13F HOLDINGS REPORT
Ikarian Capital, LLC
Quarter ended Q4 2025 · Filed February 18, 2026 · Accession 0001420506-26-000592
Total Value
$1.28B
Positions
174
Other Managers
0
Confidential Omitted
No
Holdings (174)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | SPDR SERIES TRUST | 78464A870 | 850,000 | $103.6M | 8.09% |
| 2 | CIDARA THERAPEUTICS INC | 171757206 | 300,000 | $66.3M | 5.17% |
| 3 | AMGEN INC | AMGN | 200,000 | $65.5M | 5.11% |
| 4 | TERNS PHARMACEUTICALS INC | TERN | 1,596,378 | $64.5M | 5.04% |
| 5 | CIDARA THERAPEUTICS INC | 171757206 | 273,243 | $60.4M | 4.71% |
| 6 | ABIVAX SA | AAVXF | 205,985 | $29.1M | 2.27% |
| 7 | JAZZ PHARMACEUTICALS PLC | JAZZ | 170,000 | $28.9M | 2.26% |
| 8 | JAZZ PHARMACEUTICALS PLC | JAZZ | 160,367 | $27.3M | 2.13% |
| 9 | MAZE THERAPEUTICS INC | MAZE | 644,680 | $26.7M | 2.09% |
| 10 | PRAXIS PRECISION MEDICINES I | PRAX | 86,581 | $25.5M | 1.99% |
| 11 | HARROW INC | HROW | 509,700 | $25.0M | 1.95% |
| 12 | SOLENO THERAPEUTICS INC | SLNO | 528,900 | $24.5M | 1.91% |
| 13 | RAPT THERAPEUTICS INC | 75382E208 | 665,271 | $22.5M | 1.76% |
| 14 | KODIAK SCIENCES INC | KOD | 719,787 | $20.1M | 1.57% |
| 15 | OLEMA PHARMACEUTICALS INC | OLMA | 758,654 | $19.0M | 1.48% |
| 16 | CYTOKINETICS INC | CYTK | 290,900 | $18.5M | 1.44% |
| 17 | VAXCYTE INC | PCVX | 378,682 | $17.5M | 1.36% |
| 18 | CRINETICS PHARMACEUTICALS IN | CRNX | 368,500 | $17.2M | 1.34% |
| 19 | ABIVAX SA | AAVXF | 125,100 | $16.9M | 1.32% |
| 20 | CAPRICOR THERAPEUTICS INC | CAPR | 578,015 | $16.7M | 1.30% |
| 21 | OMEROS CORP | OMER | 950,000 | $16.3M | 1.27% |
| 22 | IONIS PHARMACEUTICALS INC | IONS | 202,038 | $16.0M | 1.25% |
| 23 | FULCRUM THERAPEUTICS INC | FULC | 1,375,472 | $15.6M | 1.21% |
| 24 | ELI LILLY & CO | LLY | 13,815 | $14.8M | 1.16% |
| 25 | RELMADA THERAPEUTICS INC | RLMD | 3,068,359 | $14.8M | 1.16% |
| 26 | AMGEN INC | AMGN | 45,000 | $14.7M | 1.15% |
| 27 | CYTOMX THERAPEUTICS INC | CTMX | 3,172,616 | $13.5M | 1.06% |
| 28 | PHARVARIS N V | PHVS | 486,856 | $13.5M | 1.05% |
| 29 | CONNECT BIOPHARMA HLDGS LTD | CNTB | 4,788,486 | $13.5M | 1.05% |
| 30 | BRIGHT MINDS BIOSCIENCES INC | DRUG | 159,421 | $12.4M | 0.97% |
| 31 | TENAX THERAPEUTICS INC | TENX | 967,600 | $11.8M | 0.92% |
| 32 | REVOLUTION MEDICINES INC | RVMDW | 138,142 | $11.0M | 0.86% |
