Fund · 13F holdings
Baker Bros. Advisors LP
Felix Baker and Julian Baker · New York, NY · Founded 2000
Baker Bros. Advisors is a New York investment adviser founded in 2000 by brothers Felix and Julian Baker. The firm specializes in biotechnology, building concentrated positions from scientific and clinical research and often maintaining them over multiple years. Felix Baker, a Stanford-trained immunologist who also completed two years of medical school, serves on several biotechnology company boards.
The firm's public-equity portfolio is unusually focused on drug developers and life-sciences companies. Its board representation at portfolio companies reflects an engaged approach, but a Form 13F shows only reportable US-listed securities at quarter end: it does not disclose purchase prices, short positions or the firm's complete assets under management. The tables below cache its four most recent filings; positions in companies R40 tracks are linked to their pages.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
2000
Baker Bros. Advisors is founded
Felix and Julian Baker establish the biotechnology-focused investment adviser in New York.
2023
Seagen acquisition crystallizes a long-held position
Pfizer agrees to acquire Seagen after Baker Bros. had backed the biotechnology company for many years and held board representation.
2026 Q2 holdings
Period end
2026-06-30
Filed
2026-08-14
Portfolio value
$19.96B
Positions
84
We track
1
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Incyte Corporation | COM | $3.49B | 30.8M | 17.5% | ADD |
| 2 | Beone Medicines LTD. | SPONSORED ADS | $2.51B | 8.8M | 12.6% | ADD |
| 3 | Revolution Medicines, INC. | COM | $2.14B | 11.4M | 10.7% | ADD |
| 4 | Madrigal Pharmaceuticals, INC. | COM | $1.15B | 2.1M | 5.8% | ADD |
| 5 | Acadia Pharmaceuticals INC. | COM | $1.09B | 42.9M | 5.4% | ADD |
| 6 | Kymera Therapeutics, INC. | COM | $992.7M | 8.7M | 5.0% | HOLD |
| 7 | Insmed Incorporated | COM PAR $.01 | $937.8M | 8.8M | 4.7% | ADD |
| 8 | Celcuity INC. | COM | $828.2M | 7.9M | 4.2% | HOLD |
| 9 | Kodiak Sciences INC. | COM | $776.1M | 19.9M | 3.9% | HOLD |
| 10 | Rhythm Pharmaceuticals, INC. | COM | $622.3M | 5.6M | 3.1% | HOLD |
| 11 | Praxis Precision Medicines, INC. | COM | $587.0M | 1.8M | 2.9% | HOLD |
| 12 | Alkermes Plc | SHS | $524.6M | 10.0M | 2.6% | HOLD |
| 13 | Summit Therapeutics INC. | COM | $477.7M | 32.8M | 2.4% | TRIM |
| 14 | Grail, INC. | COM | $275.0M | 4.0M | 1.4% | HOLD |
| 15 | ABCLAbCellera Biologics Inc.★ | COM | $259.1M | 33.0M | 1.3% | ADD |
| 16 | Immunovant, INC. | COM | $209.4M | 5.4M | 1.0% | TRIM |
| 17 | Ideaya Biosciences, INC. | COM | $186.7M | 5.0M | 0.9% | ADD |
| 18 | Kiniksa Pharmaceuticals International, Plc | ORD SHS CL A | $181.3M | 2.8M | 0.9% | ADD |
| 19 | Roivant Sciences LTD. | SHS | $166.9M | 4.7M | 0.8% | TRIM |
| 20 | Arrowhead Pharmaceuticals, INC. | COM | $162.4M | 2.0M | 0.8% | HOLD |
| 21 | Ionis Pharmaceuticals, INC. | COM | $162.4M | 2.0M | 0.8% | HOLD |
| 22 | Edgewise Therapeutics, INC. | COM | $150.4M | 3.7M | 0.8% | TRIM |
| 23 | Replimune Group, INC. | COM | $122.3M | 11.0M | 0.6% | HOLD |
| 24 | Nurix Therapeutics, INC. | COM | $113.0M | 4.7M | 0.6% | HOLD |
| 25 | Stoke Therapeutics, INC. | COM | $109.2M | 3.3M | 0.5% | HOLD |
