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Livermore
Livermore
ZHEN

Baker Bros. Advisors LP

SEC CIK
0001263508
Latest filing
Aug 14, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Feb 17, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
86
−5 vs. Q3 2025
Portfolio value
$17.1B
+$3.24B (+23.4%) vs. Q3 2025
Filed
Feb 17, 2026
SEC
Holdings of Baker Bros. Advisors LP in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
INCYIncyte CorpCOM30,743,991$3.04B17.8%+3280.0%AddedHistory
ONCBeOne Medicines Ltd.ADR8,799,053$2.67B15.7%00.0%UnchangedHistory
MDGLMadrigal Pharmaceuticals, Inc.COM2,141,701$1.25B7.3%00.0%UnchangedHistory
INSMINSMED IncCOM PAR $.016,592,746$1.15B6.7%−110,738−1.7%ReducedHistory
ACADAcadia Pharmaceuticals IncCOM42,896,690$1.15B6.7%00.0%UnchangedHistory
CELCCelcuity Inc.COM7,915,792$789.5M4.6%00.0%UnchangedHistory
RVMDRevolution Medicines, Inc.COM9,455,357$753.1M4.4%00.0%UnchangedHistory
KYMRKymera Therapeutics, Inc.COM8,657,242$673.6M3.9%+2,005,813+30.2%AddedHistory
SMMTSummit Therapeutics Inc.COM36,391,063$636.5M3.7%+2,668,089+7.9%AddedHistory
RYTMRhythm Pharmaceuticals, Inc.COM5,604,483$599.9M3.5%00.0%UnchangedHistory
KODKodiak Sciences Inc.COM19,919,186$556.9M3.3%+2,608,696+15.1%AddedHistory
PRAXPraxis Precision Medicines, Inc.COM NEW1,126,488$332.0M1.9%+437,000+63.4%AddedHistory
ALKSAlkermes plc.SHS10,012,267$280.1M1.6%+1,920,916+23.7%AddedHistory
GRALGRAIL, Inc.COM2,085,333$178.5M1.0%+455,208+27.9%AddedHistory
EWTXEdgewise Therapeutics, Inc.COM6,575,940$163.2M1.0%−730,000−10.0%ReducedHistory
ARWRArrowhead Pharmaceuticals, Inc.COM2,175,645$144.4M0.8%+504,883+30.2%AddedHistory
IONSIonis Pharmaceuticals IncCOM1,791,841$141.8M0.8%+1,225,043+216.1%AddedHistory
IMVTImmunovant, Inc.COM5,457,881$138.7M0.8%00.0%UnchangedHistory
IMTXImmatics N.V.SHS12,094,094$127.0M0.7%00.0%UnchangedHistory
IDYAIDEAYA Biosciences, Inc.COM3,618,826$125.1M0.7%+343,382+10.5%AddedHistory
ROIVRoivant Sciences Ltd.SHS5,555,017$120.5M0.7%+1,787,244+47.4%AddedHistory
ABVXAbivax S.A.SPONSORED ADS875,796$118.1M0.7%00.0%UnchangedHistory
KNSAKiniksa Pharmaceuticals International, plcORD SHS CL A2,826,246$116.6M0.7%+1,577+0.1%AddedHistory
REPLReplimune Group, Inc.COM11,045,336$107.4M0.6%00.0%UnchangedHistory
STOKStoke Therapeutics, Inc.COM3,336,697$105.9M0.6%−1,297,141−28.0%ReducedHistory
GPCRStructure Therapeutics Inc.SPONSORED ADS1,432,529$99.6M0.6%−123,580−7.9%ReducedHistory
ABCLAbCellera Biologics Inc.COM27,525,640$94.1M0.6%00.0%UnchangedHistory
NRIXNurix Therapeutics, Inc.COM4,658,556$88.4M0.5%+776,431+20.0%AddedHistory
