Ikarian Capital, LLC

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, Ikarian Capital, LLC maintained a portfolio of 236 distinct positions. The most significant new addition to the portfolio was CIDARA THERAPEUTICS , which now represents 5.17% of the total fund value. They heavily accumulated shares in SPDR SERIES TRUST, increasing their position by 13.3%. Conversely, Ikarian Capital, LLC completely exited their position in UNITED THERAPEUTICS .
PCA Score Concentration Risk
Risk ENB
Total Positions
236
Quarter
2025 Q4
Top Holding
XBI (8.1%)
Top 10 Concentration
38.9%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 236
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
XBI
SPDR SERIES TRU...
PUT
PUT Option 8.09% 7.59% #1 1
Prev: #2
7.2 100,000 13.3%
P
S
850,000 $103,640,500
$113.25 +6.1%
$121.93 -1.5%
2019 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CDTX
CIDARA THERAPEU...
PUT
PUT Option 5.17% #2
Prev: #—
7.1 300,000 no change
NEW
300,000 $66,267,000 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
AMGN
AMGEN INC
PUT
PUT Option 5.11% #3
Prev: #—
6.5 200,000 no change
NEW
200,000 $65,462,000 2022 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
TERN
TERNS PHARMACEU...
Healthcare 5.04% 0.12% #4 112
Prev: #116
5.5 1,432,176 872.2%
P
S
1,596,378 $64,493,671 2022 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CDTX
CIDARA THERAPEU...
Healthcare 4.71% 2.69% #5 3
Prev: #8
2.9 -4,461 -1.6%
P
S
273,243 $60,356,645 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ABVX
ABIVAX SA
Healthcare 2.27% 3.37% #6 1
Prev: #5
0.9 -190,113 -48.0%
P
S
205,985 $29,129,537 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
N/A
JAZZ PHARMACEUT...
CALL
CALL Option 2.26% 0.94% #7 22
Prev: #29
3.9 99,300 140.5%
P
S
170,000 $28,900,000 13F Filing 2025-12-31 2026-02-14 (Est.)
JAZZ
JAZZ PHARMACEUT...
Healthcare 2.13% 1.04% #8 17
Prev: #25
3.9 82,567 106.1%
P
S
160,367 $27,262,390 2021 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
MAZE
MAZE THERAPEUTI...
Healthcare 2.09% 1.94% #9 1
Prev: #10
1.3 -96,145 -13.0%
P
S
644,680 $26,709,093 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
PRAX
PRAXIS PRECISIO...
Healthcare 1.99% 0.15% #10 97
Prev: #107
3.8 58,010 203.0%
P
S
86,581 $25,518,884 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
HROW
HARROW INC
CALL
CALL Option 1.95% 1.41% #11 4
Prev: #15
3.8 220,000 75.9%
P
S
509,700 $24,975,300 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SLNO
SOLENO THERAPEU...
CALL
CALL Option 1.91% 1.20% #12 8
Prev: #20
3.8 352,800 200.3%
P
S
528,900 $24,488,070 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
RAPT
RAPT THERAPEUTI...
Healthcare 1.76% 1.60% #13 1
Prev: #12
2.7 50,271 8.2%
P
S
665,271 $22,532,728 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
KOD
KODIAK SCIENCES...
Healthcare 1.57% 0.68% #14 21
Prev: #35
3.6 305,946 73.9%
P
S
719,787 $20,125,245 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
OLMA
OLEMA PHARMACEU...
Healthcare 1.48% #15
Prev: #—
4.1 758,654 no change
NEW
758,654 $18,966,350 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CYTK
CYTOKINETICS IN...
CALL
CALL Option 1.44% 0.62% #16 22
Prev: #38
3.6 180,000 162.3%
P
S
290,900 $18,483,786 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
PCVX
VAXCYTE INC
Healthcare 1.36% 1.13% #17 5
Prev: #22
3.0 67,000 21.5%
P
S
378,682 $17,472,389 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CRNX
CRINETICS PHARM...
PUT
PUT Option 1.34% #18
Prev: #—
4.0 368,500 no change
NEW
368,500 $17,153,675 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ABVX
ABIVAX SA
CALL
CALL Option 1.32% #19
Prev: #—
4.0 125,100 no change
NEW
125,100 $16,870,363 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CAPR
CAPRICOR THERAP...