| 33 | CYTOKINETICS INC | CYTK | 172,672 | $11.0M | 0.86% |
| 34 | SPRUCE BIOSCIENCES INC | SPRB | 121,356 | $10.6M | 0.83% |
| 35 | CELCUITY INC | CELC | 105,545 | $10.5M | 0.82% |
| 36 | RAPT THERAPEUTICS INC | 75382E208 | 290,000 | $9.8M | 0.77% |
| 37 | OMEROS CORP | OMER | 550,000 | $9.4M | 0.74% |
| 38 | ALTO NEUROSCIENCE INC | ANRO | 515,000 | $9.2M | 0.72% |
| 39 | DEXCOM INC | DXCM | 137,500 | $9.1M | 0.71% |
| 40 | PTC THERAPEUTICS INC | PTCT | 118,657 | $9.0M | 0.70% |
| 41 | HARROW INC | HROW | 183,347 | $9.0M | 0.70% |
| 42 | VENTYX BIOSCIENCES INC | 92332V107 | 958,704 | $8.7M | 0.68% |
| 43 | CG ONCOLOGY INC | CGON | 199,473 | $8.3M | 0.65% |
| 44 | CORCEPT THERAPEUTICS INC | CORT | 236,700 | $8.2M | 0.64% |
| 45 | FORTE BIOSCIENCES INC | FBRX | 300,000 | $8.2M | 0.64% |
| 46 | APELLIS PHARMACEUTICALS INC | APLS | 325,600 | $8.2M | 0.64% |
| 47 | PELTHOS THERAPEUTICS INC | PTHS | 255,758 | $7.9M | 0.62% |
| 48 | NEUROCRINE BIOSCIENCES INC | NBIX | 54,062 | $7.7M | 0.60% |
| 49 | REVOLUTION MEDICINES INC | RVMDW | 95,000 | $7.6M | 0.59% |
| 50 | IONIS PHARMACEUTICALS INC | IONS | 94,600 | $7.5M | 0.58% |
| 51 | MINERALYS THERAPEUTICS INC | MLYS | 200,000 | $7.3M | 0.57% |
| 52 | NEUROCRINE BIOSCIENCES INC | NBIX | 51,000 | $7.2M | 0.56% |
| 53 | ALPHA COGNITION INC | ACOG | 1,056,259 | $6.9M | 0.54% |
| 54 | GALECTO INC | 36322Q206 | 285,710 | $6.6M | 0.51% |
| 55 | INVIVYD INC | IVVD | 2,656,570 | $6.6M | 0.51% |
| 56 | ANI PHARMACEUTICALS INC | ANIP | 82,800 | $6.5M | 0.51% |
| 57 | CORCEPT THERAPEUTICS INC | CORT | 185,593 | $6.5M | 0.50% |
| 58 | NUVALENT INC | NUVL | 59,594 | $6.0M | 0.47% |
| 59 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 255,100 | $5.9M | 0.46% |
| 60 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 250,000 | $5.8M | 0.45% |
| 61 | CORCEPT THERAPEUTICS INC | CORT | 163,800 | $5.7M | 0.45% |
| 62 | LEXEO THERAPEUTICS INC | LXEO | 513,011 | $5.1M | 0.40% |
| 63 | OLEMA PHARMACEUTICALS INC | OLMA | 200,000 | $5.0M | 0.39% |
| 64 | LEGEND BIOTECH CORP | LEGN | 226,888 | $4.9M | 0.39% |
| 65 | JADE BIOSCIENCES INC | JBIO | 300,000 | $4.6M | 0.36% |
| 66 | EUPRAXIA PHARMACEUTICALS INC | EPRX | 610,000 | $4.6M | 0.36% |
| 67 | DELCATH SYS INC | DCTH | 431,251 | $4.4M | 0.34% |
