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Ikarian Capital Portfolio holdings

AUM $1.23B
1-Year Est. Return 600.17%
This Fund
S&P 500
This Quarter Est. Return
+121.28%
1 Year Est. Return
+600.17%
3 Year Est. Return
+5,763.15%
5 Year Est. Return
+15,527.6%
10 Year Est. Return
–
AUM
$1.28B
AUM Growth
+$290M
Cap. Flow
+$61.4M
Cap. Flow %
4.79%
Top 10 Hldgs %
38.86%
Holding
235
New
66
Increased
34
Reduced
68
Closed
61

Top Buys

Rank Stock Value
1
TERN
Terns Pharmaceuticals
TERN
+$33.1M
2
CORT icon
Corcept Therapeutics
CORT
+$14.6M
3
AMGN icon
Amgen
AMGN
+$14.3M
4
OLMA icon
Olema Pharmaceuticals
OLMA
+$13.5M
5
LLY icon
Eli Lilly
LLY
+$13.2M

Top Sells

Rank Stock Value
1
GMAB icon
Genmab
GMAB
+$53M
2
ABVX
Abivax
ABVX
+$20.7M
3
IONS icon
Ionis Pharmaceuticals
IONS
+$16M
4
DNTH icon
Dianthus Therapeutics
DNTH
+$13.6M
5
PTCT icon
PTC Therapeutics
PTCT
+$11.8M

Sector Composition

Rank Sector Weight
1 Healthcare 59.99%
2 Financials 0.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MLYS icon
51
Mineralys Therapeutics
MLYS
$2.25B
$7.26M 0.57%
+200,000
New +$8.02M
NBIX icon
52
CALL
Neurocrine Biosciences
NBIX
$16.8B
$7.23M 0.56%
+51,000
New +$7.39M
ACOG
53
Alpha Cognition
ACOG
$180M
$6.87M 0.54%
1,056,259
+110,000
+12% +$695K
DMRA
54
Damora Therapeutics, Inc. Ordinary Shares
DMRA
$1.78B
$6.57M 0.51%
+285,710
New +$4.97M
IVVD icon
55
Invivyd
IVVD
$158M
$6.56M 0.51%
2,656,570
+577,864
+28% +$1.2M
ANIP icon
56
CALL
ANI Pharmaceuticals
ANIP
$1.8B
$6.54M 0.51%
+82,800
New +$7.17M
CORT icon
57
Corcept Therapeutics
CORT
$12.4B
$6.46M 0.5%
+185,593
New +$14.6M
NUVL
58
DELISTED
Nuvalent
NUVL
$5.99M 0.47%
+59,594
New +$5.88M
RARE icon
59
PUT
Ultragenyx Pharmaceutical
RARE
$2.45B
$5.87M 0.46%
255,100
+162,500
+175% +$5.34M
RARE icon
60
CALL
Ultragenyx Pharmaceutical
RARE
$2.45B
$5.75M 0.45%
+250,000
New +$8.22M
CORT icon
61
CALL
Corcept Therapeutics
CORT
$12.4B
$5.7M 0.45%
+163,800
New +$12.9M
LXEO icon
62
Lexeo Therapeutics
LXEO
$324M
$5.09M 0.4%
513,011
-54,590
-10% -$498K
OLMA icon
63
CALL
Olema Pharmaceuticals
OLMA
$1B
$5M 0.39%
+200,000
New +$3.56M
LEGN icon
64
Legend Biotech
LEGN
$3.59B
$4.93M 0.39%
+226,888
New +$6.5M
JBIO
65
Jade Biosciences
JBIO
$1.2B
$4.63M 0.36%
+300,000
New +$3.52M
EPRX
66
Eupraxia Pharmaceuticals
EPRX
$418M
$4.61M 0.36%
+610,000
New +$3.76M
DCTH icon
67
Delcath Systems
DCTH
$422M
$4.36M 0.34%
431,251
– –
CMPX icon
68
Compass Therapeutics
CMPX
$344M
$4.3M 0.34%
+800,000
New +$3.69M
ADMA icon
69
ADMA Biologics
ADMA
$1.96B
$4.28M 0.33%
234,854
+75,000
+47% +$1.26M
ARVN icon
70
Arvinas
ARVN
$518M
$4.25M 0.33%
358,257
+132,000
+58% +$1.44M
ZURA icon
71
Zura Bio
ZURA
$516M
$4.2M 0.33%
802,322
-1,330,000
-62% -$5.26M
KPTI icon
72
Karyopharm Therapeutics
KPTI
$43.5M
$4.01M 0.31%
544,554
+517,297
+1,898% +$3.16M
AGIO icon
73
CALL
Agios Pharmaceuticals
AGIO
$1.79B
$3.73M 0.29%
137,200
-12,800
-9% -$449K
KRYS icon
74
Krystal Biotech
KRYS
$10.1B
$3.65M 0.29%
14,814
-9,607
-39% -$2.02M
TGTX icon
75
TG Therapeutics
TGTX
$7.96B
$3.51M 0.27%
117,903
-57,056
-33% -$1.86M
1 2
3
4 5

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HCA
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Ikarian Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Ikarian Capital held 235 positions worth $1.28B, up 29% from $990M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Ikarian Capital deployed $61.4M of net new capital in Q4 2025, opening 66 new positions and adding to 34 existing holdings. Its largest new stake was Corcept Therapeutics: 185,593 shares worth $6.46M.

By sector, the portfolio is most concentrated in Healthcare at 60% of assets, up from 50% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was Abivax, an estimated $20.7M trimmed.

  • Ikarian Capital's largest Q4 2025 buy was Corcept Therapeutics: 185,593 shares worth $6.46M.
  • Ikarian Capital added most to Terns Pharmaceuticals in Q4 2025, an estimated $33.1M increase.
  • Ikarian Capital's biggest Q4 2025 reduction was Abivax, cutting an estimated $20.7M.
  • Ikarian Capital fully exited Genmab in Q4 2025, selling an estimated $53M.
  • Ikarian Capital's ten largest holdings make up 39% of its $1.28B portfolio in Q4 2025.
  • Ikarian Capital opened 66 new positions and closed 61 in Q4 2025.
  • Ikarian Capital's portfolio value rose 29% quarter-over-quarter to $1.28B.

Based on Ikarian Capital's 13F filing for Q4 2025, filed 18 Feb 2026.