Baker Bros. Advisors LP

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Baker Bros. Advisors LP reported 86 stock positions worth $8.0 billion. Its top holding was Incyte (INCY) at 25.9% of the portfolio, followed by Beone Medicines Ltd.-ADR (ONC, 20.7%) and Acadia Pharmaceuticals (ACAD, 9.9%). Compared with Q4 2023, it opened 13 new positions, sold out of 8, added to 15 and reduced 7. The biggest buy was Revolution Medicines (RVMD, shares +47%) and the biggest sale an exit from Mirati Therapeutics (MRTX).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$8.0B (Q1 2024)
SEC Filing
0001104659-24-061996 ↗ filed May 15, 2024

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $8.0B $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 Q2 2026

Holdings 86 stocks · $8.0B
INCY Incyte Corp. 25.86% 36,179,665 $2.1B Add +0.0%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 20.73% 10,568,897 $1.7B No change
ACAD Acadia Pharmaceuticals Inc. 9.94% 42,864,612 $792.6M No change
MDGL Madrigal Pharmaceuticals Inc. 6.60% 1,969,798 $526.0M No change
RYTM Rhythm Pharmaceuticals Inc. 3.48% 6,398,365 $277.2M No change
RVMD Revolution Medicines Inc. 3.05% 7,549,249 $243.3M Add +46.6%
KYMR Kymera Therapeutics Inc. 3.02% 5,995,928 $241.0M No change
ABCL Abcellera Biologics Inc. 1.56% 27,525,640 $124.7M Add +20.1%
BCYC Bicycle Therapeutics PLC-ADR 1.54% 4,942,823 $123.1M Add +176.1%
EWTX Edgewise Therapeutics Inc. 1.34% 5,840,059 $106.5M Add +87.6%
IMCR Immunocore Holdings PLC-ADR 1.24% 1,515,318 $98.5M Reduce -39.9%
KOD Kodiak Sciences Inc. 1.14% 17,310,490 $91.1M No change
ROIV Roivant Sciences Ltd. 0.98% 7,413,834 $78.1M Reduce -2.4%
REPL Replimune Group Inc. 0.98% 9,545,336 $78.0M No change
DNLI Denali Therapeutics Inc. 0.96% 3,731,695 $76.6M Add +43.1%
TRDA Entrada Therapeutics Inc. 0.86% 4,865,819 $68.9M No change
AKRO Akero Therapeutics Inc. 0.86% 2,713,205 $68.5M Add +14.6%
RARE Ultragenyx Pharmaceutical Inc. 0.86% 1,466,547 $68.5M No change
IMTX Immatics NV 0.85% 6,443,398 $67.7M Add +10.3%
CERE Cerevel Therapeutics Holding 0.85% 1,600,000 $67.6M No change
ARGX Argenx SE - ADR 0.75% 151,215 $59.5M No change
NRIX Nurix Therapeutics Inc. 0.72% 3,882,125 $57.1M No change
KNSA Kiniksa Pharmaceuticals Ltd. 0.70% 2,809,577 $55.4M No change
BCRX Biocryst Pharmaceuticals Inc. 0.65% 10,126,176 $51.4M No change
AEROVATE THERAPEUTICS INC 0.62% 1,680,517 $49.7M No change
SERA Sera Prognostics Inc. Class A 0.62% 5,434,399 $49.5M No change
PRLD Prelude Therapeutics Inc. 0.60% 10,123,824 $48.0M No change
IDYA Ideaya Biosciences Inc. 0.58% 1,062,123 $46.6M No change
STOK Stoke Therapeutics Inc. 0.57% 3,368,443 $45.5M Add +65.9%
XENE Xenon Pharmaceuticals Inc. 0.54% 993,679 $42.8M No change
IGMS Igm Biosciences Inc. 0.49% 4,088,322 $39.5M Add +10.8%
CERS Cerus Corp. 0.46% 19,477,339 $36.8M No change
GLUE Monte Rosa Therapeutics Inc. 0.43% 4,916,095 $34.7M No change
CELC Celcuity Inc. 0.42% 1,552,478 $33.5M Add +189.9%
BMEA Biomea Fusion Inc. 0.40% 2,108,949 $31.5M No change
KRYS Krystal Biotech Inc. 0.38% 169,934 $30.2M No change
SANA Sana Biotechnology Inc. 0.30% 2,380,949 $23.8M Add +19.1%
