Ikarian Capital’s State Street SPDR S&P Biotech ETF XBI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q1	–	Sell	-700,000	Closed	-$63M	–	222
2024 Q4	$63M	Buy	+700,000	New	+$67.8M	8.57%	2
2023 Q1	–	Sell	-100,000	Closed	-$8.3M	–	133
2022 Q4	$8.3M	Buy	+100,000	New	+$8.1M	2%	13
2022 Q2	–	Sell	-935,600	Closed	-$84.1M	–	206
2022 Q1	$84.1M	Buy	935,600 +843,200	+913%	+$77.9M	11.06%	1
2021 Q4	$10.3M	Sell	92,400 -207,600	-69%	-$25M	1.54%	17
2021 Q3	$37.7M	Buy	+300,000	New	+$38.6M	2.66%	8
2021 Q2	–	Sell	-350,000	Closed	-$47.5M	–	292
2021 Q1	$47.5M	Buy	350,000 +280,000	+400%	+$41.9M	1.6%	13
2020 Q4	$9.86M	Buy	+70,000	New	+$8.97M	0.43%	53
2020 Q2	–	Sell	-250,000	Closed	-$19.4M	–	211
2020 Q1	$19.4M	Buy	+250,000	New	+$22.1M	1.46%	12