BAKER BROS. ADVISORS LP

$17.4B reported 13(f) long value · latest quarter 2026-03-31 · CIK 1263508 · EDGAR ↗

sum of disclosed values for 2026-03-31; 0 positions carry a NULL value and are excluded from the sum, surfaced here rather than folded away: $17.4B
ALL retained default holdings for this (filer, period), including NULL-value ones: 84
positions with no comparable holding in the prior quarter (kind new), 2026-03-31: 7
positions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record: 9

A quarter-end snapshot. Filed up to 45 days later, so this page is not current holdings and never a complete portfolio. what a 13F is — and is not ↓ methodology §13F ↗

Position changes — into 2026-03-31

by shares · Δ value · filing link · how changes are classified §

Position changes into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match `identity_reconciled_by_cusip`	the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE `classified_by_value` · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake	derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero	reported unit changed across the pair (SH↔PRN); the share delta is withheld rather than fabricated `shares_unit_mismatch`	Prev value	Curr value	Prev shares	Curr shares	Flags
position key `pos:15877` · issuer key `iss:961` COM	ADD	−$143M	+421	$3.0B	$2.9B	30,743,991	30,744,412
position key `pos:14207` · issuer key `iss:973` COM PAR $.01	ADD	+$66.1M	+828,365	$1.1B	$1.2B	6,592,746	7,421,111
position key `pos:14656` · issuer key `iss:1552` COM	ADD	+$176M	+100,000	$753M	$929M	9,455,357	9,555,357
position key `pos:11142` · issuer key `iss:1475` COM	ADD	+$233M	+626,710	$332M	$565M	1,126,488	1,753,198
position key `pos:12631` · issuer key `iss:843` COM	ADD	+$29.7M	+1,943,281	$178M	$208M	2,085,333	4,028,614
position key `pos:11517` · issuer key `iss:1003` COM	ADD	+$12.0M	+255,886	$142M	$154M	1,791,841	2,047,727
position key `pos:17657` · issuer key `iss:2200` SHS	TRIM	+$14.3M	−687,294	$121M	$135M	5,555,017	4,867,723
position key `sid:sec:prov:f7d48a640772d3aa60939ca4949078c5` · issuer key `cusip6:45166A` COM	ADD	+$6.4M	+327,689	$125M	$131M	3,618,826	3,946,515
position key `pos:15725` · issuer key `iss:172` COM	TRIM	−$19.5M	−182,862	$144M	$125M	2,175,645	1,992,783
position key `sid:sec:prov:8771e17f16590b5bd511978f2a4f7807` · issuer key `cusip6:N44445` SHS	TRIM	−$19.6M	−1,177,401	$127M	$107M	12,094,094	10,916,693
position key `sid:sec:prov:1bcf5245eb051e3018a085f3acbfd157` · issuer key `cusip6:00288U` COM	ADD	+$11.5M	+2,750,298	$94.1M	$106M	27,525,640	30,275,938
position key `pos:14981` · issuer key `iss:535` COM	ADD	+$8.7M	+702,596	$76.8M	$85.4M	1,648,869	2,351,465
position key `pos:15366` · issuer key `iss:416` Note 2.75% 8/1/2031	n/c‡u	+$8.3M	—	$66.6M	$74.9M	30,750,000	30,750,000	change n/cunit mismatch
position key `pos:17547` · issuer key `iss:577` COM	ADD	+$39.0M	+62,405	$32.5M	$71.5M	789,759	852,164
position key `pos:16159` · issuer key `iss:94` COM	ADD	+$29.1M	+450,000	$15.3M	$44.3M	1,562,500	2,012,500
