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BAKER BROS. ADVISORS LP

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13F filer, CIK 1263508, NEW YORK, NY

BAKER BROS. ADVISORS LP reported $13,838,782,047 across 91 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 79.05% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-25-112595

Period
2025-09-30
Reported value
$13.8B
Holdings
91
Top 10 weight
79.05%
New
12
Sold out
10

Part of the filer group BAKER BROS. ADVISORS LP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CELCadded+2,465,347$122M
MDGLadded+165,683$76M
ABVXnew+875,796$74.4M
ALKSadded+1,680,748$50.4M
IONSnew+566,798$37.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
INSMreduced-1,009,416-$145M
GPCRreduced-952,658-$26.7M
VERONA PHARMA PLCexited-223,843-$21.2M
VERVE THERAPEUTICS INCexited-1,691,530-$19M
BLUEPRINT MEDICINES CORPexited-125,538-$16.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001104659-25-112595, largest first. % of portfolio is the value over $13,838,782,047, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ONCBEONE MEDICINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,568,897 shares; 2024Q4: 9,531,880 shares; 2025Q1: 8,799,053 shares; 2025Q2: 8,799,053 shares; 2025Q3: 8,799,053 shares 8,799,053$3B21.66%0Timeline
INCYINCYTE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,739,020 shares; 2024Q4: 30,739,466 shares; 2025Q1: 30,739,953 shares; 2025Q2: 30,743,275 shares; 2025Q3: 30,743,663 shares 30,743,663$2.61B18.84%+388Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,974,590 shares; 2024Q4: 1,974,590 shares; 2025Q1: 1,974,590 shares; 2025Q2: 1,976,018 shares; 2025Q3: 2,141,701 shares 2,141,701$982M7.1%+165,683Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,415,918 shares; 2024Q4: 5,006,863 shares; 2025Q1: 5,380,626 shares; 2025Q2: 7,712,900 shares; 2025Q3: 6,703,484 shares 6,703,484$965M6.98%-1,009,416Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 42,877,916 shares; 2024Q4: 42,877,916 shares; 2025Q1: 42,877,916 shares; 2025Q2: 42,896,690 shares; 2025Q3: 42,896,690 shares 42,896,690$915M6.61%0Timeline
SMMTSUMMIT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,424,865 shares; 2024Q4: 24,424,865 shares; 2025Q1: 24,424,865 shares; 2025Q2: 33,722,974 shares; 2025Q3: 33,722,974 shares 33,722,974$697M5.03%0Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,398,366 shares; 2024Q4: 6,084,249 shares; 2025Q1: 5,604,483 shares; 2025Q2: 5,604,483 shares; 2025Q3: 5,604,483 shares 5,604,483$566M4.09%0Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,569,090 shares; 2024Q4: 7,936,972 shares; 2025Q1: 7,936,972 shares; 2025Q2: 9,364,972 shares; 2025Q3: 9,455,357 shares 9,455,357$442M3.19%+90,385Timeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,874,978 shares; 2024Q4: 2,678,553 shares; 2025Q1: 4,257,735 shares; 2025Q2: 5,450,445 shares; 2025Q3: 7,915,792 shares 7,915,792$391M2.83%+2,465,347Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,995,929 shares; 2024Q4: 5,995,929 shares; 2025Q1: 5,995,929 shares; 2025Q2: 6,651,429 shares; 2025Q3: 6,651,429 shares 6,651,429$376M2.72%0Timeline
KODKODIAK SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 17,310,490 shares; 2024Q4: 17,310,490 shares; 2025Q1: 17,310,490 shares; 2025Q2: 17,310,490 shares; 2025Q3: 17,310,490 shares 17,310,490$283M2.05%02026-09-28, 13D/A: 22,049,297 shares, 35% of the class, 13D/A filed 2026-09-30 Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,181,751 shares; 2024Q4: 4,181,751 shares; 2025Q1: 4,483,285 shares; 2025Q2: 6,410,603 shares; 2025Q3: 8,091,351 shares 8,091,351$243M1.75%+1,680,748Timeline
