# EDGAR Filing Document

**Accession Number:** 0001778253
**File Stem:** 0001420506-25-003413
**Filing Date:** 2025-11
**Character Count:** 21134
**Document Hash:** 4328679ccdaca124370b44f72793b338
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-003413.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001420506-25-003413

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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:** 251486134

**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:** 09-30-2025

**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  11-14-2025<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:** 169

**Form 13F Information Table Value Total:** $990387589

      (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 |  | 33416358 | 396098 | SH |  | SOLE |  | 396098 | 0 | 0 |
| ACUMEN PHARMACEUTICALS INC | COM | 00509G209 |  | 454465 | 265769 | SH |  | SOLE |  | 265769 | 0 | 0 |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 2343460 | 159854 | SH |  | SOLE |  | 159854 | 0 | 0 |
| AETHLON MED INC | COM NEW | 00808Y505 |  | 115044 | 153659 | SH |  | SOLE |  | 153659 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 5096937 | 126979 | SH |  | SOLE |  | 126979 | 0 | 0 |
| AGIOS PHARMACEUTICALS INC | COM | 00847X104 |  | 6021000 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| AIRSCULPT TECHNOLOGIES INC | COM | 009496100 |  | 143967 | 17951 | SH |  | SOLE |  | 17951 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 9821428 | 206854 | SH |  | SOLE |  | 206854 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 1975168 | 41600 | SH | Call | SOLE |  | 41600 | 0 | 0 |
| ALECTOR INC | COM | 014442107 |  | 2249601 | 760000 | SH |  | SOLE |  | 760000 | 0 | 0 |
| ALPHA COGNITION INC | COM NEW | 02074J501 |  | 6160146 | 946259 | SH |  | SOLE |  | 946259 | 0 | 0 |
| ALTIMMUNE INC | COM NEW | 02155H200 |  | 3770000 | 1000000 | SH | Call | SOLE |  | 1000000 | 0 | 0 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 442199 | 110000 | SH |  | SOLE |  | 110000 | 0 | 0 |
| ANAPTYSBIO INC | COM | 032724106 |  | 1482314 | 48410 | SH |  | SOLE |  | 48410 | 0 | 0 |
| ANAPTYSBIO INC | COM | 032724106 |  | 4932882 | 161100 | SH | Put | SOLE |  | 161100 | 0 | 0 |
| ANAPTYSBIO INC | COM | 032724106 |  | 4932882 | 161100 | SH | Call | SOLE |  | 161100 | 0 | 0 |
| ANEBULO PHARMACEUTICALS INC | COM | 034569103 |  | 394300 | 157720 | SH |  | SOLE |  | 157720 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 10226541 | 451902 | SH |  | SOLE |  | 451902 | 0 | 0 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 8101540 | 358000 | SH | Call | SOLE |  | 358000 | 0 | 0 |
| ARCTURUS THERAPEUTICS HLDGS | COM | 03969T109 |  | 197588 | 10721 | SH |  | SOLE |  | 10721 | 0 | 0 |
| ARCTURUS THERAPEUTICS HLDGS | COM | 03969T109 |  | 4187296 | 227200 | SH | Call | SOLE |  | 227200 | 0 | 0 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 4303146 | 5942 | SH |  | SOLE |  | 5942 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 5652120 | 562400 | SH | Call | SOLE |  | 562400 | 0 | 0 |
| ARVINAS INC | COM | 04335A105 |  | 1927710 | 226257 | SH |  | SOLE |  | 226257 | 0 | 0 |
| AUTONOMIX MED INC | COM NEW | 05330T205 |  | 21601 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| AVALO THERAPEUTICS INC | COM NEW | 05338F306 |  | 2030766 | 159777 | SH |  | SOLE |  | 159777 | 0 | 0 |
| BIOHAVEN LTD | CALL | G1110E907 |  | 11953964 | 796400 | SH | Call | SOLE |  | 796400 | 0 | 0 |
| BIOMX INC | COM NEW | 09090D301 |  | 206312 | 392976 | SH |  | SOLE |  | 392976 | 0 | 0 |