position key `pos:11504` · issuer key `iss:1236` COM	NEW	+$41.2M	+445,975	$0	$41.2M	—	445,975
position key `sid:sec:prov:bf437640b37b30ed62d091e5e9de5808` · issuer key `cusip6:29337E` COM	ADD	+$31.3M	+633,785	$4.2M	$35.5M	271,406	905,191
position key `sid:sec:prov:652160e4f88d5e68e96c8504db5fee2d` · issuer key `cusip6:25056L` COM	ADD	+$6.6M	+352,879	$20.9M	$27.5M	2,233,099	2,585,978
position key `sid:sec:prov:16b2967c1b0bb76b6346bfde109e0bb6` · issuer key `cusip6:23284F` COM	ADD	+$5.3M	+725,000	$18.1M	$23.4M	4,250,826	4,975,826
position key `pos:12161` · issuer key `iss:587` COM	ADD	−$4.4M	+12,607	$26.8M	$22.4M	337,050	349,657
position key `pos:15541` · issuer key `iss:958` ADS	TRIM	−$58.5M	−1,588,259	$80.6M	$22.1M	2,322,656	734,397
position key `sid:sec:prov:adbff6ad799c41f5a1fe4cddc6ffc42b` · issuer key `cusip6:30054Y` COM SHS	NEW	+$19.5M	+847,390	$0	$19.5M	—	847,390
position key `sid:sec:prov:ab98bdc5d9f0946c8554aa4745533ba5` · issuer key `cusip6:878972` COM	TRIM	−$58.2K	−295,612	$18.8M	$18.8M	903,400	607,788
position key `pos:10215` · issuer key `iss:62` COM	NEW	+$17.8M	+996,351	$0	$17.8M	—	996,351
position key `sid:sec:prov:4a591541501e3e997ba3c8d31dd91fde` · issuer key `cusip6:370920` COM SHS	NEW	+$17.8M	+1,423,602	$0	$17.8M	—	1,423,602
position key `sid:sec:prov:88f799da4526ad1ae0a440740a6e9c1b` · issuer key `cusip6:20451W` SPONSORED ADS	NEW	+$13.0M	+2,344,720	$0	$13.0M	—	2,344,720
position key `pos:15139` · issuer key `iss:270` SPONSORED ADS	TRIM	−$24.5M	−249,180	$35.1M	$10.6M	368,923	119,743
position key `sid:sec:prov:3c51cfeec4a5be695bdb08ebfaa41e00` · issuer key `cusip6:03969F` COM	ADD	+$2.5M	+145,621	$6.4M	$9.0M	270,000	415,621
position key `pos:14281` · issuer key `iss:2313` SHS	ADD	+$115K	+478,575	$5.8M	$6.0M	344,063	822,638
position key `sid:sec:prov:c25b5f9e8c5b977c71e48306567bac3d` · issuer key `cusip6:282564` COM	NEW	+$5.9M	+555,555	$0	$5.9M	—	555,555
position key `pos:13163` · issuer key `cusip6:92337C` COM	NEW	+$3.1M	+584,757	$0	$3.1M	—	584,757
position key `sid:sec:prov:6bbcada89a53f0e10561ca531c92b953` · issuer key `cusip6:83086J` COM	ADD	−$119K	+124,605	$1.1M	$968K	1,450,638	1,575,243
pos:13206	EXIT‡e	−$14.5M	−143,937	$14.5M	$0	143,937	—
pos:13488	EXIT‡e	−$3.3M	−542,539	$3.3M	$0	542,539	—
pos:15075	EXIT‡e	−$22.0M	−2,822,727	$22.0M	$0	2,822,727	—
pos:15677	EXIT‡e	−$63.8M	−2,772,692	$63.8M	$0	2,772,692	—
pos:17472	EXIT‡e	−$38.4M	−950,000	$38.4M	$0	950,000	—
sid:sec:prov:0e361d30324f107464e8c1d4734fc7e8	EXIT‡e	−$21.2M	−2,349,280	$21.2M	$0	2,349,280	—
sid:sec:prov:5fce931a0d08a913333cc577a5dd8279	EXIT‡e	−$1.0M	−1,804,055	$1.0M	$0	1,804,055	—
sid:sec:prov:adc22e9a1524ab89aa68e69a21eb8d93	EXIT‡e	−$3.6M	−475,737	$3.6M	$0	475,737	—
sid:sec:prov:d12e469a81d64fc16ec26d9812e44d82	EXIT‡e	−$55.0K	−22,809	$55.0K	$0	22,809	—

1–20 of the 41 changes on this page

Mark-to-market only (no share change) · 52

Positions whose share count is identical in both quarters; the value changed with price, not with a decision.

