45337CAM4

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows: On May 8, 2026 the Adviser acquired beneficial ownership of 15,000 shares of common stock ("Common Stock") of Incyte Corporation (the "Issuer"), as a result of the exercise of 15,000 options to purchase Common Stock at $84.53 per share (the "Exercised Stock Options") held directly by Julian C. Baker. Julian C. Baker currently serves on the Issuer's board of directors (the "Board") as a representative of the Funds. The policy of the Funds and the Adviser does not permit managing members of the Adviser GP or full-time employees of the Adviser to receive compensation for serving as directors of the Issuer, and the Funds are instead entitled to the pecuniary interest in the Exercised Stock Options. Julian C. Baker, as an agent in his capacity as a director of the Issuer, entered into a proceeds agreement (the "Proceeds Agreement") with the Adviser on May 7, 2026. Pursuant to the Proceeds Agreement, Julian C. Baker agreed that, with respect to the Exercised Stock Options and the Common Stock received as a result of the exercise of the Exercised Stock Options on May 8, 2026, the Adviser will have dispositive power as well as the ability to control the timing of exercise of the Exercised Stock Options and that any proceeds from the sale of the Common Stock will be remitted to the Adviser net of brokerage commissions. Other than through their control of the Adviser, Felix J. Baker and Julian C. Baker have neither voting nor dispositive power over and have no direct pecuniary interest in the Exercised Stock Options or the Common Stock. Pursuant to the Proceeds Agreement, the Adviser funded Julian C. Baker's exercise of the Exercised Stock Options through loans from 667 and Life Sciences. The total amount expended on acquiring the Common Stock was $1,267,950. The foregoing description of the Proceeds Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Proceeds Agreement, which is filed as Exhibit 99.2 and is incorporated herein by reference. In order to effect the exercise of the Exercised Stock Options, on May 8, 2026, the Adviser drew down $106,395 for the purpose of acquiring Common Stock for 667 from a revolving note (the "667 Revolver"). The 667 Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The Adviser also drew down $1,161,555 for the purpose of acquiring Common Stock for Life Sciences from a revolving note (the "LS Revolver"). The LS Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The foregoing descriptions of the 667 Revolver and the LS Revolver do not purport to be complete and are qualified in their entirety by reference to the full texts of the 667 Revolver and LS Revolver, which are filed as Exhibit 99.3 and incorporated by reference as Exhibit 99.4, respectively, and are incorporated herein by reference. The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities of the Issuer or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons' continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer's management, other members of the Board and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D. Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may make suggestions to the management of the Issuer regarding financing, and may acquire additional securities of the Issuer, including shares of Common Stock (by means of open market purchases, privately negotiated purchases, exercise of some or all of the Stock Options (as defined in Item 5), vesting of RSUs or otherwise) or may dispose of some or all of the securities of the Issuer, including shares of Common Stock, under their control. Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows: On May 8, 2026 the Adviser acquired beneficial ownership of 15,000 shares of common stock ("Common Stock") of Incyte Corporation (the "Issuer"), as a result of the exercise of 15,000 options to purchase Common Stock at $84.53 per share (the "Exercised Stock Options") held directly by Julian C. Baker. Julian C. Baker currently serves on the Issuer's board of directors (the "Board") as a representative of the Funds. The policy of the Funds and the Adviser does not permit managing members of the Adviser GP or full-time employees of the Adviser to receive compensation for serving as directors of the Issuer, and the Funds are instead entitled to the pecuniary interest in the Exercised Stock Options. Julian C. Baker, as an agent in his capacity as a director of the Issuer, entered into a proceeds agreement (the "Proceeds Agreement") with the Adviser on May 7, 2026. Pursuant to the Proceeds Agreement, Julian C. Baker agreed that, with respect to the Exercised Stock Options and the Common Stock received as a result of the exercise of the Exercised Stock Options on May 8, 2026, the Adviser will have dispositive power as well as the ability to control the timing of exercise of the Exercised Stock Options and that any proceeds from the sale of the Common Stock will be remitted to the Adviser net of brokerage commissions. Other than through their control of the Adviser, Felix J. Baker and Julian C. Baker have neither voting nor dispositive