# Ikarian Capital

> Ikarian Capital is an SEC-registered investment advisory firm in Dallas, TX, registered since 2020, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated May 20, 2026.

- CRD: 281880
- Filed as: IKARIAN CAPITAL
- Legal name: Ikarian Capital, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: May 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/281880
- AdvisorCensus page: https://advisorcensus.com/firm/ikarian-capital-dallas-tx-281880

## Quick answers

**How is Ikarian Capital compensated?**
On its Form ADV (Item 5.E, October 2026), Ikarian Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is Ikarian Capital located?**
Ikarian Capital's principal office is in Dallas, TX, according to its Form ADV.

**Is Ikarian Capital registered with the SEC or a state?**
Ikarian Capital is an SEC-registered investment advisory firm, registered since 2020. Status as filed: Approved. CRD 281880.

**How much does Ikarian Capital manage?**
Ikarian Capital reports $697,961,635 in regulatory assets under management in its Form ADV filing dated May 20, 2026 (100% discretionary).

**How have Ikarian Capital's assets and staff changed since 2021?**
In the Form ADV data for Ikarian Capital: Regulatory assets under management: $845,706,489 in the October 2021 data and $697,961,635 in the October 2026 data, down 17%. Total employees: 8 in October 2021 and 8 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Ikarian Capital serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5).

**Does Ikarian Capital report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/281880

**What changed in Ikarian Capital's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $559,757,184 to $697,961,635 (+25%). Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $697,961,635
- Discretionary: $697,961,635
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $697,961,635 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2020 (6 years)
- Employees: 8 total, 3 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MI, TX, WA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- ikariancapital.com
- LinkedIn @ikarian-capital-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $845,706,489 | 8 | March 26, 2021 |
| October 2022 | $662,210,960 | 10 | March 31, 2022 |
| October 2023 | $375,072,066 | 9 | September 18, 2023 |
| October 2024 | $565,157,554 | 7 | March 28, 2024 |
| October 2025 | $559,757,184 | 6 | March 28, 2025 |
| October 2026 | $697,961,635 | 8 | May 20, 2026 |

Regulatory assets under management: $845,706,489 in the October 2021 data and $697,961,635 in the October 2026 data, down 17%.
Total employees: 8 in October 2021 and 8 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $559,757,184 to $697,961,635 (+25%).
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Ikarian Capital (CRD 281880): Form ADV filing data as of October 2026.