ABCLABCELLERA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,525,640 shares; 2024Q4: 27,525,640 shares; 2025Q1: 27,525,640 shares; 2025Q2: 27,525,640 shares; 2025Q3: 27,525,640 shares 27,525,640$138M1%0Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,840,059 shares; 2024Q4: 6,155,940 shares; 2025Q1: 6,155,940 shares; 2025Q2: 7,305,940 shares; 2025Q3: 7,305,940 shares 7,305,940$119M0.86%0Timeline
KNSAKINIKSA PHARMACEUTICALS INTLQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,818,323 shares; 2024Q4: 2,818,323 shares; 2025Q1: 2,818,323 shares; 2025Q2: 2,824,669 shares; 2025Q3: 2,824,669 shares 2,824,669$110M0.79%0Timeline
STOKSTOKE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,368,443 shares; 2024Q4: 4,633,838 shares; 2025Q1: 4,633,838 shares; 2025Q2: 4,633,838 shares; 2025Q3: 4,633,838 shares 4,633,838$109M0.79%0Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,443,398 shares; 2024Q4: 7,275,830 shares; 2025Q1: 7,275,830 shares; 2025Q2: 10,168,901 shares; 2025Q3: 12,094,094 shares 12,094,094$103M0.74%+1,925,193Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,630,125 shares; 2025Q1: 1,630,125 shares; 2025Q2: 1,630,125 shares; 2025Q3: 1,630,125 shares 1,630,125$96.4M0.7%0Timeline
IDYAIDEAYA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,062,123 shares; 2024Q4: 1,062,123 shares; 2025Q1: 1,062,123 shares; 2025Q2: 2,118,728 shares; 2025Q3: 3,275,444 shares 3,275,444$89.1M0.64%+1,156,716Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,225,410 shares; 2024Q4: 1,707,881 shares; 2025Q1: 5,457,881 shares; 2025Q2: 5,457,881 shares; 2025Q3: 5,457,881 shares 5,457,881$88M0.64%0Timeline
IMCRIMMUNOCORE HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,515,318 shares; 2024Q4: 1,515,318 shares; 2025Q1: 2,322,656 shares; 2025Q2: 2,322,656 shares; 2025Q3: 2,322,656 shares 2,322,656$84.4M0.61%0Timeline
BCYCBICYCLE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,399,960 shares; 2024Q4: 10,885,357 shares; 2025Q1: 10,885,357 shares; 2025Q2: 10,885,357 shares; 2025Q3: 10,885,357 shares 10,885,357$84.3M0.61%0Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,576,114 shares; 2024Q4: 1,576,114 shares; 2025Q1: 1,576,114 shares; 2025Q2: 2,772,692 shares; 2025Q3: 2,772,692 shares 2,772,692$83.4M0.6%0Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 875,796 shares 875,796$74.4M0.54%newTimeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 939,174 shares; 2025Q3: 1,670,762 shares 1,670,762$57.6M0.42%+731,588Timeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,798,716 shares; 2024Q4: 3,767,773 shares; 2025Q1: 3,767,773 shares; 2025Q2: 3,767,773 shares; 2025Q3: 3,767,773 shares 3,767,773$57M0.41%0Timeline
DNLIDENALI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,731,695 shares; 2024Q4: 3,731,695 shares; 2025Q1: 3,731,695 shares; 2025Q2: 3,731,695 shares; 2025Q3: 3,731,695 shares 3,731,695$54.2M0.39%0Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,000 shares; 2024Q4: 450,000 shares; 2025Q1: 223,500 shares; 2025Q2: 574,377 shares; 2025Q3: 574,377 shares 574,377$54.1M0.39%0
NTLAINTELLIA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 644,116 shares; 2025Q1: 644,116 shares; 2025Q2: 2,675,674 shares; 2025Q3: 2,746,674 shares 2,746,674$47.4M0.34%+71,000Timeline
REPLREPLIMUNE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,045,336 shares; 2024Q4: 11,045,336 shares; 2025Q1: 11,045,336 shares; 2025Q2: 11,045,336 shares; 2025Q3: 11,045,336 shares 11,045,336$46.3M0.33%0Timeline
