Baker Bros. Advisors

Multi-Strategy

Manager: Baker Bros. Advisors
Quarter: Q2 2026
Filed: 2026-08-14
13F value: $19.96B
Positions: 84
CIK: 0001263508

Min weight

#					# Shares			Source
1	Incyte CorporationINCY HISTORY	17.48%	+0.1%	$3.49B	30,762,330	+17,918	15.60%	13F13D (older)
2	BeOne Medicines Ltd.ONC HISTORY	12.57%	—	$2.51B	8,801,567	+2,514	7.80%	13F+13D
3	Revolution Medicines, Inc.RVMD HISTORY	10.74%	+19.8%	$2.14B	11,443,357	+1,888,000	5.30%	13F+13G
4	Madrigal Pharmaceuticals, Inc.MDGL HISTORY	5.77%	+0.1%	$1.15B	2,143,131	+1,430	9.28%	13F
5	ACADIA Pharmaceuticals Inc.ACAD HISTORY	5.44%	—	$1.09B	42,912,904	+16,214	25.40%	13F13D (older)
6	Kymera Therapeutics, Inc.KYMR HISTORY	4.97%	—	$0.99B	8,657,242	—	10.90%	13F13D (older)
7	Insmed IncorporatedINSM HISTORY	4.70%	+18.5%	$0.94B	8,796,111	+1,375,000	4.03%	13F
8	Celcuity Inc.CELC HISTORY	4.15%	—	$0.83B	7,915,792	—	9.99%	13F+13G
9	Kodiak Sciences Inc.KOD HISTORY	3.89%	—	$0.78B	19,919,186	—	35.00%	13F+13D
10	Rhythm Pharmaceuticals, Inc.RYTM HISTORY	3.12%	—	$0.62B	5,604,483	—	8.90%	13F13G (older)
11	Praxis Precision Medicines, Inc.PRAX HISTORY	2.94%	—	$0.59B	1,753,198	—	6.30%	13F13G (older)
12	Alkermes plcALKS HISTORY	2.63%	—	$0.52B	10,012,267	—	6.10%	13F13G (older)
13	Summit Therapeutics Inc.SMMT HISTORY	2.39%	(9.9%)	$0.48B	32,786,348	(3,604,715)	4.11%	13F
14	GRAIL, Inc.GRAL HISTORY	1.38%	—	$0.28B	4,028,614	—	9.80%	13F13G (older)
15	AbCellera Biologics Inc.ABCL HISTORY	1.30%	+9.0%	$0.26B	33,012,138	+2,736,200	10.80%	13F13G (older)
16	Immunovant, Inc.IMVT HISTORY	1.05%	(0.4%)	$0.21B	5,435,220	(22,661)	2.63%	13F
17	IDEAYA Biosciences, Inc.IDYA HISTORY	0.94%	+26.9%	$0.19B	5,010,030	+1,063,515	5.20%	13F+13G
18	Kiniksa Pharmaceuticals International, plcKNSA HISTORY	0.91%	+0.3%	$0.18B	2,834,643	+8,397	7.00%	13F13D (older)
19	Roivant Sciences Ltd.ROIV HISTORY	0.84%	(3.1%)	$0.17B	4,716,831	(150,892)	0.65%	13F
20	Arrowhead Pharmaceuticals, Inc.ARWR HISTORY	0.81%	—	$0.16B	1,992,783	—	1.41%	13F
21	Ionis Pharmaceuticals, Inc.IONS HISTORY	0.81%	—	$0.16B	2,047,727	—	1.23%	13F
22	Edgewise Therapeutics, Inc.EWTX HISTORY	0.75%	(43.7%)	$0.15B	3,701,719	(2,874,221)	3.40%	13F+13G
23	Replimune Group, Inc.REPL HISTORY	0.61%	—	$0.12B	11,045,336	—	11.80%	13F+13D
24	Nurix Therapeutics, Inc.NRIX HISTORY	0.57%	—	$0.11B	4,658,556	—	7.20%	13F13G (older)
25	Stoke Therapeutics, Inc.STOK HISTORY	0.55%	—	$0.11B	3,336,697	—	5.80%	13F13G (older)
26	Monte Rosa Therapeutics, Inc.GLUE HISTORY	0.53%	—	$0.11B	4,345,736	—	9.99%	13F13G (older)
27	Immatics N.V.IMTX HISTORY	0.48%	(12.9%)	$0.10B	9,508,565	(1,408,128)	7.00%	13F+13G
