# BAKER BROS. ADVISORS LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1263508. Source: https://holderbook.com/funds/1263508-baker-bros-advisors-lp/

- Reported value: $20.0B
- Positions: 84
- Weight of the ten largest: 72.8%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| INCYTE CORP | [INCY](https://holderbook.com/stocks/INCY/) | $3.5B | 30,762,330 | 17.5% | 31 |
| BEONE MEDICINES LTD | [ONC](https://holderbook.com/stocks/ONC/) | $2.5B | 8,801,567 | 12.6% | 31 |
| REVOLUTION MEDICINES INC | [RVMD](https://holderbook.com/stocks/RVMD/) | $2.1B | 11,443,357 | 10.7% | 22 |
| MADRIGAL PHARMACEUTICALS INC | [MDGL](https://holderbook.com/stocks/MDGL/) | $1.2B | 2,143,131 | 5.8% | 31 |
| ACADIA PHARMACEUTICALS INC | [ACAD](https://holderbook.com/stocks/ACAD/) | $1.1B | 42,912,904 | 5.4% | 31 |
| KYMERA THERAPEUTICS INC | [KYMR](https://holderbook.com/stocks/KYMR/) | $992.7M | 8,657,242 | 5.0% | 24 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $937.8M | 8,796,111 | 4.7% | 31 |
| CELCUITY INC | [CELC](https://holderbook.com/stocks/CELC/) | $828.2M | 7,915,792 | 4.2% | 12 |
| KODIAK SCIENCES INC | [KOD](https://holderbook.com/stocks/KOD/) | $776.1M | 19,919,186 | 3.9% | 31 |
| RHYTHM PHARMACEUTICALS INC | [RYTM](https://holderbook.com/stocks/RYTM/) | $622.3M | 5,604,483 | 3.1% | 31 |
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $587.0M | 1,753,198 | 2.9% | 10 |
| ALKERMES PLC | [ALKS](https://holderbook.com/stocks/ALKS/) | $524.6M | 10,012,267 | 2.6% | 9 |
| SUMMIT THERAPEUTICS INC | [SMMT](https://holderbook.com/stocks/SMMT/) | $477.7M | 32,786,348 | 2.4% | 9 |
| GRAIL INC | [GRAL](https://holderbook.com/stocks/GRAL/) | $275.0M | 4,028,614 | 1.4% | 7 |
| ABCELLERA BIOLOGICS INC | [ABCL](https://holderbook.com/stocks/ABCL/) | $259.1M | 33,012,138 | 1.3% | 23 |
| IMMUNOVANT INC | [IMVT](https://holderbook.com/stocks/IMVT/) | $209.4M | 5,435,220 | 1.0% | 12 |
| IDEAYA BIOSCIENCES INC | [IDYA](https://holderbook.com/stocks/IDYA/) | $186.7M | 5,010,030 | 0.9% | 16 |
| KINIKSA PHARMACEUTICALS INTL | [KNSA](https://holderbook.com/stocks/KNSA/) | $181.3M | 2,834,643 | 0.9% | 9 |
| ROIVANT SCIENCES LTD | [ROIV](https://holderbook.com/stocks/ROIV/) | $166.9M | 4,716,831 | 0.8% | 15 |
| ARROWHEAD PHARMACEUTICALS IN | [ARWR](https://holderbook.com/stocks/ARWR/) | $162.4M | 1,992,783 | 0.8% | 5 |
| IONIS PHARMACEUTICALS INC | [IONS](https://holderbook.com/stocks/IONS/) | $162.4M | 2,047,727 | 0.8% | 4 |
| EDGEWISE THERAPEUTICS INC | [EWTX](https://holderbook.com/stocks/EWTX/) | $150.4M | 3,701,719 | 0.8% | 22 |
| REPLIMUNE GROUP INC | [REPL](https://holderbook.com/stocks/REPL/) | $122.3M | 11,045,336 | 0.6% | 25 |
| NURIX THERAPEUTICS INC | [NRIX](https://holderbook.com/stocks/NRIX/) | $113.0M | 4,658,556 | 0.6% | 24 |
| STOKE THERAPEUTICS INC | [STOK](https://holderbook.com/stocks/STOK/) | $109.2M | 3,336,697 | 0.5% | 16 |
| MONTE ROSA THERAPEUTICS INC | [GLUE](https://holderbook.com/stocks/GLUE/) | $105.2M | 4,345,736 | 0.5% | 14 |
| IMMATICS N.V | [IMTX](https://holderbook.com/stocks/IMTX/) | $96.3M | 9,508,565 | 0.5% | 24 |
| DENALI THERAPEUTICS INC | [DNLI](https://holderbook.com/stocks/DNLI/) | $96.0M | 3,734,336 | 0.5% | 26 |