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 550,090 shares; 2025Q3: 1,547,090 shares 1,547,090$45.9M0.33%+997,000Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,500 shares; 2024Q4: 361,565 shares; 2025Q1: 361,565 shares; 2025Q2: 2,508,767 shares; 2025Q3: 1,556,109 shares 1,556,109$43.6M0.31%-952,658Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,744,406 shares; 2025Q3: 1,744,406 shares 1,744,406$37.6M0.27%0Timeline
IONSIONIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,470 shares; 2024Q4: 357,915 shares; 2025Q1: 357,915 shares; 2025Q2: not reported; 2025Q3: 566,798 shares 566,798$37.1M0.27%newTimeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 323,105 shares; 2024Q4: 331,533 shares; 2025Q1: 331,533 shares; 2025Q2: 689,488 shares; 2025Q3: 689,488 shares 689,488$36.5M0.26%0Timeline
GLUEMONTE ROSA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,916,095 shares; 2024Q4: 4,916,095 shares; 2025Q1: 4,916,095 shares; 2025Q2: 4,916,095 shares; 2025Q3: 4,916,095 shares 4,916,095$36.4M0.26%0Timeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 45,031 shares; 2025Q1: 45,031 shares; 2025Q2: 368,923 shares; 2025Q3: 368,923 shares 368,923$36.4M0.26%0Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,882,125 shares; 2024Q4: 3,882,125 shares; 2025Q1: 3,882,125 shares; 2025Q2: 3,882,125 shares; 2025Q3: 3,882,125 shares 3,882,125$35.9M0.26%0Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 789,759 shares; 2025Q3: 789,759 shares 789,759$31.1M0.22%0Timeline
TRDAENTRADA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,865,819 shares; 2024Q4: 4,865,819 shares; 2025Q1: 4,865,819 shares; 2025Q2: 4,865,819 shares; 2025Q3: 4,865,819 shares 4,865,819$28.2M0.2%0Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 111,904 shares; 2024Q4: 111,904 shares; 2025Q1: 77,760 shares; 2025Q2: 37,760 shares; 2025Q3: 37,760 shares 37,760$27.9M0.2%0Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 625,000 shares 625,000$27.2M0.2%newTimeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,885 shares; 2024Q4: 48,885 shares; 2025Q1: 640,885 shares; 2025Q2: 640,885 shares; 2025Q3: 640,885 shares 640,885$23.1M0.17%0Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 77,050 shares; 2025Q1: 77,050 shares; 2025Q2: 337,050 shares; 2025Q3: 337,050 shares 337,050$22.3M0.16%0Timeline
CDTXCIDARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 227,272 shares; 2025Q3: 227,272 shares 227,272$21.8M0.16%0Timeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 247,644 shares; 2024Q4: 247,644 shares; 2025Q1: 247,644 shares; 2025Q2: 665,370 shares; 2025Q3: 665,370 shares 665,370$17.2M0.12%0Timeline
NGNENEUROGENE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 456,015 shares; 2024Q4: 674,450 shares; 2025Q1: 1,486,200 shares; 2025Q2: 991,691 shares; 2025Q3: 991,691 shares 991,691$17.2M0.12%0Timeline
SERASERA PROGNOSTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,434,399 shares; 2024Q4: 5,434,399 shares; 2025Q1: 5,498,170 shares; 2025Q2: 5,498,170 shares; 2025Q3: 5,498,170 shares 5,498,170$16.8M0.12%0Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 626,703 shares; 2025Q3: 1,000,000 shares 1,000,000$16.8M0.12%+373,297Timeline
CERSCERUS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,477,339 shares; 2024Q4: 19,477,339 shares; 2025Q1: 19,351,087 shares; 2025Q2: 12,883,844 shares; 2025Q3: 10,008,345 shares 10,008,345$15.9M0.11%-2,875,499Timeline
AKROAKERO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,097,082 shares; 2024Q4: 1,097,082 shares; 2025Q1: 548,713 shares; 2025Q2: 324,630 shares; 2025Q3: 324,630 shares 324,630$15.4M0.11%0Timeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 993,679 shares; 2024Q4: 993,679 shares; 2025Q1: 347,408 shares; 2025Q2: 370,208 shares; 2025Q3: 370,208 shares 370,208$14.9M0.11%0Timeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,461,425 shares; 2025Q1: 1,461,425 shares; 2025Q2: 1,461,425 shares; 2025Q3: 1,461,425 shares 1,461,425$14.6M0.11%0Timeline
