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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
FTH
151
Faeth Therapeutics
FTH
$702M
$228K 0.02%
21,351
-1,146
-5% -$11.1K
NYXH
152
Nyxoah
NYXH
$140M
$218K 0.02%
47,358
-3,269
-6% -$16.8K
VYGR icon
153
Voyager Therapeutics
VYGR
$183M
$209K 0.02%
53,063
-2,703
-5% -$12K
LXRX icon
154
Lexicon Pharmaceuticals
LXRX
$1.03B
$189K 0.01%
164,674
-11,805
-7% -$16.2K
NEUP
155
Neuphoria Therapeutics
NEUP
$21M
$184K 0.01%
+47,443
New +$337K
GCTK icon
156
GlucoTrack
GCTK
$3.68M
$177K 0.01%
+45,830
New +$272K
YARW
157
Yarrow Bioscience, Inc. Common Stock
YARW
$23.4M
$154K 0.01%
5,298
-502
-9% -$10.1K
RNAC icon
158
Cartesian Therapeutics
RNAC
$229M
$150K 0.01%
20,807
-1,359
-6% -$11K
SHPH icon
159
Shuttle Pharmaceuticals
SHPH
$2.22M
$124K 0.01%
+6,899
New +$176K
MGNX icon
160
MacroGenics
MGNX
$235M
$121K 0.01%
74,893
-5,178
-6% -$8.14K
PMVP icon
161
PMV Pharmaceuticals
PMVP
$59.2M
$111K 0.01%
89,136
-8,364
-9% -$11.2K
PURR
162
Hyperliquid Strategies Inc
PURR
$1.25B
$107K 0.01%
+30,001
New +$104K
MGRX icon
163
Mangoceuticals
MGRX
$9.56M
$102K 0.01%
+138,146
New +$224K
CMMB
164
Chemomab Therapeutics
CMMB
$11.4M
$85.5K 0.01%
51,793
-1,469
-3% -$3.9K
LYRA
165
DELISTED
LYRA THERAPEUTICS INC
LYRA
$65.2K 0.01%
21,161
– –
JSPR icon
166
Jasper Therapeutics
JSPR
$21M
$44.1K ﹤0.01%
24,093
-1,014
-4% -$2.04K
AEMD icon
167
Aethlon Medical
AEMD
$1.75M
$39.8K ﹤0.01%
14,364
-1,002
-7% -$4.66K
RZLT icon
168
Rezolute
RZLT
$454M
$38.9K ﹤0.01%
+16,479
New +$129K
PHGE icon
169
BiomX
PHGE
$1.99M
$36.4K ﹤0.01%
19,473
-1,210
-6% -$8.14K
AIRS icon
170
AirSculpt Technologies
AIRS
$339M
$32.5K ﹤0.01%
16,398
-1,553
-9% -$9.43K
TOVX icon
171
Theriva Biologics
TOVX
$9.64M
$23.6K ﹤0.01%
112,076
-7,955
-7% -$2.35K
SYBX
172
DELISTED
Synlogic
SYBX
$22.4K ﹤0.01%
19,966
-456
-2% -$683
ANEB
173
DELISTED
Anebulo Pharmaceuticals
ANEB
$17.9K ﹤0.01%
17,736
-139,984
-89% -$319K
AMIX
174
Autonomix Medical
AMIX
$1.87M
$10.3K ﹤0.01%
890
-62
-7% -$1.2K
AKRO
175
CALL
DELISTED
Akero Therapeutics
AKRO
– –
-41,600
Closed -$1.98M
5 6
7
8 9

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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.