Fund HoldingsBAKER BROS. ADVISORS LP

Total Portfolio Value
$17.08B
Total Bought
$2.14B
Total Sold
$561.74M
Net Transaction
+$1.58B
Filing Period:
Securities
SharesValue ($K)
Q3 2025
Q4 2025
Change
Q3 2025
Q4 2025
Weight (%)
Change
Incyte Corporation(INCY)30,743,66330,743,991+3282,607,3703,036,58417.78%+429,214
Celcuity Inc.(CELC)7,915,7927,915,7920391,040789,5214.62%+398,481
Revolution Medicines, Inc.(RVMD)9,455,3579,455,3570441,565753,1194.41%+311,554
Kymera Therapeutics, Inc.(KYMR)6,651,4298,657,242+2,005,813376,471673,6203.94%+297,149
Praxis Precision Medicines, Inc.(PRAX)689,4881,126,488+437,00036,543332,0211.94%+295,478
Kodiak Sciences Inc.(KOD)17,310,49019,919,186+2,608,696283,373556,9403.26%+273,568
Madrigal Pharmaceuticals, Inc.(MDGL)2,141,7012,141,7010982,3131,247,1987.30%+264,886
ACADIA Pharmaceuticals Inc.42,896,69042,896,6900915,4151,145,7716.71%+230,355
Insmed Incorporated(INSM)6,703,4846,592,746-110,738965,3691,147,4026.72%+182,033
Ionis Pharmaceuticals, Inc.(IONS)566,7981,791,841+1,225,04337,080141,7530.83%+104,673
Arrowhead Pharmaceuticals, Inc.(ARWR)1,670,7622,175,645+504,88357,625144,4410.85%+86,816
GRAIL, Inc.(GRAL)1,630,1252,085,333+455,20896,389178,4841.05%+82,094
Crinetics Pharmaceuticals, Inc.(CRNX)280,0001,648,869+1,368,86911,66276,7550.45%+65,093
Roivant Sciences Ltd.(ROIV)3,767,7735,555,017+1,787,24457,006120,5440.71%+63,537
Replimune Group, Inc.(REPL)011,045,336+11,045,3360107,3610.63%+107,361
Structure Therapeutics Inc.1,556,1091,432,529-123,58043,57199,6320.58%+56,061
Nurix Therapeutics, Inc.(NRIX)3,882,1254,658,556+776,43135,87188,3730.52%+52,502
Immunovant, Inc.(IMVT)5,457,8815,457,881087,981138,7390.81%+50,758
Edgewise Therapeutics, Inc.(EWTX)7,305,9406,575,940-730,000118,502163,1820.96%+44,680
Abivax S.A.(ABVX)875,796875,796074,355118,1050.69%+43,750
Terns Pharmaceuticals, Inc.0950,000+950,000038,3800.22%+38,380
Alkermes plc(ALKS)8,091,35110,012,267+1,920,916242,741280,1431.64%+37,403
IDEAYA Biosciences, Inc.(IDYA)3,275,4443,618,826+343,38289,125125,1030.73%+35,978
Rhythm Pharmaceuticals, Inc.(RYTM)5,604,4835,604,4830565,997599,9043.51%+33,907
Monte Rosa Therapeutics, Inc.(GLUE)4,916,0954,345,736-570,35936,42868,1410.40%+31,713
Celcuity Inc.(CELC)00040,90566,5800.39%+25,675
Jade Biosciences, Inc.01,641,137+1,641,137025,3230.15%+25,323
Immatics N.V.(IMTX)12,094,09412,094,0940103,042126,9880.74%+23,946
Entrada Therapeutics, Inc.4,865,8195,072,730+206,91128,22252,1480.31%+23,926
Viridian Therapeutics, Inc.(VRDN)1,744,4061,971,678+227,27237,64461,3590.36%+23,714
BioCryst Pharmaceuticals, Inc.(BCRX)02,822,727+2,822,727022,0170.13%+22,017
Ventyx Biosciences, Inc.1,023,1302,349,280+1,326,1503,18221,2140.12%+18,032
Tectonic Therapeutic, Inc.100,000903,400+803,4001,56918,8450.11%+17,276
Centessa Pharmaceuticals plc0670,751+670,751016,7750.10%+16,775
Spyre Therapeutics, Inc.(SYRE)1,000,0001,000,000016,76032,7600.19%+16,000
Dyne Therapeutics, Inc.(DYN)0813,449+813,449015,9110.09%+15,911
Contineum Therapeutics, Inc.77,6701,420,838+1,343,16891316,2400.10%+15,328
Prelude Therapeutics Inc.10,123,82410,123,824014,57829,3590.17%+14,781
DBV Technologies S.A.(DBVT)1,461,4251,461,425014,61428,0160.16%+13,401
Alumis Inc.1,562,5001,562,50006,23415,2500.09%+9,016
Taysha Gene Therapies, Inc.(TSHA)4,004,7564,004,756013,09622,0260.13%+8,931
Design Therapeutics, Inc.(DSGN)1,712,8822,233,099+520,21712,89820,9460.12%+8,048
Absci Corporation02,134,803+2,134,80307,4500.04%+7,450
Denali Therapeutics Inc.(DNLI)3,731,6953,731,695054,18461,6100.36%+7,426
