SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Ikarian Capital, LLC

CIK 0001778253 · 100 CRESCENT COURT, SUITE 1620, DALLAS, TX, 75201 · 214-364-2883

Reported Value
$1.3B
Q4 2025
Positions
174
Filings on Record
29
2019–present window
Filed
Feb 18, 2026
original filing

Summary

Ikarian Capital, LLC reported $1.3B in U.S.-listed holdings across 174 positions for Q4 2025.

Its largest position, 430, represents 5.0% of the portfolio.

Compared with Q3 2025, the fund opened 47 new positions and exited 38.

Portfolio Metrics

Turnover
+43.9%
vs prior filed quarter
Top-10 Concentration
+24.4%
share of reported value
Largest Position
+5.0%
Terns Pharmaceuticals
New / Exited
47 / 38
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’19: $617MQ4 ’19Q1 ’20: $1.3BQ2 ’20: $1.3BQ3 ’20: $1.4BQ4 ’20: $2.3BQ4 ’20Q1 ’21: $3.0BQ2 ’21: $1.2BQ3 ’21: $1.4BQ4 ’21: $671MQ4 ’21Q1 ’22: $760MQ2 ’22: $548MQ3 ’22: $502MQ4 ’22: $415MQ4 ’22Q1 ’23: $441MQ2 ’23: $628MQ3 ’23: $831MQ4 ’23: $1.1BQ4 ’23Q1 ’24: $912MQ2 ’24: $574MQ3 ’24: $717MQ4 ’24: $735MQ4 ’24Q1 ’25: $811MQ2 ’25: $521MQ3 ’25: $990MQ4 ’25: $1.3BQ4 ’25Q1 ’26: $1.2Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 78.7%Other: 8.2%ETP: 8.2%ADR: 5.0%
  • Common Stock · 78.7% · $1.0B
  • Other · 8.2% · $105M
  • ETP · 8.2% · $105M
  • ADR · 5.0% · $64M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMGNAMGEN INCNEW+245.0K245.0K+$80M$80M
OMEROMEROS CORPNEW+1.50M1.50M+$26M$26M
OLMAOLEMA PHARMACEUTICALS INCNEW+958.7K958.7K+$24M$24M
HTDCORCEPT THERAPEUTICS INCNEW+586.1K586.1K+$20M$20M
NBIXNEUROCRINE BIOSCIENCES INCNEW+105.1K105.1K+$15M$15M
LLYELI LILLY & CONEW+13.8K13.8K+$15M$15M
CONNECT BIOPHARMA HLDGS LTDNEW+4.93M4.93M+$14M$14M
CELCCELCUITY INCNEW+105.5K105.5K+$11M$11M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

33 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1430TERNS PHARMACEUTICALS INChistory →COM5.04%$64M1.60M
2CDTXCIDARA THERAPEUTICS INChistory →COM NEW4.71%$60M273.2K
3ABVXABIVAX SAhistory →SPONSORED ADS2.27%$29M206.0K
4JAZZ PHARMACEUTICALS PLCSHS USD2.13%$27M160.4K
5MAZEMAZE THERAPEUTICS INChistory →COM2.09%$27M644.7K
6PRAXPRAXIS PRECISION MEDICINES Ihistory →COM NEW1.99%$26M86.6K
7RAPTRAPT THERAPEUTICS INChistory →COM NEW1.76%$23M665.3K
8KODKODIAK SCIENCES INChistory →COM1.57%$20M719.8K
9OLMAOLEMA PHARMACEUTICALS INChistory →COM1.48%$19M758.7K
10PCVXVAXCYTE INChistory →COM1.36%$17M378.7K
11CAPRCAPRICOR THERAPEUTICS INChistory →COM NEW1.30%$17M578.0K
12ISIIONIS PHARMACEUTICALS INChistory →COM1.25%$16M202.0K
13FULCFULCRUM THERAPEUTICS INChistory →COM1.21%$16M1.38M
14LLYELI LILLY & COhistory →COM1.16%$15M13.8K
15RLMDRELMADA THERAPEUTICS INChistory →COM1.16%$15M3.07M
16AMGNAMGEN INChistory →COM1.15%$15M45.0K
17CTMXCYTOMX THERAPEUTICS INChistory →COM1.06%$14M3.17M
18PHARVARIS N VCOM1.05%$14M486.9K
19CONNECT BIOPHARMA HLDGS LTDSHS1.05%$14M4.79M
20DRUGBRIGHT MINDS BIOSCIENCES INChistory →COM NEW0.97%$12M159.4K
21TENXTENAX THERAPEUTICS INChistory →COM NEW0.92%$12M967.6K
22RVMDREVOLUTION MEDICINES INChistory →COM0.86%$11M138.1K
23CYTKCYTOKINETICS INChistory →COM NEW0.86%$11M172.7K
24SPRBSPRUCE BIOSCIENCES INChistory →COM NEW0.83%$11M121.4K
25CELCCELCUITY INChistory →COM0.82%$11M105.5K
26ANROALTO NEUROSCIENCE INCCOM SHS0.72%$9M515.0K
27PTCTPTC THERAPEUTICS INCCOM0.70%$9M118.7K
28HROWHARROW INCCOM0.70%$9M183.3K
29VTYXUSDVENTYX BIOSCIENCES INCCOM0.68%$9M958.7K
30CGONCG ONCOLOGY INCCOM0.65%$8M199.5K
31FBRXFORTE BIOSCIENCES INCCOM NEW0.64%$8M300.0K
32PTHSPELTHOS THERAPEUTICS INCCOM SHS0.62%$8M255.8K
33NBIXNEUROCRINE BIOSCIENCES INCCOM0.60%$8M54.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$1.2B161May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.3B174Feb 18, 202613F-HRchanges · EDGAR ↗
Q3 2025$990M169Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$521M133Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$811M160May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$735M171Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$717M145Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$574M130Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$912M137May 17, 2024RESTATEMENTchanges · EDGAR ↗
Q4 2023$1.1B136Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$831M140Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$628M122Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$441M117May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$415M86Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$502M104Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$548M139Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$760M196May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$671M186Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.4B209Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.2B211Aug 18, 2021RESTATEMENTchanges · EDGAR ↗
Q1 2021$3.0B291May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$2.3B230Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.4B174Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.3B164Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.3B151May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$617M114Jan 31, 202013F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.