| 68 | COMPASS THERAPEUTICS INC | CMPX | 800,000 | $4.3M | 0.34% |
| 69 | ADMA BIOLOGICS INC | ADMA | 234,854 | $4.3M | 0.33% |
| 70 | ARVINAS INC | ARVN | 358,257 | $4.2M | 0.33% |
| 71 | ZURA BIO LTD | ZURA | 802,322 | $4.2M | 0.33% |
| 72 | KARYOPHARM THERAPEUTICS INC | KPTI | 544,554 | $4.0M | 0.31% |
| 73 | AGIOS PHARMACEUTICALS INC | AGIO | 137,200 | $3.7M | 0.29% |
| 74 | KRYSTAL BIOTECH INC | KRYS | 14,814 | $3.7M | 0.29% |
| 75 | TG THERAPEUTICS INC | TGTX | 117,903 | $3.5M | 0.27% |
| 76 | VIR BIOTECHNOLOGY INC | VIR | 575,712 | $3.5M | 0.27% |
| 77 | NEXTCURE INC | NXTC | 238,303 | $3.4M | 0.26% |
| 78 | ALECTOR INC | ALEC | 2,082,606 | $3.2M | 0.25% |
| 79 | CONTINEUM THERAPEUTICS INC | CTNM | 282,874 | $3.2M | 0.25% |
| 80 | AQUESTIVE THERAPEUTICS INC | AQST | 500,000 | $3.2M | 0.25% |
| 81 | SOLENO THERAPEUTICS INC | SLNO | 68,823 | $3.2M | 0.25% |
| 82 | AGIOS PHARMACEUTICALS INC | AGIO | 115,489 | $3.1M | 0.25% |
| 83 | PERCEPTIVE CAP SOLUTIONS COR | G70077105 | 240,951 | $3.1M | 0.25% |
| 84 | QUOIN PHARMACEUTICALS LTD | QNRX | 211,538 | $3.1M | 0.24% |
| 85 | KALARIS THERAPEUTICS INC | KLRS | 360,000 | $3.0M | 0.24% |
| 86 | PROQR THRAPEUTICS N V | N71542109 | 1,492,229 | $3.0M | 0.24% |
| 87 | PEPGEN INC | PEPG | 447,165 | $2.9M | 0.23% |
| 88 | COMPASS PATHWAYS PLC | CMPS | 400,000 | $2.8M | 0.22% |
| 89 | BRIDGEBIO ONCOLOGY THERAPEUT | BBOT | 220,231 | $2.8M | 0.22% |
| 90 | ERASCA INC | ERAS | 735,396 | $2.7M | 0.21% |
| 91 | TARSUS PHARMACEUTICALS INC | TARS | 31,166 | $2.6M | 0.20% |
| 92 | UNIQURE NV | QURE | 105,400 | $2.5M | 0.20% |
| 93 | FRACTYL HEALTH INC | GUTS | 1,100,000 | $2.4M | 0.19% |
| 94 | BIOHAVEN LTD | BHVN | 212,481 | $2.4M | 0.19% |
| 95 | SOLID BIOSCIENCES INC | SLDB | 424,000 | $2.4M | 0.19% |
| 96 | INVENTIVA SA | IVEVF | 502,601 | $2.3M | 0.18% |
| 97 | NEUMORA THERAPEUTICS INC. | NMRA | 1,278,408 | $2.3M | 0.18% |
| 98 | CUMBERLAND PHARMACEUTICALS I | CPIX | 555,932 | $2.2M | 0.17% |
| 99 | UNIQURE NV | QURE | 91,060 | $2.2M | 0.17% |
| 100 | DBV TECHNOLOGIES S A | DBVTF | 525,000 | $2.1M | 0.16% |
| 101 | ALUMIS INC | ALMS | 211,100 | $2.1M | 0.16% |
| 102 | CABALETTA BIO INC | CABA | 900,000 | $2.0M | 0.15% |
| 103 | PEPGEN INC | PEPG | 300,000 | $2.0M | 0.15% |
| 104 | JOURNEY MED CORP | DERM | 251,436 | $1.9M | 0.15% |