Positions held with no share change into quarter 2026-03-31
position matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match `identity_reconciled_by_cusip`	the reported share count is unchanged across the pair; this build's data classified the change from its reported value; builds from 2026-09-10 on read it as NO CHANGE `classified_by_value` · EXIT = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · NO CHANGE = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an ADD or a TRIM (NEW / ADD / TRIM / EXIT / NO CHANGE) · NO PRIOR = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake	derived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero	Prev value	Curr value	Prev shares	Curr shares
position key `pos:14374` · issuer key `iss:248` SPONSORED ADS	NO CHANGE	−$60.2M	$2.7B	$2.6B	8,799,053	8,799,053
position key `pos:14357` · issuer key `iss:1170` COM	NO CHANGE	−$126M	$1.2B	$1.1B	2,141,701	2,141,701
position key `pos:17971` · issuer key `iss:30` COM	NO CHANGE	−$191M	$1.1B	$955M	42,896,690	42,896,690
position key `pos:10390` · issuer key `iss:416` COM	NO CHANGE	+$114M	$790M	$904M	7,915,792	7,915,792
position key `sid:sec:prov:b6301632224d8122ae8dff0115962cfa` · issuer key `cusip6:50015M` COM	NO CHANGE	+$202M	$557M	$759M	19,919,186	19,919,186
position key `pos:12598` · issuer key `iss:1082` COM	NO CHANGE	+$47.4M	$674M	$721M	8,657,242	8,657,242
position key `pos:12361` · issuer key `iss:1727` COM	NO CHANGE	+$53.5M	$636M	$690M	36,391,063	36,391,063
position key `pos:16702` · issuer key `iss:1556` COM	NO CHANGE	−$112M	$600M	$487M	5,604,483	5,604,483
position key `pos:15525` · issuer key `iss:2023` SHS	NO CHANGE	+$73.9M	$280M	$354M	10,012,267	10,012,267
position key `pos:11808` · issuer key `iss:635` COM	NO CHANGE	+$44.0M	$163M	$207M	6,575,940	6,575,940
position key `pos:13344` · issuer key `iss:2148` ORD SHS CL A	NO CHANGE	+$19.5M	$117M	$136M	2,826,246	2,826,246
position key `sid:sec:prov:c0680e314bfe2d1131f5c3d642c67920` · issuer key `cusip6:45258J` COM	NO CHANGE	−$3.2M	$139M	$136M	5,457,881	5,457,881
position key `sid:sec:prov:3fee4169345e05a49cf14bcc2babfc71` · issuer key `cusip6:86150R` COM	NO CHANGE	+$2.7M	$106M	$109M	3,336,697	3,336,697
position key `pos:12364` · issuer key `iss:26` SPONSORED ADS	NO CHANGE	−$20.6M	$118M	$97.5M	875,796	875,796
position key `pos:12518` · issuer key `iss:1547` COM	NO CHANGE	−$22.9M	$107M	$84.5M	11,045,336	11,045,336
position key `sid:sec:prov:48ac0f50c981e01f7c5af17d58a117cf` · issuer key `cusip6:67080M` COM	NO CHANGE	−$16.2M	$88.4M	$72.2M	4,658,556	4,658,556
position key `sid:sec:prov:8948595df4e56c28a2e8dffed59ee810` · issuer key `cusip6:24823R` COM	NO CHANGE	+$10.0M	$61.6M	$71.6M	3,731,695	3,731,695
position key `sid:sec:prov:3224bd4d4c1e7dd823e99e6304f866c2` · issuer key `cusip6:61225M` COM	NO CHANGE	+$3.3M	$68.1M	$71.5M	4,345,736	4,345,736
position key `sid:sec:prov:862b191ccb923fc424f39385b48ce4f8` · issuer key `cusip6:86366E` SPONSORED ADS	NO CHANGE	−$30.6M	$99.6M	$69.0M	1,432,529	1,432,529
position key `pos:10657` · issuer key `iss:667` COM	NO CHANGE	+$11.9M	$52.1M	$64.0M	5,072,730	5,072,730
position key `pos:16739` · issuer key `iss:260` SPONSORED ADS	NO CHANGE	−$26.6M	$77.1M	$50.5M	10,885,357	10,885,357
position key `pos:13625` · issuer key `iss:45` COM	NO CHANGE	+$17.7M	$32.8M	$50.4M	1,000,000	1,000,000
position key `sid:sec:prov:9fd554b76cc510ac236cd887d1f06195` · issuer key `cusip6:75383L` COM	NO CHANGE	+$1.5M	$46.9M	$48.4M	1,547,090	1,547,090
position key `sid:sec:prov:4b145c10f034612809a5ead021971789` · issuer key `cusip6:92790C` COM	NO CHANGE	−$22.8M	$61.4M	$38.6M	1,971,678	1,971,678
