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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
AVTX icon
126
CALL
Avalo Therapeutics
AVTX
$965M
$1.06M 0.08%
+58,100
New +$981K
STIM icon
127
Neuronetics
STIM
$138M
$968K 0.08%
701,182
-204,534
-23% -$428K
SLDB icon
128
Solid Biosciences
SLDB
$794M
$905K 0.07%
160,409
-16,281
-9% -$88.2K
LABD icon
129
Direxion Daily S&P Biotech Bear 3X ETF
LABD
$71M
$860K 0.07%
40,822
-51,137
-56% -$1.39M
IOBT
130
DELISTED
IO Biotech
IOBT
$844K 0.07%
1,386,565
-139,328
-9% -$104K
DFTX
131
Definium Therapeutics
DFTX
$5.78B
$787K 0.06%
58,803
-3,888
-6% -$48.1K
TRAW icon
132
Traws Pharma
TRAW
$6.85M
$766K 0.06%
678,142
+649,649
+2,280% +$1.44M
PALI icon
133
Palisade Bio
PALI
$329M
$646K 0.05%
+274,978
New +$529K
KZR
134
DELISTED
Kezar Life Sciences
KZR
$643K 0.05%
102,211
-4,690
-4% -$27.4K
KALV
135
DELISTED
KalVista Pharmaceuticals
KALV
$567K 0.04%
+35,119
New +$465K
AVTX icon
136
Avalo Therapeutics
AVTX
$965M
$565K 0.04%
31,106
-128,671
-81% -$2.17M
ABOS icon
137
Acumen Pharmaceuticals
ABOS
$155M
$537K 0.04%
254,312
-11,457
-4% -$22.7K
SGMO
138
DELISTED
SANGAMO THERAPEUTICS INC
SGMO
$512K 0.04%
1,218,671
-75,981
-6% -$40.3K
IMTX icon
139
Immatics
IMTX
$1.18B
$510K 0.04%
48,569
-827
-2% -$8.35K
EQ icon
140
Equillium
EQ
$139M
$471K 0.04%
303,555
-28,742
-9% -$35K
CNTB
141
CALL
Connect Biopharma Holdings
CNTB
$127M
$408K 0.03%
+144,600
New +$308K
OVID icon
142
Ovid Therapeutics
OVID
$414M
$404K 0.03%
247,558
-848,016
-77% -$1.31M
IMUX icon
143
Immunic
IMUX
$190M
$360K 0.03%
67,466
-23,951
-26% -$175K
EVAX
144
Evaxion A/S
EVAX
$23.5M
$356K 0.03%
74,698
-5,302
-7% -$31.1K
VTGN icon
145
VistaGen Therapeutics
VTGN
$9.89M
$344K 0.03%
519,077
-101,792
-16% -$368K
VKTX icon
146
Viking Therapeutics
VKTX
$3.7B
$342K 0.03%
9,717
-283
-3% -$10K
GPCR icon
147
Structure Therapeutics
GPCR
$3.41B
$336K 0.03%
4,824
-158,413
-97% -$6.47M
RARE icon
148
Ultragenyx Pharmaceutical
RARE
$2.45B
$291K 0.02%
+12,671
New +$417K
VERU icon
149
Veru
VERU
$36M
$286K 0.02%
133,517
-9,006
-6% -$26.8K
CNSP icon
150
CNS Pharmaceuticals
CNSP
$8.5M
$241K 0.02%
+45,830
New +$344K
4 5
6
7 8

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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.