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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
KALV
201
CALL
DELISTED
KalVista Pharmaceuticals
KALV
– –
-400,000
Closed -$4.87M
LQDA icon
202
CALL
Liquidia Corp
LQDA
$7.48B
– –
-200,000
Closed -$4.55M
LRMR icon
203
CALL
Larimar Therapeutics
LRMR
$397M
– –
-548,400
Closed -$1.77M
MLTX icon
204
CALL
MoonLake Immunotherapeutics
MLTX
$1.57B
– –
-612,200
Closed -$4.39M
MLTX icon
205
MoonLake Immunotherapeutics
MLTX
$1.57B
– –
-435,839
Closed -$3.12M
MLTX icon
206
PUT
MoonLake Immunotherapeutics
MLTX
$1.57B
– –
-450,000
Closed -$3.23M
NVO
207
CALL
Novo Nordisk
NVO
$208B
– –
-150,000
Closed -$8.32M
PCVX icon
208
CALL
Vaxcyte
PCVX
$7.81B
– –
-7,000
Closed -$252K
PRAX icon
209
CALL
Praxis Precision Medicines
PRAX
$8.58B
– –
-100,000
Closed -$5.3M
PRME icon
210
CALL
Prime Medicine
PRME
$527M
– –
-250,000
Closed -$1.39M
PRME icon
211
Prime Medicine
PRME
$527M
– –
-150,000
Closed -$831K
PRME icon
212
PUT
Prime Medicine
PRME
$527M
– –
-250,000
Closed -$1.39M
PTCT icon
213
CALL
PTC Therapeutics
PTCT
$5.68B
– –
-213,000
Closed -$13.1M
RLAY icon
214
Relay Therapeutics
RLAY
$4.1B
– –
-467,362
Closed -$2.44M
SLNO
215
PUT
DELISTED
Soleno Therapeutics
SLNO
– –
-50,000
Closed -$3.38M
SNDX icon
216
Syndax Pharmaceuticals
SNDX
$1.69B
– –
-333,733
Closed -$5.13M
SONN
217
DELISTED
Sonnet BioTherapeutics
SONN
– –
-150,000
Closed -$687K
SPRY icon
218
CALL
ARS Pharmaceuticals
SPRY
$509M
– –
-562,400
Closed -$5.65M
SRPT icon
219
CALL
Sarepta Therapeutics
SRPT
$1.57B
– –
-137,000
Closed -$2.64M
SRRK icon
220
CALL
Scholar Rock
SRRK
$5.67B
– –
-561,600
Closed -$20.9M
SRRK icon
221
PUT
Scholar Rock
SRRK
$5.67B
– –
-96,200
Closed -$3.58M
TEVA icon
222
CALL
Teva Pharmaceuticals
TEVA
$40.8B
– –
-200,000
Closed -$4.04M
TVTX icon
223
Travere Therapeutics
TVTX
$5.2B
– –
-190,781
Closed -$6.2M
UTHR icon
224
CALL
United Therapeutics
UTHR
$25.8B
– –
-2,300
Closed -$964K
UTHR icon
225
PUT
United Therapeutics
UTHR
$25.8B
– –
-209,800
Closed -$88M
6 7 8
9
10

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GX
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WCM
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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.