Ikarian Capital, LLC Top Holdings and 13F Report (2026) About Ikarian Capital, LLCInvestment ActivityIkarian Capital, LLC has $1.23 billion in total holdings as of March 31, 2026.Ikarian Capital, LLC owns shares of 139 different stocks, but just 34 companies or ETFs make up 80% of its holdings.Approximately 42.87% of the portfolio was purchased this quarter.About 45.43% of the portfolio was sold this quarter.This quarter, Ikarian Capital, LLC has purchased 148 new stocks and bought additional shares in 32 stocks.Ikarian Capital, LLC sold shares of 19 stocks and completely divested from 33 stocks this quarter.Largest Holdings Terns Pharmaceuticals $140,044,248SPDR S&P Biotech ETF $102,184,000Cytokinetics $81,891,330Invesco QQQ $57,718,000Kodiak Sciences $52,064,106 Largest New Holdings this Quarter 46090E103 - Invesco QQQ $57,718,000 Holding464287655 - iShares Russell 2000 ETF $49,600,000 Holding110122108 - Bristol Myers Squibb $30,325,000 Holding15117B202 - Celldex Therapeutics $18,246,835 Holding10806X102 - BridgeBio Pharma $16,234,721 Holding Largest Purchases this Quarter Invesco QQQ 100,000 shares (about $57.72M)Terns Pharmaceuticals 1,060,000 shares (about $55.88M)Cytokinetics 778,900 shares (about $51.34M)iShares Russell 2000 ETF 200,000 shares (about $49.60M)Bristol Myers Squibb 500,000 shares (about $30.33M) Largest Sales this Quarter Jazz Pharmaceuticals 147,907 shares (about $27.96M)Soleno Therapeutics 253,600 shares (about $8.49M)MAZE THERAPEUTICS INC 251,281 shares (about $7.50M)Eli Lilly and Company 7,268 shares (about $6.68M)SPDR S&P Biotech ETF 50,000 shares (about $6.39M) 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 PortfolioSectorTERNTerns Pharmaceuticals$140,044,248$55,883,200 â–²66.4%2,656,37811.4%MedicalXBISPDR S&P Biotech ETF$102,184,000$6,386,500 â–¼-5.9%800,0008.3%ETFCYTKCytokinetics$81,891,330$51,337,299 â–²168.0%1,242,4726.6%MedicalQQQInvesco QQQ$57,718,000$57,718,000 â–²New Holding100,0004.7%FinanceKODKodiak Sciences$52,064,106$24,625,825 â–²89.7%1,365,7954.2%MedicalIWMiShares Russell 2000 ETF$49,600,000$49,600,000 â–²New Holding200,0004.0%FinanceABIVAX SA$38,891,647$2,199,835 â–²6.0%350,9353.2%SPONSORED ADSALUMIS INC$32,563,600$27,913,067 â–²600.2%1,478,1482.6%COMBMYBristol Myers Squibb$30,325,000$30,325,000 â–²New Holding500,0002.5%MedicalCAPRCapricor Therapeutics$26,691,656$9,120,000 â–²51.9%878,0152.2%MedicalRVMDRevolution Medicines$25,104,311$2,431,250 â–²10.7%258,1422.0%MedicalPCVXVaxcyte$24,910,711$2,905,500 â–²13.2%428,6822.0%MedicalPRAXIS PRECISION MEDICINES I$23,062,682$4,832,850 â–¼-17.3%71,5811.9%COM NEWANIPANI Pharmaceuticals$22,845,837$16,478,517 â–²258.8%297,0851.9%MedicalHROWHarrow$19,147,837$5,289,000 â–¼-21.6%543,0471.6%MedicalRLMDRelmada