# EDGAR Filing Document

**Accession Number:** 0001263508
**File Stem:** 0001104659-26-016374
**Filing Date:** 2026-2
**Character Count:** 13056
**Document Hash:** 562cd4e32bbb6f50ceb3cb302a72439e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-016374.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001104659-26-016374

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAKER BROS. ADVISORS LP
- **CENTRAL INDEX KEY:** 0001263508

**ORGANIZATION NAME:**
- **EIN:** 134093645
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10519
- **FILM NUMBER:** 26640816

**BUSINESS ADDRESS:**
- **STREET 1:** 860 WASHINGTON STREET
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014
- **BUSINESS PHONE:** 2123395600

**MAIL ADDRESS:**
- **STREET 1:** 860 WASHINGTON STREET
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BAKER BROS ADVISORS LLC
- **DATE OF NAME CHANGE:** 20030911

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** BAKER BROS. ADVISORS LP<br>**Address:** 860 WASHINGTON STREET<br>3RD FLOOR<br>NEW YORK, NY 10014

**Form 13F File Number:** 028-10519

**CRD Number (if applicable):** 000158149

**SEC File Number (if applicable):** 801-73446

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Alexandra Toohey<br>**Title:** Chief Financial Officer<br>**Phone:** 212-339-5690

**Signature, Place, and Date of Signing:**

/s/ Alexandra Toohey  New York, NY  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 86