| BRIDGEBIO ONCOLOGY THERAPEUT | COM NEW | 107924102 |  | 2839774 | 245231 | SH |  | SOLE |  | 245231 | 0 | 0 |
| BRIDGEBIO PHARMA INC | COM | 10806X102 |  | 2699166 | 51967 | SH |  | SOLE |  | 51967 | 0 | 0 |
| BRIGHT MINDS BIOSCIENCES INC | COM NEW | 10919W405 |  | 936044 | 15431 | SH |  | SOLE |  | 15431 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 36080000 | 800000 | SH | Put | SOLE |  | 800000 | 0 | 0 |
| CAPRICOR THERAPEUTICS INC | COM NEW | 14070B309 |  | 1908069 | 264642 | SH |  | SOLE |  | 264642 | 0 | 0 |
| CAPRICOR THERAPEUTICS INC | COM NEW | 14070B309 |  | 721000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| CAPRICOR THERAPEUTICS INC | COM NEW | 14070B309 |  | 721000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| CARTESIAN THERAPEUTICS INC | COM NEW | 816212302 |  | 226537 | 22166 | SH |  | SOLE |  | 22166 | 0 | 0 |
| CATALYST PHARMACEUTICALS INC | COM | 14888U101 |  | 2292844 | 116388 | SH |  | SOLE |  | 116388 | 0 | 0 |
| CENTESSA PHARMACEUTICALS PLC | SPONSORED ADS | 152309100 |  | 7461725 | 307700 | SH | Call | SOLE |  | 307700 | 0 | 0 |
| CG ONCOLOGY INC | COM | 156944100 |  | 10048772 | 249473 | SH |  | SOLE |  | 249473 | 0 | 0 |
| CHEMOMAB THERAPEUTICS LTD | SPONSORED ADS | 16385C203 |  | 140079 | 53262 | SH |  | SOLE |  | 53262 | 0 | 0 |
| CIDARA THERAPEUTICS INC | COM NEW | 171757206 |  | 26592935 | 277704 | SH |  | SOLE |  | 277704 | 0 | 0 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 161981 | 11280 | SH |  | SOLE |  | 11280 | 0 | 0 |
| COMPASS PATHWAYS PLC | SPONSORED ADS | 20451W101 |  | 2292000 | 400000 | SH | Call | SOLE |  | 400000 | 0 | 0 |
| CORBUS PHARMACEUTICALS HLDGS | COM NEW | 21833P301 |  | 693220 | 54800 | SH | Call | SOLE |  | 54800 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 5452068 | 130902 | SH |  | SOLE |  | 130902 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 10733205 | 257700 | SH | Call | SOLE |  | 257700 | 0 | 0 |
| CUMBERLAND PHARMACEUTICALS I | COM | 230770109 |  | 1734508 | 555932 | SH |  | SOLE |  | 555932 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 827398 | 140475 | SH |  | SOLE |  | 140475 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 12238163 | 222674 | SH |  | SOLE |  | 222674 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 6095064 | 110900 | SH | Call | SOLE |  | 110900 | 0 | 0 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 10758645 | 3372616 | SH |  | SOLE |  | 3372616 | 0 | 0 |
| DELCATH SYS INC | COM NEW | 24661P807 |  | 4635949 | 431251 | SH |  | SOLE |  | 431251 | 0 | 0 |
| DIANTHUS THERAPEUTICS INC | COM | 252828108 |  | 13615140 | 346001 | SH |  | SOLE |  | 346001 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY S BIOTEC | 25461H853 |  | 3718822 | 91959 | SH |  | SOLE |  | 91959 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 1440039 | 113837 | SH |  | SOLE |  | 113837 | 0 | 0 |
| EQUILLIUM INC | COM | 29446K106 |  | 475185 | 332297 | SH |  | SOLE |  | 332297 | 0 | 0 |
| EVAXION AS | SPONSORED ADS | 29970R303 |  | 300801 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| FORTE BIOSCIENCES INC | COM NEW | 34962G208 |  | 4500000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| FRACTYL HEALTH INC | COM | 35168W103 |  | 2862000 | 1800000 | SH |  | SOLE |  | 1800000 | 0 | 0 |
| FULCRUM THERAPEUTICS INC | COM | 359616109 |  | 11860870 | 1289225 | SH |  | SOLE |  | 1289225 | 0 | 0 |
| GENMAB A/S | SPONSORED ADS | 372303206 |  | 53021552 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| HARROW INC | COM | 415858109 |  | 13957746 | 289700 | SH | Call | SOLE |  | 289700 | 0 | 0 |
| IBIO INC | COM NEW | 451033708 |  | 511023 | 617327 | SH |  | SOLE |  | 617327 | 0 | 0 |