| 26 | Monte Rosa Therapeutics, INC. | COM | $105.2M | 4.3M | 0.5% | HOLD |
| 27 | Immatics N.V. | SHS | $96.3M | 9.5M | 0.5% | TRIM |
| 28 | Denali Therapeutics INC. | COM | $96.0M | 3.7M | 0.5% | ADD |
| 29 | Crinetics Pharmaceuticals, INC. | COM | $88.0M | 2.4M | 0.4% | HOLD |
| 30 | Dianthus Therapeutics, INC. | COM | $83.1M | 852K | 0.4% | HOLD |
| 31 | Structure Therapeutics INC. | SPONSORED ADS | $76.9M | 1.4M | 0.4% | HOLD |
| 32 | Celcuity INC. | Note 2.75% 8/1/2031 | $69.2M | 30.8M prn | 0.3% | HOLD |
| 33 | Rapport Therapeutics, INC. | COM | $64.5M | 1.5M | 0.3% | HOLD |
| 34 | Alumis INC. | COM | $56.6M | 2.0M | 0.3% | HOLD |
| 35 | Prelude Therapeutics INC. | COM | $54.0M | 10.1M | 0.3% | HOLD |
| 36 | Relay Therapeutics, INC. | COM | $52.9M | 2.8M | 0.3% | ADD |
| 37 | Mirum Pharmaceuticals, INC. | COM | $52.2M | 446K | 0.3% | HOLD |
| 38 | Bicycle Therapeutics Plc | SPONSORED ADS | $46.2M | 10.9M | 0.2% | HOLD |
| 39 | Enliven Therapeutics, INC. | COM | $45.9M | 905K | 0.2% | HOLD |
| 40 | Celldex Therapeutics, INC. | COM | $44.0M | 1.2M | 0.2% | ADD |
| 41 | Viridian Therapeutics, INC. | COM | $43.8M | 2.4M | 0.2% | ADD |
| 42 | Design Therapeutics, INC. | COM | $38.8M | 2.7M | 0.2% | ADD |
| 43 | Entrada Therapeutics, INC. | COM | $37.3M | 5.1M | 0.2% | HOLD |
| 44 | Faeth Therapeutics, INC. | COM | $32.2M | 1.3M | 0.2% | NEW |
| 45 | Aktis Oncology, INC. | COM | $32.1M | 996K | 0.2% | HOLD |
| 46 | Neurogene INC. | COM | $31.2M | 992K | 0.2% | HOLD |
| 47 | Jade Biosciences, INC. | COM | $27.3M | 1.2M | 0.1% | TRIM |
| 48 | Taysha Gene Therapies, INC. | COM SHS | $27.3M | 4.0M | 0.1% | HOLD |
| 49 | Arcus Biosciences, INC. | COM | $26.0M | 845K | 0.1% | ADD |
| 50 | Disc Medicine, INC. | COM | $25.6M | 350K | 0.1% | HOLD |
| 51 | Absci Corporation | COM | $24.7M | 2.1M | 0.1% | HOLD |
| 52 | Generate Biomedicines, INC. | COM SHS | $24.0M | 1.4M | 0.1% | HOLD |
| 53 | Dbv Technologies S.A. | SPONSORED ADS | $24.0M | 1.5M | 0.1% | HOLD |
| 54 | Xenon Pharmaceuticals INC. | COM | $22.3M | 370K | 0.1% | HOLD |
| 55 | Tectonic Therapeutic, INC. | COM | $20.9M | 608K | 0.1% | HOLD |
| 56 | Cerus Corporation | COM | $18.7M | 6.4M | 0.1% | TRIM |
| 57 | Cytomx Therapeutics, INC. | COM | $18.7M | 5.0M | 0.1% | HOLD |
| 58 | Dyne Therapeutics, INC. | COM | $18.1M | 813K | 0.1% | HOLD |
| 59 | Cytokinetics, Incorporated | COM | $18.0M | 211K | 0.1% | NEW |
| 60 | Xencor, INC. | COM | $17.7M | 1.1M | 0.1% | HOLD |
| 61 | Sionna Therapeutics, INC. | COM | $17.6M | 400K | 0.1% | HOLD |
| 62 | Intellia Therapeutics, INC. | COM | $15.7M | 930K | 0.1% | NEW |
| 63 | Parabilis Medicines, INC. | COM | $13.7M | 500K | 0.1% | NEW |
| 64 | Maplight Therapeutics, INC. | COM | $13.1M | 365K | 0.1% | HOLD |
| 65 | Avalyn Pharma INC. | COM SHS | $11.5M | 350K | 0.1% | NEW |
| 66 | Evommune, INC. | COM SHS | $11.3M | 847K | 0.1% | HOLD |
| 67 | Biontech Se | SPONSORED ADS | $11.1M | 120K | 0.1% | HOLD |
| 68 | Tango Therapeutics, INC. | COM | $10.4M | 333K | 0.1% | NEW |
| 69 | Avalo Therapeutics, INC. | COM | $10.2M | 550K | 0.1% | NEW |
| 70 | Sera Prognostics, INC. | CLASS A COM | $10.0M | 5.5M | 0.1% | HOLD |
| 71 | Verastem, INC. | COM | $9.5M | 2.5M | 0.0% | ADD |
| 72 | Sagimet Biosciences INC. | COM SER A | $7.4M | 953K | 0.0% | HOLD |