Therapeutics$18,710,978$2,644,800 â–¼-12.4%2,688,3591.5%MedicalCLDXCelldex Therapeutics$18,246,835$18,246,835 â–²New Holding575,2471.5%MedicalTENAX THERAPEUTICS INC$18,099,081$2,627,157 â–²17.0%1,131,9001.5%COM NEWIONSIonis Pharmaceuticals$17,956,873$4,317,675 â–¼-19.4%239,1381.5%MedicalOLMAOlema Pharmaceuticals$17,117,888$2,824,357 â–²19.8%1,148,0811.4%MedicalBBIOBridgeBio Pharma$16,234,721$16,234,721 â–²New Holding218,6201.3%MedicalNVONovo Nordisk A/S$14,700,000$14,700,000 â–²New Holding400,0001.2%MedicalKARYOPHARM THERAPEUTICS INC$14,334,033$11,300,867 â–²372.6%2,573,4351.2%COM NEWPHVSPharvaris$13,753,6830.0%486,8561.1%MedicalCONNECT BIOPHARMA HLDGS LTD$13,496,687$1,463,562 â–²12.2%5,533,0861.1%SHSBRIGHT MINDS BIOSCIENCES INC$12,160,232$527,281 â–²4.5%166,6471.0%COM NEWORUKA THERAPEUTICS INC$11,871,130$11,871,130 â–²New Holding242,0211.0%COMMAZE THERAPEUTICS INC$11,742,960$7,500,738 â–¼-39.0%393,3991.0%COMALTO NEUROSCIENCE INC$11,577,2000.0%515,0000.9%COM SHSSLNOSoleno Therapeutics$11,521,238$8,490,528 â–¼-42.4%344,1230.9%MedicalVERAVera Therapeutics$10,930,490$10,930,490 â–²New Holding271,7000.9%MedicalCONTINEUM THERAPEUTICS INC$10,550,835$6,856,500 â–²185.6%807,8740.9%CL ARAREUltragenyx Pharmaceutical$10,109,863$737,440 â–¼-6.8%482,5710.8%MedicalEYPTEyepoint Pharmaceuticals$9,548,912$9,548,912 â–²New Holding740,8000.8%MedicalEUPRAXIA PHARMACEUTICALS INC$8,794,726$4,378,325 â–²99.1%1,214,7410.7%COMDAMORA THERAPEUTICS INC$8,694,889$1,295,000 â–²17.5%335,7100.7%COM NEWAVALO THERAPEUTICS INC$8,360,800$7,028,954 â–²527.8%560,0000.7%COM NEWPALVELLA THERAPEUTICS INC NE$8,055,631$8,055,631 â–²New Holding64,6260.7%COMFULCFulcrum Therapeutics$8,047,065$2,502,805 â–¼-23.7%1,049,1610.7%MedicalSPRUCE BIOSCIENCES INC$7,930,6140.0%121,3560.6%COM NEWIVAInventiva$7,842,781$5,084,551 â–²184.3%1,429,1010.6%MedicalJADE BIOSCIENCES INC$7,198,503$2,983,503 â–²70.8%512,3490.6%COM NEWOCGNOcugen$7,172,979$7,172,979 â–²New Holding3,962,9720.6%MedicalZURAZura Bio$7,101,278$2,327,462 â–²48.8%1,193,4920.6%MedicalOVIDOvid Therapeutics$6,426,242$5,876,663 â–²1,069.3%2,894,7040.5%MedicalLLYEli Lilly and Company$6,021,734$6,684,888 â–¼-52.6%6,5470.5%MedicalUNIQURE NV$5,804,250$4,080,960 â–²236.8%355,0000.5%CALLALPHA COGNITION INC$5,798,8620.0%1,056,2590.5%COM NEWPELTHOS THERAPEUTICS INC$5,391,124$17,648 â–²0.3%256,5980.4%COM SHSSURROZEN INC$5,042,607$3,126,203 â–²163.1%173,1070.4%COM NEWTECTONIC THERAPEUTIC INC$4,869,469$4,869,469 â–²New Holding157,5370.4%COMALECAlector$4,477,6030.0%2,082,6060.4%MedicalKYMRKymera Therapeutics$4,197,816$4,197,816 â–²New Holding50,4000.3%MedicalLEGNLegend Biotech$4,104,4040.0%226,8880.3%MedicalLPCNLipocine$4,063,362$2,469,022 â–²154.9%508,5560.3%MedicalDCTHDelcath