BVF Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), BVF Inc. reported 60 stock positions worth $3.6 billion. Its top holding was Moonlake Immunotherapeutics (MLTX) at 26.8% of the portfolio, followed by Revolution Medicines (RVMD, 6.5%) and Kymera Therapeutics (KYMR, 4.3%). Compared with Q1 2024, it opened 4 new positions, sold out of 6, added to 8 and reduced 6. The biggest buy was a new position in Axsome Therapeutics (AXSM) and the biggest sale Janux Therapeutics (JANX, shares −85%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001056807
Portfolio Value
$3.6B (Q2 2024)
SEC Filing
0000921895-24-001815 ↗ filed Aug 14, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $3.6B Q1 2024 Q2 2024: $3.6B $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 Q2 2026

Holdings 60 stocks · $3.6B
MLTX Moonlake Immunotherapeutics 26.81% 21,751,284 $956.4M No change
RVMD Revolution Medicines Inc. 6.51% 5,981,212 $232.1M No change
KYMR Kymera Therapeutics Inc. 4.32% 5,161,801 $154.1M No change
IONS Ionis Pharmaceuticals Inc. 4.26% 3,186,376 $151.9M Add +31.2%
MIRM Mirum Pharmaceuticals Inc. 4.19% 4,370,024 $149.4M No change
GHRS GH Research PLC 3.40% 10,400,158 $121.3M No change
PTGX Protagonist Therapeutics Inc. 3.22% 3,319,290 $115.0M Reduce -11.6%
CGEM Cullinan Therapeutics Inc. 2.81% 5,750,683 $100.3M Add +79.9%
OLMA Olema Pharmaceuticals Inc. 2.77% 9,135,893 $98.9M No change
GPCR Structure Therapeutics Inc. 2.74% 2,487,762 $97.7M Add +206.0%
XOMA Xoma Royalty Corporation filed as XOMA CORP DEL 2.41% 3,633,743 $86.1M No change
KURA Kura Oncology Inc. 2.36% 4,082,037 $84.0M Reduce -14.7%
FDMT 4D Molecular Therapeutics Inc. 2.31% 3,922,413 $82.3M No change
AXSM Axsome Therapeutics Inc. 2.15% 955,000 $76.9M New
CGON CG Oncology Inc. 2.14% 2,417,885 $76.3M Add +28.3%
MRUS Merus NV 2.12% 1,279,049 $75.7M Add +9.1%
ACIU Ac Immune SA 2.11% 18,834,936 $75.2M Add +29.3%
TYRA Tyra Biosciences Inc. 2.09% 4,661,194 $74.5M No change
ETNB 89BIO Inc. 1.70% 7,568,479 $60.6M Add +87.0%
CELC Celcuity Inc. 1.59% 3,466,000 $56.8M New
THRD Third Harmonic Bio Inc. 1.59% 4,365,933 $56.8M No change
AGIO Agios Pharmaceuticals Inc. 1.44% 1,190,107 $51.3M New
ZYME Zymeworks Inc. 1.40% 5,870,000 $50.0M No change
EPIX Essa Pharma Inc. 1.29% 8,748,629 $46.0M No change
IDYA Ideaya Biosciences Inc. 1.14% 1,162,306 $40.8M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 1.09% 1,569,422 $38.9M Reduce -15.8%
ANNX Annexon Inc. 0.96% 7,000,000 $34.3M No change
RPTX Repare Therapeutics Inc. 0.96% 10,333,600 $34.1M No change
FHTX Foghorn Therapeutics Inc. 0.85% 5,302,000 $30.5M New
CALT Calliditas Therapeutics-ADR 0.82% 750,000 $29.2M No change
NAMS Newamsterdam Pharma Co. NV 0.82% 1,521,948 $29.2M No change
ROIV Roivant Sciences Ltd. 0.81% 2,742,409 $29.0M No change
ENGN Engene Holdings Inc. 0.59% 2,251,037 $21.2M No change
JANX Janux Therapeutics Inc. 0.52% 441,528 $18.5M Reduce -84.9%
TCRX Tscan Therapeutics Inc. 0.49% 2,989,474 $17.5M No change
ELDN Eledon Pharmaceuticals Inc. 0.47% 6,293,282 $16.6M Add +45.5%
ALLK Allakos LLC 0.46% 16,552,417 $16.6M No change
IMUX Immunic Inc. 0.28% 8,902,972 $9.9M No change
IKENA ONCOLOGY INC 0.22% 4,769,164 $7.9M No change
VIGL Vigil Neuroscience Inc. 0.20% 1,813,633 $7.3M No change
VTGN Vistagen Therapeutics Inc. 0.20% 2,000,000 $7.0M No change
CTMX Cytomx Therapeutics Inc. 0.18% 5,228,461 $6.4M Reduce -20.7%
ELEV Elevation Oncology Inc. 0.17% 2,312,200 $6.2M No change
VSTM Verastem Inc. 0.14% 1,685,219 $5.0M No change
CDTX Cidara Therapeutics Inc. 0.11% 343,055 $4.1M No change
VERV Verve Therapeutics Inc. 0.09% 650,000 $3.2M No change
MOLN Molecular Partners AG -ADR 0.09% 443,221 $3.2M No change
OVID Ovid Therapeutics Inc. 0.08% 3,853,818 $3.0M No change
SABS Sab Biotherapeutics Inc. 0.08% 917,826 $2.8M No change
GLYCOMIMETICS INC 0.08% 9,544,262 $2.7M No change
PIERIS PHARMACEUTICALS INC 0.07% 257,626 $2.5M No change
IVA Inventiva SA - ADR 0.06% 686,040 $2.0M No change
VIRX Viracta Therapeutics Inc. 0.06% 3,614,662 $2.0M No change
FORTE BIOSCIENCES INC 0.04% 2,982,105 $1.6M No change
ENGENE HOLDINGS INC 0.04% 945,402 $1.3M No change
NLS PHARMACEUTICS LTD 0.03% 5,747,126 $1.2M No change
UNICYCIVE THERAPEUTICS INC 0.03% 2,200,000 $1.1M Reduce -39.1%
RZLT Rezolute Inc. 0.02% 190,815 $821K No change
MTEMQ Molecular Templates Inc. 0.02% 522,238 $601K No change
ASLAN PHARMACEUTICALS LTD 0.01% 1,049,999 $315K No change

