Ikarian Capital, LLC
Comparing Q4 2025 vs Q3 2025
Sorting applies to all holdings for this quarter on the server, then the page is sliced. Prior-quarter values come from the full prior-quarter filing.
Issuer ▲▼ | Shares | Value ($K) | ||||
|---|---|---|---|---|---|---|
Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | Q3 2025 ▲▼ | Q4 2025 ▲▼ | Change ▲▼ | |
| SPDR SERIES TRUST(Put) | 0 | 850,000 | +850,000 | 0 | 103,640,500 | +103,640,500 |
| CIDARA THERAPEUTICS INC(Put) | 0 | 300,000 | +300,000 | 0 | 66,267,000 | +66,267,000 |
| AMGEN INC(Put) | 0 | 200,000 | +200,000 | 0 | 65,462,000 | +65,462,000 |
| TERNS PHARMACEUTICALS INC | 164,202 | 1,596,378 | +1,432,176 | 1,233,157 | 64,493,671 | +63,260,514 |
| CIDARA THERAPEUTICS INC | 277,704 | 273,243 | -4,461 | 26,592,935 | 60,356,645 | +33,763,710 |
| PRAXIS PRECISION MEDICINES I | 28,571 | 86,581 | +58,010 | 1,514,263 | 25,518,884 | +24,004,621 |
| JAZZ PHARMACEUTICALS PLC(Call) | 70,700 | 170,000 | +99,300 | 9,318,260 | 28,900,000 | +19,581,740 |
| OLEMA PHARMACEUTICALS INC | 0 | 758,654 | +758,654 | 0 | 18,966,350 | +18,966,350 |
| CRINETICS PHARMACEUTICALS IN(Put) | 0 | 368,500 | +368,500 | 0 | 17,153,675 | +17,153,675 |
| JAZZ PHARMACEUTICALS PLC | 77,800 | 160,367 | +82,567 | 10,254,041 | 27,262,390 | +17,008,349 |
| ABIVAX SA(Call) | 0 | 125,100 | +125,100 | 0 | 16,870,363 | +16,870,363 |
| OMEROS CORP(Put) | 0 | 950,000 | +950,000 | 0 | 16,316,252 | +16,316,252 |
| ELI LILLY & CO | 0 | 13,815 | +13,815 | 0 | 14,846,704 | +14,846,704 |
| CAPRICOR THERAPEUTICS INC | 264,642 | 578,015 | +313,373 | 1,908,069 | 16,681,512 | +14,773,443 |
| AMGEN INC | 0 | 45,000 | +45,000 | 0 | 14,728,951 | +14,728,951 |
| CONNECT BIOPHARMA HLDGS LTD | 0 | 4,788,486 | +4,788,486 | 0 | 13,503,531 | +13,503,531 |
| KODIAK SCIENCES INC | 413,841 | 719,787 | +305,946 | 6,774,577 | 20,125,245 | +13,350,668 |
| SOLENO THERAPEUTICS INC(Call) | 176,100 | 528,900 | +352,800 | 11,904,360 | 24,488,070 | +12,583,710 |
| CYTOKINETICS INC(Call) | 110,900 | 290,900 | +180,000 | 6,095,064 | 18,483,786 | +12,388,722 |
| BRIGHT MINDS BIOSCIENCES INC | 15,431 | 159,421 | +143,990 | 936,044 | 12,441,215 | +11,505,171 |
| RELMADA THERAPEUTICS INC | 1,843,060 | 3,068,359 | +1,225,299 | 3,704,551 | 14,820,175 | +11,115,624 |
| HARROW INC(Call) | 289,700 | 509,700 | +220,000 | 13,957,746 | 24,975,300 | +11,017,554 |
| REVOLUTION MEDICINES INC | 0 | 138,142 | +138,142 | 0 | 11,003,011 | +11,003,011 |
| CELCUITY INC | 0 | 105,545 | +105,545 | 0 | 10,527,058 | +10,527,058 |
| SPRUCE BIOSCIENCES INC | 13,332 | 121,356 | +108,024 | 119,322 | 10,571,320 | +10,451,998 |
| OMEROS CORP(Call) | 0 | 550,000 | +550,000 | 0 | 9,446,252 | +9,446,252 |
| DEXCOM INC(Call) | 0 | 137,500 | +137,500 | 0 | 9,125,875 | +9,125,875 |
| HARROW INC | 0 | 183,347 | +183,347 | 0 | 8,984,003 | +8,984,003 |
| ALTO NEUROSCIENCE INC | 110,000 | 515,000 | +405,000 | 442,199 | 9,167,001 | +8,724,802 |
| PHARVARIS N V | 210,165 | 486,856 | +276,691 | 5,243,617 | 13,510,255 | +8,266,638 |
