BAKER BROS. ADVISORS LP

Registered adviser

CIK

1263508

Location

NEW YORK, NY

Portfolio Value

Large $19,885,163,299

Diversification

Diversified

Filing Date

Global Rank

#359 / 8,817 ▼ 21

Top Industry

Biotechnology 94.9%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 158149

Roster of Oct 1, 2026

Regulatory AUM

$28,147,892,952

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

2 funds · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$28,147,892,952 gross assets

LEI

549300QYZVDO3190ER85

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$21,976,239,930 gross assets in 2 funds Hedge funds $21,976,239,930 (2)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$28,147,892,952	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$18,024,640,582	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$21,976,239,930	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$23,154,517,129	Pooled investment vehicles (100%)
Apr 2023	$23,154,517,129	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$25,706,057,815	Pooled investment vehicles (100%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 73.1% of the book (60%+)

Turnover

Low turnover

6.4% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 21.2 quarters (12+), a floor since 53.8% of the book was already held when coverage starts

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 96.1%; sector active share 90.9% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

83 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

17.5%

+0.8 pts

Top 5

52.2%

+1.4 pts

Top 10

73.1%

−0.8 pts

HHI

769

Diversified−1

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$19,885,163,299	83

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

16 positions

Ticker	Company	Δ Shares	Shares	Value
ABCL	AbCellera Biologics Inc.	+2,736,200	33,012,138	$259,145,283
VSTM	Verastem, Inc.	+1,914,581	2,499,338	$9,547,471
RVMD	Revolution Medicines, Inc.	+1,888,000	11,443,357	$2,143,111,898
RLAY	Relay Therapeutics, Inc.	+1,666,666	2,826,783	$52,889,109
INSM	INSMED Inc	+1,375,000	8,796,111	$937,841,354
IDYA	IDEAYA Biosciences, Inc.	+1,063,515	5,010,030	$186,723,818
CLDX	Celldex Therapeutics, Inc.	+517,241	1,182,611	$44,004,955
RCUS	Arcus Biosciences, Inc.	+429,195	844,816	$26,045,677
VRDN	Viridian Therapeutics, Inc.\DE	+411,347	2,383,025	$43,776,169
DSGN	Design Therapeutics, Inc.	+92,452	2,678,430	$38,756,882
INCY	Incyte Corp	+17,918	30,762,330	$3,487,217,728
ACAD	Acadia Pharmaceuticals Inc	+16,214	42,912,904	$1,085,696,471
KNSA	Kiniksa Pharmaceuticals International, plc	+8,397	2,834,643	$181,275,419
DNLI	Denali Therapeutics Inc.	+2,641	3,734,336	$96,047,121
ONC	BeOne Medicines Ltd.	+2,514	8,801,567	$2,508,182,547
MDGL	Madrigal Pharmaceuticals, Inc.	+1,430	2,143,131	$1,150,754,190
No positions match the current search.

Trimmed

Positions the filer reduced

7 positions

Ticker	Company	Δ Shares	Shares	Value
CERS	Cerus Corp	−3,612,914	6,395,431	$18,674,658
SMMT	Summit Therapeutics Inc.	−3,604,715	32,786,348	$477,697,090
EWTX	Edgewise Therapeutics, Inc.	−2,874,221	3,701,719	$150,400,842
IMTX	Immatics N.V.	−1,408,128	9,508,565	$96,321,763
JBIO	Jade Biosciences, Inc.	−410,711	1,230,426	$27,340,065
ROIV	Roivant Sciences Ltd.	−150,892	4,716,831	$166,928,649
IMVT	Immunovant, Inc.	−22,661	5,435,220	$209,419,026
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
FTH	Faeth Therapeutics, Inc.	1,286,411	$32,160,275
CYTK	Cytokinetics Inc	211,267	$17,997,835
NTLA	Intellia Therapeutics, Inc.	930,232	$15,739,525
PBLS	Parabilis Medicines, Inc.	500,000	$13,685,000
AVLN	Avalyn Pharma Inc.	350,000	$11,522,000
TNGX	Tango Therapeutics, Inc.	333,333	$10,419,989
AVTX	Avalo Therapeutics, Inc.	550,000	$10,164,000
IMNM	Immunome Inc.	55,306	$1,171,934
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
ABVX	Abivax S.A.	875,796	$97,519,884
SYRE	Spyre Therapeutics, Inc.	1,000,000	$50,440,000
IMCR	Immunocore Holdings plc	734,397	$22,142,069
CTNM	Contineum Therapeutics, Inc.	1,420,838	$18,556,144
ARGX	Argenx SE	25,174	$18,383,313
CMPS	COMPASS Pathways plc	2,344,720	$12,966,301
PHVS	Pharvaris N.V.	375,000	$10,593,750
CNTA	Centessa Pharmaceuticals plc	670,751	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

