Ikarian Capital, LLC holds a diversified book of 127 stocks worth $699.0M as of Q1 2026 (disclosed May 15, 2026, a ~45-day 13F lag). This quarter they opened Alumis Inc and trimmed Terns Pharmaceuticals Inc. Their largest long position is Terns Pharmaceuticals Inc at 11% of the equity book. They also disclosed $378.3M in put options (a bearish bet) and $154.4M in call options (bullish), shown separately below and excluded from the equity book.
Top-heavy: diversified book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
87% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Other tracked managers holding the same core names as Ikarian Capital, LLC
| Manager / fund | Shared names | Their $ in those |
|---|---|---|
| UBS Group AG | 78 / 80 | $5.6B |
| BOOTHBAY FUND MANAGEMENT, LLC | 78 / 80 | $332.4M |
| MORGAN STANLEY | 77 / 80 | $16.1B |
| GEODE CAPITAL MANAGEMENT, LLC | 75 / 80 | $28.3B |
| ROYAL BANK OF CANADA | 72 / 80 | $4.3B |
| BlackRock, Inc. | 71 / 80 | $71.7B |
| GOLDMAN SACHS GROUP INC | 70 / 80 | $7.5B |
| MILLENNIUM MANAGEMENT LLC | 69 / 80 | $1.5B |
Ranked by how many of Ikarian Capital, LLC's top 80 disclosed names each fund also holds: a cross-fund conviction signal from the latest 13F of every tracked manager.
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Terns Pharmaceuticals Inc COM | $76.8M | 1.46M | 11.0% | ▼−8.8% Reduced · −140K sh | |
| 2 | Kodiak Sciences Inc COM | $48.3M | 1.27M | 6.9% | ▲+76% Added · +546K sh | |
| 3 | Alumis Inc COM | $26.7M | 1.21M | 3.8% | ▲New New position | |
| 4 | Vaxcyte Inc COM | $24.9M | 428.7K | 3.6% | ▲+13% Added · +50K sh | |
| 5 | Praxis Precision Medicines I COM NEW | $23.1M | 71.6K | 3.3% | ▼−17% Reduced · −15K sh | |
| 6 | Harrow Inc COM | $19.1M | 543.0K | 2.7% | ▲+196% Added · +360K sh | |
| 7 | Relmada Therapeutics Inc COM | $18.7M | 2.69M | 2.7% | ▼−12% Reduced · −380K sh | |
| 8 | Cytokinetics Inc COM NEW | $18.7M | 283.6K | 2.7% | ▲+64% Added · +111K sh | |
| 9 | Tenax Therapeutics Inc COM NEW | $16.3M | 1.02M | 2.3% | ▲+5.2% Added · +50K sh | |
| 10 | Capricor Therapeutics Inc COM NEW | $16.1M | 528.0K | 2.3% | ▼−8.7% Reduced · −50K sh | |
| 11 | Revolution Medicines Inc COM | $15.9M | 163.1K | 2.3% | ▲+18% Added · +25K sh | |
| 12 | Celldex Therapeutics Inc New COM NEW | $14.6M | 461.2K | 2.1% | ▲New New position | |
| 13 | Pharvaris N V COM | $13.8M | 486.9K | 2.0% | —Held | |
| 14 | Connect Biopharma Hldgs Ltd SHS | $13.1M | 5.39M | 1.9% | ▲+13% Added · +600K sh | |
| 15 | Bright Minds Biosciences Inc COM NEW | $12.2M | 166.6K | 1.7% | ▲+4.5% Added · +7K sh | |
| 16 | Bridgebio Pharma Inc COM | $11.9M | 160.1K | 1.7% | ▲New New position | |
| 17 | Oruka Therapeutics Inc COM | $11.9M | 242.0K | 1.7% | ▲New New position | |
| 18 | Alto Neuroscience Inc COM SHS | $11.6M | 515.0K | 1.7% | —Held | |
| 19 | Soleno Therapeutics Inc COM | $11.5M | 344.1K | 1.6% | ▲+400% Added · +275K sh | |
| 20 | Maze Therapeutics Inc COM | $11.3M | 379.0K | 1.6% | ▼−41% Reduced · −266K sh | |
| 21 | Ani Pharmaceuticals Inc COM | $11.3M | 147.1K | 1.6% | ▲New New position | |
| 22 | Contineum Therapeutics Inc CL A | $10.6M | 807.9K | 1.5% | ▲+186% Added · +525K sh | |
| 23 | Ultragenyx Pharmaceutical In COM | $10.1M | 482.6K | 1.4% | ▲38× Added · +470K sh | |
| 24 | Ionis Pharmaceuticals Inc COM | $9.5M | 127.0K | 1.4% | ▼−37% Reduced · −75K sh | |
| 25 | Olema Pharmaceuticals Inc COM | $8.9M | 598.3K | 1.3% | ▼−21% Reduced · −160K sh | |
| 26 | Eupraxia Pharmaceuticals Inc COM | $8.8M | 1.21M | 1.3% | ▲+99% Added · +605K sh | |
| 27 | Damora Therapeutics Inc COM NEW | $8.7M | 335.7K | 1.2% | ▲+18% Added · +50K sh | |
| 28 | Palvella Therapeutics Inc Ne COM | $8.1M | 64.6K | 1.2% | ▲New New position | |
| 29 | Fulcrum Therapeutics Inc COM | $8.0M | 1.05M | 1.2% | ▼−24% Reduced · −326K sh | |
| 30 | Vera Therapeutics Inc CL A | $8.0M | 200.0K | 1.2% | ▲New New position | |
| 31 | Spruce Biosciences Inc COM NEW | $7.9M | 121.4K | 1.1% | —Held | |
