Baker Bros. Advisors LP

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Baker Bros. Advisors LP reported 82 stock positions worth $19.9 billion. Its top holding was Incyte (INCY) at 17.5% of the portfolio, followed by Beone Medicines Ltd.-ADR (ONC, 12.6%) and Revolution Medicines (RVMD, 10.8%). Compared with Q1 2026, it opened 8 new positions, sold out of 9, added to 16 and reduced 7. The biggest buy was Revolution Medicines (RVMD, shares +20%) and the biggest sale Summit Therapeutics (SMMT, shares −10%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$19.9B (Q2 2026)
SEC Filing
0001104659-26-097191 ↗ filed Aug 14, 2026

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $8.0B Q1 2024 Q2 2024: $7.7B Q2 2024 Q3 2024: $9.6B Q3 2024 Q4 2024: $9.2B Q4 2024 Q1 2025: $8.9B Q1 2025 Q2 2025: $10.3B Q2 2025 Q3 2025: $13.8B Q3 2025 Q4 2025: $17.0B Q4 2025 Q1 2026: $17.4B Q1 2026 Q2 2026: $19.9B $19.9B Q2 2026

Holdings 82 stocks · $19.9B
INCY Incyte Corp. 17.54% 30,762,330 $3.5B Add +0.1%
ONC Beone Medicines Ltd.-ADR 12.61% 8,801,567 $2.5B Add +0.0%
RVMD Revolution Medicines Inc. 10.78% 11,443,357 $2.1B Add +19.8%
MDGL Madrigal Pharmaceuticals Inc. 5.79% 2,143,131 $1.2B Add +0.1%
ACAD Acadia Pharmaceuticals Inc. 5.46% 42,912,904 $1.1B Add +0.0%
KYMR Kymera Therapeutics Inc. 4.99% 8,657,242 $992.7M No change
INSM Insmed Inc. 4.72% 8,796,111 $937.8M Add +18.5%
CELC Celcuity Inc. 4.16% 7,915,792 $828.2M No change
KOD Kodiak Sciences Inc. 3.90% 19,919,186 $776.1M No change
RYTM Rhythm Pharmaceuticals Inc. 3.13% 5,604,483 $622.3M No change
PRAX Praxis Precision Medicines I 2.95% 1,753,198 $587.0M No change
ALKS Alkermes PLC 2.64% 10,012,267 $524.6M No change
SMMT Summit Therapeutics Inc. 2.40% 32,786,348 $477.7M Reduce -9.9%
GRAL Grail Inc. 1.38% 4,028,614 $275.0M No change
ABCL Abcellera Biologics Inc. 1.30% 33,012,138 $259.1M Add +9.0%
IMVT Immunovant Inc. 1.05% 5,435,220 $209.4M Reduce -0.4%
IDYA Ideaya Biosciences Inc. 0.94% 5,010,030 $186.7M Add +26.9%
KNSA Kiniksa Pharmaceuticals Inte 0.91% 2,834,643 $181.3M Add +0.3%
ROIV Roivant Sciences Ltd. 0.84% 4,716,831 $166.9M Reduce -3.1%
ARWR Arrowhead Pharmaceuticals Inc. 0.82% 1,992,783 $162.4M No change
IONS Ionis Pharmaceuticals Inc. 0.82% 2,047,727 $162.4M No change
EWTX Edgewise Therapeutics Inc. 0.76% 3,701,719 $150.4M Reduce -43.7%
REPL Replimune Group Inc. 0.61% 11,045,336 $122.3M No change
NRIX Nurix Therapeutics Inc. 0.57% 4,658,556 $113.0M No change
STOK Stoke Therapeutics Inc. 0.55% 3,336,697 $109.2M No change
GLUE Monte Rosa Therapeutics Inc. 0.53% 4,345,736 $105.2M No change
IMTX Immatics NV 0.48% 9,508,565 $96.3M Reduce -12.9%
DNLI Denali Therapeutics Inc. 0.48% 3,734,336 $96.0M Add +0.1%
CRNX Crinetics Pharmaceuticals Inc. 0.44% 2,351,465 $88.0M No change
DNTH Dianthus Therapeutics Inc. 0.42% 852,164 $83.1M No change
GPCR Structure Therapeutics Inc. 0.39% 1,432,529 $76.9M No change
RAPP Rapport Therapeutics Inc. 0.32% 1,547,090 $64.5M No change
ALMS Alumis Inc. 0.28% 2,012,500 $56.6M No change
PRLD Prelude Therapeutics Inc. 0.27% 10,123,824 $54.0M No change