**Form 13F Information Table Value Total:** $17078624105

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 4D Molecular Therapeutics Inc. | COM | 35104E100 |  | 3568028 | 475737 | SH |  | SOLE |  | 475737 | 0 | 0 |
| AbCellera Biologics Inc. | COM | 00288U106 |  | 94137689 | 27525640 | SH |  | SOLE |  | 27525640 | 0 | 0 |
| Absci Corporation | COM | 00091E109 |  | 7450462 | 2134803 | SH |  | SOLE |  | 2134803 | 0 | 0 |
| Abivax S.A. | SPONSORED ADS | 00370M103 |  | 118105470 | 875796 | SH |  | SOLE |  | 875796 | 0 | 0 |
| ACADIA Pharmaceuticals Inc. | COM | 004225108 |  | 1145770590 | 42896690 | SH |  | SOLE |  | 42896690 | 0 | 0 |
| Acrivon Therapeutics Inc. | COMMON STOCK | 004890109 |  | 54970 | 22809 | SH |  | SOLE |  | 22809 | 0 | 0 |
| Aligos Therapeutics Inc. | COM | 01626L204 |  | 774073 | 83055 | SH |  | SOLE |  | 83055 | 0 | 0 |
| Alkermes plc | SHS | G01767105 |  | 280143231 | 10012267 | SH |  | SOLE |  | 10012267 | 0 | 0 |
| Alumis Inc. | COM | 022307102 |  | 15250000 | 1562500 | SH |  | SOLE |  | 1562500 | 0 | 0 |
| argenx SE | SPONSORED ADR | 04016X101 |  | 21170075 | 25174 | SH |  | SOLE |  | 25174 | 0 | 0 |
| Arcus Biosciences Inc. | COM | 03969F109 |  | 6434100 | 270000 | SH |  | SOLE |  | 270000 | 0 | 0 |
| Arrowhead Pharmaceuticals Inc. | COM | 04280A100 |  | 144441072 | 2175645 | SH |  | SOLE |  | 2175645 | 0 | 0 |
| BeOne Medicines Ltd. | SPONSORED ADS | 07725L102 |  | 2673240292 | 8799053 | SH |  | SOLE |  | 8799053 | 0 | 0 |
| Bicycle Therapeutics plc | SPONSORED ADS | 088786108 |  | 77068328 | 10885357 | SH |  | SOLE |  | 10885357 | 0 | 0 |
| BioCryst Pharmaceuticals Inc. | COM | 09058V103 |  | 22017271 | 2822727 | SH |  | SOLE |  | 2822727 | 0 | 0 |
| BioNTech SE | SPONSORED ADS | 09075V102 |  | 35121470 | 368923 | SH |  | SOLE |  | 368923 | 0 | 0 |
| Celcuity Inc. | COM | 15102K100 |  | 789521094 | 7915792 | SH |  | SOLE |  | 7915792 | 0 | 0 |
| Celldex Therapeutics Inc. | COM | 15117B202 |  | 18071449 | 665370 | SH |  | SOLE |  | 665370 | 0 | 0 |
| Centessa Pharmaceuticals plc | SPONSORED ADS | 152309100 |  | 16775483 | 670751 | SH |  | SOLE |  | 670751 | 0 | 0 |
| Cerus Corporation | COM | 157085101 |  | 20617191 | 10008345 | SH |  | SOLE |  | 10008345 | 0 | 0 |
| Contineum Therapeutics Inc. | CL A | 21217B100 |  | 16240178 | 1420838 | SH |  | SOLE |  | 1420838 | 0 | 0 |
| Crinetics Pharmaceuticals Inc. | COM | 22663K107 |  | 76754852 | 1648869 | SH |  | SOLE |  | 1648869 | 0 | 0 |
| CytomX Therapeutics Inc. | COM | 23284F105 |  | 18108519 | 4250826 | SH |  | SOLE |  | 4250826 | 0 | 0 |
| DBV Technologies S.A. | SPONSORED ADS | 23306J309 |  | 28015517 | 1461425 | SH |  | SOLE |  | 1461425 | 0 | 0 |
| Denali Therapeutics Inc. | COM | 24823R105 |  | 61610284 | 3731695 | SH |  | SOLE |  | 3731695 | 0 | 0 |
| Design Therapeutics Inc. | COM | 25056L103 |  | 20946469 | 2233099 | SH |  | SOLE |  | 2233099 | 0 | 0 |
| Dianthus Therapeutics Inc. | COM | 252828108 |  | 32545968 | 789759 | SH |  | SOLE |  | 789759 | 0 | 0 |
| Disc Medicine Inc. | COM | 254604101 |  | 26765141 | 337050 | SH |  | SOLE |  | 337050 | 0 | 0 |
