| 1 | Incyte Corp | 30,744,412 | 2.9B $ | |
| 2 | BEONE MEDICINES LTD | 8,799,053 | 2.6B $ | |
| 3 | Insmed Inc | 7,421,111 | 1.2B $ | |
| 4 | Madrigal Pharmaceuticals Inc | 2,141,701 | 1.1B $ | |
| 5 | ACADIA Pharmaceuticals Inc | 42,896,690 | 954.9M $ | |
| 6 | Revolution Medicines Inc | 9,555,357 | 929.3M $ | |
| 7 | Celcuity Inc | 7,915,792 | 903.5M $ | |
| 8 | Kodiak Sciences Inc | 19,919,186 | 759.3M $ | |
| 9 | Kymera Therapeutics Inc | 8,657,242 | 721.1M $ | |
| 10 | Summit Therapeutics Inc | 36,391,063 | 690M $ | |
| 11 | Praxis Precision Medicines Inc | 1,753,198 | 564.9M $ | |
| 12 | Rhythm Pharmaceuticals Inc | 5,604,483 | 487.4M $ | |
| 13 | GRAIL Inc | 4,028,614 | 208.2M $ | |
| 14 | Edgewise Therapeutics Inc | 6,575,940 | 207.1M $ | |
| 15 | Ionis Pharmaceuticals Inc | 2,047,727 | 153.8M $ | |
| 16 | Immunovant Inc | 5,457,881 | 135.6M $ | |
| 17 | Ideaya Biosciences Inc | 3,946,515 | 131.5M $ | |
| 18 | Arrowhead Pharmaceuticals Inc | 1,992,783 | 124.9M $ | |
| 19 | Stoke Therapeutics Inc | 3,336,697 | 108.6M $ | |
| 20 | Abivax SA | 875,796 | 97.5M $ | |
| 21 | Crinetics Pharmaceuticals Inc | 2,351,465 | 85.4M $ | |
| 22 | Replimune Group Inc | 11,045,336 | 84.5M $ | |
| 23 | Nurix Therapeutics Inc | 4,658,556 | 72.2M $ | |
| 24 | Denali Therapeutics Inc | 3,731,695 | 71.6M $ | |
| 25 | Dianthus Therapeutics Inc | 852,164 | 71.5M $ | |
| 26 | Monte Rosa Therapeutics Inc | 4,345,736 | 71.5M $ | |
| 27 | Structure Therapeutics Inc | 1,432,529 | 69M $ | |
| 28 | Entrada Therapeutics Inc | 5,072,730 | 64M $ | |
| 29 | Bicycle Therapeutics PLC | 10,885,357 | 50.5M $ | |
| 30 | Spyre Therapeutics Inc | 1,000,000 | 50.4M $ | |
| 31 | Rapport Therapeutics Inc | 1,547,090 | 48.4M $ | |
| 32 | Alumis Inc | 2,012,500 | 44.3M $ | |
| 33 | Mirum Pharmaceuticals Inc | 445,975 | 41.2M $ | |
| 34 | Viridian Therapeutics Inc | 1,971,678 | 38.6M $ | |
| 35 | Enliven Therapeutics Inc | 905,191 | 35.5M $ | |
| 36 | Prelude Therapeutics Inc | 10,123,824 | 34.6M $ | |
| 37 | DBV Technologies SA | 1,461,425 | 30.5M $ | |
| 38 | Design Therapeutics Inc | 2,585,978 | 27.5M $ | |
| 39 | CENTESSA PHARMACEUTICALS PLC | 670,751 | 26.6M $ | |
| 40 | CytomX Therapeutics Inc | 4,975,826 | 23.4M $ | |
| 41 | JADE BIOSCIENCES INC | 1,641,137 | 23.1M $ | |
| 42 | Disc Medicine Inc | 349,657 | 22.4M $ | |
| 43 | Immunocore Holdings PLC | 734,397 | 22.1M $ | |
| 44 | Celldex Therapeutics Inc | 665,370 | 21.1M $ | |
| 45 | Neurogene Inc | 991,691 | 20M $ | |
| 46 | Evommune Inc | 847,390 | 19.5M $ | |
| 47 | Tectonic Therapeutic Inc | 607,788 | 18.8M $ | |
| 48 | Contineum Therapeutics Inc | 1,420,838 | 18.6M $ | |
| 49 | Argenx SE | 25,174 | 18.4M $ | |
| 50 | Cerus Corp | 10,008,345 | 18.2M $ | |
| 51 | Taysha Gene Therapies Inc | 4,004,756 | 17.9M $ | |
| 52 | Aktis Oncology Inc | 996,351 | 17.8M $ | |
| 53 | Generate Biomedicines Inc | 1,423,602 | 17.8M $ | |
| 54 | Sionna Therapeutics Inc | 400,000 | 16M $ | |
| 55 | Dyne Therapeutics Inc | 813,449 | 14.7M $ | |
| 56 | Xencor Inc | 1,102,106 | 13.3M $ | |
| 57 | Compass Pathways plc | 2,344,720 | 13M $ | |
| 58 | Relay Therapeutics Inc | 1,160,117 | 11.5M $ | |
| 59 | Sera Prognostics Inc | 5,498,170 | 11.2M $ | |
| 60 | BioNTech SE | 119,743 | 10.6M $ | |
| 61 | Arcus Biosciences Inc | 415,621 | 9M $ | |
| 62 | MapLight Therapeutics Inc | 364,705 | 7.4M $ | |
| 63 | Absci Corp | 2,134,803 | 6.4M $ | |
| 64 | VTV THERAPEUTICS INC | 148,314 | 5.9M $ | |
| 65 | Eikon Therapeutics Inc | 555,555 | 5.9M $ | |
| 66 | Protara Therapeutics Inc | 971,614 | 5.1M $ | |
| 67 | Sagimet Biosciences Inc | 952,996 | 5M $ | |
| 68 | LB Pharmaceuticals Inc | 200,000 | 4.9M $ | |
| 69 | Verastem Inc | 584,757 | 3.1M $ | |
| 70 | TScan Therapeutics Inc | 2,784,792 | 2.8M $ | |
| 71 | SKYE BIOSCIENCE INC | 1,575,243 | 968.1K $ | |
| 72 | Sana Biotechnology Inc | 310,483 | 894.2K $ | |
| 73 | Aligos Therapeutics Inc | 83,055 | 617.1K $ | |
| 74 | Tyra Biosciences Inc | 10,607 | 406.2K $ | |