power over and have no direct pecuniary interest in the Exercised Stock Options or the Common Stock. Pursuant to the Proceeds Agreement, the Adviser funded Julian C. Baker's exercise of the Exercised Stock Options through loans from 667 and Life Sciences. The total amount expended on acquiring the Common Stock was $1,267,950. The foregoing description of the Proceeds Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Proceeds Agreement, which is filed as Exhibit 99.2 and is incorporated herein by reference. In order to effect the exercise of the Exercised Stock Options, on May 8, 2026, the Adviser drew down $106,395 for the purpose of acquiring Common Stock for 667 from a revolving note (the "667 Revolver"). The 667 Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The Adviser also drew down $1,161,555 for the purpose of acquiring Common Stock for Life Sciences from a revolving note (the "LS Revolver"). The LS Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The foregoing descriptions of the 667 Revolver and the LS Revolver do not purport to be complete and are qualified in their entirety by reference to the full texts of the 667 Revolver and LS Revolver, which are filed as Exhibit 99.3 and incorporated by reference as Exhibit 99.4, respectively, and are incorporated herein by reference. The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities of the Issuer or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons' continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer's management, other members of the Board and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D. Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may make suggestions to the management of the Issuer regarding financing, and may acquire additional securities of the Issuer, including shares of Common Stock (by means of open market purchases, privately negotiated purchases, exercise of some or all of the Stock Options (as defined in Item 5), vesting of RSUs or otherwise) or may dispose of some or all of the securities of the Issuer, including shares of Common Stock, under their control. Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows: On May 8, 2026 the Adviser acquired beneficial ownership of 15,000 shares of common stock ("Common Stock") of Incyte Corporation (the "Issuer"), as a result of the exercise of 15,000 options to purchase Common Stock at $84.53 per share (the "Exercised Stock Options") held directly by Julian C. Baker. Julian C. Baker currently serves on the Issuer's board of directors (the "Board") as a representative of the Funds. The policy of the Funds and the Adviser does not permit managing members of the Adviser GP or full-time employees of the Adviser to receive compensation for serving as directors of the Issuer, and the Funds are instead entitled to the pecuniary interest in the Exercised Stock Options. Julian C. Baker, as an agent in his capacity as a director of the Issuer, entered into a proceeds agreement (the "Proceeds Agreement") with the Adviser on May 7, 2026. Pursuant to the Proceeds Agreement, Julian C. Baker agreed that, with respect to the Exercised Stock Options and the Common Stock received as a result of the exercise of the Exercised Stock Options on May 8, 2026, the Adviser will have dispositive power as well as the ability to control the timing of exercise of the Exercised Stock Options and that any proceeds from the sale of the Common Stock will be remitted to the Adviser net of brokerage commissions. Other than through their control of the Adviser, Felix J. Baker and Julian C. Baker have neither voting nor dispositive power over and have no direct pecuniary interest in the Exercised Stock Options or the Common Stock. Pursuant to the Proceeds Agreement, the Adviser funded Julian C. Baker's exercise of the Exercised Stock Options through loans from 667 and Life Sciences. The total amount expended on acquiring the Common Stock was $1,267,950. The foregoing description of the Proceeds Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Proceeds Agreement, which is filed as Exhibit 99.2 and is incorporated herein by reference. In order to effect the exercise of the Exercised Stock Options, on May 8, 2026, the Adviser drew down $106,395 for the purpose of acquiring Common Stock for 667 from a revolving note (the "667 Revolver"). The 667 Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The Adviser also drew down $1,161,555 for the purpose of acquiring Common Stock for Life Sciences from a revolving note (the "LS Revolver"). The LS Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The foregoing descriptions of the 667 Revolver and the LS Revolver do not purport to be complete and are qualified in their entirety by reference to the full texts of the 667 Revolver and LS Revolver, which are filed as Exhibit 99.3 and incorporated by reference as Exhibit 99.4, respectively, and are incorporated herein by reference. The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities of the Issuer or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons' continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer's management, other members of the Board and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D. Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may make suggestions to the management of the Issuer regarding financing, and may acquire additional securities of the Issuer, including shares of Common Stock (by means of open market purchases, privately negotiated purchases, exercise of some or all of the Stock Options (as defined in Item 5), vesting of RSUs or otherwise) or may dispose of some or all of the securities of the Issuer, including shares of Common Stock, under their control. Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows: On May 8, 2026 the Adviser acquired beneficial ownership of 15,000 shares of common stock ("Common Stock") of Incyte Corporation (the "Issuer"), as a result of the exercise of 15,000 options to purchase Common Stock at $84.53 per share (the "Exercised Stock Options") held directly by Julian C. Baker. Julian C. Baker currently serves on the Issuer's board of directors (the "Board") as a representative of the Funds. The policy of the Funds and the Adviser does not permit managing members of the Adviser GP or full-time employees of the Adviser to receive compensation for serving as directors of the Issuer, and the Funds are instead entitled to the pecuniary interest in the Exercised Stock Options. Julian C. Baker, as an agent in his capacity as a director of the Issuer, entered into a proceeds agreement (the "Proceeds Agreement") with the Adviser on May 7, 2026. Pursuant to the Proceeds Agreement, Julian C. Baker agreed that, with respect to the Exercised Stock Options and the Common Stock received as a result of the exercise of the Exercised Stock Options on May 8, 2026, the Adviser will have dispositive power as well as the ability to control the timing of exercise of the Exercised Stock Options and that any proceeds from the sale of the Common Stock will be remitted to the Adviser net of brokerage commissions. Other than through their control of the Adviser, Felix J. Baker and Julian C. Baker have neither voting nor dispositive power over and have no direct pecuniary interest in the Exercised Stock Options or the Common Stock. Pursuant to the Proceeds Agreement, the Adviser funded Julian C. Baker's exercise of the Exercised Stock Options through loans from 667 and Life Sciences. The total amount expended on acquiring the Common Stock was $1,267,950. The foregoing description of the Proceeds Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Proceeds Agreement, which is filed as Exhibit 99.2 and is incorporated herein by reference. In order to effect the exercise of the Exercised Stock Options, on May 8, 2026, the Adviser drew down $106,395 for the purpose of acquiring Common Stock for 667 from a revolving note (the "667 Revolver"). The 667 Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The Adviser also drew down $1,161,555 for the purpose of acquiring Common Stock for Life Sciences from a revolving note (the "LS Revolver"). The LS Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The foregoing descriptions of the 667 Revolver and the LS Revolver do not purport to be complete and are qualified in their entirety by reference to the full texts of the 667 Revolver and LS Revolver, which are filed as Exhibit 99.3 and incorporated by reference as Exhibit 99.4, respectively, and are incorporated herein by reference. The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities of the Issuer or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons' continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer's management, other members of the Board and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D. Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may make suggestions to the management of the Issuer regarding financing, and may acquire additional securities of the Issuer, including shares of Common Stock (by means of open market purchases, privately negotiated purchases, exercise of some or all of the Stock Options (as defined in Item 5), vesting of RSUs or otherwise) or may dispose of some or all of the securities of the Issuer, including shares of Common Stock, under their control. Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows: On May 8, 2026 the Adviser acquired beneficial ownership of 15,000 shares of common stock ("Common Stock") of Incyte Corporation (the "Issuer"), as a result of the exercise of 15,000 options to purchase Common Stock at $84.53 per share (the "Exercised Stock Options") held directly by Julian C. Baker. Julian C. Baker currently serves on the Issuer's board of directors (the "Board") as a representative of the Funds. The policy of the Funds and the Adviser does not permit managing members of the Adviser GP or full-time employees of the Adviser to receive compensation for serving as directors of the Issuer, and the Funds are instead entitled to the pecuniary interest in the Exercised Stock Options. Julian C. Baker, as an agent in his capacity as a director of the Issuer, entered into a proceeds agreement (the "Proceeds Agreement") with the Adviser on May 7, 