Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Ikarian Capital, LLC	2. Issuer Name and Ticker or Trading Symbol Tracon Pharmaceuticals, Inc. [ TCON ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) __X__ Other (specify below) Member of 10% Group
(Last) (First) (Middle) 100 CRESCENT COURT, SUITE 1620	3. Date of Earliest Transaction (MM/DD/YYYY) 10/29/2020
(Street) DALLAS, TX 75201 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001 per share	10/29/2020		P		7700	A	$4.7706	2170249	I	See Footnotes ⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾
Common Stock, par value $0.001 per share	10/30/2020		P		21300	A	$4.6435	2191549	I	See Footnotes ⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾
Common Stock, par value $0.001 per share	11/11/2020		P		5000	A	$7.5258	2196549	I	See Footnotes ⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:
(1)	This statement is jointly filed by and on behalf of each of Ikarian Capital, LLC, a Delaware limited liability company ("Ikarian Capital"), Ikarian Healthcare Master Fund, L.P, a Cayman Islands exempted limited partnership (the "Fund"), Ikarian Healthcare Fund GP, L.P., a Delaware limited partnership ("Ikarian GP"), Chart Westcott and Neil Shahrestani (collectively referred herein as the "Reporting Persons"). Ikarian Capital is the investment manager of, and may be deemed to indirectly beneficially own securities owned by, the Fund. Ikarian GP is the general partner of, and may be deemed to indirectly beneficially own securities owned by, the Fund. Ikarian Capital is also the general partner of, and may be deemed to indirectly beneficially own, securities beneficially owned by Ikarian GP.
(2)	Ikarian Capital is a sub-advisor for certain separate managed accounts (collectively, the "Managed Accounts") and may be deemed to indirectly beneficially own securities owned by the Managed Accounts. Ikarian Capital is ultimately owned and controlled by Chart Westcott Living Trust, of which Mr. Westcott serves as the sole trustee (the "Trust"), and indirectly by Mr. Shahrestani. Accordingly, each of Mr. Westcott, as sole trustee of the Trust, and Mr. Shahrestani may be deemed to indirectly beneficially own securities beneficially owned by, Ikarian Capital. The Fund and the Managed Accounts are the record and direct beneficial owners of the securities covered by this statement. The Fund disclaims beneficial ownership of the shares held by the Managed Accounts.
(3)	The Reporting Persons state that neither the filing of this statement nor anything herein shall be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise, the beneficial owners of any securities covered by this statement. The Reporting Persons disclaim beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of the Reporting Persons in such securities.
(4)	The Reporting Persons may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for purposes of Section 13(d) or 13(g) of the Exchange Act. The Reporting Persons declare that neither the filing of this statement nor anything herein shall be construed as an admission that such persons are, for the purposes of Section 13(d) or 13(g) of the Exchange Act or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Ikarian Capital, LLC 100 CRESCENT COURT, SUITE 1620 DALLAS, TX 75201		X		Member of 10% Group
Ikarian Healthcare Master Fund, L.P. 100 CRESCENT COURT, SUITE 1620 DALLAS, TX 75201		X		Member of 10% Group
Ikarian Healthcare Fund GP, L.P. 100 CRESCENT COURT, SUITE 1620 DALLAS, TX 75201		X		Member of 10% Group
Chart Westcott Living Trust 100 CRESCENT COURT, SUITE 1620 DALLAS, TX 75201		X		Member of 10% Group
Shahrestani Neil 100 CRESCENT COURT, SUITE 1620 DALLAS, TX 75201		X		Member of 10% Group

Signatures
IKARIAN CAPITAL, LLC, By: Chart Westcott Living Trust, Its: Manager, By: /s/ Chart Westcott, Chart Westcott, Trustee		11/12/2020
^**Signature of Reporting Person		Date
IKARIAN HEALTHCARE MASTER FUND, L.P., By: Ikarian Healthcare Fund GP, L.P., Its: General Partner, By: Ikarian Capital, LLC, Its: General Partner, By: Chart Westcott Living Trust, Its: Manager, By: /s/ Chart Westcott, Chart Westcott, Trustee		11/12/2020
^**Signature of Reporting Person		Date
IKARIAN HEALTHCARE FUND GP, L.P., By: Ikarian Capital, LLC, Its: General Partner, By: Chart Westcott Living Trust, Its: Manager, By: /s/ Chart Westcott, Chart Westcott, Trustee		11/12/2020
^**Signature of Reporting Person		Date
CHART WESTCOTT LIVING TRUST, By: /s/ Chart Westcott, Chart Westcott, Trustee		11/12/2020
^**Signature of Reporting Person		Date
NEIL SHAHRESTANI, /s/ Neil Shahrestani		11/12/2020
^**Signature of Reporting Person		Date