BAKER BROS. ADVISORS LP

NEW YORK, NY · CIK 1263508 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$28.1bn
Staff60 · 17 in investment roles
Main clients (by assets)Private funds 100%
Private funds2 (2 hedge) · $28.1bn gross assets
Form ADV · 2026-03-27SEC adviser record

Legal entityBAKER BROS. ADVISORS LP (US)

$20.0bn reported value +14.6% vs Q1 2026

84positions

72.8%in top 10

9 new 16 added 7 reduced 9 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	INCYTE CORP COM INCY	INCY	30,762,330	$3.5bn17.48%	17.48%	Added +17.9k	+17,918 0.1%
2	BEIGENE LTD SPONSORED ADR ONC	ONC	8,801,567	$2.5bn12.57%	12.57%	Added +2.5k	+2,514 0.0%
3	REVOLUTION MEDICINES INC COM RVMD	RVMD	11,443,357	$2.1bn10.74%	10.74%	Added +1.9m	+1,888,000 19.8%
4	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	2,143,131	$1.2bn5.77%	5.77%	Added +1.4k	+1,430 0.1%
5	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	42,912,904	$1.1bn5.44%	5.44%	Added +16.2k	+16,214 0.0%
6	KYMERA THERAPEUTICS INC COM KYMR	KYMR	8,657,242	$992.7m4.97%	4.97%	Unchanged
7	INSMED INC COM PAR $.01 INSM	INSM	8,796,111	$937.8m4.70%	4.70%	Added +1.4m	+1,375,000 18.5%
8	CELCUITY INC COM CELC	CELC	7,915,792	$828.2m4.15%	4.15%	Unchanged
9	KODIAK SCIENCES INC COM KOD	KOD	19,919,186	$776.1m3.89%	3.89%	Unchanged
10	RHYTHM PHARMACEUTICALS INC COM RYTM	RYTM	5,604,483	$622.3m3.12%	3.12%	Unchanged
11	PRAXIS PRECISION MEDICINES I COM NEW PRAX	PRAX	1,753,198	$587.0m2.94%	2.94%	Unchanged
12	ALKERMES PLC SHS ALKS	ALKS	10,012,267	$524.6m2.63%	2.63%	Unchanged
13	SUMMIT THERAPEUTICS INC COM SMMT	SMMT	32,786,348	$477.7m2.39%	2.39%	Reduced -3.6m	-3,604,715 -9.9%
14	GRAIL INC COM GRAL	GRAL	4,028,614	$275.0m1.38%	1.38%	Unchanged
15	ABCELLERA BIOLOGICS INC COM ABCL	ABCL	33,012,138	$259.1m1.30%	1.30%	Added +2.7m	+2,736,200 9.0%
16	IMMUNOVANT INC COM IMVT	IMVT	5,435,220	$209.4m1.05%	1.05%	Reduced -22.7k	-22,661 -0.4%
17	IDEAYA BIOSCIENCES INC COM IDYA	IDYA	5,010,030	$186.7m0.94%	0.94%	Added +1.1m	+1,063,515 26.9%
18	KINIKSA PHARMACEUTICALS INTL ORD SHS CL A KNSA	KNSA	2,834,643	$181.3m0.91%	0.91%	Added +8.4k	+8,397 0.3%
19	ROIVANT SCIENCES LTD SHS ROIV	ROIV	4,716,831	$166.9m0.84%	0.84%	Reduced -150.9k	-150,892 -3.1%
20	ARROWHEAD PHARMACEUTICALS IN COM ARWR	ARWR	1,992,783	$162.4m0.81%	0.81%	Unchanged
21	IONIS PHARMACEUTICALS INC COM IONS	IONS	2,047,727	$162.4m0.81%	0.81%	Unchanged
22	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	3,701,719	$150.4m0.75%	0.75%	Reduced -2.9m	-2,874,221 -43.7%
23	REPLIMUNE GROUP INC COM REPL	REPL	11,045,336	$122.3m0.61%	0.61%	Unchanged
24	NURIX THERAPEUTICS INC COM NRIX	NRIX	4,658,556	$113.0m0.57%	0.57%	Unchanged
25	STOKE THERAPEUTICS INC COM STOK	STOK	3,336,697	$109.2m0.55%	0.55%	Unchanged
