Ikarian Capital, LLC Q3 2025 Filing
Filed November 14, 2025
Portfolio Value
$990.4B
Holdings
139
Report Date
Q3 2025
Filing Type
13F-HR
All Holdings (139 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | UTHUNITED THERAPEUTICS CORP DEL | 212,100 | $88.9B | 8.98% | Put |
| 2 | XBISPDR SERIES TRUST | 750,000 | $75.2B | 7.59% | Put |
| 3 | GMABGENMAB A/S | 175,000 | $53.0B | 5.35% | |
| 4 | BMYBRISTOL-MYERS SQUIBB CO | 800,000 | $36.1B | 3.64% | Put |
| 5 | ABVXABIVAX SA | 396,098 | $33.4B | 3.37% | |
| 6 | QUREUNIQURE NV | 535,600 | $31.3B | 3.16% | Call |
| 7 | IM8NINSMED INC | 213,751 | $30.8B | 3.11% | Put |
| 8 | PTCTPTC THERAPEUTICS INC | 493,551 | $30.3B | 3.06% | Call |
| 9 | ISIIONIS PHARMACEUTICALS INC | 428,463 | $28.0B | 2.83% | Call |
| 10 | CDTXCIDARA THERAPEUTICS INC | 277,704 | $26.6B | 2.69% | |
| 11 | SRRKSCHOLAR ROCK HLDG CORP | 657,800 | $24.5B | 2.47% | Put |
| 12 | RAPTRAPT THERAPEUTICS INC | 790,000 | $20.4B | 2.06% | Call |
| 13 | MAZEMAZE THERAPEUTICS INC | 740,825 | $19.2B | 1.94% | |
| 14 | SLNOSOLENO THERAPEUTICS INC | 282,046 | $19.1B | 1.93% | Put |
| 15 | CYTKCYTOKINETICS INC | 333,574 | $18.3B | 1.85% | Call |
| 16 | APLSAPELLIS PHARMACEUTICALS INC | 809,902 | $18.3B | 1.85% | Call |
| 17 | CRNXCRINETICS PHARMACEUTICALS IN | 388,602 | $16.2B | 1.63% | Call |
| 18 | HROWHARROW INC | 289,700 | $14.0B | 1.41% | Call |
| 19 | DNTHDIANTHUS THERAPEUTICS INC | 346,001 | $13.6B | 1.37% | |
| 20 | BHVNBIOHAVEN LTD | 796,400 | $12.0B | 1.21% | Call |
| 21 | FULCFULCRUM THERAPEUTICS INC | 1,289,225 | $11.9B | 1.20% | |
| 22 | AKROAKERO THERAPEUTICS INC | 248,454 | $11.8B | 1.19% | Call |
| 23 | PCVXVAXCYTE INC | 318,682 | $11.5B | 1.16% | Call |
| 24 | ANABANAPTYSBIO INC | 370,610 | $11.3B | 1.15% | Put |
| 25 | AGIOAGIOS PHARMACEUTICALS INC | 276,979 | $11.1B | 1.12% | Call |
| 26 | CTMXCYTOMX THERAPEUTICS INC | 3,372,616 | $10.8B | 1.09% | |
| 27 | MLTXMOONLAKE IMMUNOTHERAPEUTICS | 1,498,039 | $10.7B | 1.08% | Put |
| 28 | JAZZJAZZ PHARMACEUTICALS PLC | 77,800 | $10.3B | 1.04% | |
| 29 | CGONCG ONCOLOGY INC | 249,473 | $10.0B | 1.01% | |
| 30 | TVTXTRAVERE THERAPEUTICS INC | 405,281 | $9.7B | 0.98% | Call |
| 31 | JAZZJAZZ PHARMACEUTICALS PLC | 70,700 | $9.3B | 0.94% | Call |
| 32 | ZURAZURA BIO LTD | 2,132,322 | $9.2B | 0.93% | |
| 33 | MTSRMETSERA INC | 172,000 | $9.0B | 0.91% | Put |
| 34 | NVONOVO-NORDISK A S | 150,000 | $8.3B | 0.84% | Call |
| 35 | MBXMBX BIOSCIENCES INC | 448,071 | $7.8B | 0.79% | Put |
| 36 | CNTACENTESSA PHARMACEUTICALS PLC | 307,700 | $7.5B | 0.75% | Call |
| 37 | TENXTENAX THERAPEUTICS INC | 967,600 | $7.4B | 0.74% | |
| 38 | PRAXPRAXIS PRECISION MEDICINES I | 128,571 | $6.8B | 0.69% | Call |
| 39 | KODKODIAK SCIENCES INC | 413,841 | $6.8B | 0.68% | |
| 40 | TGTXTG THERAPEUTICS INC | 174,959 | $6.3B | 0.64% | |
| 41 | ACOGALPHA COGNITION INC | 946,259 | $6.2B | 0.62% | |
| 42 | SPRYARS PHARMACEUTICALS INC | 562,400 | $5.7B | 0.57% | Call |
| 43 | VRDNVIRIDIAN THERAPEUTICS INC | 245,518 | $5.3B | 0.53% | |
| 44 | PHVSPHARVARIS N V | 210,165 | $5.2B | 0.53% | |
| 45 | SNDXSYNDAX PHARMACEUTICALS INC | 333,733 | $5.1B | 0.52% | |
| 46 | KALVKALVISTA PHARMACEUTICALS INC | 400,000 | $4.9B | 0.49% | Call |
| 47 | DCTHDELCATH SYS INC | 431,251 | $4.6B | 0.47% | |
| 48 | GPCRSTRUCTURE THERAPEUTICS INC | 163,237 | $4.6B | 0.46% | |
