Fund Holdings

Ikarian Capital, LLC

Filing Period:
Securities
SharesValue ($K)
Q4 2025
Q1 2026
Change
Q4 2025
Q1 2026
Weight (%)
Change
TERNS PHARMACEUTICALS INC(Put)01,200,000+1,200,000063,264,000+63,264,000
INVESCO QQQ TR(Put)0100,000+100,000057,718,000+57,718,000
ISHARES TR(Put)0200,000+200,000049,600,000+49,600,000
CYTOKINETICS INC(CYTK)(Put)0550,500+550,500036,283,455+36,283,455
BRISTOL-MYERS SQUIBB CO(BMY)(Put)0500,000+500,000030,325,000+30,325,000
KODIAK SCIENCES INC(KOD)01,265,795+1,265,795048,252,1066.90%+48,252,106
ALUMIS INC01,213,548+1,213,548026,734,4623.82%+26,734,462
ABIVAX SA(ABVX)(Call)0293,300+293,300032,658,955+32,658,955
NOVO-NORDISK A S(NVO)(Call)0400,000+400,000014,700,000+14,700,000
CELLDEX THERAPEUTICS INC NEW(CLDX)0461,247+461,247014,630,7552.09%+14,630,755
TERNS PHARMACEUTICALS INC01,456,378+1,456,378076,780,24810.98%+76,780,248
BRIDGEBIO PHARMA INC(BBIO)0160,120+160,120011,890,5111.70%+11,890,511
ORUKA THERAPEUTICS INC(ORKA)0242,021+242,021011,871,1301.70%+11,871,130
ANI PHARMACEUTICALS INC(ANIP)0147,085+147,085011,310,8371.62%+11,310,837
CAPRICOR THERAPEUTICS INC(CAPR)(Call)0350,000+350,000010,640,000+10,640,000
HARROW INC(HROW)0543,047+543,047019,147,8372.74%+19,147,837
ULTRAGENYX PHARMACEUTICAL IN(RARE)0482,571+482,571010,109,8631.45%+10,109,863
REVOLUTION MEDICINES INC(RVMD)(Put)095,000+95,00009,238,750+9,238,750
CYTOKINETICS INC(CYTK)(Call)0408,400+408,400026,917,644+26,917,644
SOLENO THERAPEUTICS INC0344,123+344,123011,521,2381.65%+11,521,238
PALVELLA THERAPEUTICS INC NE(PVLA)064,626+64,62608,055,6311.15%+8,055,631
VERA THERAPEUTICS INC(VERA)0200,000+200,00008,045,9991.15%+8,045,999
CYTOKINETICS INC(CYTK)0283,572+283,572018,690,2312.67%+18,690,231
VAXCYTE INC(PCVX)0428,682+428,682024,910,7113.56%+24,910,711
CONTINEUM THERAPEUTICS INC0807,874+807,874010,550,8351.51%+10,550,835
OCUGEN INC03,962,972+3,962,97207,172,9791.03%+7,172,979
OVID THERAPEUTICS INC02,894,704+2,894,70406,426,2420.92%+6,426,242
ALUMIS INC(Call)0264,600+264,60005,829,138+5,829,138
INVENTIVA SA01,429,101+1,429,10107,842,7811.12%+7,842,781
KARYOPHARM THERAPEUTICS INC(Call)0920,000+920,00005,124,400+5,124,400
KARYOPHARM THERAPEUTICS INC(Put)0920,000+920,00005,124,400+5,124,400
ANI PHARMACEUTICALS INC(ANIP)(Call)0150,000+150,000011,535,000+11,535,000
AVALO THERAPEUTICS INC(Call)0401,500+401,50005,994,395+5,994,395
TECTONIC THERAPEUTIC INC0157,537+157,53704,869,4690.70%+4,869,469
REVOLUTION MEDICINES INC(RVMD)0163,142+163,142015,865,5612.27%+15,865,561
EYEPOINT INC(EYPT)(Call)0370,400+370,40004,774,456+4,774,456
EYEPOINT INC(EYPT)(Put)0370,400+370,40004,774,456+4,774,456
TENAX THERAPEUTICS INC01,017,600+1,017,600016,271,4242.33%+16,271,424
BRIDGEBIO PHARMA INC(BBIO)(Call)058,500+58,50004,344,210+4,344,210
KYMERA THERAPEUTICS INC(KYMR)(Put)050,400+50,40004,197,816+4,197,816
EUPRAXIA PHARMACEUTICALS INC01,214,741+1,214,74108,794,7261.26%+8,794,726
RELMADA THERAPEUTICS INC02,688,359+2,688,359018,710,9782.68%+18,710,978
KODIAK SCIENCES INC(KOD)(Call)0100,000+100,00003,812,000+3,812,000
CARDIOL THERAPEUTICS INC02,725,000+2,725,00003,678,7500.53%+3,678,750
CELLDEX THERAPEUTICS INC NEW(CLDX)(Put)0114,000+114,00003,616,080+3,616,080
ARROWHEAD PHARMACEUTICALS IN(ARWR)(Put)057,500+57,50003,605,250+3,605,250
SURROZEN INC0173,107+173,10705,042,6070.72%+5,042,607