26	MONTE ROSA THERAPEUTICS INC COM GLUE	GLUE	4,345,736	$105.2m0.53%	0.53%	Unchanged
27	IMMATICS N.V SHS IMTX	IMTX	9,508,565	$96.3m0.48%	0.48%	Reduced -1.4m	-1,408,128 -12.9%
28	DENALI THERAPEUTICS INC COM DNLI	DNLI	3,734,336	$96.0m0.48%	0.48%	Added +2.6k	+2,641 0.1%
29	CRINETICS PHARMACEUTICALS IN COM CRNX	CRNX	2,351,465	$88.0m0.44%	0.44%	Unchanged
30	DIANTHUS THERAPEUTICS INC COM DNTH	DNTH	852,164	$83.1m0.42%	0.42%	Unchanged
31	STRUCTURE THERAPEUTICS INC SPONSORED ADS GPCR	GPCR	1,432,529	$76.9m0.39%	0.39%	Unchanged
32	CELCUITY INC NOTE 2.750% 8/0 · principal CELC 2.75 08.01.31 · principal	CELC 2.75 08.01.31	30,750,000	$69.2m0.35%	0.35%	New
33	RAPPORT THERAPEUTICS INC COM RAPP	RAPP	1,547,090	$64.5m0.32%	0.32%	Unchanged
34	ALUMIS INC COM ALMS	ALMS	2,012,500	$56.6m0.28%	0.28%	Unchanged
35	PRELUDE THERAPEUTICS INC COM PRLD	PRLD	10,123,824	$54.0m0.27%	0.27%	Unchanged
36	RELAY THERAPEUTICS INC COM RLAY	RLAY	2,826,783	$52.9m0.27%	0.27%	Added +1.7m	+1,666,666 143.7%
37	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	445,975	$52.2m0.26%	0.26%	Unchanged
38	BICYCLE THERAPEUTICS PLC SPONSORED ADS BCYC	BCYC	10,885,357	$46.2m0.23%	0.23%	Unchanged
39	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	905,191	$45.9m0.23%	0.23%	Unchanged
40	CELLDEX THERAPEUTICS INC NEW COM NEW CLDX	CLDX	1,182,611	$44.0m0.22%	0.22%	Added +517.2k	+517,241 77.7%
41	VIRIDIAN THERAPEUTICS INC COM VRDN	VRDN	2,383,025	$43.8m0.22%	0.22%	Added +411.3k	+411,347 20.9%
42	DESIGN THERAPEUTICS INC COM DSGN	DSGN	2,678,430	$38.8m0.19%	0.19%	Added +92.5k	+92,452 3.6%
43	ENTRADA THERAPEUTICS INC COM TRDA	TRDA	5,072,730	$37.3m0.19%	0.19%	Unchanged
44	FAETH THERAPEUTICS INC COM NEW FTH	FTH	1,286,411	$32.2m0.16%	0.16%	New
45	AKTIS ONCOLOGY INC COM AKTS	AKTS	996,351	$32.1m0.16%	0.16%	Unchanged
46	NEUROGENE INC COM NGNE	NGNE	991,691	$31.2m0.16%	0.16%	Unchanged
47	JADE BIOSCIENCES INC COM NEW JBIO	JBIO	1,230,426	$27.3m0.14%	0.14%	Reduced -410.7k	-410,711 -25.0%
48	TAYSHA GENE THERAPIES INC COM SHS TSHA	TSHA	4,004,756	$27.3m0.14%	0.14%	Unchanged
49	ARCUS BIOSCIENCES INC COM RCUS	RCUS	844,816	$26.0m0.13%	0.13%	Added +429.2k	+429,195 103.3%
50	DISC MEDICINE INC COM IRON	IRON	349,657	$25.6m0.13%	0.13%	Unchanged
51	ABSCI CORPORATION COM ABSI	ABSI	2,134,803	$24.7m0.12%	0.12%	Unchanged
52	GENERATE BIOMEDICINES INC COM SHS GENB	GENB	1,423,602	$24.0m0.12%	0.12%	Unchanged
53	DBV TECHNOLOGIES S A SPONSORED ADS DBVT	DBVT	1,461,425	$24.0m0.12%	0.12%	Unchanged
54	XENON PHARMACEUTICALS INC COM XENE	XENE	370,208	$22.3m0.11%	0.11%	Unchanged
55	TECTONIC THERAPEUTIC INC COM TECX	TECX	607,788	$20.9m0.10%	0.10%	Unchanged
56	CERUS CORP COM CERS	CERS	6,395,431	$18.7m0.09%	0.09%	Reduced -3.6m	-3,612,914 -36.1%
57	CYTOMX THERAPEUTICS INC COM CTMX	CTMX	4,975,826	$18.7m0.09%	0.09%	Unchanged