28	Denali Therapeutics Inc.DNLI HISTORY	0.48%	+0.1%	$0.10B	3,734,336	+2,641	2.34%	13F
29	Crinetics Pharmaceuticals, Inc.22663K107HISTORY	0.44%	—	$0.09B	2,351,465	—	—	13F
30	Dianthus Therapeutics, Inc.DNTH HISTORY	0.42%	—	$0.08B	852,164	—	1.52%	13F
31	Structure Therapeutics Inc.GPCR HISTORY	0.39%	—	$0.08B	1,432,529	—	0.67%	13F
32	Celcuity Inc.CELCNoteHISTORY	0.35%	—	$0.07B	30,750,000	—	—	13F
33	Rapport Therapeutics, Inc.RAPP HISTORY	0.32%	—	$0.06B	1,547,090	—	3.22%	13F
34	Alumis Inc.ALMS HISTORY	0.28%	—	$0.06B	2,012,500	—	1.59%	13F
35	Prelude Therapeutics Inc.PRLD HISTORY	0.27%	—	$0.05B	10,123,824	—	15.50%	13F13D (older)
36	Relay Therapeutics, Inc.RLAY HISTORY	0.27%	+143.7%	$0.05B	2,826,783	+1,666,666	1.29%	13F
37	Mirum Pharmaceuticals, Inc.MIRM HISTORY	0.26%	—	$0.05B	445,975	—	0.69%	13F
38	Bicycle Therapeutics plcBCYC HISTORY	0.23%	—	$0.05B	10,885,357	—	36.23%	13F
39	Enliven Therapeutics, Inc.ELVN HISTORY	0.23%	—	$0.05B	905,191	—	1.24%	13F
40	Celldex Therapeutics, Inc.CLDX HISTORY	0.22%	+77.7%	$0.04B	1,182,611	+517,241	1.51%	13F
41	Viridian Therapeutics, Inc.VRDN HISTORY	0.22%	+20.9%	$0.04B	2,383,025	+411,347	2.10%	13F
42	Design Therapeutics, Inc.DSGN HISTORY	0.19%	+3.6%	$0.04B	2,678,430	+92,452	4.28%	13F
43	Entrada Therapeutics, Inc.TRDA HISTORY	0.19%	—	$0.04B	5,072,730	—	13.03%	13F
44	Faeth Therapeutics, Inc.FTH HISTORY	0.16%	NEW	$0.03B	1,286,411	+1,286,411	4.98%	13F
45	Aktis Oncology, Inc.AKTS HISTORY	0.16%	—	$0.03B	996,351	—	1.92%	13F
46	Neurogene Inc.NGNE HISTORY	0.16%	—	$0.03B	991,691	—	7.00%	13F13G (older)
47	Jade Biosciences, Inc.JBIO HISTORY	0.14%	(25.0%)	$0.03B	1,230,426	(410,711)	1.93%	13F
48	Taysha Gene Therapies, Inc.TSHA HISTORY	0.14%	—	$0.03B	4,004,756	—	1.23%	13F
49	Arcus Biosciences, Inc.RCUS HISTORY	0.13%	+103.3%	$0.03B	844,816	+429,195	0.66%	13F
50	Disc Medicine, Inc.IRON HISTORY	0.13%	—	$0.03B	349,657	—	0.91%	13F
51	Absci CorporationABSI HISTORY	0.12%	—	$0.02B	2,134,803	—	1.24%	13F
52	Generate Biomedicines, Inc.GENB HISTORY	0.12%	—	$0.02B	1,423,602	—	1.11%	13F
53	DBV Technologies S.A.DBVT HISTORY	0.12%	—	$0.02B	1,461,425	—	9.99%	13F13D (older)
54	Xenon Pharmaceuticals Inc.XENE HISTORY	0.11%	—	$0.02B	370,208	—	0.38%	13F
55	Tectonic Therapeutic, Inc.TECX HISTORY	0.10%	—	$0.02B	607,788	—	3.11%	13F
56	Cerus CorporationCERS HISTORY	0.09%	(36.1%)	$0.02B	6,395,431	(3,612,914)	3.20%	13F+13G
57	CytomX Therapeutics, Inc.CTMX HISTORY	0.09%	—	$0.02B	4,975,826	—	2.28%	13F
58	Dyne Therapeutics, Inc.DYN HISTORY	0.09%	—	$0.02B	813,449	—	0.44%	13F
59	Cytokinetics, IncorporatedCYTK HISTORY	0.09%	NEW	$0.02B	211,267	+211,267	0.15%	13F
