BAKER BROS ADVISORS LP's Q4 2025 13F: 9 new positions, 14 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 17, 2026 · 85 reported positions · accession 0001104659-26-016374
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | Kymera Therapeutics, Inc. (KYMR) | 2.7% | 4.0% | +1.2 pts | +2.01M sh | +30% |
| Increased | Praxis Precision Medicines, Inc. (PRAX) | 0.3% | 2.0% | +1.7 pts | +437K sh | +63% |
| Increased | Ionis Pharmaceuticals, Inc. (IONS) | 0.3% | 0.8% | +0.6 pts | +1.23M sh | +216% |
| Increased | Kodiak Sciences Inc. (KOD) | 2.1% | 3.3% | +1.2 pts | +2.61M sh | +15% |
| Exited | Merus N.V. (MRUS) | 0.4% | — | −0.4 pts | −574K sh | −100% |
| Increased | Crinetics Pharmaceuticals, Inc. (CRNX) | 0.1% | 0.5% | +0.4 pts | +1.37M sh | +489% |
| Exited | Intellia Therapeutics, Inc. (NTLA) | 0.3% | — | −0.3 pts | −2.75M sh | −100% |
| Increased | Alkermes plc (ALKS) | 1.8% | 1.6% | −0.1 pts | +1.92M sh | +24% |
| Increased | Summit Therapeutics Inc. (SMMT) | 5.0% | 3.7% | −1.3 pts | +2.67M sh | +8% |
| Reduced | Stoke Therapeutics, Inc. (STOK) | 0.8% | 0.6% | −0.2 pts | −1.3M sh | −28% |
| Increased | GRAIL, Inc. (GRAL) | 0.7% | 1.0% | +0.4 pts | +455K sh | +28% |
| Increased | Roivant Sciences Ltd. (ROIV) | 0.4% | 0.7% | +0.3 pts | +1.79M sh | +47% |
| New | Terns Pharmaceuticals, Inc. (TERN) | — | 0.2% | +0.2 pts | +950K sh | new |
| Exited | Avidity Biosciences, Inc. (RNA) | 0.2% | — | −0.2 pts | −625K sh | −100% |
| Increased | Arrowhead Pharmaceuticals, Inc. (ARWR) | 0.4% | 0.8% | +0.4 pts | +505K sh | +30% |
| Exited | Vaxcyte, Inc. (PCVX) | 0.2% | — | −0.2 pts | −641K sh | −100% |
| Exited | Cidara Therapeutics, Inc. (CDTX) | 0.2% | — | −0.2 pts | −227K sh | −100% |
| New | Jade Biosciences, Inc. (JBIO) | — | 0.1% | +0.1 pts | +1.64M sh | new |
| New | BioCryst Pharmaceuticals, Inc. (BCRX) | — | 0.1% | +0.1 pts | +2.82M sh | new |
| Reduced | Insmed Incorporated (INSM) | 7.0% | 6.7% | −0.3 pts | −111K sh | −2% |
| Exited | Akero Therapeutics, Inc. (AKRO) | 0.1% | — | −0.1 pts | −325K sh | −100% |
| Reduced | Edgewise Therapeutics, Inc. (EWTX) | 0.9% | 1.0% | +0.1 pts | −730K sh | −10% |
| Exited | Arcellx, Inc. (ACLX) | 0.1% | — | −0.1 pts | −167K sh | −100% |
| New | Centessa Pharmaceuticals plc (CNTA) | — | 0.1% | +0.1 pts | +671K sh | new |
| Increased | Tectonic Therapeutic, Inc. (TECX) | 0.0% | 0.1% | +0.1 pts | +803K sh | +803% |
| New | Dyne Therapeutics, Inc. (DYN) | — | 0.1% | +0.1 pts | +813K sh | new |
| Increased | Contineum Therapeutics, Inc. (CTNM) | 0.0% | 0.1% | +0.1 pts | +1.34M sh | +1729% |
| Increased | Nurix Therapeutics, Inc. (NRIX) | 0.3% | 0.5% | +0.3 pts | +776K sh | +20% |
| Increased | Ventyx Biosciences, Inc. (VTYX) | 0.0% | 0.1% | +0.1 pts | +1.33M sh | +130% |