| Dyne Therapeutics Inc. | COM | 26818M108 |  | 15911062 | 813449 | SH |  | SOLE |  | 813449 | 0 | 0 |
| Edgewise Therapeutics Inc. | COM | 28036F105 |  | 163181951 | 6575940 | SH |  | SOLE |  | 6575940 | 0 | 0 |
| Enliven Therapeutics Inc. | COM | 29337E102 |  | 4179652 | 271406 | SH |  | SOLE |  | 271406 | 0 | 0 |
| Entrada Therapeutics Inc. | COM | 29384C108 |  | 52147664 | 5072730 | SH |  | SOLE |  | 5072730 | 0 | 0 |
| GRAIL Inc. | COM | 384747101 |  | 178483651 | 2085333 | SH |  | SOLE |  | 2085333 | 0 | 0 |
| IDEAYA Biosciences Inc. | COM | 45166A102 |  | 125102815 | 3618826 | SH |  | SOLE |  | 3618826 | 0 | 0 |
| Immatics N.V. | SHS | N44445109 |  | 126987987 | 12094094 | SH |  | SOLE |  | 12094094 | 0 | 0 |
| Immunocore Holdings plc | ADS | 45258D105 |  | 80619390 | 2322656 | SH |  | SOLE |  | 2322656 | 0 | 0 |
| Immunovant Inc. | COM | 45258J102 |  | 138739335 | 5457881 | SH |  | SOLE |  | 5457881 | 0 | 0 |
| Incyte Corporation | COM | 45337C102 |  | 3036583991 | 30743991 | SH |  | SOLE |  | 30743991 | 0 | 0 |
| Insmed Incorporated | COM PAR $.01 | 457669307 |  | 1147401514 | 6592746 | SH |  | SOLE |  | 6592746 | 0 | 0 |
| Ionis Pharmaceuticals Inc. | COM | 462222100 |  | 141752542 | 1791841 | SH |  | SOLE |  | 1791841 | 0 | 0 |
| Jade Biosciences Inc. | COM | 008064206 |  | 25322744 | 1641137 | SH |  | SOLE |  | 1641137 | 0 | 0 |
| KALA BIO Inc. | COM | 483119202 |  | 1002874 | 1804055 | SH |  | SOLE |  | 1804055 | 0 | 0 |
| Kiniksa Pharmaceuticals International plc | ORD SHS CL A | G52694109 |  | 116582648 | 2826246 | SH |  | SOLE |  | 2826246 | 0 | 0 |
| Kodiak Sciences Inc. | COM | 50015M109 |  | 556940441 | 19919186 | SH |  | SOLE |  | 19919186 | 0 | 0 |
| Kymera Therapeutics Inc. | COM | 501575104 |  | 673620000 | 8657242 | SH |  | SOLE |  | 8657242 | 0 | 0 |
| LB Pharmaceuticals Inc. | COM SHS | 50180M108 |  | 4452000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| Madrigal Pharmaceuticals Inc. | COM | 558868105 |  | 1247198160 | 2141701 | SH |  | SOLE |  | 2141701 | 0 | 0 |
| MapLight Therapeutics Inc. | COM | 56565P103 |  | 6406043 | 364705 | SH |  | SOLE |  | 364705 | 0 | 0 |
| Monte Rosa Therapeutics Inc. | COM | 61225M102 |  | 68141140 | 4345736 | SH |  | SOLE |  | 4345736 | 0 | 0 |
| Neurogene Inc. | COM | 64135M105 |  | 20428835 | 991691 | SH |  | SOLE |  | 991691 | 0 | 0 |
| Nurix Therapeutics Inc. | COM | 67080M103 |  | 88372807 | 4658556 | SH |  | SOLE |  | 4658556 | 0 | 0 |
| Nuvalent Inc. | COM | 670703107 |  | 14478623 | 143937 | SH |  | SOLE |  | 143937 | 0 | 0 |
| Pharvaris N.V. | COM | N69605108 |  | 10406250 | 375000 | SH |  | SOLE |  | 375000 | 0 | 0 |
| Praxis Precision Medicines Inc. | COM | 74006W207 |  | 332021073 | 1126488 | SH |  | SOLE |  | 1126488 | 0 | 0 |
| Prelude Therapeutics Inc. | COM | 74065P101 |  | 29359090 | 10123824 | SH |  | SOLE |  | 10123824 | 0 | 0 |
| Protara Therapeutics Inc. | COM STK | 74365U107 |  | 5178703 | 971614 | SH |  | SOLE |  | 971614 | 0 | 0 |
| Rapport Therapeutics Inc. | COM | 75383L102 |  | 46938711 | 1547090 | SH |  | SOLE |  | 1547090 | 0 | 0 |
