BAKER BROS. ADVISORS LP 4

What Happened

• Julian C. Baker (Incyte director; managing member of Baker Bros. Advisors GP) was issued a 400-share award (reported as RSUs/grant) on 2026-06-30. The grant is shown at $0.00 per share on the Form 4 because it was issued as director compensation in lieu of the quarterly cash retainer ($40,500 per footnote F1). The shares are fully vested.

Key Details

• Transaction date and type: 2026-06-30 — Grant/Award (A) of 400 shares reported (two identical entries reflect reporting across related funds; F8 clarifies this is a single 400 RSU grant reported for each fund).
• Reported price/value: $0.00 per share on form; footnote F1 states the grant replaced $40,500 in director retainer fees (implied value).
• Shares owned after transaction: the filing does not list a single consolidated post-transaction total for Baker Bros. Advisors LP; see footnotes for indirect holdings and allocations (multiple footnotes describe indirect pecuniary interests and prior holdings).
• Notable footnotes: shares issued pursuant to the Issuer’s 2010 Stock Incentive Plan and fully vested (F1, F8); the Adviser (Baker Bros. Advisors LP) has voting/dispositive authority over securities held for the funds (F3, F7); various footnotes disclaim direct beneficial ownership by certain reporting persons except to the extent of pecuniary interest (F4, F6, F12).
• Timeliness: filing shows transaction date 2026-06-30 and accession 2026-07-02; no late-filing indication provided on the form.

Context

• This was a director-compensation award (RSUs issued in lieu of cash retainer), not an open-market buy or sell — such grants are routine compensation and don't necessarily signal manager trading intent.
• The Form 4 was filed by Baker Bros. Advisors LP (a 10% owner) and includes disclosures about indirect interests and fund-level ownership; the mechanics reflect institutional reporting and internal allocation rules rather than a personal cash purchase.