Baker Bros. Advisors LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Baker Bros. Advisors LP reported 84 stock positions worth $17.0 billion. Its top holding was Incyte (INCY) at 17.8% of the portfolio, followed by Beone Medicines Ltd.-ADR (ONC, 15.7%) and Madrigal Pharmaceuticals (MDGL, 7.3%). Compared with Q3 2025, it opened 9 new positions, sold out of 14, added to 23 and reduced 7. The biggest buy was Praxis Precision Medicines I (PRAX, shares +63%) and the biggest sale an exit from Merus (MRUS).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$17.0B (Q4 2025)
SEC Filing
0001104659-26-016374 ↗ filed Feb 17, 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 $17.0B Q4 2025 Q1 2026: $17.4B Q1 2026 Q2 2026: $19.9B Q2 2026

Holdings 84 stocks · $17.0B
INCY Incyte Corp. 17.85% 30,743,991 $3.0B Add +0.0%
ONC Beone Medicines Ltd.-ADR 15.71% 8,799,053 $2.7B No change
MDGL Madrigal Pharmaceuticals Inc. 7.33% 2,141,701 $1.2B No change
INSM Insmed Inc. 6.74% 6,592,746 $1.1B Reduce -1.6%
ACAD Acadia Pharmaceuticals Inc. 6.74% 42,896,690 $1.1B No change
CELC Celcuity Inc. 4.64% 7,915,792 $789.5M No change
RVMD Revolution Medicines Inc. 4.43% 9,455,357 $753.1M No change
KYMR Kymera Therapeutics Inc. 3.96% 8,657,242 $673.6M Add +30.2%
SMMT Summit Therapeutics Inc. 3.74% 36,391,063 $636.5M Add +7.9%
RYTM Rhythm Pharmaceuticals Inc. 3.53% 5,604,483 $599.9M No change
KOD Kodiak Sciences Inc. 3.27% 19,919,186 $556.9M Add +15.1%
PRAX Praxis Precision Medicines I 1.95% 1,126,488 $332.0M Add +63.4%
ALKS Alkermes PLC 1.65% 10,012,267 $280.1M Add +23.7%
GRAL Grail Inc. 1.05% 2,085,333 $178.5M Add +27.9%
EWTX Edgewise Therapeutics Inc. 0.96% 6,575,940 $163.2M Reduce -10.0%
ARWR Arrowhead Pharmaceuticals Inc. 0.85% 2,175,645 $144.4M Add +30.2%
IONS Ionis Pharmaceuticals Inc. 0.83% 1,791,841 $141.8M Add +216.1%
IMVT Immunovant Inc. 0.82% 5,457,881 $138.7M No change
IMTX Immatics NV 0.75% 12,094,094 $127.0M No change
IDYA Ideaya Biosciences Inc. 0.74% 3,618,826 $125.1M Add +10.5%
ROIV Roivant Sciences Ltd. 0.71% 5,555,017 $120.5M Add +47.4%
ABVX Abivax SA-ADR 0.69% 875,796 $118.1M No change
KNSA Kiniksa Pharmaceuticals Inte 0.69% 2,826,246 $116.6M Add +0.1%
REPL Replimune Group Inc. 0.63% 11,045,336 $107.4M No change
STOK Stoke Therapeutics Inc. 0.62% 3,336,697 $105.9M Reduce -28.0%
GPCR Structure Therapeutics Inc. 0.59% 1,432,529 $99.6M Reduce -7.9%
ABCL Abcellera Biologics Inc. 0.55% 27,525,640 $94.1M No change
NRIX Nurix Therapeutics Inc. 0.52% 4,658,556 $88.4M Add +20.0%
IMCR Immunocore Holdings PLC-ADR 0.47% 2,322,656 $80.6M No change
BCYC Bicycle Therapeutics PLC-ADR 0.45% 10,885,357 $77.1M No change
CRNX Crinetics Pharmaceuticals Inc. 0.45% 1,648,869 $76.8M Add +488.9%
GLUE Monte Rosa Therapeutics Inc. 0.40% 4,345,736 $68.1M Reduce -11.6%
RARE Ultragenyx Pharmaceutical Inc. 0.37% 2,772,692 $63.8M No change
DNLI Denali Therapeutics Inc. 0.36% 3,731,695 $61.6M No change
VRDN Viridian Therapeutics Inc. 0.36% 1,971,678 $61.4M Add +13.0%
TRDA Entrada Therapeutics Inc. 0.31% 5,072,730 $52.1M Add +4.3%
RAPP Rapport Therapeutics Inc. 0.28% 1,547,090 $46.9M No change
