BVF INC IL's Q4 2025 13F: 2 new positions, 7 exits
Form 13F-HR for the quarter ended Dec 31, 2025 · filed Feb 17, 2026 · 41 reported positions · accession 0000921895-26-000449
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Exited | PROTAGONIST THERAPEUTICS INC (PTGX) | 6.9% | — | −6.9 pts | −2.56M sh | −100% |
| Exited | CIDARA THERAPEUTICS INC (CDTX) | 5.5% | — | −5.5 pts | −1.41M sh | −100% |
| Reduced | AXSOME THERAPEUTICS INC (AXSM) | 2.4% | 0.3% | −2.1 pts | −441K sh | −91% |
| Increased | XENCOR INC (XNCR) | 1.3% | 3.7% | +2.4 pts | +4.39M sh | +160% |
| Reduced | SEPTERNA INC (SEPN) | 3.1% | 1.6% | −1.4 pts | −2.3M sh | −57% |
| New | DISC MEDICINE INC (IRON) | — | 1.7% | +1.7 pts | +650K sh | new |
| Reduced | REVOLUTION MEDICINES INC (RVMD) | 7.5% | 9.0% | +1.5 pts | −618K sh | −16% |
| New | INVIVYD INC (IVVD) | — | 1.6% | +1.6 pts | +19.53M sh | new |
| Reduced | TYRA BIOSCIENCES INC (TYRA) | 2.1% | 1.9% | −0.2 pts | −1.52M sh | −42% |
| Exited | CELCUITY INC (CELC) | 1.3% | — | −1.3 pts | −658K sh | −100% |
| Reduced | PALVELLA THERAPEUTICS INC NE (PVLA) | 3.0% | 3.1% | +0.1 pts | −282K sh | −24% |
| Reduced | MONTE ROSA THERAPEUTICS INC (GLUE) | 1.7% | 2.0% | +0.3 pts | −1.82M sh | −32% |
| Increased | STOKE THERAPEUTICS INC (STOK) | 1.6% | 2.4% | +0.8 pts | +609K sh | +37% |
| Increased | STRUCTURE THERAPEUTICS INC (GPCR) | 3.6% | 8.1% | +4.5 pts | +275K sh | +9% |
| Increased | COMPASS THERAPEUTICS INC (CMPX) | 0.7% | 1.4% | +0.7 pts | +3.01M sh | +63% |
| Increased | CRESCENT BIOPHARMA INC. (CBIO) | 0.7% | 1.1% | +0.4 pts | +1.36M sh | +98% |
| Increased | NEKTAR THERAPEUTICS (NKTR) | 2.9% | 2.2% | −0.7 pts | +283K sh | +22% |
| Increased | ANNEXON INC (ANNX) | 0.9% | 1.5% | +0.7 pts | +2.13M sh | +30% |
| Reduced | ABIVAX SA (ABVX) | 1.9% | 2.3% | +0.4 pts | −50,000 sh | −9% |
| Reduced | IMMUNOCORE HLDGS PLC (IMCR) | 2.3% | 1.7% | −0.6 pts | −85,313 sh | −5% |
| Exited | ESSA PHARMA INC (EPIX) | 0.1% | — | −0.1 pts | −11.67M sh | −100% |
| Exited | SAB BIOTHERAPEUTICS INC (SABS) | 0.1% | — | −0.1 pts | −933K sh | −100% |
| Exited | FORTE BIOSCIENCES INC (FBRX) | 0.0% | — | 0.0 pts | −65,350 sh | −100% |
| Exited | NLS PHARMACEUTICS LTD (NLSP) | 0.0% | — | 0.0 pts | −144K sh | −100% |
| Increased | AVALO THERAPEUTICS INC (AVTX) | 0.7% | 0.8% | +0.1 pts | +1 sh | 0% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 62.8% of the equity book
Changes in the top 10 this quarter: OLMA entered · XNCR entered · ZYME entered · PVLA entered · PTGX left · CDTX left · XOMA left · KURA left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | KYMERA THERAPEUTICS INC (KYMR) | 12.6% | 14.4% | |
| 2 | REVOLUTION MEDICINES INC (RVMD) | 7.5% | 9.0% | |
| 3 | MOONLAKE IMMUNOTHERAPEUTICS (MLTX) | 5.7% | 8.8% | |
| 4 | STRUCTURE THERAPEUTICS INC (GPCR) | 3.6% | 8.1% | |
| 5 | OLEMA PHARMACEUTICALS INC (OLMA) | 2.1% | 4.5% | Entered the top 10 |
| 6 | MIRUM PHARMACEUTICALS INC (MIRM) | 4.4% | 4.0% | |
| 7 | GH RESEARCH PLC (GHRS) | 5.1% | 3.8% | |
| 8 | XENCOR INC (XNCR) | 1.3% | 3.7% | Entered the top 10 |
| 9 | ZYMEWORKS INC (ZYME) | 2.7% | 3.5% | Entered the top 10 |
| 10 | PALVELLA THERAPEUTICS INC NE (PVLA) | 3.0% | 3.1% | Entered the top 10 |
| — | PROTAGONIST THERAPEUTICS INC (PTGX) | 6.9% | 0.0% | Left the top 10 |
| — | CIDARA THERAPEUTICS INC (CDTX) | 5.5% | 0.0% | Left the top 10 |
| — | XOMA ROYALTY CORPORATION (XOMA) | 4.0% | 2.3% | Left the top 10 |
| — | KURA ONCOLOGY INC (KURA) | 3.1% | 3.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).