| CRINETICS PHARMACEUTICALS IN | [CRNX](https://holderbook.com/stocks/CRNX/) | $88.0M | 2,351,465 | 0.4% | 5 |
| DIANTHUS THERAPEUTICS INC | [DNTH](https://holderbook.com/stocks/DNTH/) | $83.1M | 852,164 | 0.4% | 5 |
| STRUCTURE THERAPEUTICS INC | [GPCR](https://holderbook.com/stocks/GPCR/) | $76.9M | 1,432,529 | 0.4% | 8 |
| CELCUITY INC | - | $69.2M | 30,750,000 | 0.3% | 4 |
| RAPPORT THERAPEUTICS INC | [RAPP](https://holderbook.com/stocks/RAPP/) | $64.5M | 1,547,090 | 0.3% | 5 |
| ALUMIS INC | [ALMS](https://holderbook.com/stocks/ALMS/) | $56.6M | 2,012,500 | 0.3% | 9 |
| PRELUDE THERAPEUTICS INC | [PRLD](https://holderbook.com/stocks/PRLD/) | $54.0M | 10,123,824 | 0.3% | 24 |
| RELAY THERAPEUTICS INC | [RLAY](https://holderbook.com/stocks/RLAY/) | $52.9M | 2,826,783 | 0.3% | 14 |
| MIRUM PHARMACEUTICALS INC | [MIRM](https://holderbook.com/stocks/MIRM/) | $52.2M | 445,975 | 0.3% | 2 |
| BICYCLE THERAPEUTICS PLC | [BCYC](https://holderbook.com/stocks/BCYC/) | $46.2M | 10,885,357 | 0.2% | 16 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $45.9M | 905,191 | 0.2% | 10 |
| CELLDEX THERAPEUTICS INC NEW | [CLDX](https://holderbook.com/stocks/CLDX/) | $44.0M | 1,182,611 | 0.2% | 11 |
| VIRIDIAN THERAPEUTICS INC | [VRDN](https://holderbook.com/stocks/VRDN/) | $43.8M | 2,383,025 | 0.2% | 5 |
| DESIGN THERAPEUTICS INC | [DSGN](https://holderbook.com/stocks/DSGN/) | $38.8M | 2,678,430 | 0.2% | 22 |
| ENTRADA THERAPEUTICS INC | [TRDA](https://holderbook.com/stocks/TRDA/) | $37.3M | 5,072,730 | 0.2% | 19 |
| FAETH THERAPEUTICS INC | [FTH](https://holderbook.com/stocks/FTH/) | $32.2M | 1,286,411 | 0.2% | 1 |
| AKTIS ONCOLOGY INC | [AKTS](https://holderbook.com/stocks/AKTS/) | $32.1M | 996,351 | 0.2% | 2 |
| NEUROGENE INC | [NGNE](https://holderbook.com/stocks/NGNE/) | $31.2M | 991,691 | 0.2% | 11 |
| JADE BIOSCIENCES INC | [JBIO](https://holderbook.com/stocks/JBIO/) | $27.3M | 1,230,426 | 0.1% | 3 |
| TAYSHA GENE THERAPIES INC | [TSHA](https://holderbook.com/stocks/TSHA/) | $27.3M | 4,004,756 | 0.1% | 12 |
| ARCUS BIOSCIENCES INC | [RCUS](https://holderbook.com/stocks/RCUS/) | $26.0M | 844,816 | 0.1% | 3 |
| DISC MEDICINE INC | [IRON](https://holderbook.com/stocks/IRON/) | $25.6M | 349,657 | 0.1% | 7 |
| ABSCI CORPORATION | [ABSI](https://holderbook.com/stocks/ABSI/) | $24.7M | 2,134,803 | 0.1% | 3 |
| GENERATE BIOMEDICINES INC | [GENB](https://holderbook.com/stocks/GENB/) | $24.0M | 1,423,602 | 0.1% | 2 |
| DBV TECHNOLOGIES S A | [DBVT](https://holderbook.com/stocks/DBVT/) | $24.0M | 1,461,425 | 0.1% | 7 |
| XENON PHARMACEUTICALS INC | [XENE](https://holderbook.com/stocks/XENE/) | $22.3M | 370,208 | 0.1% | 25 |
| TECTONIC THERAPEUTIC INC | [TECX](https://holderbook.com/stocks/TECX/) | $20.9M | 607,788 | 0.1% | 6 |
| CERUS CORP | [CERS](https://holderbook.com/stocks/CERS/) | $18.7M | 6,395,431 | 0.1% | 31 |
| CYTOMX THERAPEUTICS INC | [CTMX](https://holderbook.com/stocks/CTMX/) | $18.7M | 4,975,826 | 0.1% | 5 |
| DYNE THERAPEUTICS INC | [DYN](https://holderbook.com/stocks/DYN/) | $18.1M | 813,449 | 0.1% | 3 |
| CYTOKINETICS INC | [CYTK](https://holderbook.com/stocks/CYTK/) | $18.0M | 211,267 | 0.1% | 1 |
