# EDGAR Filing Document

**Accession Number:** 0001778253
**File Stem:** 0001420506-26-000592
**Filing Date:** 2026-2
**Character Count:** 21464
**Document Hash:** b08b051cd8367021595d7d19fb15e557
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-26-000592.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001420506-26-000592

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ikarian Capital, LLC
- **CENTRAL INDEX KEY:** 0001778253

**ORGANIZATION NAME:**
- **EIN:** 473466768
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19721
- **FILM NUMBER:** 26644439

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CRESCENT COURT
- **STREET 2:** SUITE 1620
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-364-2883

**MAIL ADDRESS:**
- **STREET 1:** 100 CRESCENT COURT
- **STREET 2:** SUITE 1620
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Ikarian Capital LLC<br>**Address:** 100 CRESCENT COURT<br>SUITE 1620<br>DALLAS, TX 75201

**Form 13F File Number:** 028-19721

**SEC File Number (if applicable):** 801-118894

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Troy Wuertz<br>**Title:** CHIEF COMPLIANCE OFFICER<br>**Phone:** 214-276-0670

**Signature, Place, and Date of Signing:**

Troy Wuertz CHIEF COMPLIANCE OFFICER  DALLAS, TX  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 174

**Form 13F Information Table Value Total:** $1280884395

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 29129537 | 205985 | SH |  | SOLE |  | 205985 | 0 | 0 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 16870363 | 125100 | SH | Call | SOLE |  | 125100 | 0 | 0 |
| ACUMEN PHARMACEUTICALS INC | COM | 00509G209 |  | 536599 | 254312 | SH |  | SOLE |  | 254312 | 0 | 0 |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 4283737 | 234854 | SH |  | SOLE |  | 234854 | 0 | 0 |
| AETHLON MED INC | COM NEW | 00808Y604 |  | 39788 | 14364 | SH |  | SOLE |  | 14364 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 3143611 | 115489 | SH |  | SOLE |  | 115489 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 3734584 | 137200 | SH | Call | SOLE |  | 137200 | 0 | 0 |
| AIRSCULPT TECHNOLOGIES INC | COM | 009496100 |  | 32468 | 16398 | SH |  | SOLE |  | 16398 | 0 | 0 |
| ALECTOR INC | COM | 014442107 |  | 3248866 | 2082606 | SH |  | SOLE |  | 2082606 | 0 | 0 |
| ALPHA COGNITION INC | COM NEW | 02074J501 |  | 6865685 | 1056259 | SH |  | SOLE |  | 1056259 | 0 | 0 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 9167001 | 515000 | SH |  | SOLE |  | 515000 | 0 | 0 |
| ALUMIS INC | COM | 022307102 |  | 2060336 | 211100 | SH | Put | SOLE |  | 211100 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 14728951 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 65462000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| ANEBULO PHARMACEUTICALS INC | COM | 034569103 |  | 17913 | 17736 | SH |  | SOLE |  | 17736 | 0 | 0 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 6536232 | 82800 | SH | Call | SOLE |  | 82800 | 0 | 0 |
| ANNEXON INC | COM | 03589W102 |  | 1155826 | 230244 | SH |  | SOLE |  | 230244 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 1802285 | 71747 | SH |  | SOLE |  | 71747 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 8179072 | 325600 | SH | Call | SOLE |  | 325600 | 0 | 0 |
