# BAKER BROS. ADVISORS LP: Form 13F holdings

An institutional investment manager in NEW YORK, NY. SEC CIK 1263508.

- Quarter ended: 2026-06-30
- Filed: 2026-08-14
- Reported value: $19.96bn
- Positions: 84 (84 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1263508/000110465926097191/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [Incyte Corporation (INCY)](/companies/incy.md) | COM | $3.49bn | 17.5% | 30,762,330 |  | Added +17,918 |
| [BeOne Medicines Ltd. (ONC)](/companies/onc.md) | SPONSORED ADS | $2.51bn | 12.6% | 8,801,567 |  | Added +2,514 |
| [Revolution Medicines, Inc. (RVMD)](/companies/rvmd.md) | COM | $2.14bn | 10.7% | 11,443,357 |  | Added +1,888,000 |
| [Madrigal Pharmaceuticals, Inc. (MDGL)](/companies/mdgl.md) | COM | $1.15bn | 5.8% | 2,143,131 |  | Added +1,430 |
| [ACADIA Pharmaceuticals Inc. (ACAD)](/companies/acad.md) | COM | $1.09bn | 5.4% | 42,912,904 |  | Added +16,214 |
| [Kymera Therapeutics, Inc. (KYMR)](/companies/kymr.md) | COM | $992.7m | 5.0% | 8,657,242 |  | Unchanged |
| [Insmed Incorporated (INSM)](/companies/insm.md) | COM PAR $.01 | $937.8m | 4.7% | 8,796,111 |  | Added +1,375,000 |
| [Celcuity Inc. (CELC)](/companies/celc.md) | COM | $828.2m | 4.2% | 7,915,792 |  | Unchanged |
| [Kodiak Sciences Inc. (KOD)](/companies/kod.md) | COM | $776.1m | 3.9% | 19,919,186 |  | Unchanged |
| [Rhythm Pharmaceuticals, Inc. (RYTM)](/companies/rytm.md) | COM | $622.3m | 3.1% | 5,604,483 |  | Unchanged |
| [Praxis Precision Medicines, Inc. (PRAX)](/companies/prax.md) | COM | $587.0m | 2.9% | 1,753,198 |  | Unchanged |
| Alkermes plc | SHS | $524.6m | 2.6% | 10,012,267 |  | Unchanged |
| [Summit Therapeutics Inc. (SMMT)](/companies/smmt.md) | COM | $477.7m | 2.4% | 32,786,348 |  | Reduced −3,604,715 |
| [GRAIL, Inc. (GRAL)](/companies/gral.md) | COM | $275.0m | 1.4% | 4,028,614 |  | Unchanged |
| [AbCellera Biologics Inc. (ABCL)](/companies/abcl.md) | COM | $259.1m | 1.3% | 33,012,138 |  | Added +2,736,200 |
| [Immunovant, Inc. (IMVT)](/companies/imvt.md) | COM | $209.4m | 1.0% | 5,435,220 |  | Reduced −22,661 |
| [IDEAYA Biosciences, Inc. (IDYA)](/companies/idya.md) | COM | $186.7m | 0.9% | 5,010,030 |  | Added +1,063,515 |
| Kiniksa Pharmaceuticals International, plc | ORD SHS CL A | $181.3m | 0.9% | 2,834,643 |  | Added +8,397 |
| Roivant Sciences Ltd. | SHS | $166.9m | 0.8% | 4,716,831 |  | Reduced −150,892 |
| [Arrowhead Pharmaceuticals, Inc. (ARWR)](/companies/arwr.md) | COM | $162.4m | 0.8% | 1,992,783 |  | Unchanged |
| [Ionis Pharmaceuticals, Inc. (IONS)](/companies/ions.md) | COM | $162.4m | 0.8% | 2,047,727 |  | Unchanged |
