Baker Bros. Advisors LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Baker Bros. Advisors LP reported 88 stock positions worth $10.3 billion. Its top holding was Beone Medicines Ltd.-ADR (ONC) at 20.7% of the portfolio, followed by Incyte (INCY, 20.3%) and Acadia Pharmaceuticals (ACAD, 9.0%). Compared with Q1 2025, it opened 12 new positions, sold out of 11, added to 23 and reduced 8. The biggest buy was Insmed (INSM, shares +43%) and the biggest sale Argenx SE - ADR (ARGX, shares −51%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$10.3B (Q2 2025)
SEC Filing
0001104659-25-078573 ↗ filed Aug 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 Q4 2024 Q1 2025: $8.9B Q1 2025 Q2 2025: $10.3B $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 88 stocks · $10.3B
ONC Beone Medicines Ltd.-ADR 20.66% 8,799,053 $2.1B No change
INCY Incyte Corp. 20.31% 30,743,275 $2.1B Add +0.0%
ACAD Acadia Pharmaceuticals Inc. 8.98% 42,896,690 $925.3M Add +0.0%
INSM Insmed Inc. 7.53% 7,712,900 $776.2M Add +43.4%
SMMT Summit Therapeutics Inc. 6.96% 33,722,974 $717.6M Add +38.1%
MDGL Madrigal Pharmaceuticals Inc. 5.80% 1,976,018 $598.0M Add +0.1%
RYTM Rhythm Pharmaceuticals Inc. 3.44% 5,604,483 $354.1M No change
RVMD Revolution Medicines Inc. 3.34% 9,364,972 $344.5M Add +18.0%
KYMR Kymera Therapeutics Inc. 2.82% 6,651,429 $290.3M Add +10.9%
ALKS Alkermes PLC 1.78% 6,410,603 $183.4M Add +43.0%
REPL Replimune Group Inc. 1.00% 11,045,336 $102.6M No change
RARE Ultragenyx Pharmaceutical Inc. 0.98% 2,772,692 $100.8M Add +75.9%
EWTX Edgewise Therapeutics Inc. 0.93% 7,305,940 $95.8M Add +18.7%
ABCL Abcellera Biologics Inc. 0.92% 27,525,640 $94.4M No change
IMVT Immunovant Inc. 0.85% 5,457,881 $87.3M No change
GRAL Grail Inc. 0.81% 1,630,125 $83.8M No change
KNSA Kiniksa Pharmaceuticals Inte 0.76% 2,824,669 $78.2M Add +0.2%
BCYC Bicycle Therapeutics PLC-ADR 0.73% 10,885,357 $75.7M No change
IMCR Immunocore Holdings PLC-ADR 0.71% 2,322,656 $72.9M No change
CELC Celcuity Inc. 0.71% 5,450,445 $72.8M Add +28.0%
KOD Kodiak Sciences Inc. 0.63% 17,310,490 $64.6M No change
IMTX Immatics NV 0.53% 10,168,901 $54.7M Add +39.8%
STOK Stoke Therapeutics Inc. 0.51% 4,633,838 $52.6M No change
DNLI Denali Therapeutics Inc. 0.51% 3,731,695 $52.2M No change
GPCR Structure Therapeutics Inc. 0.50% 2,508,767 $52.0M Add +593.9%
IDYA Ideaya Biosciences Inc. 0.43% 2,118,728 $44.5M Add +99.5%
NRIX Nurix Therapeutics Inc. 0.43% 3,882,125 $44.2M No change
ROIV Roivant Sciences Ltd. 0.41% 3,767,773 $42.5M No change
BNTX Biontech SE-ADR 0.38% 368,923 $39.3M Add +719.3%
TRDA Entrada Therapeutics Inc. 0.32% 4,865,819 $32.7M No change
MRUS Merus NV 0.29% 574,377 $30.2M Add +157.0%
PRAX Praxis Precision Medicines I 0.28% 689,488 $29.0M Add +108.0%
NTLA Intellia Therapeutics Inc. 0.24% 2,675,674 $25.1M Add +315.4%
VRDN Viridian Therapeutics Inc. 0.24% 1,744,406 $24.4M New
GLUE Monte Rosa Therapeutics Inc. 0.22% 4,916,095 $22.2M No change
VRNA Verona Pharma Ltd. 0.21% 223,843 $21.2M No change
PCVX Vaxcyte Inc. 0.20% 640,885 $20.8M No change
ARGX Argenx SE - ADR 0.20% 37,760 $20.8M Reduce -51.4%
VERV Verve Therapeutics Inc. 0.18% 1,691,530 $19.0M No change
