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
Filed
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 |