| [Edgewise Therapeutics, Inc. (EWTX)](/companies/ewtx.md) | COM | $150.4m | 0.8% | 3,701,719 |  | Reduced −2,874,221 |
| [Replimune Group, Inc. (REPL)](/companies/repl.md) | COM | $122.3m | 0.6% | 11,045,336 |  | Unchanged |
| [Nurix Therapeutics, Inc. (NRIX)](/companies/nrix.md) | COM | $113.0m | 0.6% | 4,658,556 |  | Unchanged |
| [Stoke Therapeutics, Inc. (STOK)](/companies/stok.md) | COM | $109.2m | 0.5% | 3,336,697 |  | Unchanged |
| [Monte Rosa Therapeutics, Inc. (GLUE)](/companies/glue.md) | COM | $105.2m | 0.5% | 4,345,736 |  | Unchanged |
| Immatics N.V. | SHS | $96.3m | 0.5% | 9,508,565 |  | Reduced −1,408,128 |
| [Denali Therapeutics Inc. (DNLI)](/companies/dnli.md) | COM | $96.0m | 0.5% | 3,734,336 |  | Added +2,641 |
| Crinetics Pharmaceuticals, Inc. | COM | $88.0m | 0.4% | 2,351,465 |  | Unchanged |
| [Dianthus Therapeutics, Inc. (DNTH)](/companies/dnth.md) | COM | $83.1m | 0.4% | 852,164 |  | Unchanged |
| [Structure Therapeutics Inc. (GPCR)](/companies/gpcr.md) | SPONSORED ADS | $76.9m | 0.4% | 1,432,529 |  | Unchanged |
| Celcuity Inc. | Note  2.75% 8/1/2031 | $69.2m | 0.3% | $30,750,000 principal |  | New +30,750,000 |
| [Rapport Therapeutics, Inc. (RAPP)](/companies/rapp.md) | COM | $64.5m | 0.3% | 1,547,090 |  | Unchanged |
| [Alumis Inc. (ALMS)](/companies/alms.md) | COM | $56.6m | 0.3% | 2,012,500 |  | Unchanged |
| [Prelude Therapeutics Inc. (PRLD)](/companies/prld.md) | COM | $54.0m | 0.3% | 10,123,824 |  | Unchanged |
| [Relay Therapeutics, Inc. (RLAY)](/companies/rlay.md) | COM | $52.9m | 0.3% | 2,826,783 |  | Added +1,666,666 |
| [Mirum Pharmaceuticals, Inc. (MIRM)](/companies/mirm.md) | COM | $52.2m | 0.3% | 445,975 |  | Unchanged |
| [Bicycle Therapeutics plc (BCYC)](/companies/bcyc.md) | SPONSORED ADS | $46.2m | 0.2% | 10,885,357 |  | Unchanged |
| [Enliven Therapeutics, Inc. (ELVN)](/companies/elvn.md) | COM | $45.9m | 0.2% | 905,191 |  | Unchanged |
| [Celldex Therapeutics, Inc. (CLDX)](/companies/cldx.md) | COM | $44.0m | 0.2% | 1,182,611 |  | Added +517,241 |
| [Viridian Therapeutics, Inc. (VRDN)](/companies/vrdn.md) | COM | $43.8m | 0.2% | 2,383,025 |  | Added +411,347 |
| [Design Therapeutics, Inc. (DSGN)](/companies/dsgn.md) | COM | $38.8m | 0.2% | 2,678,430 |  | Added +92,452 |
| [Entrada Therapeutics, Inc. (TRDA)](/companies/trda.md) | COM | $37.3m | 0.2% | 5,072,730 |  | Unchanged |
| [Faeth Therapeutics, Inc. (FTH)](/companies/fth.md) | COM | $32.2m | 0.2% | 1,286,411 |  | New +1,286,411 |
| [Aktis Oncology, Inc. (AKTS)](/companies/akts.md) | COM | $32.1m | 0.2% | 996,351 |  | Unchanged |
