Q4 2025 · 13F-HR
BAKER BROS. ADVISORS LPholdings as filed
Filed 2026-02-17 · accession 0001104659-26-016374
$17.08B
Reported value
86
Positions
2025-12-31
Period end
The Brief · BAKER BROS. ADVISORS LP · Q4 2025
AI · grounded in 13F
BAKER BROS. ADVISORS LP closed its position in Merus N.V. 2GH, reducing exposure by $54.1M. The fund also exited positions in Intellia Therapeutics, Inc. NTLA and Avidity Biosciences, Inc. RNAGBP, totaling $47.4M and $27.2M in reductions respectively. On the buy side, the fund increased its stake in Ionis Pharmaceuticals, Inc. IONS by 216.1% and Praxis Precision Medicines, Inc. PRAX by 63.4%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 45337C102 | INCY | Incyte Corporation | $3.04B | 17.8% | 30,743,991 | Common | SOLE |
| 07725L102 | ONC | BeOne Medicines Ltd. | $2.67B | 15.7% | 8,799,053 | Common | SOLE |
| 558868105 | MDGL | Madrigal Pharmaceuticals, Inc. | $1.25B | 7.30% | 2,141,701 | Common | SOLE |
| 457669307 | INSM | Insmed Incorporated | $1.15B | 6.72% | 6,592,746 | Common | SOLE |
| 004225108 | ACAD | ACADIA Pharmaceuticals Inc. | $1.15B | 6.71% | 42,896,690 | Common | SOLE |
| 15102K100 | CELC | Celcuity Inc. | $789.5M | 4.62% | 7,915,792 | Common | SOLE |
| 76155X100 | RVMD | Revolution Medicines, Inc. | $753.1M | 4.41% | 9,455,357 | Common | SOLE |
| 501575104 | KYMR | Kymera Therapeutics, Inc. | $673.6M | 3.94% | 8,657,242 | Common | SOLE |
| 86627T108 | SMMT | Summit Therapeutics Inc. | $636.5M | 3.73% | 36,391,063 | Common | SOLE |
| 76243J105 | RYTM | Rhythm Pharmaceuticals, Inc. | $599.9M | 3.51% | 5,604,483 | Common | SOLE |
| 50015M109 | KOD | Kodiak Sciences Inc. | $556.9M | 3.26% | 19,919,186 | Common | SOLE |
| 74006W207 | PRAX | Praxis Precision Medicines, Inc. | $332.0M | 1.94% | 1,126,488 | Common | SOLE |
| G01767105 | ALKS | Alkermes plc | $280.1M | 1.64% | 10,012,267 | Common | SOLE |
| 384747101 | GRAL | GRAIL, Inc. | $178.5M | 1.05% | 2,085,333 | Common | SOLE |
| 28036F105 | EWTX | Edgewise Therapeutics, Inc. | $163.2M | 0.96% | 6,575,940 | Common | SOLE |
| 04280A100 | ARWR | Arrowhead Pharmaceuticals, Inc. | $144.4M | 0.85% | 2,175,645 | Common | SOLE |
| 462222100 | IONS | Ionis Pharmaceuticals, Inc. | $141.8M | 0.83% | 1,791,841 | Common | SOLE |
| 45258J102 | IMVT | Immunovant, Inc. | $138.7M | 0.81% | 5,457,881 | Common | SOLE |
| N44445109 | IMTX | Immatics N.V. | $127.0M | 0.74% | 12,094,094 | Common | SOLE |
| 45166A102 | IDYA | IDEAYA Biosciences, Inc. | $125.1M | 0.73% | 3,618,826 | Common | SOLE |
| G76279101 | ROIV | Roivant Sciences Ltd. | $120.5M | 0.71% | 5,555,017 | Common | SOLE |
| 00370M103 | ABVX | Abivax S.A. | $118.1M | 0.69% | 875,796 | Common | SOLE |
| G52694109 | KNSA | Kiniksa Pharmaceuticals International, plc | $116.6M | 0.68% | 2,826,246 | Common | SOLE |
| 76029N106 | REPL | Replimune Group, Inc. | $107.4M | 0.63% | 11,045,336 | Common | SOLE |