PRLDPRELUDE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,123,824 shares; 2024Q4: 10,123,824 shares; 2025Q1: 10,123,824 shares; 2025Q2: 10,123,824 shares; 2025Q3: 10,123,824 shares 10,123,824$14.6M0.11%0Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 166,825 shares; 2025Q3: 166,825 shares 166,825$13.7M0.1%0Timeline
CTMXCYTOMX THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,484,226 shares; 2025Q3: 4,250,826 shares 4,250,826$13.6M0.1%+766,600Timeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,004,756 shares; 2024Q4: 4,004,756 shares; 2025Q1: 4,004,756 shares; 2025Q2: 4,004,756 shares; 2025Q3: 4,004,756 shares 4,004,756$13.1M0.09%0Timeline
XNCRXENCOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 670,431 shares; 2024Q4: 670,431 shares; 2025Q1: 670,431 shares; 2025Q2: 670,431 shares; 2025Q3: 1,102,106 shares 1,102,106$12.9M0.09%+431,675Timeline
DSGNDESIGN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,743,725 shares; 2024Q4: 1,743,725 shares; 2025Q1: 1,743,725 shares; 2025Q2: 1,712,882 shares; 2025Q3: 1,712,882 shares 1,712,882$12.9M0.09%0Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 143,937 shares; 2025Q3: 143,937 shares 143,937$12.4M0.09%0Timeline
SIONSIONNA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares 400,000$11.8M0.09%0Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 103,927 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 280,000 shares; 2025Q3: 280,000 shares 280,000$11.7M0.08%0Timeline
VKTXVIKING THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 366,083 shares 366,083$9.62M0.07%newTimeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 375,000 shares 375,000$9.36M0.07%newTimeline
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 189,866 shares; 2025Q3: 189,866 shares 189,866$7.62M0.06%0Timeline
SANASANA BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,380,949 shares; 2024Q4: 2,380,949 shares; 2025Q1: 2,030,949 shares; 2025Q2: 2,030,949 shares; 2025Q3: 2,030,949 shares 2,030,949$7.21M0.05%0Timeline
SGMTSAGIMET BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,381,898 shares; 2024Q4: 952,996 shares; 2025Q1: 952,996 shares; 2025Q2: 952,996 shares; 2025Q3: 952,996 shares 952,996$6.54M0.05%0Timeline
ALMSALUMIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,562,500 shares; 2024Q4: 1,562,500 shares; 2025Q1: 1,562,500 shares; 2025Q2: 1,562,500 shares; 2025Q3: 1,562,500 shares 1,562,500$6.23M0.05%0Timeline
RLAYRELAY THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,160,117 shares; 2024Q4: 1,160,117 shares; 2025Q1: 1,160,117 shares; 2025Q2: 1,160,117 shares; 2025Q3: 1,160,117 shares 1,160,117$6.06M0.04%0Timeline
SKYESKYE BIOSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,434,634 shares; 2024Q4: 1,450,638 shares; 2025Q1: 1,450,638 shares; 2025Q2: 1,450,638 shares; 2025Q3: 1,450,638 shares 1,450,638$5.7M0.04%0Timeline
HRTXHERON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,251,951 shares 4,251,951$5.36M0.04%newTimeline
TCRXTSCAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,784,792 shares; 2024Q4: 2,784,792 shares; 2025Q1: 2,784,792 shares; 2025Q2: 2,784,792 shares; 2025Q3: 2,784,792 shares 2,784,792$5.07M0.04%0Timeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 277,777 shares 277,777$4.86M0.04%newTimeline