TERN Terns Pharmaceuticals Inc. 0.23% 950,000 $38.4M New
BNTX Biontech SE-ADR 0.21% 368,923 $35.1M No change
SYRE Spyre Therapeutics Inc. 0.19% 1,000,000 $32.8M No change
DNTH Dianthus Therapeutics Inc. 0.19% 789,759 $32.5M No change
PRLD Prelude Therapeutics Inc. 0.17% 10,123,824 $29.4M No change
DBVT DBV Technologies SA-Spon ADR 0.16% 1,461,425 $28.0M No change
IRON Disc Medicine Inc. 0.16% 337,050 $26.8M No change
JBIO Jade Biosciences Inc. 0.15% 1,641,137 $25.3M New
TSHA Taysha Gene Therapies Inc. 0.13% 4,004,756 $22.0M No change
BCRX Biocryst Pharmaceuticals Inc. 0.13% 2,822,727 $22.0M New
VTYX Ventyx Biosciences Inc. 0.12% 2,349,280 $21.2M Add +129.6%
ARGX Argenx SE - ADR 0.12% 25,174 $21.2M Reduce -33.3%
DSGN Design Therapeutics Inc. 0.12% 2,233,099 $20.9M Add +30.4%
CERS Cerus Corp. 0.12% 10,008,345 $20.6M No change
NGNE Neurogene Inc. 0.12% 991,691 $20.4M No change
TECX Tectonic Therapeutic Inc. 0.11% 903,400 $18.8M Add +803.4%
CTMX Cytomx Therapeutics Inc. 0.11% 4,250,826 $18.1M No change
CLDX Celldex Therapeutics Inc. 0.11% 665,370 $18.1M No change
XNCR Xencor Inc. 0.10% 1,102,106 $16.9M No change
CNTA Centessa Pharmaceuticals Ltd. 0.10% 670,751 $16.8M New
XENE Xenon Pharmaceuticals Inc. 0.10% 370,208 $16.6M No change
SION Sionna Therapeutics Inc. 0.10% 400,000 $16.5M No change
CTNM Contineum Therapeutics Inc. Class A 0.10% 1,420,838 $16.2M Add +1729.3%
SERA Sera Prognostics Inc. Class A 0.10% 5,498,170 $16.2M No change
DYN Dyne Therapeutics Inc. 0.09% 813,449 $15.9M New
ALMS Alumis Inc. 0.09% 1,562,500 $15.3M No change
NUVL Nuvalent Inc. Class A 0.09% 143,937 $14.5M No change
PHVS Pharvaris NV 0.06% 375,000 $10.4M No change
RLAY Relay Therapeutics Inc. 0.06% 1,160,117 $9.8M No change
ABSI Absci Corp. 0.04% 2,134,803 $7.5M New
RCUS Arcus Biosciences Inc. 0.04% 270,000 $6.4M New
MPLT Maplight Therapeutics Inc. 0.04% 364,705 $6.4M New
VTVT VTV Therapeutics Inc. Class A 0.03% 148,314 $5.9M No change
WVE Wave Life Sciences Ltd. 0.03% 344,063 $5.8M No change
SGMT Sagimet Biosciences Inc. Class A 0.03% 952,996 $5.6M No change
TARA Protara Therapeutic Inc. 0.03% 971,614 $5.2M Add +81.0%
LBRX LB Pharmaceuticals Inc. 0.03% 200,000 $4.5M No change
ELVN Enliven Therapeutics Inc. 0.02% 271,406 $4.2M Add +136.3%
FDMT 4D Molecular Therapeutics Inc. 0.02% 475,737 $3.6M New
VIR Vir Biotechnology Inc. 0.02% 542,539 $3.3M No change
TCRX Tscan Therapeutics Inc. 0.02% 2,784,792 $2.8M No change
SANA Sana Biotechnology Inc. 0.01% 310,483 $1.3M Reduce -84.7%
SKYE Skye Bioscience Inc. 0.01% 1,450,638 $1.1M No change
KALA Kala Bio Inc. 0.01% 1,804,055 $1.0M Add +83.1%
ALGS Aligos Therapeutics Inc. 0.00% 83,055 $774K No change
TYRA Tyra Biosciences Inc. 0.00% 10,607 $279K No change
ACRV Acrivon Therapeutics Inc. 0.00% 22,809 $55K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $66.6M (not counted above)
SecurityClassShares / PrincipalValueChange
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal 30,750,000$66.6MNo change
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$17KNo change

Total filed on the 13F, all lines: $17.1B.