58	DYNE THERAPEUTICS INC COM DYN	DYN	813,449	$18.1m0.09%	0.09%	Unchanged
59	CYTOKINETICS INC COM NEW CYTK	CYTK	211,267	$18.0m0.09%	0.09%	New
60	XENCOR INC COM XNCR	XNCR	1,102,106	$17.7m0.09%	0.09%	Unchanged
61	SIONNA THERAPEUTICS INC COM SION	SION	400,000	$17.6m0.09%	0.09%	Unchanged
62	INTELLIA THERAPEUTICS INC COM NTLA	NTLA	930,232	$15.7m0.08%	0.08%	New
63	PARABILIS MEDICINES INC COM PBLS	PBLS	500,000	$13.7m0.07%	0.07%	New
64	MAPLIGHT THERAPEUTICS INC COM MPLT	MPLT	364,705	$13.1m0.07%	0.07%	Unchanged
65	AVALYN PHARMACEUTICALS INC COM SHS AVLN	AVLN	350,000	$11.5m0.06%	0.06%	New
66	EVOMMUNE INC COM SHS EVMN	EVMN	847,390	$11.3m0.06%	0.06%	Unchanged
67	BIONTECH SE SPONSORED ADS BNTX	BNTX	119,743	$11.1m0.06%	0.06%	Unchanged
68	TANGO THERAPEUTICS INC COM TNGX	TNGX	333,333	$10.4m0.05%	0.05%	New
69	AVALO THERAPEUTICS INC COM NEW AVTX	AVTX	550,000	$10.2m0.05%	0.05%	New
70	SERA PROGNOSTICS INC CLASS A COM SERA	SERA	5,498,170	$10.0m0.05%	0.05%	Unchanged
71	VERASTEM INC COM NEW VSTM	VSTM	2,499,338	$9.5m0.05%	0.05%	Added +1.9m	+1,914,581 327.4%
72	SAGIMET BIOSCIENCES INC COM SER A SGMT	SGMT	952,996	$7.4m0.04%	0.04%	Unchanged
73	EIKON THERAPEUTICS INC COM EIKN	EIKN	555,555	$7.2m0.04%	0.04%	Unchanged
74	LB PHARMACEUTICALS INC COM SHS LBRX	LBRX	200,000	$6.5m0.03%	0.03%	Unchanged
75	VTV THERAPEUTICS INC CL A NEW VTVT	VTVT	148,314	$5.6m0.03%	0.03%	Unchanged
76	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	822,638	$4.8m0.02%	0.02%	Unchanged
77	PROTARA THERAPEUTICS INC COM STK TARA	TARA	971,614	$3.7m0.02%	0.02%	Unchanged
78	TSCAN THERAPEUTICS INC COM TCRX	TCRX	2,784,792	$2.7m0.01%	0.01%	Unchanged
79	IMMUNOME INC COM IMNM	IMNM	55,306	$1.2m0.01%	0.01%	New
80	SKYE BIOSCIENCE INC COM NEW COM NEW		1,575,243	$1.1m0.01%	0.01%	Unchanged
81	SANA BIOTECHNOLOGY INC COM SANA	SANA	310,483	$1.1m0.01%	0.01%	Unchanged
82	ALIGOS THERAPEUTICS INC COM NEW ALGS	ALGS	83,055	$479.2k0.00%	0.00%	Unchanged
83	TYRA BIOSCIENCES INC COM TYRA	TYRA	10,607	$338.8k0.00%	0.00%	Unchanged
84	SURROZEN INC W EXP 08/01/203 W EXP 08/01/203		833,333	$13.8k0.00%	0.00%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ABIVAX SA ABVX	ABVX	875,796	$97.5m875.8k shares
CELCUITY INC CELC 2.75 08.01.31	CELC 2.75 08.01.31	30,750,000	$74.9m30.8m shares
SPYRE THERAPEUTICS INC SYRE	SYRE	1,000,000	$50.4m1.0m shares
CENTESSA PHARMACEUTICALS PLC		670,751	$26.6m670.8k shares
IMMUNOCORE HLDGS PLC IMCR	IMCR	734,397	$22.1m734.4k shares
CONTINEUM THERAPEUTICS INC CTNM	CTNM	1,420,838	$18.6m1.4m shares
ARGENX SE ARGX	ARGX	25,174	$18.4m25.2k shares
COMPASS PATHWAYS PLC CMPS	CMPS	2,344,720	$13.0m2.3m shares
PHARVARIS N V PHVS	PHVS	375,000	$10.6m375.0k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
