Ikarian Capital, LLC Q4 2025 Filing
Filed February 18, 2026
Portfolio Value
$1.3B
Holdings
148
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (148 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | CDTXCIDARA THERAPEUTICS INC | 573,243 | $126.6M | 9.89% | Put |
| 2 | XBISPDR SERIES TRUST | 850,000 | $103.6M | 8.09% | Put |
| 3 | AMGNAMGEN INC | 245,000 | $80.2M | 6.26% | Put |
| 4 | TERNTERNS PHARMACEUTICALS INC | 1,596,378 | $64.5M | 5.04% | |
| 5 | ABVXABIVAX SA | 331,085 | $46.0M | 3.59% | Call |
| 6 | HROWHARROW INC | 693,047 | $34.0M | 2.65% | Call |
| 7 | RAPTRAPT THERAPEUTICS INC | 955,271 | $32.4M | 2.53% | Call |
| 8 | CYTKCYTOKINETICS INC | 463,572 | $29.5M | 2.30% | Call |
| 9 | JAZZJAZZ PHARMACEUTICALS PLC | 170,000 | $28.9M | 2.26% | Call |
| 10 | SLNOSOLENO THERAPEUTICS INC | 597,723 | $27.7M | 2.16% | Call |
| 11 | JAZZJAZZ PHARMACEUTICALS PLC | 160,367 | $27.3M | 2.13% | |
| 12 | MAZEMAZE THERAPEUTICS INC | 644,680 | $26.7M | 2.09% | |
| 13 | OMEROMEROS CORP | 1,500,000 | $25.8M | 2.01% | Put |
| 14 | PRAXPRAXIS PRECISION MEDICINES I | 86,581 | $25.5M | 1.99% | |
| 15 | OLMAOLEMA PHARMACEUTICALS INC | 958,654 | $24.0M | 1.87% | Call |
| 16 | ISIIONIS PHARMACEUTICALS INC | 296,638 | $23.5M | 1.83% | Call |
| 17 | HTDCORCEPT THERAPEUTICS INC | 586,093 | $20.4M | 1.59% | Put |
| 18 | KODKODIAK SCIENCES INC | 719,787 | $20.1M | 1.57% | |
| 19 | RVMDREVOLUTION MEDICINES INC | 233,142 | $18.6M | 1.45% | Call |
| 20 | PCVXVAXCYTE INC | 378,682 | $17.5M | 1.36% | |
| 21 | CRNXCRINETICS PHARMACEUTICALS IN | 368,500 | $17.2M | 1.34% | Put |
| 22 | CAPRCAPRICOR THERAPEUTICS INC | 578,015 | $16.7M | 1.30% | |
| 23 | FULCFULCRUM THERAPEUTICS INC | 1,375,472 | $15.6M | 1.21% | |
| 24 | NBIXNEUROCRINE BIOSCIENCES INC | 105,062 | $14.9M | 1.16% | Call |
| 25 | LLYELI LILLY & CO | 13,815 | $14.8M | 1.16% | |
| 26 | RLMDRELMADA THERAPEUTICS INC | 3,068,359 | $14.8M | 1.16% | |
| 27 | CNTBCONNECT BIOPHARMA HLDGS LTD | 4,933,086 | $13.9M | 1.09% | Call |
| 28 | CTMXCYTOMX THERAPEUTICS INC | 3,172,616 | $13.5M | 1.06% | |
| 29 | PHVSPHARVARIS N V | 486,856 | $13.5M | 1.05% | |
| 30 | DRUGBRIGHT MINDS BIOSCIENCES INC | 159,421 | $12.4M | 0.97% | |
| 31 | RAREULTRAGENYX PHARMACEUTICAL IN | 517,771 | $11.9M | 0.93% | Put |
| 32 | TENXTENAX THERAPEUTICS INC | 967,600 | $11.8M | 0.92% | |
| 33 | SPRBSPRUCE BIOSCIENCES INC | 121,356 | $10.6M | 0.83% | |
| 34 | CELCCELCUITY INC | 105,545 | $10.5M | 0.82% | |
| 35 | APLSAPELLIS PHARMACEUTICALS INC | 397,347 | $10.0M | 0.78% | Call |
| 36 | ANROALTO NEUROSCIENCE INC | 515,000 | $9.2M | 0.72% | |
| 37 | DC4DEXCOM INC | 137,500 | $9.1M | 0.71% | Call |
| 38 | PTCTPTC THERAPEUTICS INC | 118,657 | $9.0M | 0.70% | |
| 39 | VTYXVENTYX BIOSCIENCES INC | 958,704 | $8.7M | 0.68% | |
| 40 | CGONCG ONCOLOGY INC | 199,473 | $8.3M | 0.65% | |
| 41 | FBRXFORTE BIOSCIENCES INC | 300,000 | $8.2M | 0.64% | |
| 42 | PTHSPELTHOS THERAPEUTICS INC | 255,758 | $7.9M | 0.62% | |
| 43 | MLYSMINERALYS THERAPEUTICS INC | 200,000 | $7.3M | 0.57% | |
| 44 | AGIOAGIOS PHARMACEUTICALS INC | 252,689 | $6.9M | 0.54% | Call |
| 45 | ACOGALPHA COGNITION INC | 1,056,259 | $6.9M | 0.54% | |
| 46 | GLTOGALECTO INC | 285,710 | $6.6M | 0.51% | |
| 47 | IVVDINVIVYD INC | 2,656,570 | $6.6M | 0.51% | |
