Ikarian Capital, LLC 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Ikarian Capital, LLC disclosed 135 US equity positions worth $772.6m in its Q4 2025 13F filing. The largest position was 430 at 8.3% of the reported book, followed by CDTX and ABVX. Against the Q3 2025 filing, it opened 16 new positions, added to 19 and reduced 12 among the top 50 holdings.
What did Ikarian Capital, LLC own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | 430 TERNS PHARMACEUTICALS INC | 8.3% | $64.5m | 1,596,378 | 872% | added | |
| 2 | CDTX CIDARA THERAPEUTICS INC | 7.8% | $60.4m | 273,243 | -2% | reduced | |
| 3 | ABVX ABIVAX SA | 3.8% | $29.1m | 205,985 | -48% | reduced | |
| 4 | JAZZ JAZZ PHARMACEUTICALS PLC | Healthcare | 3.5% | $27.3m | 160,367 | 106% | added |
| 5 | MAZE MAZE THERAPEUTICS INC | 3.5% | $26.7m | 644,680 | -13% | reduced | |
| 6 | PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 3.3% | $25.5m | 86,581 | 203% | added |
| 7 | RAPT RAPT THERAPEUTICS INC | 2.9% | $22.5m | 665,271 | 8% | added | |
| 8 | KOD KODIAK SCIENCES INC | Healthcare | 2.6% | $20.1m | 719,787 | 74% | added |
| 9 | OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 2.5% | $19.0m | 758,654 | – | new |
| 10 | PCVX VAXCYTE INC | Healthcare | 2.3% | $17.5m | 378,682 | 21% | added |
| 11 | CAPR CAPRICOR THERAPEUTICS INC | Healthcare | 2.2% | $16.7m | 578,015 | 118% | added |
| 12 | IONS IONIS PHARMACEUTICALS INC | Healthcare | 2.1% | $16.0m | 202,038 | -51% | reduced |
| 13 | FULC FULCRUM THERAPEUTICS INC | Healthcare | 2.0% | $15.6m | 1,375,472 | 7% | added |
| 14 | LLY ELI LILLY & CO | Healthcare | 1.9% | $14.8m | 13,815 | – | new |
| 15 | RLMD RELMADA THERAPEUTICS INC | Healthcare | 1.9% | $14.8m | 3,068,359 | 66% | added |
| 16 | AMGN AMGEN INC | Healthcare | 1.9% | $14.7m | 45,000 | – | new |
| 17 | CTMX CYTOMX THERAPEUTICS INC | Healthcare | 1.7% | $13.5m | 3,172,616 | -6% | reduced |
| 18 | PHVS PHARVARIS N V | 1.7% | $13.5m | 486,856 | 132% | added | |
| 19 | CNTB CONNECT BIOPHARMA HLDGS LTD | 1.7% | $13.5m | 4,788,486 | – | new | |
| 20 | DRUG BRIGHT MINDS BIOSCIENCES INC | Healthcare | 1.6% | $12.4m | 159,421 | 933% | added |
| 21 | TENX TENAX THERAPEUTICS INC | 1.5% | $11.8m | 967,600 | 0% | held | |
| 22 | RVMD REVOLUTION MEDICINES INC | Healthcare | 1.4% | $11.0m | 138,142 | – | new |
| 23 | CYTK CYTOKINETICS INC | Healthcare | 1.4% | $11.0m | 172,672 | -22% | reduced |
| 24 | SPRB SPRUCE BIOSCIENCES INC | 1.4% | $10.6m | 121,356 | 810% | added | |
| 25 | CELC CELCUITY INC | Healthcare | 1.4% | $10.5m | 105,545 | – | new |
| 26 | ANRO ALTO NEUROSCIENCE INC | Healthcare | 1.2% | $9.2m | 515,000 | 368% | added |
| 27 | PTCT PTC THERAPEUTICS INC | Healthcare | 1.2% | $9.0m | 118,657 | -58% | reduced |
| 28 | HROW HARROW INC | 1.2% | $9.0m | 183,347 | – | new | |
| 29 | VTYXUSD VENTYX BIOSCIENCES INC | 1.1% | $8.7m | 958,704 | -27% | reduced | |
| 30 | CGON CG ONCOLOGY INC | Healthcare | 1.1% | $8.3m | 199,473 | -20% | reduced |
| 31 | FBRX FORTE BIOSCIENCES INC | 1.1% | $8.2m | 300,000 | 0% | held | |
| 32 | PELTHOS THERAPEUTICS INC | 1.0% | $7.9m | 255,758 | 310% | added | |
| 33 | NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 1.0% | $7.7m | 54,062 | – | new |
| 34 | MLYS MINERALYS THERAPEUTICS INC | Healthcare | 0.9% | $7.3m | 200,000 | – | new |
| 35 | ALPHA COGNITION INC | 0.9% | $6.9m | 1,056,259 | 12% | added | |
| 36 | DMRA GALECTO INC | Healthcare | 0.9% | $6.6m | 285,710 | – | new |
| 37 | IVVD INVIVYD INC | Healthcare | 0.8% | $6.6m | 2,656,570 | 28% | added |
| 38 | CORT CORCEPT THERAPEUTICS INC | Healthcare | 0.8% | $6.5m | 185,593 | – | new |
| 39 | NUVALENT INC | 0.8% | $6.0m | 59,594 | – | new | |
| 40 | LXEO LEXEO THERAPEUTICS INC | Healthcare | 0.7% | $5.1m | 513,011 | -10% | reduced |
| 41 | LEGN LEGEND BIOTECH CORP | Healthcare | 0.6% | $4.9m | 226,888 | – | new |
| 42 | JBIO JADE BIOSCIENCES INC | 0.6% | $4.6m | 300,000 | – | new | |
| 43 | EPRX EUPRAXIA PHARMACEUTICALS INC | 0.6% | $4.6m | 610,000 | – | new | |
| 44 | DCTH DELCATH SYS INC | 0.6% | $4.4m | 431,251 | 0% | held | |
| 45 | CMPX COMPASS THERAPEUTICS INC | 0.6% | $4.3m | 800,000 | – | new | |
| 46 | ADMA ADMA BIOLOGICS INC | Healthcare | 0.6% | $4.3m | 234,854 | 47% | added |
| 47 | ARVN ARVINAS INC | Healthcare | 0.5% | $4.2m | 358,257 | 58% | added |
| 48 | ZURA ZURA BIO LTD | Healthcare | 0.5% | $4.2m | 802,322 | -62% | reduced |
| 49 | KPTI KARYOPHARM THERAPEUTICS INC | 0.5% | $4.0m | 544,554 | 1898% | added | |
| 50 | KRYS KRYSTAL BIOTECH INC | Healthcare | 0.5% | $3.7m | 14,814 | -39% | 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.