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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
ALMS
101
PUT
Alumis Inc
ALMS
$3.6B
$2.06M 0.16%
+211,100
New +$1.47M
CABA icon
102
Cabaletta Bio
CABA
$437M
$1.97M 0.15%
+900,000
New +$2.23M
PEPG icon
103
CALL
PepGen
PEPG
$122M
$1.95M 0.15%
+300,000
New +$1.56M
DERM icon
104
Journey Medical
DERM
$175M
$1.94M 0.15%
+251,436
New +$1.97M
IBIO icon
105
iBio
IBIO
$69.5M
$1.85M 0.14%
957,062
+339,735
+55% +$464K
APLS
106
DELISTED
Apellis Pharmaceuticals
APLS
$1.8M 0.14%
71,747
-380,155
-84% -$8.92M
SLN
107
Silence Therapeutics
SLN
$495M
$1.73M 0.14%
865,784
-35,000
-4% -$224K
ZBIO
108
CALL
Zenas BioPharma
ZBIO
$1.98B
$1.7M 0.13%
+46,800
New +$1.54M
ZBIO
109
PUT
Zenas BioPharma
ZBIO
$1.98B
$1.7M 0.13%
+46,800
New +$1.54M
VSTM icon
110
Verastem
VSTM
$510M
$1.65M 0.13%
+213,865
New +$1.91M
INSM icon
111
Insmed
INSM
$21.4B
$1.63M 0.13%
9,337
-4,414
-32% -$805K
NAMS icon
112
NewAmsterdam Pharma
NAMS
$3.25B
$1.61M 0.13%
45,830
-60,970
-57% -$2.22M
LPCN icon
113
Lipocine
LPCN
$17.5M
$1.6M 0.13%
+199,542
New +$671K
GOSS icon
114
CALL
Gossamer Bio
GOSS
$82.9M
$1.55M 0.12%
+500,000
New +$1.43M
GOSS icon
115
PUT
Gossamer Bio
GOSS
$82.9M
$1.55M 0.12%
+500,000
New +$1.43M
NKTR icon
116
CALL
Nektar Therapeutics
NKTR
$2.39B
$1.53M 0.12%
+36,300
New +$2.03M
NKTR icon
117
PUT
Nektar Therapeutics
NKTR
$2.39B
$1.53M 0.12%
+36,300
New +$2.03M
INSM icon
118
CALL
Insmed
INSM
$21.4B
$1.5M 0.12%
8,600
-91,400
-91% -$16.7M
SRZN icon
119
Surrozen
SRZN
$258M
$1.49M 0.12%
+65,788
New +$1.06M
WVE icon
120
Wave Life Sciences
WVE
$1.09B
$1.45M 0.11%
85,285
-10,670
-11% -$108K
TVTX icon
121
CALL
Travere Therapeutics
TVTX
$5.2B
$1.4M 0.11%
36,600
-177,900
-83% -$5.78M
CPRX
122
DELISTED
Catalyst Pharmaceutical
CPRX
$1.34M 0.1%
57,388
-59,000
-51% -$1.31M
LYEL icon
123
Lyell Immunopharma
LYEL
$317M
$1.26M 0.1%
41,081
-2,718
-6% -$60.8K
ANNX icon
124
Annexon
ANNX
$834M
$1.16M 0.09%
+230,244
New +$880K
HELP
125
Cybin Inc
HELP
$485M
$1.08M 0.08%
132,153
-8,322
-6% -$53.6K
3 4
5
6 7

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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.