| 48 | BSFAANI PHARMACEUTICALS INC | 82,800 | $6.5M | 0.51% | Call |
| 49 | NUVLNUVALENT INC | 59,594 | $6.0M | 0.47% | |
| 50 | LXEOLEXEO THERAPEUTICS INC | 513,011 | $5.1M | 0.40% | |
| 51 | LEGNLEGEND BIOTECH CORP | 226,888 | $4.9M | 0.39% | |
| 52 | PEPGPEPGEN INC | 747,165 | $4.9M | 0.38% | Call |
| 53 | JBIOJADE BIOSCIENCES INC | 300,000 | $4.6M | 0.36% | |
| 54 | EPRXEUPRAXIA PHARMACEUTICALS INC | 610,000 | $4.6M | 0.36% | |
| 55 | DCTHDELCATH SYS INC | 431,251 | $4.4M | 0.34% | |
| 56 | CMPXCOMPASS THERAPEUTICS INC | 800,000 | $4.3M | 0.34% | |
| 57 | ADMAADMA BIOLOGICS INC | 234,854 | $4.3M | 0.33% | |
| 58 | ARVNARVINAS INC | 358,257 | $4.2M | 0.33% | |
| 59 | ZURAZURA BIO LTD | 802,322 | $4.2M | 0.33% | |
| 60 | KPTIKARYOPHARM THERAPEUTICS INC | 544,554 | $4.0M | 0.31% | |
| 61 | KRYSKRYSTAL BIOTECH INC | 14,814 | $3.7M | 0.29% | |
| 62 | TGTXTG THERAPEUTICS INC | 117,903 | $3.5M | 0.27% | |
| 63 | VIRVIR BIOTECHNOLOGY INC | 575,712 | $3.5M | 0.27% | |
| 64 | ZBIOZENAS BIOPHARMA INC | 93,600 | $3.4M | 0.27% | Put |
| 65 | NXTCNEXTCURE INC | 238,303 | $3.4M | 0.26% | |
| 66 | SLDBSOLID BIOSCIENCES INC | 584,409 | $3.3M | 0.26% | Call |
| 67 | ALECALECTOR INC | 2,082,606 | $3.2M | 0.25% | |
| 68 | CTNMCONTINEUM THERAPEUTICS INC | 282,874 | $3.2M | 0.25% | |
| 69 | AQSTAQUESTIVE THERAPEUTICS INC | 500,000 | $3.2M | 0.25% | Put |
| 70 | —PERCEPTIVE CAP SOLUTIONS COR | 240,951 | $3.1M | 0.25% | |
| 71 | IM8NINSMED INC | 17,937 | $3.1M | 0.24% | Call |
| 72 | GOSSGOSSAMER BIO INC | 1,000,000 | $3.1M | 0.24% | Put |
| 73 | NKTRNEKTAR THERAPEUTICS | 72,600 | $3.1M | 0.24% | Put |
| 74 | QNRXQUOIN PHARMACEUTICALS LTD | 211,538 | $3.1M | 0.24% | |
| 75 | KLRSKALARIS THERAPEUTICS INC | 360,000 | $3.0M | 0.24% | |
| 76 | PRQRPROQR THRAPEUTICS N V | 1,492,229 | $3.0M | 0.24% | |
| 77 | CMPSCOMPASS PATHWAYS PLC | 400,000 | $2.8M | 0.22% | |
| 78 | BBOTBRIDGEBIO ONCOLOGY THERAPEUT | 220,231 | $2.8M | 0.22% | |
| 79 | ERASERASCA INC | 735,396 | $2.7M | 0.21% | |
| 80 | TARSTARSUS PHARMACEUTICALS INC | 31,166 | $2.6M | 0.20% | |
| 81 | QUREUNIQURE NV | 105,400 | $2.5M | 0.20% | Call |
| 82 | GUTSFRACTYL HEALTH INC | 1,100,000 | $2.4M | 0.19% | |
| 83 | BHVNBIOHAVEN LTD | 212,481 | $2.4M | 0.19% | |
| 84 | IVAINVENTIVA SA | 502,601 | $2.3M | 0.18% | |
| 85 | NMRANEUMORA THERAPEUTICS INC. | 1,278,408 | $2.3M | 0.18% | |
| 86 | CPIXCUMBERLAND PHARMACEUTICALS I | 555,932 | $2.2M | 0.17% | |
| 87 | QUREUNIQURE NV | 91,060 | $2.2M | 0.17% | |
| 88 | DBVTDBV TECHNOLOGIES S A | 525,000 | $2.1M | 0.16% | |
| 89 | ALMSALUMIS INC | 211,100 | $2.1M | 0.16% | Put |
| 90 | CABACABALETTA BIO INC | 900,000 | $2.0M | 0.15% | |
| 91 | DERMJOURNEY MED CORP | 251,436 | $1.9M | 0.15% | |
| 92 | IBIOIBIO INC | 957,062 | $1.8M | 0.14% | |
| 93 | SLNSILENCE THERAPEUTICS PLC | 865,784 | $1.7M | 0.14% | |
| 94 | VSTMVERASTEM INC | 213,865 | $1.7M | 0.13% | |
| 95 | AVTXAVALO THERAPEUTICS INC | 89,206 | $1.6M | 0.13% | Call |
| 96 | NAMSNEWAMSTERDAM PHARMA COMPANY | 45,830 | $1.6M | 0.13% | |
| 97 | LPCNLIPOCINE INC NEW | 199,542 | $1.6M | 0.13% | |
| 98 | SRZNSURROZEN INC | 65,788 | $1.5M | 0.12% | |
| 99 | WVEWAVE LIFE SCIENCES LTD | 85,285 | $1.4M | 0.11% | |
| 100 | TVTXTRAVERE THERAPEUTICS INC | 36,600 | $1.4M | 0.11% | Call |
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