60	Xencor, Inc.XNCR HISTORY	0.09%	—	$0.02B	1,102,106	—	1.48%	13F
61	Sionna Therapeutics, Inc.SION HISTORY	0.09%	—	$0.02B	400,000	—	0.88%	13F
62	Intellia Therapeutics, Inc.NTLA HISTORY	0.08%	NEW	$0.02B	930,232	+930,232	0.66%	13F
63	Parabilis Medicines, Inc.PBLS HISTORY	0.07%	NEW	$0.01B	500,000	+500,000	3.21%	13F
64	MapLight Therapeutics, Inc.MPLT HISTORY	0.07%	—	$0.01B	364,705	—	0.86%	13F
65	Avalyn Pharma Inc.AVLN HISTORY	0.06%	NEW	$0.01B	350,000	+350,000	0.79%	13F
66	Evommune, Inc.EVMN HISTORY	0.06%	—	$0.01B	847,390	—	2.33%	13F
67	BioNTech SEBNTX HISTORY	0.06%	—	$0.01B	119,743	—	0.05%	13F
68	Tango Therapeutics, Inc.TNGX HISTORY	0.05%	NEW	$0.01B	333,333	+333,333	0.20%	13F
69	Avalo Therapeutics, Inc.AVTX HISTORY	0.05%	NEW	$0.01B	550,000	+550,000	1.03%	13F
70	Sera Prognostics, Inc.SERA HISTORY	0.05%	—	$0.01B	5,498,170	—	18.77%	13F
71	Verastem, Inc.VSTM HISTORY	0.05%	+327.4%	$0.01B	2,499,338	+1,914,581	2.76%	13F
72	Sagimet Biosciences Inc.SGMT HISTORY	0.04%	—	$0.01B	952,996	—	3.11%	13F
73	Eikon Therapeutics, Inc.EIKN HISTORY	0.04%	—	$0.01B	555,555	—	1.03%	13F
74	LB Pharmaceuticals Inc.LBRX HISTORY	0.03%	—	$0.01B	200,000	—	0.62%	13F
75	vTv Therapeutics, Inc.VTVT HISTORY	0.03%	—	$0.01B	148,314	—	—	13F
76	Wave Life Sciences Ltd.WVE HISTORY	0.02%	—	$<0.01B	822,638	—	0.42%	13F
77	Protara Therapeutics, Inc.TARA HISTORY	0.02%	—	$<0.01B	971,614	—	1.64%	13F
78	TScan Therapeutics, Inc.TCRX HISTORY	0.01%	—	$<0.01B	2,784,792	—	11.61%	13F
79	Immunome, Inc.IMNM HISTORY	0.01%	NEW	$<0.01B	55,306	+55,306	0.05%	13F
80	Skye Bioscience, Inc.SKYE HISTORY	0.01%	—	$<0.01B	1,575,243	—	4.45%	13F
81	Sana Biotechnology, Inc.SANA HISTORY	0.01%	—	$<0.01B	310,483	—	0.10%	13F
82	Aligos Therapeutics, Inc.ALGS HISTORY	<0.01%	—	$<0.01B	83,055	—	0.19%	13F
83	Tyra Biosciences, Inc.TYRA HISTORY	<0.01%	—	$<0.01B	10,607	—	0.02%	13F
84	Surrozen, Inc. Warrants @ $172.50 8/11/2026 (15 FOR 1)86889P117HISTORY	<0.01%	—	$<0.01B	833,333	—	7.09%	13F

Positions are from the latest 13F-HR (period end 2026-06-30). Weights are calculated: position value ÷ the 13F book. Rows marked Off-13F are >5% stakes disclosed on a Schedule 13D/13G dated after the latest 13F; they report shares and percent of class but no dollar value. Chg Shares and % Chg compare with the adjacent prior quarter's 13F only. % Out is either calculated (position shares ÷ issuer shares outstanding from the issuer's XBRL cover page; weighted-average basic shares as a fallback) or reported (percent of class on a Schedule 13D/13G newer than the 13F period) — hover a value for its source and date. Unavailable figures show “—”, never an estimate. Methodology