Baker Bros. Advisors LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Baker Bros. Advisors LP reported 89 stock positions worth $13.8 billion. Its top holding was Beone Medicines Ltd.-ADR (ONC) at 21.7% of the portfolio, followed by Incyte (INCY, 18.9%) and Madrigal Pharmaceuticals (MDGL, 7.1%). Compared with Q2 2025, it opened 10 new positions, sold out of 9, added to 14 and reduced 5. The biggest buy was Celcuity (CELC, shares +45%) and the biggest sale Insmed (INSM, shares −13%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$13.8B (Q3 2025)
SEC Filing
0001104659-25-112595 ↗ filed Nov 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 Q2 2025 Q3 2025: $13.8B $13.8B Q3 2025 Q4 2025: $17.0B Q4 2025 Q1 2026: $17.4B Q1 2026 Q2 2026: $19.9B Q2 2026

Holdings 89 stocks · $13.8B
ONC Beone Medicines Ltd.-ADR 21.73% 8,799,053 $3.0B No change
INCY Incyte Corp. 18.90% 30,743,663 $2.6B Add +0.0%
MDGL Madrigal Pharmaceuticals Inc. 7.12% 2,141,701 $982.3M Add +8.4%
INSM Insmed Inc. 7.00% 6,703,484 $965.4M Reduce -13.1%
ACAD Acadia Pharmaceuticals Inc. 6.63% 42,896,690 $915.4M No change
SMMT Summit Therapeutics Inc. 5.05% 33,722,974 $696.7M No change
RYTM Rhythm Pharmaceuticals Inc. 4.10% 5,604,483 $566.0M No change
RVMD Revolution Medicines Inc. 3.20% 9,455,357 $441.6M Add +1.0%
CELC Celcuity Inc. 2.83% 7,915,792 $391.0M Add +45.2%
KYMR Kymera Therapeutics Inc. 2.73% 6,651,429 $376.5M No change
KOD Kodiak Sciences Inc. 2.05% 17,310,490 $283.4M No change
ALKS Alkermes PLC 1.76% 8,091,351 $242.7M Add +26.2%
ABCL Abcellera Biologics Inc. 1.00% 27,525,640 $138.5M No change
EWTX Edgewise Therapeutics Inc. 0.86% 7,305,940 $118.5M No change
KNSA Kiniksa Pharmaceuticals Inte 0.79% 2,824,669 $109.7M No change
STOK Stoke Therapeutics Inc. 0.79% 4,633,838 $108.9M No change
IMTX Immatics NV 0.75% 12,094,094 $103.0M Add +18.9%
GRAL Grail Inc. 0.70% 1,630,125 $96.4M No change
IDYA Ideaya Biosciences Inc. 0.65% 3,275,444 $89.1M Add +54.6%
IMVT Immunovant Inc. 0.64% 5,457,881 $88.0M No change
IMCR Immunocore Holdings PLC-ADR 0.61% 2,322,656 $84.4M No change
BCYC Bicycle Therapeutics PLC-ADR 0.61% 10,885,357 $84.3M No change
RARE Ultragenyx Pharmaceutical Inc. 0.60% 2,772,692 $83.4M No change
ABVX Abivax SA-ADR 0.54% 875,796 $74.4M New
ARWR Arrowhead Pharmaceuticals Inc. 0.42% 1,670,762 $57.6M Add +77.9%
ROIV Roivant Sciences Ltd. 0.41% 3,767,773 $57.0M No change
DNLI Denali Therapeutics Inc. 0.39% 3,731,695 $54.2M No change
MRUS Merus NV 0.39% 574,377 $54.1M No change
NTLA Intellia Therapeutics Inc. 0.34% 2,746,674 $47.4M Add +2.6%
REPL Replimune Group Inc. 0.34% 11,045,336 $46.3M No change
RAPP Rapport Therapeutics Inc. 0.33% 1,547,090 $45.9M Add +181.2%
GPCR Structure Therapeutics Inc. 0.32% 1,556,109 $43.6M Reduce -38.0%
VRDN Viridian Therapeutics Inc. 0.27% 1,744,406 $37.6M No change
IONS Ionis Pharmaceuticals Inc. 0.27% 566,798 $37.1M New
PRAX Praxis Precision Medicines I 0.26% 689,488 $36.5M No change
GLUE Monte Rosa Therapeutics Inc. 0.26% 4,916,095 $36.4M No change
BNTX Biontech SE-ADR 0.26% 368,923 $36.4M No change
NRIX Nurix Therapeutics Inc. 0.26% 3,882,125 $35.9M No change
DNTH Dianthus Therapeutics Inc. 0.23% 789,759 $31.1M No change