| IMMATICS N.V | SHS | N44445109 |  | 420854 | 49396 | SH |  | SOLE |  | 49396 | 0 | 0 |
| IMMUNIC INC | COM | 4525EP101 |  | 805932 | 914170 | SH |  | SOLE |  | 914170 | 0 | 0 |
| INFLARX NV | COM | N44821101 |  | 967568 | 722066 | SH |  | SOLE |  | 722066 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1980281 | 13751 | SH |  | SOLE |  | 13751 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 14401000 | 100000 | SH | Put | SOLE |  | 100000 | 0 | 0 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 14401000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| INVIVYD INC | COM | 00534A102 |  | 2286577 | 2078706 | SH |  | SOLE |  | 2078706 | 0 | 0 |
| IO BIOTECH INC | COM | 449778109 |  | 554051 | 1525893 | SH |  | SOLE |  | 1525893 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 27159964 | 415163 | SH |  | SOLE |  | 415163 | 0 | 0 |
| IONIS PHARMACEUTICALS INC | COM | 462222100 |  | 870086 | 13300 | SH | Call | SOLE |  | 13300 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 1336648 | 54691 | SH |  | SOLE |  | 54691 | 0 | 0 |
| JASPER THERAPEUTICS INC | COM NEW | 471871202 |  | 59754 | 25107 | SH |  | SOLE |  | 25107 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 10254041 | 77800 | SH |  | SOLE |  | 77800 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | CALL | G50871905 |  | 9318260 | 70700 | SH | Call | SOLE |  | 70700 | 0 | 0 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 4872000 | 400000 | SH | Call | SOLE |  | 400000 | 0 | 0 |
| KARYOPHARM THERAPEUTICS INC | COM NEW | 48576U205 |  | 178261 | 27257 | SH |  | SOLE |  | 27257 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 416914 | 106901 | SH |  | SOLE |  | 106901 | 0 | 0 |
| KODIAK SCIENCES INC | COM | 50015M109 |  | 6774577 | 413841 | SH |  | SOLE |  | 413841 | 0 | 0 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 4311039 | 24421 | SH |  | SOLE |  | 24421 | 0 | 0 |
| LARIMAR THERAPEUTICS INC | COM | 517125100 |  | 1771332 | 548400 | SH | Call | SOLE |  | 548400 | 0 | 0 |
| LEXEO THERAPEUTICS INC | COM | 52886X107 |  | 3768870 | 567601 | SH |  | SOLE |  | 567601 | 0 | 0 |
| LEXICON PHARMACEUTICALS INC | COM NEW | 528872302 |  | 238247 | 176479 | SH |  | SOLE |  | 176479 | 0 | 0 |
| LIQUIDIA CORPORATION | COM NEW | 53635D202 |  | 4548000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| LYELL IMMUNOPHARMA INC | COM NEW | 55083R203 |  | 711296 | 43799 | SH |  | SOLE |  | 43799 | 0 | 0 |
| LYRA THERAPEUTICS INC | COM NEW | 55234L204 |  | 139452 | 21161 | SH |  | SOLE |  | 21161 | 0 | 0 |
| MACROGENICS INC | COM | 556099109 |  | 134519 | 80071 | SH |  | SOLE |  | 80071 | 0 | 0 |
| MAZE THERAPEUTICS INC | COM | 578784100 |  | 19209592 | 740825 | SH |  | SOLE |  | 740825 | 0 | 0 |
| MBX BIOSCIENCES INC | COM | 55287L101 |  | 841243 | 48071 | SH |  | SOLE |  | 48071 | 0 | 0 |
| MBX BIOSCIENCES INC | COM | 55287L101 |  | 3500000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| MBX BIOSCIENCES INC | COM | 55287L101 |  | 3500000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| METSERA INC | COM | 59267L107 |  | 4500380 | 86000 | SH | Put | SOLE |  | 86000 | 0 | 0 |
| METSERA INC | COM | 59267L107 |  | 4500380 | 86000 | SH | Call | SOLE |  | 86000 | 0 | 0 |
| MIND MEDICINE MINDMED INC | COM NEW | 60255C885 |  | 739128 | 62691 | SH |  | SOLE |  | 62691 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 3124965 | 435839 | SH |  | SOLE |  | 435839 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 3226500 | 450000 | SH | Put | SOLE |  | 450000 | 0 | 0 |
