Ikarian Capital, LLC 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Ikarian Capital, LLC disclosed 116 US equity positions worth $494.3m in its Q3 2025 13F filing. The largest position was GMAB at 10.7% of the reported book, followed by ABVX and IONS. Against the Q2 2025 filing, it opened 23 new positions, added to 12 and reduced 15 among the top 50 holdings.
What did Ikarian Capital, LLC own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | GMAB GENMAB A/S | Healthcare | 10.7% | $53.0m | 175,000 | – | new |
| 2 | ABVX ABIVAX SA | 6.8% | $33.4m | 396,098 | – | new | |
| 3 | IONS IONIS PHARMACEUTICALS INC | Healthcare | 5.5% | $27.2m | 415,163 | – | new |
| 4 | CDTX CIDARA THERAPEUTICS INC | 5.4% | $26.6m | 277,704 | -40% | reduced | |
| 5 | MAZE MAZE THERAPEUTICS INC | 3.9% | $19.2m | 740,825 | 182% | added | |
| 6 | PTCT PTC THERAPEUTICS INC | Healthcare | 3.5% | $17.2m | 280,551 | – | new |
| 7 | RAPT RAPT THERAPEUTICS INC | 3.2% | $15.9m | 615,000 | – | new | |
| 8 | DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 2.8% | $13.6m | 346,001 | – | new |
| 9 | CYTK CYTOKINETICS INC | Healthcare | 2.5% | $12.2m | 222,674 | -5% | reduced |
| 10 | FULC FULCRUM THERAPEUTICS INC | Healthcare | 2.4% | $11.9m | 1,289,225 | 201% | added |
| 11 | PCVX VAXCYTE INC | Healthcare | 2.3% | $11.2m | 311,682 | 2% | added |
| 12 | CTMX CYTOMX THERAPEUTICS INC | Healthcare | 2.2% | $10.8m | 3,372,616 | – | new |
| 13 | JAZZ JAZZ PHARMACEUTICALS PLC | Healthcare | 2.1% | $10.3m | 77,800 | 94% | added |
| 14 | APLSUSD APELLIS PHARMACEUTICALS INC | 2.1% | $10.2m | 451,902 | 503% | added | |
| 15 | CGON CG ONCOLOGY INC | Healthcare | 2.0% | $10.0m | 249,473 | 61% | added |
| 16 | AKERO THERAPEUTICS INC | 2.0% | $9.8m | 206,854 | -6% | reduced | |
| 17 | ZURA ZURA BIO LTD | Healthcare | 1.9% | $9.2m | 2,132,322 | – | new |
| 18 | TENX TENAX THERAPEUTICS INC | 1.5% | $7.4m | 967,600 | – | new | |
| 19 | KOD KODIAK SCIENCES INC | Healthcare | 1.4% | $6.8m | 413,841 | -31% | reduced |
| 20 | TGTX TG THERAPEUTICS INC | Healthcare | 1.3% | $6.3m | 174,959 | -17% | reduced |
| 21 | ALPHA COGNITION INC | 1.2% | $6.2m | 946,259 | 3% | added | |
| 22 | CRNXGBP CRINETICS PHARMACEUTICALS IN | 1.1% | $5.5m | 130,902 | -70% | reduced | |
| 23 | VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 1.1% | $5.3m | 245,518 | -48% | reduced |
| 24 | PHVS PHARVARIS N V | 1.1% | $5.2m | 210,165 | – | new | |
| 25 | SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 1.0% | $5.1m | 333,733 | – | new |
| 26 | AGIO AGIOS PHARMACEUTICALS INC | Healthcare | 1.0% | $5.1m | 126,979 | – | new |
| 27 | DCTH DELCATH SYS INC | 0.9% | $4.6m | 431,251 | 34% | added | |
| 28 | GPCR STRUCTURE THERAPEUTICS INC | Healthcare | 0.9% | $4.6m | 163,237 | -11% | reduced |
| 29 | TVTX TRAVERE THERAPEUTICS INC | Healthcare | 0.9% | $4.6m | 190,781 | – | new |
| 30 | FBRX FORTE BIOSCIENCES INC | 0.9% | $4.5m | 300,000 | -37% | reduced | |
| 31 | TARS TARSUS PHARMACEUTICALS INC | Healthcare | 0.9% | $4.4m | 73,619 | -63% | reduced |
| 32 | KRYS KRYSTAL BIOTECH INC | Healthcare | 0.9% | $4.3m | 24,421 | – | new |
| 33 | ARGX ARGENX SE | Healthcare | 0.9% | $4.3m | 5,942 | – | new |
| 34 | VTYXUSD VENTYX BIOSCIENCES INC | 0.8% | $4.1m | 1,309,604 | 35% | added | |
| 35 | PVLA PALVELLA THERAPEUTICS INC NE | 0.8% | $4.1m | 64,746 | – | new | |
| 36 | SLNOEUR SOLENO THERAPEUTICS INC | 0.8% | $3.8m | 55,946 | – | new | |
| 37 | LXEO LEXEO THERAPEUTICS INC | Healthcare | 0.8% | $3.8m | 567,601 | 3% | added |
| 38 | LABD DIREXION SHS ETF TR | 0.8% | $3.7m | 91,959 | – | new | |
| 39 | RLMD RELMADA THERAPEUTICS INC | Healthcare | 0.7% | $3.7m | 1,843,060 | 4477% | added |
| 40 | QURE UNIQURE NV | 0.7% | $3.4m | 58,610 | -51% | reduced | |
| 41 | VIR VIR BIOTECHNOLOGY INC | Healthcare | 0.7% | $3.4m | 593,374 | -44% | reduced |
| 42 | MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 0.6% | $3.1m | 435,839 | – | new |
| 43 | NEWAMSTERDAM PHARMA COMPANY | 0.6% | $3.0m | 106,800 | -48% | reduced | |
| 44 | UPB UPSTREAM BIO INC | 0.6% | $3.0m | 161,113 | – | new | |
| 45 | GUTS FRACTYL HEALTH INC | 0.6% | $2.9m | 1,800,000 | – | new | |
| 46 | BBOT BRIDGEBIO ONCOLOGY THERAPEUT | 0.6% | $2.8m | 245,231 | – | new | |
| 47 | BBIO BRIDGEBIO PHARMA INC | Healthcare | 0.5% | $2.7m | 51,967 | – | new |
| 48 | PEPG PEPGEN INC | Healthcare | 0.5% | $2.5m | 535,967 | 257% | added |
| 49 | STIM NEURONETICS INC | Healthcare | 0.5% | $2.5m | 905,716 | -18% | reduced |
| 50 | RLAY RELAY THERAPEUTICS INC | Healthcare | 0.5% | $2.4m | 467,362 | -37% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.