Baker Bros. Advisors LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Baker Bros. Advisors LP reported 83 stock positions worth $17.4 billion. Its top holding was Incyte (INCY) at 16.6% of the portfolio, followed by Beone Medicines Ltd.-ADR (ONC, 15.0%) and Insmed (INSM, 7.0%). Compared with Q4 2025, it opened 8 new positions, sold out of 9, added to 18 and reduced 6. The biggest buy was Praxis Precision Medicines I (PRAX, shares +56%) and the biggest sale an exit from Ultragenyx Pharmaceutical (RARE).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$17.4B (Q1 2026)
SEC Filing
0001104659-26-062547 ↗ filed May 15, 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 Q4 2025 Q1 2026: $17.4B $17.4B Q1 2026 Q2 2026: $19.9B Q2 2026

Holdings 83 stocks · $17.4B
INCY Incyte Corp. 16.62% 30,744,412 $2.9B Add +0.0%
ONC Beone Medicines Ltd.-ADR 15.00% 8,799,053 $2.6B No change
INSM Insmed Inc. 6.97% 7,421,111 $1.2B Add +12.6%
MDGL Madrigal Pharmaceuticals Inc. 6.44% 2,141,701 $1.1B No change
ACAD Acadia Pharmaceuticals Inc. 5.48% 42,896,690 $954.9M No change
RVMD Revolution Medicines Inc. 5.34% 9,555,357 $929.3M Add +1.1%
CELC Celcuity Inc. 5.19% 7,915,792 $903.5M No change
KOD Kodiak Sciences Inc. 4.36% 19,919,186 $759.3M No change
KYMR Kymera Therapeutics Inc. 4.14% 8,657,242 $721.1M No change
SMMT Summit Therapeutics Inc. 3.96% 36,391,063 $690.0M No change
PRAX Praxis Precision Medicines I 3.24% 1,753,198 $564.9M Add +55.6%
RYTM Rhythm Pharmaceuticals Inc. 2.80% 5,604,483 $487.4M No change
ALKS Alkermes PLC 2.03% 10,012,267 $354.0M No change
GRAL Grail Inc. 1.20% 4,028,614 $208.2M Add +93.2%
EWTX Edgewise Therapeutics Inc. 1.19% 6,575,940 $207.1M No change
IONS Ionis Pharmaceuticals Inc. 0.88% 2,047,727 $153.8M Add +14.3%
KNSA Kiniksa Pharmaceuticals Inte 0.78% 2,826,246 $136.1M No change
IMVT Immunovant Inc. 0.78% 5,457,881 $135.6M No change
ROIV Roivant Sciences Ltd. 0.77% 4,867,723 $134.8M Reduce -12.4%
IDYA Ideaya Biosciences Inc. 0.76% 3,946,515 $131.5M Add +9.1%
ARWR Arrowhead Pharmaceuticals Inc. 0.72% 1,992,783 $124.9M Reduce -8.4%
STOK Stoke Therapeutics Inc. 0.62% 3,336,697 $108.6M No change
IMTX Immatics NV 0.62% 10,916,693 $107.4M Reduce -9.7%
ABCL Abcellera Biologics Inc. 0.61% 30,275,938 $105.7M Add +10.0%
ABVX Abivax SA-ADR 0.56% 875,796 $97.5M No change
CRNX Crinetics Pharmaceuticals Inc. 0.49% 2,351,465 $85.4M Add +42.6%
REPL Replimune Group Inc. 0.49% 11,045,336 $84.5M No change
CELCUITY INC (CELC 2.75 08/01/31) 0.43% 30,750,000 $74.9M New
NRIX Nurix Therapeutics Inc. 0.41% 4,658,556 $72.2M No change
DNLI Denali Therapeutics Inc. 0.41% 3,731,695 $71.6M No change
DNTH Dianthus Therapeutics Inc. 0.41% 852,164 $71.5M Add +7.9%
GLUE Monte Rosa Therapeutics Inc. 0.41% 4,345,736 $71.5M No change
GPCR Structure Therapeutics Inc. 0.40% 1,432,529 $69.0M No change
TRDA Entrada Therapeutics Inc. 0.37% 5,072,730 $64.0M No change
BCYC Bicycle Therapeutics PLC-ADR 0.29% 10,885,357 $50.5M No change
SYRE Spyre Therapeutics Inc. 0.29% 1,000,000 $50.4M No change