| AQUESTIVE THERAPEUTICS INC | COM | 03843E104 |  | 3230000 | 500000 | SH | Put | SOLE |  | 500000 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 4248929 | 358257 | SH |  | SOLE |  | 358257 | 0 | 0 |
| AUTONOMIX MED INC | COM NEW | 05330T205 |  | 10278 | 18688 | SH |  | SOLE |  | 18688 | 0 | 0 |
| AVALO THERAPEUTICS INC | COM NEW | 05338F306 |  | 564885 | 31106 | SH |  | SOLE |  | 31106 | 0 | 0 |
| AVALO THERAPEUTICS INC | COM NEW | 05338F306 |  | 1055096 | 58100 | SH | Call | SOLE |  | 58100 | 0 | 0 |
| BIOHAVEN LTD | COM | G1110E107 |  | 2398910 | 212481 | SH |  | SOLE |  | 212481 | 0 | 0 |
| BIOMX INC | COM NEW | 09090D509 |  | 36414 | 19473 | SH |  | SOLE |  | 19473 | 0 | 0 |
| BRIDGEBIO ONCOLOGY THERAPEUT | COM NEW | 107924102 |  | 2757291 | 220231 | SH |  | SOLE |  | 220231 | 0 | 0 |
| BRIGHT MINDS BIOSCIENCES INC | COM NEW | 10919W405 |  | 12441215 | 159421 | SH |  | SOLE |  | 159421 | 0 | 0 |
| CABALETTA BIO INC | COM | 12674W109 |  | 1971000 | 900000 | SH |  | SOLE |  | 900000 | 0 | 0 |
| CAPRICOR THERAPEUTICS INC | COM NEW | 14070B309 |  | 16681512 | 578015 | SH |  | SOLE |  | 578015 | 0 | 0 |
| CARTESIAN THERAPEUTICS INC | COM NEW | 816212302 |  | 150018 | 20807 | SH |  | SOLE |  | 20807 | 0 | 0 |
| CATALYST PHARMACEUTICALS INC | COM | 14888U101 |  | 1339436 | 57388 | SH |  | SOLE |  | 57388 | 0 | 0 |
| CELCUITY INC | COM | 15102K100 |  | 10527058 | 105545 | SH |  | SOLE |  | 105545 | 0 | 0 |
| CG ONCOLOGY INC | COM | 156944100 |  | 8282119 | 199473 | SH |  | SOLE |  | 199473 | 0 | 0 |
| CHEMOMAB THERAPEUTICS LTD | SPONSORED ADS | 16385C203 |  | 85458 | 51793 | SH |  | SOLE |  | 51793 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 60356645 | 273243 | SH |  | SOLE |  | 273243 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 66267000 | 300000 | SH | Put | SOLE |  | 300000 | 0 | 0 |
| CNS PHARMACEUTICALS INC | COM | 18978H508 |  | 240608 | 45830 | SH |  | SOLE |  | 45830 | 0 | 0 |
| COMPASS PATHWAYS PLC | SPONSORED ADS | 20451W101 |  | 2760000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 4296000 | 800000 | SH |  | SOLE |  | 800000 | 0 | 0 |
| CONNECT BIOPHARMA HLDGS LTD | SHS | G23549101 |  | 13503531 | 4788486 | SH |  | SOLE |  | 4788486 | 0 | 0 |
| CONNECT BIOPHARMA HLDGS LTD | SHS | G23549101 |  | 407772 | 144600 | SH | Call | SOLE |  | 144600 | 0 | 0 |
| CONTINEUM THERAPEUTICS INC | CL A | 21217B100 |  | 3233250 | 282874 | SH |  | SOLE |  | 282874 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 6458636 | 185593 | SH |  | SOLE |  | 185593 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 5700240 | 163800 | SH | Call | SOLE |  | 163800 | 0 | 0 |
| CORCEPT THERAPEUTICS INC | COM | 218352102 |  | 8237160 | 236700 | SH | Put | SOLE |  | 236700 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 17153675 | 368500 | SH | Put | SOLE |  | 368500 | 0 | 0 |
