BVF Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), BVF Inc. reported 44 stock positions worth $2.8 billion. Its top holding was Moonlake Immunotherapeutics (MLTX) at 33.3% of the portfolio, followed by Kymera Therapeutics (KYMR, 8.6%) and Revolution Medicines (RVMD, 6.5%). Compared with Q1 2025, it opened 3 new positions, sold out of 10, added to 5 and reduced 6. The biggest buy was Kymera Therapeutics (KYMR, shares +7%) and the biggest sale an exit from Lakefront Biotherapeutic-ADR (LKFT).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0001056807
Portfolio Value
$2.8B (Q2 2025)
SEC Filing
0000921895-25-002281 ↗ filed Aug 14, 2025

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 $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 44 stocks · $2.8B

MLTX Moonlake Immunotherapeutics 33.31% 19,751,284 $932.3M No change
KYMR Kymera Therapeutics Inc. 8.58% 5,502,710 $240.1M Add +6.6%
RVMD Revolution Medicines Inc. 6.55% 4,982,384 $183.3M No change
PTGX Protagonist Therapeutics Inc. 6.34% 3,211,041 $177.5M Add +24.7%
AXSM Axsome Therapeutics Inc. 6.30% 1,690,221 $176.4M No change
MIRM Mirum Pharmaceuticals Inc. 5.02% 2,761,333 $140.5M Reduce -1.3%
GHRS GH Research PLC 3.84% 8,827,712 $107.6M No change
IONS Ionis Pharmaceuticals Inc. 2.70% 1,913,385 $75.6M No change
XOMA Xoma Royalty Corporation 2.33% 2,590,303 $65.3M Reduce -13.2%
ZYME Zymeworks Inc. 1.93% 4,308,935 $54.1M No change
SEPN Septerna Inc. 1.66% 4,396,124 $46.5M No change
CELC Celcuity Inc. 1.65% 3,466,000 $46.3M No change
KURA Kura Oncology Inc. 1.60% 7,754,129 $44.7M No change
CGEM Cullinan Therapeutics Inc. 1.55% 5,750,683 $43.3M No change
ACIU Ac Immune SA 1.44% 19,822,436 $40.2M No change
CDTX Cidara Therapeutics Inc. 1.37% 786,392 $38.3M Reduce -14.9%
TYRA Tyra Biosciences Inc. 1.35% 3,944,194 $37.7M No change
GPCR Structure Therapeutics Inc. 1.31% 1,771,417 $36.7M No change
IMCR Immunocore Holdings PLC-ADR 1.15% 1,024,288 $32.1M New
GLUE Monte Rosa Therapeutics Inc. 0.91% 5,660,132 $25.5M No change
FHTX Foghorn Therapeutics Inc. 0.89% 5,302,000 $24.9M No change
OLMA Olema Pharmaceuticals Inc. 0.81% 5,295,893 $22.6M No change
CBIO Crescent Biopharma Inc. 0.80% 1,387,863 $22.4M New
XNCR Xencor Inc. 0.77% 2,740,141 $21.5M No change
FDMT 4D Molecular Therapeutics Inc. 0.61% 4,629,289 $17.2M Add +1.5%
ELDN Eledon Pharmaceuticals Inc. 0.61% 6,293,282 $17.1M No change
ANNX Annexon Inc. 0.60% 7,000,000 $16.8M No change
PVLA Palvella Therapeutics Inc. 0.56% 696,555 $15.7M No change
EPIX Essa Pharma Inc. 0.53% 8,748,629 $14.9M No change
RPTX Repare Therapeutics Inc. 0.51% 10,333,600 $14.4M No change
VSTM Verastem Inc. 0.50% 3,404,425 $14.1M Add +62.1%
RAPT Rapt Therapeutics Inc. 0.33% 1,154,692 $9.2M New
FBRX Forte Biosciences Inc. 0.27% 588,344 $7.6M Reduce -1.0%
TCRX Tscan Therapeutics Inc. 0.27% 5,226,074 $7.6M Add +6.9%
IKENA ONCOLOGY INC 0.19% 4,006,564 $5.4M No change
IMUX Immunic Inc. 0.19% 7,652,972 $5.3M Reduce -14.0%
MOLN Molecular Partners AG -ADR 0.19% 1,353,968 $5.2M No change
AVTX Avalo Therapeutics Inc. 0.18% 1,028,049 $5.1M Reduce -0.8%
IVA Inventiva SA - ADR 0.08% 686,040 $2.1M No change
TENX Tenax Therapeutics Inc. 0.07% 339,549 $2.0M No change
SABS Sab Biotherapeutics Inc. 0.06% 917,826 $1.6M No change
OVID Ovid Therapeutics Inc. 0.05% 3,853,818 $1.3M No change
ENGENE HOLDINGS INC 0.02% 945,402 $586K No change
NLS PHARMACEUTICS LTD 0.01% 143,676 $417K No change

Portfolio Sells Q1 2025 → Q2 2025

LKFT Lakefront Biotherapeutic-ADR Sold out 0.00% −1.49
VERV Verve Therapeutics Inc. Sold out 0.00% −1.29
ITOS Iteos Therapeutics Inc. Sold out 0.00% −0.75
RAPT THERAPEUTICS INC Sold out 0.00% −0.46
THRD Third Harmonic Bio Inc. Sold out 0.00% −0.34
VIGL Vigil Neuroscience Inc. Sold out 0.00% −0.29
IMUX Immunic Inc. Reduce -14.0% 0.19% −0.20
AVTX Avalo Therapeutics Inc. Reduce -0.8% 0.18% −0.16
ALLK Allakos LLC Sold out 0.00% −0.15
CTMX Cytomx Therapeutics Inc. Sold out 0.00% −0.14
MIRM Mirum Pharmaceuticals Inc. Reduce -1.3% 5.02% −0.11
XOMA Xoma Royalty Corporation Reduce -13.2% 2.33% −0.09
GLYCOMIMETICS INC Sold out 0.00% −0.08
NAMS Newamsterdam Pharma Co. NV Sold out 0.00% −0.05
FBRX Forte Biosciences Inc. Reduce -1.0% 0.27% +0.08
CDTX Cidara Therapeutics Inc. Reduce -14.9% 1.37% +0.56

Portfolio Buys Q1 2025 → Q2 2025

KYMR Kymera Therapeutics Inc. Add +6.6% 8.58% +2.82
PTGX Protagonist Therapeutics Inc. Add +24.7% 6.34% +1.26
IMCR Immunocore Holdings PLC-ADR New 1.15% +1.15
CBIO Crescent Biopharma Inc. New 0.80% +0.80
RAPT Rapt Therapeutics Inc. New 0.33% +0.33
FDMT 4D Molecular Therapeutics Inc. Add +1.5% 0.61% +0.01
TCRX Tscan Therapeutics Inc. Add +6.9% 0.27% −0.00
VSTM Verastem Inc. Add +62.1% 0.50% −0.01

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