| Increased | IDEAYA Biosciences, Inc. (IDYA) | 0.6% | 0.7% | +0.1 pts | +343K sh | +10% |
| Exited | Viking Therapeutics, Inc. (VKTX) | 0.1% | — | −0.1 pts | −366K sh | −100% |
| Reduced | argenx SE (ARGX) | 0.2% | 0.1% | −0.1 pts | −12,586 sh | −33% |
| Exited | Agios Pharmaceuticals, Inc. (AGIO) | 0.1% | — | −0.1 pts | −190K sh | −100% |
| Reduced | Monte Rosa Therapeutics, Inc. (GLUE) | 0.3% | 0.4% | +0.1 pts | −570K sh | −12% |
| Reduced | Structure Therapeutics Inc. (GPCR) | 0.3% | 0.6% | +0.3 pts | −124K sh | −8% |
| New | Absci Corporation (ABSI) | — | 0.0% | 0.0 pts | +2.13M sh | new |
| Increased | Viridian Therapeutics, Inc. (VRDN) | 0.3% | 0.4% | +0.1 pts | +227K sh | +13% |
| Reduced | Sana Biotechnology, Inc. (SANA) | 0.1% | 0.0% | 0.0 pts | −1.72M sh | −85% |
| Exited | Heron Therapeutics, Inc. (HRTX) | 0.0% | — | 0.0 pts | −4.25M sh | −100% |
| New | Arcus Biosciences, Inc. (RCUS) | — | 0.0% | 0.0 pts | +270K sh | new |
| New | MapLight Therapeutics, Inc. (MPLT) | — | 0.0% | 0.0 pts | +365K sh | new |
| Exited | MBX Biosciences, Inc. (MBX) | 0.0% | — | 0.0 pts | −278K sh | −100% |
| Increased | Design Therapeutics, Inc. (DSGN) | 0.1% | 0.1% | 0.0 pts | +520K sh | +30% |
| New | 4D Molecular Therapeutics, Inc. (FDMT) | — | 0.0% | 0.0 pts | +476K sh | new |
| Increased | Enliven Therapeutics, Inc. (ELVN) | 0.0% | 0.0% | 0.0 pts | +157K sh | +136% |
| Increased | Protara Therapeutics, Inc. (TARA) | 0.0% | 0.0% | 0.0 pts | +435K sh | +81% |
| Increased | Entrada Therapeutics, Inc. (TRDA) | 0.2% | 0.3% | +0.1 pts | +207K sh | +4% |
| Exited | Generation Bio Co. (GBIO) | 0.0% | — | 0.0 pts | −194K sh | −100% |
| Increased | KALA BIO, Inc. (KALA) | 0.0% | 0.0% | 0.0 pts | +819K sh | +83% |
| Exited | VYNE Therapeutics Inc. (VYNE) | 0.0% | — | 0.0 pts | −851K sh | −100% |
The 50 largest of 53 changes, by size of the trade. Full holdings for this quarter.
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
Top 10 positions — 74.7% of the equity book
No changes in the top 10 this quarter
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Incyte Corporation (INCY) | 18.9% | 17.8% | |
| 2 | BeOne Medicines Ltd. (ONC) | 21.7% | 15.7% | |
| 3 | Madrigal Pharmaceuticals, Inc. (MDGL) | 7.1% | 7.3% | |
| 4 | Insmed Incorporated (INSM) | 7.0% | 6.7% | |
| 5 | ACADIA Pharmaceuticals Inc. (ACAD) | 6.6% | 6.7% | |
| 6 | Celcuity Inc. (CELC) | 2.8% | 4.6% | |
| 7 | Revolution Medicines, Inc. (RVMD) | 3.2% | 4.4% | |
| 8 | Kymera Therapeutics, Inc. (KYMR) | 2.7% | 4.0% | |
| 9 | Summit Therapeutics Inc. (SMMT) | 5.0% | 3.7% | |
| 10 | Rhythm Pharmaceuticals, Inc. (RYTM) | 4.1% | 3.5% |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).