BAKER BROS. ADVISORS LP Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$17.1T
Holdings
86
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (86 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | INCYIncyte Corporation | 30,743,991 | $3.0T | 17.78% | |
| 2 | ONCBeOne Medicines Ltd. | 8,799,053 | $2.7T | 15.65% | |
| 3 | MDGLMadrigal Pharmaceuticals, Inc. | 2,141,701 | $1.2T | 7.30% | |
| 4 | IM8NInsmed Incorporated | 6,592,746 | $1.1T | 6.72% | |
| 5 | ACADACADIA Pharmaceuticals Inc. | 42,896,690 | $1.1T | 6.71% | |
| 6 | CELCCelcuity Inc. | 7,915,792 | $789.5B | 4.62% | |
| 7 | RVMDRevolution Medicines, Inc. | 9,455,357 | $753.1B | 4.41% | |
| 8 | KYMRKymera Therapeutics, Inc. | 8,657,242 | $673.6B | 3.94% | |
| 9 | SMMTSummit Therapeutics Inc. | 36,391,063 | $636.5B | 3.73% | |
| 10 | RYTMRhythm Pharmaceuticals, Inc. | 5,604,483 | $599.9B | 3.51% | |
| 11 | KODKodiak Sciences Inc. | 19,919,186 | $556.9B | 3.26% | |
| 12 | PRAXPraxis Precision Medicines, Inc. | 1,126,488 | $332.0B | 1.94% | |
| 13 | ALKSAlkermes plc | 10,012,267 | $280.1B | 1.64% | |
| 14 | GRALGRAIL, Inc. | 2,085,333 | $178.5B | 1.05% | |
| 15 | EWTXEdgewise Therapeutics, Inc. | 6,575,940 | $163.2B | 0.96% | |
| 16 | ARWRArrowhead Pharmaceuticals, Inc. | 2,175,645 | $144.4B | 0.85% | |
| 17 | ISIIonis Pharmaceuticals, Inc. | 1,791,841 | $141.8B | 0.83% | |
| 18 | IMVTImmunovant, Inc. | 5,457,881 | $138.7B | 0.81% | |
| 19 | IMTXImmatics N.V. | 12,094,094 | $127.0B | 0.74% | |
| 20 | IDYAIDEAYA Biosciences, Inc. | 3,618,826 | $125.1B | 0.73% | |
| 21 | ROIVRoivant Sciences Ltd. | 5,555,017 | $120.5B | 0.71% | |
| 22 | ABVXAbivax S.A. | 875,796 | $118.1B | 0.69% | |
| 23 | KNSAKiniksa Pharmaceuticals International, plc | 2,826,246 | $116.6B | 0.68% | |
| 24 | REPLReplimune Group, Inc. | 11,045,336 | $107.4B | 0.63% | |
| 25 | STOKStoke Therapeutics, Inc. | 3,336,697 | $105.9B | 0.62% | |
| 26 | GPCRStructure Therapeutics Inc. | 1,432,529 | $99.6B | 0.58% | |
| 27 | ABCLAbCellera Biologics Inc. | 27,525,640 | $94.1B | 0.55% | |
| 28 | NRIXNurix Therapeutics, Inc. | 4,658,556 | $88.4B | 0.52% | |
| 29 | IMCRImmunocore Holdings plc | 2,322,656 | $80.6B | 0.47% | |
| 30 | BCYCBicycle Therapeutics plc | 10,885,357 | $77.1B | 0.45% | |
| 31 | CRNXCrinetics Pharmaceuticals, Inc. | 1,648,869 | $76.8B | 0.45% | |
| 32 | GLUEMonte Rosa Therapeutics, Inc. | 4,345,736 | $68.1B | 0.40% | |
| 33 | CELC 2.75 08/01/31Celcuity Inc. | 30,750,000 | $66.6B | 0.39% | |
| 34 | RAREUltragenyx Pharmaceutical Inc. | 2,772,692 | $63.8B | 0.37% | |
| 35 | DNLIDenali Therapeutics Inc. | 3,731,695 | $61.6B | 0.36% | |
| 36 | VRDNViridian Therapeutics, Inc. | 1,971,678 | $61.4B | 0.36% | |
| 37 | TRDAEntrada Therapeutics, Inc. | 5,072,730 | $52.1B | 0.31% | |
| 38 | RAPPRapport Therapeutics, Inc. | 1,547,090 | $46.9B | 0.27% | |
| 39 | TERNTerns Pharmaceuticals, Inc. | 950,000 | $38.4B | 0.22% | |
| 40 | BNTXBioNTech SE | 368,923 | $35.1B | 0.21% | |