| 86150R107 | STOK | Stoke Therapeutics, Inc. | $105.9M | 0.62% | 3,336,697 | Common | SOLE |
| 86366E106 | GPCR | Structure Therapeutics Inc. | $99.6M | 0.58% | 1,432,529 | Common | SOLE |
| 00288U106 | ABCL | AbCellera Biologics Inc. | $94.1M | 0.55% | 27,525,640 | Common | SOLE |
| 67080M103 | NRIX | Nurix Therapeutics, Inc. | $88.4M | 0.52% | 4,658,556 | Common | SOLE |
| 45258D105 | IMCR | Immunocore Holdings plc | $80.6M | 0.47% | 2,322,656 | Common | SOLE |
| 088786108 | BCYC | Bicycle Therapeutics plc | $77.1M | 0.45% | 10,885,357 | Common | SOLE |
| 22663K107 | CRNX | Crinetics Pharmaceuticals, Inc. | $76.8M | 0.45% | 1,648,869 | Common | SOLE |
| 61225M102 | GLUE | Monte Rosa Therapeutics, Inc. | $68.1M | 0.40% | 4,345,736 | Common | SOLE |
| 15102KAA8 | CELC 2.75 08/01/31 | Celcuity Inc. | $66.6M | 0.39% | 30,750,000 | Common | SOLE |
| 90400D108 | RARE | Ultragenyx Pharmaceutical Inc. | $63.8M | 0.37% | 2,772,692 | Common | SOLE |
| 24823R105 | DNLI | Denali Therapeutics Inc. | $61.6M | 0.36% | 3,731,695 | Common | SOLE |
| 92790C104 | VRDN | Viridian Therapeutics, Inc. | $61.4M | 0.36% | 1,971,678 | Common | SOLE |
| 29384C108 | TRDA | Entrada Therapeutics, Inc. | $52.1M | 0.31% | 5,072,730 | Common | SOLE |
| 75383L102 | RAPP | Rapport Therapeutics, Inc. | $46.9M | 0.27% | 1,547,090 | Common | SOLE |
| 880881107 | 430 | Terns Pharmaceuticals, Inc. | $38.4M | 0.22% | 950,000 | Common | SOLE |
| 09075V102 | BNTX | BioNTech SE | $35.1M | 0.21% | 368,923 | Common | SOLE |
| 00773J202 | SYRE | Spyre Therapeutics, Inc. | $32.8M | 0.19% | 1,000,000 | Common | SOLE |
| 252828108 | DNTH | Dianthus Therapeutics, Inc. | $32.5M | 0.19% | 789,759 | Common | SOLE |
| 74065P101 | PRLD | Prelude Therapeutics Inc. | $29.4M | 0.17% | 10,123,824 | Common | SOLE |
| 23306J309 | DBVT | DBV Technologies S.A. | $28.0M | 0.16% | 1,461,425 | Common | SOLE |
| 254604101 | IRON | Disc Medicine, Inc. | $26.8M | 0.16% | 337,050 | Common | SOLE |
| 008064206 | JBIO | Jade Biosciences, Inc. | $25.3M | 0.15% | 1,641,137 | Common | SOLE |
| 877619106 | TSHA | Taysha Gene Therapies, Inc. | $22.0M | 0.13% | 4,004,756 | Common | SOLE |
| 09058V103 | BCRX | BioCryst Pharmaceuticals, Inc. | $22.0M | 0.13% | 2,822,727 | Common | SOLE |
| 92332V107 | VTYXUSD | Ventyx Biosciences, Inc. | $21.2M | 0.12% | 2,349,280 | Common | SOLE |
| 04016X101 | ARGX | argenx SE | $21.2M | 0.12% | 25,174 | Common | SOLE |
| 25056L103 | DSGN | Design Therapeutics, Inc. | $20.9M | 0.12% | 2,233,099 | Common | SOLE |
| 157085101 | CERS | Cerus Corporation | $20.6M | 0.12% | 10,008,345 | Common | SOLE |
| 64135M105 | NGNE | Neurogene Inc. | $20.4M | 0.12% | 991,691 | Common | SOLE |
| 878972108 | TECX | Tectonic Therapeutic, Inc. | $18.8M | 0.11% | 903,400 | Common | SOLE |