Portfolio Sells Q3 2025 → Q4 2025
MRUS Merus NV Sold out 0.00% −0.39
NTLA Intellia Therapeutics Inc. Sold out 0.00% −0.34
INSM Insmed Inc. Reduce -1.6% 6.74% −0.25
RNAM Avidity Biosciences Inc. Sold out 0.00% −0.20
PCVX Vaxcyte Inc. Sold out 0.00% −0.17
STOK Stoke Therapeutics Inc. Reduce -28.0% 0.62% −0.17
CDTX Cidara Therapeutics Inc. Sold out 0.00% −0.16
AKRO Akero Therapeutics Inc. Sold out 0.00% −0.11
ACLX Arcellx Inc. Sold out 0.00% −0.10
ARGX Argenx SE - ADR Reduce -33.3% 0.12% −0.08
VKTX Viking Therapeutics Inc. Sold out 0.00% −0.07
AGIO Agios Pharmaceuticals Inc. Sold out 0.00% −0.06
SANA Sana Biotechnology Inc. Reduce -84.7% 0.01% −0.04
HRTX Heron Therapeutics Inc. Sold out 0.00% −0.04
MBX MBX Biosciences Inc. Sold out 0.00% −0.04
GBIO Generation Bio Co. Sold out 0.00% −0.01
VYNE THERAPEUTICS INC Sold out 0.00% −0.00
CYVNY Ceryvyn Therapeutics-ADR Sold out 0.00% 0.00
EWTX Edgewise Therapeutics Inc. Reduce -10.0% 0.96% +0.10
GLUE Monte Rosa Therapeutics Inc. Reduce -11.6% 0.40% +0.14
GPCR Structure Therapeutics Inc. Reduce -7.9% 0.59% +0.27

Portfolio Buys Q3 2025 → Q4 2025
PRAX Praxis Precision Medicines I Add +63.4% 1.95% +1.69
KYMR Kymera Therapeutics Inc. Add +30.2% 3.96% +1.23
KOD Kodiak Sciences Inc. Add +15.1% 3.27% +1.22
IONS Ionis Pharmaceuticals Inc. Add +216.1% 0.83% +0.56
ARWR Arrowhead Pharmaceuticals Inc. Add +30.2% 0.85% +0.43
CRNX Crinetics Pharmaceuticals Inc. Add +488.9% 0.45% +0.37
GRAL Grail Inc. Add +27.9% 1.05% +0.35
ROIV Roivant Sciences Ltd. Add +47.4% 0.71% +0.30
NRIX Nurix Therapeutics Inc. Add +20.0% 0.52% +0.26
TERN Terns Pharmaceuticals Inc. New 0.23% +0.23
JBIO Jade Biosciences Inc. New 0.15% +0.15
BCRX Biocryst Pharmaceuticals Inc. New 0.13% +0.13
TRDA Entrada Therapeutics Inc. Add +4.3% 0.31% +0.10
VTYX Ventyx Biosciences Inc. Add +129.6% 0.12% +0.10
TECX Tectonic Therapeutic Inc. Add +803.4% 0.11% +0.10
CNTA Centessa Pharmaceuticals Ltd. New 0.10% +0.10
DYN Dyne Therapeutics Inc. New 0.09% +0.09
IDYA Ideaya Biosciences Inc. Add +10.5% 0.74% +0.09
CTNM Contineum Therapeutics Inc. Class A Add +1729.3% 0.10% +0.09
VRDN Viridian Therapeutics Inc. Add +13.0% 0.36% +0.09
ABSI Absci Corp. New 0.04% +0.04
RCUS Arcus Biosciences Inc. New 0.04% +0.04
MPLT Maplight Therapeutics Inc. New 0.04% +0.04
DSGN Design Therapeutics Inc. Add +30.4% 0.12% +0.03
FDMT 4D Molecular Therapeutics Inc. New 0.02% +0.02
TARA Protara Therapeutic Inc. Add +81.0% 0.03% +0.01
ELVN Enliven Therapeutics Inc. Add +136.3% 0.02% +0.01
KALA Kala Bio Inc. Add +83.1% 0.01% −0.01
KNSA Kiniksa Pharmaceuticals Inte Add +0.1% 0.69% −0.11
ALKS Alkermes PLC Add +23.7% 1.65% −0.11
INCY Incyte Corp. Add +0.0% 17.85% −1.05
SMMT Summit Therapeutics Inc. Add +7.9% 3.74% −1.31

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