13F HOLDINGS REPORT
BAKER BROS. ADVISORS LP
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001104659-26-016374
Total Value
$17.08B
Positions
86
Other Managers
0
Confidential Omitted
No
Holdings (86)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Incyte Corporation | INCY | 30,743,991 | $3.04B | 17.78% |
| 2 | BeOne Medicines Ltd. | BEIGF | 8,799,053 | $2.67B | 15.65% |
| 3 | Madrigal Pharmaceuticals, Inc. | MDGL | 2,141,701 | $1.25B | 7.30% |
| 4 | Insmed Incorporated | INSM | 6,592,746 | $1.15B | 6.72% |
| 5 | ACADIA Pharmaceuticals Inc. | ACAD | 42,896,690 | $1.15B | 6.71% |
| 6 | Celcuity Inc. | CELC | 7,915,792 | $789.5M | 4.62% |
| 7 | Revolution Medicines, Inc. | RVMDW | 9,455,357 | $753.1M | 4.41% |
| 8 | Kymera Therapeutics, Inc. | KYMR | 8,657,242 | $673.6M | 3.94% |
| 9 | Summit Therapeutics Inc. | SMMT | 36,391,063 | $636.5M | 3.73% |
| 10 | Rhythm Pharmaceuticals, Inc. | RYTM | 5,604,483 | $599.9M | 3.51% |
| 11 | Kodiak Sciences Inc. | KOD | 19,919,186 | $556.9M | 3.26% |
| 12 | Praxis Precision Medicines, Inc. | PRAX | 1,126,488 | $332.0M | 1.94% |
| 13 | Alkermes plc | ALKS | 10,012,267 | $280.1M | 1.64% |
| 14 | GRAIL, Inc. | GRAL | 2,085,333 | $178.5M | 1.05% |
| 15 | Edgewise Therapeutics, Inc. | EWTX | 6,575,940 | $163.2M | 0.96% |
| 16 | Arrowhead Pharmaceuticals, Inc. | ARWR | 2,175,645 | $144.4M | 0.85% |
| 17 | Ionis Pharmaceuticals, Inc. | IONS | 1,791,841 | $141.8M | 0.83% |
| 18 | Immunovant, Inc. | IMVT | 5,457,881 | $138.7M | 0.81% |
| 19 | Immatics N.V. | IMTX | 12,094,094 | $127.0M | 0.74% |
| 20 | IDEAYA Biosciences, Inc. | IDYA | 3,618,826 | $125.1M | 0.73% |
| 21 | Roivant Sciences Ltd. | ROIV | 5,555,017 | $120.5M | 0.71% |
| 22 | Abivax S.A. | AAVXF | 875,796 | $118.1M | 0.69% |
| 23 | Kiniksa Pharmaceuticals International, plc | G52694109 | 2,826,246 | $116.6M | 0.68% |
| 24 | Replimune Group, Inc. | REPL | 11,045,336 | $107.4M | 0.63% |
| 25 | Stoke Therapeutics, Inc. | STOK | 3,336,697 | $105.9M | 0.62% |
| 26 | Structure Therapeutics Inc. | GPCR | 1,432,529 | $99.6M | 0.58% |
| 27 | AbCellera Biologics Inc. | ABCL | 27,525,640 | $94.1M | 0.55% |
| 28 | Nurix Therapeutics, Inc. | NRIX | 4,658,556 | $88.4M | 0.52% |
| 29 | Immunocore Holdings plc | IMCR | 2,322,656 | $80.6M | 0.47% |
| 30 | Bicycle Therapeutics plc | BCYC | 10,885,357 | $77.1M | 0.45% |
| 31 | Crinetics Pharmaceuticals, Inc. | CRNX | 1,648,869 | $76.8M | 0.45% |
| 32 | Monte Rosa Therapeutics, Inc. | GLUE | 4,345,736 | $68.1M | 0.40% |
| 33 | Celcuity Inc. | CELC | 30,750,000 | $66.6M | 0.39% |
| 34 | Ultragenyx Pharmaceutical Inc. | RARE | 2,772,692 | $63.8M | 0.37% |
| 35 | Denali Therapeutics Inc. | DNLI | 3,731,695 | $61.6M | 0.36% |
| 36 | Viridian Therapeutics, Inc. | VRDN | 1,971,678 | $61.4M | 0.36% |
| 37 | Entrada Therapeutics, Inc. | TRDA | 5,072,730 | $52.1M | 0.31% |
| 38 | Rapport Therapeutics, Inc. | RAPP | 1,547,090 | $46.9M | 0.27% |
| 39 | Terns Pharmaceuticals, Inc. | TERN | 950,000 | $38.4M | 0.22% |
| 40 | BioNTech SE | BNTX | 368,923 | $35.1M | 0.21% |