| 73 | Eikon Therapeutics, INC. | COM | $7.2M | 556K | 0.0% | HOLD |
| 74 | Lb Pharmaceuticals INC. | COM SHS | $6.5M | 200K | 0.0% | HOLD |
| 75 | Vtv Therapeutics, INC. | CL A | $5.6M | 148K | 0.0% | HOLD |
| 76 | Wave Life Sciences LTD. | SHS | $4.8M | 823K | 0.0% | HOLD |
| 77 | Protara Therapeutics, INC. | COM STK | $3.7M | 972K | 0.0% | HOLD |
| 78 | Tscan Therapeutics, INC. | COM | $2.7M | 2.8M | 0.0% | HOLD |
| 79 | Immunome, INC. | COM | $1.2M | 55K | 0.0% | NEW |
| 80 | Skye Bioscience, INC. | COM | $1.1M | 1.6M | 0.0% | HOLD |
| 81 | Sana Biotechnology, INC. | COM | $1.1M | 310K | 0.0% | HOLD |
| 82 | Aligos Therapeutics, INC. | COM | $479K | 83K | 0.0% | HOLD |
| 83 | Tyra Biosciences, INC. | COM | $339K | 11K | 0.0% | HOLD |
| 84 | Surrozen, INC. Warrants @ $172.50 8/11/2026 (15 For 1) | W EXP 8/11/2026 | $14K | 833K | 0.0% | HOLD |
Notable 2026 Q2 moves
New positions
- Faeth Therapeutics, INC. $32.2M
- Cytokinetics, Incorporated $18.0M
- Intellia Therapeutics, INC. $15.7M
- Parabilis Medicines, INC. $13.7M
- Avalyn Pharma INC. $11.5M
- Tango Therapeutics, INC. $10.4M
- Avalo Therapeutics, INC. $10.2M
- Immunome, INC. $1.2M
Exited
- Abivax S.A. was $97.5M
- Spyre Therapeutics, INC. was $50.4M
- Centessa Pharmaceuticals Plc was $26.6M
- Immunocore Holdings Plc was $22.1M
- Contineum Therapeutics, INC. was $18.6M
- Argenx Se was $18.4M
- Compass Pathways Plc was $13.0M
- Pharvaris N.V. was $10.6M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| ABCLAbcellera Biologics INC. | $259.1M | $105.7M | $94.1M | $138.5M |
Earlier filings
2026 Q1 · 84 positions · $17.42B · filed 2026-05-15
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Incyte Corporation | COM | $2.89B | 30.7M | 16.6% | ADD |
| 2 | Beone Medicines LTD. | SPONSORED ADS | $2.61B | 8.8M | 15.0% | HOLD |
| 3 | Insmed Incorporated | COM PAR $.01 | $1.21B | 7.4M | 7.0% | ADD |
| 4 | Madrigal Pharmaceuticals, INC. | COM | $1.12B | 2.1M | 6.4% | HOLD |
| 5 | Acadia Pharmaceuticals INC. | COM | $954.9M | 42.9M | 5.5% | HOLD |
| 6 | Revolution Medicines, INC. | COM | $929.3M | 9.6M | 5.3% | ADD |
| 7 | Celcuity INC. | COM | $903.5M | 7.9M | 5.2% | HOLD |
| 8 | Kodiak Sciences INC. | COM | $759.3M | 19.9M | 4.4% | HOLD |
| 9 | Kymera Therapeutics, INC. | COM | $721.1M | 8.7M | 4.1% | HOLD |
| 10 | Summit Therapeutics INC. | COM | $690.0M | 36.4M | 4.0% | HOLD |
| 11 | Praxis Precision Medicines, INC. | COM | $564.9M | 1.8M | 3.2% | ADD |
| 12 | Rhythm Pharmaceuticals, INC. | COM | $487.4M | 5.6M | 2.8% | HOLD |
| 13 | Alkermes Plc | SHS | $354.0M | 10.0M | 2.0% | HOLD |
| 14 | Grail, INC. | COM | $208.2M | 4.0M | 1.2% | ADD |
| 15 | Edgewise Therapeutics, INC. | COM | $207.1M | 6.6M | 1.2% | HOLD |
| 16 | Ionis Pharmaceuticals, INC. | COM | $153.8M | 2.0M | 0.9% | ADD |
| 17 | Kiniksa Pharmaceuticals International, Plc | ORD SHS CL A | $136.1M | 2.8M | 0.8% | HOLD |
| 18 | Immunovant, INC. | COM | $135.6M | 5.5M | 0.8% | HOLD |
| 19 | Roivant Sciences LTD. | SHS | $134.8M | 4.9M | 0.8% | TRIM |
| 20 | Ideaya Biosciences, INC. | COM | $131.5M | 3.9M | 0.8% | ADD |
| 21 | Arrowhead Pharmaceuticals, INC. | COM | $124.9M | 2.0M | 0.7% | TRIM |
| 22 | Stoke Therapeutics, INC. | COM | $108.6M | 3.3M | 0.6% | HOLD |
| 23 | Immatics N.V. | SHS | $107.4M | 10.9M | 0.6% | TRIM |
