Q2 2026 13F · SEC CIK 1778253

Ikarian Capital, LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $610.9M
Reported positions: 126
Top holdings a year, 3 yrs: +29.5%
Assets under management: $698.0M

Ikarian Capital, LLC is a hedge fund that reported 126 positions worth $610.9M in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Abivax SA (ABVX, 7.1%), Kodiak Sciences Inc (KOD, 6.8%), Alumis Ord (ALMS, 4.0%). A portfolio copying its top holdings returned 29.5% a year over the last 3 years, against 20.4% for the S&P 500.

Ikarian Capital, LLC holdings largest 50 of 126 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Ikarian Capital, LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
ABVXAbivax SA	7.1%	0.9%	328,635	+470.2%	$43.4M
KODKodiak Sciences Inc	6.8%	6.9%	1,059,730	-16.3%	$41.3M
ALMSAlumis Ord	4.0%	3.8%	870,548	-28.3%	$24.5M
PRAXPraxis Precision Medicines I	4.0%	3.3%	72,842	+1.8%	$24.4M
PCVXVaxcyte Inc	3.7%	3.6%	388,682	-9.3%	$22.6M
ANIPAni Pharmaceuticals Inc	3.7%	1.6%	272,085	+85.0%	$22.5M
CLDXCelldex Therapeutics Inc New	2.9%	2.1%	478,500	+3.7%	$17.8M
RCUSArcus Biosciences Inc.	2.5%	—	504,559	—	$15.6M
RLMDRelmada Therapeutics Inc	2.4%	2.7%	2,148,359	-20.1%	$14.9M
CAPRCapricor Therapeutics Inc	2.4%	2.3%	604,215	+14.4%	$14.5M
COGTCogent Biosciences Inc	2.3%	—	370,084	—	$14.3M
VERAVera Therapeutics Inc Class A	2.2%	1.2%	310,000	+55.0%	$13.3M
CTNMContineum Therapeutics Inc	2.2%	1.5%	807,874	+0.0%	$13.2M
TENXTenax Therapeutics Inc	1.9%	2.3%	787,600	-22.6%	$11.5M
CCCCC4 Therapeutics Inc	1.9%	—	2,433,000	—	$11.4M
MAZEMaze Therapeutics Inc	1.9%	1.6%	378,999	+0.0%	$11.3M
BHVNBiohaven Ltd	1.8%	—	748,181	—	$11.1M
CNTBConnect Biopharma Hldgs Ltd	1.8%	1.9%	4,538,534	-15.8%	$10.8M
ANROAlto Neuroscience Inc	1.8%	1.7%	407,338	-20.9%	$10.7M
PHVSPharvaris N V	1.7%	2.0%	308,856	-36.6%	$10.7M
008064206Jade Biosciences Inc	1.6%	1.0%	427,349	-16.6%	$9.5M
GLTODamora Therapeutics Inc	1.4%	1.2%	335,710	+0.0%	$8.7M
VRDNViridian Therapeutics Inc	1.3%	—	425,000	—	$7.8M
PTHSPelthos Therapeutics Inc	1.2%	0.8%	256,598	+0.0%	$7.3M
ZURAZura Bio Ltd	1.2%	1.0%	1,218,492	+2.1%	$7.2M
TECXTectonic Therapeutic Inc	1.2%	0.7%	205,837	+30.7%	$7.1M
85209E208Spruce Biosciences Inc	1.1%	1.1%	121,356	+0.0%	$6.6M
HIMSHims & Hers Health Inc	1.1%	—	188,381	—	$6.5M
ELVNEnliven Therapeutics Inc	1.1%	—	126,541	—	$6.4M
PRQRProqr Thrapeutics N V	1.0%	—	3,425,930	—	$6.4M
10919W405Bright Minds Biosciences Inc	1.0%	1.7%	88,951	-46.6%	$6.2M
OVIDOvid Therapeutics Inc	1.0%	0.9%	2,269,704	-21.6%	$6.1M
OCGNOcugen Inc	1.0%	1.0%	3,962,972	+0.0%	$6.1M
ACOGAlpha Cognition Inc	1.0%	0.8%	836,259	-20.8%	$6.0M
HROWHarrow Inc	0.9%	2.7%	135,775	-75.0%	$5.8M
KZIAKazia Therapeutics Ltd	0.9%	—	396,201	—	$5.6M
RAREUltragenyx Pharmaceutical in	0.9%	1.4%	165,617	-65.7%	$5.5M
QTTBQ32 Bio Inc	0.9%	—	430,000	—	$5.5M
EPRXEupraxia Pharmaceuticals Inc	0.9%	1.3%	809,741	-33.3%	$5.4M
BIOABioage Labs Inc	0.8%	—	200,000	—	$4.9M
RZLTRezolute, Inc.	0.8%	—	935,012	—	$4.9M
OLMAOlema Pharmaceuticals Inc	0.8%	1.3%	383,281	-35.9%	$4.8M
MNPRMonopar Therapeutics Inc	0.7%	—	47,861	—	$4.4M
BBIOBridgebio Pharma Inc	0.7%	1.7%	57,417	-64.1%	$4.3M
IVAInventiva SA	0.7%	1.1%	1,129,101	-21.0%	$4.2M
ABSIAbsci Corporation	0.7%	—	353,772	—	$4.1M
ALECAlector, Inc.	0.7%	0.6%	1,982,606	-4.8%	$4.0M
CLYMClimb Bio Inc	0.6%	—	300,000	—	$3.9M
FULCFulcrum Therapeutics Inc	0.6%	1.2%	1,049,161	+0.0%	$3.8M
CRDLCardiol Therapeutics Inc	0.6%	0.5%	3,325,000	+22.0%	$3.5M