RAPP Rapport Therapeutics Inc. 0.28% 1,547,090 $48.4M No change
ALMS Alumis Inc. 0.25% 2,012,500 $44.3M Add +28.8%
MIRM Mirum Pharmaceuticals Inc. 0.24% 445,975 $41.2M New
VRDN Viridian Therapeutics Inc. 0.22% 1,971,678 $38.6M No change
ELVN Enliven Therapeutics Inc. 0.20% 905,191 $35.5M Add +233.5%
PRLD Prelude Therapeutics Inc. 0.20% 10,123,824 $34.6M No change
DBVT DBV Technologies SA-Spon ADR 0.18% 1,461,425 $30.5M No change
DSGN Design Therapeutics Inc. 0.16% 2,585,978 $27.5M Add +15.8%
CNTA Centessa Pharmaceuticals Ltd. 0.15% 670,751 $26.6M No change
CTMX Cytomx Therapeutics Inc. 0.13% 4,975,826 $23.4M Add +17.1%
JBIO Jade Biosciences Inc. 0.13% 1,641,137 $23.1M No change
IRON Disc Medicine Inc. 0.13% 349,657 $22.4M Add +3.7%
IMCR Immunocore Holdings PLC-ADR 0.13% 734,397 $22.1M Reduce -68.4%
XENE Xenon Pharmaceuticals Inc. 0.12% 370,208 $21.5M No change
CLDX Celldex Therapeutics Inc. 0.12% 665,370 $21.1M No change
NGNE Neurogene Inc. 0.11% 991,691 $20.0M No change
EVMN Evommune Inc. 0.11% 847,390 $19.5M New
TECX Tectonic Therapeutic Inc. 0.11% 607,788 $18.8M Reduce -32.7%
CTNM Contineum Therapeutics Inc. Class A 0.11% 1,420,838 $18.6M No change
ARGX Argenx SE - ADR 0.11% 25,174 $18.4M No change
CERS Cerus Corp. 0.10% 10,008,345 $18.2M No change
TSHA Taysha Gene Therapies Inc. 0.10% 4,004,756 $17.9M No change
AKTS Aktis Oncology Inc. 0.10% 996,351 $17.8M New
GENB Generate Biomedicines Inc. 0.10% 1,423,602 $17.8M New
SION Sionna Therapeutics Inc. 0.09% 400,000 $16.0M No change
DYN Dyne Therapeutics Inc. 0.08% 813,449 $14.7M No change
XNCR Xencor Inc. 0.08% 1,102,106 $13.3M No change
CMPS Compass Pathways PLC 0.07% 2,344,720 $13.0M New
RLAY Relay Therapeutics Inc. 0.07% 1,160,117 $11.5M No change
SERA Sera Prognostics Inc. Class A 0.06% 5,498,170 $11.2M No change
BNTX Biontech SE-ADR 0.06% 119,743 $10.6M Reduce -67.5%
PHVS Pharvaris NV 0.06% 375,000 $10.6M No change
RCUS Arcus Biosciences Inc. 0.05% 415,621 $9.0M Add +53.9%
MPLT Maplight Therapeutics Inc. 0.04% 364,705 $7.4M No change
ABSI Absci Corp. 0.04% 2,134,803 $6.4M No change
WVE Wave Life Sciences Ltd. 0.03% 822,638 $6.0M Add +139.1%
VTVT VTV Therapeutics Inc. Class A 0.03% 148,314 $5.9M No change
EIKN Eikon Therapeutics Inc. 0.03% 555,555 $5.9M New
TARA Protara Therapeutic Inc. 0.03% 971,614 $5.1M No change
SGMT Sagimet Biosciences Inc. Class A 0.03% 952,996 $5.0M No change
LBRX LB Pharmaceuticals Inc. 0.03% 200,000 $4.9M No change
VSTM Verastem Inc. 0.02% 584,757 $3.1M New
TCRX Tscan Therapeutics Inc. 0.02% 2,784,792 $2.8M No change
SKYE Skye Bioscience Inc. 0.01% 1,575,243 $968K Add +8.6%
SANA Sana Biotechnology Inc. 0.01% 310,483 $894K No change
ALGS Aligos Therapeutics Inc. 0.00% 83,055 $617K No change
TYRA Tyra Biosciences Inc. 0.00% 10,607 $406K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $13K (not counted above)
SecurityClassShares / PrincipalValueChange
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$13KNo change

Total filed on the 13F, all lines: $17.4B.