Systems$4,002,0090.0%431,2510.3%MedicalARVNArvinas$3,797,5240.0%358,2570.3%MedicalCMPSCompass Pathways$3,732,750$1,520,750 â–²68.8%675,0000.3%MedicalCRDLCardiol Therapeutics$3,678,750$3,678,750 â–²New Holding2,725,0000.3%MedicalARWRArrowhead Pharmaceuticals$3,605,250$3,605,250 â–²New Holding57,5000.3%MedicalBHVNBiohaven$3,489,589$1,692,000 â–²94.1%412,4810.3%MedicalIVVDInvivyd$3,453,5420.0%2,656,5700.3%MedicalELVNEnliven Therapeutics$3,281,040$3,281,040 â–²New Holding83,7000.3%MedicalANNXAnnexon$3,214,551$1,939,000 â–²152.0%580,2440.3%MedicalFORTE BIOSCIENCES INC$3,081,376$4,688,627 â–¼-60.3%118,9720.3%COM NEWLEXEO THERAPEUTICS INC$2,944,6830.0%513,0110.2%COMPERCEPTIVE CAP SOLUTIONS COR$2,643,2320.0%240,9510.2%CL A ORD SHSVIRVir Biotechnology$2,627,591$2,530,787 â–¼-49.1%293,2580.2%MedicalNEXTCURE INC$2,506,9470.0%238,3030.2%COM NEWNEUMORA THERAPEUTICS INC.$2,492,8960.0%1,278,4080.2%COMABOSAcumen Pharmaceuticals$2,486,960$1,886,784 â–²314.4%1,053,7970.2%MedicalCABACabaletta Bio$2,421,0000.0%900,0000.2%MedicalBRIDGEBIO ONCOLOGY THERAPEUT$2,418,568$447,500 â–²22.7%270,2310.2%COM NEWPRQRProQR Therapeutics$2,417,4110.0%1,492,2290.2%MedicalNUVLNuvalent$2,417,206$3,688,201 â–¼-60.4%23,5940.2%MedicalJAZZJazz Pharmaceuticals$2,355,563$27,961,818 â–¼-92.2%12,4600.2%MedicalREPLReplimune Group$2,295,000$2,295,000 â–²New Holding300,0000.2%MedicalDBV TECHNOLOGIES S A$2,198,7760.0%525,0000.2%SPONSORED ADSTARSTarsus Pharmaceuticals$2,186,2950.0%31,1660.2%MedicalKALARIS THERAPEUTICS INC$2,077,2000.0%360,0000.2%COMANTERIS TECHNOLOGIES GLOBAL$2,034,469$2,034,469 â–²New Holding366,5710.2%COMSLDBSolid Biosciences$1,903,744$2,303,999 â–¼-54.8%264,4090.2%MedicalIBIO INC$1,818,4180.0%957,0620.1%COM NEWCPIXCumberland Pharmaceuticals$1,797,748$9,032 â–¼-0.5%553,1530.1%MedicalSLNSilence Therapeutics$1,731,5680.0%865,7840.1%MedicalDIREXION SHARES ETF TRUST$1,724,899$1,059,500 â–²159.2%105,8220.1%DAILY S&P BIOTECQUREuniQure$1,488,8310.0%91,0600.1%MedicalQUOIN PHARMACEUTICALS LTD$1,396,1510.0%211,5380.1%SPONSORED ADSPEPGPepGen$1,322,4820.0%747,1650.1%MedicalTRAWS PHARMA INC$1,241,0000.0%678,1420.1%COM NEWDERMJourney Medical$1,179,2350.0%251,4360.1%MedicalVSTMVerastem$1,133,4840.0%213,8650.1%MedicalDEFINIUM THERAPEUTICS INC$1,111,377$1,111,377 â–²New Holding58,8030.1%COM SHSSTIMNeuronetics$1,016,7140.0%701,1820.1%MedicalLYELL IMMUNOPHARMA INC$824,0840.0%41,0810.1%COM NEWKEZAR LIFE SCIENCES INC$758,4050.0%102,2110.1%COM NEWIMUXImmunic$748,8760.0%674,6620.1%MedicalCNTACentessa Pharmaceuticals$719,448$719,448 â–²New Holding18,1130.1%MedicalKALVKalVista Pharmaceuticals$706,9460.0%35,1190.1%MedicalPROMIS NEUROSCIENCES INC$698,500$698,500 â–²New Holding55,0000.1%COM SHSShowing largest 100 holdings. 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