| [Neurogene Inc. (NGNE)](/companies/ngne.md) | COM | $31.2m | 0.2% | 991,691 |  | Unchanged |
| [Jade Biosciences, Inc. (JBIO)](/companies/jbio.md) | COM | $27.3m | 0.1% | 1,230,426 |  | Reduced −410,711 |
| [Taysha Gene Therapies, Inc. (TSHA)](/companies/tsha.md) | COM SHS | $27.3m | 0.1% | 4,004,756 |  | Unchanged |
| [Arcus Biosciences, Inc. (RCUS)](/companies/rcus.md) | COM | $26.0m | 0.1% | 844,816 |  | Added +429,195 |
| [Disc Medicine, Inc. (IRON)](/companies/iron.md) | COM | $25.6m | 0.1% | 349,657 |  | Unchanged |
| [Absci Corporation (ABSI)](/companies/absi.md) | COM | $24.7m | 0.1% | 2,134,803 |  | Unchanged |
| [Generate Biomedicines, Inc. (GENB)](/companies/genb.md) | COM SHS | $24.0m | 0.1% | 1,423,602 |  | Unchanged |
| [DBV Technologies S.A. (DBVT)](/companies/dbvt.md) | SPONSORED ADS | $24.0m | 0.1% | 1,461,425 |  | Unchanged |
| [Xenon Pharmaceuticals Inc. (XENE)](/companies/xene.md) | COM | $22.3m | 0.1% | 370,208 |  | Unchanged |
| [Tectonic Therapeutic, Inc. (TECX)](/companies/tecx.md) | COM | $20.9m | 0.1% | 607,788 |  | Unchanged |
| [Cerus Corporation (CERS)](/companies/cers.md) | COM | $18.7m | <0.1% | 6,395,431 |  | Reduced −3,612,914 |
| [CytomX Therapeutics, Inc. (CTMX)](/companies/ctmx.md) | COM | $18.7m | <0.1% | 4,975,826 |  | Unchanged |
| [Dyne Therapeutics, Inc. (DYN)](/companies/dyn.md) | COM | $18.1m | <0.1% | 813,449 |  | Unchanged |
| [Cytokinetics, Incorporated (CYTK)](/companies/cytk.md) | COM | $18.0m | <0.1% | 211,267 |  | New +211,267 |
| [Xencor, Inc. (XNCR)](/companies/xncr.md) | COM | $17.7m | <0.1% | 1,102,106 |  | Unchanged |
| [Sionna Therapeutics, Inc. (SION)](/companies/sion.md) | COM | $17.6m | <0.1% | 400,000 |  | Unchanged |
| [Intellia Therapeutics, Inc. (NTLA)](/companies/ntla.md) | COM | $15.7m | <0.1% | 930,232 |  | New +930,232 |
| [Parabilis Medicines, Inc. (PBLS)](/companies/pbls.md) | COM | $13.7m | <0.1% | 500,000 |  | New +500,000 |
| [MapLight Therapeutics, Inc. (MPLT)](/companies/mplt.md) | COM | $13.1m | <0.1% | 364,705 |  | Unchanged |
| [Avalyn Pharma Inc. (AVLN)](/companies/avln.md) | COM SHS | $11.5m | <0.1% | 350,000 |  | New +350,000 |
| [Evommune, Inc. (EVMN)](/companies/evmn.md) | COM SHS | $11.3m | <0.1% | 847,390 |  | Unchanged |
| [BioNTech SE (BNTX)](/companies/bntx.md) | SPONSORED ADS | $11.1m | <0.1% | 119,743 |  | Unchanged |
| [Tango Therapeutics, Inc. (TNGX)](/companies/tngx.md) | COM | $10.4m | <0.1% | 333,333 |  | New +333,333 |
| [Avalo Therapeutics, Inc. (AVTX)](/companies/avtx.md) | COM | $10.2m | <0.1% | 550,000 |  | New +550,000 |
