Skip to content
Disclosery

BAKER BROS. ADVISORS LP

Follow

13F filer, CIK 1263508, NEW YORK, NY

BAKER BROS. ADVISORS LP reported $17,078,624,105 across 86 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 74.38% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001104659-26-016374

Period
2025-12-31
Reported value
$17.1B
Holdings
86
Top 10 weight
74.38%
New
9
Sold out
14

Part of the filer group BAKER BROS. ADVISORS LP

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
KYMRadded+2,005,813$156M
PRAXadded+437,000$129M
IONSadded+1,225,043$96.9M
KODadded+2,608,696$72.9M
CRNXadded+1,368,869$63.7M

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
MERUS N Vexited-574,377-$54.1M
NTLAexited-2,746,674-$47.4M
STOKreduced-1,297,141-$41.2M
RNAMexited-625,000-$27.2M
PCVXexited-640,885-$23.1M

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, Q4 2025

Share positions as resolved from 13F-HR 0001104659-26-016374, largest first. % of portfolio is the value over $17,078,624,105, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
INCYINCYTE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 30,743,991 shares 30,743,991$3.04B17.78%+328Timeline
ONCBEONE MEDICINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 8,799,053 shares 8,799,053$2.67B15.65%0Timeline
MDGLMADRIGAL PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,141,701 shares 2,141,701$1.25B7.3%0Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,592,746 shares 6,592,746$1.15B6.72%-110,738Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 42,896,690 shares 42,896,690$1.15B6.71%0Timeline
CELCCELCUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 7,915,792 shares 7,915,792$790M4.62%0Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 9,455,357 shares 9,455,357$753M4.41%0Timeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 8,657,242 shares 8,657,242$674M3.94%+2,005,813Timeline
SMMTSUMMIT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 36,391,063 shares 36,391,063$636M3.73%+2,668,089Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,604,483 shares 5,604,483$600M3.51%0Timeline
KODKODIAK SCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 19,919,186 shares 19,919,186$557M3.26%+2,608,6962026-09-28, 13D/A: 22,049,297 shares, 35% of the class, 13D/A filed 2026-09-30 Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 323,105 shares; 2024Q4: 331,533 shares; 2025Q1: 331,533 shares; 2025Q2: 689,488 shares; 2025Q3: 689,488 shares; 2025Q4: 1,126,488 shares 1,126,488$332M1.94%+437,000Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,012,267 shares 10,012,267$280M1.64%+1,920,916Timeline
GRALGRAIL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,085,333 shares 2,085,333$178M1.05%+455,208Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,575,940 shares 6,575,940$163M0.96%-730,000Timeline
ARWRARROWHEAD PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 939,174 shares; 2025Q3: 1,670,762 shares; 2025Q4: 2,175,645 shares 2,175,645$144M0.85%+504,883Timeline
IONSIONIS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,470 shares; 2024Q4: 357,915 shares; 2025Q1: 357,915 shares; 2025Q2: not reported; 2025Q3: 566,798 shares; 2025Q4: 1,791,841 shares 1,791,841$142M0.83%+1,225,043Timeline
IMVTIMMUNOVANT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,457,881 shares 5,457,881$139M0.81%0Timeline
IMTXIMMATICS N.VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 12,094,094 shares 12,094,094$127M0.74%0Timeline
IDYAIDEAYA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,618,826 shares 3,618,826$125M0.73%+343,382Timeline
ROIVROIVANT SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,555,017 shares 5,555,017$121M0.71%+1,787,244Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 875,796 shares; 2025Q4: 875,796 shares 875,796$118M0.69%0Timeline
KNSAKINIKSA PHARMACEUTICALS INTLQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,826,246 shares 2,826,246$117M0.68%+1,577Timeline
REPLREPLIMUNE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 11,045,336 shares 11,045,336$107M0.63%0Timeline
STOKSTOKE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,336,697 shares 3,336,697$106M0.62%-1,297,141Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,432,529 shares 1,432,529$99.6M0.58%-123,580Timeline
ABCLABCELLERA BIOLOGICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 27,525,640 shares 27,525,640$94.1M0.55%0Timeline
NRIXNURIX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,658,556 shares 4,658,556$88.4M0.52%+776,431Timeline
IMCRIMMUNOCORE HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,322,656 shares 2,322,656$80.6M0.47%0Timeline
