Filed: 2/17/2026ACC: 0001104659-26-016374
📋 What this filing means
BAKER BROS. ADVISORS LP filed this quarterly 13F‑HR report disclosing 86 equity positions with a total reported market value of $17.08B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
86
Positions
$17.08B
Total AUM (reported)
418.78M
Total Shares
Allocation by class
COM$11.99B70.2%
SPONSORED ADS$3.05B17.8%
COM PAR $.01$1.15B6.7%
SHS$533.52M3.1%
ORD SHS CL A$116.58M0.7%
ADS$80.62M0.5%
NOTE 2.75% 8/1/2031$66.58M0.4%
Portfolio Concentration
Top 3$6.96B40.7%
4–10$5.75B33.6%
11–25$2.76B16.1%
Rest$1.62B9.5%
Top 3 weight
40.7%
Top 10 weight
74.4%
Voting Authority Distribution
Total shares with voting rights: 418.78M
Sole
Full voting authority
418.78M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole86
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings86
Rows:
Incyte Corporation
SOLEShares30.74M
TypeSH
Market value$3.04B
17.78%
Sole
30.74M
Shared
0.00
None
0.00
BeOne Medicines Ltd.
SOLEShares8.80M
TypeSH
Market value$2.67B
15.65%
Sole
8.80M
Shared
0.00
None
0.00
Madrigal Pharmaceuticals, Inc.
SOLEShares2.14M
TypeSH
Market value$1.25B
7.30%
Sole
2.14M
Shared
0.00
None
0.00
Insmed Incorporated
SOLEShares6.59M
TypeSH
Market value$1.15B
6.72%
Sole
6.59M
Shared
0.00
None
0.00
ACADIA Pharmaceuticals Inc.
SOLEShares42.90M
TypeSH
Market value$1.15B
6.71%
Sole
42.90M
Shared
0.00
None
0.00
Celcuity Inc.
SOLEShares7.92M
TypeSH
Market value$789.52M
4.62%
Sole
7.92M
Shared
0.00
None
0.00
Revolution Medicines, Inc.
SOLEShares9.46M
TypeSH
Market value$753.12M
4.41%
Sole
9.46M
Shared
0.00
None
0.00
Kymera Therapeutics, Inc.
SOLEShares8.66M
TypeSH
Market value$673.62M
3.94%
Sole
8.66M
Shared
0.00
None
0.00
Summit Therapeutics Inc.
SOLEShares36.39M
TypeSH
Market value$636.48M
3.73%
Sole
36.39M
Shared
0.00
None
0.00
Rhythm Pharmaceuticals, Inc.
SOLEShares5.60M
TypeSH
Market value$599.90M
3.51%
Sole
5.60M
Shared
0.00
None
0.00
Kodiak Sciences Inc.
SOLEShares19.92M
TypeSH
Market value$556.94M
3.26%
Sole
19.92M
Shared
0.00
None
0.00
Praxis Precision Medicines, Inc.
SOLEShares1.13M
TypeSH
Market value$332.02M
1.94%
Sole
1.13M
Shared
0.00
None
0.00
Alkermes plc
SOLEShares10.01M
TypeSH
Market value$280.14M
1.64%
Sole
10.01M
Shared
0.00
None
0.00
GRAIL, Inc.
SOLEShares2.09M
TypeSH
Market value$178.48M
1.05%
Sole
2.09M
Shared
0.00
None
0.00
Edgewise Therapeutics, Inc.
SOLEShares6.58M
TypeSH
Market value$163.18M
0.96%
Sole
6.58M
Shared
0.00
None
0.00
Arrowhead Pharmaceuticals, Inc.
SOLEShares2.18M
TypeSH
Market value$144.44M
0.85%
Sole
2.18M
Shared
0.00
None
0.00
Ionis Pharmaceuticals, Inc.
SOLEShares1.79M
TypeSH
Market value$141.75M
0.83%
Sole
1.79M
Shared
0.00
None
0.00
Immunovant, Inc.
SOLEShares5.46M
TypeSH
Market value$138.74M
0.81%
Sole
5.46M
Shared
0.00
None
0.00
Immatics N.V.
SOLEShares12.09M
TypeSH
Market value$126.99M
0.74%
Sole
12.09M
Shared
0.00
None
0.00
IDEAYA Biosciences, Inc.
SOLEShares3.62M
TypeSH
Market value$125.10M
0.73%
Sole
3.62M
Shared
0.00
None
0.00
Roivant Sciences Ltd.
SOLEShares5.56M
TypeSH
Market value$120.54M
0.71%
Sole
5.56M
Shared
0.00
None
0.00
Abivax S.A.
