13F HOLDINGS REPORT
Ikarian Capital, LLC
Quarter ended Q3 2025 · Filed November 14, 2025 · Accession 0001420506-25-003413
Total Value
$990.4M
Positions
169
Other Managers
0
Confidential Omitted
No
Holdings (169)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | UNITED THERAPEUTICS CORP DEL | UTHR | 209,800 | $88.0M | 8.88% |
| 2 | SPDR SERIES TRUST | 78464A870 | 750,000 | $75.2M | 7.59% |
| 3 | GENMAB A/S | GNMSF | 175,000 | $53.0M | 5.35% |
| 4 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 800,000 | $36.1M | 3.64% |
| 5 | ABIVAX SA | AAVXF | 396,098 | $33.4M | 3.37% |
| 6 | UNIQURE NV | QURE | 535,600 | $31.3M | 3.16% |
| 7 | IONIS PHARMACEUTICALS INC | IONS | 415,163 | $27.2M | 2.74% |
| 8 | CIDARA THERAPEUTICS INC | 171757206 | 277,704 | $26.6M | 2.69% |
| 9 | SCHOLAR ROCK HLDG CORP | SRRK | 561,600 | $20.9M | 2.11% |
| 10 | MAZE THERAPEUTICS INC | MAZE | 740,825 | $19.2M | 1.94% |
| 11 | PTC THERAPEUTICS INC | PTCT | 280,551 | $17.2M | 1.74% |
| 12 | RAPT THERAPEUTICS INC | 75382E208 | 615,000 | $15.9M | 1.60% |
| 13 | INSMED INC | INSM | 100,000 | $14.4M | 1.45% |
| 14 | INSMED INC | INSM | 100,000 | $14.4M | 1.45% |
| 15 | HARROW INC | HROW | 289,700 | $14.0M | 1.41% |
| 16 | DIANTHUS THERAPEUTICS INC | DNTH | 346,001 | $13.6M | 1.37% |
| 17 | PTC THERAPEUTICS INC | PTCT | 213,000 | $13.1M | 1.32% |
| 18 | CYTOKINETICS INC | CYTK | 222,674 | $12.2M | 1.24% |
| 19 | BIOHAVEN LTD | BHVN | 796,400 | $12.0M | 1.21% |
| 20 | SOLENO THERAPEUTICS INC | SLNO | 176,100 | $11.9M | 1.20% |
| 21 | FULCRUM THERAPEUTICS INC | FULC | 1,289,225 | $11.9M | 1.20% |
| 22 | VAXCYTE INC | PCVX | 311,682 | $11.2M | 1.13% |
| 23 | CYTOMX THERAPEUTICS INC | CTMX | 3,372,616 | $10.8M | 1.09% |
| 24 | CRINETICS PHARMACEUTICALS IN | CRNX | 257,700 | $10.7M | 1.08% |
| 25 | JAZZ PHARMACEUTICALS PLC | JAZZ | 77,800 | $10.3M | 1.04% |
| 26 | APELLIS PHARMACEUTICALS INC | APLS | 451,902 | $10.2M | 1.03% |
| 27 | CG ONCOLOGY INC | CGON | 249,473 | $10.0M | 1.01% |
| 28 | AKERO THERAPEUTICS INC | 00973Y108 | 206,854 | $9.8M | 0.99% |
| 29 | JAZZ PHARMACEUTICALS PLC | JAZZ | 70,700 | $9.3M | 0.94% |
| 30 | ZURA BIO LTD | ZURA | 2,132,322 | $9.2M | 0.93% |
| 31 | NOVO-NORDISK A S | NONOF | 150,000 | $8.3M | 0.84% |
| 32 | APELLIS PHARMACEUTICALS INC | APLS | 358,000 | $8.1M | 0.82% |
| 33 | CENTESSA PHARMACEUTICALS PLC | CNTA | 307,700 | $7.5M | 0.75% |
| 34 | TENAX THERAPEUTICS INC | TENX | 967,600 | $7.4M | 0.74% |
| 35 | KODIAK SCIENCES INC | KOD | 413,841 | $6.8M | 0.68% |
| 36 | TG THERAPEUTICS INC | TGTX | 174,959 | $6.3M | 0.64% |
| 37 | ALPHA COGNITION INC | ACOG | 946,259 | $6.2M | 0.62% |
| 38 | CYTOKINETICS INC | CYTK | 110,900 | $6.1M | 0.62% |
| 39 | AGIOS PHARMACEUTICALS INC | AGIO | 150,000 | $6.0M | 0.61% |
| 40 | ARS PHARMACEUTICALS INC | SPRY | 562,400 | $5.7M | 0.57% |
