Ikarian Capital, LLC
Long book
$699.0M
Q1 2026
Positions
127
Top-10 weight
41%
concentration
Last quarter
+11.5%
SPY +14.8%
Turnover
28%
of book per quarter
Strategy in plain words
auto-generated from filingsIkarian Capital, LLC is a diversified fundamental manager, specialised in healthcare (97% of the long book), running a $699.0M US long book across 127 positions.
The portfolio is moderately concentrated (top 10 ≈ 41% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TERNS PHARMACEUTICALS INC, KODIAK SCIENCES INC, ALUMIS INC, VAXCYTE INC, PRAXIS PRECISION MEDICINES I.
Over the last 9 quarters its long book ran on average 0.1pp per quarter ahead of the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-13.0%
Q2 2024
+3.2%
Q3 2024
+1.1%
Q4 2024
-21.1%
Q1 2025
-2.4%
Q2 2025
+33.3%
Q3 2025
+29.8%
Q4 2025
-1.2%
Q1 2026
+11.5%
Sector allocation
Healthcare 84%
Other 13%
Materials 2%
Financials 0%
Long book by quarter
What does Ikarian Capital, own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| 430 TERNS PHARMACEUTICALS INC | — | 1.5M | $76.8M | 11.0% | -8.8% |
| KOD KODIAK SCIENCES INC | Healthcare | 1.3M | $48.3M | 6.9% | +75.9% |
| ALMS ALUMIS INC | Healthcare | 1.2M | $26.7M | 3.8% | New |
| PCVX VAXCYTE INC | Healthcare | 428.7K | $24.9M | 3.6% | +13.2% |
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 71.6K | $23.1M | 3.3% | -17.3% |
| HROW HARROW INC | Healthcare | 543.0K | $19.1M | 2.7% | +196.2% |
| RLMD RELMADA THERAPEUTICS INC | Healthcare | 2.7M | $18.7M | 2.7% | -12.4% |
| CYTK CYTOKINETICS INC | Healthcare | 283.6K | $18.7M | 2.7% | +64.2% |
| TENX TENAX THERAPEUTICS INC | Healthcare | 1.0M | $16.3M | 2.3% | +5.2% |
| CAPR CAPRICOR THERAPEUTICS INC | Healthcare | 528.0K | $16.1M | 2.3% | -8.7% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 163.1K | $15.9M | 2.3% | +18.1% |
| CLDX CELLDEX THERAPEUTICS INC | Materials | 461.2K | $14.6M | 2.1% | New |
| PHVS PHARVARIS NV | Healthcare | 486.9K | $13.8M | 2.0% | Held |
| CNTB CONNECT BIOPHARMA HOLDINGS L | Healthcare | 5.4M | $13.1M | 1.9% | +12.5% |
| DRUG BRIGHT MINDS BIOSCIENCES INC | Healthcare | 166.6K | $12.2M | 1.7% | +4.5% |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 160.1K | $11.9M | 1.7% | New |
| ORKA ORUKA THERAPEUTICS INC | Healthcare | 242.0K | $11.9M | 1.7% | New |
| ANRO ALTO NEUROSCIENCE INC | Healthcare | 515.0K | $11.6M | 1.7% | Held |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 344.1K | $11.5M | 1.6% | +400.0% |
| MAZE MAZE THERAPEUTICS INC | Healthcare | 379.0K | $11.3M | 1.6% | -41.2% |
| ANIP ANI PHARMACEUTICALS INC | Healthcare | 147.1K | $11.3M | 1.6% | New |
| CTNM CONTINEUM THERAPEUTICS INC-A | Healthcare | 807.9K | $10.6M | 1.5% | +185.6% |
| RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 482.6K | $10.1M | 1.4% | +3708.5% |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 127.0K | $9.5M | 1.4% | -37.1% |
| OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 598.3K | $8.9M | 1.3% | -21.1% |
| EPRX EUPRAXIA PHARMACEUTICALS INC | Healthcare | 1.2M | $8.8M | 1.3% | +99.1% |
| DMRA DAMORA THERAPEUTICS INC | Healthcare | 335.7K | $8.7M | 1.2% | +17.5% |
| PVLA PALVELLA THERAPEUTICS INC | Healthcare | 64.6K | $8.1M | 1.2% | New |
| FULC FULCRUM THERAPEUTICS INC | Healthcare | 1.0M | $8.0M | 1.2% | -23.7% |
| VERA VERA THERAPEUTICS INC | Healthcare | 200.0K | $8.0M | 1.2% | New |
| SPRB SPRUCE BIOSCIENCES INC | Healthcare | 121.4K | $7.9M | 1.1% | Held |
| JBIO JADE BIOSCIENCES INC | Healthcare | 512.3K | $7.2M | 1.0% | +70.8% |
| OCGN OCUGEN INC | Healthcare | 4.0M | $7.2M | 1.0% | New |
| ZURA ZURA BIO LTD | Healthcare | 1.2M | $7.1M | 1.0% | +48.8% |
| OVID OVID THERAPEUTICS INC | Healthcare | 2.9M | $6.4M | 0.9% | +1069.3% |
| LLY ELI LILLY & CO | Healthcare | 6.5K | $6.0M | 0.9% | -52.6% |
| ACOG ALPHA COGNITION INC | Healthcare | 1.1M | $5.8M | 0.8% | Held |
| PTHS PELTHOS THERAPEUTICS INC | Healthcare | 256.6K | $5.4M | 0.8% | +0.3% |
| SRZN SURROZEN INC | Healthcare | 173.1K | $5.0M | 0.7% | +163.1% |
| TECX TECTONIC THERAPEUTIC INC | Healthcare | 157.5K | $4.9M | 0.7% | New |
| ALEC ALECTOR INC | Healthcare | 2.1M | $4.5M | 0.6% | Held |
| KPTI KARYOPHARM THERAPEUTICS INC | Healthcare | 733.4K | $4.1M | 0.6% | +34.7% |
| LPCN LIPOCINE INC | Healthcare | 508.6K | $4.1M | 0.6% | +154.9% |
| DCTH DELCATH SYSTEMS INC | Healthcare | 431.3K | $4.0M | 0.6% | Held |
| ARVN ARVINAS INC | Healthcare | 358.3K | $3.8M | 0.5% | Held |
| CRDL CARDIOL THERAPEUTICS INC-A | Healthcare | 2.7M | $3.7M | 0.5% | New |
| BHVN BIOHAVEN LTD | Healthcare | 412.5K | $3.5M | 0.5% | +94.1% |
| IVVD INVIVYD INC | Healthcare | 2.7M | $3.5M | 0.5% | Held |
| ANNX ANNEXON INC | Healthcare | 580.2K | $3.2M | 0.5% | +152.0% |
| FBRX FORTE BIOSCIENCES INC | Healthcare | 119.0K | $3.1M | 0.4% | -60.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 161 | $1.23B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 18, 2026 | 174 | $1.28B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 169 | $990.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 133 | $520.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 160 | $811.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 171 | $735.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 145 | $717.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 130 | $574.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 17, 2024 | 137 | $912.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 138 | $959.3M | SEC ↗ |