| 105 | IBIO INC | IBIO | 957,062 | $1.8M | 0.14% |
| 106 | APELLIS PHARMACEUTICALS INC | APLS | 71,747 | $1.8M | 0.14% |
| 107 | SILENCE THERAPEUTICS PLC | SLNCF | 865,784 | $1.7M | 0.14% |
| 108 | ZENAS BIOPHARMA INC | ZBIO | 46,800 | $1.7M | 0.13% |
| 109 | ZENAS BIOPHARMA INC | ZBIO | 46,800 | $1.7M | 0.13% |
| 110 | VERASTEM INC | VSTM | 213,865 | $1.7M | 0.13% |
| 111 | INSMED INC | INSM | 9,337 | $1.6M | 0.13% |
| 112 | NEWAMSTERDAM PHARMA COMPANY | NAMSW | 45,830 | $1.6M | 0.13% |
| 113 | LIPOCINE INC NEW | LPCN | 199,542 | $1.6M | 0.13% |
| 114 | GOSSAMER BIO INC | GOSS | 500,000 | $1.6M | 0.12% |
| 115 | GOSSAMER BIO INC | GOSS | 500,000 | $1.6M | 0.12% |
| 116 | NEKTAR THERAPEUTICS | NKTR | 36,300 | $1.5M | 0.12% |
| 117 | NEKTAR THERAPEUTICS | NKTR | 36,300 | $1.5M | 0.12% |
| 118 | INSMED INC | INSM | 8,600 | $1.5M | 0.12% |
| 119 | SURROZEN INC | SRZNW | 65,788 | $1.5M | 0.12% |
| 120 | WAVE LIFE SCIENCES LTD | WVE | 85,285 | $1.4M | 0.11% |
| 121 | TRAVERE THERAPEUTICS INC | TVTX | 36,600 | $1.4M | 0.11% |
| 122 | CATALYST PHARMACEUTICALS INC | CPRX | 57,388 | $1.3M | 0.10% |
| 123 | LYELL IMMUNOPHARMA INC | LYEL | 41,081 | $1.3M | 0.10% |
| 124 | ANNEXON INC | ANNX | 230,244 | $1.2M | 0.09% |
| 125 | CYBIN INC | HELP | 132,153 | $1.1M | 0.08% |
| 126 | AVALO THERAPEUTICS INC | AVTX | 58,100 | $1.1M | 0.08% |
| 127 | NEURONETICS INC | STIM | 701,182 | $967,631 | 0.08% |
| 128 | SOLID BIOSCIENCES INC | SLDB | 160,409 | $904,707 | 0.07% |
| 129 | DIREXION SHS ETF TR | 25461H853 | 40,822 | $859,712 | 0.07% |
| 130 | IO BIOTECH INC | IOBT | 1,386,565 | $844,279 | 0.07% |
| 131 | MIND MEDICINE MINDMED INC | 60255C885 | 58,803 | $787,373 | 0.06% |
| 132 | TRAWS PHARMA INC | TRAW | 678,142 | $766,299 | 0.06% |
| 133 | PALISADE BIO INC | PALI | 274,978 | $646,199 | 0.05% |
| 134 | KEZAR LIFE SCIENCES INC | KZR | 102,211 | $642,907 | 0.05% |
| 135 | KALVISTA PHARMACEUTICALS INC | KALV | 35,119 | $567,173 | 0.04% |
| 136 | AVALO THERAPEUTICS INC | AVTX | 31,106 | $564,885 | 0.04% |
| 137 | ACUMEN PHARMACEUTICALS INC | ABOS | 254,312 | $536,599 | 0.04% |
| 138 | SANGAMO THERAPEUTICS INC | SGMO | 1,218,671 | $511,842 | 0.04% |
| 139 | IMMATICS N.V | IMTX | 48,569 | $509,976 | 0.04% |
| 140 | EQUILLIUM INC | EQ | 303,555 | $470,510 | 0.04% |
