1y return+102.5%S&P 500 +20.9%
3y return+92.4%S&P 500 +68.5%
5y return+56.7%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2019: $234 against $232 in the S&P 500.2
Ikarian Capital, LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| ABVXAbivax Sa | $43.4M | 7.1% | +470.2% |
| KODKodiak Sciences Inc | $41.3M | 6.8% | −16.3% |
| ALMSAlumis Inc | $24.5M | 4.0% | −28.3% |
| PRAXPraxis Precision Medicines I | $24.4M | 4.0% | +1.8% |
| PCVXVaxcyte Inc | $22.6M | 3.7% | −9.3% |
| ANIPAni Pharmaceuticals Inc | $22.5M | 3.7% | +85.0% |
| CLDXCelldex Therapeutics Inc New | $17.8M | 2.9% | +3.7% |
| RCUSArcus Biosciences Inc | $15.6M | 2.5% | New |
| RLMDRelmada Therapeutics Inc | $14.9M | 2.4% | −20.1% |
| CAPRCapricor Therapeutics Inc | $14.5M | 2.4% | +14.4% |
| COGTCogent Biosciences Inc | $14.3M | 2.3% | New |
| VERAVera Therapeutics Inc | $13.3M | 2.2% | +55.0% |
| CTNMContineum Therapeutics Inc | $13.2M | 2.2% | |
| TENXTenax Therapeutics Inc | $11.5M | 1.9% | −22.6% |
| CCCCC4 Therapeutics Inc | $11.4M | 1.9% | New |
| MAZEMaze Therapeutics Inc | $11.3M | 1.9% | |
| Biohaven LtdCUSIP G1110E107 | $11.1M | 1.8% | +81.4% |
| Connect Biopharma Hldgs LtdCUSIP G23549101 | $10.8M | 1.8% | −15.8% |
| ANROAlto Neuroscience Inc | $10.7M | 1.8% | −20.9% |
| Pharvaris N VCUSIP N69605108 | $10.7M | 1.7% | −36.6% |
| JBIOJade Biosciences Inc | $9.5M | 1.6% | −16.6% |
| Damora Therapeutics IncCUSIP 36322Q206 | $8.7M | 1.4% | |
| VRDNViridian Therapeutics Inc | $7.8M | 1.3% | New |
| PTHSPelthos Therapeutics Inc | $7.3M | 1.2% | |
| Zura Bio LtdCUSIP G9TY5A101 | $7.2M | 1.2% | +2.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| MAZEMaze Therapeutics Inc | March 31, 2025 | +171.0% | $11.3M |
| OVIDOvid Therapeutics Inc | September 30, 2025 | +106.9% | $6.1M |
| DRUGBright Minds Biosciences Inc | December 31, 2024 | +94.9% | $6.2M |
| TENXTenax Therapeutics Inc | September 30, 2025 | +91.2% | $11.5M |
| ABVXAbivax Sa | September 30, 2025 | +57.0% | $43.4M |
| PCVXVaxcyte Inc | March 31, 2025 | +53.9% | $22.6M |
| RAREUltragenyx Pharmaceutical In | December 31, 2025 | +45.2% | $5.5M |
| JBIOJade Biosciences Inc | December 31, 2025 | +44.0% | $9.5M |
| CTNMContineum Therapeutics Inc | December 31, 2025 | +43.4% | $13.2M |
| Pharvaris N VCUSIP N69605108 | September 30, 2025 | +38.6% | $10.7M |
Sold off last quarter
- Terns Pharmaceuticals IncCUSIP 880881107 was $76.8M
- CYTKCytokinetics Inc was $18.7M
- RVMDRevolution Medicines Inc was $15.9M
- ORKAOruka Therapeutics Inc was $11.9M
- Soleno Therapeutics IncCUSIP 834203309 was $11.5M
- IONSIonis Pharmaceuticals Inc was $9.5M
- PVLAPalvella Therapeutics Inc Ne was $8.1M
- LLYEli Lilly & Co was $6.0M
- SRZNSurrozen Inc was $5.0M
- LEGNLegend Biotech Corp was $4.1M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +11.8% | +14.8% |
| March 31, 2026 | +1.3% | −4.6% |
| December 31, 2025 | +35.4% | +2.4% |
| September 30, 2025 | +32.0% | +7.8% |
| June 30, 2025 | +8.7% | +10.5% |
| March 31, 2025 | −17.9% | −4.6% |
| December 31, 2024 | −2.8% | +2.1% |
| September 30, 2024 | +5.9% | +5.4% |
| June 30, 2024 | −11.9% | +4.0% |
| March 31, 2024 | +20.3% | +10.0% |
| December 31, 2023 | +18.0% | +11.2% |
| September 30, 2023 | −17.3% | −3.6% |
| June 30, 2023 | +9.8% | +8.3% |
| March 31, 2023 | −4.6% | +7.0% |
| December 31, 2022 | +17.7% | +7.1% |
| September 30, 2022 | +14.5% | −5.3% |
| June 30, 2022 | −19.1% | −16.5% |
| March 31, 2022 | −17.6% | −4.9% |
| December 31, 2021 | −5.7% | +10.7% |
| September 30, 2021 | −8.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Ikarian Capital, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1778253&type=13F-HR&dateb=&owner=include&count=40CIK 1778253
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1778253/000142050626001820/Filed August 14, 2026 · accession 0001420506-26-001820