| CUMBERLAND PHARMACEUTICALS I | COM | 230770109 |  | 2212609 | 555932 | SH |  | SOLE |  | 555932 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 1081012 | 132153 | SH |  | SOLE |  | 132153 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 10971579 | 172672 | SH |  | SOLE |  | 172672 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 18483786 | 290900 | SH | Call | SOLE |  | 290900 | 0 | 0 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 13515344 | 3172616 | SH |  | SOLE |  | 3172616 | 0 | 0 |
| DBV TECHNOLOGIES S A | SPONSORED ADS | 23306J309 |  | 2084239 | 525000 | SH |  | SOLE |  | 525000 | 0 | 0 |
| DELCATH SYS INC | COM NEW | 24661P807 |  | 4355635 | 431251 | SH |  | SOLE |  | 431251 | 0 | 0 |
| DEXCOM INC | COM | 252131107 |  | 9125875 | 137500 | SH | Call | SOLE |  | 137500 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY S BIOTEC | 25461H853 |  | 859712 | 40822 | SH |  | SOLE |  | 40822 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 14846704 | 13815 | SH |  | SOLE |  | 13815 | 0 | 0 |
| EQUILLIUM INC | COM | 29446K106 |  | 470510 | 303555 | SH |  | SOLE |  | 303555 | 0 | 0 |
| ERASCA INC | COM | 29479A108 |  | 2735673 | 735396 | SH |  | SOLE |  | 735396 | 0 | 0 |
| EUPRAXIA PHARMACEUTICALS INC | COM | 29842P105 |  | 4605500 | 610000 | SH |  | SOLE |  | 610000 | 0 | 0 |
| EVAXION AS | SPONSORED ADS | 29970R303 |  | 356310 | 74698 | SH |  | SOLE |  | 74698 | 0 | 0 |
| FORTE BIOSCIENCES INC | COM NEW | 34962G208 |  | 8181001 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| FRACTYL HEALTH INC | COM | 35168W103 |  | 2420001 | 1100000 | SH |  | SOLE |  | 1100000 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 15556588 | 1375472 | SH |  | SOLE |  | 1375472 | 0 | 0 |
| GALECTO INC | COM NEW | 36322Q206 |  | 6574187 | 285710 | SH |  | SOLE |  | 285710 | 0 | 0 |
| GLUCOTRACK INC | COM NEW | 45824Q804 |  | 177362 | 45830 | SH |  | SOLE |  | 45830 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 1550000 | 500000 | SH | Call | SOLE |  | 500000 | 0 | 0 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 1550000 | 500000 | SH | Put | SOLE |  | 500000 | 0 | 0 |
| HARROW INC | COM | 415858109 |  | 8984003 | 183347 | SH |  | SOLE |  | 183347 | 0 | 0 |
| HARROW INC | COM | 415858109 |  | 24975300 | 509700 | SH | Call | SOLE |  | 509700 | 0 | 0 |
| HYPERLIQUID STRATEGIES INC | COM | 44916Y106 |  | 106804 | 30001 | SH |  | SOLE |  | 30001 | 0 | 0 |
| IBIO INC | COM NEW | 451033708 |  | 1847130 | 957062 | SH |  | SOLE |  | 957062 | 0 | 0 |
| IMMATICS N.V | SHS | N44445109 |  | 509976 | 48569 | SH |  | SOLE |  | 48569 | 0 | 0 |
| IMMUNIC INC | COM | 4525EP101 |  | 360067 | 674662 | SH |  | SOLE |  | 674662 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1625012 | 9337 | SH |  | SOLE |  | 9337 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1496744 | 8600 | SH | Call | SOLE |  | 8600 | 0 | 0 |
| INVENTIVA SA | ADS | 46124U107 |  | 2328852 | 502601 | SH |  | SOLE |  | 502601 | 0 | 0 |
| INVIVYD INC | COM | 00534A102 |  | 6561727 | 2656570 | SH |  | SOLE |  | 2656570 | 0 | 0 |
| IO BIOTECH INC | COM | 449778109 |  | 844279 | 1386565 | SH |  | SOLE |  | 1386565 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 15983226 | 202038 | SH |  | SOLE |  | 202038 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 7483806 | 94600 | SH | Call | SOLE |  | 94600 | 0 | 0 |