| 24 | ABCLAbCellera Biologics Inc.★ | COM | $105.7M | 30.3M | 0.6% | ADD |
| 25 | Abivax S.A. | SPONSORED ADS | $97.5M | 876K | 0.6% | HOLD |
| 26 | Crinetics Pharmaceuticals, INC. | COM | $85.4M | 2.4M | 0.5% | ADD |
| 27 | Replimune Group, INC. | COM | $84.5M | 11.0M | 0.5% | HOLD |
| 28 | Celcuity INC. | Note 2.75% 8/1/2031 | $74.9M | 30.8M | 0.4% | HOLD |
| 29 | Nurix Therapeutics, INC. | COM | $72.2M | 4.7M | 0.4% | HOLD |
| 30 | Denali Therapeutics INC. | COM | $71.6M | 3.7M | 0.4% | HOLD |
| 31 | Dianthus Therapeutics, INC. | COM | $71.5M | 852K | 0.4% | ADD |
| 32 | Monte Rosa Therapeutics, INC. | COM | $71.5M | 4.3M | 0.4% | HOLD |
| 33 | Structure Therapeutics INC. | SPONSORED ADS | $69.0M | 1.4M | 0.4% | HOLD |
| 34 | Entrada Therapeutics, INC. | COM | $64.0M | 5.1M | 0.4% | HOLD |
| 35 | Bicycle Therapeutics Plc | SPONSORED ADS | $50.5M | 10.9M | 0.3% | HOLD |
| 36 | Spyre Therapeutics, INC. | COM | $50.4M | 1.0M | 0.3% | HOLD |
| 37 | Rapport Therapeutics, INC. | COM | $48.4M | 1.5M | 0.3% | HOLD |
| 38 | Alumis INC. | COM | $44.3M | 2.0M | 0.3% | ADD |
| 39 | Mirum Pharmaceuticals, INC. | COM | $41.2M | 446K | 0.2% | NEW |
| 40 | Viridian Therapeutics, INC. | COM | $38.6M | 2.0M | 0.2% | HOLD |
| 41 | Enliven Therapeutics, INC. | COM | $35.5M | 905K | 0.2% | ADD |
| 42 | Prelude Therapeutics INC. | COM | $34.6M | 10.1M | 0.2% | HOLD |
| 43 | Dbv Technologies S.A. | SPONSORED ADS | $30.5M | 1.5M | 0.2% | HOLD |
| 44 | Design Therapeutics, INC. | COM | $27.5M | 2.6M | 0.2% | ADD |
| 45 | Centessa Pharmaceuticals Plc | SPONSORED ADS | $26.6M | 671K | 0.2% | HOLD |
| 46 | Cytomx Therapeutics, INC. | COM | $23.4M | 5.0M | 0.1% | ADD |
| 47 | Jade Biosciences, INC. | COM | $23.1M | 1.6M | 0.1% | HOLD |
| 48 | Disc Medicine, INC. | COM | $22.4M | 350K | 0.1% | ADD |
| 49 | Immunocore Holdings Plc | ADS | $22.1M | 734K | 0.1% | TRIM |
| 50 | Xenon Pharmaceuticals INC. | COM | $21.5M | 370K | 0.1% | HOLD |
| 51 | Celldex Therapeutics, INC. | COM | $21.1M | 665K | 0.1% | HOLD |
| 52 | Neurogene INC. | COM | $20.0M | 992K | 0.1% | HOLD |
| 53 | Evommune, INC. | COM SHS | $19.5M | 847K | 0.1% | NEW |
| 54 | Tectonic Therapeutic, INC. | COM | $18.8M | 608K | 0.1% | TRIM |
| 55 | Contineum Therapeutics, INC. | CL A | $18.6M | 1.4M | 0.1% | HOLD |
| 56 | Argenx Se | SPONSORED ADR | $18.4M | 25K | 0.1% | HOLD |
| 57 | Cerus Corporation | COM | $18.2M | 10.0M | 0.1% | HOLD |
| 58 | Taysha Gene Therapies, INC. | COM SHS | $17.9M | 4.0M | 0.1% | HOLD |
| 59 | Aktis Oncology, INC. | COM | $17.8M | 996K | 0.1% | NEW |
| 60 | Generate Biomedicines, INC. | COM SHS | $17.8M | 1.4M | 0.1% | NEW |
| 61 | Sionna Therapeutics, INC. | COM | $16.0M | 400K | 0.1% | HOLD |
| 62 | Dyne Therapeutics, INC. | COM | $14.7M | 813K | 0.1% | HOLD |
| 63 | Xencor, INC. | COM | $13.3M | 1.1M | 0.1% | HOLD |
| 64 | Compass Pathways Plc | SPONSORED ADS | $13.0M | 2.3M | 0.1% | NEW |
| 65 | Relay Therapeutics, INC. | COM | $11.5M | 1.2M | 0.1% | HOLD |
| 66 | Sera Prognostics, INC. | CLASS A COM | $11.2M | 5.5M | 0.1% | HOLD |
| 67 | Biontech Se | SPONSORED ADS | $10.6M | 120K | 0.1% | TRIM |
| 68 | Pharvaris N.V. | COM | $10.6M | 375K | 0.1% | HOLD |
| 69 | Arcus Biosciences, INC. | COM | $9.0M | 416K | 0.1% | ADD |
