INC$JAZZCALL Jazz Pharmaceuticals plc$HROWCALL HARROW, INC.$SLNOCALL SOLENO THERAPEUTICS INC
$RAPT RAPT Therapeutics, Inc.
$CRNXPUT Crinetics Pharmaceuticals, Inc.
$OMERPUT OMEROS CORP$AMGN AMGEN INC
$CTMX CytomX Therapeutics, Inc.
$CELC Celcuity Inc.$RAPTCALL RAPT Therapeutics, Inc.$OMERCALL OMEROS CORP
$DXCMCALL DEXCOM INCBrowse Top Institutional Investors
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