NGNE Neurogene Inc. 0.29% 456,015 $23.2M Add +0.6%
VERV Verve Therapeutics Inc. 0.28% 1,691,530 $22.5M No change
TCRX Tscan Therapeutics Inc. 0.28% 2,784,792 $22.1M No change
ADAPY Adaptimmune Therapeutics-ADR 0.21% 10,787,022 $17.0M Reduce -1.7%
IMVT Immunovant Inc. 0.17% 425,009 $13.7M No change
TSVT 2SEVENTY Bio Inc. 0.17% 2,497,526 $13.4M No change
FATE Fate Therapeutics Inc. 0.17% 1,818,181 $13.3M New
XNCR Xencor Inc. 0.15% 545,431 $12.1M Add +122.2%
TSHA Taysha Gene Therapies Inc. 0.14% 4,004,756 $11.5M No change
DBV TECHNOLOGIES S A 0.14% 14,614,264 $10.9M No change
CLDX Celldex Therapeutics Inc. 0.13% 247,644 $10.4M No change
RLAY Relay Therapeutics Inc. 0.12% 1,160,117 $9.6M No change
INSM Insmed Inc. 0.12% 343,000 $9.3M No change
CYVNY Ceryvyn Therapeutics-ADR filed as OPTHEA LTD 0.11% 2,177,826 $9.0M Reduce -15.9%
NMRA Neumora Therapeutics Inc. 0.11% 633,851 $8.7M New
ATHIRA PHARMA INC 0.11% 3,153,807 $8.6M No change
DYN Dyne Therapeutics Inc. 0.10% 285,000 $8.1M New
PRAX Praxis Precision Medicines I 0.10% 131,533 $8.0M New
SAGE Sage Therapeutics Inc. 0.10% 407,217 $7.6M New
SGMT Sagimet Biosciences Inc. Class A 0.09% 1,381,898 $7.5M Reduce -5.1%
PRME Prime Medicine Inc. 0.09% 1,028,466 $7.2M No change
DSGN Design Therapeutics Inc. 0.08% 1,662,120 $6.7M Add +10.8%
TNGX Tango Therapeutics Inc. 0.07% 750,000 $6.0M No change
HOOKIPA PHARMA INC 0.07% 8,128,151 $5.8M No change
MERSANA THERAPEUTICS INC 0.06% 1,086,115 $4.9M No change
MIRM Mirum Pharmaceuticals Inc. 0.06% 190,476 $4.8M No change
TLIS Talis Biomedical Corp. 0.06% 508,323 $4.4M No change
PCVX Vaxcyte Inc. 0.04% 48,885 $3.3M No change
IPSC Century Therapeutics Inc. 0.04% 797,460 $3.3M No change
ALPN Alpine Immune Sciences Inc. 0.04% 81,578 $3.2M New
FDMT 4D Molecular Therapeutics Inc. 0.04% 100,000 $3.2M New
CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC 0.04% 1,172,175 $3.1M No change
CMPX Compass Therapeutics Inc. 0.04% 1,557,630 $3.1M No change
NAMS Newamsterdam Pharma Co. NV 0.03% 96,827 $2.3M New
VTVT VTV Therapeutics Inc. Class A 0.03% 97,314 $2.3M New
KALA Kala Bio Inc. 0.03% 266,613 $2.1M No change
ALGS Aligos Therapeutics Inc. 0.03% 2,076,400 $2.0M No change
ELVN Enliven Therapeutics Inc. 0.03% 114,833 $2.0M New
ACHL Achilles Therapeutics PL-ADR 0.02% 1,208,775 $1.5M Reduce -42.5%
GBIO Generation Bio Co. 0.02% 371,219 $1.5M New
MURA Mural Oncology PLC 0.01% 222,503 $1.1M New
PFE Pfizer Inc. 0.01% 35,000 $971K No change
TARA Protara Therapeutic Inc. 0.01% 199,671 $801K No change
PMVP PMV Pharmaceuticals Inc. 0.01% 322,024 $547K No change
ACRV Acrivon Therapeutics Inc. 0.00% 52,885 $378K New
FHTX Foghorn Therapeutics Inc. 0.00% 45,027 $302K No change
CABA Cabaletta Bio Inc. 0.00% 13,331 $227K No change
CATX Perspective Therapeutics Inc. 0.00% 149,787 $178K Reduce -98.0%
TYRA Tyra Biosciences Inc. 0.00% 10,607 $174K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $25K (not counted above)
SecurityClassShares / PrincipalValueChange
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$25KNo change

Total filed on the 13F, all lines: $8.0B.