| 49 | LQDALIQUIDIA CORPORATION | 200,000 | $4.5B | 0.46% | Call |
| 50 | FBRXFORTE BIOSCIENCES INC | 300,000 | $4.5B | 0.45% | |
| 51 | RVMDREVOLUTION MEDICINES INC | 95,000 | $4.4B | 0.45% | Call |
| 52 | ARCTARCTURUS THERAPEUTICS HLDGS | 237,921 | $4.4B | 0.44% | Call |
| 53 | TARSTARSUS PHARMACEUTICALS INC | 73,619 | $4.4B | 0.44% | |
| 54 | KRYSKRYSTAL BIOTECH INC | 24,421 | $4.3B | 0.44% | |
| 55 | ARGXARGENX SE | 5,942 | $4.3B | 0.43% | |
| 56 | VTYXVENTYX BIOSCIENCES INC | 1,309,604 | $4.1B | 0.41% | |
| 57 | PVLAPALVELLA THERAPEUTICS INC NE | 64,746 | $4.1B | 0.41% | |
| 58 | TEVATEVA PHARMACEUTICAL INDS LTD | 200,000 | $4.0B | 0.41% | Call |
| 59 | SLDBSOLID BIOSCIENCES INC | 644,690 | $4.0B | 0.40% | Call |
| 60 | ALTALTIMMUNE INC | 1,000,000 | $3.8B | 0.38% | Call |
| 61 | LXEOLEXEO THERAPEUTICS INC | 567,601 | $3.8B | 0.38% | |
| 62 | LABDDIREXION SHS ETF TR | 91,959 | $3.7B | 0.38% | |
| 63 | RLMDRELMADA THERAPEUTICS INC | 1,843,060 | $3.7B | 0.37% | |
| 64 | PRMEPRIME MEDICINE INC | 650,000 | $3.6B | 0.36% | Put |
| 65 | QUREUNIQURE NV | 58,610 | $3.4B | 0.35% | |
| 66 | VIRVIR BIOTECHNOLOGY INC | 593,374 | $3.4B | 0.34% | |
| 67 | CAPRCAPRICOR THERAPEUTICS INC | 464,642 | $3.4B | 0.34% | Put |
| 68 | NAMSNEWAMSTERDAM PHARMA COMPANY | 106,800 | $3.0B | 0.31% | |
| 69 | UPBUPSTREAM BIO INC | 161,113 | $3.0B | 0.31% | |
| 70 | GUTSFRACTYL HEALTH INC | 1,800,000 | $2.9B | 0.29% | |
| 71 | BBOTBRIDGEBIO ONCOLOGY THERAPEUT | 245,231 | $2.8B | 0.29% | |
| 72 | RAREULTRAGENYX PHARMACEUTICAL IN | 92,600 | $2.8B | 0.28% | Put |
| 73 | BBIOBRIDGEBIO PHARMA INC | 51,967 | $2.7B | 0.27% | |
| 74 | SRPTSAREPTA THERAPEUTICS INC | 137,000 | $2.6B | 0.27% | Call |
| 75 | PEPGPEPGEN INC | 535,967 | $2.5B | 0.25% | |
| 76 | STIMNEURONETICS INC | 905,716 | $2.5B | 0.25% | |
| 77 | RLAYRELAY THERAPEUTICS INC | 467,362 | $2.4B | 0.25% | |
| 78 | ADMAADMA BIOLOGICS INC | 159,854 | $2.3B | 0.24% | |
| 79 | CPRXCATALYST PHARMACEUTICALS INC | 116,388 | $2.3B | 0.23% | |
| 80 | CMPSCOMPASS PATHWAYS PLC | 400,000 | $2.3B | 0.23% | Call |
| 81 | IVVDINVIVYD INC | 2,078,706 | $2.3B | 0.23% | |
| 82 | ALECALECTOR INC | 760,000 | $2.2B | 0.23% | |
| 83 | VTGNVISTAGEN THERAPEUTICS INC | 620,869 | $2.2B | 0.22% | |
| 84 | AVTXAVALO THERAPEUTICS INC | 159,777 | $2.0B | 0.21% | |
| 85 | ARVNARVINAS INC | 226,257 | $1.9B | 0.19% | |
| 86 | PRQRPROQR THRAPEUTICS N V | 892,229 | $1.9B | 0.19% | |
| 87 | LRMRLARIMAR THERAPEUTICS INC | 548,400 | $1.8B | 0.18% | Call |
| 88 | PTHSPELTHOS THERAPEUTICS INC | 62,451 | $1.7B | 0.18% | |
| 89 | CPIXCUMBERLAND PHARMACEUTICALS I | 555,932 | $1.7B | 0.18% | |
| 90 | DYNDYNE THERAPEUTICS INC | 113,837 | $1.4B | 0.15% | |
| 91 | OVIDOVID THERAPEUTICS INC | 1,095,574 | $1.4B | 0.14% | |
| 92 | JANXJANUX THERAPEUTICS INC | 54,691 | $1.3B | 0.13% | |
| 93 | SLNSILENCE THERAPEUTICS PLC | 900,784 | $1.3B | 0.13% | |
| 94 | ZYMEZYMEWORKS INC | 72,787 | $1.2B | 0.13% | |
| 95 | TERNTERNS PHARMACEUTICALS INC | 164,202 | $1.2B | 0.12% | |
| 96 | IFRXINFLARX NV | 722,066 | $967.6M | 0.10% | |
| 97 | DRUGBRIGHT MINDS BIOSCIENCES INC | 15,431 | $936.0M | 0.09% | |
| 98 | GBYSANGAMO THERAPEUTICS INC | 1,294,652 | $871.8M | 0.09% | |
| 99 | HELPCYBIN INC | 140,475 | $827.4M | 0.08% | |
| 100 | IMUXIMMUNIC INC | 914,170 | $805.9M | 0.08% |
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