Ikarian Capital, LLC Top Holdings and 13F Report (2025) About Ikarian Capital, LLCInvestment ActivityIkarian Capital, LLC has $811.47 million in total holdings as of March 31, 2025.Ikarian Capital, LLC owns shares of 141 different stocks, but just 31 companies or ETFs make up 80% of its holdings.Approximately 66.49% of the portfolio was purchased this quarter.About 46.19% of the portfolio was sold this quarter.This quarter, Ikarian Capital, LLC has purchased 147 new stocks and bought additional shares in 29 stocks.Ikarian Capital, LLC sold shares of 41 stocks and completely divested from 41 stocks this quarter.Largest Holdings SPDR S&P 500 ETF Trust $192,989,550Eli Lilly and Company $123,886,500Corcept Therapeutics $44,305,938BridgeBio Pharma $25,797,413Tarsus Pharmaceuticals $24,915,528 Largest New Holdings this Quarter 78462F103 - SPDR S&P 500 ETF Trust $192,989,550 Holding532457108 - Eli Lilly and Company $123,886,500 Holding218352102 - Corcept Therapeutics $44,305,938 Holding898202106 - Trupanion $8,944,800 Holding02043Q107 - Alnylam Pharmaceuticals $8,531,012 Holding Largest Purchases this Quarter SPDR S&P 500 ETF Trust 345,000 shares (about $192.99M)Eli Lilly and Company 150,000 shares (about $123.89M)Corcept Therapeutics 387,900 shares (about $44.31M)Soleno Therapeutics 268,000 shares (about $19.15M)Ultragenyx Pharmaceutical 251,100 shares (about $9.09M) Largest Sales this Quarter Insmed 185,000 shares (about $14.11M)Tarsus Pharmaceuticals 122,668 shares (about $6.30M)AVALO THERAPEUTICS INC 770,259 shares (about $6.17M)Avidity Biosciences 200,000 shares (about $5.90M)BridgeBio Pharma 169,476 shares (about $5.86M) Sector Allocation Over TimeMap of 500 Largest Holdings ofIkarian Capital, LLC Selling Neutral Buying Latest 13F Holdings and Changes Since Previous Quarterly FilingIssuer NameHoldings ValueApproximate Purchase/SaleChange in SharesShares Held% of PortfolioSectorSPYSPDR S&P 500 ETF Trust$192,989,550$192,989,550 ▲New Holding345,00023.8%FinanceLLYEli Lilly and Company$123,886,500$123,886,500 ▲New Holding150,00015.3%MedicalCORTCorcept Therapeutics$44,305,938$44,305,938 ▲New Holding387,9005.5%MedicalBBIOBridgeBio Pharma$25,797,413$5,858,785 ▼-18.5%746,2373.2%MedicalTARSTarsus Pharmaceuticals$24,915,528$6,301,455 ▼-20.2%485,0213.1%MedicalSLNOSoleno Therapeutics$24,507,350$19,148,600 ▲357.3%343,0003.0%MedicalCRNXCrinetics Pharmaceuticals$17,555,875$234,780 ▲1.4%523,4312.2%MedicalRAREUltragenyx Pharmaceutical$15,573,523$9,092,331 ▲140.3%430,0891.9%MedicalSRRKScholar Rock$11,065,355$3,700,658 ▼-25.1%344,1791.4%MedicalSRPTSarepta Therapeutics$10,791,133$3,446,280 ▲46.9%169,0871.3%MedicalBPMCBlueprint Medicines$10,081,644$4,909,650 ▼-32.8%113,9041.2%MedicalAKROAkero Therapeutics$9,917,600$1,862,080 ▲23.1%245,0001.2%MedicalPTGXProtagonist Therapeutics$9,672,000$6,286,800 ▲185.7%200,0001.2%MedicalTRUPTrupanion$8,944,800$8,944,800 ▲New Holding240,0001.1%FinanceRNAAvidity Biosciences$8,856,000$5,904,000 ▼-40.0%300,0001.1%MedicalALNYAlnylam Pharmaceuticals$8,531,012$8,531,012 ▲New Holding31,5941.1%MedicalBHVNBiohaven$8,370,728$8,370,728 ▲New Holding348,2001.0%MedicalTGTXTG Therapeutics$8,282,864$3,200,731 ▼-27.9%210,0651.0%MedicalVRNAVerona Pharma$8,253,700$3,174,500 ▲62.5%130,0001.0%MedicalKYMRKymera Therapeutics$7,576,016$7,576,016 ▲New Holding276,8000.9%MedicalPCVXVaxcyte$7,552,000$7,552,000 ▲New Holding200,0000.9%MedicalMLTXMoonLake Immunotherapeutics$7,384,230$7,384,230 ▲New Holding189,0000.9%MedicalACLXArcellx$7,320,960$7,320,960 ▲New Holding111,6000.9%MedicalVIRVir Biotechnology$6,921,041$3,564,648 ▼-34.0%1,068,0620.9%MedicalIMVTImmunovant$6,836,000$1,698,746 ▲33.1%400,0000.8%MedicalVRDNViridian Therapeutics$6,671,912$2,023,348 ▼-23.3%494,9490.8%MedicalINSMInsmed$6,469,392$14,113,650 ▼-68.6%84,8000.8%MedicalEWTXEdgewise Therapeutics$6,160,000$6,155,600 ▲139,900.0%280,0000.8%MedicalCPRXCatalyst Pharmaceuticals$6,053,989$2,425,000 ▼-28.6%249,6490.7%MedicalCYTKCytokinetics$6,027,7760.0%149,9820.7%MedicalDYNE THERAPEUTICS INC$5,709,454$2,772,287 ▲94.4%545,8370.7%COMELVNEnliven Therapeutics$5,698,108$2,066,400 ▼-26.6%289,5380.7%MedicalPRAXIS PRECISION MEDICINES I$5,510,161$5,510,161 ▲New Holding145,5020.7%COM NEWCIDARA THERAPEUTICS INC$5,362,167$4,200,300 ▲361.5%248,9400.7%COM NEWALPHA COGNITION INC$5,110,337$1,119,360 ▲28.0%967,8670.6%COM NEWVKTXViking Therapeutics$4,830,001$4,830,001 ▲New Holding200,0000.6%MedicalTECTONIC THERAPEUTIC INC$4,765,584$2,244,955 ▲89.1%269,0900.6%COMFORTE BIOSCIENCES INC$4,727,5870.0%609,2250.6%COM NEWGPCRStructure Therapeutics$4,571,311$346,200 ▼-7.0%264,0850.6%MedicalMETSERA INC$4,083,000$4,083,000 ▲New Holding150,0000.5%COMSTIMNeuronetics$4,048,000$4,048,000 ▲New Holding1,100,0000.5%MedicalCAPRCapricor Therapeutics$3,796,000$2,477,839 ▼-39.5%400,0000.5%MedicalINCYIncyte$3,657,220$3,657,220 ▲New Holding60,4000.5%MedicalTRVITrevi Therapeutics$3,616,749$1,572,500 ▲76.9%575,0000.4%MedicalMAZE THERAPEUTICS INC$3,553,368$3,553,368 ▲New Holding322,7400.4%COMJANXJanux Therapeutics$3,501,657$1,485,000 ▲73.6%129,6910.4%MedicalELDNEledon Pharmaceuticals$3,475,499$343,800 ▼-9.0%1,025,2210.4%MedicalARCTArcturus Therapeutics$3,441,749$1,323,750 ▲62.5%325,0000.4%MedicalQUREuniQure$3,180,000$3,180,000 ▲New Holding300,0000.4%MedicalCPIXCumberland Pharmaceuticals$3,130,200$3,130,200 ▲New Holding740,0000.4%MedicalTEVATeva Pharmaceutical Industries$3,074,000$1,537,000 ▲100.0%200,0000.4%MedicalKROSKeros Therapeutics$2,792,152$2,792,152 ▲New Holding274,0090.3%MedicalAPOGEE THERAPEUTICS INC$2,641,352$2,641,352 ▲New Holding70,7000.3%COMABEOAbeona Therapeutics$2,539,846$309,400 ▼-10.9%533,5810.3%MedicalCYBIN INC$2,518,0900.0%397,1750.3%COM NEWCMPXCompass