| CORCEPT THERAPEUTICS INC(Put) | 0 | 236,700 | +236,700 | 0 | 8,237,160 | +8,237,160 |
| NEUROCRINE BIOSCIENCES INC | 0 | 54,062 | +54,062 | 0 | 7,667,613 | +7,667,613 |
| MAZE THERAPEUTICS INC | 740,825 | 644,680 | -96,145 | 19,209,592 | 26,709,093 | +7,499,501 |
| MINERALYS THERAPEUTICS INC | 0 | 200,000 | +200,000 | 0 | 7,257,999 | +7,257,999 |
| NEUROCRINE BIOSCIENCES INC(Call) | 0 | 51,000 | +51,000 | 0 | 7,233,330 | +7,233,330 |
| RAPT THERAPEUTICS INC | 615,000 | 665,271 | +50,271 | 15,860,850 | 22,532,728 | +6,671,878 |
| IONIS PHARMACEUTICALS INC(Call) | 13,300 | 94,600 | +81,300 | 870,086 | 7,483,806 | +6,613,720 |
| GALECTO INC | 0 | 285,710 | +285,710 | 0 | 6,574,187 | +6,574,187 |
| ANI PHARMACEUTICALS INC(Call) | 0 | 82,800 | +82,800 | 0 | 6,536,232 | +6,536,232 |
| CORCEPT THERAPEUTICS INC | 0 | 185,593 | +185,593 | 0 | 6,458,636 | +6,458,636 |
| VAXCYTE INC | 311,682 | 378,682 | +67,000 | 11,226,785 | 17,472,389 | +6,245,604 |
| PELTHOS THERAPEUTICS INC | 62,451 | 255,758 | +193,307 | 1,748,628 | 7,928,498 | +6,179,870 |
| NUVALENT INC | 0 | 59,594 | +59,594 | 0 | 5,994,561 | +5,994,561 |
| ULTRAGENYX PHARMACEUTICAL IN(Call) | 0 | 250,000 | +250,000 | 0 | 5,750,000 | +5,750,000 |
| CORCEPT THERAPEUTICS INC(Call) | 0 | 163,800 | +163,800 | 0 | 5,700,240 | +5,700,240 |
| RAPT THERAPEUTICS INC(Call) | 175,000 | 290,000 | +115,000 | 4,513,250 | 9,822,300 | +5,309,050 |
| OLEMA PHARMACEUTICALS INC(Call) | 0 | 200,000 | +200,000 | 0 | 5,000,000 | +5,000,000 |
| LEGEND BIOTECH CORP | 0 | 226,888 | +226,888 | 0 | 4,932,546 | +4,932,546 |
| JADE BIOSCIENCES INC | 0 | 300,000 | +300,000 | 0 | 4,629,001 | +4,629,001 |
| EUPRAXIA PHARMACEUTICALS INC | 0 | 610,000 | +610,000 | 0 | 4,605,500 | +4,605,500 |
| VENTYX BIOSCIENCES INC | 1,309,604 | 958,704 | -350,900 | 4,072,869 | 8,657,097 | +4,584,228 |
| TENAX THERAPEUTICS INC | 967,600 | 967,600 | 0 | 7,363,436 | 11,795,044 | +4,431,608 |
| COMPASS THERAPEUTICS INC | 0 | 800,000 | +800,000 | 0 | 4,296,000 | +4,296,000 |
| INVIVYD INC | 2,078,706 | 2,656,570 | +577,864 | 2,286,577 | 6,561,727 | +4,275,150 |
| KARYOPHARM THERAPEUTICS INC | 27,257 | 544,554 | +517,297 | 178,261 | 4,007,918 | +3,829,657 |
| FULCRUM THERAPEUTICS INC | 1,289,225 | 1,375,472 | +86,247 | 11,860,870 | 15,556,588 | +3,695,718 |
| FORTE BIOSCIENCES INC | 300,000 | 300,000 | 0 | 4,500,000 | 8,181,001 | +3,681,001 |
| NEXTCURE INC | 0 | 238,303 | +238,303 | 0 | 3,381,520 | +3,381,520 |
| CONTINEUM THERAPEUTICS INC | 0 | 282,874 | +282,874 | 0 | 3,233,250 | +3,233,250 |
| AQUESTIVE THERAPEUTICS INC(Put) | 0 | 500,000 | +500,000 | 0 | 3,230,000 | +3,230,000 |
| PERCEPTIVE CAP SOLUTIONS COR | 0 | 240,951 | +240,951 | 0 | 3,139,592 | +3,139,592 |
| REVOLUTION MEDICINES INC(Call) | 95,000 | 95,000 | 0 | 4,436,500 | 7,566,750 | +3,130,250 |
| ULTRAGENYX PHARMACEUTICAL IN(Put) | 92,600 | 255,100 | +162,500 | 2,785,408 | 5,867,300 | +3,081,892 |