BCYCBICYCLE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,885,357 shares 10,885,357$77.1M0.45%0Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 103,927 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 280,000 shares; 2025Q3: 280,000 shares; 2025Q4: 1,648,869 shares 1,648,869$76.8M0.45%+1,368,869Timeline
GLUEMONTE ROSA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,345,736 shares 4,345,736$68.1M0.4%-570,359Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,772,692 shares 2,772,692$63.8M0.37%0Timeline
DNLIDENALI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,731,695 shares 3,731,695$61.6M0.36%0Timeline
VRDNVIRIDIAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,744,406 shares; 2025Q3: 1,744,406 shares; 2025Q4: 1,971,678 shares 1,971,678$61.4M0.36%+227,272Timeline
TRDAENTRADA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,072,730 shares 5,072,730$52.1M0.31%+206,911Timeline
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 550,090 shares; 2025Q3: 1,547,090 shares; 2025Q4: 1,547,090 shares 1,547,090$46.9M0.27%0Timeline
TERNTERNS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 950,000 shares 950,000$38.4M0.22%newTimeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 45,031 shares; 2025Q1: 45,031 shares; 2025Q2: 368,923 shares; 2025Q3: 368,923 shares; 2025Q4: 368,923 shares 368,923$35.1M0.21%0Timeline
SYRESPYRE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 626,703 shares; 2025Q3: 1,000,000 shares; 2025Q4: 1,000,000 shares 1,000,000$32.8M0.19%0Timeline
DNTHDIANTHUS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 789,759 shares; 2025Q3: 789,759 shares; 2025Q4: 789,759 shares 789,759$32.5M0.19%0Timeline
PRLDPRELUDE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,123,824 shares 10,123,824$29.4M0.17%0Timeline
DBVTDBV TECHNOLOGIES S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,461,425 shares 1,461,425$28M0.16%0Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 77,050 shares; 2025Q1: 77,050 shares; 2025Q2: 337,050 shares; 2025Q3: 337,050 shares; 2025Q4: 337,050 shares 337,050$26.8M0.16%0Timeline
JBIOJADE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,641,137 shares 1,641,137$25.3M0.15%newTimeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,004,756 shares 4,004,756$22M0.13%0Timeline
BCRXBIOCRYST PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 75,778 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,822,727 shares 2,822,727$22M0.13%newTimeline
VTYXVENTYX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,023,130 shares; 2025Q4: 2,349,280 shares 2,349,280$21.2M0.12%+1,326,150Timeline
ARGXARGENX SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 111,904 shares; 2024Q4: 111,904 shares; 2025Q1: 77,760 shares; 2025Q2: 37,760 shares; 2025Q3: 37,760 shares; 2025Q4: 25,174 shares 25,174$21.2M0.12%-12,586Timeline
DSGNDESIGN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,233,099 shares 2,233,099$20.9M0.12%+520,217Timeline
CERSCERUS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,008,345 shares 10,008,345$20.6M0.12%0Timeline
NGNENEUROGENE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 991,691 shares 991,691$20.4M0.12%0Timeline
TECXTECTONIC THERAPEUTIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 100,000 shares; 2025Q2: 100,000 shares; 2025Q3: 100,000 shares; 2025Q4: 903,400 shares 903,400$18.8M0.11%+803,400Timeline
CTMXCYTOMX THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,484,226 shares; 2025Q3: 4,250,826 shares; 2025Q4: 4,250,826 shares 4,250,826$18.1M0.11%0Timeline
CLDXCELLDEX THERAPEUTICS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 247,644 shares; 2024Q4: 247,644 shares; 2025Q1: 247,644 shares; 2025Q2: 665,370 shares; 2025Q3: 665,370 shares; 2025Q4: 665,370 shares 665,370$18.1M0.11%0Timeline
XNCRXENCOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,102,106 shares 1,102,106$16.9M0.1%0Timeline
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,227,178 shares; 2024Q4: 1,227,178 shares; 2025Q1: 1,227,178 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 670,751 shares 670,751$16.8M0.1%newTimeline
XENEXENON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 993,679 shares; 2024Q4: 993,679 shares; 2025Q1: 347,408 shares; 2025Q2: 370,208 shares; 2025Q3: 370,208 shares; 2025Q4: 370,208 shares 370,208$16.6M0.1%0Timeline
SIONSIONNA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares; 2025Q2: 400,000 shares; 2025Q3: 400,000 shares; 2025Q4: 400,000 shares 400,000$16.5M0.1%0Timeline
CTNMCONTINEUM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 312,500 shares; 2024Q4: 312,500 shares; 2025Q1: 312,500 shares; 2025Q2: 312,500 shares; 2025Q3: 77,670 shares; 2025Q4: 1,420,838 shares 1,420,838$16.2M0.1%+1,343,168Timeline
