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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
(+20%)
Cap. Flow
-$339M
Cap. Flow
% of AUM
-11.43%
Top 10 Holdings %
Top 10 Hldgs %
62.79%
Holding
48
New
2
Increased
8
Reduced
8
Closed
7
Avg Time Held
12.8
quarters
Top 10 Avg Time Held
4.8
quarters
Top 20 Avg Time Held
7.5
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Xencor
XNCR
|
+$65.6M |
| 2 |
Disc Medicine
IRON
|
+$54.9M |
| 3 |
Invivyd
IVVD
|
+$40.6M |
| 4 |
Stoke Therapeutics
STOK
|
+$18.3M |
| 5 |
Crescent Biopharma
CBIO
|
+$17.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Protagonist Therapeutics
PTGX
|
+$170M |
| 2 |
Cidara Therapeutics
CDTX
|
+$135M |
| 3 |
Axsome Therapeutics
AXSM
|
+$61.6M |
| 4 |
Septerna Inc
SEPN
|
+$54.8M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
26
4D Molecular Therapeutics
FDMT
$683M
| $34.7M | 1.17% |
4,629,289
| – | – |
2020 Q4
20 quarters
|
|
|
27
Crescent Biopharma
CBIO
$480M
| $32.6M | 1.1% |
2,748,763
+1,360,900
| +98% | +$17.3M |
2019 Q3
25 quarters
|
|
28
Foghorn Therapeutics
FHTX
$110M
| $28.6M | 0.96% |
5,302,000
| – | – |
2024 Q2
6 quarters
|
|
29
DELISTED
Repare Therapeutics
RPTX
| $26.9M | 0.9% |
10,333,600
| – | – |
2020 Q2
22 quarters
|
|
30
Avalo Therapeutics
AVTX
$644M
| $24.6M | 0.83% |
1,355,257
+1
| +0% | +$17 |
2024 Q3
5 quarters
|
|
31
PepGen
PEPG
$173M
| $12.5M | 0.42% |
1,915,000
| – | – |
2025 Q3
1 quarter
|
|
32
Eledon Pharmaceuticals
ELDN
$190M
| $9.5M | 0.32% |
6,293,282
| – | – |
2019 Q2
26 quarters
|
|
33
X4 Pharmaceuticals
XFOR
$258M
| $8.93M | 0.3% |
2,233,742
| – | – |
2025 Q3
1 quarter
|
|
|
34
Axsome Therapeutics
AXSM
$8.19B
| $8.36M | 0.28% |
45,757
-441,000
| -91% | -$61.6M |
2024 Q2
6 quarters
|
|
35
Molecular Partners
MOLN
$141M
| $5.82M | 0.2% |
1,353,968
| – | – |
2021 Q3
17 quarters
|
|
36
ImageneBio Inc
IMA
$48.1M
| $5.53M | 0.19% |
802,102
| – | – |
2021 Q1
19 quarters
|
|
37
TScan Therapeutics
TCRX
$14.7M
| $5.23M | 0.18% |
5,226,074
| – | – |
2023 Q2
10 quarters
|
|
38
Tenax Therapeutics
TENX
$59.9M
| $4.14M | 0.14% |
339,549
| – | – |
2024 Q3
5 quarters
|
|
39
Immunic
IMUX
$94M
| $4.08M | 0.14% |
765,297
| – | – |
2024 Q1
7 quarters
|
|
40
Inventiva
IVA
$678M
| $3.19M | 0.11% |
686,040
| – | – |
2021 Q1
19 quarters
|
|
41
enGene Therapeutics Warrants
ENGNW
| $2.4M | 0.08% |
945,402
| – | – |
2023 Q4
8 quarters
|
|
|
42
DELISTED
Cidara Therapeutics
CDTX
| – | – |
-1,414,165
| Closed | -$135M | – |
|
43
Celcuity
CELC
$3.09B
| – | – |
-658,421
| Closed | -$32.5M | – |
|
44
DELISTED
ESSA Pharma
EPIX
| – | – |
-11,668,473
| Closed | -$2.23M | – |
|
45
DELISTED
Forte Biosciences
FBRX
| – | – |
-65,350
| Closed | -$980K | – |
|
46
NewcelX Ltd
NCEL
$16.4M
| – | – |
-14,368
| Closed | -$263K | – |
|
|
47
Protagonist Therapeutics
PTGX
$8.96B
| – | – |
-2,560,916
| Closed | -$170M | – |
|
48
SAB Biotherapeutics
SABS
$244M
| – | – |
-932,697
| Closed | -$1.87M | – |
|
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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.