| QUOIN PHARMACEUTICALS LTD | 0 | 211,538 | +211,538 | 0 | 3,052,493 | +3,052,493 |
| KALARIS THERAPEUTICS INC | 0 | 360,000 | +360,000 | 0 | 3,038,401 | +3,038,401 |
| COMPASS PATHWAYS PLC | 0 | 400,000 | +400,000 | 0 | 2,760,000 | +2,760,000 |
| CYTOMX THERAPEUTICS INC | 3,372,616 | 3,172,616 | -200,000 | 10,758,645 | 13,515,344 | +2,756,699 |
| ERASCA INC | 0 | 735,396 | +735,396 | 0 | 2,735,673 | +2,735,673 |
| BIOHAVEN LTD | 0 | 212,481 | +212,481 | 0 | 2,398,910 | +2,398,910 |
| INVENTIVA SA | 0 | 502,601 | +502,601 | 0 | 2,328,852 | +2,328,852 |
| ARVINAS INC | 226,257 | 358,257 | +132,000 | 1,927,710 | 4,248,929 | +2,321,219 |
| NEUMORA THERAPEUTICS INC. | 12,498 | 1,278,408 | +1,265,910 | 22,747 | 2,288,351 | +2,265,604 |
| DBV TECHNOLOGIES S A | 0 | 525,000 | +525,000 | 0 | 2,084,239 | +2,084,239 |
| ALUMIS INC(Put) | 0 | 211,100 | +211,100 | 0 | 2,060,336 | +2,060,336 |
| CABALETTA BIO INC | 0 | 900,000 | +900,000 | 0 | 1,971,000 | +1,971,000 |
| PEPGEN INC(Call) | 0 | 300,000 | +300,000 | 0 | 1,953,000 | +1,953,000 |
| ADMA BIOLOGICS INC | 159,854 | 234,854 | +75,000 | 2,343,460 | 4,283,737 | +1,940,277 |
| JOURNEY MED CORP | 0 | 251,436 | +251,436 | 0 | 1,938,572 | +1,938,572 |
| ZENAS BIOPHARMA INC(Call) | 0 | 46,800 | +46,800 | 0 | 1,699,308 | +1,699,308 |
| ZENAS BIOPHARMA INC(Put) | 0 | 46,800 | +46,800 | 0 | 1,699,308 | +1,699,308 |
| VERASTEM INC | 0 | 213,865 | +213,865 | 0 | 1,651,039 | +1,651,039 |
| LIPOCINE INC NEW | 0 | 199,542 | +199,542 | 0 | 1,602,322 | +1,602,322 |
| GOSSAMER BIO INC(Call) | 0 | 500,000 | +500,000 | 0 | 1,550,000 | +1,550,000 |
| GOSSAMER BIO INC(Put) | 0 | 500,000 | +500,000 | 0 | 1,550,000 | +1,550,000 |
| NEKTAR THERAPEUTICS(Call) | 0 | 36,300 | +36,300 | 0 | 1,534,764 | +1,534,764 |
| NEKTAR THERAPEUTICS(Put) | 0 | 36,300 | +36,300 | 0 | 1,534,764 | +1,534,764 |
| SURROZEN INC | 0 | 65,788 | +65,788 | 0 | 1,486,809 | +1,486,809 |
| IBIO INC | 617,327 | 957,062 | +339,735 | 511,023 | 1,847,130 | +1,336,107 |
| LEXEO THERAPEUTICS INC | 567,601 | 513,011 | -54,590 | 3,768,870 | 5,094,199 | +1,325,329 |
| ANNEXON INC | 0 | 230,244 | +230,244 | 0 | 1,155,826 | +1,155,826 |
| PROQR THRAPEUTICS N V | 892,229 | 1,492,229 | +600,000 | 1,900,447 | 3,014,301 | +1,113,854 |
| AVALO THERAPEUTICS INC(Call) | 0 | 58,100 | +58,100 | 0 | 1,055,096 | +1,055,096 |
| ALECTOR INC | 760,000 | 2,082,606 | +1,322,606 | 2,249,601 | 3,248,866 | +999,265 |
| WAVE LIFE SCIENCES LTD | 95,955 | 85,285 | -10,670 | 702,390 | 1,449,845 | +747,455 |
| TRAWS PHARMA INC | 28,493 | 678,142 | +649,649 | 52,712 | 766,299 | +713,587 |
| ALPHA COGNITION INC | 946,259 | 1,056,259 | +110,000 | 6,160,146 | 6,865,685 | +705,539 |
| PALISADE BIO INC | 0 | 274,978 | +274,978 | 0 | 646,199 | +646,199 |
| KALVISTA PHARMACEUTICALS INC | 0 | 35,119 | +35,119 | 0 | 567,173 | +567,173 |
| LYELL IMMUNOPHARMA INC | 43,799 | 41,081 | -2,718 | 711,296 | 1,264,473 | +553,177 |
| CUMBERLAND PHARMACEUTICALS I | 555,932 | 555,932 | 0 | 1,734,508 | 2,212,609 | +478,101 |