UNIQURE NV(QURE)(Call)0355,000+355,00005,804,250+5,804,250
ENLIVEN THERAPEUTICS INC(Put)083,700+83,70003,281,040+3,281,040
OLEMA PHARMACEUTICALS INC(OLMA)(Call)0549,800+549,80008,197,518+8,197,518
ZURA BIO LTD01,193,492+1,193,49207,101,2781.02%+7,101,278
VERA THERAPEUTICS INC(VERA)(Call)071,700+71,70002,884,491+2,884,491
JADE BIOSCIENCES INC0512,349+512,34907,198,5031.03%+7,198,503
LIPOCINE INC NEW0508,556+508,55604,063,3620.58%+4,063,362
ALTO NEUROSCIENCE INC0515,000+515,000011,577,2001.66%+11,577,200
AVALO THERAPEUTICS INC(Put)0158,500+158,50002,366,405+2,366,405
REPLIMUNE GROUP INC(Put)0300,000+300,00002,295,000+2,295,000
DAMORA THERAPEUTICS INC(DMRA)0335,710+335,71008,694,8891.24%+8,694,889
ANNEXON INC0580,244+580,24403,214,5510.46%+3,214,551
ANTERIS TECHNOLOGIES GLOBAL0366,571+366,57102,034,4690.29%+2,034,469
ACUMEN PHARMACEUTICALS INC01,053,797+1,053,79702,486,9600.36%+2,486,960
TENAX THERAPEUTICS INC(Call)0114,300+114,30001,827,657+1,827,657
ALECTOR INC02,082,606+2,082,60604,477,6030.64%+4,477,603
DEFINIUM THERAPEUTICS INC(DFTX)058,803+58,80301,111,3770.16%+1,111,377
BIOHAVEN LTD(BHVN)0412,481+412,48103,489,5890.50%+3,489,589
SOLID BIOSCIENCES INC0264,409+264,40901,903,7440.27%+1,903,744
COMPASS PATHWAYS PLC(CMPS)0675,000+675,00003,732,7500.53%+3,732,750
IONIS PHARMACEUTICALS INC(IONS)(Call)0112,100+112,10008,417,589+8,417,589
DIREXION SHARES ETF TRUST0105,822+105,82201,724,8990.25%+1,724,899
CENTESSA PHARMACEUTICALS PLC(CNTA)018,113+18,1130719,4480.10%+719,448
PROMIS NEUROSCIENCES INC055,000+55,0000698,5000.10%+698,500
ACADIA PHARMACEUTICALS INC028,099+28,0990625,4840.09%+625,484
PASSAGE BIO INC068,124+68,1240534,7730.08%+534,773
TRAWS PHARMA INC0678,142+678,14201,241,0000.18%+1,241,000
CABALETTA BIO INC0900,000+900,00002,421,0000.35%+2,421,000
MAZE THERAPEUTICS INC(MAZE)(Put)014,400+14,4000429,840+429,840
IMMUNIC INC0674,662+674,6620748,8760.11%+748,876
PHARVARIS N V0486,856+486,856013,753,6831.97%+13,753,683
ADLAI NORTYE LTD033,899+33,8990234,5810.03%+234,581
NEUMORA THERAPEUTICS INC.01,278,408+1,278,40802,492,8960.36%+2,492,896
KALVISTA PHARMACEUTICALS INC(KALV)035,119+35,1190706,9460.10%+706,946
EQUILLIUM INC0303,555+303,5550607,1100.09%+607,110
KEZAR LIFE SCIENCES INC0102,211+102,2110758,4050.11%+758,405
DBV TECHNOLOGIES S A(DBVT)0525,000+525,00002,198,7760.31%+2,198,776
MACROGENICS INC074,893+74,8930216,4410.03%+216,441
KARYOPHARM THERAPEUTICS INC0733,435+733,43504,085,2330.58%+4,085,233
LEXICON PHARMACEUTICALS INC(LXRX)0164,674+164,6740256,8920.04%+256,892
NEURONETICS INC0701,182+701,18201,016,7140.15%+1,016,714
HYPERLIQUID STRATEGIES INC(PURR)030,001+30,0010152,7050.02%+152,705
BIOMX INC019,473+19,473073,1020.01%+73,102
AIRSCULPT TECHNOLOGIES INC016,398+16,398046,4050.01%+46,405
REZOLUTE INC016,479+16,479050,2610.01%+50,261
VERU INC0133,517+133,5170295,0730.04%+295,073
NEUPHORIA THERAPEUTICS INC047,443+47,4430193,0930.03%+193,093
VYNE THERAPEUTICS INC0264,912+264,9120158,2840.02%+158,284
SILENCE THERAPEUTICS PLC0865,784+865,78401,731,5680.25%+1,731,568
PMV PHARMACEUTICALS INC089,136+89,1360110,5290.02%+110,529
THERIVA BIOLOGICS INC0112,076+112,076021,9440.00%+21,944
AUTONOMIX MED INC018,688+18,68807,2900.00%+7,290
VOYAGER THERAPEUTICS INC053,063+53,0630204,8230.03%+204,823
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