| 70 | Maplight Therapeutics, INC. | COM | $7.4M | 365K | 0.0% | HOLD |
| 71 | Absci Corporation | COM | $6.4M | 2.1M | 0.0% | HOLD |
| 72 | Wave Life Sciences LTD. | SHS | $6.0M | 823K | 0.0% | ADD |
| 73 | Vtv Therapeutics, INC. | CL A | $5.9M | 148K | 0.0% | HOLD |
| 74 | Eikon Therapeutics, INC. | COM | $5.9M | 556K | 0.0% | NEW |
| 75 | Protara Therapeutics, INC. | COM STK | $5.1M | 972K | 0.0% | HOLD |
| 76 | Sagimet Biosciences INC. | COM SER A | $5.0M | 953K | 0.0% | HOLD |
| 77 | Lb Pharmaceuticals INC. | COM SHS | $4.9M | 200K | 0.0% | HOLD |
| 78 | Verastem, INC. | COM | $3.1M | 585K | 0.0% | NEW |
| 79 | Tscan Therapeutics, INC. | COM | $2.8M | 2.8M | 0.0% | HOLD |
| 80 | Skye Bioscience, INC. | COM | $968K | 1.6M | 0.0% | ADD |
| 81 | Sana Biotechnology, INC. | COM | $894K | 310K | 0.0% | HOLD |
| 82 | Aligos Therapeutics, INC. | COM | $617K | 83K | 0.0% | HOLD |
| 83 | Tyra Biosciences, INC. | COM | $406K | 11K | 0.0% | HOLD |
| 84 | Surrozen, INC. | W EXP 8/11/2026 | $13K | 833K | 0.0% | HOLD |
2025 Q4 · 86 positions · $17.08B · filed 2026-02-17
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Incyte Corporation | COM | $3.04B | 30.7M | 17.8% | ADD |
| 2 | Beone Medicines LTD. | SPONSORED ADS | $2.67B | 8.8M | 15.7% | HOLD |
| 3 | Madrigal Pharmaceuticals, INC. | COM | $1.25B | 2.1M | 7.3% | HOLD |
| 4 | Insmed Incorporated | COM PAR $.01 | $1.15B | 6.6M | 6.7% | TRIM |
| 5 | Acadia Pharmaceuticals INC. | COM | $1.15B | 42.9M | 6.7% | HOLD |
| 6 | Celcuity INC. | COM | $789.5M | 7.9M | 4.6% | HOLD |
| 7 | Revolution Medicines, INC. | COM | $753.1M | 9.5M | 4.4% | HOLD |
| 8 | Kymera Therapeutics, INC. | COM | $673.6M | 8.7M | 3.9% | ADD |
| 9 | Summit Therapeutics INC. | COM | $636.5M | 36.4M | 3.7% | ADD |
| 10 | Rhythm Pharmaceuticals, INC. | COM | $599.9M | 5.6M | 3.5% | HOLD |
| 11 | Kodiak Sciences INC. | COM | $556.9M | 19.9M | 3.3% | ADD |
| 12 | Praxis Precision Medicines, INC. | COM | $332.0M | 1.1M | 1.9% | ADD |
| 13 | Alkermes Plc | SHS | $280.1M | 10.0M | 1.6% | ADD |
| 14 | Grail, INC. | COM | $178.5M | 2.1M | 1.0% | ADD |
| 15 | Edgewise Therapeutics, INC. | COM | $163.2M | 6.6M | 1.0% | TRIM |
| 16 | Arrowhead Pharmaceuticals, INC. | COM | $144.4M | 2.2M | 0.8% | ADD |
| 17 | Ionis Pharmaceuticals, INC. | COM | $141.8M | 1.8M | 0.8% | ADD |
| 18 | Immunovant, INC. | COM | $138.7M | 5.5M | 0.8% | HOLD |
| 19 | Immatics N.V. | SHS | $127.0M | 12.1M | 0.7% | HOLD |
| 20 | Ideaya Biosciences, INC. | COM | $125.1M | 3.6M | 0.7% | ADD |
| 21 | Roivant Sciences LTD. | SHS | $120.5M | 5.6M | 0.7% | ADD |
| 22 | Abivax S.A. | SPONSORED ADS | $118.1M | 876K | 0.7% | HOLD |
| 23 | Kiniksa Pharmaceuticals International, Plc | ORD SHS CL A | $116.6M | 2.8M | 0.7% | ADD |
| 24 | Replimune Group, INC. | COM | $107.4M | 11.0M | 0.6% | HOLD |
| 25 | Stoke Therapeutics, INC. | COM | $105.9M | 3.3M | 0.6% | TRIM |
| 26 | Structure Therapeutics INC. | SPONSORED ADS | $99.6M | 1.4M | 0.6% | TRIM |
| 27 | ABCLAbCellera Biologics Inc.★ | COM | $94.1M | 27.5M | 0.6% | HOLD |
| 28 | Nurix Therapeutics, INC. | COM | $88.4M | 4.7M | 0.5% | ADD |
| 29 | Immunocore Holdings Plc | ADS | $80.6M | 2.3M | 0.5% | HOLD |
| 30 | Bicycle Therapeutics Plc | SPONSORED ADS | $77.1M | 10.9M | 0.5% | HOLD |
| 31 | Crinetics Pharmaceuticals, INC. | COM | $76.8M | 1.6M | 0.4% | ADD |