position key `sid:sec:prov:52a86e73e5ebd8fb9104a71a48f9c42d` · issuer key `cusip6:74065P` COM	NO CHANGE	+$5.3M	$29.4M	$34.6M	10,123,824	10,123,824
position key `sid:sec:prov:097fe4205cdb81b5acf642533490216f` · issuer key `cusip6:23306J` SPONSORED ADS	NO CHANGE	+$2.5M	$28.0M	$30.5M	1,461,425	1,461,425
position key `pos:17964` · issuer key `cusip6:152309` SPONSORED ADS	NO CHANGE	+$9.9M	$16.8M	$26.6M	670,751	670,751
position key `sid:sec:prov:3b4a08cf659449a1ac1d2ee41e501b50` · issuer key `cusip6:008064` COM	NO CHANGE	−$2.3M	$25.3M	$23.1M	1,641,137	1,641,137
position key `pos:12517` · issuer key `iss:1997` COM	NO CHANGE	+$4.9M	$16.6M	$21.5M	370,208	370,208
position key `sid:sec:prov:30f8f229420c7a82ec2ecf2f2f622045` · issuer key `cusip6:15117B` COM	NO CHANGE	+$3.0M	$18.1M	$21.1M	665,370	665,370
position key `sid:sec:prov:2436d0e4b9db5d946b26deb83a717d5e` · issuer key `cusip6:64135M` COM	NO CHANGE	−$436K	$20.4M	$20.0M	991,691	991,691
position key `sid:sec:prov:05537d56ca21ce3a27a9a933baf06b09` · issuer key `cusip6:21217B` CL A	NO CHANGE	+$2.3M	$16.2M	$18.6M	1,420,838	1,420,838
position key `pos:17260` · issuer key `iss:165` SPONSORED ADR	NO CHANGE	−$2.8M	$21.2M	$18.4M	25,174	25,174
position key `sid:sec:prov:5acb3fdf8cac3eec6cd20dcb98ac92d0` · issuer key `cusip6:157085` COM	NO CHANGE	−$2.4M	$20.6M	$18.2M	10,008,345	10,008,345
position key `pos:13793` · issuer key `iss:1763` COM SHS	NO CHANGE	−$4.1M	$22.0M	$17.9M	4,004,756	4,004,756
position key `pos:10212` · issuer key `iss:1665` COM	NO CHANGE	−$420K	$16.5M	$16.0M	400,000	400,000
position key `pos:13703` · issuer key `iss:619` COM	NO CHANGE	−$1.2M	$15.9M	$14.7M	813,449	813,449
position key `sid:sec:prov:bc17a1945987420f684d9107b41fd336` · issuer key `cusip6:98401F` COM	NO CHANGE	−$3.6M	$16.9M	$13.3M	1,102,106	1,102,106
position key `pos:12369` · issuer key `iss:1540` COM	NO CHANGE	+$1.7M	$9.8M	$11.5M	1,160,117	1,160,117
position key `sid:sec:prov:6af2a0bf15f867d1bff8c7930f134308` · issuer key `cusip6:81749D` CLASS A COM	NO CHANGE	−$5.1M	$16.2M	$11.2M	5,498,170	5,498,170
position key `pos:14578` · issuer key `iss:2296` COM	NO CHANGE	+$188K	$10.4M	$10.6M	375,000	375,000
position key `sid:sec:prov:25db868bd92949401541405f5298734d` · issuer key `cusip6:56565P` COM	NO CHANGE	+$1.0M	$6.4M	$7.4M	364,705	364,705
position key `sid:sec:prov:f3f8f36b088f3feb965b6e5cad32a6e3` · issuer key `cusip6:00091E` COM	NO CHANGE	−$1.0M	$7.5M	$6.4M	2,134,803	2,134,803
position key `sid:sec:prov:d870181e4209250aa4f0822ee5192029` · issuer key `cusip6:918385` CL A	NO CHANGE	−$48.9K	$5.9M	$5.9M	148,314	148,314
position key `sid:sec:prov:f702a4fd275ccf1ac7ea45ff5986f07c` · issuer key `cusip6:74365U` COM STK	NO CHANGE	−$117K	$5.2M	$5.1M	971,614	971,614
position key `sid:sec:prov:5e2abdcbdb056fb4d049308ad37d5f46` · issuer key `cusip6:786700` COM SER A	NO CHANGE	−$662K	$5.6M	$5.0M	952,996	952,996
position key `sid:sec:prov:be515631054470e2500985b7cc1d1245` · issuer key `cusip6:50180M` COM SHS	NO CHANGE	+$480K	$4.5M	$4.9M	200,000	200,000
position key `sid:sec:prov:39d93878365e006cfbf0af4c0560d7f2` · issuer key `cusip6:89854M` COM	NO CHANGE	+$27.8K	$2.8M	$2.8M	2,784,792	2,784,792
position key `sid:sec:prov:7ff2ed7cd5581a47f16a78be72caca7a` · issuer key `cusip6:799566` COM	NO CHANGE	−$369K	$1.3M	$894K	310,483	310,483
position key `sid:sec:prov:c8979a8455f9af85be7efdcf54e29bb5` · issuer key `cusip6:01626L` COM	NO CHANGE	−$157K	$774K	$617K	83,055	83,055
position key `sid:sec:prov:47170149b82e95e4444c881acffa67fc` · issuer key `cusip6:90240B` COM	NO CHANGE	+$127K	$279K	$406K	10,607	10,607
position key `sid:sec:prov:c4f97db1890f36f80c7a359d19822318` · issuer key `cusip6:86889P` W EXP 8/11/2026	NO CHANGE	−$3.3K	$16.7K	$13.3K	833,333	833,333