IMCRImmunocore Holdings plcADS2,322,656$80.6M0.5%00.0%UnchangedHistory
BCYCBicycle Therapeutics PLCSPONSORED ADS10,885,357$77.1M0.5%00.0%UnchangedHistory
CRNXCrinetics Pharmaceuticals, Inc.COM1,648,869$76.8M0.4%+1,368,869+488.9%AddedHistory
GLUEMonte Rosa Therapeutics, Inc.COM4,345,736$68.1M0.4%−570,359−11.6%ReducedHistory
Celcuity Inc.15102KAA8NOTE 2.750% 8/0–$66.6M0.4%–––
RAREUltragenyx Pharmaceutical Inc.COM2,772,692$63.8M0.4%00.0%UnchangedHistory
DNLIDenali Therapeutics Inc.COM3,731,695$61.6M0.4%00.0%UnchangedHistory
VRDNViridian Therapeutics, Inc.COM1,971,678$61.4M0.4%+227,272+13.0%AddedHistory
TRDAEntrada Therapeutics, Inc.COM5,072,730$52.1M0.3%+206,911+4.3%AddedHistory
RAPPRapport Therapeutics, Inc.COM1,547,090$46.9M0.3%00.0%UnchangedHistory
TERNTerns Pharmaceuticals, Inc.COM950,000$38.4M0.2%+950,000NewHistory
BNTXBioNTech SESPONSORED ADS368,923$35.1M0.2%00.0%UnchangedHistory
SYRESpyre Therapeutics, Inc.COM NEW1,000,000$32.8M0.2%00.0%UnchangedHistory
DNTHDianthus Therapeutics, Inc.COM789,759$32.5M0.2%00.0%UnchangedHistory
PRLDPrelude Therapeutics IncCOM10,123,824$29.4M0.2%00.0%UnchangedHistory
DBVTDBV Technologies S.A.SPONSORED ADS1,461,425$28.0M0.2%00.0%UnchangedHistory
IRONDisc Medicine, Inc.COM337,050$26.8M0.2%00.0%UnchangedHistory
JBIOJade Biosciences, Inc.COM NEW1,641,137$25.3M0.1%+1,641,137NewHistory
TSHATaysha Gene Therapies, Inc.COM SHS4,004,756$22.0M0.1%00.0%UnchangedHistory
BCRXBiocryst Pharmaceuticals IncCOM2,822,727$22.0M0.1%+2,822,727NewHistory
VTYXVentyx Biosciences, Inc.COM2,349,280$21.2M0.1%+1,326,150+129.6%AddedHistory
ARGXArgenx SESPONSORED ADR25,174$21.2M0.1%−12,586−33.3%ReducedHistory
DSGNDesign Therapeutics, Inc.COM2,233,099$20.9M0.1%+520,217+30.4%AddedHistory
CERSCerus CorpCOM10,008,345$20.6M0.1%00.0%UnchangedHistory
NGNENeurogene Inc.COM991,691$20.4M0.1%00.0%UnchangedHistory
TECXTectonic Therapeutic, Inc.COM903,400$18.8M0.1%+803,400+803.4%AddedHistory
CTMXCytomX Therapeutics, Inc.COM4,250,826$18.1M0.1%00.0%UnchangedHistory
CLDXCelldex Therapeutics, Inc.COM NEW665,370$18.1M0.1%00.0%UnchangedHistory
XNCRXencor IncCOM1,102,106$16.9M0.1%00.0%UnchangedHistory
CNTACentessa Pharmaceuticals plcSPONSORED ADS670,751$16.8M0.1%+670,751NewHistory
XENEXenon Pharmaceuticals Inc.COM370,208$16.6M0.1%00.0%UnchangedHistory
SIONSionna Therapeutics, Inc.COM400,000$16.5M0.1%00.0%UnchangedHistory
CTNMContineum Therapeutics, Inc.CL A1,420,838$16.2M0.1%+1,343,168+1,729.3%AddedHistory
SERASera Prognostics, Inc.CLASS A COM5,498,170$16.2M0.1%00.0%UnchangedHistory
DYNDyne Therapeutics, Inc.COM813,449$15.9M0.1%+813,449NewHistory