Therapeutics$2,516,360$2,516,360 ▲New Holding1,324,4000.3%MedicalIBIO INC$2,411,6500.0%599,9130.3%CON NEWBRIGHT MINDS BIOSCIENCES INC$2,360,097$3,130,156 ▼-57.0%65,4310.3%COM NEWEOLSEvolus$2,324,979$2,165,401 ▼-48.2%193,2650.3%MedicalRLAYRelay Therapeutics$1,947,467$131,000 ▲7.2%743,3080.2%MedicalLEXEO THERAPEUTICS INC$1,908,601$176,026 ▲10.2%550,0290.2%COMKODKodiak Sciences$1,821,942$205,797 ▲12.7%649,5340.2%MedicalORUKA THERAPEUTICS INC$1,795,499$1,795,499 ▲New Holding175,0000.2%COMIMUXImmunic$1,689,467$763,000 ▼-31.1%1,549,9700.2%MedicalAPLSApellis Pharmaceuticals$1,640,250$1,561,649 ▲1,986.8%75,0000.2%MedicalVERVVerve Therapeutics$1,637,857$860,998 ▲110.8%358,3930.2%MedicalARVNArvinas$1,613,898$1,613,898 ▲New Holding229,9000.2%MedicalAVALO THERAPEUTICS INC$1,602,000$6,169,775 ▼-79.4%200,0000.2%COM NEWHROWHarrow$1,550,7800.0%58,3000.2%MedicalVTGNVistagen Therapeutics$1,504,259$1,310,219 ▲675.2%601,7030.2%MedicalRCKTRocket Pharmaceuticals$1,480,1460.0%221,9110.2%MedicalVTYXVentyx Biosciences$1,400,229$143,750 ▲11.4%1,217,5900.2%MedicalRCUSArcus Biosciences$1,282,400$2,794,601 ▼-68.5%163,3630.2%MedicalDCTHDelcath Systems$1,277,6470.0%100,3650.2%MedicalPRTAProthena$1,237,502$1,237,502 ▲New Holding100,0000.2%MedicalCRVSCorvus Pharmaceuticals$1,234,158$2,754,834 ▼-69.1%388,1000.2%MedicalSGMOSangamo Therapeutics$1,219,9050.0%1,860,1790.2%MedicalALTAltimmune$1,200,000$457,000 ▼-27.6%240,0000.1%MedicalTDOCTeladoc Health$1,194,000$1,194,000 ▲New Holding150,0000.1%MedicalALECAlector$1,168,5000.0%950,0000.1%MedicalONKURE THERAPEUTICS INC$1,091,1430.0%253,7540.1%COM CL ANUVBNuvation Bio$1,089,894$943,098 ▲642.5%619,2580.1%MedicalNKTRNektar Therapeutics$1,074,079$305,660 ▼-22.2%1,579,5280.1%MedicalTOURMALINE BIO INC$1,033,1710.0%67,9270.1%COMTERNTerns Pharmaceuticals$851,4350.0%308,4910.1%MedicalSLDBSolid Biosciences$851,001$259,000 ▼-23.3%230,0000.1%MedicalETNB89bio$727,001$727,001 ▲New Holding100,0000.1%MedicalOLMAOlema Pharmaceuticals$721,897$376,000 ▲108.7%191,9940.1%MedicalVERUVeru$698,509$235,248 ▲50.8%1,425,2390.1%MedicalLXRXLexicon Pharmaceuticals$653,393$60,848 ▼-8.5%1,417,9520.1%MedicalCLDXCelldex Therapeutics$646,140$3,083,685 ▼-82.7%35,6000.1%MedicalGLUEMonte Rosa Therapeutics$633,709$812,001 ▼-56.2%136,5750.1%MedicalCHANNEL THERAPEUTICS CORPORA$626,004$626,004 ▲New Holding440,8490.1%COM SHSPYXSPyxis Oncology$600,9270.0%613,2530.1%MedicalIRONDisc Medicine$590,716$590,716 ▲New Holding11,9000.1%MedicalINHIBRX BIOSCIENCES INC$589,2870.0%42,1220.1%COMFULCFulcrum Therapeutics$576,2760.0%200,0960.1%MedicalCELCCelcuity$554,028$554,028 ▲New Holding54,8000.1%MedicalSWTXSpringWorks Therapeutics$552,464$1,103,251 ▼-66.6%12,5190.1%MedicalMLYSMineralys Therapeutics$544,684$4,733,669 ▼-89.7%34,3000.1%MedicalShowing largest 100 holdings. 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