Flags: no row carries a flag.

Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.

Truncated by Public Filings. Changes compare every position with a security identifier, new and exited included; holdings without one are counted, not compared. methodology §13F ↗

Reported positions — 2026-03-31

1–83 of 83 issuers · $17.4B disclosed value over 84 rows · 0 undisclosed-value rows

View

This build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.

This list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names.

a position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing

Share of total reported value, calculated only when the full position list has disclosed values. This is 13F long value, not total assets.

value undisclosed on the filing: retained and counted, excluded from sums, never shown as $0

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Incyte Corporation · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$2.9B

30,744,412

16.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BeOne Medicines Ltd. · SPONSORED ADS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$2.6B

8,799,053

15.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Insmed Incorporated · COM PAR $.01 CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$1.2B

7,421,111

7.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Madrigal Pharmaceuticals, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$1.1B

2,141,701

6.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Celcuity Inc.

2 positions · 2 reported rows

Rows BAKER BROS. ADVISORS LP reported for Celcuity Inc., as it reported them
Celcuity Inc. · COM CUSIP — src ↗	$904M	7,915,792
Celcuity Inc. · Note 2.75% 8/1/2031 CUSIP — src ↗	$74.9M	30,750,000

$978M

38,665,792

5.6%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

ACADIA Pharmaceuticals Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$955M

42,896,690

5.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Revolution Medicines, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$929M

9,555,357

5.3%

—

Kodiak Sciences Inc. · COM CUSIP 50015M109
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$759M

19,919,186

4.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Kymera Therapeutics, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$721M

8,657,242

4.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Summit Therapeutics Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$690M

36,391,063

4.0%

—

Praxis Precision Medicines, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$565M

1,753,198

3.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Rhythm Pharmaceuticals, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$487M

5,604,483

2.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Alkermes plc · SHS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$354M

10,012,267

2.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

GRAIL, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$208M

4,028,614

1.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Edgewise Therapeutics, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$207M

6,575,940

1.2%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Ionis Pharmaceuticals, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$154M

2,047,727

0.9%

—

Kiniksa Pharmaceuticals International, plc · ORD SHS CL A CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$136M

2,826,246

0.8%

—

Immunovant, Inc. · COM CUSIP 45258J102
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$136M

5,457,881

0.8%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Roivant Sciences Ltd. · SHS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$135M

4,867,723

0.8%

—

IDEAYA Biosciences, Inc. · COM CUSIP 45166A102
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$131M

3,946,515

0.8%

—

Arrowhead Pharmaceuticals, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$125M

1,992,783

0.7%

—

Stoke Therapeutics, Inc. · COM CUSIP 86150R107
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$109M