| JADE BIOSCIENCES INC | COM NEW | 008064206 |  | 4629001 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| JASPER THERAPEUTICS INC | COM NEW | 471871202 |  | 44090 | 24093 | SH |  | SOLE |  | 24093 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 27262390 | 160367 | SH |  | SOLE |  | 160367 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | CALL | G50871905 |  | 28900000 | 170000 | SH | Call | SOLE |  | 170000 | 0 | 0 |
| JOURNEY MED CORP | COM | 48115J109 |  | 1938572 | 251436 | SH |  | SOLE |  | 251436 | 0 | 0 |
| KALARIS THERAPEUTICS INC | COM | 482929106 |  | 3038401 | 360000 | SH |  | SOLE |  | 360000 | 0 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 567173 | 35119 | SH |  | SOLE |  | 35119 | 0 | 0 |
| KARYOPHARM THERAPEUTICS INC | COM NEW | 48576U205 |  | 4007918 | 544554 | SH |  | SOLE |  | 544554 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 642907 | 102211 | SH |  | SOLE |  | 102211 | 0 | 0 |
| KODIAK SCIENCES INC | COM | 50015M109 |  | 20125245 | 719787 | SH |  | SOLE |  | 719787 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 3652243 | 14814 | SH |  | SOLE |  | 14814 | 0 | 0 |
| LEGEND BIOTECH CORP | SPONSORED ADS | 52490G102 |  | 4932546 | 226888 | SH |  | SOLE |  | 226888 | 0 | 0 |
| LEXEO THERAPEUTICS INC | COM | 52886X107 |  | 5094199 | 513011 | SH |  | SOLE |  | 513011 | 0 | 0 |
| LEXICON PHARMACEUTICALS INC | COM NEW | 528872302 |  | 189376 | 164674 | SH |  | SOLE |  | 164674 | 0 | 0 |
| LIPOCINE INC NEW | COM NEW | 53630X203 |  | 1602322 | 199542 | SH |  | SOLE |  | 199542 | 0 | 0 |
| LYELL IMMUNOPHARMA INC | COM NEW | 55083R203 |  | 1264473 | 41081 | SH |  | SOLE |  | 41081 | 0 | 0 |
| LYRA THERAPEUTICS INC | COM NEW | 55234L204 |  | 65176 | 21161 | SH |  | SOLE |  | 21161 | 0 | 0 |
| MACROGENICS INC | COM | 556099109 |  | 120578 | 74893 | SH |  | SOLE |  | 74893 | 0 | 0 |
| MANGOCEUTICALS INC | COM NEW | 56270V205 |  | 102229 | 138146 | SH |  | SOLE |  | 138146 | 0 | 0 |
| MAZE THERAPEUTICS INC | COM | 578784100 |  | 26709093 | 644680 | SH |  | SOLE |  | 644680 | 0 | 0 |
| MIND MEDICINE MINDMED INC | COM NEW | 60255C885 |  | 787373 | 58803 | SH |  | SOLE |  | 58803 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 7257999 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 1534764 | 36300 | SH | Call | SOLE |  | 36300 | 0 | 0 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 1534764 | 36300 | SH | Put | SOLE |  | 36300 | 0 | 0 |
| NEUMORA THERAPEUTICS INC. | COM | 640979100 |  | 2288351 | 1278408 | SH |  | SOLE |  | 1278408 | 0 | 0 |
| NEUPHORIA THERAPEUTICS INC | COM | 64136E102 |  | 184079 | 47443 | SH |  | SOLE |  | 47443 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 7667613 | 54062 | SH |  | SOLE |  | 54062 | 0 | 0 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 7233330 | 51000 | SH | Call | SOLE |  | 51000 | 0 | 0 |
| NEURONETICS INC | COM | 64131A105 |  | 967631 | 701182 | SH |  | SOLE |  | 701182 | 0 | 0 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 1607716 | 45830 | SH |  | SOLE |  | 45830 | 0 | 0 |
| NEXTCURE INC | COM NEW | 65343E207 |  | 3381520 | 238303 | SH |  | SOLE |  | 238303 | 0 | 0 |