2026. Pursuant to the Proceeds Agreement, Julian C. Baker agreed that, with respect to the Exercised Stock Options and the Common Stock received as a result of the exercise of the Exercised Stock Options on May 8, 2026, the Adviser will have dispositive power as well as the ability to control the timing of exercise of the Exercised Stock Options and that any proceeds from the sale of the Common Stock will be remitted to the Adviser net of brokerage commissions. Other than through their control of the Adviser, Felix J. Baker and Julian C. Baker have neither voting nor dispositive power over and have no direct pecuniary interest in the Exercised Stock Options or the Common Stock. Pursuant to the Proceeds Agreement, the Adviser funded Julian C. Baker's exercise of the Exercised Stock Options through loans from 667 and Life Sciences. The total amount expended on acquiring the Common Stock was $1,267,950. The foregoing description of the Proceeds Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Proceeds Agreement, which is filed as Exhibit 99.2 and is incorporated herein by reference. In order to effect the exercise of the Exercised Stock Options, on May 8, 2026, the Adviser drew down $106,395 for the purpose of acquiring Common Stock for 667 from a revolving note (the "667 Revolver"). The 667 Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The Adviser also drew down $1,161,555 for the purpose of acquiring Common Stock for Life Sciences from a revolving note (the "LS Revolver"). The LS Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The foregoing descriptions of the 667 Revolver and the LS Revolver do not purport to be complete and are qualified in their entirety by reference to the full texts of the 667 Revolver and LS Revolver, which are filed as Exhibit 99.3 and incorporated by reference as Exhibit 99.4, respectively, and are incorporated herein by reference. The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities of the Issuer or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons' continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer's management, other members of the Board and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D. Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may make suggestions to the management of the Issuer regarding financing, and may acquire additional securities of the Issuer, including shares of Common Stock (by means of open market purchases, privately negotiated purchases, exercise of some or all of the Stock Options (as defined in Item 5), vesting of RSUs or otherwise) or may dispose of some or all of the securities of the Issuer, including shares of Common Stock, under their control. Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows: On May 8, 2026 the Adviser acquired beneficial ownership of 15,000 shares of common stock ("Common Stock") of Incyte Corporation (the "Issuer"), as a result of the exercise of 15,000 options to purchase Common Stock at $84.53 per share (the "Exercised Stock Options") held directly by Julian C. Baker. Julian C. Baker currently serves on the Issuer's board of directors (the "Board") as a representative of the Funds. The policy of the Funds and the Adviser does not permit managing members of the Adviser GP or full-time employees of the Adviser to receive compensation for serving as directors of the Issuer, and the Funds are instead entitled to the pecuniary interest in the Exercised Stock Options. Julian C. Baker, as an agent in his capacity as a director of the Issuer, entered into a proceeds agreement (the "Proceeds Agreement") with the Adviser on May 7, 2026. Pursuant to the Proceeds Agreement, Julian C. Baker agreed that, with respect to the Exercised Stock Options and the Common Stock received as a result of the exercise of the Exercised Stock Options on May 8, 2026, the Adviser will have dispositive power as well as the ability to control the timing of exercise of the Exercised Stock Options and that any proceeds from the sale of the Common Stock will be remitted to the Adviser net of brokerage commissions. Other than through their control of the Adviser, Felix J. Baker and Julian C. Baker have neither voting nor dispositive power over and have no direct pecuniary interest in the Exercised Stock Options or the Common Stock. Pursuant to the Proceeds Agreement, the Adviser funded Julian C. Baker's exercise of the Exercised Stock Options through loans from 667 and Life Sciences. The total amount expended on acquiring the Common Stock was $1,267,950. The foregoing description of the Proceeds Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Proceeds Agreement, which is filed as Exhibit 99.2 and is incorporated herein by reference. In order to effect the exercise of the Exercised Stock Options, on May 8, 2026, the Adviser drew down $106,395 for the purpose of acquiring Common Stock for 667 from a revolving note (the "667 Revolver"). The 667 Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The Adviser also drew down $1,161,555 for the purpose of acquiring Common Stock for Life Sciences from a revolving note (the "LS Revolver"). The LS Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The foregoing descriptions of the 667 Revolver and the LS Revolver do not purport to be complete and are qualified in their entirety by reference to the full texts of the 667 Revolver and LS Revolver, which are filed as Exhibit 99.3 and incorporated by reference as Exhibit 99.4, respectively, and are incorporated herein by reference. The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities of the Issuer or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons' continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer's management, other members of the Board and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D. Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may make suggestions to the management of the Issuer regarding financing, and may acquire additional securities of the Issuer, including shares of Common Stock (by means of open market purchases, privately negotiated purchases, exercise of some or all of the Stock Options (as defined in Item 5), vesting of RSUs or otherwise) or may dispose of some or all of the securities of the Issuer, including shares of Common Stock, under their control. Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Item 4 of Schedule 13D is supplemented and superseded, as the case may be, as follows: On May 8, 2026 the Adviser acquired beneficial ownership of 15,000 shares of common stock ("Common Stock") of Incyte Corporation (the "Issuer"), as a result of the exercise of 15,000 options to purchase Common Stock at $84.53 per share (the "Exercised Stock Options") held directly by Julian C. Baker. Julian C. Baker currently serves on the Issuer's board of directors (the "Board") as a representative of the Funds. The policy of the Funds and the Adviser does not permit managing members of the Adviser GP or full-time employees of the Adviser to receive compensation for serving as directors of the Issuer, and the Funds are instead entitled to the pecuniary interest in the Exercised Stock Options. Julian C. Baker, as an agent in his capacity as a director of the Issuer, entered into a proceeds agreement (the "Proceeds Agreement") with the Adviser on May 7, 2026. Pursuant to the Proceeds Agreement, Julian C. Baker agreed that, with respect to the Exercised Stock Options and the Common Stock received as a result of the exercise of the Exercised Stock Options on May 8, 2026, the Adviser will have dispositive power as well as the ability to control the timing of exercise of the Exercised Stock Options and that any proceeds from the sale of the Common Stock will be remitted to the Adviser net of brokerage commissions. Other than through their control of the Adviser, Felix J. Baker and Julian C. Baker have neither voting nor dispositive power over and have no direct pecuniary interest in the Exercised Stock Options or the Common Stock. Pursuant to the Proceeds Agreement, the Adviser funded Julian C. Baker's exercise of the Exercised Stock Options through loans from 667 and Life Sciences. The total amount expended on acquiring the Common Stock was $1,267,950. The foregoing description of the Proceeds Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Proceeds Agreement, which is filed as Exhibit 99.2 and is incorporated herein by reference. In order to effect the exercise of the Exercised Stock Options, on May 8, 2026, the Adviser drew down $106,395 for the purpose of acquiring Common Stock for 667 from a revolving note (the "667 Revolver"). The 667 Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The Adviser also drew down $1,161,555 for the purpose of acquiring Common Stock for Life Sciences from a revolving note (the "LS Revolver"). The LS Revolver is due on May 1, 2053, or earlier if the Common Stock (or any portion thereof) is sold, with interest accruing on each draw at the long-term applicable federal rate in effect on the date of such draw (4.62% per annum with respect to the May 7, 2026 draw). The foregoing descriptions of the 667 Revolver and the LS Revolver do not purport to be complete and are qualified in their entirety by reference to the full texts of the 667 Revolver and LS Revolver, which are filed as Exhibit 99.3 and incorporated by reference as Exhibit 99.4, respectively, and are incorporated herein by reference. The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities of the Issuer or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons' continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer's management, other members of the Board and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D. Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may make suggestions to the management of the Issuer regarding financing, and may acquire additional securities of the Issuer, including shares of Common Stock (by means of open market purchases, privately negotiated purchases, exercise of some or all of the Stock Options (as defined in Item 5), vesting of RSUs or otherwise) or may dispose of some or all of the securities of the Issuer, including shares of Common Stock, under their control. Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.