Ikarian Capital, LLC
Annual return '25
+18.0%
SPY '25
+17.7%
Alpha
+0.3ptsvs SPY
Invested
$1.2B
Holdings
139
Trades YTD
0
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 98%. 4 quarters of 2025 measured against SPY adj-close benchmark.
Top holdings · current snapshot
Source: 13F-HR01
$TERN
TERNS PHARMACEUTICALS INC
Q3 2025: Increased +180.7% (58.5k → 164.2k shares)
11.5%
02
$XBI
SPDR SERIES TRUST
Q3 2025: New position (750.0k shares)
8.4%
03
$CYTK
CYTOKINETICS INC
Q3 2025: Sold 26.1% (300.0k → 221.8k shares)
6.7%
04
$NDQ
INVESCO QQQ TR
Q1 2026: New position (511 shares)
4.7%
05
$KOD
KODIAK SCIENCES INC
Q3 2025: Sold 31.0% (599.5k → 413.8k shares)
4.3%
06
$IWM
ISHARES TR
Held since at least Q1 2024
4.1%
07
$ABVX
ABIVAX SA
Q3 2025: New position (396.1k shares)
3.2%
08
$ALMS
ALUMIS INC
Held since at least Q1 2024
2.7%
09
$BMY
BRISTOL-MYERS SQUIBB CO
Q1 2026: New position (26.4k shares)
2.5%
10
$CAPR
CAPRICOR THERAPEUTICS INC
Q3 2025: Sold 92.7% (2.72M → 200.0k shares)
2.2%
Recent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Pattern Engine ships in v1.1
30-day windowIn development
Convergence participation lands with the Pattern Engine.
Once the Pattern Engine ships, this section will list every active convergence event this fund is named in — with the other named funds, the Congress members on the same name, and combined position size.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2025-12-31 · Last refreshed 08:25 UTC.