VTVTVTV THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,314 shares; 2024Q4: 97,314 shares; 2025Q1: 97,314 shares; 2025Q2: 97,314 shares; 2025Q3: 148,314 shares 148,314$3.46M0.03%+51,000Timeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,023,130 shares 1,023,130$3.18M0.02%newTimeline
LBRXLB PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares 200,000$3.16M0.02%newTimeline
VIRVIR BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,084,539 shares; 2025Q1: 542,539 shares; 2025Q2: 542,539 shares; 2025Q3: 542,539 shares 542,539$3.1M0.02%0Timeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 344,063 shares; 2024Q4: 344,063 shares; 2025Q1: 344,063 shares; 2025Q2: 344,063 shares; 2025Q3: 344,063 shares 344,063$2.52M0.02%0Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 114,833 shares; 2024Q4: 114,833 shares; 2025Q1: 114,833 shares; 2025Q2: 114,833 shares; 2025Q3: 114,833 shares 114,833$2.35M0.02%0Timeline
TARAPROTARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 536,832 shares; 2024Q4: 536,832 shares; 2025Q1: 536,832 shares; 2025Q2: 536,832 shares; 2025Q3: 536,832 shares 536,832$2.34M0.02%0Timeline
TECXTECTONIC THERAPEUTIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares 100,000$1.57M0.01%0Timeline
KALAKALA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 891,335 shares; 2024Q4: 1,201,894 shares; 2025Q1: 1,201,894 shares; 2025Q2: 1,201,894 shares; 2025Q3: 985,093 shares 985,093$1.51M0.01%-216,801Timeline
GENERATION BIO COGENERATION BIO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 194,493 shares 194,493$1.19M0.01%new
CTNMCONTINEUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 312,500 shares; 2024Q4: 312,500 shares; 2025Q1: 312,500 shares; 2025Q2: 312,500 shares; 2025Q3: 77,670 shares 77,670$913K0.01%-234,830Timeline
ALGSALIGOS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,055 shares; 2024Q4: 83,055 shares; 2025Q1: 83,055 shares; 2025Q2: 83,055 shares; 2025Q3: 83,055 shares 83,055$814K0.01%0Timeline
VYNEVYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 851,353 shares 851,353$285K<0.01%newTimeline
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,607 shares; 2024Q4: 10,607 shares; 2025Q1: 10,607 shares; 2025Q2: 10,607 shares; 2025Q3: 10,607 shares 10,607$148K<0.01%0Timeline
ACRVACRIVON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,885 shares; 2024Q4: 52,885 shares; 2025Q1: 22,809 shares; 2025Q2: 22,809 shares; 2025Q3: 22,809 shares 22,809$41.3K<0.01%0Timeline
SRZNWSURROZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 833,333 shares; 2024Q4: 833,333 shares; 2025Q1: 833,333 shares; 2025Q2: 833,333 shares; 2025Q3: 833,333 shares 833,333$14.8K<0.01%0Timeline
OPTEYOPTHEA LTD SPONSORED ADR NEW (Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,173,622 shares; 2024Q4: 2,173,622 shares; 2025Q1: 2,087,320 shares; 2025Q2: 2,087,320 shares; 2025Q3: 2,087,320 shares 2,087,320$00%0Value filed as zero, left out of ratios.Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
CELCUITY INCCELCUITY INC NOTE 2.750% 8/0principal30,750,000$40.9Mnew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
VERONA PHARMA PLCVERONA PHARMA PLC223,843$21.2Mshares
VERVE THERAPEUTICS INCVERVE THERAPEUTICS INC1,691,530$19Mshares
BLUEPRINT MEDICINES CORPBLUEPRINT MEDICINES CORP125,538$16.1Mshares
IGM BIOSCIENCES INCIGM BIOSCIENCES INC4,096,210$4.59Mshares
FATEFATE THERAPEUTICS INC2,485,018$2.78Mshares
CADLCANDEL THERAPEUTICS INC355,112$1.8Mshares
RCKTROCKET PHARMACEUTICALS INC552,079$1.35Mshares
HOOKHOOKIPA PHARMA INC COM NEW812,814$1.02Mshares
NMRANEUMORA THERAPEUTICS INC.1,034,600$759Kshares
GENERATION BIO COGENERATION BIO CO1,944,945$623Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001104659-25-112595 base2025-11-14acceptance time not in the bulk data set