Portfolio Sells Q1 2024 → Q2 2024
JANX Janux Therapeutics Inc. Reduce -84.9% 0.52% −2.50
SNDX Syndax Pharmaceuticals Inc. Sold out 0.00% −1.23
LKFT Lakefront Biotherapeutic-ADR Reduce -15.8% 1.09% −0.56
KURA Kura Oncology Inc. Reduce -14.7% 2.36% −0.45
CTMX Cytomx Therapeutics Inc. Reduce -20.7% 0.18% −0.22
DCTH Delcath Systems Inc. Sold out 0.00% −0.16
LXRX Lexicon Pharmaceuticals Inc. Sold out 0.00% −0.11
ANTX AN2 Therapeutics Inc. Sold out 0.00% −0.11
UNICYCIVE THERAPEUTICS INC Reduce -39.1% 0.03% −0.11
KRON Kronos Bio Inc. Sold out 0.00% −0.10
CRVS Corvus Pharmaceuticals Inc. Sold out 0.00% −0.02
PTGX Protagonist Therapeutics Inc. Reduce -11.6% 3.22% +0.24

Portfolio Buys Q1 2024 → Q2 2024
AXSM Axsome Therapeutics Inc. New 2.15% +2.15
GPCR Structure Therapeutics Inc. Add +206.0% 2.74% +1.78
CELC Celcuity Inc. New 1.59% +1.59
AGIO Agios Pharmaceuticals Inc. New 1.44% +1.44
IONS Ionis Pharmaceuticals Inc. Add +31.2% 4.26% +1.36
CGEM Cullinan Therapeutics Inc. Add +79.9% 2.81% +1.31
ACIU Ac Immune SA Add +29.3% 2.11% +0.92
FHTX Foghorn Therapeutics Inc. New 0.85% +0.85
MRUS Merus NV Add +9.1% 2.12% +0.67
ETNB 89BIO Inc. Add +87.0% 1.70% +0.40
ELDN Eledon Pharmaceuticals Inc. Add +45.5% 0.47% +0.22
CGON CG Oncology Inc. Add +28.3% 2.14% −0.13

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