BVF Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), BVF Inc. reported 55 stock positions worth $3.4 billion. Its top holding was Moonlake Immunotherapeutics (MLTX) at 32.1% of the portfolio, followed by Kymera Therapeutics (KYMR, 7.1%) and Revolution Medicines (RVMD, 4.6%). Compared with Q2 2024, it opened 4 new positions, sold out of 9, added to 6 and reduced 9. The biggest buy was Axsome Therapeutics (AXSM, shares +10%) and the biggest sale Ionis Pharmaceuticals (IONS, shares −54%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001056807
Portfolio Value
$3.4B (Q3 2024)
SEC Filing
0000921895-24-002698 ↗ filed Nov 14, 2024

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 $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 55 stocks · $3.4B

MLTX Moonlake Immunotherapeutics 32.08% 21,751,284 $1.1B No change
KYMR Kymera Therapeutics Inc. 7.15% 5,161,801 $244.3M No change
RVMD Revolution Medicines Inc. 4.62% 3,478,612 $157.8M Reduce -41.8%
MIRM Mirum Pharmaceuticals Inc. 3.51% 3,075,907 $120.0M Reduce -29.6%
TYRA Tyra Biosciences Inc. 3.21% 4,661,194 $109.6M No change
OLMA Olema Pharmaceuticals Inc. 3.19% 9,135,893 $109.1M No change
GPCR Structure Therapeutics Inc. 2.87% 2,238,986 $98.3M Reduce -10.0%
CGEM Cullinan Therapeutics Inc. 2.82% 5,750,683 $96.3M No change
XOMA Xoma Royalty Corporation 2.81% 3,633,743 $96.2M No change
AXSM Axsome Therapeutics Inc. 2.75% 1,046,000 $94.0M Add +9.5%
PTGX Protagonist Therapeutics Inc. 2.44% 1,850,167 $83.3M Reduce -44.3%
FDMT 4D Molecular Therapeutics Inc. 2.33% 7,382,642 $79.8M Add +88.2%
ACIU Ac Immune SA 2.16% 19,522,436 $73.8M Add +3.6%
GHRS GH Research PLC 2.04% 10,400,158 $69.6M No change
KURA Kura Oncology Inc. 1.93% 3,371,761 $65.9M Reduce -17.4%
THRD Third Harmonic Bio Inc. 1.73% 4,365,933 $59.2M No change
IONS Ionis Pharmaceuticals Inc. 1.70% 1,451,879 $58.2M Reduce -54.4%
ZYME Zymeworks Inc. 1.69% 4,607,935 $57.8M Reduce -21.5%
EPIX Essa Pharma Inc. 1.55% 8,748,629 $53.0M No change
AGIO Agios Pharmaceuticals Inc. 1.55% 1,190,107 $52.9M No change
CELC Celcuity Inc. 1.51% 3,466,000 $51.7M No change
ETNB 89BIO Inc. 1.47% 6,811,631 $50.4M Reduce -10.0%
FHTX Foghorn Therapeutics Inc. 1.44% 5,302,000 $49.4M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 1.32% 1,569,422 $45.2M No change
IDYA Ideaya Biosciences Inc. 1.31% 1,409,993 $44.7M Add +21.3%
ANNX Annexon Inc. 1.21% 7,000,000 $41.4M No change
CGON CG Oncology Inc. 1.10% 994,596 $37.5M Reduce -58.9%
RPTX Repare Therapeutics Inc. 1.04% 10,333,600 $35.5M No change
NAMS Newamsterdam Pharma Co. NV 0.74% 1,521,948 $25.3M No change
XNCR Xencor Inc. 0.50% 850,000 $17.1M New
ELDN Eledon Pharmaceuticals Inc. 0.46% 6,293,282 $15.7M No change
TCRX Tscan Therapeutics Inc. 0.44% 2,989,474 $14.9M No change
ENGN Engene Holdings Inc. 0.43% 2,251,037 $14.9M No change
IMUX Immunic Inc. 0.43% 8,902,972 $14.7M No change
ALLK Allakos LLC 0.32% 16,552,417 $10.8M No change
AVTX Avalo Therapeutics Inc. 0.27% 967,000 $9.1M New
IKENA ONCOLOGY INC 0.24% 4,769,164 $8.3M No change
CDTX Cidara Therapeutics Inc. 0.22% 703,065 $7.6M Add +104.9%
CTMX Cytomx Therapeutics Inc. 0.18% 5,228,461 $6.2M No change
VIGL Vigil Neuroscience Inc. 0.18% 1,813,633 $6.2M No change
VTGN Vistagen Therapeutics Inc. 0.18% 2,000,000 $6.0M No change
VSTM Verastem Inc. 0.15% 1,685,219 $5.0M No change
OVID Ovid Therapeutics Inc. 0.13% 3,853,818 $4.5M No change
PIERIS PHARMACEUTICALS INC 0.13% 257,626 $4.3M No change
VERV Verve Therapeutics Inc. 0.09% 650,000 $3.1M No change
SABS Sab Biotherapeutics Inc. 0.07% 917,826 $2.5M No change
MOLN Molecular Partners AG -ADR 0.06% 443,221 $2.1M No change
ELEV Elevation Oncology Inc. 0.05% 2,966,836 $1.8M Add +28.3%
GLYCOMIMETICS INC 0.05% 9,544,262 $1.6M No change
IVA Inventiva SA - ADR 0.04% 686,040 $1.3M No change
TENX Tenax Therapeutics Inc. 0.03% 339,549 $1.2M New
ENGENE HOLDINGS INC 0.02% 945,402 $804K No change
MTEMQ Molecular Templates Inc. 0.02% 522,238 $734K No change
NLS PHARMACEUTICS LTD 0.02% 143,676 $728K New
FBRX Forte Biosciences Inc. 0.02% 119,282 $668K No change