Portfolio Sells Q4 2023 → Q1 2024
MRTX Mirati Therapeutics Inc. Sold out 0.00% −2.80
IMCR Immunocore Holdings PLC-ADR Reduce -39.9% 1.24% −0.76
GRCL Gracell Biotechnologies-ADR Sold out 0.00% −0.24
DAWN Day One Biopharmaceuticals I Sold out 0.00% −0.17
SPRY Ars Pharmaceuticals Inc. Sold out 0.00% −0.13
PRAX Praxis Precision Medicines I Sold out 0.00% −0.03
CATX Perspective Therapeutics Inc. Reduce -98.0% 0.00% −0.03
NVTAQ Invitae Corp. Sold out 0.00% −0.01
WHWK Whitehawk Therapeutics Inc. Sold out 0.00% −0.01
ROIV Roivant Sciences Ltd. Reduce -2.4% 0.98% −0.01
BCEL Atreca Inc. Class A Sold out 0.00% −0.00
ACHL Achilles Therapeutics PL-ADR Reduce -42.5% 0.02% −0.00
SGMT Sagimet Biosciences Inc. Class A Reduce -5.1% 0.09% +0.00
CYVNY Ceryvyn Therapeutics-ADR Reduce -15.9% 0.11% +0.02
ADAPY Adaptimmune Therapeutics-ADR Reduce -1.7% 0.21% +0.11

Portfolio Buys Q4 2023 → Q1 2024
RVMD Revolution Medicines Inc. Add +46.6% 3.05% +1.35
BCYC Bicycle Therapeutics PLC-ADR Add +176.1% 1.54% +1.17
EWTX Edgewise Therapeutics Inc. Add +87.6% 1.34% +0.94
STOK Stoke Therapeutics Inc. Add +65.9% 0.57% +0.45
CELC Celcuity Inc. Add +189.9% 0.42% +0.33
DNLI Denali Therapeutics Inc. Add +43.1% 0.96% +0.31
AKRO Akero Therapeutics Inc. Add +14.6% 0.86% +0.22
SANA Sana Biotechnology Inc. Add +19.1% 0.30% +0.20
NGNE Neurogene Inc. Add +0.6% 0.29% +0.19
FATE Fate Therapeutics Inc. New 0.17% +0.17
IGMS Igm Biosciences Inc. Add +10.8% 0.49% +0.14
IMTX Immatics NV Add +10.3% 0.85% +0.14
NMRA Neumora Therapeutics Inc. New 0.11% +0.11
DYN Dyne Therapeutics Inc. New 0.10% +0.10
PRAX Praxis Precision Medicines I New 0.10% +0.10
SAGE Sage Therapeutics Inc. New 0.10% +0.10
XNCR Xencor Inc. Add +122.2% 0.15% +0.09
ABCL Abcellera Biologics Inc. Add +20.1% 1.56% +0.05
ALPN Alpine Immune Sciences Inc. New 0.04% +0.04
FDMT 4D Molecular Therapeutics Inc. New 0.04% +0.04
DSGN Design Therapeutics Inc. Add +10.8% 0.08% +0.04
VTVT VTV Therapeutics Inc. Class A New 0.03% +0.03
NAMS Newamsterdam Pharma Co. NV New 0.03% +0.03
ELVN Enliven Therapeutics Inc. New 0.03% +0.03
GBIO Generation Bio Co. New 0.02% +0.02
MURA Mural Oncology PLC New 0.01% +0.01
ACRV Acrivon Therapeutics Inc. New 0.00% +0.00
INCY Incyte Corp. Add +0.0% 25.86% −0.40

Notes & Other Activity Q4 2023 → Q1 2024
Invitae Corporation NOTE 1.500% 4/0 · principal Sold out 300,000,000 $131.2Mbefore exit
INVITAE CORP (NVTA 4.5 03/15/28 A) DEBT 4.500% 3/1 · principal Sold out 9,274,000 $6.3Mbefore exit

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