Healthcare 1.30% 0.19% #20 82
Prev: #102
3.5 313,373 118.4%
P
S
578,015 $16,681,512 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
OMER
OMEROS CORP
PUT
PUT Option 1.27% #21
Prev: #—
4.0 950,000 no change
NEW
950,000 $16,316,252 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
IONS
IONIS PHARMACEU...
Healthcare 1.25% 2.74% #22 15
Prev: #7
0.5 -213,125 -51.3%
P
S
202,038 $15,983,226 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
FULC
FULCRUM THERAPE...
Healthcare 1.21% 1.20% #23 2
Prev: #21
2.5 86,247 6.7%
P
S
1,375,472 $15,556,588 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
LLY
ELI LILLY & CO
Healthcare 1.16% #24
Prev: #—
4.0 13,815 no change
NEW
13,815 $14,846,704 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
RLMD
RELMADA THERAPE...
Healthcare 1.16% 0.37% #25 47
Prev: #72
3.5 1,225,299 66.5%
P
S
3,068,359 $14,820,175 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
UTHR
UNITED THERAPEU...
PUT
PUT Option 0.00% 8.88%
Sold All 😨
(Was: #1)
0.0 -209,800 -100.0%
CLOSED
$— 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
GMAB
GENMAB A/S
Healthcare 0.00% 5.35%
Sold All 😨
(Was: #3)
0.0 -175,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
BMY
BRISTOL-MYERS S...
PUT
PUT Option 0.00% 3.64%
Sold All 😨
(Was: #4)
0.0 -800,000 -100.0%
CLOSED
$— 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SRRK
SCHOLAR ROCK HL...
CALL
CALL Option 0.00% 2.11%
Sold All 😨
(Was: #9)
0.0 -561,600 -100.0%
CLOSED
$— 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
INSM
INSMED INC
PUT
PUT Option 0.00% 1.45%
Sold All 😨
(Was: #13)
0.0 -100,000 -100.0%
CLOSED
$— 2019 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
DNTH
DIANTHUS THERAP...
Healthcare 0.00% 1.37%
Sold All 😨
(Was: #16)
0.0 -346,001 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PTCT
PTC THERAPEUTIC...
CALL
CALL Option 0.00% 1.32%
Sold All 😨
(Was: #17)
0.0 -213,000 -100.0%
CLOSED
$— 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
N/A
BIOHAVEN LTD
CALL
CALL Option 0.00% 1.21%
Sold All 😨
(Was: #19)
0.0 -796,400 -100.0%
CLOSED
$— 13F Filing 2025-12-31 2026-02-14 (Est.)
CRNX
CRINETICS PHARM...
CALL
CALL Option 0.00% 1.08%
Sold All 😨
(Was: #24)
0.0 -257,700 -100.0%
CLOSED
$— 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
AKRO
AKERO THERAPEUT...
Healthcare 0.00% 0.99%
Sold All 😨
(Was: #28)
0.0 -206,854 -100.0%
CLOSED
$— 2022 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
NVO
NOVO-NORDISK A ...
CALL
CALL Option 0.00% 0.84%
Sold All 😨
(Was: #31)
0.0 -150,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CNTA
CENTESSA PHARMA...
CALL
CALL Option 0.00% 0.75%
Sold All 😨
(Was: #33)
0.0 -307,700 -100.0%
CLOSED
$— 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
SPRY
ARS PHARMACEUTI...
CALL
CALL Option 0.00% 0.57%
Sold All 😨
(Was: #40)
0.0 -562,400 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CRNX
CRINETICS PHARM...
Healthcare 0.00% 0.55%
Sold All 😨
(Was: #41)
0.0 -130,902 -100.0%
CLOSED
$— 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PRAX
PRAXIS PRECISIO...
CALL
CALL Option 0.00% 0.54%
Sold All 😨
(Was: #42)
0.0 -100,000 -100.0%
CLOSED
$— 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
VRDN
VIRIDIAN THERAP...
Healthcare 0.00% 0.53%
Sold All 😨
(Was: #43)
0.0 -245,518 -100.0%
CLOSED
$— 2022 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
SNDX
SYNDAX PHARMACE...