KODIAK SCIENCES INC KOD · 13D · filed 2026-09-30	KOD	35.0%≈ $859.0m	+2.2 pts	13D	2026-09-30
ACADIA PHARMACEUTICALS INC ACAD · 13D · filed 2026-02-26	ACAD	25.4%≈ $1.1bn		13D	2026-02-26
SERA PROGNOSTICS INC SERA · 13D · filed 2025-02-14	SERA	16.1%≈ $10.0m	new	13D	2025-02-14
INCYTE CORP INCY · 13D · filed 2026-05-11	INCY	15.6%≈ $3.5bn	-0.1 pts	13D	2026-05-11
PRELUDE THERAPEUTICS INC PRLD · 13D · filed 2026-04-22	PRLD	15.5%≈ $54.9m	-8.0 pts	13D	2026-04-22
REPLIMUNE GROUP INC REPL · 13D · filed 2026-08-11	REPL	11.8%≈ $120.6m	-2.5 pts	13D	2026-08-11
KYMERA THERAPEUTICS INC KYMR · 13D · filed 2025-12-11	KYMR	10.9%≈ $995.0m	+1.4 pts	13D	2025-12-11
ABCELLERA BIOLOGICS INC ABCL · 13G · filed 2026-05-07	ABCL	10.8%≈ $259.1m		13G	2026-05-07
CELCUITY INC CELC · 13G · filed 2026-07-16	CELC	10.0%≈ $510.3m	no change	13G	2026-07-16
MONTE ROSA THERAPEUTICS INC GLUE · 13G · filed 2026-05-15	GLUE	10.0%≈ $214.8m	+3.3 pts	13G	2026-05-15
KALA BIO INC 13G · filed 2026-02-17		10.0%	no change	13G	2026-02-17
DBV TECHNOLOGIES S A DBVT · 13D · filed 2026-01-14	DBVT	10.0%	-7.1 pts	13D	2026-01-14
GRAIL INC GRAL · 13G · filed 2026-05-15	GRAL	9.8%≈ $275.0m	+4.5 pts	13G	2026-05-15
RHYTHM PHARMACEUTICALS INC RYTM · 13G · filed 2025-05-15	RYTM	8.9%≈ $622.3m		13G	2025-05-15
BEIGENE LTD ONC · 13D · filed 2026-09-16	ONC	7.8%	-0.2 pts	13D	2026-09-16
NURIX THERAPEUTICS INC NRIX · 13G · filed 2026-02-17	NRIX	7.2%≈ $182.6m		13G	2026-02-17
IMMATICS N.V IMTX · 13G · filed 2026-08-14	IMTX	7.0%≈ $96.3m	-2.9 pts	13G	2026-08-14
KINIKSA PHARMACEUTICALS INTL KNSA · 13D · filed 2026-05-26	KNSA	7.0%≈ $208.1m		13D	2026-05-26
NEUROGENE INC NGNE · 13G · filed 2025-08-14	NGNE	7.0%≈ $31.2m	-3.0 pts	13G	2025-08-14
PRAXIS PRECISION MEDICINES I PRAX · 13G · filed 2026-05-15	PRAX	6.3%≈ $587.0m	new	13G	2026-05-15
ALKERMES PLC ALKS · 13G · filed 2026-02-17	ALKS	6.1%≈ $524.6m	new	13G	2026-02-17
STOKE THERAPEUTICS INC STOK · 13G · filed 2026-02-17	STOK	5.8%≈ $109.2m		13G	2026-02-17
REVOLUTION MEDICINES INC RVMD · 13G · filed 2026-08-14	RVMD	5.3%≈ $2.1bn	+0.4 pts	13G	2026-08-14
IDEAYA BIOSCIENCES INC IDYA · 13G · filed 2026-08-14	IDYA	5.2%≈ $186.7m	new	13G	2026-08-14

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-09-29	KODIAK SCIENCES INC Director · See Footnotes	KOD	Bought	33,726	$2.9m33.7k shares	+<1%
2026-09-28	KODIAK SCIENCES INC Director · See Footnotes	KOD	Bought	681,866	$60.5m681.9k shares	+4%
2026-09-28	KODIAK SCIENCES INC Director · See Footnotes	KOD	Bought	807,840	$58.6m807.8k shares	+4%
2026-09-28	KODIAK SCIENCES INC Director · See Footnotes	KOD	Bought	418,323	$35.0m418.3k shares	+2%
2026-07-14	CELCUITY INC Former 10% owner · See Footnotes	CELC	Sold	3,100,000	$317.8m3.1m shares	-42%
2026-05-22	BEIGENE LTD Director · See Footnotes	ONC	Sold	10,998	—11.0k shares	-7%