| 41 | SYRESpyre Therapeutics, Inc. | 1,000,000 | $32.8B | 0.19% | |
| 42 | DNTHDianthus Therapeutics, Inc. | 789,759 | $32.5B | 0.19% | |
| 43 | PRLDPrelude Therapeutics Inc. | 10,123,824 | $29.4B | 0.17% | |
| 44 | DBVTDBV Technologies S.A. | 1,461,425 | $28.0B | 0.16% | |
| 45 | IRONDisc Medicine, Inc. | 337,050 | $26.8B | 0.16% | |
| 46 | JBIOJade Biosciences, Inc. | 1,641,137 | $25.3B | 0.15% | |
| 47 | TSHATaysha Gene Therapies, Inc. | 4,004,756 | $22.0B | 0.13% | |
| 48 | BCRXBioCryst Pharmaceuticals, Inc. | 2,822,727 | $22.0B | 0.13% | |
| 49 | VTYXVentyx Biosciences, Inc. | 2,349,280 | $21.2B | 0.12% | |
| 50 | ARGXargenx SE | 25,174 | $21.2B | 0.12% | |
| 51 | DSGNDesign Therapeutics, Inc. | 2,233,099 | $20.9B | 0.12% | |
| 52 | CERSCerus Corporation | 10,008,345 | $20.6B | 0.12% | |
| 53 | NGNENeurogene Inc. | 991,691 | $20.4B | 0.12% | |
| 54 | TECXTectonic Therapeutic, Inc. | 903,400 | $18.8B | 0.11% | |
| 55 | CTMXCytomX Therapeutics, Inc. | 4,250,826 | $18.1B | 0.11% | |
| 56 | TCE2Celldex Therapeutics, Inc. | 665,370 | $18.1B | 0.11% | |
| 57 | XNCRXencor, Inc. | 1,102,106 | $16.9B | 0.10% | |
| 58 | CNTACentessa Pharmaceuticals plc | 670,751 | $16.8B | 0.10% | |
| 59 | XENEXenon Pharmaceuticals Inc. | 370,208 | $16.6B | 0.10% | |
| 60 | SIONSionna Therapeutics, Inc. | 400,000 | $16.5B | 0.10% | |
| 61 | CTNMContineum Therapeutics, Inc. | 1,420,838 | $16.2B | 0.10% | |
| 62 | SERASera Prognostics, Inc. | 5,498,170 | $16.2B | 0.09% | |
| 63 | DYNDyne Therapeutics, Inc. | 813,449 | $15.9B | 0.09% | |
| 64 | ALMSAlumis Inc. | 1,562,500 | $15.3B | 0.09% | |
| 65 | NUVLNuvalent, Inc. | 143,937 | $14.5B | 0.08% | |
| 66 | PHVSPharvaris N.V. | 375,000 | $10.4B | 0.06% | |
| 67 | RLAYRelay Therapeutics, Inc. | 1,160,117 | $9.8B | 0.06% | |
| 68 | ABSIAbsci Corporation | 2,134,803 | $7.5B | 0.04% | |
| 69 | RCUSArcus Biosciences, Inc. | 270,000 | $6.4B | 0.04% | |
| 70 | MPLTMapLight Therapeutics, Inc. | 364,705 | $6.4B | 0.04% | |
| 71 | VTVTvTv Therapeutics, Inc. | 148,314 | $5.9B | 0.03% | |
| 72 | WVEWave Life Sciences Ltd. | 344,063 | $5.8B | 0.03% | |
| 73 | SGMTSagimet Biosciences Inc. | 952,996 | $5.6B | 0.03% | |
| 74 | TARAProtara Therapeutics, Inc. | 971,614 | $5.2B | 0.03% | |
| 75 | LBRXLB Pharmaceuticals Inc. | 200,000 | $4.5B | 0.03% | |
| 76 | ELVNEnliven Therapeutics, Inc. | 271,406 | $4.2B | 0.02% | |
| 77 | FDMT4D Molecular Therapeutics, Inc. | 475,737 | $3.6B | 0.02% | |
| 78 | VIRVir Biotechnology, Inc. | 542,539 | $3.3B | 0.02% | |
| 79 | TCRXTScan Therapeutics, Inc. | 2,784,792 | $2.8B | 0.02% | |
| 80 | SANASana Biotechnology, Inc. | 310,483 | $1.3B | 0.01% | |
| 81 | SKYESkye Bioscience, Inc. | 1,450,638 | $1.1B | 0.01% | |
| 82 | KALAKALA BIO, Inc. | 1,804,055 | $1.0B | 0.01% | |
| 83 | ALGSAligos Therapeutics, Inc. | 83,055 | $774.0M | 0.00% | |
| 84 | TYRATyra Biosciences, Inc. | 10,607 | $278.0M | 0.00% | |
| 85 | ACRVAcrivon Therapeutics, Inc. | 22,809 | $54.0M | 0.00% | |
| 86 | SRZNWSurrozen, Inc. | 833,333 | $16.0M | 0.00% |