BVF Inc.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), BVF Inc. reported 43 stock positions worth $3.9 billion. Its top holding was Revolution Medicines (RVMD) at 14.2% of the portfolio, followed by Kymera Therapeutics (KYMR, 11.4%) and Xoma Royalty (XOMA, 8.3%). Compared with Q1 2026, it opened 5 new positions, sold out of 2, added to 6 and reduced 8. The biggest buy was Xoma Royalty (XOMA, shares +193%) and the biggest sale Kymera Therapeutics (KYMR, shares −30%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001056807
Portfolio Value
$3.9B (Q2 2026)
SEC Filing
0000921895-26-002163 ↗ filed Aug 14, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $3.6B Q1 2024 Q2 2024: $3.6B Q2 2024 Q3 2024: $3.4B Q3 2024 Q4 2024: $3.0B Q4 2024 Q1 2025: $2.5B Q1 2025 Q2 2025: $2.8B Q2 2025 Q3 2025: $2.5B Q3 2025 Q4 2025: $3.0B Q4 2025 Q1 2026: $3.1B Q1 2026 Q2 2026: $3.9B $3.9B Q2 2026

Holdings 43 stocks · $3.9B
RVMD Revolution Medicines Inc. 14.20% 2,965,160 $555.3M Add +3.8%
KYMR Kymera Therapeutics Inc. 11.35% 3,872,052 $444.0M Reduce -29.6%
XOMA Xoma Royalty Corporation 8.25% 7,593,303 $322.7M Add +193.1%
MLTX Moonlake Immunotherapeutics 7.97% 16,001,284 $311.5M No change
GHRS GH Research PLC 5.95% 8,650,158 $232.5M No change
GPCR Structure Therapeutics Inc. 4.62% 3,366,823 $180.7M Reduce -2.7%
NKTR Nektar Therapeutics 4.27% 2,391,075 $166.9M Reduce -6.6%
MIRM Mirum Pharmaceuticals Inc. 3.16% 1,056,027 $123.6M Reduce -33.4%
XNCR Xencor Inc. 2.94% 7,133,720 $114.9M No change
ALKS Alkermes PLC 2.89% 2,154,704 $112.9M Add +7.7%
GLUE Monte Rosa Therapeutics Inc. 2.76% 4,460,886 $108.0M No change
CGEM Cullinan Therapeutics Inc. 2.68% 5,750,683 $104.7M No change
PVLA Palvella Therapeutics Inc. 2.63% 672,789 $102.8M Reduce -30.0%
ZYME Zymeworks Inc. 2.44% 3,649,142 $95.4M Reduce -2.3%
KURA Kura Oncology Inc. 2.37% 8,445,769 $92.7M No change
IRON Disc Medicine Inc. 2.16% 1,153,612 $84.4M Reduce -9.3%
STOK Stoke Therapeutics Inc. 2.13% 2,547,557 $83.4M No change
OLMA Olema Pharmaceuticals Inc. 1.69% 5,295,893 $66.3M No change
ANNX Annexon Inc. 1.27% 8,698,173 $49.7M No change
CBIO Crescent Biopharma Inc. 1.27% 2,748,763 $49.5M No change
ACIU Ac Immune SA 1.21% 19,822,436 $47.2M No change
TYRA Tyra Biosciences Inc. 1.21% 1,476,196 $47.1M Reduce -25.3%
STRO Sutro Biopharma Inc. 1.06% 1,251,788 $41.6M No change
IMCR Immunocore Holdings PLC-ADR 1.05% 1,294,463 $41.1M No change
AVTX Avalo Therapeutics Inc. 0.98% 2,075,545 $38.4M Add +27.1%
FDMT 4D Molecular Therapeutics Inc. 0.98% 2,879,289 $38.3M No change
QTTB Q32 Bio Inc. 0.77% 2,350,000 $29.9M New
AVR Anteris Technologies Global 0.76% 3,000,000 $29.6M No change
FHTX Foghorn Therapeutics Inc. 0.73% 5,842,000 $28.5M No change
ABSI Absci Corp. 0.70% 2,361,674 $27.4M New
ELDN Eledon Pharmaceuticals Inc. 0.63% 6,293,282 $24.8M No change
IVVD Invivyd Inc. 0.63% 28,165,000 $24.6M Add +44.3%
SGMT Sagimet Biosciences Inc. Class A 0.49% 2,500,000 $19.3M New
OKUR Onkure Therapeutics Inc. Class A 0.38% 3,235,778 $14.8M Add +63.5%
IMUX Immunic Inc. 0.30% 765,295 $11.8M No change
XFOR X4 Pharmaceuticals Inc. 0.27% 2,233,742 $10.4M No change
IMA Imagenebio Inc. 0.17% 1,110,002 $6.5M No change
TCRX Tscan Therapeutics Inc. 0.14% 5,564,290 $5.5M No change
RACC Research Alliance Corp. Class A 0.14% 500,000 $5.3M New
MOLN Molecular Partners AG -ADR 0.13% 1,353,968 $5.1M No change
TENX Tenax Therapeutics Inc. 0.13% 339,549 $4.9M No change
ENTX Entera Bio Ltd. 0.11% 2,425,000 $4.3M New
IVA Inventiva SA - ADR 0.07% 686,040 $2.6M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $274K (not counted above)
SecurityClassShares / PrincipalValueChange
ENGNW Engene Holdings Inc.-28 *W EXP 10/31/202 945,402$274KNo change