TRDA Entrada Therapeutics Inc. 0.20% 4,865,819 $28.2M No change
ARGX Argenx SE - ADR 0.20% 37,760 $27.9M No change
RNAM Avidity Biosciences Inc. 0.20% 625,000 $27.2M New
PCVX Vaxcyte Inc. 0.17% 640,885 $23.1M No change
IRON Disc Medicine Inc. 0.16% 337,050 $22.3M No change
CDTX Cidara Therapeutics Inc. 0.16% 227,272 $21.8M No change
CLDX Celldex Therapeutics Inc. 0.12% 665,370 $17.2M No change
NGNE Neurogene Inc. 0.12% 991,691 $17.2M No change
SERA Sera Prognostics Inc. Class A 0.12% 5,498,170 $16.8M No change
SYRE Spyre Therapeutics Inc. 0.12% 1,000,000 $16.8M Add +59.6%
CERS Cerus Corp. 0.12% 10,008,345 $15.9M Reduce -22.3%
AKRO Akero Therapeutics Inc. 0.11% 324,630 $15.4M No change
XENE Xenon Pharmaceuticals Inc. 0.11% 370,208 $14.9M No change
DBVT DBV Technologies SA-Spon ADR 0.11% 1,461,425 $14.6M No change
PRLD Prelude Therapeutics Inc. 0.11% 10,123,824 $14.6M No change
ACLX Arcellx Inc. 0.10% 166,825 $13.7M No change
CTMX Cytomx Therapeutics Inc. 0.10% 4,250,826 $13.6M Add +22.0%
TSHA Taysha Gene Therapies Inc. 0.09% 4,004,756 $13.1M No change
XNCR Xencor Inc. 0.09% 1,102,106 $12.9M Add +64.4%
DSGN Design Therapeutics Inc. 0.09% 1,712,882 $12.9M No change
NUVL Nuvalent Inc. Class A 0.09% 143,937 $12.4M No change
SION Sionna Therapeutics Inc. 0.09% 400,000 $11.8M No change
CRNX Crinetics Pharmaceuticals Inc. 0.08% 280,000 $11.7M No change
VKTX Viking Therapeutics Inc. 0.07% 366,083 $9.6M New
PHVS Pharvaris NV 0.07% 375,000 $9.4M New
AGIO Agios Pharmaceuticals Inc. 0.06% 189,866 $7.6M No change
SANA Sana Biotechnology Inc. 0.05% 2,030,949 $7.2M No change
SGMT Sagimet Biosciences Inc. Class A 0.05% 952,996 $6.5M No change
ALMS Alumis Inc. 0.05% 1,562,500 $6.2M No change
RLAY Relay Therapeutics Inc. 0.04% 1,160,117 $6.1M No change
SKYE Skye Bioscience Inc. 0.04% 1,450,638 $5.7M No change
HRTX Heron Therapeutics Inc. 0.04% 4,251,951 $5.4M New
TCRX Tscan Therapeutics Inc. 0.04% 2,784,792 $5.1M No change
MBX MBX Biosciences Inc. 0.04% 277,777 $4.9M New
VTVT VTV Therapeutics Inc. Class A 0.03% 148,314 $3.5M Add +52.4%
VTYX Ventyx Biosciences Inc. 0.02% 1,023,130 $3.2M New
LBRX LB Pharmaceuticals Inc. 0.02% 200,000 $3.2M New
VIR Vir Biotechnology Inc. 0.02% 542,539 $3.1M No change
WVE Wave Life Sciences Ltd. 0.02% 344,063 $2.5M No change
ELVN Enliven Therapeutics Inc. 0.02% 114,833 $2.4M No change
TARA Protara Therapeutic Inc. 0.02% 536,832 $2.3M No change
TECX Tectonic Therapeutic Inc. 0.01% 100,000 $1.6M No change
KALA Kala Bio Inc. 0.01% 985,093 $1.5M Reduce -18.0%
GBIO Generation Bio Co. 0.01% 194,493 $1.2M No change
CTNM Contineum Therapeutics Inc. Class A 0.01% 77,670 $913K Reduce -75.2%
ALGS Aligos Therapeutics Inc. 0.01% 83,055 $814K No change
VYNE THERAPEUTICS INC 0.00% 851,353 $285K New
TYRA Tyra Biosciences Inc. 0.00% 10,607 $148K No change
ACRV Acrivon Therapeutics Inc. 0.00% 22,809 $41K No change
CYVNY Ceryvyn Therapeutics-ADR filed as OPTHEA LTD 0.00% 2,087,320 $0 No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $40.9M (not counted above)
SecurityClassShares / PrincipalValueChange
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal 30,750,000$40.9MNew
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$15KNo change