RLAY Relay Therapeutics Inc. 0.27% 2,826,783 $52.9M Add +143.7%
MIRM Mirum Pharmaceuticals Inc. 0.26% 445,975 $52.2M No change
BCYC Bicycle Therapeutics PLC-ADR 0.23% 10,885,357 $46.2M No change
ELVN Enliven Therapeutics Inc. 0.23% 905,191 $45.9M No change
CLDX Celldex Therapeutics Inc. 0.22% 1,182,611 $44.0M Add +77.7%
VRDN Viridian Therapeutics Inc. 0.22% 2,383,025 $43.8M Add +20.9%
DSGN Design Therapeutics Inc. 0.19% 2,678,430 $38.8M Add +3.6%
TRDA Entrada Therapeutics Inc. 0.19% 5,072,730 $37.3M No change
FTH Faeth Therapeutics Inc. 0.16% 1,286,411 $32.2M New
AKTS Aktis Oncology Inc. 0.16% 996,351 $32.1M No change
NGNE Neurogene Inc. 0.16% 991,691 $31.2M No change
JBIO Jade Biosciences Inc. 0.14% 1,230,426 $27.3M Reduce -25.0%
TSHA Taysha Gene Therapies Inc. 0.14% 4,004,756 $27.3M No change
RCUS Arcus Biosciences Inc. 0.13% 844,816 $26.0M Add +103.3%
IRON Disc Medicine Inc. 0.13% 349,657 $25.6M No change
ABSI Absci Corp. 0.12% 2,134,803 $24.7M No change
GENB Generate Biomedicines Inc. 0.12% 1,423,602 $24.0M No change
DBVT DBV Technologies SA-Spon ADR 0.12% 1,461,425 $24.0M No change
XENE Xenon Pharmaceuticals Inc. 0.11% 370,208 $22.3M No change
TECX Tectonic Therapeutic Inc. 0.11% 607,788 $20.9M No change
CERS Cerus Corp. 0.09% 6,395,431 $18.7M Reduce -36.1%
CTMX Cytomx Therapeutics Inc. 0.09% 4,975,826 $18.7M No change
DYN Dyne Therapeutics Inc. 0.09% 813,449 $18.1M No change
CYTK Cytokinetics Inc. 0.09% 211,267 $18.0M New
XNCR Xencor Inc. 0.09% 1,102,106 $17.7M No change
SION Sionna Therapeutics Inc. 0.09% 400,000 $17.6M No change
NTLA Intellia Therapeutics Inc. 0.08% 930,232 $15.7M New
PBLS Parabilis Medicines Inc. 0.07% 500,000 $13.7M New
MPLT Maplight Therapeutics Inc. 0.07% 364,705 $13.1M No change
AVLN Avalyn Pharma Inc. 0.06% 350,000 $11.5M New
EVMN Evommune Inc. 0.06% 847,390 $11.3M No change
BNTX Biontech SE-ADR 0.06% 119,743 $11.1M No change
TNGX Tango Therapeutics Inc. 0.05% 333,333 $10.4M New
AVTX Avalo Therapeutics Inc. 0.05% 550,000 $10.2M New
SERA Sera Prognostics Inc. Class A 0.05% 5,498,170 $10.0M No change
VSTM Verastem Inc. 0.05% 2,499,338 $9.5M Add +327.4%
SGMT Sagimet Biosciences Inc. Class A 0.04% 952,996 $7.4M No change
EIKN Eikon Therapeutics Inc. 0.04% 555,555 $7.2M No change
LBRX LB Pharmaceuticals Inc. 0.03% 200,000 $6.5M No change
VTVT VTV Therapeutics Inc. Class A 0.03% 148,314 $5.6M No change
WVE Wave Life Sciences Ltd. 0.02% 822,638 $4.8M No change
TARA Protara Therapeutic Inc. 0.02% 971,614 $3.7M No change
TCRX Tscan Therapeutics Inc. 0.01% 2,784,792 $2.7M No change
IMNM Immunome Inc. 0.01% 55,306 $1.2M New
SKYE Skye Bioscience Inc. 0.01% 1,575,243 $1.1M No change
SANA Sana Biotechnology Inc. 0.01% 310,483 $1.1M No change
ALGS Aligos Therapeutics Inc. 0.00% 83,055 $479K No change
TYRA Tyra Biosciences Inc. 0.00% 10,607 $339K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $69.2M (not counted above)
SecurityClassShares / PrincipalValueChange
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal 30,750,000$69.2MNew
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$14KNo change

Total filed on the 13F, all lines: $20.0B.