| Relay Therapeutics Inc. | COM | 75943R102 |  | 9814590 | 1160117 | SH |  | SOLE |  | 1160117 | 0 | 0 |
| Replimune Group Inc. | COM | 76029N106 |  | 107360666 | 11045336 | SH |  | SOLE |  | 11045336 | 0 | 0 |
| Revolution Medicines Inc. | COM | 76155X100 |  | 753119185 | 9455357 | SH |  | SOLE |  | 9455357 | 0 | 0 |
| Rhythm Pharmaceuticals Inc. | COM | 76243J105 |  | 599903860 | 5604483 | SH |  | SOLE |  | 5604483 | 0 | 0 |
| Roivant Sciences Ltd. | SHS | G76279101 |  | 120543869 | 5555017 | SH |  | SOLE |  | 5555017 | 0 | 0 |
| Sagimet Biosciences Inc. | COM SER A | 786700104 |  | 5641736 | 952996 | SH |  | SOLE |  | 952996 | 0 | 0 |
| Sana Biotechnology Inc. | COM | 799566104 |  | 1263666 | 310483 | SH |  | SOLE |  | 310483 | 0 | 0 |
| Sera Prognostics Inc. | CLASS A COM | 81749D107 |  | 16219602 | 5498170 | SH |  | SOLE |  | 5498170 | 0 | 0 |
| Sionna Therapeutics Inc. | COM | 829401108 |  | 16456000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| Skye Bioscience Inc. | COM | 83086J200 |  | 1087543 | 1450638 | SH |  | SOLE |  | 1450638 | 0 | 0 |
| Spyre Therapeutics Inc. | COM | 00773J202 |  | 32760000 | 1000000 | SH |  | SOLE |  | 1000000 | 0 | 0 |
| Stoke Therapeutics Inc. | COM | 86150R107 |  | 105906763 | 3336697 | SH |  | SOLE |  | 3336697 | 0 | 0 |
| Structure Therapeutics Inc. | SPONSORED ADS | 86366E106 |  | 99632392 | 1432529 | SH |  | SOLE |  | 1432529 | 0 | 0 |
| Summit Therapeutics Inc. | COM | 86627T108 |  | 636479692 | 36391063 | SH |  | SOLE |  | 36391063 | 0 | 0 |
| Surrozen Inc. | W EXP 8/11/2026 | 86889P117 |  | 16667 | 833333 | SH |  | SOLE |  | 833333 | 0 | 0 |
| Taysha Gene Therapies Inc. | COM SHS | 877619106 |  | 22026158 | 4004756 | SH |  | SOLE |  | 4004756 | 0 | 0 |
| Tectonic Therapeutic Inc. | COM | 878972108 |  | 18844924 | 903400 | SH |  | SOLE |  | 903400 | 0 | 0 |
| Terns Pharmaceuticals Inc. | COM | 880881107 |  | 38380000 | 950000 | SH |  | SOLE |  | 950000 | 0 | 0 |
| TScan Therapeutics Inc. | COM | 89854M101 |  | 2784792 | 2784792 | SH |  | SOLE |  | 2784792 | 0 | 0 |
| Tyra Biosciences Inc. | COM | 90240B106 |  | 278858 | 10607 | SH |  | SOLE |  | 10607 | 0 | 0 |
| Ultragenyx Pharmaceutical Inc. | COM | 90400D108 |  | 63771916 | 2772692 | SH |  | SOLE |  | 2772692 | 0 | 0 |
| Ventyx Biosciences Inc. | COM | 92332V107 |  | 21213998 | 2349280 | SH |  | SOLE |  | 2349280 | 0 | 0 |
| Vir Biotechnology Inc. | COM | 92764N102 |  | 3271510 | 542539 | SH |  | SOLE |  | 542539 | 0 | 0 |
| Viridian Therapeutics Inc. | COM | 92790C104 |  | 61358619 | 1971678 | SH |  | SOLE |  | 1971678 | 0 | 0 |
| vTv Therapeutics Inc. | CL A | 918385204 |  | 5931077 | 148314 | SH |  | SOLE |  | 148314 | 0 | 0 |
| Wave Life Sciences Ltd. | SHS | Y95308105 |  | 5849071 | 344063 | SH |  | SOLE |  | 344063 | 0 | 0 |
| Xencor Inc. | COM | 98401F105 |  | 16873243 | 1102106 | SH |  | SOLE |  | 1102106 | 0 | 0 |
| Xenon Pharmaceuticals Inc. | COM | 98420N105 |  | 16592723 | 370208 | SH |  | SOLE |  | 370208 | 0 | 0 |
| Celcuity Inc. | Note  2.75% 8/1/2031 | 15102KAA8 |  | 66580023 | 30750000 | PRN |  | SOLE |  | 30750000 | 0 | 0 |

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