| NUVALENT INC | COM | 670703107 |  | 5994561 | 59594 | SH |  | SOLE |  | 59594 | 0 | 0 |
| NYXOAH S A | SHS | B6S7WD106 |  | 217846 | 47358 | SH |  | SOLE |  | 47358 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 18966350 | 758654 | SH |  | SOLE |  | 758654 | 0 | 0 |
| OLEMA PHARMACEUTICALS INC | COM | 68062P106 |  | 5000000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| OMEROS CORP | COM | 682143102 |  | 9446252 | 550000 | SH | Call | SOLE |  | 550000 | 0 | 0 |
| OMEROS CORP | COM | 682143102 |  | 16316252 | 950000 | SH | Put | SOLE |  | 950000 | 0 | 0 |
| OVID THERAPEUTICS INC | COM | 690469101 |  | 403520 | 247558 | SH |  | SOLE |  | 247558 | 0 | 0 |
| PALISADE BIO INC | COM | 696389402 |  | 646199 | 274978 | SH |  | SOLE |  | 274978 | 0 | 0 |
| PELTHOS THERAPEUTICS INC | COM SHS | 171126204 |  | 7928498 | 255758 | SH |  | SOLE |  | 255758 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 2911043 | 447165 | SH |  | SOLE |  | 447165 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 1953000 | 300000 | SH | Call | SOLE |  | 300000 | 0 | 0 |
| PERCEPTIVE CAP SOLUTIONS COR | CL A ORD SHS | G70077105 |  | 3139592 | 240951 | SH |  | SOLE |  | 240951 | 0 | 0 |
| PHARVARIS N V | COM | N69605108 |  | 13510255 | 486856 | SH |  | SOLE |  | 486856 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 111421 | 89136 | SH |  | SOLE |  | 89136 | 0 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 25518884 | 86581 | SH |  | SOLE |  | 86581 | 0 | 0 |
| PROQR THRAPEUTICS N V | SHS EURO | N71542109 |  | 3014301 | 1492229 | SH |  | SOLE |  | 1492229 | 0 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 9013186 | 118657 | SH |  | SOLE |  | 118657 | 0 | 0 |
| QUOIN PHARMACEUTICALS LTD | SPONSORED ADS | 74907L409 |  | 3052493 | 211538 | SH |  | SOLE |  | 211538 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 22532728 | 665271 | SH |  | SOLE |  | 665271 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 9822300 | 290000 | SH | Call | SOLE |  | 290000 | 0 | 0 |
| RELMADA THERAPEUTICS INC | COM | 75955J402 |  | 14820175 | 3068359 | SH |  | SOLE |  | 3068359 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 11003011 | 138142 | SH |  | SOLE |  | 138142 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 7566750 | 95000 | SH | Call | SOLE |  | 95000 | 0 | 0 |
| REZOLUTE INC | COM NEW | 76200L309 |  | 38891 | 16479 | SH |  | SOLE |  | 16479 | 0 | 0 |
| SANGAMO THERAPEUTICS INC | COM | 800677106 |  | 511842 | 1218671 | SH |  | SOLE |  | 1218671 | 0 | 0 |
| SENSEI BIOTHERAPEUTICS INC | COM NEW | 81728A207 |  | 227815 | 21351 | SH |  | SOLE |  | 21351 | 0 | 0 |
| SHUTTLE PHARMACTCLS HLDGS IN | COM | 825693401 |  | 124187 | 68993 | SH |  | SOLE |  | 68993 | 0 | 0 |
| SILENCE THERAPEUTICS PLC | ADS | 82686Q101 |  | 1731568 | 865784 | SH |  | SOLE |  | 865784 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 3186505 | 68823 | SH |  | SOLE |  | 68823 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 24488070 | 528900 | SH | Call | SOLE |  | 528900 | 0 | 0 |
| SOLID BIOSCIENCES INC | COM NEW | 83422E204 |  | 904707 | 160409 | SH |  | SOLE |  | 160409 | 0 | 0 |
