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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
VIR icon
76
Vir Biotechnology
VIR
$1.46B
$3.47M 0.27%
575,712
-17,662
-3% -$105K
NXTC icon
77
NextCure
NXTC
$16.8M
$3.38M 0.26%
+238,303
New +$2.47M
ALEC icon
78
Alector
ALEC
$168M
$3.25M 0.25%
2,082,606
+1,322,606
+174% +$2.35M
CTNM
79
Contineum Therapeutics
CTNM
$583M
$3.23M 0.25%
+282,874
New +$3.23M
AQST icon
80
PUT
Aquestive Therapeutics
AQST
$463M
$3.23M 0.25%
+500,000
New +$3.12M
SLNO
81
DELISTED
Soleno Therapeutics
SLNO
$3.19M 0.25%
68,823
+12,877
+23% +$706K
AGIO icon
82
Agios Pharmaceuticals
AGIO
$1.79B
$3.14M 0.25%
115,489
-11,490
-9% -$403K
PCSC
83
DELISTED
Perceptive Capital Solutions
PCSC
$3.14M 0.25%
+240,951
New +$2.81M
QNRX
84
Quoin Pharmaceuticals
QNRX
$8.94M
$3.05M 0.24%
+211,538
New +$2.88M
KLRS
85
Kalaris Therapeutics
KLRS
$83.5M
$3.04M 0.24%
+360,000
New +$2.3M
PRQR icon
86
ProQR Therapeutics
PRQR
$243M
$3.01M 0.24%
1,492,229
+600,000
+67% +$1.4M
PEPG icon
87
PepGen
PEPG
$122M
$2.91M 0.23%
447,165
-88,802
-17% -$461K
CMPS
88
Compass Pathways
CMPS
$1.53B
$2.76M 0.22%
+400,000
New +$2.44M
BBOT
89
BridgeBio Oncology
BBOT
$648M
$2.76M 0.22%
220,231
-25,000
-10% -$303K
ERAS icon
90
Erasca
ERAS
$6.3B
$2.74M 0.21%
+735,396
New +$2.07M
TARS icon
91
Tarsus Pharmaceuticals
TARS
$2.58B
$2.55M 0.2%
31,166
-42,453
-58% -$3.17M
QURE icon
92
CALL
uniQure
QURE
$3.03B
$2.52M 0.2%
105,400
-430,200
-80% -$16.6M
GUTS icon
93
Fractyl Health
GUTS
$109M
$2.42M 0.19%
1,100,000
-700,000
-39% -$1.13M
BHVN icon
94
Biohaven
BHVN
$2.03B
$2.4M 0.19%
+212,481
New +$2.63M
SLDB icon
95
CALL
Solid Biosciences
SLDB
$794M
$2.39M 0.19%
424,000
-44,000
-9% -$238K
IVA
96
Inventiva
IVA
$1.06B
$2.33M 0.18%
+502,601
New +$2.34M
NMRA icon
97
Neumora Therapeutics
NMRA
$298M
$2.29M 0.18%
1,278,408
+1,265,910
+10,129% +$2.77M
CPIX icon
98
Cumberland Pharmaceuticals
CPIX
$100M
$2.21M 0.17%
555,932
– –
QURE icon
99
uniQure
QURE
$3.03B
$2.18M 0.17%
91,060
+32,450
+55% +$1.25M
DBVT
100
DBV Technologies
DBVT
$799M
$2.08M 0.16%
+525,000
New +$8.2M
2 3
4
5 6

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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.