Total filed on the 13F, all lines: $13.8B.

Portfolio Sells Q2 2025 → Q3 2025
INSM Insmed Inc. Reduce -13.1% 7.00% −0.53
VRNA Verona Pharma Ltd. Sold out 0.00% −0.21
GPCR Structure Therapeutics Inc. Reduce -38.0% 0.32% −0.19
VERV Verve Therapeutics Inc. Sold out 0.00% −0.18
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.16
CERS Cerus Corp. Reduce -22.3% 0.12% −0.06
KALA Kala Bio Inc. Reduce -18.0% 0.01% −0.04
IGMS Igm Biosciences Inc. Sold out 0.00% −0.04
FATE Fate Therapeutics Inc. Sold out 0.00% −0.03
CADL Candel Therapeutics Inc. Sold out 0.00% −0.02
RCKT Rocket Pharmaceuticals Inc. Sold out 0.00% −0.01
HOOK Hookipa Pharma Inc. Sold out 0.00% −0.01
NMRA Neumora Therapeutics Inc. Sold out 0.00% −0.01
CTNM Contineum Therapeutics Inc. Class A Reduce -75.2% 0.01% −0.01

Portfolio Buys Q2 2025 → Q3 2025
CELC Celcuity Inc. Add +45.2% 2.83% +2.13
MDGL Madrigal Pharmaceuticals Inc. Add +8.4% 7.12% +1.32
ABVX Abivax SA-ADR New 0.54% +0.54
ARWR Arrowhead Pharmaceuticals Inc. Add +77.9% 0.42% +0.27
RAPP Rapport Therapeutics Inc. Add +181.2% 0.33% +0.27
IONS Ionis Pharmaceuticals Inc. New 0.27% +0.27
IMTX Immatics NV Add +18.9% 0.75% +0.22
IDYA Ideaya Biosciences Inc. Add +54.6% 0.65% +0.21
RNAM Avidity Biosciences Inc. New 0.20% +0.20
NTLA Intellia Therapeutics Inc. Add +2.6% 0.34% +0.10
VKTX Viking Therapeutics Inc. New 0.07% +0.07
PHVS Pharvaris NV New 0.07% +0.07
XNCR Xencor Inc. Add +64.4% 0.09% +0.04
HRTX Heron Therapeutics Inc. New 0.04% +0.04
MBX MBX Biosciences Inc. New 0.04% +0.04
SYRE Spyre Therapeutics Inc. Add +59.6% 0.12% +0.03
VTYX Ventyx Biosciences Inc. New 0.02% +0.02
LBRX LB Pharmaceuticals Inc. New 0.02% +0.02
CTMX Cytomx Therapeutics Inc. Add +22.0% 0.10% +0.02
VTVT VTV Therapeutics Inc. Class A Add +52.4% 0.03% +0.01
VYNE THERAPEUTICS INC New 0.00% +0.00
ALKS Alkermes PLC Add +26.2% 1.76% −0.02
RVMD Revolution Medicines Inc. Add +1.0% 3.20% −0.14
INCY Incyte Corp. Add +0.0% 18.90% −1.41

Notes & Other Activity Q2 2025 → Q3 2025
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal New 30,750,000 $40.9M

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