| 41 | CRINETICS PHARMACEUTICALS IN | CRNX | 130,902 | $5.5M | 0.55% |
| 42 | PRAXIS PRECISION MEDICINES I | PRAX | 100,000 | $5.3M | 0.54% |
| 43 | VIRIDIAN THERAPEUTICS INC | VRDN | 245,518 | $5.3M | 0.53% |
| 44 | PHARVARIS N V | PHVS | 210,165 | $5.2M | 0.53% |
| 45 | SYNDAX PHARMACEUTICALS INC | SNDX | 333,733 | $5.1M | 0.52% |
| 46 | TRAVERE THERAPEUTICS INC | TVTX | 214,500 | $5.1M | 0.52% |
| 47 | AGIOS PHARMACEUTICALS INC | AGIO | 126,979 | $5.1M | 0.51% |
| 48 | ANAPTYSBIO INC | ANABV | 161,100 | $4.9M | 0.50% |
| 49 | ANAPTYSBIO INC | ANABV | 161,100 | $4.9M | 0.50% |
| 50 | KALVISTA PHARMACEUTICALS INC | KALV | 400,000 | $4.9M | 0.49% |
| 51 | DELCATH SYS INC | DCTH | 431,251 | $4.6M | 0.47% |
| 52 | STRUCTURE THERAPEUTICS INC | GPCR | 163,237 | $4.6M | 0.46% |
| 53 | TRAVERE THERAPEUTICS INC | TVTX | 190,781 | $4.6M | 0.46% |
| 54 | LIQUIDIA CORPORATION | LQDA | 200,000 | $4.5M | 0.46% |
| 55 | RAPT THERAPEUTICS INC | 75382E208 | 175,000 | $4.5M | 0.46% |
| 56 | METSERA INC | 59267L107 | 86,000 | $4.5M | 0.45% |
| 57 | METSERA INC | 59267L107 | 86,000 | $4.5M | 0.45% |
| 58 | FORTE BIOSCIENCES INC | FBRX | 300,000 | $4.5M | 0.45% |
| 59 | REVOLUTION MEDICINES INC | RVMDW | 95,000 | $4.4M | 0.45% |
| 60 | MOONLAKE IMMUNOTHERAPEUTICS | MLTX | 612,200 | $4.4M | 0.44% |
| 61 | TARSUS PHARMACEUTICALS INC | TARS | 73,619 | $4.4M | 0.44% |
| 62 | KRYSTAL BIOTECH INC | KRYS | 24,421 | $4.3M | 0.44% |
| 63 | ARGENX SE | ARGX | 5,942 | $4.3M | 0.43% |
| 64 | ARCTURUS THERAPEUTICS HLDGS | ARCT | 227,200 | $4.2M | 0.42% |
| 65 | VENTYX BIOSCIENCES INC | 92332V107 | 1,309,604 | $4.1M | 0.41% |
| 66 | PALVELLA THERAPEUTICS INC NE | PVLA | 64,746 | $4.1M | 0.41% |
| 67 | TEVA PHARMACEUTICAL INDS LTD | 881624209 | 200,000 | $4.0M | 0.41% |
| 68 | SOLENO THERAPEUTICS INC | SLNO | 55,946 | $3.8M | 0.38% |
| 69 | ALTIMMUNE INC | ALT | 1,000,000 | $3.8M | 0.38% |
| 70 | LEXEO THERAPEUTICS INC | LXEO | 567,601 | $3.8M | 0.38% |
| 71 | DIREXION SHS ETF TR | 25461H853 | 91,959 | $3.7M | 0.38% |
| 72 | RELMADA THERAPEUTICS INC | RLMD | 1,843,060 | $3.7M | 0.37% |
| 73 | SCHOLAR ROCK HLDG CORP | SRRK | 96,200 | $3.6M | 0.36% |
| 74 | MBX BIOSCIENCES INC | MBX | 200,000 | $3.5M | 0.35% |
| 75 | MBX BIOSCIENCES INC | MBX | 200,000 | $3.5M | 0.35% |
| 76 | UNIQURE NV | QURE | 58,610 | $3.4M | 0.35% |
| 77 | VIR BIOTECHNOLOGY INC | VIR | 593,374 | $3.4M | 0.34% |
| 78 | SOLENO THERAPEUTICS INC | SLNO | 50,000 | $3.4M | 0.34% |
| 79 | MOONLAKE IMMUNOTHERAPEUTICS | MLTX | 450,000 | $3.2M | 0.33% |
| 80 | MOONLAKE IMMUNOTHERAPEUTICS | MLTX | 435,839 | $3.1M | 0.32% |
| 81 | NEWAMSTERDAM PHARMA COMPANY | NAMSW | 106,800 | $3.0M | 0.31% |
| 82 | UPSTREAM BIO INC | UPB | 161,113 | $3.0M | 0.31% |
| 83 | SOLID BIOSCIENCES INC | SLDB | 468,000 | $2.9M | 0.29% |