| 23284F105 | CTMX | CytomX Therapeutics, Inc. | $18.1M | 0.11% | 4,250,826 | Common | SOLE |
| 15117B202 | CLDX | Celldex Therapeutics, Inc. | $18.1M | 0.11% | 665,370 | Common | SOLE |
| 98401F105 | XNCR | Xencor, Inc. | $16.9M | 0.10% | 1,102,106 | Common | SOLE |
| 152309100 | CNTA | Centessa Pharmaceuticals plc | $16.8M | 0.10% | 670,751 | Common | SOLE |
| 98420N105 | XENE | Xenon Pharmaceuticals Inc. | $16.6M | 0.10% | 370,208 | Common | SOLE |
| 829401108 | SION | Sionna Therapeutics, Inc. | $16.5M | 0.10% | 400,000 | Common | SOLE |
| 21217B100 | CTNM | Contineum Therapeutics, Inc. | $16.2M | 0.10% | 1,420,838 | Common | SOLE |
| 81749D107 | SERA | Sera Prognostics, Inc. | $16.2M | 0.09% | 5,498,170 | Common | SOLE |
| 26818M108 | DYN | Dyne Therapeutics, Inc. | $15.9M | 0.09% | 813,449 | Common | SOLE |
| 022307102 | ALMS | Alumis Inc. | $15.3M | 0.09% | 1,562,500 | Common | SOLE |
| 670703107 | NUVL | Nuvalent, Inc. | $14.5M | 0.08% | 143,937 | Common | SOLE |
| N69605108 | PHVS | Pharvaris N.V. | $10.4M | 0.06% | 375,000 | Common | SOLE |
| 75943R102 | RLAY | Relay Therapeutics, Inc. | $9.8M | 0.06% | 1,160,117 | Common | SOLE |
| 00091E109 | ABSI | Absci Corporation | $7.5M | 0.04% | 2,134,803 | Common | SOLE |
| 03969F109 | RCUS | Arcus Biosciences, Inc. | $6.4M | 0.04% | 270,000 | Common | SOLE |
| 56565P103 | MPLT | MapLight Therapeutics, Inc. | $6.4M | 0.04% | 364,705 | Common | SOLE |
| 918385204 | VTVT | vTv Therapeutics, Inc. | $5.9M | 0.03% | 148,314 | Common | SOLE |
| Y95308105 | WVE | Wave Life Sciences Ltd. | $5.8M | 0.03% | 344,063 | Common | SOLE |
| 786700104 | SGMT | Sagimet Biosciences Inc. | $5.6M | 0.03% | 952,996 | Common | SOLE |
| 74365U107 | TARA | Protara Therapeutics, Inc. | $5.2M | 0.03% | 971,614 | Common | SOLE |
| 50180M108 | LBRX | LB Pharmaceuticals Inc. | $4.5M | 0.03% | 200,000 | Common | SOLE |
| 29337E102 | ELVN | Enliven Therapeutics, Inc. | $4.2M | 0.02% | 271,406 | Common | SOLE |
| 35104E100 | FDMT | 4D Molecular Therapeutics, Inc. | $3.6M | 0.02% | 475,737 | Common | SOLE |
| 92764N102 | VIR | Vir Biotechnology, Inc. | $3.3M | 0.02% | 542,539 | Common | SOLE |
| 89854M101 | TCRX | TScan Therapeutics, Inc. | $2.8M | 0.02% | 2,784,792 | Common | SOLE |
| 799566104 | SANA | Sana Biotechnology, Inc. | $1.3M | 0.01% | 310,483 | Common | SOLE |
| 83086J200 | SKYE | Skye Bioscience, Inc. | $1.1M | 0.01% | 1,450,638 | Common | SOLE |
| 483119202 | KALAEUR | KALA BIO, Inc. | $1.0M | 0.01% | 1,804,055 | Common | SOLE |
| 01626L204 | ALGS | Aligos Therapeutics, Inc. | $774,073 | 0.00% | 83,055 | Common | SOLE |
| 90240B106 | TYRA | Tyra Biosciences, Inc. | $278,858 | 0.00% | 10,607 | Common | SOLE |
| 004890109 | ACRV | Acrivon Therapeutics, Inc. | $54,970 | 0.00% | 22,809 | Common | SOLE |
| 86889P117 | SRZNW | Surrozen, Inc. | $16,667 | 0.00% | 833,333 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.