| 32 | Inventiva Sa ADS | $7.8M | 1.43M | 1.1% | ▲+184% Added · +927K sh | |
| 33 | Jade Biosciences Inc COM NEW | $7.2M | 512.3K | 1.0% | ▲+71% Added · +212K sh | |
| 34 | Ocugen Inc COM | $7.2M | 3.96M | 1.0% | ▲New New position | |
| 35 | Zura Bio Ltd CLASS A ORD SHS | $7.1M | 1.19M | 1.0% | ▲+49% Added · +391K sh | |
| 36 | Ovid Therapeutics Inc COM | $6.4M | 2.89M | 0.9% | ▲12× Added · +2.6M sh | |
| 37 | Abivax Sa SPONSORED ADS | $6.2M | 57.6K | 0.9% | ▼−72% Reduced · −148K sh | |
| 38 | Eli Lilly & Co COM | $6.0M | 6.5K | 0.9% | ▼−53% Reduced · −7K sh | |
| 39 | Alpha Cognition Inc COM NEW | $5.8M | 1.06M | 0.8% | —Held | |
| 40 | Pelthos Therapeutics Inc COM SHS | $5.4M | 256.6K | 0.8% | ▲+0.3% Added · +840 sh | |
| 41 | Surrozen Inc COM NEW | $5.0M | 173.1K | 0.7% | ▲+163% Added · +107K sh | |
| 42 | Tectonic Therapeutic Inc COM | $4.9M | 157.5K | 0.7% | ▲New New position | |
| 43 | Alector Inc COM | $4.5M | 2.08M | 0.6% | —Held | |
| 44 | Legend Biotech Corp SPONSORED ADS | $4.1M | 226.9K | 0.6% | —Held | |
| 45 | Karyopharm Therapeutics Inc COM NEW | $4.1M | 733.4K | 0.6% | ▲+35% Added · +189K sh | |
| 46 | Lipocine Inc New COM NEW | $4.1M | 508.6K | 0.6% | ▲+155% Added · +309K sh | |
| 47 | Delcath Sys Inc COM NEW | $4.0M | 431.3K | 0.6% | —Held | |
| 48 | Arvinas Inc COM | $3.8M | 358.3K | 0.5% | —Held | |
| 49 | Compass Pathways PLC SPONSORED ADS | $3.7M | 675.0K | 0.5% | ▲+69% Added · +275K sh | |
| 50 | Cardiol Therapeutics Inc COM CL A | $3.7M | 2.73M | 0.5% | ▲New New position |
The public view is the crawlable proof. The same sourced dataset is available through REST and MCP for agents, research scripts, and back-office tools.
This fund page is the Follow view. The Build view lets your agent pull holdings, quarter changes, overlap, and source filings through API or MCP.
curl -H "Authorization: Bearer YOUR_API_KEY" \ "https://arkolith.com/api/v1/funds/1778253/holdings"
Use Arkolith to show Ikarian Capital, LLC's latest holdings, largest changes, and filing provenance.
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | SS SPDR S&P BIOTECH ETFXBI | $102.2M | 800K |
| PUT · bearish | TERNS PHARMACEUTICALS INC430 | $63.3M | 1.2M |
| PUT · bearish | INVESCO QQQ TRUST SERIES 1QQQ | $57.7M | 100K |
| PUT · bearish | ISHARES RUSSELL 2000 ETFIWM | $49.6M | 200K |
| PUT · bearish | CYTOKINETICS INCCYTK | $36.3M | 551K |
| CALL · bullish | ABIVAX SA-ADRABVX | $32.7M | 293K |
| PUT · bearish | BRISTOL-MYERS SQUIBB COBMY | $30.3M | 500K |
| CALL · bullish | CYTOKINETICS INCCYTK | $26.9M | 408K |
| CALL · bullish | NOVO-NORDISK A/S-SPONS ADRNVO | $14.7M | 400K |
| CALL · bullish | ANI PHARMACEUTICALS INCANIP | $11.5M | 150K |
| CALL · bullish | CAPRICOR THERAPEUTICS INCCAPR | $10.6M | 350K |
| PUT · bearish | REVOLUTION MEDICINES INCRVMD | $9.2M | 95K |
| CALL · bullish | IONIS PHARMACEUTICALS INCIONS | $8.4M | 112K |
| CALL · bullish | OLEMA PHARMACEUTICALS INCOLMA | $8.2M | 550K |
| CALL · bullish | AVALO THERAPEUTICS INCAVTX | $6.0M | 402K |
| CALL · bullish | ALUMIS INCALMS | $5.8M | 265K |
| CALL · bullish | UNIQURE NV | $5.8M | 355K |
| PUT · bearish | KARYOPHARM THERAPEUTICS INCKPTI | $5.1M | 920K |
| CALL · bullish | KARYOPHARM THERAPEUTICS INCKPTI | $5.1M | 920K |
| CALL · bullish | EYEPOINT INCEYPT | $4.8M | 370K |
| PUT · bearish | EYEPOINT INCEYPT | $4.8M | 370K |
| CALL · bullish | BRIDGEBIO PHARMA INCBBIO | $4.3M | 59K |
| PUT · bearish | KYMERA THERAPEUTICS INCKYMR | $4.2M | 50K |
| CALL · bullish | KODIAK SCIENCES INCKOD | $3.8M | 100K |
| PUT · bearish | CELLDEX THERAPEUTICS INCCLDX | $3.6M | 114K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above. Showing the largest 25 of 34 option legs.
As-of date vs the date the SEC received each filing
Holdings from SEC EDGAR 13F-HR filings, updated quarterly, filed up to 45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. Price-derived performance is withheld until the price-source policy and freshness gate are green.