What Ikarian Capital, LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +117.7% /yr; S&P 500 +20.1%
3 years: +29.5% /yr; S&P 500 +20.4%
5 years: +18.2% /yr; S&P 500 +11.2%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$610.9M	126
Q1 2026	$699.0M	127
Q4 2025	$772.6M	135
Q3 2025	$494.3M	116
Q2 2025	$302.2M	103
Q1 2025	$306.9M	116
Q4 2024	$350.2M	122
Q3 2024	$322.0M	96
Q2 2024	$320.5M	85
Q1 2024	$367.7M	82
Q4 2023	$365.6M	78
Q3 2023	$269.4M	81

Questions about Ikarian Capital, LLC's portfolio

What stocks does Ikarian Capital, LLC own?

Ikarian Capital, LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 126 positions worth $610.9M. The largest are Abivax SA (ABVX) at 7.1%, Kodiak Sciences Inc (KOD) at 6.8%, Alumis Ord (ALMS) at 4.0%, Praxis Precision Medicines I (PRAX) at 4.0% and Vaxcyte Inc (PCVX) at 3.7%.

What did Ikarian Capital, LLC buy last quarter?

In Q2 2026, Ikarian Capital, LLC added Abivax SA (ABVX) (+470.2% shares), Ani Pharmaceuticals Inc (ANIP) (+85.0% shares) and Vera Therapeutics Inc Class A (VERA) (+55.0% shares), compared with its Q1 2026 filing.

What did Ikarian Capital, LLC sell last quarter?

In Q2 2026, Ikarian Capital, LLC cut from its top 50 Terns Pharmaceuticals Inc (TERN), cut from its top 50 Cytokinetics (CYTK), cut from its top 50 Revolution Medicines Inc (RVMD), cut from its top 50 Oruka Therapeutics Inc (ORKA), cut from its top 50 Soleno Therapeutics Inc (SLNO), Harrow Inc (HROW) (-75.0% shares), Ultragenyx Pharmaceutical in (RARE) (-65.7% shares) and Bridgebio Pharma Inc (BBIO) (-64.1% shares), compared with its Q1 2026 filing.

How has Ikarian Capital, LLC's portfolio performed?

A portfolio copying Ikarian Capital, LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +29.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +117.7% against +20.1%. Over 5 years: +18.2% a year against +11.2%.

When is Ikarian Capital, LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Ikarian Capital, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Ikarian Capital, LLC manage?

Ikarian Capital, LLC reported $698.0M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $610.9M.