| 141 | CONNECT BIOPHARMA HLDGS LTD | CNTB | 144,600 | $407,772 | 0.03% |
| 142 | OVID THERAPEUTICS INC | OVID | 247,558 | $403,520 | 0.03% |
| 143 | IMMUNIC INC | IMUX | 674,662 | $360,067 | 0.03% |
| 144 | EVAXION AS | 29970R303 | 74,698 | $356,310 | 0.03% |
| 145 | VISTAGEN THERAPEUTICS INC | VTGN | 519,077 | $343,576 | 0.03% |
| 146 | VIKING THERAPEUTICS INC | VKTX | 9,717 | $341,844 | 0.03% |
| 147 | STRUCTURE THERAPEUTICS INC | GPCR | 4,824 | $335,510 | 0.03% |
| 148 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 12,671 | $291,433 | 0.02% |
| 149 | VERU INC | VERU | 133,517 | $285,726 | 0.02% |
| 150 | CNS PHARMACEUTICALS INC | CNSP | 45,830 | $240,608 | 0.02% |
| 151 | SENSEI BIOTHERAPEUTICS INC | SNSE | 21,351 | $227,815 | 0.02% |
| 152 | NYXOAH S A | NYXH | 47,358 | $217,846 | 0.02% |
| 153 | VOYAGER THERAPEUTICS INC | VYGR | 53,063 | $208,538 | 0.02% |
| 154 | LEXICON PHARMACEUTICALS INC | LXRX | 164,674 | $189,376 | 0.01% |
| 155 | NEUPHORIA THERAPEUTICS INC | NEUP | 47,443 | $184,079 | 0.01% |
| 156 | GLUCOTRACK INC | GCTK | 45,830 | $177,362 | 0.01% |
| 157 | VYNE THERAPEUTICS INC | VYNE | 264,912 | $153,675 | 0.01% |
| 158 | CARTESIAN THERAPEUTICS INC | RNAC | 20,807 | $150,018 | 0.01% |
| 159 | SHUTTLE PHARMACTCLS HLDGS IN | 825693401 | 68,993 | $124,187 | 0.01% |
| 160 | MACROGENICS INC | MGNX | 74,893 | $120,578 | 0.01% |
| 161 | PMV PHARMACEUTICALS INC | PMVP | 89,136 | $111,421 | 0.01% |
| 162 | HYPERLIQUID STRATEGIES INC | PURR | 30,001 | $106,804 | 0.01% |
| 163 | MANGOCEUTICALS INC | MGRX | 138,146 | $102,229 | 0.01% |
| 164 | CHEMOMAB THERAPEUTICS LTD | CMMB | 51,793 | $85,458 | 0.01% |
| 165 | LYRA THERAPEUTICS INC | LYRA | 21,161 | $65,176 | 0.01% |
| 166 | JASPER THERAPEUTICS INC | JSPRW | 24,093 | $44,090 | 0.00% |
| 167 | AETHLON MED INC | AEMD | 14,364 | $39,788 | 0.00% |
| 168 | REZOLUTE INC | RZLT | 16,479 | $38,891 | 0.00% |
| 169 | BIOMX INC | PHGE | 19,473 | $36,414 | 0.00% |
| 170 | AIRSCULPT TECHNOLOGIES INC | AIRS | 16,398 | $32,468 | 0.00% |
| 171 | THERIVA BIOLOGICS INC | TOVX | 112,076 | $23,580 | 0.00% |
| 172 | SYNLOGIC INC | SYBX | 19,966 | $22,362 | 0.00% |
| 173 | ANEBULO PHARMACEUTICALS INC | ANEB | 17,736 | $17,913 | 0.00% |
| 174 | AUTONOMIX MED INC | AMIX | 18,688 | $10,278 | 0.00% |