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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
XBI icon
1
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.4B
$104M 8.09%
850,000
+100,000
+13% +$11.5M
CDTX
2
PUT
DELISTED
Cidara Therapeutics
CDTX
$66.3M 5.17%
+300,000
New +$48.5M
AMGN icon
3
PUT
Amgen
AMGN
$198B
$65.5M 5.11%
+200,000
New +$63.4M
TERN
4
DELISTED
Terns Pharmaceuticals
TERN
$64.5M 5.04%
1,596,378
+1,432,176
+872% +$33.1M
CDTX
5
DELISTED
Cidara Therapeutics
CDTX
$60.4M 4.71%
273,243
-4,461
-2% -$721K
ABVX
6
Abivax
ABVX
$11.9B
$29.1M 2.27%
205,985
-190,113
-48% -$20.7M
JAZZ icon
7
CALL
Jazz Pharmaceuticals
JAZZ
$15.5B
$28.9M 2.26%
170,000
+99,300
+140% +$15.2M
JAZZ icon
8
Jazz Pharmaceuticals
JAZZ
$15.5B
$27.3M 2.13%
160,367
+82,567
+106% +$12.7M
MAZE
9
Maze Therapeutics
MAZE
$1.56B
$26.7M 2.09%
644,680
-96,145
-13% -$3.3M
PRAX icon
10
Praxis Precision Medicines
PRAX
$8.77B
$25.5M 1.99%
86,581
+58,010
+203% +$10.8M
HROW icon
11
CALL
Harrow
HROW
$1.74B
$25M 1.95%
509,700
+220,000
+76% +$9.24M
SLNO
12
CALL
DELISTED
Soleno Therapeutics
SLNO
$24.5M 1.91%
528,900
+352,800
+200% +$19.3M
RAPT
13
DELISTED
RAPT Therapeutics
RAPT
$22.5M 1.76%
665,271
+50,271
+8% +$1.56M
KOD icon
14
Kodiak Sciences
KOD
$2.67B
$20.1M 1.57%
719,787
+305,946
+74% +$6.27M
OLMA icon
15
Olema Pharmaceuticals
OLMA
$1B
$19M 1.48%
+758,654
New +$13.5M
CYTK icon
16
CALL
Cytokinetics
CYTK
$10.9B
$18.5M 1.44%
290,900
+180,000
+162% +$11.2M
PCVX icon
17
Vaxcyte
PCVX
$8.12B
$17.5M 1.36%
378,682
+67,000
+21% +$3M
CRNX icon
18
PUT
Crinetics Pharmaceuticals
CRNX
$8.88B
$17.2M 1.34%
+368,500
New +$16.4M
ABVX
19
CALL
Abivax
ABVX
$11.9B
$16.9M 1.32%
+125,100
New +$13.6M
CAPR icon
20
Capricor Therapeutics
CAPR
$1.13B
$16.7M 1.3%
578,015
+313,373
+118% +$4.09M
OMER icon
21
PUT
Omeros
OMER
$701M
$16.3M 1.27%
+950,000
New +$8.18M
IONS icon
22
Ionis Pharmaceuticals
IONS
$8.99B
$16M 1.25%
202,038
-213,125
-51% -$16M
FULC icon
23
Fulcrum Therapeutics
FULC
$243M
$15.6M 1.21%
1,375,472
+86,247
+7% +$878K
LLY icon
24
Eli Lilly
LLY
$1.05T
$14.8M 1.16%
+13,815
New +$13.2M
RLMD icon
25
Relmada Therapeutics
RLMD
$550M
$14.8M 1.16%
3,068,359
+1,225,299
+66% +$4.11M
1
2 3 4 5

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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.