Ikarian Capital, LLC

CIDARA Therapeutics had been the book's largest position at year-end — $126.6 million, nearly 10 percent of the portfolio — and is now completely gone. Amgen, which had been in the $80 million range at Q4, was also liquidated entirely. Those two exits alone freed approximately $207 million for redeployment. Terns Pharmaceuticals captured most of it: the position nearly doubled in size from $64.5 million to $140 million, vaulting it to 11.4 percent of the book and firmly establishing it as Ikarian's core conviction. Cytokinetics more than doubled, rising from $29.5 million to $81.9 million — a 168 percent share increase that puts it at 6.6 percent of the portfolio.

Both of those names sit squarely in the cardiovascular and muscular-dystrophy therapeutic space, and their simultaneous acceleration suggests the manager has built a concentrated bet on that clinical pipeline rather than spreading across the broader biotech universe. That conviction is sharpened by the complete liquidation of eight other previously-held biotech names: Jazz Pharmaceuticals (both share classes, $56.2 million combined), Omeros, Corcept, Crinex, Neurocrine, Cytomx, and RAPT. The exits are too large and too numerous to be ordinary profit-taking — they read as a deliberate concentration around a narrower set of names the manager believes have differentiated data readouts ahead.