| [Sera Prognostics, Inc. (SERA)](/companies/sera.md) | CLASS A COM | $10.0m | <0.1% | 5,498,170 |  | Unchanged |
| [Verastem, Inc. (VSTM)](/companies/vstm.md) | COM | $9.5m | <0.1% | 2,499,338 |  | Added +1,914,581 |
| [Sagimet Biosciences Inc. (SGMT)](/companies/sgmt.md) | COM SER A | $7.4m | <0.1% | 952,996 |  | Unchanged |
| [Eikon Therapeutics, Inc. (EIKN)](/companies/eikn.md) | COM | $7.2m | <0.1% | 555,555 |  | Unchanged |
| [LB Pharmaceuticals Inc. (LBRX)](/companies/lbrx.md) | COM SHS | $6.5m | <0.1% | 200,000 |  | Unchanged |
| [vTv Therapeutics, Inc. (VTVT)](/companies/vtvt.md) | CL A | $5.6m | <0.1% | 148,314 |  | Unchanged |
| Wave Life Sciences Ltd. | SHS | $4.8m | <0.1% | 822,638 |  | Unchanged |
| [Protara Therapeutics, Inc. (TARA)](/companies/tara.md) | COM STK | $3.7m | <0.1% | 971,614 |  | Unchanged |
| [TScan Therapeutics, Inc. (TCRX)](/companies/tcrx.md) | COM | $2.7m | <0.1% | 2,784,792 |  | Unchanged |
| [Immunome, Inc. (IMNM)](/companies/imnm.md) | COM | $1.2m | <0.1% | 55,306 |  | New +55,306 |
| Skye Bioscience, Inc. | COM | $1.1m | <0.1% | 1,575,243 |  | Unchanged |
| [Sana Biotechnology, Inc. (SANA)](/companies/sana.md) | COM | $1.1m | <0.1% | 310,483 |  | Unchanged |
| [Aligos Therapeutics, Inc. (ALGS)](/companies/algs.md) | COM | $479.2k | <0.1% | 83,055 |  | Unchanged |
| [Tyra Biosciences, Inc. (TYRA)](/companies/tyra.md) | COM | $338.8k | <0.1% | 10,607 |  | Unchanged |
| Surrozen, Inc. Warrants @ $172.50 8/11/2026 (15 FOR 1) | W EXP 8/11/2026 | $13.8k | <0.1% | 833,333 |  | Unchanged |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [Abivax S.A. (ABVX)](/companies/abvx.md) | SPONSORED ADS | $0 | 0.0% | 0 |  | Sold out −875,796 |
| [argenx SE (ARGX)](/companies/argx.md) | SPONSORED ADR | $0 | 0.0% | 0 |  | Sold out −25,174 |
| Celcuity Inc. | Note  2.75% 8/1/2031 | $0 | 0.0% | 0 |  | Sold out −30,750,000 |
| Centessa Pharmaceuticals plc | SPONSORED ADS | $0 | 0.0% | 0 |  | Sold out −670,751 |
| [COMPASS Pathways plc (CMPS)](/companies/cmps.md) | SPONSORED ADS | $0 | 0.0% | 0 |  | Sold out −2,344,720 |
| [Contineum Therapeutics, Inc. (CTNM)](/companies/ctnm.md) | CL A | $0 | 0.0% | 0 |  | Sold out −1,420,838 |
| [Immunocore Holdings plc (IMCR)](/companies/imcr.md) | ADS | $0 | 0.0% | 0 |  | Sold out −734,397 |
| Pharvaris N.V. | COM | $0 | 0.0% | 0 |  | Sold out −375,000 |
| [Spyre Therapeutics, Inc. (SYRE)](/companies/syre.md) | COM | $0 | 0.0% | 0 |  | Sold out −1,000,000 |

Source: SEC EDGAR, Form 13F-HR, accession 0001104659-26-097191. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.