SERASERA PROGNOSTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,498,170 shares 5,498,170$16.2M0.09%0Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 672,096 shares; 2024Q4: 672,096 shares; 2025Q1: 672,096 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 813,449 shares 813,449$15.9M0.09%newTimeline
ALMSALUMIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,562,500 shares 1,562,500$15.2M0.09%0Timeline
NUVLNUVALENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 143,937 shares; 2025Q3: 143,937 shares; 2025Q4: 143,937 shares 143,937$14.5M0.08%0Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 375,000 shares; 2025Q4: 375,000 shares 375,000$10.4M0.06%0Timeline
RLAYRELAY THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,160,117 shares 1,160,117$9.81M0.06%0Timeline
ABSIABSCI CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,134,803 shares 2,134,803$7.45M0.04%newTimeline
RCUSARCUS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 270,000 shares 270,000$6.43M0.04%newTimeline
MPLTMAPLIGHT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 364,705 shares 364,705$6.41M0.04%newTimeline
VTVTVTV THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 97,314 shares; 2024Q4: 97,314 shares; 2025Q1: 97,314 shares; 2025Q2: 97,314 shares; 2025Q3: 148,314 shares; 2025Q4: 148,314 shares 148,314$5.93M0.03%0Timeline
WVEWAVE LIFE SCIENCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 344,063 shares; 2024Q4: 344,063 shares; 2025Q1: 344,063 shares; 2025Q2: 344,063 shares; 2025Q3: 344,063 shares; 2025Q4: 344,063 shares 344,063$5.85M0.03%0Timeline
SGMTSAGIMET BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 952,996 shares 952,996$5.64M0.03%0Timeline
TARAPROTARA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 536,832 shares; 2024Q4: 536,832 shares; 2025Q1: 536,832 shares; 2025Q2: 536,832 shares; 2025Q3: 536,832 shares; 2025Q4: 971,614 shares 971,614$5.18M0.03%+434,782Timeline
LBRXLB PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 200,000 shares; 2025Q4: 200,000 shares 200,000$4.45M0.03%0Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 114,833 shares; 2024Q4: 114,833 shares; 2025Q1: 114,833 shares; 2025Q2: 114,833 shares; 2025Q3: 114,833 shares; 2025Q4: 271,406 shares 271,406$4.18M0.02%+156,573Timeline
FDMT4D MOLECULAR THERAPEUTICS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 475,737 shares 475,737$3.57M0.02%newTimeline
VIRVIR BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,084,539 shares; 2025Q1: 542,539 shares; 2025Q2: 542,539 shares; 2025Q3: 542,539 shares; 2025Q4: 542,539 shares 542,539$3.27M0.02%0Timeline
TCRXTSCAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,784,792 shares 2,784,792$2.78M0.02%0Timeline
SANASANA BIOTECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 310,483 shares 310,483$1.26M0.01%-1,720,466Timeline
SKYESKYE BIOSCIENCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,450,638 shares 1,450,638$1.09M0.01%0Timeline
KALAKALA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,804,055 shares 1,804,055$1M0.01%+818,962Timeline
ALGSALIGOS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,055 shares; 2024Q4: 83,055 shares; 2025Q1: 83,055 shares; 2025Q2: 83,055 shares; 2025Q3: 83,055 shares; 2025Q4: 83,055 shares 83,055$774K<0.01%0Timeline
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,607 shares; 2024Q4: 10,607 shares; 2025Q1: 10,607 shares; 2025Q2: 10,607 shares; 2025Q3: 10,607 shares; 2025Q4: 10,607 shares 10,607$279K<0.01%0Timeline
ACRVACRIVON THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 52,885 shares; 2024Q4: 52,885 shares; 2025Q1: 22,809 shares; 2025Q2: 22,809 shares; 2025Q3: 22,809 shares; 2025Q4: 22,809 shares 22,809$55K<0.01%0Timeline
SRZNWSURROZEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 833,333 shares; 2024Q4: 833,333 shares; 2025Q1: 833,333 shares; 2025Q2: 833,333 shares; 2025Q3: 833,333 shares; 2025Q4: 833,333 shares 833,333$16.7K<0.01%0Timeline

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$66.6M0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MERUS N VMERUS N V574,377$54.1Mshares
NTLAINTELLIA THERAPEUTICS INC2,746,674$47.4Mshares
RNAMAVIDITY BIOSCIENCES INC625,000$27.2Mshares
PCVXVAXCYTE INC640,885$23.1Mshares
CDTXCIDARA THERAPEUTICS INC227,272$21.8Mshares
AKROAKERO THERAPEUTICS INC324,630$15.4Mshares
ACLXARCELLX INC166,825$13.7Mshares
VKTXVIKING THERAPEUTICS INC366,083$9.62Mshares
AGIOAGIOS PHARMACEUTICALS INC189,866$7.62Mshares
HRTXHERON THERAPEUTICS INC4,251,951$5.36Mshares
MBXMBX BIOSCIENCES INC277,777$4.86Mshares
GENERATION BIO COGENERATION BIO CO194,493$1.19Mshares
VYNEVYNE THERAPEUTICS INC851,353$285Kshares
OPTEYOPTHEA LTD SPONSORED ADR NEW (2,087,320$0shares

How Q4 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 0001104659-26-016374 base2026-02-17acceptance time not in the bulk data set