BVF Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), BVF Inc. reported 41 stock positions worth $3.0 billion. Its top holding was Kymera Therapeutics (KYMR) at 14.4% of the portfolio, followed by Revolution Medicines (RVMD, 9.0%) and Moonlake Immunotherapeutics (MLTX, 8.8%). Compared with Q3 2025, it opened 2 new positions, sold out of 7, added to 8 and reduced 8. The biggest buy was Structure Therapeutics (GPCR, shares +9%) and the biggest sale an exit from Protagonist Therapeutics (PTGX).
- Most Recent 13F
- Q2 2026
- Location
- San Francisco, CA
- CIK
- 0001056807
- Portfolio Value
- $3.0B (Q4 2025)
- SEC Filing
- 0000921895-26-000449 ↗ filed Feb 17, 2026
Holdings Value
Holdings 41 stocks · $3.0B
| KYMR Kymera Therapeutics Inc. | 14.41% | 5,502,710 | $428.2M | No change |
| RVMD Revolution Medicines Inc. | 9.00% | 3,356,782 | $267.4M | Reduce -15.6% |
| MLTX Moonlake Immunotherapeutics | 8.76% | 19,751,284 | $260.3M | No change |
| GPCR Structure Therapeutics Inc. | 8.15% | 3,479,022 | $242.0M | Add +8.6% |
| OLMA Olema Pharmaceuticals Inc. | 4.46% | 5,295,893 | $132.4M | No change |
| MIRM Mirum Pharmaceuticals Inc. | 3.98% | 1,495,290 | $118.1M | No change |
| GHRS GH Research PLC | 3.77% | 8,827,712 | $112.1M | No change |
| XNCR Xencor Inc. | 3.68% | 7,133,720 | $109.2M | Add +160.3% |
| ZYME Zymeworks Inc. | 3.49% | 3,938,641 | $103.7M | No change |
| PVLA Palvella Therapeutics Inc. | 3.10% | 879,009 | $92.0M | Reduce -24.3% |
| KURA Kura Oncology Inc. | 3.01% | 8,617,162 | $89.5M | No change |
| STOK Stoke Therapeutics Inc. | 2.42% | 2,265,674 | $71.9M | Add +36.7% |
| XOMA Xoma Royalty Corporation | 2.32% | 2,590,303 | $68.9M | No change |
| ABVX Abivax SA-ADR | 2.31% | 508,031 | $68.5M | Reduce -9.0% |
| NKTR Nektar Therapeutics | 2.22% | 1,559,595 | $65.9M | Add +22.2% |
| ACIU Ac Immune SA | 2.10% | 19,822,436 | $62.2M | No change |
| GLUE Monte Rosa Therapeutics Inc. | 2.02% | 3,835,886 | $60.1M | Reduce -32.2% |
| CGEM Cullinan Therapeutics Inc. | 2.00% | 5,750,683 | $59.5M | No change |
| TYRA Tyra Biosciences Inc. | 1.88% | 2,127,665 | $55.9M | Reduce -41.7% |
| IRON Disc Medicine Inc. | 1.74% | 650,000 | $51.6M | New |
| IMCR Immunocore Holdings PLC-ADR | 1.69% | 1,488,975 | $50.3M | Reduce -5.4% |
| IVVD Invivyd Inc. | 1.62% | 19,525,000 | $48.2M | New |
| SEPN Septerna Inc. | 1.61% | 1,720,782 | $48.0M | Reduce -57.1% |
| ANNX Annexon Inc. | 1.54% | 9,128,080 | $45.8M | Add +30.4% |
| CMPX Compass Therapeutics Inc. | 1.40% | 7,764,842 | $41.7M | Add +63.5% |
| FDMT 4D Molecular Therapeutics Inc. | 1.17% | 4,629,289 | $34.7M | No change |
| CBIO Crescent Biopharma Inc. | 1.10% | 2,748,763 | $32.6M | Add +98.1% |
| FHTX Foghorn Therapeutics Inc. | 0.96% | 5,302,000 | $28.6M | No change |
| RPTX Repare Therapeutics Inc. | 0.90% | 10,333,600 | $26.9M | No change |
| AVTX Avalo Therapeutics Inc. | 0.83% | 1,355,257 | $24.6M | Add +0.0% |
