Baker Bros. Advisors LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Baker Bros. Advisors LP reported 92 stock positions worth $9.2 billion. Its top holding was Incyte (INCY) at 23.0% of the portfolio, followed by Beone Medicines Ltd.-ADR (ONC, 19.1%) and Acadia Pharmaceuticals (ACAD, 8.5%). Compared with Q3 2024, it opened 8 new positions, sold out of 7, added to 20 and reduced 4. The biggest buy was Incyte (INCY, shares −0%) and the biggest sale Beone Medicines Ltd.-ADR (ONC, shares −10%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$9.2B (Q4 2024)
SEC Filing
0001104659-25-014085 ↗ filed Feb 14, 2025

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 $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 92 stocks · $9.2B
INCY Incyte Corp. 22.98% 30,739,466 $2.1B Add +0.0%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 19.06% 9,531,880 $1.8B Reduce -9.8%
ACAD Acadia Pharmaceuticals Inc. 8.52% 42,877,916 $786.8M No change
MDGL Madrigal Pharmaceuticals Inc. 6.59% 1,974,590 $609.3M No change
SMMT Summit Therapeutics Inc. 4.72% 24,424,865 $435.9M No change
RVMD Revolution Medicines Inc. 3.76% 7,936,972 $347.2M Add +4.9%
INSM Insmed Inc. 3.74% 5,006,863 $345.7M Add +13.4%
RYTM Rhythm Pharmaceuticals Inc. 3.69% 6,084,249 $340.6M Reduce -4.9%
KYMR Kymera Therapeutics Inc. 2.61% 5,995,929 $241.2M No change
KOD Kodiak Sciences Inc. 1.86% 17,310,490 $172.2M No change
EWTX Edgewise Therapeutics Inc. 1.78% 6,155,940 $164.4M Add +5.4%
BCYC Bicycle Therapeutics PLC-ADR 1.65% 10,885,357 $152.4M Add +15.8%
REPL Replimune Group Inc. 1.45% 11,045,336 $133.8M No change
ALKS Alkermes PLC 1.30% 4,181,751 $120.3M No change
TRDA Entrada Therapeutics Inc. 0.91% 4,865,819 $84.1M No change
ABCL Abcellera Biologics Inc. 0.87% 27,525,640 $80.7M No change
DNLI Denali Therapeutics Inc. 0.82% 3,731,695 $76.1M No change
NRIX Nurix Therapeutics Inc. 0.79% 3,882,125 $73.1M No change
ARGX Argenx SE - ADR 0.74% 111,904 $68.8M No change
RARE Ultragenyx Pharmaceutical Inc. 0.72% 1,576,114 $66.3M No change
KNSA Kiniksa Pharmaceuticals Inte 0.60% 2,818,323 $55.7M No change
IMTX Immatics NV 0.56% 7,275,830 $51.7M Add +12.9%
CRSP Crispr Therapeutics AG 0.56% 1,308,011 $51.5M Add +55.1%
STOK Stoke Therapeutics Inc. 0.55% 4,633,838 $51.1M Add +6.1%
IMCR Immunocore Holdings PLC-ADR 0.48% 1,515,318 $44.7M No change
ROIV Roivant Sciences Ltd. 0.48% 3,767,773 $44.6M Add +34.6%
SERA Sera Prognostics Inc. Class A 0.48% 5,434,399 $44.2M No change
IMVT Immunovant Inc. 0.46% 1,707,881 $42.3M Add +39.4%
XENE Xenon Pharmaceuticals Inc. 0.42% 993,679 $39.0M No change
CELC Celcuity Inc. 0.38% 2,678,553 $35.1M Add +42.9%
GLUE Monte Rosa Therapeutics Inc. 0.37% 4,916,095 $34.1M No change
AKRO Akero Therapeutics Inc. 0.33% 1,097,082 $30.5M No change
CERS Cerus Corp. 0.32% 19,477,339 $30.0M No change
GRAL Grail Inc. 0.31% 1,630,125 $29.1M New
IDYA Ideaya Biosciences Inc. 0.30% 1,062,123 $27.3M No change
KRYS Krystal Biotech Inc. 0.29% 169,934 $26.6M No change
CADL Candel Therapeutics Inc. 0.28% 2,981,983 $25.9M New
PRAX Praxis Precision Medicines I 0.28% 331,533 $25.5M Add +2.6%
IGMS Igm Biosciences Inc. 0.27% 4,094,304 $25.0M Add +0.1%
CNTA Centessa Pharmaceuticals Ltd. 0.22% 1,227,178 $20.6M No change
MRUS Merus NV 0.20% 450,000 $18.9M Add +50.0%
DYN Dyne Therapeutics Inc. 0.17% 672,096 $15.8M No change