Healthcare 0.00% 0.52%
Sold All 😨
(Was: #45)
0.0 -333,733 -100.0%
CLOSED
$— 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ANAB
ANAPTYSBIO INC
CALL
CALL Option 0.00% 0.50%
Sold All 😨
(Was: #49)
0.0 -161,100 -100.0%
CLOSED
$— 2019 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ANAB
ANAPTYSBIO INC
PUT
PUT Option 0.00% 0.50%
Sold All 😨
(Was: #48)
0.0 -161,100 -100.0%
CLOSED
$— 2019 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
KALV
KALVISTA PHARMA...
CALL
CALL Option 0.00% 0.49%
Sold All 😨
(Was: #50)
0.0 -400,000 -100.0%
CLOSED
$— 2019 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TVTX
TRAVERE THERAPE...
Healthcare 0.00% 0.46%
Sold All 😨
(Was: #53)
0.0 -190,781 -100.0%
CLOSED
$— 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
LQDA
LIQUIDIA CORPOR...
CALL
CALL Option 0.00% 0.46%
Sold All 😨
(Was: #54)
0.0 -200,000 -100.0%
CLOSED
$— 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MTSR
METSERA INC
PUT
PUT Option 0.00% 0.45%
Sold All 😨
(Was: #57)
0.0 -86,000 -100.0%
CLOSED
$— 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
MTSR
METSERA INC
CALL
CALL Option 0.00% 0.45%
Sold All 😨
(Was: #56)
0.0 -86,000 -100.0%
CLOSED
$— 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
MLTX
MOONLAKE IMMUNO...
CALL
CALL Option 0.00% 0.44%
Sold All 😨
(Was: #60)
0.0 -612,200 -100.0%
CLOSED
$— 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ARGX
ARGENX SE
Healthcare 0.00% 0.43%
Sold All 😨
(Was: #63)
0.0 -5,942 -100.0%
CLOSED
$— 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
ARCT
ARCTURUS THERAP...
CALL
CALL Option 0.00% 0.42%
Sold All 😨
(Was: #64)
0.0 -227,200 -100.0%
CLOSED
$— 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PVLA
PALVELLA THERAP...
Healthcare 0.00% 0.41%
Sold All 😨
(Was: #66)
0.0 -64,746 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
TEVA
TEVA PHARMACEUT...
CALL
CALL Option 0.00% 0.41%
Sold All 😨
(Was: #67)
0.0 -200,000 -100.0%
CLOSED
$— 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ALT
ALTIMMUNE INC
CALL
CALL Option 0.00% 0.38%
Sold All 😨
(Was: #69)
0.0 -1,000,000 -100.0%
CLOSED
$— 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
SRRK
SCHOLAR ROCK HL...
PUT
PUT Option 0.00% 0.36%
Sold All 😨
(Was: #73)
0.0 -96,200 -100.0%
CLOSED
$— 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MBX
MBX BIOSCIENCES...
CALL
CALL Option 0.00% 0.35%
Sold All 😨
(Was: #75)
0.0 -200,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
MBX
MBX BIOSCIENCES...
PUT
PUT Option 0.00% 0.35%
Sold All 😨
(Was: #74)
0.0 -200,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SLNO
SOLENO THERAPEU...
PUT
PUT Option 0.00% 0.34%
Sold All 😨
(Was: #78)
0.0 -50,000 -100.0%
CLOSED
$— 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
MLTX
MOONLAKE IMMUNO...
PUT
PUT Option 0.00% 0.33%
Sold All 😨
(Was: #79)
0.0 -450,000 -100.0%
CLOSED
$— 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MLTX
MOONLAKE IMMUNO...
Healthcare 0.00% 0.32%
Sold All 😨
(Was: #80)
0.0 -435,839 -100.0%
CLOSED
$— 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
UPB
UPSTREAM BIO IN...
Healthcare 0.00% 0.31%
Sold All 😨
(Was: #82)
0.0 -161,113 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
BBIO
BRIDGEBIO PHARM...
Healthcare 0.00% 0.27%
Sold All 😨
(Was: #87)
0.0 -51,967 -100.0%
CLOSED
$— 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
SRPT
SAREPTA THERAPE...
CALL
CALL Option 0.00% 0.27%
Sold All 😨
(Was: #88)
0.0 -137,000 -100.0%
CLOSED
$— 2019 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
RLAY
RELAY THERAPEUT...