| XENCOR INC | [XNCR](https://holderbook.com/stocks/XNCR/) | $17.7M | 1,102,106 | 0.1% | 15 |
| SIONNA THERAPEUTICS INC | [SION](https://holderbook.com/stocks/SION/) | $17.6M | 400,000 | 0.1% | 6 |
| INTELLIA THERAPEUTICS INC | [NTLA](https://holderbook.com/stocks/NTLA/) | $15.7M | 930,232 | 0.1% | 1 |
| PARABILIS MEDICINES INC | [PBLS](https://holderbook.com/stocks/PBLS/) | $13.7M | 500,000 | 0.1% | 1 |
| MAPLIGHT THERAPEUTICS INC | [MPLT](https://holderbook.com/stocks/MPLT/) | $13.1M | 364,705 | 0.1% | 3 |
| AVALYN PHARMACEUTICALS INC | [AVLN](https://holderbook.com/stocks/AVLN/) | $11.5M | 350,000 | 0.1% | 1 |
| EVOMMUNE INC | [EVMN](https://holderbook.com/stocks/EVMN/) | $11.3M | 847,390 | 0.1% | 2 |
| BIONTECH SE | [BNTX](https://holderbook.com/stocks/BNTX/) | $11.1M | 119,743 | 0.1% | 7 |
| TANGO THERAPEUTICS INC | [TNGX](https://holderbook.com/stocks/TNGX/) | $10.4M | 333,333 | 0.1% | 1 |
| AVALO THERAPEUTICS INC | [AVTX](https://holderbook.com/stocks/AVTX/) | $10.2M | 550,000 | 0.1% | 1 |
| SERA PROGNOSTICS INC | [SERA](https://holderbook.com/stocks/SERA/) | $10.0M | 5,498,170 | 0.1% | 20 |
| VERASTEM INC | [VSTM](https://holderbook.com/stocks/VSTM/) | $9.5M | 2,499,338 | 0.0% | 2 |
| SAGIMET BIOSCIENCES INC | [SGMT](https://holderbook.com/stocks/SGMT/) | $7.4M | 952,996 | 0.0% | 12 |
| EIKON THERAPEUTICS INC | [EIKN](https://holderbook.com/stocks/EIKN/) | $7.2M | 555,555 | 0.0% | 2 |
| LB PHARMACEUTICALS INC | [LBRX](https://holderbook.com/stocks/LBRX/) | $6.5M | 200,000 | 0.0% | 4 |
| VTV THERAPEUTICS INC | [VTVT](https://holderbook.com/stocks/VTVT/) | $5.6M | 148,314 | 0.0% | 10 |
| WAVE LIFE SCIENCES LTD | [WVE](https://holderbook.com/stocks/WVE/) | $4.8M | 822,638 | 0.0% | 8 |
| PROTARA THERAPEUTICS INC | [TARA](https://holderbook.com/stocks/TARA/) | $3.7M | 971,614 | 0.0% | 25 |
| TSCAN THERAPEUTICS INC | [TCRX](https://holderbook.com/stocks/TCRX/) | $2.7M | 2,784,792 | 0.0% | 20 |
| IMMUNOME INC | [IMNM](https://holderbook.com/stocks/IMNM/) | $1.2M | 55,306 | 0.0% | 1 |
| SKYE BIOSCIENCE INC | [SKYE](https://holderbook.com/stocks/SKYE/) | $1.1M | 1,575,243 | 0.0% | 9 |
| SANA BIOTECHNOLOGY INC | [SANA](https://holderbook.com/stocks/SANA/) | $1.1M | 310,483 | 0.0% | 14 |
| ALIGOS THERAPEUTICS INC | [ALGS](https://holderbook.com/stocks/ALGS/) | $479.2K | 83,055 | 0.0% | 8 |
| TYRA BIOSCIENCES INC | [TYRA](https://holderbook.com/stocks/TYRA/) | $338.8K | 10,607 | 0.0% | 11 |
| SURROZEN INC | [SRZNW](https://holderbook.com/stocks/SRZNW/) | $13.8K | 833,333 | 0.0% | 20 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.5% | +14.8% | -1.3% | 99% |
| Q1 2026 | -0.3% | -4.6% | +4.3% | 99% |
| Q4 2025 | +19.1% | +2.4% | +16.7% | 100% |
| Q3 2025 | +31.0% | +7.8% | +23.2% | 100% |
| Q2 2025 | +6.2% | +10.5% | -4.2% | 99% |
| Q1 2025 | -1.3% | -4.6% | +3.2% | 99% |
| Q4 2024 | -3.5% | +2.1% | -5.7% | 99% |
| Q3 2024 | +21.9% | +5.4% | +16.5% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $20.0B | 84 |
| Q1 2026 | $17.4B | 84 |
| Q4 2025 | $17.1B | 86 |
| Q3 2025 | $13.8B | 90 |
| Q2 2025 | $10.3B | 88 |
| Q1 2025 | $9.0B | 88 |
| Q4 2024 | $9.4B | 95 |
| Q3 2024 | $9.6B | 93 |
| Q2 2024 | $7.8B | 95 |
| Q1 2024 | $8.0B | 87 |
| Q4 2023 | $8.8B | 84 |
| Q3 2023 | $17.4B | 101 |