NGNE Neurogene Inc. 0.17% 674,450 $15.4M Add +47.9%
XNCR Xencor Inc. 0.17% 670,431 $15.4M No change
BCAX Bicara Therapeutics Inc. 0.16% 833,333 $14.5M No change
PRLD Prelude Therapeutics Inc. 0.14% 10,123,824 $12.9M No change
IONS Ionis Pharmaceuticals Inc. 0.14% 357,915 $12.5M Add +60.2%
ALMS Alumis Inc. 0.13% 1,562,500 $12.3M No change
NMRA Neumora Therapeutics Inc. 0.12% 1,034,600 $11.0M No change
DSGN Design Therapeutics Inc. 0.12% 1,743,725 $10.8M No change
GPCR Structure Therapeutics Inc. 0.11% 361,565 $9.8M Add +322.9%
VERV Verve Therapeutics Inc. 0.10% 1,691,530 $9.5M No change
CYVNY Ceryvyn Therapeutics-ADR filed as OPTHEA LTD 0.09% 2,173,622 $8.5M No change
TCRX Tscan Therapeutics Inc. 0.09% 2,784,792 $8.5M No change
KALA Kala Bio Inc. 0.09% 1,201,894 $8.3M Add +34.8%
VIR Vir Biotechnology Inc. 0.09% 1,084,539 $8.0M New
MIRM Mirum Pharmaceuticals Inc. 0.09% 190,476 $7.9M No change
ARVN Arvinas Inc. 0.08% 405,576 $7.8M No change
NTLA Intellia Therapeutics Inc. 0.08% 644,116 $7.5M New
TSVT 2SEVENTY Bio Inc. 0.08% 2,497,526 $7.3M No change
TSHA Taysha Gene Therapies Inc. 0.07% 4,004,756 $6.9M No change
CLDX Celldex Therapeutics Inc. 0.07% 247,644 $6.3M No change
BMEA Biomea Fusion Inc. 0.06% 1,451,990 $5.6M Reduce -31.1%
FATE Fate Therapeutics Inc. 0.06% 3,258,402 $5.4M Add +8.7%
BNTX Biontech SE-ADR 0.06% 45,031 $5.1M New
IRON Disc Medicine Inc. 0.05% 77,050 $4.9M New
RLAY Relay Therapeutics Inc. 0.05% 1,160,117 $4.8M No change
CTNM Contineum Therapeutics Inc. Class A 0.05% 312,500 $4.6M No change
DBVT DBV Technologies SA-Spon ADR 0.05% 1,461,425 $4.5M No change
SGMT Sagimet Biosciences Inc. Class A 0.05% 952,996 $4.3M Reduce -31.0%
WVE Wave Life Sciences Ltd. 0.05% 344,063 $4.3M No change
SKYE Skye Bioscience Inc. 0.04% 1,450,638 $4.1M Add +1.1%
PCVX Vaxcyte Inc. 0.04% 48,885 $4.0M No change
SANA Sana Biotechnology Inc. 0.04% 2,380,949 $3.9M No change
CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC 0.04% 1,172,175 $3.4M No change
ALGS Aligos Therapeutics Inc. 0.04% 83,055 $3.3M No change
PRME Prime Medicine Inc. 0.03% 1,028,466 $3.0M No change
TARA Protara Therapeutic Inc. 0.03% 536,832 $2.8M No change
ELVN Enliven Therapeutics Inc. 0.03% 114,833 $2.6M No change
ARCT Arcturus Therapeutics Holdin 0.03% 151,329 $2.6M No change
CMPX Compass Therapeutics Inc. 0.02% 1,557,630 $2.3M No change
GBIO Generation Bio Co. 0.02% 1,944,945 $2.1M No change
HOOK Hookipa Pharma Inc. 0.02% 812,814 $1.6M No change
MERSANA THERAPEUTICS INC 0.02% 1,086,115 $1.6M No change
VTVT VTV Therapeutics Inc. Class A 0.01% 97,314 $1.3M No change
RCKT Rocket Pharmaceuticals Inc. 0.01% 97,079 $1.2M New
PTCT PTC Therapeutics Inc. 0.01% 20,400 $921K New
IPSC Century Therapeutics Inc. 0.01% 797,460 $805K No change
PMVP PMV Pharmaceuticals Inc. 0.01% 322,024 $486K No change
ACRV Acrivon Therapeutics Inc. 0.00% 52,885 $318K No change
FHTX Foghorn Therapeutics Inc. 0.00% 45,027 $213K No change
TYRA Tyra Biosciences Inc. 0.00% 10,607 $147K No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $122.5M (not counted above)
SecurityClassShares / PrincipalValueChange
INSMED INC (INSM 0.75 06/01/28) NOTE 0.750% 6/0 · principal 42,850,000$92.9MNo change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal 30,000,000$29.5MNew
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$18KNo change

