Ikarian Capital, LLC
Ikarian Capital, LLC is a hedge fund and SEC-registered investment adviser based in Dallas, Texas. Founded in 2015 by Neil Shahrestani, Chart Westcott, and Vikram Khanna, it focuses on investment strategies in public equities with a particular strength in the healthcare and biotechnology sectors. The firm manages assets for a limited number of clients and employs a team incorporating finance and research professionals.
Investment Strategy
Ikarian Capital employs a long/short equity strategy, specializing in the healthcare and biotechnology sectors. The portfolio shows a dynamic approach, utilizing derivatives such as puts and calls on sector-relevant indices and companies. The fund actively manages sector, market, and security-specific exposures, aiming to capture alpha through deep company research and sector rotation while managing risk across long and short positions.
Latest 13F Filing Activity
Ikarian Capital, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 97 equity positions and 28 options positions with a total 13F market value of $521M. The fund increased holdings in Cidara Therapeutics Inc., Apogee Therapeutics Inc., Insmed Inc. among other positions. Ikarian Capital, LLC reduced exposure to Tarsus Pharmaceuticals Inc., SPDR S&P 500 Etf TR, Blueprint Medicines Corp. among others.
Top Holdings
Equity Positions (97)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
C CDTX | CIDARA THERAPEUTICS INC | 4.35% | $22.6M | 464,488 | $34.77 | $48.71 | +$17.3M |
A ALNY | ALNYLAM PHARMACEUTICALS INC | 3.54% | $18.5M | 56,594 | $294.79 | $326.09 | +$9.9M |
I INSM | INSMED INC | 3.17% | $16.5M | 163,751 | $78.92 | $100.64 | +$10.0M |
V VRNA | VERONA PHARMA PLC | 2.67% | $13.9M | 146,831 | $57.76 | $94.58 | +$5.6M |
C CRNX | CRINETICS PHARMACEUTICALS IN | 2.39% | $12.5M | 433,431 | $27.72 | $28.76 | -$5.1M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
C CDTX | CIDARA THERAPEUTICS INC | New | Put | $24.4M | 5,016 | $48.71 | $48.71 | +5,016 | +$24.4M |
R RARE | ULTRAGENYX PHARMACEUTICAL IN | Bought | Call | $20.5M | 5,631 | $36.36 | $36.33 | +4,500 | +$16.4M |
S SLNO | SOLENO THERAPEUTICS INC | Bought | Put | $16.8M | 2,000 | $83.78 | $67.68 | +1,000 | +$9.6M |
S SLNO | SOLENO THERAPEUTICS INC | Sold | Call | $16.8M | 2,000 | $83.78 | $71.45 | -430 | -$606.4K |
C CDTX | CIDARA THERAPEUTICS INC | New | Call | $15.6M | 3,210 | $48.71 | $48.71 | +3,210 | +$15.6M |
Industry Allocation
Investment Team (3)
| Name | Role | Location | |
|---|---|---|---|
 | Analyst | Dallas, TX , United States | |
L Lilah Vaks | Research Analyst | TX , United States | |
 | Pharma and Biotech Senior Research Analyst | Plano, TX , United States |