83 tracked positions · $19,885,163,299 total · filing declares 84 positions · $19,955,238,553 · as of Jun 30, 2026

All sectors Healthcare

Showing 1–50 of 83 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
INCY	Incyte Corp Healthcare	Added	30,762,330	+17,918	$3,487,217,728	+20.5%	26+	before history	17.54%
ONC	BeOne Medicines Ltd. Healthcare	Added	8,801,567	+2,514	$2,508,182,547	−4.0%	26+	before history	12.61%
RVMD	Revolution Medicines, Inc. Healthcare	Added	11,443,357	+1,888,000	$2,143,111,898	+130.6%	22	$49.33	10.78%
MDGL	Madrigal Pharmaceuticals, Inc. Healthcare	Added	2,143,131	+1,430	$1,150,754,190	+2.6%	26+	before history	5.79%
ACAD	Acadia Pharmaceuticals Inc Healthcare	Added	42,912,904	+16,214	$1,085,696,471	+13.7%	26+	before history	5.46%
KYMR	Kymera Therapeutics, Inc. Healthcare	Held	8,657,242	0	$992,725,940	+37.7%	24	$37.74	4.99%
INSM	INSMED Inc Healthcare	Added	8,796,111	+1,375,000	$937,841,354	−22.7%	26+	before history	4.72%
CELC	Celcuity Inc. Healthcare	Held	7,915,792	0	$828,150,159	−8.3%	12	$21.19	4.16%
KOD	Kodiak Sciences Inc. Healthcare	Held	19,919,186	0	$776,051,486	+2.2%	26+	before history	3.90%
RYTM	Rhythm Pharmaceuticals, Inc. Healthcare	Held	5,604,483	0	$622,265,747	+27.7%	26+	before history	3.13%
PRAX	Praxis Precision Medicines, Inc. Healthcare	Held	1,753,198	0	$586,953,158	+3.9%	15	unpriced	2.95%
ALKS	Alkermes plc. Healthcare	Held	10,012,267	0	$524,642,790	+48.2%	9	$27.44	2.64%
SMMT	Summit Therapeutics Inc. Healthcare	Reduced	32,786,348	-3,604,715	$477,697,090	−30.8%	9	$11.11	2.40%
GRAL	GRAIL, Inc. Healthcare	Held	4,028,614	0	$275,033,477	+32.1%	7	$53.70	1.38%
ABCL	AbCellera Biologics Inc. Healthcare	Added	33,012,138	+2,736,200	$259,145,283	+145.3%	23	unpriced	1.30%
IMVT	Immunovant, Inc. Healthcare	Reduced	5,435,220	-22,661	$209,419,026	+54.5%	12	$22.96	1.05%
IDYA	IDEAYA Biosciences, Inc. Healthcare	Added	5,010,030	+1,063,515	$186,723,818	+42.0%	16	$23.61	0.94%
KNSA	Kiniksa Pharmaceuticals International, plc Healthcare	Added	2,834,643	+8,397	$181,275,419	+33.2%	9	$18.86	0.91%
ROIV	Roivant Sciences Ltd. Healthcare	Reduced	4,716,831	-150,892	$166,928,649	+23.8%	15	$12.94	0.84%
ARWR	Arrowhead Pharmaceuticals, Inc. Healthcare	Held	1,992,783	0	$162,431,742	+30.0%	5	$24.96	0.82%
IONS	Ionis Pharmaceuticals Inc Healthcare	Held	2,047,727	0	$162,364,273	+5.6%	4	$68.42	0.82%
EWTX	Edgewise Therapeutics, Inc. Healthcare	Reduced	3,701,719	-2,874,221	$150,400,842	−27.4%	22	unpriced	0.76%
REPL	Replimune Group, Inc. Healthcare	Held	11,045,336	0	$122,271,869	+44.7%	25	$14.45	0.61%