| 84 | FRACTYL HEALTH INC | GUTS | 1,800,000 | $2.9M | 0.29% |
| 85 | BRIDGEBIO ONCOLOGY THERAPEUT | BBOT | 245,231 | $2.8M | 0.29% |
| 86 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 92,600 | $2.8M | 0.28% |
| 87 | BRIDGEBIO PHARMA INC | BBIO | 51,967 | $2.7M | 0.27% |
| 88 | SAREPTA THERAPEUTICS INC | SRPT | 137,000 | $2.6M | 0.27% |
| 89 | PEPGEN INC | PEPG | 535,967 | $2.5M | 0.25% |
| 90 | NEURONETICS INC | STIM | 905,716 | $2.5M | 0.25% |
| 91 | RELAY THERAPEUTICS INC | RLAY | 467,362 | $2.4M | 0.25% |
| 92 | ADMA BIOLOGICS INC | ADMA | 159,854 | $2.3M | 0.24% |
| 93 | CATALYST PHARMACEUTICALS INC | CPRX | 116,388 | $2.3M | 0.23% |
| 94 | COMPASS PATHWAYS PLC | CMPS | 400,000 | $2.3M | 0.23% |
| 95 | INVIVYD INC | IVVD | 2,078,706 | $2.3M | 0.23% |
| 96 | ALECTOR INC | ALEC | 760,000 | $2.2M | 0.23% |
| 97 | VISTAGEN THERAPEUTICS INC | VTGN | 620,869 | $2.2M | 0.22% |
| 98 | AVALO THERAPEUTICS INC | AVTX | 159,777 | $2.0M | 0.21% |
| 99 | INSMED INC | INSM | 13,751 | $2.0M | 0.20% |
| 100 | AKERO THERAPEUTICS INC | 00973Y108 | 41,600 | $2.0M | 0.20% |
| 101 | ARVINAS INC | ARVN | 226,257 | $1.9M | 0.19% |
| 102 | CAPRICOR THERAPEUTICS INC | CAPR | 264,642 | $1.9M | 0.19% |
| 103 | PROQR THRAPEUTICS N V | N71542109 | 892,229 | $1.9M | 0.19% |
| 104 | LARIMAR THERAPEUTICS INC | LRMR | 548,400 | $1.8M | 0.18% |
| 105 | PELTHOS THERAPEUTICS INC | PTHS | 62,451 | $1.7M | 0.18% |
| 106 | CUMBERLAND PHARMACEUTICALS I | CPIX | 555,932 | $1.7M | 0.18% |
| 107 | PRAXIS PRECISION MEDICINES I | PRAX | 28,571 | $1.5M | 0.15% |
| 108 | ANAPTYSBIO INC | ANABV | 48,410 | $1.5M | 0.15% |
| 109 | DYNE THERAPEUTICS INC | DYN | 113,837 | $1.4M | 0.15% |
| 110 | OVID THERAPEUTICS INC | OVID | 1,095,574 | $1.4M | 0.14% |
| 111 | PRIME MEDICINE INC | PRME | 250,000 | $1.4M | 0.14% |
| 112 | PRIME MEDICINE INC | PRME | 250,000 | $1.4M | 0.14% |
| 113 | JANUX THERAPEUTICS INC | JANX | 54,691 | $1.3M | 0.13% |
| 114 | SILENCE THERAPEUTICS PLC | SLNCF | 900,784 | $1.3M | 0.13% |
| 115 | ZYMEWORKS INC | ZYME | 72,787 | $1.2M | 0.13% |
| 116 | TERNS PHARMACEUTICALS INC | TERN | 164,202 | $1.2M | 0.12% |
| 117 | SOLID BIOSCIENCES INC | SLDB | 176,690 | $1.1M | 0.11% |
| 118 | INFLARX NV | IFRX | 722,066 | $967,568 | 0.10% |
| 119 | UNITED THERAPEUTICS CORP DEL | UTHR | 2,300 | $964,183 | 0.10% |
| 120 | BRIGHT MINDS BIOSCIENCES INC | DRUG | 15,431 | $936,044 | 0.09% |
| 121 | SANGAMO THERAPEUTICS INC | SGMO | 1,294,652 | $871,819 | 0.09% |
| 122 | IONIS PHARMACEUTICALS INC | IONS | 13,300 | $870,086 | 0.09% |
| 123 | MBX BIOSCIENCES INC | MBX | 48,071 | $841,243 | 0.08% |
| 124 | PRIME MEDICINE INC | PRME | 150,000 | $831,000 | 0.08% |
| 125 | CYBIN INC | HELP | 140,475 | $827,398 | 0.08% |
| 126 | IMMUNIC INC | IMUX | 914,170 | $805,932 | 0.08% |
| 127 | TVARDI THERAPEUTICS INC | TVRD | 19,000 | $740,430 | 0.07% |
