BAKER BROS ADVISORS LP's Q3 2025 13F: 10 new positions, 9 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 89 reported positions · accession 0001104659-25-112595
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | Insmed Incorporated (INSM) | 7.5% | 7.0% | −0.5 pts | −1.01M sh | −13% |
| Increased | Celcuity Inc. (CELC) | 0.7% | 2.8% | +2.1 pts | +2.47M sh | +45% |
| Increased | Madrigal Pharmaceuticals, Inc. (MDGL) | 5.8% | 7.1% | +1.3 pts | +166K sh | +8% |
| New | Abivax S.A. (ABVX) | — | 0.5% | +0.5 pts | +876K sh | new |
| Increased | Alkermes plc (ALKS) | 1.8% | 1.8% | 0.0 pts | +1.68M sh | +26% |
| New | Ionis Pharmaceuticals, Inc. (IONS) | — | 0.3% | +0.3 pts | +567K sh | new |
| Increased | IDEAYA Biosciences, Inc. (IDYA) | 0.4% | 0.6% | +0.2 pts | +1.16M sh | +55% |
| Increased | Rapport Therapeutics, Inc. (RAPP) | 0.1% | 0.3% | +0.3 pts | +997K sh | +181% |
| Exited | Verona Pharma plc (VRNA) | 0.2% | — | −0.2 pts | −224K sh | −100% |
| New | Avidity Biosciences, Inc. (RNA) | — | 0.2% | +0.2 pts | +625K sh | new |
| Reduced | Structure Therapeutics Inc. (GPCR) | 0.5% | 0.3% | −0.2 pts | −953K sh | −38% |
| Exited | Verve Therapeutics, Inc. (VERV) | 0.2% | — | −0.2 pts | −1.69M sh | −100% |
| Increased | Arrowhead Pharmaceuticals, Inc. (ARWR) | 0.1% | 0.4% | +0.3 pts | +732K sh | +78% |
| Exited | Blueprint Medicines Corporation (BPMC) | 0.2% | — | −0.2 pts | −126K sh | −100% |
| Increased | Immatics N.V. (IMTX) | 0.5% | 0.7% | +0.2 pts | +1.93M sh | +19% |
| New | Viking Therapeutics, Inc. (VKTX) | — | 0.1% | +0.1 pts | +366K sh | new |
| New | Pharvaris N.V. (PHVS) | — | 0.1% | +0.1 pts | +375K sh | new |
| Increased | Spyre Therapeutics, Inc. (SYRE) | 0.1% | 0.1% | 0.0 pts | +373K sh | +60% |
| Exited | IGM Biosciences, Inc. (IGMS) | 0.0% | — | 0.0 pts | −4.1M sh | −100% |
| New | Heron Therapeutics, Inc. (HRTX) | — | 0.0% | 0.0 pts | +4.25M sh | new |
| Increased | Xencor, Inc. (XNCR) | 0.1% | 0.1% | 0.0 pts | +432K sh | +64% |
| New | MBX Biosciences, Inc. (MBX) | — | 0.0% | 0.0 pts | +278K sh | new |
| Reduced | Cerus Corporation (CERS) | 0.2% | 0.1% | −0.1 pts | −2.88M sh | −22% |
| Increased | Revolution Medicines, Inc. (RVMD) | 3.3% | 3.2% | −0.1 pts | +90,385 sh | +1% |
| Exited | Fate Therapeutics, Inc. (FATE) | 0.0% | — | 0.0 pts | −2.49M sh | −100% |
| New | Ventyx Biosciences, Inc. (VTYX) | — | 0.0% | 0.0 pts | +1.02M sh | new |
| New | LB Pharmaceuticals Inc. (LBRX) | — | 0.0% | 0.0 pts | +200K sh | new |
| Reduced | Contineum Therapeutics, Inc. (CTNM) | 0.0% | 0.0% | 0.0 pts | −235K sh | −75% |
| Increased | CytomX Therapeutics, Inc. (CTMX) | 0.1% | 0.1% | 0.0 pts | +767K sh | +22% |
| Exited | Candel Therapeutics, Inc. (CADL) | 0.0% | — | 0.0 pts | −355K sh | −100% |
| Exited | Rocket Pharmaceuticals, Inc. (RCKT) | 0.0% | — | 0.0 pts | −552K sh | −100% |
| Exited | HOOKIPA Pharma Inc. (HOOK) | 0.0% | — | 0.0 pts | −813K sh | −100% |
| Increased | Intellia Therapeutics, Inc. (NTLA) | 0.2% | 0.3% | +0.1 pts | +71,000 sh | +3% |
| Increased | vTv Therapeutics, Inc. (VTVT) | 0.0% | 0.0% | 0.0 pts | +51,000 sh | +52% |
| Exited | Neumora Therapeutics, Inc. (NMRA) | 0.0% | — | 0.0 pts | −1.03M sh | −100% |
| Reduced | KALA BIO, Inc. (KALA) | 0.1% | 0.0% | 0.0 pts | −217K sh | −18% |
| New | VYNE Therapeutics Inc. (VYNE) | — | 0.0% | 0.0 pts | +851K sh | new |
| Increased | Incyte Corporation (INCY) | 20.3% | 18.9% | −1.4 pts | +388 sh | 0% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- Generation Bio Co. (GBIO): 37148K100 → 37148K209, 1.94M → 194K shares (share count change consistent with a stock split)
Top 10 positions — 79.3% of the equity book
Changes in the top 10 this quarter: CELC entered · ALKS left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | BeOne Medicines Ltd. (ONC) | 20.7% | 21.7% | |
| 2 | Incyte Corporation (INCY) | 20.3% | 18.9% | |
| 3 | Madrigal Pharmaceuticals, Inc. (MDGL) | 5.8% | 7.1% | |
| 4 | Insmed Incorporated (INSM) | 7.5% | 7.0% | |
| 5 | ACADIA Pharmaceuticals Inc. (ACAD) | 9.0% | 6.6% | |
| 6 | Summit Therapeutics Inc. (SMMT) | 7.0% | 5.0% | |
| 7 | Rhythm Pharmaceuticals, Inc. (RYTM) | 3.4% | 4.1% | |
| 8 | Revolution Medicines, Inc. (RVMD) | 3.3% | 3.2% | |
| 9 | Celcuity Inc. (CELC) | 0.7% | 2.8% | Entered the top 10 |
| 10 | Kymera Therapeutics, Inc. (KYMR) | 2.8% | 2.7% | |
| — | Alkermes plc (ALKS) | 1.8% | 1.8% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).