ALMSAlumis Inc.COM1,562,500$15.3M0.1%00.0%UnchangedHistory
NUVLNuvalent, Inc.COM143,937$14.5M0.1%00.0%UnchangedHistory
PHVSPharvaris N.V.COM375,000$10.4M0.1%00.0%UnchangedHistory
RLAYRelay Therapeutics, Inc.COM1,160,117$9.81M0.1%00.0%UnchangedHistory
ABSIAbsci CorpCOM2,134,803$7.45M<0.1%+2,134,803NewHistory
RCUSArcus Biosciences, Inc.COM270,000$6.43M<0.1%+270,000NewHistory
MPLTMapLight Therapeutics, Inc.COM364,705$6.41M<0.1%+364,705NewHistory
VTVTvTv Therapeutics Inc.CL A NEW148,314$5.93M<0.1%00.0%UnchangedHistory
WVEWave Life Sciences, Inc.SHS344,063$5.85M<0.1%00.0%UnchangedHistory
SGMTSagimet Biosciences Inc.COM SER A952,996$5.64M<0.1%00.0%UnchangedHistory
TARAProtara Therapeutics, Inc.COM STK971,614$5.18M<0.1%+434,782+81.0%AddedHistory
LBRXLB Pharmaceuticals IncCOM SHS200,000$4.45M<0.1%00.0%UnchangedHistory
ELVNEnliven Therapeutics, Inc.COM271,406$4.18M<0.1%+156,573+136.3%AddedHistory
FDMT4D Molecular Therapeutics, Inc.COM475,737$3.57M<0.1%+475,737NewHistory
VIRVir Biotechnology, Inc.COM542,539$3.27M<0.1%00.0%UnchangedHistory
TCRXTScan Therapeutics, Inc.COM2,784,792$2.78M<0.1%00.0%UnchangedHistory
SANASana Biotechnology, Inc.COM310,483$1.26M<0.1%−1,720,466−84.7%ReducedHistory
SKYESkye Bioscience, Inc.COM NEW1,450,638$1.09M<0.1%00.0%UnchangedHistory
KALAKALA BIO, Inc.COMM STK1,804,055$1.00M<0.1%+818,962+83.1%AddedHistory
ALGSAligos Therapeutics, Inc.COM NEW83,055$774.1K<0.1%00.0%UnchangedHistory
TYRATyra Biosciences, Inc.COM10,607$278.9K<0.1%00.0%UnchangedHistory
ACRVAcrivon Therapeutics, Inc.COMMON STOCK22,809$55.0K<0.1%00.0%UnchangedHistory
Surrozen, Inc.86889P117*W EXP 08/01/203833,333$16.7K<0.1%00.0%Unchanged–

Sold out since Q3 2025 (14)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Baker Bros. Advisors LP sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
MRUSMerus N.V.COM574,377$54.1M0.4%History
NTLAIntellia Therapeutics, Inc.COM2,746,674$47.4M0.3%History
Avidity Biosciences, Inc.05370A108COM625,000$27.2M0.2%–
PCVXVaxcyte, Inc.COM640,885$23.1M0.2%History
CDTXCidara Therapeutics, Inc.COM NEW227,272$21.8M0.2%History
AKROAkero Therapeutics, Inc.COM324,630$15.4M0.1%History
ACLXArcellx, Inc.COMMON STOCK166,825$13.7M0.1%History
VKTXViking Therapeutics, Inc.COM366,083$9.62M0.1%History
AGIOAgios Pharmaceuticals, Inc.COM189,866$7.62M0.1%History
HRTXHeron Therapeutics, Inc.COM4,251,951$5.36M<0.1%History
MBXMBX Biosciences, Inc.COM277,777$4.86M<0.1%History
GBIOGeneration Bio Co.COMMON STOCK194,493$1.19M<0.1%History
YARWYarrow Bioscience, Inc.COM851,353$285.2K<0.1%History
CYVNYOpthea LtdSPONSORED ADS2,087,320$00.0%History