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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
+131.73%
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
$990M
AUM Growth
+$470M
Cap. Flow
+$292M
Cap. Flow %
29.51%
Top 10 Hldgs %
41.47%
Holding
202
New
69
Increased
29
Reduced
42
Closed
33

Top Buys

Rank Stock Value
1
ABVX
Abivax
ABVX
+$24.3M
2
MLTX icon
MoonLake Immunotherapeutics
MLTX
+$22.7M
3
IONS icon
Ionis Pharmaceuticals
IONS
+$20.3M
4
PTCT icon
PTC Therapeutics
PTCT
+$14.6M
5
DNTH icon
Dianthus Therapeutics
DNTH
+$8.84M

Top Sells

Rank Stock Value
1
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$18.5M
2
INSM icon
Insmed
INSM
+$18.4M
3
VRNA
Verona Pharma
VRNA
+$13.9M
4
COGT icon
Cogent Biosciences
COGT
+$12.1M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$12M

Sector Composition

Rank Sector Weight
1 Healthcare 49.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IMUX icon
126
Immunic
IMUX
$190M
$806K 0.08%
91,417
– –
TVRD
127
CALL
Tvardi Therapeutics
TVRD
$19.7M
$740K 0.07%
+19,000
New +$541K
DFTX
128
Definium Therapeutics
DFTX
$5.78B
$739K 0.07%
62,691
– –
CAPR icon
129
CALL
Capricor Therapeutics
CAPR
$223M
$721K 0.07%
100,000
-600,000
-86% -$4.42M
CAPR icon
130
PUT
Capricor Therapeutics
CAPR
$223M
$721K 0.07%
100,000
-1,260,200
-93% -$9.28M
LYEL icon
131
Lyell Immunopharma
LYEL
$317M
$711K 0.07%
43,799
– –
WVE icon
132
Wave Life Sciences
WVE
$1.09B
$702K 0.07%
95,955
-65,182
-40% -$527K
CRBP icon
133
CALL
Corbus Pharmaceuticals
CRBP
$166M
$693K 0.07%
+54,800
New +$521K
SONN
134
DELISTED
Sonnet BioTherapeutics
SONN
$687K 0.07%
+150,000
New +$665K
IOBT
135
DELISTED
IO Biotech
IOBT
$554K 0.06%
+1,525,893
New +$2.63M
VERU icon
136
Veru
VERU
$36M
$542K 0.05%
142,523
-1
-0% -$4
IBIO icon
137
iBio
IBIO
$69.5M
$511K 0.05%
617,327
+17,414
+3% +$13.4K
EQ icon
138
Equillium
EQ
$139M
$475K 0.05%
+332,297
New +$351K
ABOS icon
139
Acumen Pharmaceuticals
ABOS
$155M
$454K 0.05%
265,769
– –
ANRO icon
140
Alto Neuroscience
ANRO
$1.05B
$442K 0.04%
110,000
– –
IMTX icon
141
Immatics
IMTX
$1.18B
$421K 0.04%
49,396
– –
KZR
142
DELISTED
Kezar Life Sciences
KZR
$417K 0.04%
106,901
– –
ANEB
143
DELISTED
Anebulo Pharmaceuticals
ANEB
$394K 0.04%
157,720
– –
EVAX
144
Evaxion A/S
EVAX
$23.5M
$301K 0.03%
80,000
– –
VKTX icon
145
Viking Therapeutics
VKTX
$3.7B
$263K 0.03%
10,000
-90,000
-90% -$2.68M
VYGR icon
146
Voyager Therapeutics
VYGR
$183M
$260K 0.03%
55,766
– –
PCVX icon
147
CALL
Vaxcyte
PCVX
$7.81B
$252K 0.03%
7,000
+100
+1% +$3.31K
LXRX icon
148
Lexicon Pharmaceuticals
LXRX
$1.03B
$238K 0.02%
176,479
– –
NYXH
149
Nyxoah
NYXH
$140M
$233K 0.02%
50,627
– –
RNAC icon
150
Cartesian Therapeutics
RNAC
$229M
$227K 0.02%
22,166
– –
4 5
6
7 8

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Ikarian Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Ikarian Capital held 202 positions worth $990M, up 90% from $521M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Ikarian Capital deployed $292M of net new capital in Q3 2025, opening 69 new positions and adding to 29 existing holdings. Its largest new stake was Abivax: 396,098 shares worth $33.4M.

By sector, the portfolio is most concentrated in Healthcare at 50% of assets, down from 58% a quarter earlier.

On the sell side, the largest reduction was Insmed, an estimated $18.4M trimmed.

  • Ikarian Capital's largest Q3 2025 buy was Abivax: 396,098 shares worth $33.4M.
  • Ikarian Capital added most to Apellis Pharmaceuticals in Q3 2025, an estimated $8.79M increase.
  • Ikarian Capital's biggest Q3 2025 reduction was Insmed, cutting an estimated $18.4M.
  • Ikarian Capital fully exited Alnylam Pharmaceuticals in Q3 2025, selling an estimated $18.5M.
  • Ikarian Capital's ten largest holdings make up 41% of its $990M portfolio in Q3 2025.
  • Ikarian Capital opened 69 new positions and closed 33 in Q3 2025.
  • Ikarian Capital's portfolio value rose 90% quarter-over-quarter to $990M.

Based on Ikarian Capital's 13F filing for Q3 2025, filed 14 Nov 2025.