| 32 | Monte Rosa Therapeutics, INC. | COM | $68.1M | 4.3M | 0.4% | TRIM |
| 33 | Celcuity INC. | Note 2.75% 8/1/2031 | $66.6M | 30.8M prn | 0.4% | HOLD |
| 34 | Ultragenyx Pharmaceutical INC. | COM | $63.8M | 2.8M | 0.4% | HOLD |
| 35 | Denali Therapeutics INC. | COM | $61.6M | 3.7M | 0.4% | HOLD |
| 36 | Viridian Therapeutics, INC. | COM | $61.4M | 2.0M | 0.4% | ADD |
| 37 | Entrada Therapeutics, INC. | COM | $52.1M | 5.1M | 0.3% | ADD |
| 38 | Rapport Therapeutics, INC. | COM | $46.9M | 1.5M | 0.3% | HOLD |
| 39 | Terns Pharmaceuticals, INC. | COM | $38.4M | 950K | 0.2% | NEW |
| 40 | Biontech Se | SPONSORED ADS | $35.1M | 369K | 0.2% | HOLD |
| 41 | Spyre Therapeutics, INC. | COM | $32.8M | 1.0M | 0.2% | HOLD |
| 42 | Dianthus Therapeutics, INC. | COM | $32.5M | 790K | 0.2% | HOLD |
| 43 | Prelude Therapeutics INC. | COM | $29.4M | 10.1M | 0.2% | HOLD |
| 44 | Dbv Technologies S.A. | SPONSORED ADS | $28.0M | 1.5M | 0.2% | HOLD |
| 45 | Disc Medicine, INC. | COM | $26.8M | 337K | 0.2% | HOLD |
| 46 | Jade Biosciences, INC. | COM | $25.3M | 1.6M | 0.1% | NEW |
| 47 | Taysha Gene Therapies, INC. | COM SHS | $22.0M | 4.0M | 0.1% | HOLD |
| 48 | Biocryst Pharmaceuticals, INC. | COM | $22.0M | 2.8M | 0.1% | NEW |
| 49 | Ventyx Biosciences, INC. | COM | $21.2M | 2.3M | 0.1% | ADD |
| 50 | Argenx Se | SPONSORED ADR | $21.2M | 25K | 0.1% | TRIM |
| 51 | Design Therapeutics, INC. | COM | $20.9M | 2.2M | 0.1% | ADD |
| 52 | Cerus Corporation | COM | $20.6M | 10.0M | 0.1% | HOLD |
| 53 | Neurogene INC. | COM | $20.4M | 992K | 0.1% | HOLD |
| 54 | Tectonic Therapeutic, INC. | COM | $18.8M | 903K | 0.1% | ADD |
| 55 | Cytomx Therapeutics, INC. | COM | $18.1M | 4.3M | 0.1% | HOLD |
| 56 | Celldex Therapeutics, INC. | COM | $18.1M | 665K | 0.1% | HOLD |
| 57 | Xencor, INC. | COM | $16.9M | 1.1M | 0.1% | HOLD |
| 58 | Centessa Pharmaceuticals Plc | SPONSORED ADS | $16.8M | 671K | 0.1% | NEW |
| 59 | Xenon Pharmaceuticals INC. | COM | $16.6M | 370K | 0.1% | HOLD |
| 60 | Sionna Therapeutics, INC. | COM | $16.5M | 400K | 0.1% | HOLD |
| 61 | Contineum Therapeutics, INC. | CL A | $16.2M | 1.4M | 0.1% | ADD |
| 62 | Sera Prognostics, INC. | CLASS A COM | $16.2M | 5.5M | 0.1% | HOLD |
| 63 | Dyne Therapeutics, INC. | COM | $15.9M | 813K | 0.1% | NEW |
| 64 | Alumis INC. | COM | $15.2M | 1.6M | 0.1% | HOLD |
| 65 | Nuvalent, INC. | COM | $14.5M | 144K | 0.1% | HOLD |
| 66 | Pharvaris N.V. | COM | $10.4M | 375K | 0.1% | HOLD |
| 67 | Relay Therapeutics, INC. | COM | $9.8M | 1.2M | 0.1% | HOLD |
| 68 | Absci Corporation | COM | $7.5M | 2.1M | 0.0% | NEW |
| 69 | Arcus Biosciences, INC. | COM | $6.4M | 270K | 0.0% | NEW |
| 70 | Maplight Therapeutics, INC. | COM | $6.4M | 365K | 0.0% | NEW |
| 71 | Vtv Therapeutics, INC. | CL A | $5.9M | 148K | 0.0% | HOLD |
| 72 | Wave Life Sciences LTD. | SHS | $5.8M | 344K | 0.0% | HOLD |
| 73 | Sagimet Biosciences INC. | COM SER A | $5.6M | 953K | 0.0% | HOLD |
| 74 | Protara Therapeutics, INC. | COM STK | $5.2M | 972K | 0.0% | ADD |
| 75 | Lb Pharmaceuticals INC. | COM SHS | $4.5M | 200K | 0.0% | HOLD |
| 76 | Enliven Therapeutics, INC. | COM | $4.2M | 271K | 0.0% | ADD |
| 77 | 4D Molecular Therapeutics, INC. | COM | $3.6M | 476K | 0.0% | NEW |
