BAKER BROS. ADVISORS LP

CIK 0001263508 · Q2 2026

13F Equity AUM

$20.0B

+14.6% QoQ

Positions

0 QoQ

AUM Rank

#346

Top 4%

Skill Alpha (FF)

+1.1%/yr^ns

No Clear Edge

Rank #1,819 · Top 22%

vs S&P -4.1%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 52.0%Top 10: 72.8%Top 20: 88.0%

INCY17.5%

ONC12.6%

RVMD10.7%

MDGL5.8%

ACAD5.4%

KYMR5.0%

IM8N4.7%

CELC4.2%

KOD3.9%

RYTM3.1%

Others (74)27.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare98.7%

Other1.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 84Median: 0.19%Avg: 1.19%

0–0.5%

58(8.2%)

0.5–1%

10(7.3%)

1–3%

6(11.7%)

3–5%

5(20.8%)

5%+

5(52.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 84vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New8Increased16Decreased7Exited8

New Positions

SNSE0.2%

+1.3M

CYTK0.1%

+211K

NTLA0.1%

+930K

Parabilis Medicines,…0.1%

+500K

Avalyn Pharma Inc.0.1%

+350K

TNGX0.1%

+333K

AVTX0.1%

+550K

IMNM0.0%

+55K

Increased

ABCL1.3%

+2.7M(+9%)

VSTM0.1%

+1.9M(+327%)

RVMD10.7%

+1.9M(+20%)

RLAY0.3%

+1.7M(+144%)

IM8N4.7%

+1.4M(+19%)

IDYA0.9%

+1.1M(+27%)

TCE20.2%

+517K(+78%)

RCUS0.1%

+429K(+103%)

VRDN0.2%

+411K(+21%)

DSGN0.2%

+92K(+4%)

Decreased

CERS0.1%

-3,612,914(-36%)

SMMT2.4%

-3,604,715(-10%)

EWTX0.8%

-2,874,221(-44%)

IMTX0.5%

-1,408,128(-13%)

JBIO0.1%

-410,711(-25%)

ROIV0.8%

-150,892(-3%)

IMVT1.1%

-22,661(-0%)

Exited

-875,796

-1,000,000

-670,751

-734,397

-25,174

-1,420,838

-2,344,720

-375,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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