Kiniksa Pharmaceuticals International, plc(KNSA)2,824,6692,826,246+1,577109,682116,5830.68%+6,901
Arcus Biosciences, Inc.(RCUS)0270,000+270,00006,4340.04%+6,434
MapLight Therapeutics, Inc.0364,705+364,70506,4060.04%+6,406
Cerus Corporation10,008,34510,008,345015,91320,6170.12%+4,704
Sionna Therapeutics, Inc.400,000400,000011,76416,4560.10%+4,692
CytomX Therapeutics, Inc.4,250,8264,250,826013,56018,1090.11%+4,548
Disc Medicine, Inc.(IRON)337,050337,050022,27226,7650.16%+4,493
Xencor, Inc.(XNCR)1,102,1061,102,106012,92816,8730.10%+3,946
Relay Therapeutics, Inc.(RLAY)1,160,1171,160,11706,0569,8150.06%+3,759
4D Molecular Therapeutics, Inc.0475,737+475,73703,5680.02%+3,568
Wave Life Sciences Ltd.(WVE)344,063344,06302,5195,8490.03%+3,331
Neurogene Inc.991,691991,691017,18620,4290.12%+3,243
Protara Therapeutics, Inc.536,832971,614+434,7822,3355,1790.03%+2,843
vTv Therapeutics, Inc.148,314148,31403,4635,9310.03%+2,468
Nuvalent, Inc.143,937143,937012,44814,4790.08%+2,031
Enliven Therapeutics, Inc.114,833271,406+156,5732,3514,1800.02%+1,829
Xenon Pharmaceuticals Inc.(XENE)370,208370,208014,86416,5930.10%+1,729
Dianthus Therapeutics, Inc.(DNTH)789,759789,759031,07732,5460.19%+1,469
LB Pharmaceuticals Inc.(LBRX)200,000200,00003,1584,4520.03%+1,294
Pharvaris N.V.
COM
375,000375,00009,35610,4060.06%+1,050
Rapport Therapeutics, Inc.(RAPP)1,547,0901,547,090045,94946,9390.27%+990
Celldex Therapeutics, Inc.(CLDX)665,370665,370017,21318,0710.11%+858
Vir Biotechnology, Inc.(VIR)542,539542,53903,0983,2720.02%+174
Tyra Biosciences, Inc.(TYRA)10,60710,60701482790.00%+130
Acrivon Therapeutics, Inc.22,80922,809041550.00%+14
Surrozen, Inc.833,333833,333015170.00%+2
Opthea Limited2,087,3200-2,087,320000
Aligos Therapeutics, Inc.83,05583,05508147740.00%-40
VYNE Therapeutics Inc.851,3530-851,3532850-285
KALA BIO, Inc.985,0931,804,055+818,9621,5071,0030.01%-504
Sera Prognostics, Inc.5,498,1705,498,170016,82416,2200.09%-605
Sagimet Biosciences Inc.952,996952,99606,5385,6420.03%-896
Generation Bio Co.194,4930-194,4931,1900-1,190
BioNTech SE(BNTX)368,923368,923036,38335,1210.21%-1,262
TScan Therapeutics, Inc.2,784,7922,784,79205,0682,7850.02%-2,284
Stoke Therapeutics, Inc.(STOK)4,633,8383,336,697-1,297,141108,895105,9070.62%-2,988
Immunocore Holdings plc(IMCR)2,322,6562,322,656084,38280,6190.47%-3,763
Skye Bioscience, Inc.1,450,6381,450,63805,7011,0880.01%-4,613
MBX Biosciences, Inc.(MBX)277,7770-277,7774,8610-4,861
Heron Therapeutics, Inc.4,251,9510-4,251,9515,3570-5,357
Sana Biotechnology, Inc.(SANA)2,030,949310,483-1,720,4667,2101,2640.01%-5,946
argenx SE(ARGX)37,76025,174-12,58627,85021,1700.12%-6,680
Bicycle Therapeutics plc10,885,35710,885,357084,25377,0680.45%-7,184
Agios Pharmaceuticals, Inc.(AGIO)189,8660-189,8667,6210-7,621
Viking Therapeutics, Inc.(VKTX)366,0830-366,0839,6210-9,621
Arcellx, Inc.
COMMON STOCK
166,8250-166,82513,6960-13,696
Akero Therapeutics, Inc.324,6300-324,63015,4130-15,413
Ultragenyx Pharmaceutical Inc.(RARE)2,772,6922,772,692083,40363,7720.37%-19,631
Cidara Therapeutics, Inc.227,2720-227,27221,7640-21,764
Vaxcyte, Inc.(PCVX)640,8850-640,88523,0850-23,085
Avidity Biosciences, Inc.625,0000-625,00027,2310-27,231
AbCellera Biologics Inc.(ABCL)27,525,64027,525,6400138,45494,1380.55%-44,316
Intellia Therapeutics, Inc.(NTLA)2,746,6740-2,746,67447,4350-47,435
Merus N.V.574,3770-574,37754,0780-54,078
Summit Therapeutics Inc.(SMMT)33,722,97436,391,063+2,668,089696,717636,4803.73%-60,237
BeOne Medicines Ltd.(ONC)8,799,0538,799,05302,997,8372,673,24015.65%-324,597
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