| PEPG Pepgen Inc. | 0.42% | 1,915,000 | $12.5M | No change |
| ELDN Eledon Pharmaceuticals Inc. | 0.32% | 6,293,282 | $9.5M | No change |
| XFOR X4 Pharmaceuticals Inc. | 0.30% | 2,233,742 | $8.9M | No change |
| AXSM Axsome Therapeutics Inc. | 0.28% | 45,757 | $8.4M | Reduce -90.6% |
| MOLN Molecular Partners AG -ADR | 0.20% | 1,353,968 | $5.8M | No change |
| IMA Imagenebio Inc. | 0.19% | 802,102 | $5.5M | No change |
| TCRX Tscan Therapeutics Inc. | 0.18% | 5,226,074 | $5.2M | No change |
| TENX Tenax Therapeutics Inc. | 0.14% | 339,549 | $4.1M | No change |
| IMUX Immunic Inc. | 0.14% | 7,652,972 | $4.1M | No change |
| IVA Inventiva SA - ADR | 0.11% | 686,040 | $3.2M | No change |
| ENGENE HOLDINGS INC | 0.08% | 945,402 | $2.4M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| PTGX Protagonist Therapeutics Inc. | Sold out | 0.00% | −6.90 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −5.49 |
| AXSM Axsome Therapeutics Inc. | Reduce -90.6% | 0.28% | −2.12 |
| SEPN Septerna Inc. | Reduce -57.1% | 1.61% | −1.45 |
| CELC Celcuity Inc. | Sold out | 0.00% | −1.32 |
| IMCR Immunocore Holdings PLC-ADR | Reduce -5.4% | 1.69% | −0.63 |
| TYRA Tyra Biosciences Inc. | Reduce -41.7% | 1.88% | −0.19 |
| EPIX Essa Pharma Inc. | Sold out | 0.00% | −0.09 |
| SABS Sab Biotherapeutics Inc. | Sold out | 0.00% | −0.08 |
| FBRX Forte Biosciences Inc. | Sold out | 0.00% | −0.04 |
| NLS PHARMACEUTICS LTD | Sold out | 0.00% | −0.01 |
| PVLA Palvella Therapeutics Inc. | Reduce -24.3% | 3.10% | +0.15 |
| GLUE Monte Rosa Therapeutics Inc. | Reduce -32.2% | 2.02% | +0.32 |
| ABVX Abivax SA-ADR | Reduce -9.0% | 2.31% | +0.39 |
| RVMD Revolution Medicines Inc. | Reduce -15.6% | 9.00% | +1.48 |
Portfolio Buys Q3 2025 → Q4 2025
| GPCR Structure Therapeutics Inc. | Add +8.6% | 8.15% | +4.51 |
| XNCR Xencor Inc. | Add +160.3% | 3.68% | +2.37 |
| IRON Disc Medicine Inc. | New | 1.74% | +1.74 |
| IVVD Invivyd Inc. | New | 1.62% | +1.62 |
| STOK Stoke Therapeutics Inc. | Add +36.7% | 2.42% | +0.84 |
| CMPX Compass Therapeutics Inc. | Add +63.5% | 1.40% | +0.73 |
| ANNX Annexon Inc. | Add +30.4% | 1.54% | +0.68 |
| CBIO Crescent Biopharma Inc. | Add +98.1% | 1.10% | +0.43 |
| AVTX Avalo Therapeutics Inc. | Add +0.0% | 0.83% | +0.13 |
| NKTR Nektar Therapeutics | Add +22.2% | 2.22% | −0.72 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $3.9B | RVMD, KYMR, XOMA, MLTX, GHRS |
| Q1 2026 | 41 | $3.1B | KYMR, MLTX, RVMD, NKTR, GPCR |
| Q4 2025 | 41 | $3.0B | KYMR, RVMD, MLTX, GPCR, OLMA |
| Q3 2025 | 46 | $2.5B | KYMR, RVMD, PTGX, MLTX, CDTX |
| Q2 2025 | 44 | $2.8B | MLTX, KYMR, RVMD, PTGX, AXSM |
| Q1 2025 | 51 | $2.5B | MLTX, AXSM, RVMD, KYMR, MIRM |
| Q4 2024 | 53 | $3.0B | MLTX, KYMR, RVMD, AXSM, MIRM |
| Q3 2024 | 55 | $3.4B | MLTX, KYMR, RVMD, MIRM, TYRA |
| Q2 2024 | 60 | $3.6B | MLTX, RVMD, KYMR, IONS, MIRM |
| Q1 2024 | 62 | $3.6B | MLTX, KYMR, RVMD, FDMT, GHRS |