Total filed on the 13F, all lines: $3.9B.

Portfolio Sells Q1 2026 → Q2 2026
KYMR Kymera Therapeutics Inc. Reduce -29.6% 11.35% −3.25
NKTR Nektar Therapeutics Reduce -6.6% 4.27% −1.60
MIRM Mirum Pharmaceuticals Inc. Reduce -33.4% 3.16% −1.50
CMPX Compass Therapeutics Inc. Sold out 0.00% −1.31
TYRA Tyra Biosciences Inc. Reduce -25.3% 1.21% −1.21
PVLA Palvella Therapeutics Inc. Reduce -30.0% 2.63% −1.19
SEPN Septerna Inc. Sold out 0.00% −1.04
GPCR Structure Therapeutics Inc. Reduce -2.7% 4.62% −0.69
ZYME Zymeworks Inc. Reduce -2.3% 2.44% −0.54
IRON Disc Medicine Inc. Reduce -9.3% 2.16% −0.43

Portfolio Buys Q1 2026 → Q2 2026
XOMA Xoma Royalty Corporation Add +193.1% 8.25% +5.66
RVMD Revolution Medicines Inc. Add +3.8% 14.20% +5.35
QTTB Q32 Bio Inc. New 0.77% +0.77
ABSI Absci Corp. New 0.70% +0.70
ALKS Alkermes PLC Add +7.7% 2.89% +0.63
SGMT Sagimet Biosciences Inc. Class A New 0.49% +0.49
AVTX Avalo Therapeutics Inc. Add +27.1% 0.98% +0.20
RACC Research Alliance Corp. Class A New 0.14% +0.14
OKUR Onkure Therapeutics Inc. Class A Add +63.5% 0.38% +0.12
ENTX Entera Bio Ltd. New 0.11% +0.11
IVVD Invivyd Inc. Add +44.3% 0.63% −0.18

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 43$3.9BRVMD, KYMR, XOMA, MLTX, GHRS
Q1 2026 41$3.1BKYMR, MLTX, RVMD, NKTR, GPCR
Q4 2025 41$3.0BKYMR, RVMD, MLTX, GPCR, OLMA
Q3 2025 46$2.5BKYMR, RVMD, PTGX, MLTX, CDTX
Q2 2025 44$2.8BMLTX, KYMR, RVMD, PTGX, AXSM
Q1 2025 51$2.5BMLTX, AXSM, RVMD, KYMR, MIRM
Q4 2024 53$3.0BMLTX, KYMR, RVMD, AXSM, MIRM
Q3 2024 55$3.4BMLTX, KYMR, RVMD, MIRM, TYRA
Q2 2024 60$3.6BMLTX, RVMD, KYMR, IONS, MIRM
Q1 2024 62$3.6BMLTX, KYMR, RVMD, FDMT, GHRS