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BAKER BROS. ADVISORS LP

NEW YORK, NY · CIK 0001263508

Portfolio Value: $17.08B
Positions: 86
Period: 2025-12-31
Filed: 2026-02-17
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021Q4 2020Q3 2020Q2 2020Q1 2020Q4 2019Q3 2019Q2 2019Q1 2019Q4 2018Q3 2018Q2 2018Q1 2018Q4 2017Q3 2017Q2 2017Q1 2017Q4 2016Q3 2016Q2 2016Q1 2016Q4 2015Q3 2015Q2 2015Q1 2015Q4 2014

Portfolio Value

$17.08B

Positions

86

New

4

Increased

28

Decreased

7

Sold Out

399

BAKER BROS. ADVISORS LP Q4 2025 13F Filing Summary

BAKER BROS. ADVISORS LP (NEW YORK, NY) reported a portfolio value of $17.08B across 86 positions in their Q4 2025 SEC 13F filing (period ending 2025-12-31). Top holdings include INCY ($3.04B), ONC ($2.67B), MDGL ($1.25B). The top 10 positions account for 74.4% of the portfolio. This quarter saw 4 new positions, 28 increases, 7 reductions, 399 complete exits. Notable new buys: TERN ($38.38M), JBIO ($25.32M), ATI ($7.45M). Notable exits: HRTX, NTLA, THCH.

All Holdings

#StockValue↓WeightChange
1
INCYIncyte Corporation
COM
$3.04B
17.78%
+0.0%
2
ONCBeOne Medicines Ltd.
SPONSORED ADS
$2.67B
15.65%
-
3
MDGLMadrigal Pharmaceuticals, Inc.
COM
$1.25B
7.30%
-
4
INSMInsmed Incorporated
COM PAR $.01
$1.15B
6.72%
-1.7%
5
ACADACADIA Pharmaceuticals Inc.
COM
$1.15B
6.71%
-
6
CELCCelcuity Inc.
COM
$789.52M
4.62%
-
7
RVMDRevolution Medicines, Inc.
COM
$753.12M
4.41%
-
8
KYMRKymera Therapeutics, Inc.
COM
$673.62M
3.94%
+30.2%
9
SMMTSummit Therapeutics Inc.
COM
$636.48M
3.73%
+7.9%
10
RYTMRhythm Pharmaceuticals, Inc.
COM
$599.90M
3.51%
-
11
KODKodiak Sciences Inc.
COM
$556.94M
3.26%
+15.1%
12
PRAXPraxis Precision Medicines, Inc.
COM
$332.02M
1.94%
+63.4%
13
ALKSAlkermes plc
SHS
$280.14M
1.64%
+23.7%
14
GRALGRAIL, Inc.
COM
$178.48M
1.05%
+27.9%
15
EWTXEdgewise Therapeutics, Inc.
COM
$163.18M
0.96%
-10.0%
16
ARWRArrowhead Pharmaceuticals, Inc.
COM
$144.44M
0.85%
+30.2%
17
IONSIonis Pharmaceuticals, Inc.
COM
$141.75M
0.83%
+216.1%
18
IMVTImmunovant, Inc.
COM
$138.74M
0.81%
-
19
IMTXImmatics N.V.
SHS
$126.99M
0.74%
-
20
IDYAIDEAYA Biosciences, Inc.
COM
$125.10M
0.73%
+10.5%
21
ROIVRoivant Sciences Ltd.
SHS
$120.54M
0.71%
+47.4%
22
ABVXAbivax S.A.
SPONSORED ADS
$118.11M
0.69%
-
23
KNSAKiniksa Pharmaceuticals International, plc
ORD SHS CL A
$116.58M
0.68%
+0.1%
24
REPLReplimune Group, Inc.
COM
$107.36M
0.63%
-
25
STOKStoke Therapeutics, Inc.
COM
$105.91M
0.62%
-28.0%
26
GPCRStructure Therapeutics Inc.
SPONSORED ADS
$99.63M
0.58%
-7.9%
27
ABCLAbCellera Biologics Inc.
COM
$94.14M
0.55%
-
28
NRIXNurix Therapeutics, Inc.
COM
$88.37M
0.52%
+20.0%
29
IMCRImmunocore Holdings plc
ADS
$80.62M
0.47%
-
30
BCYCBicycle Therapeutics plc
SPONSORED ADS
$77.07M
0.45%
-
31
CRNXCrinetics Pharmaceuticals, Inc.
COM
$76.75M
0.45%
+488.9%
32
GLUEMonte Rosa Therapeutics, Inc.
COM
$68.14M
0.40%
-11.6%
33
CELCCelcuity Inc.
Note 2.75% 8/1/2031
$66.58M
0.39%
-
34
RAREUltragenyx Pharmaceutical Inc.
COM
$63.77M
0.37%
-
35
DNLIDenali Therapeutics Inc.
COM
$61.61M
0.36%
-
36
VRDNViridian Therapeutics, Inc.
COM
$61.36M
0.36%
+13.0%
37
TRDAEntrada Therapeutics, Inc.
COM
$52.15M
0.31%
+4.3%
38
RAPPRapport Therapeutics, Inc.
COM
$46.94M
0.27%
-
39
TERNTerns Pharmaceuticals, Inc.
COM
$38.38M
0.22%
New
40
BNTXBioNTech SE
SPONSORED ADS
$35.12M
0.21%
-
41
THCHSpyre Therapeutics, Inc.
COM
$32.76M
0.19%
-
42
DNTHDianthus Therapeutics, Inc.
COM
$32.55M
0.19%
-
43
PRLDPrelude Therapeutics Inc.
COM
$29.36M
0.17%
-
44
DBVTDBV Technologies S.A.
SPONSORED ADS
$28.02M
0.16%
-
45
IRONDisc Medicine, Inc.
COM
$26.77M
0.16%
-
46
JBIOJade Biosciences, Inc.
COM
$25.32M
0.15%
New
47
TSHATaysha Gene Therapies, Inc.
COM SHS
$22.03M
0.13%
-
48
BCRXBioCryst Pharmaceuticals, Inc.
COM
$22.02M
0.13%
+0.0%
49
VTYXVentyx Biosciences, Inc.
COM
$21.21M
0.12%
+129.6%
50
ARGXargenx SE
SPONSORED ADR
$21.17M
0.12%
-33.3%
Showing 1-50 of 86

Position Changes

StockValueShares
TERNTerns Pharmaceuticals, Inc.
$38.38M950,000
JBIOJade Biosciences, Inc.
$25.32M1,641,137
ATIAbsci Corporation
$7.45M2,134,803
MPLTMapLight Therapeutics, Inc.
$6.41M364,705