| SOLID BIOSCIENCES INC | COM NEW | 83422E204 |  | 2391360 | 424000 | SH | Call | SOLE |  | 424000 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 |  | 103640500 | 850000 | SH | Put | SOLE |  | 850000 | 0 | 0 |
| SPRUCE BIOSCIENCES INC | COM NEW | 85209E208 |  | 10571320 | 121356 | SH |  | SOLE |  | 121356 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 335510 | 4824 | SH |  | SOLE |  | 4824 | 0 | 0 |
| SURROZEN INC | COM NEW | 86889P208 |  | 1486809 | 65788 | SH |  | SOLE |  | 65788 | 0 | 0 |
| SYNLOGIC INC | COM NEW | 87166L209 |  | 22362 | 19966 | SH |  | SOLE |  | 19966 | 0 | 0 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 |  | 2551872 | 31166 | SH |  | SOLE |  | 31166 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 11795044 | 967600 | SH |  | SOLE |  | 967600 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 64493671 | 1596378 | SH |  | SOLE |  | 1596378 | 0 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 3514689 | 117903 | SH |  | SOLE |  | 117903 | 0 | 0 |
| THERIVA BIOLOGICS INC | COM NEW | 87164U508 |  | 23580 | 112076 | SH |  | SOLE |  | 112076 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 1398486 | 36600 | SH | Call | SOLE |  | 36600 | 0 | 0 |
| TRAWS PHARMA INC | COM NEW | 68232V884 |  | 766299 | 678142 | SH |  | SOLE |  | 678142 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 291433 | 12671 | SH |  | SOLE |  | 12671 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 5750000 | 250000 | SH | Call | SOLE |  | 250000 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 5867300 | 255100 | SH | Put | SOLE |  | 255100 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 2179066 | 91060 | SH |  | SOLE |  | 91060 | 0 | 0 |
| UNIQURE NV | CALL | N90064901 |  | 2522222 | 105400 | SH | Call | SOLE |  | 105400 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 17472389 | 378682 | SH |  | SOLE |  | 378682 | 0 | 0 |
| VENTYX BIOSCIENCES INC | COM | 92332V107 |  | 8657097 | 958704 | SH |  | SOLE |  | 958704 | 0 | 0 |
| VERASTEM INC | COM NEW | 92337C203 |  | 1651039 | 213865 | SH |  | SOLE |  | 213865 | 0 | 0 |
| VERU INC | COM NEW | 92536C202 |  | 285726 | 133517 | SH |  | SOLE |  | 133517 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 341844 | 9717 | SH |  | SOLE |  | 9717 | 0 | 0 |
| VIR BIOTECHNOLOGY INC | COM | 92764N102 |  | 3471543 | 575712 | SH |  | SOLE |  | 575712 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 343576 | 519077 | SH |  | SOLE |  | 519077 | 0 | 0 |
| VOYAGER THERAPEUTICS INC | COM | 92915B106 |  | 208538 | 53063 | SH |  | SOLE |  | 53063 | 0 | 0 |
| VYNE THERAPEUTICS INC | COM | 92941V308 |  | 153675 | 264912 | SH |  | SOLE |  | 264912 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 1449845 | 85285 | SH |  | SOLE |  | 85285 | 0 | 0 |
| ZENAS BIOPHARMA INC | COM | 98937L105 |  | 1699308 | 46800 | SH | Call | SOLE |  | 46800 | 0 | 0 |
| ZENAS BIOPHARMA INC | COM | 98937L105 |  | 1699308 | 46800 | SH | Put | SOLE |  | 46800 | 0 | 0 |
| ZURA BIO LTD | CLASS A ORD SHS | G9TY5A101 |  | 4204167 | 802322 | SH |  | SOLE |  | 802322 | 0 | 0 |

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