NRIX	Nurix Therapeutics, Inc. Healthcare	Held	4,658,556	0	$113,016,568	+56.5%	24	$20.95	0.57%
STOK	Stoke Therapeutics, Inc. Healthcare	Held	3,336,697	0	$109,176,725	+0.5%	16	$9.30	0.55%
GLUE	Monte Rosa Therapeutics, Inc. Healthcare	Held	4,345,736	0	$105,166,811	+47.1%	14	$6.49	0.53%
IMTX	Immatics N.V. Healthcare	Reduced	9,508,565	-1,408,128	$96,321,763	−10.3%	24	$8.55	0.48%
DNLI	Denali Therapeutics Inc. Healthcare	Added	3,734,336	+2,641	$96,047,121	+34.1%	26+	before history	0.48%
		Held	2,351,465	0	$87,991,820	+3.0%	5	$42.94	0.44%
DNTH	Dianthus Therapeutics, Inc. Healthcare	Held	852,164	0	$83,068,946	+16.2%	5	$21.63	0.42%
GPCR	Structure Therapeutics Inc. Healthcare	Held	1,432,529	0	$76,883,831	+11.3%	8	$24.04	0.39%
RAPP	Rapport Therapeutics, Inc. Healthcare	Held	1,547,090	0	$64,467,240	+33.2%	5	$15.27	0.32%
ALMS	Alumis Inc. Healthcare	Held	2,012,500	0	$56,631,750	+27.7%	9	unpriced	0.28%
PRLD	Prelude Therapeutics Inc Healthcare	Held	10,123,824	0	$53,959,981	+55.8%	24	unpriced	0.27%
RLAY	Relay Therapeutics, Inc. Healthcare	Added	2,826,783	+1,666,666	$52,889,109	+358.2%	14	$14.22	0.27%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	Held	445,975	0	$52,210,293	+26.7%	2	$94.07	0.26%
BCYC	Bicycle Therapeutics PLC Healthcare	Held	10,885,357	0	$46,153,913	−8.6%	16	$21.61	0.23%
ELVN	Enliven Therapeutics, Inc. Healthcare	Held	905,191	0	$45,938,443	+29.5%	10	$24.79	0.23%
CLDX	Celldex Therapeutics, Inc. Healthcare	Added	1,182,611	+517,241	$44,004,955	+108.5%	11	$27.16	0.22%
VRDN	Viridian Therapeutics, Inc.\DE Healthcare	Added	2,383,025	+411,347	$43,776,169	+13.5%	5	$15.33	0.22%
DSGN	Design Therapeutics, Inc. Healthcare	Added	2,678,430	+92,452	$38,756,882	+40.9%	22	unpriced	0.19%
TRDA	Entrada Therapeutics, Inc. Healthcare	Held	5,072,730	0	$37,335,292	−41.7%	19	$23.08	0.19%
FTH	Faeth Therapeutics, Inc. Healthcare	NEW	1,286,411	NEW	$32,160,275	NEW	1	$23.13	0.16%
AKTS	Aktis Oncology, Inc. Healthcare	Held	996,351	0	$32,112,392	+80.2%	2	$19.42	0.16%
NGNE	Neurogene Inc. Healthcare	Held	991,691	0	$31,188,681	+56.0%	11	unpriced	0.16%
JBIO	Jade Biosciences, Inc. Healthcare	Reduced	1,230,426	-410,711	$27,340,065	+18.6%	3	$11.73	0.14%
TSHA	Taysha Gene Therapies, Inc. Healthcare	Held	4,004,756	0	$27,272,388	+52.3%	12	$1.91	0.14%
RCUS	Arcus Biosciences, Inc. Healthcare	Added	844,816	+429,195	$26,045,677	+190.1%	3	$22.80	0.13%
IRON	Disc Medicine, Inc. Healthcare	Held	349,657	0	$25,573,912	+14.4%	7	$50.18	0.13%
ABSI	Absci Corp Healthcare	Held	2,134,803	0	$24,742,366	+286.3%	3	$3.64	0.12%

Showing the top 50 of 83 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.