CERS Cerus Corp. 0.18% 12,883,844 $18.2M Reduce -33.4%
IRON Disc Medicine Inc. 0.17% 337,050 $17.9M Add +337.4%
AKRO Akero Therapeutics Inc. 0.17% 324,630 $17.3M Reduce -40.8%
BPMC Blueprint Medicines Corp. 0.16% 125,538 $16.1M New
SERA Sera Prognostics Inc. Class A 0.15% 5,498,170 $15.2M No change
ARWR Arrowhead Pharmaceuticals Inc. 0.14% 939,174 $14.8M New
NGNE Neurogene Inc. 0.14% 991,691 $14.8M Reduce -33.3%
DNTH Dianthus Therapeutics Inc. 0.14% 789,759 $14.7M New
CLDX Celldex Therapeutics Inc. 0.13% 665,370 $13.5M Add +168.7%
DBVT DBV Technologies SA-Spon ADR 0.13% 1,461,425 $13.4M No change
XENE Xenon Pharmaceuticals Inc. 0.11% 370,208 $11.6M Add +6.6%
CDTX Cidara Therapeutics Inc. 0.11% 227,272 $11.1M New
ACLX Arcellx Inc. 0.11% 166,825 $11.0M New
NUVL Nuvalent Inc. Class A 0.11% 143,937 $11.0M New
SYRE Spyre Therapeutics Inc. 0.09% 626,703 $9.4M New
TSHA Taysha Gene Therapies Inc. 0.09% 4,004,756 $9.3M No change
PRLD Prelude Therapeutics Inc. 0.08% 10,123,824 $8.2M No change
CRNX Crinetics Pharmaceuticals Inc. 0.08% 280,000 $8.1M New
CTMX Cytomx Therapeutics Inc. 0.08% 3,484,226 $7.9M New
SGMT Sagimet Biosciences Inc. Class A 0.07% 952,996 $7.3M No change
SION Sionna Therapeutics Inc. 0.07% 400,000 $6.9M No change
AGIO Agios Pharmaceuticals Inc. 0.06% 189,866 $6.3M New
RAPP Rapport Therapeutics Inc. 0.06% 550,090 $6.3M New
SKYE Skye Bioscience Inc. 0.06% 1,450,638 $6.1M No change
DSGN Design Therapeutics Inc. 0.06% 1,712,882 $5.8M Reduce -1.8%
KALA Kala Bio Inc. 0.06% 1,201,894 $5.7M No change
SANA Sana Biotechnology Inc. 0.05% 2,030,949 $5.5M No change
XNCR Xencor Inc. 0.05% 670,431 $5.3M No change
ALMS Alumis Inc. 0.05% 1,562,500 $4.7M No change
IGMS Igm Biosciences Inc. 0.04% 4,096,210 $4.6M Add +0.0%
TCRX Tscan Therapeutics Inc. 0.04% 2,784,792 $4.0M No change
RLAY Relay Therapeutics Inc. 0.04% 1,160,117 $4.0M No change
FATE Fate Therapeutics Inc. 0.03% 2,485,018 $2.8M Reduce -23.7%
VIR Vir Biotechnology Inc. 0.03% 542,539 $2.7M No change
ELVN Enliven Therapeutics Inc. 0.02% 114,833 $2.3M No change
WVE Wave Life Sciences Ltd. 0.02% 344,063 $2.2M No change
TECX Tectonic Therapeutic Inc. 0.02% 100,000 $2.0M No change
CADL Candel Therapeutics Inc. 0.02% 355,112 $1.8M Reduce -85.4%
TARA Protara Therapeutic Inc. 0.02% 536,832 $1.6M No change
VTVT VTV Therapeutics Inc. Class A 0.01% 97,314 $1.5M No change
RCKT Rocket Pharmaceuticals Inc. 0.01% 552,079 $1.4M Reduce -49.7%
CTNM Contineum Therapeutics Inc. Class A 0.01% 312,500 $1.2M No change
HOOK Hookipa Pharma Inc. 0.01% 812,814 $1.0M No change
NMRA Neumora Therapeutics Inc. 0.01% 1,034,600 $759K No change
GBIO Generation Bio Co. 0.01% 1,944,945 $623K No change
ALGS Aligos Therapeutics Inc. 0.01% 83,055 $599K No change
TYRA Tyra Biosciences Inc. 0.00% 10,607 $102K No change
ACRV Acrivon Therapeutics Inc. 0.00% 22,809 $27K No change
CYVNY Ceryvyn Therapeutics-ADR filed as OPTHEA LTD 0.00% 2,087,320 $0 No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $15K (not counted above)
SecurityClassShares / PrincipalValueChange
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$15KNo change

Total filed on the 13F, all lines: $10.3B.

