Ikarian Capital, LLC

Q3 2025 13F-HR Holdings

Location
Dallas, TX
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
169
Total value ($000)
$990,388
Net value change ($000)
+469,759 (90.2%)
New positions
38
Sold out positions
25
Turnover %
67.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/18/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GMAB 53,022 NEW
ABVX 33,416 NEW
IONS 27,160 NEW
PTCT 17,217 NEW
MAZE 15,986 495.8%
RAPT 15,861 NEW
DNTH 13,615 NEW
CTMX 10,759 NEW
ZURA 9,233 NEW
APLS 8,929 687.9%
Top Reduces (Value $000, Stocks/ETFs)
ALNY -18,455 -100.0%
INSM -14,500 -88.0%
VRNA -13,887 -100.0%
PRAX -10,132 -87.0%
APGE -10,078 -100.0%
SRPT -7,679 -100.0%
COGT -7,273 -97.8%
CRNX -7,013 -56.3%
ARVN -4,328 -69.2%
TARS -3,587 -45.1%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 496,074 (50.1% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type