SOLEShares875.80K
TypeSH
Market value$118.11M
0.69%
Sole
875.80K
Shared
0.00
None
0.00
Kiniksa Pharmaceuticals International, plc
SOLEShares2.83M
TypeSH
Market value$116.58M
0.68%
Sole
2.83M
Shared
0.00
None
0.00
Replimune Group, Inc.
SOLEShares11.05M
TypeSH
Market value$107.36M
0.63%
Sole
11.05M
Shared
0.00
None
0.00
Stoke Therapeutics, Inc.
SOLEShares3.34M
TypeSH
Market value$105.91M
0.62%
Sole
3.34M
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
Incyte CorporationSOLE | COM | 30.74M | SH | $3.04B 17.78% | 30.74M | 0.00 | 0.00 |
BeOne Medicines Ltd.SOLE | SPONSORED ADS | 8.80M | SH | $2.67B 15.65% | 8.80M | 0.00 | 0.00 |
Madrigal Pharmaceuticals, Inc.SOLE | COM | 2.14M | SH | $1.25B 7.30% | 2.14M | 0.00 | 0.00 |
Insmed IncorporatedSOLE | COM PAR $.01 | 6.59M | SH | $1.15B 6.72% | 6.59M | 0.00 | 0.00 |
ACADIA Pharmaceuticals Inc.SOLE | COM | 42.90M | SH | $1.15B 6.71% | 42.90M | 0.00 | 0.00 |
Celcuity Inc.SOLE | COM | 7.92M | SH | $789.52M 4.62% | 7.92M | 0.00 | 0.00 |
Revolution Medicines, Inc.SOLE | COM | 9.46M | SH | $753.12M 4.41% | 9.46M | 0.00 | 0.00 |
Kymera Therapeutics, Inc.SOLE | COM | 8.66M | SH | $673.62M 3.94% | 8.66M | 0.00 | 0.00 |
Summit Therapeutics Inc.SOLE | COM | 36.39M | SH | $636.48M 3.73% | 36.39M | 0.00 | 0.00 |
Rhythm Pharmaceuticals, Inc.SOLE | COM | 5.60M | SH | $599.90M 3.51% | 5.60M | 0.00 | 0.00 |
Kodiak Sciences Inc.SOLE | COM | 19.92M | SH | $556.94M 3.26% | 19.92M | 0.00 | 0.00 |
Praxis Precision Medicines, Inc.SOLE | COM | 1.13M | SH | $332.02M 1.94% | 1.13M | 0.00 | 0.00 |
Alkermes plcSOLE | SHS | 10.01M | SH | $280.14M 1.64% | 10.01M | 0.00 | 0.00 |
GRAIL, Inc.SOLE | COM | 2.09M | SH | $178.48M 1.05% | 2.09M | 0.00 | 0.00 |
Edgewise Therapeutics, Inc.SOLE | COM | 6.58M | SH | $163.18M 0.96% | 6.58M | 0.00 | 0.00 |
Arrowhead Pharmaceuticals, Inc.SOLE | COM | 2.18M | SH | $144.44M 0.85% | 2.18M | 0.00 | 0.00 |
Ionis Pharmaceuticals, Inc.SOLE | COM | 1.79M | SH | $141.75M 0.83% | 1.79M | 0.00 | 0.00 |
Immunovant, Inc.SOLE | COM | 5.46M | SH | $138.74M 0.81% | 5.46M | 0.00 | 0.00 |
Immatics N.V.SOLE | SHS | 12.09M | SH | $126.99M 0.74% | 12.09M | 0.00 | 0.00 |
IDEAYA Biosciences, Inc.SOLE | COM | 3.62M | SH | $125.10M 0.73% | 3.62M | 0.00 | 0.00 |
Roivant Sciences Ltd.SOLE | SHS | 5.56M | SH | $120.54M 0.71% | 5.56M | 0.00 | 0.00 |
Abivax S.A.SOLE | SPONSORED ADS | 875.80K | SH | $118.11M 0.69% | 875.80K | 0.00 | 0.00 |
Kiniksa Pharmaceuticals International, plcSOLE | ORD SHS CL A | 2.83M | SH | $116.58M 0.68% | 2.83M | 0.00 | 0.00 |
Replimune Group, Inc.SOLE | COM | 11.05M | SH | $107.36M 0.63% | 11.05M | 0.00 | 0.00 |
Stoke Therapeutics, Inc.SOLE | COM | 3.34M | SH | $105.91M 0.62% | 3.34M | 0.00 | 0.00 |
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