Portfolio Sells Q2 2024 → Q3 2024

IONS Ionis Pharmaceuticals Inc. Reduce -54.4% 1.70% −2.55
MRUS Merus NV Sold out 0.00% −2.12
RVMD Revolution Medicines Inc. Reduce -41.8% 4.62% −1.89
CGON CG Oncology Inc. Reduce -58.9% 1.10% −1.04
CALT Calliditas Therapeutics-ADR Sold out 0.00% −0.82
ROIV Roivant Sciences Ltd. Sold out 0.00% −0.81
PTGX Protagonist Therapeutics Inc. Reduce -44.3% 2.44% −0.79
MIRM Mirum Pharmaceuticals Inc. Reduce -29.6% 3.51% −0.68
JANX Janux Therapeutics Inc. Sold out 0.00% −0.52
KURA Kura Oncology Inc. Reduce -17.4% 1.93% −0.43
ETNB 89BIO Inc. Reduce -10.0% 1.47% −0.22
VIRX Viracta Therapeutics Inc. Sold out 0.00% −0.06
NLS PHARMACEUTICS LTD Sold out 0.00% −0.03
UNICYCIVE THERAPEUTICS INC Sold out 0.00% −0.03
RZLT Rezolute Inc. Sold out 0.00% −0.02
ASLAN PHARMACEUTICALS LTD Sold out 0.00% −0.01
GPCR Structure Therapeutics Inc. Reduce -10.0% 2.87% +0.14
ZYME Zymeworks Inc. Reduce -21.5% 1.69% +0.29

Portfolio Buys Q2 2024 → Q3 2024

AXSM Axsome Therapeutics Inc. Add +9.5% 2.75% +0.60
XNCR Xencor Inc. New 0.50% +0.50
AVTX Avalo Therapeutics Inc. New 0.27% +0.27
IDYA Ideaya Biosciences Inc. Add +21.3% 1.31% +0.16
CDTX Cidara Therapeutics Inc. Add +104.9% 0.22% +0.11
ACIU Ac Immune SA Add +3.6% 2.16% +0.05
TENX Tenax Therapeutics Inc. New 0.03% +0.03
FDMT 4D Molecular Therapeutics Inc. Add +88.2% 2.33% +0.03
NLS PHARMACEUTICS LTD New 0.02% +0.02
ELEV Elevation Oncology Inc. Add +28.3% 0.05% −0.12

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