| 41 | Spyre Therapeutics, Inc. | SYRE | 1,000,000 | $32.8M | 0.19% |
| 42 | Dianthus Therapeutics, Inc. | DNTH | 789,759 | $32.5M | 0.19% |
| 43 | Prelude Therapeutics Inc. | PRLD | 10,123,824 | $29.4M | 0.17% |
| 44 | DBV Technologies S.A. | DBVTF | 1,461,425 | $28.0M | 0.16% |
| 45 | Disc Medicine, Inc. | IRON | 337,050 | $26.8M | 0.16% |
| 46 | Jade Biosciences, Inc. | JBIO | 1,641,137 | $25.3M | 0.15% |
| 47 | Taysha Gene Therapies, Inc. | TSHA | 4,004,756 | $22.0M | 0.13% |
| 48 | BioCryst Pharmaceuticals, Inc. | BCRX | 2,822,727 | $22.0M | 0.13% |
| 49 | Ventyx Biosciences, Inc. | 92332V107 | 2,349,280 | $21.2M | 0.12% |
| 50 | argenx SE | ARGX | 25,174 | $21.2M | 0.12% |
| 51 | Design Therapeutics, Inc. | DSGN | 2,233,099 | $20.9M | 0.12% |
| 52 | Cerus Corporation | CERS | 10,008,345 | $20.6M | 0.12% |
| 53 | Neurogene Inc. | NGNE | 991,691 | $20.4M | 0.12% |
| 54 | Tectonic Therapeutic, Inc. | TECX | 903,400 | $18.8M | 0.11% |
| 55 | CytomX Therapeutics, Inc. | CTMX | 4,250,826 | $18.1M | 0.11% |
| 56 | Celldex Therapeutics, Inc. | CLDX | 665,370 | $18.1M | 0.11% |
| 57 | Xencor, Inc. | XNCR | 1,102,106 | $16.9M | 0.10% |
| 58 | Centessa Pharmaceuticals plc | CNTA | 670,751 | $16.8M | 0.10% |
| 59 | Xenon Pharmaceuticals Inc. | XENE | 370,208 | $16.6M | 0.10% |
| 60 | Sionna Therapeutics, Inc. | SION | 400,000 | $16.5M | 0.10% |
| 61 | Contineum Therapeutics, Inc. | CTNM | 1,420,838 | $16.2M | 0.10% |
| 62 | Sera Prognostics, Inc. | SERA | 5,498,170 | $16.2M | 0.09% |
| 63 | Dyne Therapeutics, Inc. | DYN | 813,449 | $15.9M | 0.09% |
| 64 | Alumis Inc. | ALMS | 1,562,500 | $15.3M | 0.09% |
| 65 | Nuvalent, Inc. | NUVL | 143,937 | $14.5M | 0.08% |
| 66 | Pharvaris N.V. | PHVS | 375,000 | $10.4M | 0.06% |
| 67 | Relay Therapeutics, Inc. | RLAY | 1,160,117 | $9.8M | 0.06% |
| 68 | Absci Corporation | ABSI | 2,134,803 | $7.5M | 0.04% |
| 69 | Arcus Biosciences, Inc. | RCUS | 270,000 | $6.4M | 0.04% |
| 70 | MapLight Therapeutics, Inc. | MPLT | 364,705 | $6.4M | 0.04% |
| 71 | vTv Therapeutics, Inc. | VTVT | 148,314 | $5.9M | 0.03% |
| 72 | Wave Life Sciences Ltd. | WVE | 344,063 | $5.8M | 0.03% |
| 73 | Sagimet Biosciences Inc. | SGMT | 952,996 | $5.6M | 0.03% |
| 74 | Protara Therapeutics, Inc. | TARA | 971,614 | $5.2M | 0.03% |
| 75 | LB Pharmaceuticals Inc. | LBRX | 200,000 | $4.5M | 0.03% |
| 76 | Enliven Therapeutics, Inc. | ELVN | 271,406 | $4.2M | 0.02% |
| 77 | 4D Molecular Therapeutics, Inc. | FDMT | 475,737 | $3.6M | 0.02% |
| 78 | Vir Biotechnology, Inc. | VIR | 542,539 | $3.3M | 0.02% |
| 79 | TScan Therapeutics, Inc. | TCRX | 2,784,792 | $2.8M | 0.02% |
| 80 | Sana Biotechnology, Inc. | SANA | 310,483 | $1.3M | 0.01% |
| 81 | Skye Bioscience, Inc. | SKYE | 1,450,638 | $1.1M | 0.01% |
| 82 | KALA BIO, Inc. | KALA | 1,804,055 | $1.0M | 0.01% |
| 83 | Aligos Therapeutics, Inc. | ALGS | 83,055 | $774,073 | 0.00% |
| 84 | Tyra Biosciences, Inc. | TYRA | 10,607 | $278,858 | 0.00% |
| 85 | Acrivon Therapeutics, Inc. | ACRV | 22,809 | $54,970 | 0.00% |
| 86 | Surrozen, Inc. | SRZNW | 833,333 | $16,667 | 0.00% |