Portfolio Sells Q1 2026 → Q2 2026
SMMT Summit Therapeutics Inc. Reduce -9.9% 2.40% −1.56
ABVX Abivax SA-ADR Sold out 0.00% −0.56
EWTX Edgewise Therapeutics Inc. Reduce -43.7% 0.76% −0.43
CELCUITY INC (CELC 2.75 08/01/31) Sold out 0.00% −0.43
SYRE Spyre Therapeutics Inc. Sold out 0.00% −0.29
CNTA Centessa Pharmaceuticals Ltd. Sold out 0.00% −0.15
IMTX Immatics NV Reduce -12.9% 0.48% −0.13
IMCR Immunocore Holdings PLC-ADR Sold out 0.00% −0.13
CTNM Contineum Therapeutics Inc. Class A Sold out 0.00% −0.11
ARGX Argenx SE - ADR Sold out 0.00% −0.11
CMPS Compass Pathways PLC Sold out 0.00% −0.07
PHVS Pharvaris NV Sold out 0.00% −0.06
CERS Cerus Corp. Reduce -36.1% 0.09% −0.01
JBIO Jade Biosciences Inc. Reduce -25.0% 0.14% +0.01
ROIV Roivant Sciences Ltd. Reduce -3.1% 0.84% +0.07
IMVT Immunovant Inc. Reduce -0.4% 1.05% +0.27

Portfolio Buys Q1 2026 → Q2 2026
RVMD Revolution Medicines Inc. Add +19.8% 10.78% +5.44
INCY Incyte Corp. Add +0.1% 17.54% +0.92
ABCL Abcellera Biologics Inc. Add +9.0% 1.30% +0.70
RLAY Relay Therapeutics Inc. Add +143.7% 0.27% +0.20
IDYA Ideaya Biosciences Inc. Add +26.9% 0.94% +0.18
FTH Faeth Therapeutics Inc. New 0.16% +0.16
KNSA Kiniksa Pharmaceuticals Inte Add +0.3% 0.91% +0.13
CLDX Celldex Therapeutics Inc. Add +77.7% 0.22% +0.10
CYTK Cytokinetics Inc. New 0.09% +0.09
RCUS Arcus Biosciences Inc. Add +103.3% 0.13% +0.08
NTLA Intellia Therapeutics Inc. New 0.08% +0.08
DNLI Denali Therapeutics Inc. Add +0.1% 0.48% +0.07
PBLS Parabilis Medicines Inc. New 0.07% +0.07
AVLN Avalyn Pharma Inc. New 0.06% +0.06
TNGX Tango Therapeutics Inc. New 0.05% +0.05
AVTX Avalo Therapeutics Inc. New 0.05% +0.05
DSGN Design Therapeutics Inc. Add +3.6% 0.19% +0.04
VSTM Verastem Inc. Add +327.4% 0.05% +0.03
IMNM Immunome Inc. New 0.01% +0.01
VRDN Viridian Therapeutics Inc. Add +20.9% 0.22% −0.00
ACAD Acadia Pharmaceuticals Inc. Add +0.0% 5.46% −0.02
MDGL Madrigal Pharmaceuticals Inc. Add +0.1% 5.79% −0.65
INSM Insmed Inc. Add +18.5% 4.72% −2.25
ONC Beone Medicines Ltd.-ADR Add +0.0% 12.61% −2.39

Notes & Other Activity Q1 2026 → Q2 2026
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal New 30,750,000 $69.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 82$19.9BINCY, ONC, RVMD, MDGL, ACAD
Q1 2026 83$17.4BINCY, ONC, INSM, MDGL, ACAD
Q4 2025 84$17.0BINCY, ONC, MDGL, INSM, ACAD
Q3 2025 89$13.8BONC, INCY, MDGL, INSM, ACAD
Q2 2025 88$10.3BONC, INCY, ACAD, INSM, SMMT
Q1 2025 87$8.9BONC, INCY, ACAD, MDGL, SMMT
Q4 2024 92$9.2BINCY, ONC, ACAD, MDGL, SMMT
Q3 2024 91$9.6BONC, INCY, ACAD, SMMT, MDGL
Q2 2024 92$7.7BINCY, ONC, ACAD, MDGL, RVMD
Q1 2024 86$8.0BINCY, ONC, ACAD, MDGL, RYTM