| 78 | Vir Biotechnology, INC. | COM | $3.3M | 543K | 0.0% | HOLD |
| 79 | Tscan Therapeutics, INC. | COM | $2.8M | 2.8M | 0.0% | HOLD |
| 80 | Sana Biotechnology, INC. | COM | $1.3M | 310K | 0.0% | TRIM |
| 81 | Skye Bioscience, INC. | COM | $1.1M | 1.5M | 0.0% | HOLD |
| 82 | Kala Bio, INC. | COM | $1.0M | 1.8M | 0.0% | ADD |
| 83 | Aligos Therapeutics, INC. | COM | $774K | 83K | 0.0% | HOLD |
| 84 | Tyra Biosciences, INC. | COM | $279K | 11K | 0.0% | HOLD |
| 85 | Acrivon Therapeutics, INC. | COMMON STOCK | $55K | 23K | 0.0% | HOLD |
| 86 | Surrozen, INC. | W EXP 8/11/2026 | $17K | 833K | 0.0% | HOLD |
2025 Q3 · 91 positions · $13.84B · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Beone Medicines LTD. | SPONSORED ADS | $3.00B | 8.8M | 21.7% | |
| 2 | Incyte Corporation | COM | $2.61B | 30.7M | 18.8% | |
| 3 | Madrigal Pharmaceuticals, INC. | COM | $982.3M | 2.1M | 7.1% | |
| 4 | Insmed Incorporated | COM PAR $.01 | $965.4M | 6.7M | 7.0% | |
| 5 | Acadia Pharmaceuticals INC. | COM | $915.4M | 42.9M | 6.6% | |
| 6 | Summit Therapeutics INC. | COM | $696.7M | 33.7M | 5.0% | |
| 7 | Rhythm Pharmaceuticals, INC. | COM | $566.0M | 5.6M | 4.1% | |
| 8 | Revolution Medicines, INC. | COM | $441.6M | 9.5M | 3.2% | |
| 9 | Celcuity INC. | COM | $391.0M | 7.9M | 2.8% | |
| 10 | Kymera Therapeutics, INC. | COM | $376.5M | 6.7M | 2.7% | |
| 11 | Kodiak Sciences INC. | COM | $283.4M | 17.3M | 2.0% | |
| 12 | Alkermes Plc | SHS | $242.7M | 8.1M | 1.8% | |
| 13 | ABCLAbCellera Biologics Inc.★ | COM | $138.5M | 27.5M | 1.0% | |
| 14 | Edgewise Therapeutics, INC. | COM | $118.5M | 7.3M | 0.9% | |
| 15 | Kiniksa Pharmaceuticals International, Plc | ORD SHS CL A | $109.7M | 2.8M | 0.8% | |
| 16 | Stoke Therapeutics, INC. | COM | $108.9M | 4.6M | 0.8% | |
| 17 | Immatics N.V. | SHS | $103.0M | 12.1M | 0.7% | |
| 18 | Grail, INC. | COM | $96.4M | 1.6M | 0.7% | |
| 19 | Ideaya Biosciences, INC. | COM | $89.1M | 3.3M | 0.6% | |
| 20 | Immunovant, INC. | COM | $88.0M | 5.5M | 0.6% | |
| 21 | Immunocore Holdings Plc | ADS | $84.4M | 2.3M | 0.6% | |
| 22 | Bicycle Therapeutics Plc | SPONSORED ADS | $84.3M | 10.9M | 0.6% | |
| 23 | Ultragenyx Pharmaceutical INC. | COM | $83.4M | 2.8M | 0.6% | |
| 24 | Abivax S.A. | SPONSORED ADS | $74.4M | 876K | 0.5% | |
| 25 | Arrowhead Pharmaceuticals, INC. | COM | $57.6M | 1.7M | 0.4% | |
| 26 | Roivant Sciences LTD. | SHS | $57.0M | 3.8M | 0.4% | |
| 27 | Denali Therapeutics INC. | COM | $54.2M | 3.7M | 0.4% | |
| 28 | Merus N.V. | COM | $54.1M | 574K | 0.4% | |
| 29 | Intellia Therapeutics, INC. | COM | $47.4M | 2.7M | 0.3% | |
| 30 | Replimune Group, INC. | COM | $46.3M | 11.0M | 0.3% | |
| 31 | Rapport Therapeutics, INC. | COM | $45.9M | 1.5M | 0.3% | |
| 32 | Structure Therapeutics INC. | SPONSORED ADS | $43.6M | 1.6M | 0.3% | |
| 33 | Celcuity INC. | Note 2.75% 8/1/2031 | $40.9M | 30.8M prn | 0.3% | |
| 34 | Viridian Therapeutics, INC. | COM | $37.6M | 1.7M | 0.3% | |
| 35 | Ionis Pharmaceuticals, INC. | COM | $37.1M | 567K | 0.3% | |
| 36 | Praxis Precision Medicines, INC. | COM | $36.5M | 689K | 0.3% | |
| 37 | Monte Rosa Therapeutics, INC. | COM | $36.4M | 4.9M | 0.3% | |
| 38 | Biontech Se | SPONSORED ADS | $36.4M | 369K | 0.3% | |
| 39 | Nurix Therapeutics, INC. | COM | $35.9M | 3.9M | 0.3% | |
