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.
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.
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.
0% 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
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 |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | SPDR SERIES TRUST | $102.2M | 800K |
| PUT · bearish | TERNS PHARMACEUTICALS INC | $63.3M | 1.2M |
| PUT · bearish | INVESCO QQQ TR | $57.7M | 100K |
| PUT · bearish | ISHARES TR | $49.6M | 200K |
| PUT · bearish | CYTOKINETICS INC | $36.3M | 551K |
| CALL · bullish | ABIVAX SA | $32.7M | 293K |
| PUT · bearish | BRISTOL-MYERS SQUIBB CO | $30.3M | 500K |
| CALL · bullish | CYTOKINETICS INC | $26.9M | 408K |
| CALL · bullish | NOVO-NORDISK A S | $14.7M | 400K |
| CALL · bullish | ANI PHARMACEUTICALS INC | $11.5M | 150K |
| CALL · bullish | CAPRICOR THERAPEUTICS INC | $10.6M | 350K |
| PUT · bearish | REVOLUTION MEDICINES INC | $9.2M | 95K |
| CALL · bullish | IONIS PHARMACEUTICALS INC | $8.4M | 112K |
| CALL · bullish | OLEMA PHARMACEUTICALS INC | $8.2M | 550K |
| CALL · bullish | AVALO THERAPEUTICS INC | $6.0M | 402K |
| CALL · bullish | ALUMIS INC | $5.8M | 265K |
| CALL · bullish | UNIQURE NV | $5.8M | 355K |
| PUT · bearish | KARYOPHARM THERAPEUTICS INC | $5.1M | 920K |
| CALL · bullish | KARYOPHARM THERAPEUTICS INC | $5.1M | 920K |
| CALL · bullish | EYEPOINT INC | $4.8M | 370K |
| PUT · bearish | EYEPOINT INC | $4.8M | 370K |
| CALL · bullish | BRIDGEBIO PHARMA INC | $4.3M | 59K |
| PUT · bearish | KYMERA THERAPEUTICS INC | $4.2M | 50K |
| CALL · bullish | KODIAK SCIENCES INC | $3.8M | 100K |
| PUT · bearish | CELLDEX THERAPEUTICS INC NEW | $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 ~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.