| MOONLAKE IMMUNOTHERAPEUTICS | CLASS A ORD | 61559X104 |  | 4389474 | 612200 | SH | Call | SOLE |  | 612200 | 0 | 0 |
| NEUMORA THERAPEUTICS INC. | COM | 640979100 |  | 22747 | 12498 | SH |  | SOLE |  | 12498 | 0 | 0 |
| NEURONETICS INC | COM | 64131A105 |  | 2472605 | 905716 | SH |  | SOLE |  | 905716 | 0 | 0 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 3037393 | 106800 | SH |  | SOLE |  | 106800 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 8323500 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| NYXOAH S A | SHS | B6S7WD106 |  | 232883 | 50627 | SH |  | SOLE |  | 50627 | 0 | 0 |
| OVID THERAPEUTICS INC | COM | 690469101 |  | 1424247 | 1095574 | SH |  | SOLE |  | 1095574 | 0 | 0 |
| PALVELLA THERAPEUTICS INC NE | COM | 697947109 |  | 4058926 | 64746 | SH |  | SOLE |  | 64746 | 0 | 0 |
| PELTHOS THERAPEUTICS INC | COM SHS | 171126204 |  | 1748628 | 62451 | SH |  | SOLE |  | 62451 | 0 | 0 |
| PEPGEN INC | COM | 713317105 |  | 2476168 | 535967 | SH |  | SOLE |  | 535967 | 0 | 0 |
| PHARVARIS N V | COM | N69605108 |  | 5243617 | 210165 | SH |  | SOLE |  | 210165 | 0 | 0 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 136500 | 97500 | SH |  | SOLE |  | 97500 | 0 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 1514263 | 28571 | SH |  | SOLE |  | 28571 | 0 | 0 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 5300000 | 100000 | SH | Call | SOLE |  | 100000 | 0 | 0 |
| PRIME MEDICINE INC | COM | 74168J101 |  | 831000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| PRIME MEDICINE INC | COM | 74168J101 |  | 1385000 | 250000 | SH | Put | SOLE |  | 250000 | 0 | 0 |
| PRIME MEDICINE INC | COM | 74168J101 |  | 1385000 | 250000 | SH | Call | SOLE |  | 250000 | 0 | 0 |
| PROQR THRAPEUTICS N V | SHS EURO | N71542109 |  | 1900447 | 892229 | SH |  | SOLE |  | 892229 | 0 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 17217414 | 280551 | SH |  | SOLE |  | 280551 | 0 | 0 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 13071810 | 213000 | SH | Call | SOLE |  | 213000 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 15860850 | 615000 | SH |  | SOLE |  | 615000 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 4513250 | 175000 | SH | Call | SOLE |  | 175000 | 0 | 0 |
| RELAY THERAPEUTICS INC | COM | 75943R102 |  | 2439630 | 467362 | SH |  | SOLE |  | 467362 | 0 | 0 |
| RELMADA THERAPEUTICS INC | COM | 75955J402 |  | 3704551 | 1843060 | SH |  | SOLE |  | 1843060 | 0 | 0 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 4436500 | 95000 | SH | Call | SOLE |  | 95000 | 0 | 0 |
| SANGAMO THERAPEUTICS INC | COM | 800677106 |  | 871819 | 1294652 | SH |  | SOLE |  | 1294652 | 0 | 0 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 2639990 | 137000 | SH | Call | SOLE |  | 137000 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 3582488 | 96200 | SH | Put | SOLE |  | 96200 | 0 | 0 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 20913984 | 561600 | SH | Call | SOLE |  | 561600 | 0 | 0 |
| SENSEI BIOTHERAPEUTICS INC | COM NEW | 81728A207 |  | 212596 | 22497 | SH |  | SOLE |  | 22497 | 0 | 0 |
| SILENCE THERAPEUTICS PLC | ADS | 82686Q101 |  | 1306136 | 900784 | SH |  | SOLE |  | 900784 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 3781950 | 55946 | SH |  | SOLE |  | 55946 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 3380000 | 50000 | SH | Put | SOLE |  | 50000 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 11904360 | 176100 | SH | Call | SOLE |  | 176100 | 0 | 0 |
| SOLID BIOSCIENCES INC | COM NEW | 83422E204 |  | 1090177 | 176690 | SH |  | SOLE |  | 176690 | 0 | 0 |