Total filed on the 13F, all lines: $9.4B.

Portfolio Sells Q3 2024 → Q4 2024
ONC Beone Medicines Ltd.-ADR Reduce -9.8% 19.06% −5.79
BMEA Biomea Fusion Inc. Reduce -31.1% 0.06% −0.16
TNGX Tango Therapeutics Inc. Sold out 0.00% −0.06
CRNX Crinetics Pharmaceuticals Inc. Sold out 0.00% −0.06
ALEC Alector Inc. Sold out 0.00% −0.05
NAMS Newamsterdam Pharma Co. NV Sold out 0.00% −0.02
AEROVATE THERAPEUTICS INC Sold out 0.00% −0.01
PFE Pfizer Inc. Sold out 0.00% −0.01
BCRX Biocryst Pharmaceuticals Inc. Sold out 0.00% −0.01
SGMT Sagimet Biosciences Inc. Class A Reduce -31.0% 0.05% +0.01
RYTM Rhythm Pharmaceuticals Inc. Reduce -4.9% 3.69% +0.18

Portfolio Buys Q3 2024 → Q4 2024
INCY Incyte Corp. Add +0.0% 22.98% +1.71
INSM Insmed Inc. Add +13.4% 3.74% +0.37
GRAL Grail Inc. New 0.31% +0.31
CADL Candel Therapeutics Inc. New 0.28% +0.28
RVMD Revolution Medicines Inc. Add +4.9% 3.76% +0.16
EWTX Edgewise Therapeutics Inc. Add +5.4% 1.78% +0.15
ROIV Roivant Sciences Ltd. Add +34.6% 0.48% +0.14
CRSP Crispr Therapeutics AG Add +55.1% 0.56% +0.14
IMVT Immunovant Inc. Add +39.4% 0.46% +0.09
CELC Celcuity Inc. Add +42.9% 0.38% +0.09
VIR Vir Biotechnology Inc. New 0.09% +0.09
PRAX Praxis Precision Medicines I Add +2.6% 0.28% +0.08
NTLA Intellia Therapeutics Inc. New 0.08% +0.08
GPCR Structure Therapeutics Inc. Add +322.9% 0.11% +0.07
BNTX Biontech SE-ADR New 0.06% +0.06
IRON Disc Medicine Inc. New 0.05% +0.05
MRUS Merus NV Add +50.0% 0.20% +0.05
IONS Ionis Pharmaceuticals Inc. Add +60.2% 0.14% +0.04
KALA Kala Bio Inc. Add +34.8% 0.09% +0.04
RCKT Rocket Pharmaceuticals Inc. New 0.01% +0.01
PTCT PTC Therapeutics Inc. New 0.01% +0.01
STOK Stoke Therapeutics Inc. Add +6.1% 0.55% −0.01
SKYE Skye Bioscience Inc. Add +1.1% 0.04% −0.01
NGNE Neurogene Inc. Add +47.9% 0.17% −0.03
FATE Fate Therapeutics Inc. Add +8.7% 0.06% −0.05
IMTX Immatics NV Add +12.9% 0.56% −0.21
IGMS Igm Biosciences Inc. Add +0.1% 0.27% −0.44
BCYC Bicycle Therapeutics PLC-ADR Add +15.8% 1.65% −0.58

Notes & Other Activity Q3 2024 → Q4 2024
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal New 30,000,000 $29.5M

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