Ikarian Capital, LLC

Hedge Fund • Event Driven

Ikarian Capital, LLC is an Event Driven Hedge Fund based in Dallas, TX led by Neil Tristan Shahrestani, reporting $559.8M in AUM as of Q3 2025 with 72% Healthcare concentration and minimal technology exposure.

CEONeil Tristan Shahrestani

Portfolio Value: $494.3M
Positions: 116
Top Holding: GMAB at 10.73%
Last Reported: Q3 2025

Address100 Crescent Court, Suite 1620, Dallas, TX, 75201, United States

Top Holdings

Largest long holdings in Ikarian Capital, LLC's portfolio (46.6% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 GMAB Genmab A/S GMAB	Unknown Unknown	$53.0M	10.73%	+$53.0M New	— 175.0K shares	Q3 2025 Held for 2 months
2 ABVX Abivax ABVX	Unknown Unknown	$33.4M	6.76%	+$33.4M New	— 396.1K shares	Q3 2025 Held for 2 months
3 Ionis Pharmaceuticals IONS	Biotechnology Healthcare	$27.2M	5.49%	+$27.2M New	0.26% 415.2K shares	Q3 2025 Held for 2 months
4 Cidara Therapeutics CDTX	Biotechnology Healthcare	$26.6M	5.38%	-$17.9M Sold	1.10% 277.7K shares	Q4 2024 Held for 11 months
5 Maze Therapeutics, Inc. Common Stock MAZE	Unknown Unknown	$19.2M	3.89%	+$12.4M Bought	1.69% 740.8K shares	Q1 2025 Held for 8 months
6 PTC Therapeutics PTCT	Biotechnology Healthcare	$17.2M	3.48%	+$17.2M Bought	0.35% 280.6K shares	Q3 2025 Held for 2 months
7 RAPT Therapeutics, Inc. RAPT	Biotechnology Healthcare	$15.9M	3.21%	+$15.9M Bought	3.72% 615.0K shares	Q3 2025 Held for 2 months
8 Dianthus Therapeutics DNTH	Biotechnology Healthcare	$13.6M	2.75%	+$13.6M New	0.87% 346.0K shares	Q3 2025 Held for 2 months
9 Cytokinetics CYTK	Biotechnology Healthcare	$12.2M	2.48%	-$593.0K Sold	0.19% 222.7K shares	Q1 2023 Held for 2y 8m
10 Fulcrum Therapeutics, Inc. FULC	Biotechnology Healthcare	$11.9M	2.40%	+$7.9M Bought	2.38% 1.3M shares	Q3 2024 Held for 1y 2m

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Ikarian Capital, LLC's latest filing

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GthenC

Market Value

$494.3M

Prior: $302.0M

Q/Q Change

+63.66%

+$192.3M

Net Flows % of MV

+4.25%

Turnover Ratio

48.38%

New Purchases

23 stocks

$178.6M

Added To

23 stocks

+$50.3M

Sold Out Of

22 stocks

$73.7M

Reduced Holdings

31 stocks

-$134.2M

Increased Positions

Position	Shares Δ	Change
1 GMAB Genmab A/S GMAB	New	0 → 175.0K +$53.0M
2 ABVX Abivax ABVX	New	0 → 396.1K +$33.4M
3 Ionis Pharmaceuticals IONS	New	0 → 415.2K +$27.2M
4 Dianthus Therapeutics DNTH	New	0 → 346.0K +$13.6M
5 Zura Bio Limited ZURA	New	0 → 2.1M +$9.2M

Decreased Positions

Position	Shares Δ	Change
1 Alnylam Pharmaceuticals ALNY	Sold	56.6K → 0 −$18.5M
2 VRNA Verona Pharma VRNA	Sold	146.8K → 0 −$13.9M
3 Apogee Therapeutics, Inc. APGE	Sold	232.0K → 0 −$10.1M
4 Sarepta Therapeutics, Inc. SRPT	Sold	449.1K → 0 −$7.7M
5 Tectonic Therapeutics TECX	Sold	163.7K → 0 −$3.3M