| SOLID BIOSCIENCES INC | COM NEW | 83422E204 |  | 2887560 | 468000 | SH | Call | SOLE |  | 468000 | 0 | 0 |
| SONNET BIOTHERAPEUTC HLDNG I | COM NEW | 83548R402 |  | 687000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 |  | 75150000 | 750000 | SH | Put | SOLE |  | 750000 | 0 | 0 |
| SPRUCE BIOSCIENCES INC | COM NEW | 85209E208 |  | 119322 | 13332 | SH |  | SOLE |  | 13332 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 4570636 | 163237 | SH |  | SOLE |  | 163237 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 5134482 | 333733 | SH |  | SOLE |  | 333733 | 0 | 0 |
| SYNLOGIC INC | COM NEW | 87166L209 |  | 34513 | 20422 | SH |  | SOLE |  | 20422 | 0 | 0 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 |  | 4375178 | 73619 | SH |  | SOLE |  | 73619 | 0 | 0 |
| TENAX THERAPEUTICS INC | COM NEW | 88032L605 |  | 7363436 | 967600 | SH |  | SOLE |  | 967600 | 0 | 0 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 1233157 | 164202 | SH |  | SOLE |  | 164202 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 4040000 | 200000 | SH | Call | SOLE |  | 200000 | 0 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 6320394 | 174959 | SH |  | SOLE |  | 174959 | 0 | 0 |
| THERIVA BIOLOGICS INC | COM NEW | 87164U508 |  | 48625 | 120031 | SH |  | SOLE |  | 120031 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 4559666 | 190781 | SH |  | SOLE |  | 190781 | 0 | 0 |
| TRAVERE THERAPEUTICS INC | COM | 89422G107 |  | 5126550 | 214500 | SH | Call | SOLE |  | 214500 | 0 | 0 |
| TRAWS PHARMA INC | COM NEW | 68232V884 |  | 52712 | 28493 | SH |  | SOLE |  | 28493 | 0 | 0 |
| TVARDI THERAPEUTICS INC | COM | 140755307 |  | 740430 | 19000 | SH | Call | SOLE |  | 19000 | 0 | 0 |
| ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 |  | 2785408 | 92600 | SH | Put | SOLE |  | 92600 | 0 | 0 |
| UNIQURE NV | SHS | N90064101 |  | 3421066 | 58610 | SH |  | SOLE |  | 58610 | 0 | 0 |
| UNIQURE NV | CALL | N90064901 |  | 31262972 | 535600 | SH | Call | SOLE |  | 535600 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 87950258 | 209800 | SH | Put | SOLE |  | 209800 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 964183 | 2300 | SH | Call | SOLE |  | 2300 | 0 | 0 |
| UPSTREAM BIO INC | COM | 91678A107 |  | 3030535 | 161113 | SH |  | SOLE |  | 161113 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 11226785 | 311682 | SH |  | SOLE |  | 311682 | 0 | 0 |
| VAXCYTE INC | COM | 92243G108 |  | 252140 | 7000 | SH | Call | SOLE |  | 7000 | 0 | 0 |
| VENTYX BIOSCIENCES INC | COM | 92332V107 |  | 4072869 | 1309604 | SH |  | SOLE |  | 1309604 | 0 | 0 |
| VERU INC | COM NEW | 92536C202 |  | 541588 | 142523 | SH |  | SOLE |  | 142523 | 0 | 0 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 262800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VIR BIOTECHNOLOGY INC | COM | 92764N102 |  | 3388167 | 593374 | SH |  | SOLE |  | 593374 | 0 | 0 |
| VIRIDIAN THERAPEUTICS INC | COM | 92790C104 |  | 5298278 | 245518 | SH |  | SOLE |  | 245518 | 0 | 0 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 2204084 | 620869 | SH |  | SOLE |  | 620869 | 0 | 0 |
| VOYAGER THERAPEUTICS INC | COM | 92915B106 |  | 260428 | 55766 | SH |  | SOLE |  | 55766 | 0 | 0 |
| VYNE THERAPEUTICS INC | COM | 92941V308 |  | 97149 | 290000 | SH |  | SOLE |  | 290000 | 0 | 0 |
| WAVE LIFE SCIENCES LTD | SHS | Y95308105 |  | 702390 | 95955 | SH |  | SOLE |  | 95955 | 0 | 0 |
| ZURA BIO LTD | CLASS A ORD SHS | G9TY5A101 |  | 9232953 | 2132322 | SH |  | SOLE |  | 2132322 | 0 | 0 |
| ZYMEWORKS INC | COM | 98985Y108 |  | 1243202 | 72787 | SH |  | SOLE |  | 72787 | 0 | 0 |

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