Portfolio Sells Q1 2025 → Q2 2025
ARGX Argenx SE - ADR Reduce -51.4% 0.20% −0.31
CRSP Crispr Therapeutics AG Sold out 0.00% −0.25
CNTA Centessa Pharmaceuticals Ltd. Sold out 0.00% −0.20
TSVT 2SEVENTY Bio Inc. Sold out 0.00% −0.14
CADL Candel Therapeutics Inc. Reduce -85.4% 0.02% −0.14
CERS Cerus Corp. Reduce -33.4% 0.18% −0.12
BCAX Bicara Therapeutics Inc. Sold out 0.00% −0.12
IONS Ionis Pharmaceuticals Inc. Sold out 0.00% −0.12
AKRO Akero Therapeutics Inc. Reduce -40.8% 0.17% −0.08
DYN Dyne Therapeutics Inc. Sold out 0.00% −0.08
RCKT Rocket Pharmaceuticals Inc. Reduce -49.7% 0.01% −0.07
RGLS Regulus Therapeutics Inc. Sold out 0.00% −0.05
NGNE Neurogene Inc. Reduce -33.3% 0.14% −0.05
PRME Prime Medicine Inc. Sold out 0.00% −0.02
DSGN Design Therapeutics Inc. Reduce -1.8% 0.06% −0.02
CMPX Compass Therapeutics Inc. Sold out 0.00% −0.01
FATE Fate Therapeutics Inc. Reduce -23.7% 0.03% −0.00
CYPH Cypherpunk Technologies Inc. Sold out 0.00% −0.00
IPSC Century Therapeutics Inc. Sold out 0.00% −0.00

Portfolio Buys Q1 2025 → Q2 2025
INSM Insmed Inc. Add +43.4% 7.53% +2.94
SMMT Summit Therapeutics Inc. Add +38.1% 6.96% +1.69
ACAD Acadia Pharmaceuticals Inc. Add +0.0% 8.98% +1.01
KYMR Kymera Therapeutics Inc. Add +10.9% 2.82% +0.98
GPCR Structure Therapeutics Inc. Add +593.9% 0.50% +0.43
RARE Ultragenyx Pharmaceutical Inc. Add +75.9% 0.98% +0.34
BNTX Biontech SE-ADR Add +719.3% 0.38% +0.34
IDYA Ideaya Biosciences Inc. Add +99.5% 0.43% +0.24
VRDN Viridian Therapeutics Inc. New 0.24% +0.24
CELC Celcuity Inc. Add +28.0% 0.71% +0.22
RVMD Revolution Medicines Inc. Add +18.0% 3.34% +0.20
NTLA Intellia Therapeutics Inc. Add +315.4% 0.24% +0.19
MRUS Merus NV Add +157.0% 0.29% +0.19
IMTX Immatics NV Add +39.8% 0.53% +0.16
BPMC Blueprint Medicines Corp. New 0.16% +0.16
ARWR Arrowhead Pharmaceuticals Inc. New 0.14% +0.14
DNTH Dianthus Therapeutics Inc. New 0.14% +0.14
PRAX Praxis Precision Medicines I Add +108.0% 0.28% +0.14
IRON Disc Medicine Inc. Add +337.4% 0.17% +0.13
ALKS Alkermes PLC Add +43.0% 1.78% +0.12
CDTX Cidara Therapeutics Inc. New 0.11% +0.11
ACLX Arcellx Inc. New 0.11% +0.11
NUVL Nuvalent Inc. Class A New 0.11% +0.11
SYRE Spyre Therapeutics Inc. New 0.09% +0.09
CLDX Celldex Therapeutics Inc. Add +168.7% 0.13% +0.08
CRNX Crinetics Pharmaceuticals Inc. New 0.08% +0.08
CTMX Cytomx Therapeutics Inc. New 0.08% +0.08
AGIO Agios Pharmaceuticals Inc. New 0.06% +0.06
RAPP Rapport Therapeutics Inc. New 0.06% +0.06
KNSA Kiniksa Pharmaceuticals Inte Add +0.2% 0.76% +0.06
IGMS Igm Biosciences Inc. Add +0.0% 0.04% −0.01
XENE Xenon Pharmaceuticals Inc. Add +6.6% 0.11% −0.02
INCY Incyte Corp. Add +0.0% 20.31% −0.52
EWTX Edgewise Therapeutics Inc. Add +18.7% 0.93% −0.59
MDGL Madrigal Pharmaceuticals Inc. Add +0.1% 5.80% −1.52

Notes & Other Activity Q1 2025 → Q2 2025
INSMED INC (INSM 0.75 06/01/28) NOTE 0.750% 6/0 · principal Sold out 42,850,000 $101.6Mbefore 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