3,336,697

0.6%

—

Immatics N.V. · SHS CUSIP N44445109
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$107M

10,916,693

0.6%

—

AbCellera Biologics Inc. · COM CUSIP 00288U106
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$106M

30,275,938

0.6%

—

Abivax S.A. · SPONSORED ADS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$97.5M

875,796

0.6%

—

Crinetics Pharmaceuticals, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$85.4M

2,351,465

0.5%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Replimune Group, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$84.5M

11,045,336

0.5%

—

Nurix Therapeutics, Inc. · COM CUSIP 67080M103
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$72.2M

4,658,556

0.4%

—

Denali Therapeutics Inc. · COM CUSIP 24823R105
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$71.6M

3,731,695

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Dianthus Therapeutics, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$71.5M

852,164

0.4%

—

Monte Rosa Therapeutics, Inc. · COM CUSIP 61225M102
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$71.5M

4,345,736

0.4%

—

Structure Therapeutics Inc. · SPONSORED ADS CUSIP 86366E106
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$69.0M

1,432,529

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Entrada Therapeutics, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$64.0M

5,072,730

0.4%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Bicycle Therapeutics plc · SPONSORED ADS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$50.5M

10,885,357

0.3%

—

Spyre Therapeutics, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$50.4M

1,000,000

0.3%

—

Rapport Therapeutics, Inc. · COM CUSIP 75383L102
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$48.4M

1,547,090

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Alumis Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$44.3M

2,012,500

0.3%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Mirum Pharmaceuticals, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$41.2M

445,975

0.2%

—

Viridian Therapeutics, Inc. · COM CUSIP 92790C104
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$38.6M

1,971,678

0.2%

—

Enliven Therapeutics, Inc. · COM CUSIP 29337E102
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$35.5M

905,191

0.2%

—

Prelude Therapeutics Inc. · COM CUSIP 74065P101
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$34.6M

10,123,824

0.2%

—

DBV Technologies S.A. · SPONSORED ADS CUSIP 23306J309
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$30.5M

1,461,425

0.2%

—

Design Therapeutics, Inc. · COM CUSIP 25056L103
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$27.5M

2,585,978

0.2%

—

Centessa Pharmaceuticals plc · SPONSORED ADS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$26.6M

670,751

0.2%

—

CytomX Therapeutics, Inc. · COM CUSIP 23284F105
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$23.4M

4,975,826

0.1%

—

Jade Biosciences, Inc. · COM CUSIP 008064206
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$23.1M

1,641,137

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Disc Medicine, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$22.4M

349,657

0.1%

—

Immunocore Holdings plc · ADS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$22.1M

734,397

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Xenon Pharmaceuticals Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$21.5M

370,208

0.1%

—

Celldex Therapeutics, Inc. · COM CUSIP 15117B202
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$21.1M

665,370

0.1%

—

Neurogene Inc. · COM CUSIP 64135M105
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$20.0M

991,691

0.1%

—

Evommune, Inc. · COM SHS CUSIP 30054Y107
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$19.5M

847,390

0.1%

—

Tectonic Therapeutic, Inc. · COM CUSIP 878972108
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$18.8M

607,788

0.1%

—

Contineum Therapeutics, Inc. · CL A CUSIP 21217B100
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$18.6M

1,420,838

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

argenx SE · SPONSORED ADR CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$18.4M

25,174

0.1%

—

Cerus Corporation · COM CUSIP 157085101
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$18.2M

10,008,345

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Taysha Gene Therapies, Inc. · COM SHS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$17.9M

4,004,756

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Aktis Oncology, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$17.8M

996,351

0.1%

—

Generate Biomedicines, Inc. · COM SHS CUSIP 370920100
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$17.8M

1,423,602

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Sionna Therapeutics, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$16.0M

400,000

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Dyne Therapeutics, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$14.7M

813,449

0.1%

—

Xencor, Inc. · COM CUSIP 98401F105
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$13.3M

1,102,106

0.1%

—

COMPASS Pathways plc · SPONSORED ADS CUSIP 20451W101
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$13.0M

2,344,720

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Relay Therapeutics, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$11.5M

1,160,117

0.1%

—

Sera Prognostics, Inc. · CLASS A COM CUSIP 81749D107
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$11.2M

5,498,170

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

BioNTech SE · SPONSORED ADS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$10.6M

