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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
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
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 icon
Crescent Biopharma
CBIO
+$17.3M

Top Sells

Rank Stock Value
1
PTGX icon
Protagonist Therapeutics
PTGX
+$170M
2
CDTX icon
Cidara Therapeutics
CDTX
+$135M
3
AXSM icon
Axsome Therapeutics
AXSM
+$61.6M
4
SEPN icon
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 Held Since
KYMR icon
1
Kymera Therapeutics
KYMR
$8.87B
$428M 14.41%
5,502,710
– –
2020 Q3
21 quarters
RVMD icon
2
Revolution Medicines
RVMD
$40.4B
$267M 9%
3,356,782
-618,131
-16% -$40.5M
2020 Q1
23 quarters
MLTX icon
3
MoonLake Immunotherapeutics
MLTX
$886M
$260M 8.76%
19,751,284
– –
2022 Q2
14 quarters
GPCR icon
4
Structure Therapeutics
GPCR
$1.59B
$242M 8.15%
3,479,022
+275,105
+9% +$11.2M
2023 Q1
11 quarters
OLMA icon
5
Olema Pharmaceuticals
OLMA
$614M
$132M 4.46%
5,295,893
– –
2020 Q4
20 quarters
MIRM icon
6
Mirum Pharmaceuticals
MIRM
$5.17B
$118M 3.98%
1,495,290
– –
2023 Q3
9 quarters
GHRS icon
7
GH Research
GHRS
$1.29B
$112M 3.77%
8,827,712
– –
2021 Q2
18 quarters
XNCR icon
8
Xencor
XNCR
$1.75B
$109M 3.68%
7,133,720
+4,393,579
+160% +$65.6M
2024 Q3
5 quarters
ZYME icon
9
Zymeworks
ZYME
$1.8B
$104M 3.49%
3,938,641
– –
2022 Q4
12 quarters
PVLA icon
10
Palvella Therapeutics
PVLA
$1.85B
$92M 3.1%
879,009
-282,240
-24% -$24.1M
2016 Q2
38 quarters
KURA icon
11
Kura Oncology
KURA
$874M
$89.5M 3.01%
8,617,162
– –
2017 Q3
33 quarters
STOK icon
12
Stoke Therapeutics
STOK
$1.45B
$71.9M 2.42%
2,265,674
+608,578
+37% +$18.3M
2025 Q3
1 quarter
XOMA icon
13
DELISTED
Xoma
XOMA
$68.9M 2.32%
2,590,303
– –
2016 Q4
36 quarters
ABVX icon
14
Abivax
ABVX
$7.52B
$68.5M 2.31%
508,031
-50,000
-9% -$5.46M
2025 Q3
1 quarter
NKTR icon
15
Nektar Therapeutics
NKTR
$1.29B
$65.9M 2.22%
1,559,595
+283,000
+22% +$15.8M
2025 Q3
1 quarter
ACIU icon
16
AC Immune
ACIU
$239M
$62.2M 2.1%
19,822,436
– –
2018 Q3
29 quarters
GLUE icon
17
Monte Rosa Therapeutics
GLUE
$844M
$60.1M 2.02%
3,835,886
-1,824,246
-32% -$24.6M
2024 Q4
4 quarters
CGEM icon
18
Cullinan Oncology
CGEM
$907M
$59.5M 2%
5,750,683
– –
2021 Q1
19 quarters
TYRA icon
19
Tyra Biosciences
TYRA
$1.28B
$55.9M 1.88%
2,127,665
-1,522,129
-42% -$28M
2021 Q3
17 quarters
IRON icon
20
Disc Medicine
IRON
$2.17B
$51.6M 1.74%
+650,000
New +$54.9M
2025 Q4
0 quarters
IMCR icon
21
Immunocore
IMCR
$1.43B
$50.3M 1.69%
1,488,975
-85,313
-5% -$3.01M
2025 Q2
2 quarters
IVVD icon
22
Invivyd
IVVD
$190M
$48.2M 1.62%
+19,525,000
New +$40.6M
2025 Q4
0 quarters
SEPN icon
23
Septerna Inc
SEPN
$1.7B
$48M 1.61%
1,720,782
-2,295,008
-57% -$54.8M
2024 Q4
4 quarters
ANNX icon
24
Annexon
ANNX
$726M
$45.8M 1.54%
9,128,080
+2,128,080
+30% +$8.14M
2023 Q4
8 quarters
CMPX icon
25
Compass Therapeutics
CMPX
$154M
$41.7M 1.4%
7,764,842
+3,014,842
+63% +$13.9M
2025 Q3
1 quarter
1
2

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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.