Ikarian Capital, LLC

Q4 2025 13F-HR Holdings

Location
Dallas, TX
Holdings as of
12/31/2025
Date filed
2/18/2026
Form type
13F-HR
Num holdings
174
Total value ($000)
$1,280,884
Net value change ($000)
+290,496 (29.3%)
New positions
44
Sold out positions
25
Turnover %
40.3%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
TERN 63,261 5130.7%
CDTX 33,764 127.0%
PRAX 24,005 1585.5%
OLMA 18,966 NEW
JAZZ 17,008 165.9%
LLY 14,847 NEW
CAPR 14,774 774.3%
AMGN 14,729 NEW
CNTB 13,504 NEW
KOD 13,350 197.0%
Top Reduces (Value $000, Stocks/ETFs)
GMAB -53,022 -100.0%
DNTH -13,615 -100.0%
IONS -11,177 -41.2%
AKRO -9,821 -100.0%
APLS -8,425 -82.4%
PTCT -8,204 -47.7%
CRNX -5,452 -100.0%
VRDN -5,298 -100.0%
SNDX -5,134 -100.0%
ZURA -5,029 -54.5%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 508,321 (39.7% 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