119,743

0.1%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Pharvaris N.V. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$10.6M

375,000

0.1%

—

Arcus Biosciences, Inc. · COM CUSIP 03969F109
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$9.0M

415,621

0.1%

—

MapLight Therapeutics, Inc. · COM CUSIP 56565P103
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$7.4M

364,705

0.0%

—

Absci Corporation · COM CUSIP 00091E109
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$6.4M

2,134,803

0.0%

verified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred)

Wave Life Sciences Ltd. · SHS CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

$6.0M

822,638

0.0%

—

vTv Therapeutics, Inc. · CL A CUSIP 918385204
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$5.9M

148,314

0.0%

—

Eikon Therapeutics, Inc. · COM CUSIP 282564103
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$5.9M

555,555

0.0%

—

Protara Therapeutics, Inc. · COM STK CUSIP 74365U107
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$5.1M

971,614

0.0%

—

Sagimet Biosciences Inc. · COM SER A CUSIP 786700104
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$5.0M

952,996

0.0%

—

LB Pharmaceuticals Inc. · COM SHS CUSIP 50180M108
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$4.9M

200,000

0.0%

—

Verastem, Inc. · COM CUSIP —
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$3.1M

584,757

0.0%

—

TScan Therapeutics, Inc. · COM CUSIP 89854M101
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$2.8M

2,784,792

0.0%

—

Skye Bioscience, Inc. · COM CUSIP 83086J200
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$968K

1,575,243

0.0%

—

Sana Biotechnology, Inc. · COM CUSIP 799566104
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$894K

310,483

0.0%

—

Aligos Therapeutics, Inc. · COM CUSIP 01626L204
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$617K

83,055

0.0%

—

Tyra Biosciences, Inc. · COM CUSIP 90240B106
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$406K

10,607

0.0%

—

Surrozen, Inc. · W EXP 8/11/2026 CUSIP 86889P117
2026-03-31 filed 2026-05-15 +45d

src ↗

ticker not yet mapped

$13.3K

833,333

0.0%

1–20 of 83 issuers

Change kind and share change are in Position changes above; Congress overlap is planned.

One line per issuer, largest first; a row with no issuer key stands on its own line. Open a line for its rows as this filer reported them. The list holds every row this filer reported for the quarter. Issuer totals on the holders pages count each manager's own report once; that never removes a row here. how positions are grouped ↗

Book shape

2026-03-31 · concentration · vs tracked median · tick = median

Top-25 concentration: 91.0%above median 80.0%
Concentration index: 761 bpsabove median 446 bps
Positions with value: 84 / 84median book 97.5 positions

Concentration uses reported 13F long value, not total assets. The index is withheld when any position lacks a value. Medians are over the 8,748 tracked filers with a 2026-03-31 book; the index median over the 8,662 with a complete book.

holdings whose <value> did not parse — retained and counted, never zero-filled: 0 · share of the period's disclosed value held in the top-N positions; denominator is reported 13F value, not total assets: 91.0% · integer Herfindahl–Hirschman index in basis points over disclosed position values: 761 · QoQ moves: 93

Filing history

AVAILABLE QUARTERS

Available filing periods
Period	Source
2026-03-31	EDGAR ↗

PLANNED sector rotation · Congress overlap · signals for this filer

Complete source filings on SEC EDGAR

The complete filing on EDGAR.

The position list above is served from the published Public Filings build, each position as this filer reported it; where the page cannot embed every reported row, the list says how many it leaves out. This block is provenance, not a substitute: the filing itself is the record, and it is one click away. Public Filings decided on 2026-08-01 to serve this list from its published build; filings newer than this build are on EDGAR.

Open BAKER BROS. ADVISORS LP's 13F filings on SEC EDGAR ↗

Notes on this data

Reported positions

Quarter-end holdings as filed

Explore the full published position list and its source filing. This record excludes the manager’s cash, shorts and non-13(f) assets.

Share changes

Compare consecutive quarters

Position changes retain the producer’s classification and comparability flags. Share counts and reported values describe different changes.

Coverage

A snapshot, not current holdings

Use the quarter selector to inspect available periods. Unknown values stay unknown and each table states its coverage.

A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗

13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.

Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.

Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.

Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.

Positions under confidential treatment may be omitted until a later amendment discloses them.

These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).