Portfolio Sells Q4 2025 → Q1 2026
RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −0.37
IMCR Immunocore Holdings PLC-ADR Reduce -68.4% 0.13% −0.35
TERN Terns Pharmaceuticals Inc. Sold out 0.00% −0.23
BNTX Biontech SE-ADR Reduce -67.5% 0.06% −0.15
ARWR Arrowhead Pharmaceuticals Inc. Reduce -8.4% 0.72% −0.13
IMTX Immatics NV Reduce -9.7% 0.62% −0.13
BCRX Biocryst Pharmaceuticals Inc. Sold out 0.00% −0.13
VTYX Ventyx Biosciences Inc. Sold out 0.00% −0.12
NUVL Nuvalent Inc. Class A Sold out 0.00% −0.09
FDMT 4D Molecular Therapeutics Inc. Sold out 0.00% −0.02
VIR Vir Biotechnology Inc. Sold out 0.00% −0.02
KALA Kala Bio Inc. Sold out 0.00% −0.01
TECX Tectonic Therapeutic Inc. Reduce -32.7% 0.11% −0.00
ACRV Acrivon Therapeutics Inc. Sold out 0.00% −0.00
ROIV Roivant Sciences Ltd. Reduce -12.4% 0.77% +0.07

Portfolio Buys Q4 2025 → Q1 2026
PRAX Praxis Precision Medicines I Add +55.6% 3.24% +1.29
RVMD Revolution Medicines Inc. Add +1.1% 5.34% +0.91
CELCUITY INC (CELC 2.75 08/01/31) New 0.43% +0.43
MIRM Mirum Pharmaceuticals Inc. New 0.24% +0.24
INSM Insmed Inc. Add +12.6% 6.97% +0.22
DNTH Dianthus Therapeutics Inc. Add +7.9% 0.41% +0.22
ELVN Enliven Therapeutics Inc. Add +233.5% 0.20% +0.18
ALMS Alumis Inc. Add +28.8% 0.25% +0.16
GRAL Grail Inc. Add +93.2% 1.20% +0.15
EVMN Evommune Inc. New 0.11% +0.11
AKTS Aktis Oncology Inc. New 0.10% +0.10
GENB Generate Biomedicines Inc. New 0.10% +0.10
CMPS Compass Pathways PLC New 0.07% +0.07
ABCL Abcellera Biologics Inc. Add +10.0% 0.61% +0.05
IONS Ionis Pharmaceuticals Inc. Add +14.3% 0.88% +0.05
CRNX Crinetics Pharmaceuticals Inc. Add +42.6% 0.49% +0.04
DSGN Design Therapeutics Inc. Add +15.8% 0.16% +0.03
EIKN Eikon Therapeutics Inc. New 0.03% +0.03
CTMX Cytomx Therapeutics Inc. Add +17.1% 0.13% +0.03
IDYA Ideaya Biosciences Inc. Add +9.1% 0.76% +0.02
VSTM Verastem Inc. New 0.02% +0.02
RCUS Arcus Biosciences Inc. Add +53.9% 0.05% +0.01
WVE Wave Life Sciences Ltd. Add +139.1% 0.03% −0.00
SKYE Skye Bioscience Inc. Add +8.6% 0.01% −0.00
IRON Disc Medicine Inc. Add +3.7% 0.13% −0.03
INCY Incyte Corp. Add +0.0% 16.62% −1.23

Notes & Other Activity Q4 2025 → Q1 2026
CELCUITY INC (CELC 2.75 08/01/31) NOTE 2.750% 8/0 · principal Sold out 30,750,000 $66.6Mbefore 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