| 128 | MIND MEDICINE MINDMED INC | 60255C885 | 62,691 | $739,128 | 0.07% |
| 129 | CAPRICOR THERAPEUTICS INC | CAPR | 100,000 | $721,000 | 0.07% |
| 130 | CAPRICOR THERAPEUTICS INC | CAPR | 100,000 | $721,000 | 0.07% |
| 131 | LYELL IMMUNOPHARMA INC | LYEL | 43,799 | $711,296 | 0.07% |
| 132 | WAVE LIFE SCIENCES LTD | WVE | 95,955 | $702,390 | 0.07% |
| 133 | CORBUS PHARMACEUTICALS HLDGS | CRBP | 54,800 | $693,220 | 0.07% |
| 134 | SONNET BIOTHERAPEUTC HLDNG I | 83548R402 | 150,000 | $687,000 | 0.07% |
| 135 | IO BIOTECH INC | IOBT | 1,525,893 | $554,051 | 0.06% |
| 136 | VERU INC | VERU | 142,523 | $541,588 | 0.05% |
| 137 | IBIO INC | IBIO | 617,327 | $511,023 | 0.05% |
| 138 | EQUILLIUM INC | EQ | 332,297 | $475,185 | 0.05% |
| 139 | ACUMEN PHARMACEUTICALS INC | ABOS | 265,769 | $454,465 | 0.05% |
| 140 | ALTO NEUROSCIENCE INC | ANRO | 110,000 | $442,199 | 0.04% |
| 141 | IMMATICS N.V | IMTX | 49,396 | $420,854 | 0.04% |
| 142 | KEZAR LIFE SCIENCES INC | KZR | 106,901 | $416,914 | 0.04% |
| 143 | ANEBULO PHARMACEUTICALS INC | ANEB | 157,720 | $394,300 | 0.04% |
| 144 | EVAXION AS | 29970R303 | 80,000 | $300,801 | 0.03% |
| 145 | VIKING THERAPEUTICS INC | VKTX | 10,000 | $262,800 | 0.03% |
| 146 | VOYAGER THERAPEUTICS INC | VYGR | 55,766 | $260,428 | 0.03% |
| 147 | VAXCYTE INC | PCVX | 7,000 | $252,140 | 0.03% |
| 148 | LEXICON PHARMACEUTICALS INC | LXRX | 176,479 | $238,247 | 0.02% |
| 149 | NYXOAH S A | NYXH | 50,627 | $232,883 | 0.02% |
| 150 | CARTESIAN THERAPEUTICS INC | RNAC | 22,166 | $226,537 | 0.02% |
| 151 | SENSEI BIOTHERAPEUTICS INC | SNSE | 22,497 | $212,596 | 0.02% |
| 152 | BIOMX INC | PHGE | 392,976 | $206,312 | 0.02% |
| 153 | ARCTURUS THERAPEUTICS HLDGS | ARCT | 10,721 | $197,588 | 0.02% |
| 154 | KARYOPHARM THERAPEUTICS INC | KPTI | 27,257 | $178,261 | 0.02% |
| 155 | COGENT BIOSCIENCES INC | COGT | 11,280 | $161,981 | 0.02% |
| 156 | AIRSCULPT TECHNOLOGIES INC | AIRS | 17,951 | $143,967 | 0.01% |
| 157 | CHEMOMAB THERAPEUTICS LTD | CMMB | 53,262 | $140,079 | 0.01% |
| 158 | LYRA THERAPEUTICS INC | LYRA | 21,161 | $139,452 | 0.01% |
| 159 | PMV PHARMACEUTICALS INC | PMVP | 97,500 | $136,500 | 0.01% |
| 160 | MACROGENICS INC | MGNX | 80,071 | $134,519 | 0.01% |
| 161 | SPRUCE BIOSCIENCES INC | SPRB | 13,332 | $119,322 | 0.01% |
| 162 | AETHLON MED INC | AEMD | 153,659 | $115,044 | 0.01% |
| 163 | VYNE THERAPEUTICS INC | VYNE | 290,000 | $97,149 | 0.01% |
| 164 | JASPER THERAPEUTICS INC | JSPRW | 25,107 | $59,754 | 0.01% |
| 165 | TRAWS PHARMA INC | TRAW | 28,493 | $52,712 | 0.01% |
| 166 | THERIVA BIOLOGICS INC | TOVX | 120,031 | $48,625 | 0.00% |
| 167 | SYNLOGIC INC | SYBX | 20,422 | $34,513 | 0.00% |
| 168 | NEUMORA THERAPEUTICS INC. | NMRA | 12,498 | $22,747 | 0.00% |
| 169 | AUTONOMIX MED INC | AMIX | 20,000 | $21,601 | 0.00% |