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BVF Inc Portfolio holdings

AUM $3.91B
1-Year Est. Return 304.52%
This Fund
S&P 500
This Quarter Est. Return
+56.08%
1 Year Est. Return
+304.52%
3 Year Est. Return
+591.72%
5 Year Est. Return
+1,391.92%
10 Year Est. Return
+28,184.58%
AUM
$2.97B
AUM Growth
+$504M
Cap. Flow
-$339M
Cap. Flow %
-11.43%
Top 10 Hldgs %
62.79%
Holding
48
New
2
Increased
8
Reduced
8
Closed
7

Top Buys

Rank Stock Value
1
XNCR icon
Xencor
XNCR
+$65.6M
2
IRON icon
Disc Medicine
IRON
+$54.9M
3
IVVD icon
Invivyd
IVVD
+$40.6M
4
STOK icon
Stoke Therapeutics
STOK
+$18.3M
5
CBIO
Crescent Biopharma
CBIO
+$17.3M

Top Sells

Rank Stock Value
1
PTGX icon
Protagonist Therapeutics
PTGX
+$170M
2
CDTX
Cidara Therapeutics
CDTX
+$135M
3
AXSM icon
Axsome Therapeutics
AXSM
+$61.6M
4
SEPN
Septerna Inc
SEPN
+$54.8M
5
RVMD icon
Revolution Medicines
RVMD
+$40.5M

Sector Composition

Rank Sector Weight
1 Healthcare 99.92%
2 Miscellaneous 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FDMT icon
26
4D Molecular Therapeutics
FDMT
$810M
$34.7M 1.17%
4,629,289
– –
CBIO
27
Crescent Biopharma
CBIO
$659M
$32.6M 1.1%
2,748,763
+1,360,900
+98% +$17.3M
FHTX icon
28
Foghorn Therapeutics
FHTX
$356M
$28.6M 0.96%
5,302,000
– –
RPTX
29
DELISTED
Repare Therapeutics
RPTX
$26.9M 0.9%
10,333,600
– –
AVTX icon
30
Avalo Therapeutics
AVTX
$1.05B
$24.6M 0.83%
1,355,257
+1
+0% +$17
PEPG icon
31
PepGen
PEPG
$213M
$12.5M 0.42%
1,915,000
– –
ELDN icon
32
Eledon Pharmaceuticals
ELDN
$260M
$9.5M 0.32%
6,293,282
– –
XFOR icon
33
X4 Pharmaceuticals
XFOR
$401M
$8.93M 0.3%
2,233,742
– –
AXSM icon
34
Axsome Therapeutics
AXSM
$10.4B
$8.36M 0.28%
45,757
-441,000
-91% -$61.6M
MOLN
35
Molecular Partners
MOLN
$172M
$5.82M 0.2%
1,353,968
– –
IMA
36
ImageneBio Inc
IMA
$60.6M
$5.53M 0.19%
802,102
– –
TCRX icon
37
TScan Therapeutics
TCRX
$51.1M
$5.23M 0.18%
5,226,074
– –
TENX icon
38
Tenax Therapeutics
TENX
$79.7M
$4.14M 0.14%
339,549
– –
IMUX icon
39
Immunic
IMUX
$210M
$4.08M 0.14%
765,297
– –
IVA
40
Inventiva
IVA
$1.11B
$3.19M 0.11%
686,040
– –
ENGNW icon
41
enGene Therapeutics Warrants
ENGNW
$2.39M
$2.4M 0.08%
945,402
– –
CDTX
42
DELISTED
Cidara Therapeutics
CDTX
– –
-1,414,165
Closed -$135M
CELC icon
43
Celcuity
CELC
$4.33B
– –
-658,421
Closed -$32.5M
EPIX
44
DELISTED
ESSA Pharma
EPIX
– –
-11,668,473
Closed -$2.23M
FBRX icon
45
Forte Biosciences
FBRX
– –
-65,350
Closed -$980K
NCEL
46
NewcelX Ltd
NCEL
$18.4M
– –
-14,368
Closed -$263K
PTGX icon
47
Protagonist Therapeutics
PTGX
$9.34B
– –
-2,560,916
Closed -$170M
SABS icon
48
SAB Biotherapeutics
SABS
$345M
– –
-932,697
Closed -$1.87M
1
2

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DCM
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LNC
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GL
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FFGIM
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AIM
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LCM
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BVF Inc's Q4 2025 Portfolio in Review

As of Q4 2025, BVF Inc held 48 positions worth $2.97B, up 20% from $2.47B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

BVF Inc withdrew a net $339M in Q4 2025, closing 7 positions and reducing 8 holdings. Its most notable exit was Protagonist Therapeutics, an estimated $170M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Miscellaneous.

Against the trend, BVF Inc opened a new position in Disc Medicine worth $51.6M.

  • BVF Inc's largest Q4 2025 buy was Disc Medicine: 650,000 shares worth $51.6M.
  • BVF Inc added most to Xencor in Q4 2025, an estimated $65.6M increase.
  • BVF Inc's biggest Q4 2025 reduction was Axsome Therapeutics, cutting an estimated $61.6M.
  • BVF Inc fully exited Protagonist Therapeutics in Q4 2025, selling an estimated $170M.
  • BVF Inc's ten largest holdings make up 63% of its $2.97B portfolio in Q4 2025.
  • BVF Inc opened 2 new positions and closed 7 in Q4 2025.
  • BVF Inc's portfolio value rose 20% quarter-over-quarter to $2.97B.

Based on BVF Inc's 13F filing for Q4 2025, filed 17 Feb 2026.