| 40 | Dianthus Therapeutics, INC. | COM | $31.1M | 790K | 0.2% | |
| 41 | Entrada Therapeutics, INC. | COM | $28.2M | 4.9M | 0.2% | |
| 42 | Argenx Se | SPONSORED ADR | $27.9M | 38K | 0.2% | |
| 43 | Avidity Biosciences, INC. | COM | $27.2M | 625K | 0.2% | |
| 44 | Vaxcyte, INC. | COM | $23.1M | 641K | 0.2% | |
| 45 | Disc Medicine, INC. | COM | $22.3M | 337K | 0.2% | |
| 46 | Cidara Therapeutics, INC. | COM | $21.8M | 227K | 0.2% | |
| 47 | Celldex Therapeutics, INC. | COM | $17.2M | 665K | 0.1% | |
| 48 | Neurogene INC. | COM | $17.2M | 992K | 0.1% | |
| 49 | Sera Prognostics, INC. | CLASS A COM | $16.8M | 5.5M | 0.1% | |
| 50 | Spyre Therapeutics, INC. | COM | $16.8M | 1.0M | 0.1% | |
| 51 | Cerus Corporation | COM | $15.9M | 10.0M | 0.1% | |
| 52 | Akero Therapeutics, INC. | COM | $15.4M | 325K | 0.1% | |
| 53 | Xenon Pharmaceuticals INC. | COM | $14.9M | 370K | 0.1% | |
| 54 | Dbv Technologies S.A. | SPONSORED ADS | $14.6M | 1.5M | 0.1% | |
| 55 | Prelude Therapeutics INC. | COM | $14.6M | 10.1M | 0.1% | |
| 56 | Arcellx, INC. | COMMON STOCK | $13.7M | 167K | 0.1% | |
| 57 | Cytomx Therapeutics, INC. | COM | $13.6M | 4.3M | 0.1% | |
| 58 | Taysha Gene Therapies, INC. | COM SHS | $13.1M | 4.0M | 0.1% | |
| 59 | Xencor, INC. | COM | $12.9M | 1.1M | 0.1% | |
| 60 | Design Therapeutics, INC. | COM | $12.9M | 1.7M | 0.1% | |
| 61 | Nuvalent, INC. | COM | $12.4M | 144K | 0.1% | |
| 62 | Sionna Therapeutics, INC. | COM | $11.8M | 400K | 0.1% | |
| 63 | Crinetics Pharmaceuticals, INC. | COM | $11.7M | 280K | 0.1% | |
| 64 | Viking Therapeutics, INC. | COM | $9.6M | 366K | 0.1% | |
| 65 | Pharvaris N.V. | COM | $9.4M | 375K | 0.1% | |
| 66 | Agios Pharmaceuticals, INC. | COM | $7.6M | 190K | 0.1% | |
| 67 | Sana Biotechnology, INC. | COM | $7.2M | 2.0M | 0.1% | |
| 68 | Sagimet Biosciences INC. | COM SER A | $6.5M | 953K | 0.0% | |
| 69 | Alumis INC. | COM | $6.2M | 1.6M | 0.0% | |
| 70 | Relay Therapeutics, INC. | COM | $6.1M | 1.2M | 0.0% | |
| 71 | Skye Bioscience, INC. | COM | $5.7M | 1.5M | 0.0% | |
| 72 | Heron Therapeutics, INC. | COM | $5.4M | 4.3M | 0.0% | |
| 73 | Tscan Therapeutics, INC. | COM | $5.1M | 2.8M | 0.0% | |
| 74 | Mbx Biosciences, INC. | COM | $4.9M | 278K | 0.0% | |
| 75 | Vtv Therapeutics, INC. | CL A | $3.5M | 148K | 0.0% | |
| 76 | Ventyx Biosciences, INC. | COM | $3.2M | 1.0M | 0.0% | |
| 77 | Lb Pharmaceuticals INC. | COM SHS | $3.2M | 200K | 0.0% | |
| 78 | Vir Biotechnology, INC. | COM | $3.1M | 543K | 0.0% | |
| 79 | Wave Life Sciences LTD. | SHS | $2.5M | 344K | 0.0% | |
| 80 | Enliven Therapeutics, INC. | COM | $2.4M | 115K | 0.0% | |
| 81 | Protara Therapeutics, INC. | COM STK | $2.3M | 537K | 0.0% | |
| 82 | Tectonic Therapeutic, INC. | COM | $1.6M | 100K | 0.0% | |
| 83 | Kala Bio, INC. | COM | $1.5M | 985K | 0.0% | |
| 84 | Generation Bio CO. | COM | $1.2M | 194K | 0.0% | |
| 85 | Contineum Therapeutics, INC. | CL A | $913K | 78K | 0.0% | |
| 86 | Aligos Therapeutics, INC. | COM | $814K | 83K | 0.0% | |
| 87 | Vyne Therapeutics INC. | COM | $285K | 851K | 0.0% | |
| 88 | Tyra Biosciences, INC. | COM | $148K | 11K | 0.0% | |
| 89 | Acrivon Therapeutics, INC. | COMMON STOCK | $41K | 23K | 0.0% | |
| 90 | Surrozen, INC. | W EXP 8/11/2026 | $15K | 833K | 0.0% | |
| 91 | Opthea Limited | SPONSORED ADS | $0 | 2.1M | 0.0% |