Latest Ikarian Capital, LLC Stock Portfolio

Ikarian Capital, LLC Performance:

2025 Q3: 15.18%YTD: -1.22%2024: 2.11%

Performance for 2025 Q3 is 15.18%, and YTD is -1.22%, and 2024 is 2.11%.

About Ikarian Capital, LLC and 13F Hedge Fund Stock Holdings

Ikarian Capital, LLC is a hedge fund based in DALLAS, TX. On 18-Sep-2023, the fund reported that it had an AUM (Regulated Assets under Management) of $375.1 Millions. In it's latest 13F Holdings report, Ikarian Capital, LLC reported an equity portfolio of $990.4 Millions as of 30 Sep, 2025.

The top stock holdings of Ikarian Capital, LLC are , , IONS. The fund has invested 5.3% of it's portfolio in GENMAB A/S and 3.4% of portfolio in ABIVAX SA.

The fund managers got completely rid off ALNYLAM PHARMACEUTICALS INC (ALNY), VERONA PHARMA PLC (VRNA) and APOGEE THERAPEUTICS INC stocks. They significantly reduced their stock positions in COGENT BIOSCIENCES INC (COGT), ARCTURUS THERAPEUTICS HLDGS (ARCT) and INSMED INC (INSM). Ikarian Capital, LLC opened new stock positions in GENMAB A/S, IONIS PHARMACEUTICALS INC (IONS) and PTC THERAPEUTICS INC (PTCT). The fund showed a lot of confidence in some stocks as they added substantially to RELMADA THERAPEUTICS INC (RLMD), APELLIS PHARMACEUTICALS INC (APLS) and AVALO THERAPEUTICS INC (AVTX).

Ikarian Capital, LLC Annual Return Estimates Vs S&P 500

Our best estimate is that Ikarian Capital, LLC made a return of 15.18% in the last quarter. In trailing 12 months, it's portfolio return was -1.87%.

Performance
S&P 500

New Buys

Ticker	$ Bought
genmab a/s	53,021,600
abivax sa	33,416,400
ionis pharmaceuticals inc	27,160,000
ptc therapeutics inc	17,217,400
rapt therapeutics inc	15,860,800
dianthus therapeutics inc	13,615,100
cytomx therapeutics inc	10,758,600
zura bio ltd	9,232,950

New stocks bought by Ikarian Capital, LLC

Additions

Ticker	% Inc.
relmada therapeutics inc	4,476
apellis pharmaceuticals inc	502
avalo therapeutics inc	352
pepgen inc	257
anaptysbio inc	209
fulcrum therapeutics inc	200
zymeworks inc	191
maze therapeutics inc	181

Additions to existing portfolio by Ikarian Capital, LLC

Reductions

Ticker	% Reduced
cogent biosciences inc	-98.91
arcturus therapeutics hldgs	-93.87
insmed inc	-91.6
viking therapeutics inc	-90.00
praxis precision medicines i	-89.68
bright minds biosciences inc	-76.42
arvinas inc	-73.38
crinetics pharmaceuticals in	-69.8

Ikarian Capital, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
geron corp	-2,256,000
eledon pharmaceuticals inc	-2,710,600
nuvation bio inc	-1,207,550
apogee therapeutics inc	-10,077,800
chemomab therapeutics ltd	-247,141
tectonic therapeutic inc	-3,252,640
arcus biosciences inc	-1,329,780
verona pharma plc	-13,887,300

Ikarian Capital, LLC got rid off the above stocks

Sector Distribution

Ikarian Capital, LLC has about 60.4% of it's holdings in Healthcare sector.

Sector	%
Healthcare	60.4
Others	39.1

Market Cap. Distribution

Ikarian Capital, LLC has about 0% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	39.8
MID-CAP	24.4
MICRO-CAP	17.1
SMALL-CAP	14.4
NANO-CAP	3.8

Stocks belong to which Index?

About 30.8% of the stocks held by Ikarian Capital, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	69.2
RUSSELL 2000	30.8

Top 5 Winners (%)		%
KOD	kodiak sciences inc	286.4 %
QURE	uniqure nv	237.2 %
	neumora therapeutics inc.	148.2 %
ALEC	alector inc	102.8 %
PEPG	pepgen inc	94.6 %

Top 5 Winners ($)		$
CDTX	cidara therapeutics inc	17.5 M
	maze therapeutics inc	6.9 M
KOD	kodiak sciences inc	6.4 M
CYTK	cytokinetics inc	5.0 M
QURE	uniqure nv	4.0 M

Top 5 Losers (%)		%
VYNE	vyne therapeutics inc	-79.7 %
JSPR	jasper therapeutics inc	-57.1 %
	nyxoah s a	-38.5 %
AEMD	aethlon med inc	-37.6 %
	autonomix med inc	-31.2 %

Top 5 Losers ($)		$
	alpha cognition inc	-2.6 M
AKRO	akero therapeutics inc	-1.3 M
DCTH	delcath sys inc	-1.1 M
STIM	neuronetics inc	-0.8 M
VYNE	vyne therapeutics inc	-0.4 M

Ikarian Capital, LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Ikarian Capital, LLC

Ikarian Capital, LLC has 116 stocks in it's portfolio. About 23.2% of the portfolio is in top 10 stocks. proved to be the most loss making stock for the portfolio. CDTX was the most profitable stock for Ikarian Capital, LLC last quarter.

Last Reported on: 14 Nov, 2025

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABOS	acumen pharmaceuticals inc	0.05	265,769	454,465	unchanged	0.00

ADGI	invivyd inc	0.23	2,078,710	2,286,580	new

ADMA	adma biologics inc	0.24	159,854	2,343,460	new

AEMD	aethlon med inc	0.01	15,365	115,044	unchanged	0.00

AGIO	agios pharmaceuticals inc	0.52	126,979	5,096,940	new

AIRS	airsculpt technologies inc	0.01	17,951	143,967	unchanged	0.00

AKRO	akero therapeutics inc	0.99	206,854	9,821,430	reduced	-5.98

ALEC	alector inc	0.23	760,000	2,249,600	reduced	-15.56

ALNY	alnylam pharmaceuticals inc	0.00	0.00	0.00	sold off	-100

ANAB	anaptysbio inc	0.15	48,410	1,482,310	added	209

ANEB	anebulo pharmaceuticals inc	0.04	157,720	394,300	unchanged	0.00

APLS	apellis pharmaceuticals inc	1.03	451,902	10,226,500	added	502

ARCT	arcturus therapeutics hldgs	0.02	10,721	197,588	reduced	-93.87

ARVN	arvinas inc	0.20	226,257	1,927,710	reduced	-73.38

AVTX	avalo therapeutics inc	0.20	159,777	2,030,770	added	352

BBIO	bridgebio pharma inc	0.27	51,967	2,699,170	new

BIIB	biogen inc	0.00	0.00	0.00	sold off	-100

CAPR	capricor therapeutics inc	0.19	264,642	1,908,070	new

CDTX	cidara therapeutics inc	2.68	277,704	26,592,900	reduced	-40.21

COGT	cogent biosciences inc	0.02	11,280	161,981	reduced	-98.91