Latest Ikarian Capital, LLC Stock Portfolio

Ikarian Capital, LLC Performance:

2025 Q4: 28.3%YTD: 26.73%2024: 2.11%

Performance for 2025 Q4 is 28.3%, and YTD is 26.73%, 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 2026-02-18, the fund reported it's updated stock portfolio. In the 13F Holdings report, Ikarian Capital, LLC reported an equity portfolio of $1.3 Billions as of 31 Dec, 2025.

The top stock holdings of Ikarian Capital, LLC are TERN, CDTX, . The fund has invested 5% of it's portfolio in TERNS PHARMACEUTICALS INC and 4.7% of portfolio in CIDARA THERAPEUTICS INC.

The fund managers got completely rid off GENMAB A/S (GMAB), DIANTHUS THERAPEUTICS INC and AKERO THERAPEUTICS INC (AKRO) stocks. They significantly reduced their stock positions in STRUCTURE THERAPEUTICS INC, ANEBULO PHARMACEUTICALS INC (ANEB) and APELLIS PHARMACEUTICALS INC (APLS). Ikarian Capital, LLC opened new stock positions in OLEMA PHARMACEUTICALS INC (OLMA), ELI LILLY & CO (LLY) and AMGEN INC (AMGN). The fund showed a lot of confidence in some stocks as they added substantially to NEUMORA THERAPEUTICS INC., TRAWS PHARMA INC (ONTX) and KARYOPHARM THERAPEUTICS INC (KPTI).

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

Our best estimate is that Ikarian Capital, LLC made a return of 28.3% in the last quarter. In trailing 12 months, it's portfolio return was 26.73%.

Performance
S&P 500

New Buys

Ticker	$ Bought
olema pharmaceuticals inc	18,966,400
eli lilly & co	14,846,700
amgen inc	14,729,000
connect biopharma hldgs ltd	13,503,500
revolution medicines inc	11,003,000
celcuity inc	10,527,100
harrow inc	8,984,000
neurocrine biosciences inc	7,667,610

New stocks bought by Ikarian Capital, LLC

Additions

Ticker	% Inc.
neumora therapeutics inc.	10,128
traws pharma inc	2,280
karyopharm therapeutics inc	1,897
bright minds biosciences inc	933
terns pharmaceuticals inc	872
spruce biosciences inc	810
alto neuroscience inc	368
pelthos therapeutics inc	309

Additions to existing portfolio by Ikarian Capital, LLC

Reductions

Ticker	% Reduced
structure therapeutics inc	-97.04
anebulo pharmaceuticals inc	-88.75
apellis pharmaceuticals inc	-84.12
avalo therapeutics inc	-80.53
ovid therapeutics inc	-77.4
zura bio ltd	-62.37
ptc therapeutics inc	-57.71
tarsus pharmaceuticals inc	-57.67

Ikarian Capital, LLC reduced stake in above stock

Sold off

Ticker	$ Sold
inflarx nv	-967,568
relay therapeutics inc	-2,439,630
moonlake immunotherapeutics	-3,124,960
dianthus therapeutics inc	-13,615,100
syndax pharmaceuticals inc	-5,134,480
viridian therapeutics inc	-5,298,280
akero therapeutics inc	-9,821,430
genmab a/s	-53,021,600

Ikarian Capital, LLC got rid off the above stocks

Sector Distribution

Ikarian Capital, LLC has about 75.1% of it's holdings in Healthcare sector.

Sector	%
Healthcare	75.1
Others	24

Market Cap. Distribution

Ikarian Capital, LLC has about 12.6% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
MID-CAP	30.8
UNALLOCATED	24
SMALL-CAP	23.1
LARGE-CAP	10.7
MICRO-CAP	7.5
NANO-CAP	2
MEGA-CAP	1.9

Stocks belong to which Index?

About 39.2% of the stocks held by Ikarian Capital, LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	60.7
RUSSELL 2000	35.4
S&P 500	3.8

Top 5 Winners (%)		%
VTYX	ventyx biosciences inc	164.8 %
CDTX	cidara therapeutics inc	129.6 %
WVE	wave life sciences ltd	124.9 %
CAPR	capricor therapeutics inc	120.7 %
PRAX	praxis precision medicines i	120.0 %

Top 5 Winners ($)		$
CDTX	cidara therapeutics inc	34.5 M
TERN	terns pharmaceuticals inc	29.0 M
	abivax sa	17.2 M
PRAX	praxis precision medicines i	13.9 M
	maze therapeutics inc	10.7 M

Top 5 Losers (%)		%
VSTA	vistagen therapeutics inc	-74.7 %
AIRS	airsculpt technologies inc	-72.0 %
QURE	uniqure nv	-54.2 %
LYRA	lyra therapeutics inc	-53.3 %
	autonomix med inc	-47.5 %

Top 5 Losers ($)		$
QURE	uniqure nv	-2.6 M
ALEC	alector inc	-2.0 M
VSTA	vistagen therapeutics inc	-1.6 M
AGIO	agios pharmaceuticals inc	-1.6 M
SLNO	soleno therapeutics inc	-1.3 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 135 stocks in it's portfolio. About 24.4% of the portfolio is in top 10 stocks. QURE 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: 18 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABOS	acumen pharmaceuticals inc	0.04	254,312	536,599	reduced	-4.31

ADGI	invivyd inc	0.51	2,656,570	6,561,730	added	27.8

ADMA	adma biologics inc	0.33	234,854	4,283,740	added	46.92

AEMD	aethlon med inc	0.00	14,364	39,788	new

AEMD	aethlon med inc	0.00	0.00	0.00	sold off	-100

AGIO	agios pharmaceuticals inc	0.24	115,489	3,143,610	reduced	-9.05

AIRS	airsculpt technologies inc	0.00	16,398	32,468	reduced	-8.65

AKRO	akero therapeutics inc	0.00	0.00	0.00	sold off	-100

ALEC	alector inc	0.25	2,082,610	3,248,870	added	174

AMGN	amgen inc	1.15	45,000	14,729,000	new

ANEB	anebulo pharmaceuticals inc	0.00	17,736	17,913	reduced	-88.75

ANNX	annexon inc	0.09	230,244	1,155,830	new

APLS	apellis pharmaceuticals inc	0.14	71,747	1,802,280	reduced	-84.12

ARCT	arcturus therapeutics hldgs	0.00	0.00	0.00	sold off	-100

ARGX	argenx se	0.00	0.00	0.00	sold off	-100

ARVN	arvinas inc	0.33	358,257	4,248,930	added	58.34

AVTE	jade biosciences inc	0.36	300,000	4,629,000	new

AVTX	avalo therapeutics inc	0.04	31,106	564,885	reduced	-80.53

BBIO	bridgebio pharma inc	0.00	0.00	0.00	sold off	-100

CABA	cabaletta bio inc	0.15	900,000	1,971,000	new