BAKER BROS. ADVISORS LP 4

What Happened Julian C. Baker, a director of Incyte Corporation and managing member of Baker Bros. Advisors (GP) LLC, was granted equity awards on June 8, 2026: 1,642 restricted stock units (RSUs) and 6,111 stock options. The RSUs were granted at $0 (compensation) and vest on the earlier of June 8, 2027, the next annual meeting, or upon a change in control, subject to continued board service. The options have a strike price of $100.64, the same vesting schedule, and expire on June 7, 2036. The filing reports these grants in the context of Baker-affiliated funds (see below).

Key Details

• Transaction date: June 8, 2026; Form 4 filed June 10, 2026 (timely).
• Awards: 1,642 RSUs (grant value shown as $0 in filing) and 6,111 Stock Options (strike $100.64; expire 6/7/2036).
• Vesting: Earlier of June 8, 2027, next annual meeting, or change in control; subject to continued board service.
• Why multiple identical line items: Grants are reported for Baker-affiliated funds / vehicles that have indirect pecuniary interests (footnote explanation), so similar entries appear for those entities.
• Shares owned after transaction: filing does not state a single consolidated total for Baker personally; footnotes list prior holdings and indirect interests by the funds.
• Filing timeliness: Filed within two business days of the transaction (no late filing noted).

Context These are compensation awards, not open-market purchases or exercises—RSUs are payable in common stock upon vesting and the stock options are granted (not exercised). The reporting structure reflects Baker’s roles with Baker Bros. Advisors and related funds: the Adviser has investment/voting discretion for fund securities and the grants are reported across affiliated funds due to indirect pecuniary interests. Awards tied to board service are routine director compensation and do not by themselves indicate buy/sell intent.