Healthcare 0.00% 0.25%
Sold All 😨
(Was: #91)
0.0 -467,362 -100.0%
CLOSED
$— 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CMPS
COMPASS PATHWAY...
CALL
CALL Option 0.00% 0.23%
Sold All 😨
(Was: #94)
0.0 -400,000 -100.0%
CLOSED
$— 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
AKRO
AKERO THERAPEUT...
CALL
CALL Option 0.00% 0.20%
Sold All 😨
(Was: #100)
0.0 -41,600 -100.0%
CLOSED
$— 2022 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
LRMR
LARIMAR THERAPE...
CALL
CALL Option 0.00% 0.18%
Sold All 😨
(Was: #104)
0.0 -548,400 -100.0%
CLOSED
$— 2021 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
ANAB
ANAPTYSBIO INC
Healthcare 0.00% 0.15%
Sold All 😨
(Was: #108)
0.0 -48,410 -100.0%
CLOSED
$— 2019 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
DYN
DYNE THERAPEUTI...
Healthcare 0.00% 0.15%
Sold All 😨
(Was: #109)
0.0 -113,837 -100.0%
CLOSED
$— 2023 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PRME
PRIME MEDICINE ...
PUT
PUT Option 0.00% 0.14%
Sold All 😨
(Was: #112)
0.0 -250,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PRME
PRIME MEDICINE ...
CALL
CALL Option 0.00% 0.14%
Sold All 😨
(Was: #111)
0.0 -250,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
JANX
JANUX THERAPEUT...
Healthcare 0.00% 0.13%
Sold All 😨
(Was: #113)
0.0 -54,691 -100.0%
CLOSED
$— 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ZYME
ZYMEWORKS INC
Healthcare 0.00% 0.13%
Sold All 😨
(Was: #115)
0.0 -72,787 -100.0%
CLOSED
$— 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
IFRX
INFLARX NV
Healthcare 0.00% 0.10%
Sold All 😨
(Was: #118)
0.0 -722,066 -100.0%
CLOSED
$— 2019 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
UTHR
UNITED THERAPEU...
CALL
CALL Option 0.00% 0.10%
Sold All 😨
(Was: #119)
0.0 -2,300 -100.0%
CLOSED
$— 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MBX
MBX BIOSCIENCES...
Healthcare 0.00% 0.08%
Sold All 😨
(Was: #123)
0.0 -48,071 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PRME
PRIME MEDICINE ...
Healthcare 0.00% 0.08%
Sold All 😨
(Was: #124)
0.0 -150,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
TVRD
TVARDI THERAPEU...
CALL
CALL Option 0.00% 0.07%
Sold All 😨
(Was: #127)
0.0 -19,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CAPR
CAPRICOR THERAP...
CALL
CALL Option 0.00% 0.07%
Sold All 😨
(Was: #129)
0.0 -100,000 -100.0%
CLOSED
$— 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CAPR
CAPRICOR THERAP...
PUT
PUT Option 0.00% 0.07%
Sold All 😨
(Was: #130)
0.0 -100,000 -100.0%
CLOSED
$— 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CRBP
CORBUS PHARMACE...
CALL
CALL Option 0.00% 0.07%
Sold All 😨
(Was: #133)
0.0 -54,800 -100.0%
CLOSED
$— 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
SONN
SONNET BIOTHERA...
Healthcare 0.00% 0.07%
Sold All 😨
(Was: #134)
0.0 -150,000 -100.0%
CLOSED
$— 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PCVX
VAXCYTE INC
CALL
CALL Option 0.00% 0.03%
Sold All 😨
(Was: #147)
0.0 -7,000 -100.0%
CLOSED
$— 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
ARCT
ARCTURUS THERAP...
Healthcare 0.00% 0.02%
Sold All 😨
(Was: #153)
0.0 -10,721 -100.0%
CLOSED
$— 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
COGT
COGENT BIOSCIEN...
Healthcare 0.00% 0.02%
Sold All 😨
(Was: #155)
0.0 -11,280 -100.0%
CLOSED
$— 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
N/A
AETHLON MED INC
Unknown 0.00% 0.01%
Sold All 😨
(Was: #162)
0.0 -153,659 -100.0%
CLOSED
$— 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-25 of 236 holdings

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