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BVF INC/IL

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13F filer, CIK 1056807, San Francisco, CA

BVF INC/IL reported $2,970,708,839 across 41 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 62.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000921895-26-000449

Period
2025-12-31
Reported value
$2.97B
Holdings
41
Top 10 weight
62.79%
New
2
Sold out
7

Part of the filer group BVF INC/IL

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
XNCRadded+4,393,579$67.3M
IRONnew+650,000$51.6M
IVVDnew+19,525,000$48.2M
STOKadded+608,578$19.3M
GPCRadded+275,105$19.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
PTGXexited-2,560,916-$170M
CDTXexited-1,414,165-$135M
AXSMreduced-441,000-$80.5M
SEPNreduced-2,295,008-$64M
RVMDreduced-618,131-$49.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0000921895-26-000449, largest first. % of portfolio is the value over $2,970,708,839, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
KYMRKYMERA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,161,801 shares; 2024Q4: 5,161,801 shares; 2025Q1: 5,161,801 shares; 2025Q2: 5,502,710 shares; 2025Q3: 5,502,710 shares; 2025Q4: 5,502,710 shares 5,502,710$428M14.41%0Timeline
RVMDREVOLUTION MEDICINES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,478,612 shares; 2024Q4: 4,181,179 shares; 2025Q1: 4,982,384 shares; 2025Q2: 4,982,384 shares; 2025Q3: 3,974,913 shares; 2025Q4: 3,356,782 shares 3,356,782$267M9%-618,131Timeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,751,284 shares; 2024Q4: 19,751,284 shares; 2025Q1: 19,751,284 shares; 2025Q2: 19,751,284 shares; 2025Q3: 19,751,284 shares; 2025Q4: 19,751,284 shares 19,751,284$260M8.76%0Timeline
GPCRSTRUCTURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,238,986 shares; 2024Q4: 1,771,417 shares; 2025Q1: 1,771,417 shares; 2025Q2: 1,771,417 shares; 2025Q3: 3,203,917 shares; 2025Q4: 3,479,022 shares 3,479,022$242M8.15%+275,105Timeline
OLMAOLEMA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,135,893 shares; 2024Q4: 5,715,893 shares; 2025Q1: 5,295,893 shares; 2025Q2: 5,295,893 shares; 2025Q3: 5,295,893 shares; 2025Q4: 5,295,893 shares 5,295,893$132M4.46%0Timeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,075,907 shares; 2024Q4: 2,796,513 shares; 2025Q1: 2,796,513 shares; 2025Q2: 2,761,333 shares; 2025Q3: 1,495,290 shares; 2025Q4: 1,495,290 shares 1,495,290$118M3.98%0Timeline
GHRSGH RESEARCH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,400,158 shares; 2024Q4: 10,400,158 shares; 2025Q1: 8,827,712 shares; 2025Q2: 8,827,712 shares; 2025Q3: 8,827,712 shares; 2025Q4: 8,827,712 shares 8,827,712$112M3.77%0Timeline
XNCRXENCOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 850,000 shares; 2024Q4: 2,288,760 shares; 2025Q1: 2,740,141 shares; 2025Q2: 2,740,141 shares; 2025Q3: 2,740,141 shares; 2025Q4: 7,133,720 shares 7,133,720$109M3.68%+4,393,579Timeline
ZYMEZYMEWORKS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,607,935 shares; 2024Q4: 4,308,935 shares; 2025Q1: 4,308,935 shares; 2025Q2: 4,308,935 shares; 2025Q3: 3,938,641 shares; 2025Q4: 3,938,641 shares 3,938,641$104M3.49%0Timeline
PVLAPALVELLA THERAPEUTICS INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 696,555 shares; 2025Q1: 696,555 shares; 2025Q2: 696,555 shares; 2025Q3: 1,161,249 shares; 2025Q4: 879,009 shares 879,009$92M3.1%-282,240Timeline
KURAKURA ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,371,761 shares; 2024Q4: 2,567,469 shares; 2025Q1: 7,754,129 shares; 2025Q2: 7,754,129 shares; 2025Q3: 8,617,162 shares; 2025Q4: 8,617,162 shares 8,617,162$89.5M3.01%0Timeline
STOKSTOKE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,657,096 shares; 2025Q4: 2,265,674 shares 2,265,674$71.9M2.42%+608,5782026-09-23, 13G: 3,608,968 shares, 5.6% of the class, 13G filed 2026-09-30 Timeline
XOMAXOMA ROYALTY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,633,743 shares; 2024Q4: 3,633,743 shares; 2025Q1: 2,983,026 shares; 2025Q2: 2,590,303 shares; 2025Q3: 2,590,303 shares; 2025Q4: 2,590,303 shares 2,590,303$68.9M2.32%0Timeline
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 558,031 shares; 2025Q4: 508,031 shares 508,031$68.5M2.31%-50,000Timeline
NKTRNEKTAR THERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,276,595 shares; 2025Q4: 1,559,595 shares 1,559,595$65.9M2.22%+283,000Timeline
ACIUAC IMMUNE SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 19,522,436 shares; 2024Q4: 19,522,436 shares; 2025Q1: 19,822,436 shares; 2025Q2: 19,822,436 shares; 2025Q3: 19,822,436 shares; 2025Q4: 19,822,436 shares 19,822,436$62.2M2.1%0Timeline
GLUEMONTE ROSA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,764,471 shares; 2025Q1: 5,660,132 shares; 2025Q2: 5,660,132 shares; 2025Q3: 5,660,132 shares; 2025Q4: 3,835,886 shares 3,835,886$60.1M2.02%-1,824,246Timeline
CGEMCULLINAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,750,683 shares; 2024Q4: 5,750,683 shares; 2025Q1: 5,750,683 shares; 2025Q2: 5,750,683 shares; 2025Q3: 5,750,683 shares; 2025Q4: 5,750,683 shares 5,750,683$59.5M2%0Timeline
TYRATYRA BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,661,194 shares; 2024Q4: 3,944,194 shares; 2025Q1: 3,944,194 shares; 2025Q2: 3,944,194 shares; 2025Q3: 3,649,794 shares; 2025Q4: 2,127,665 shares 2,127,665$55.9M1.88%-1,522,129Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 650,000 shares 650,000$51.6M1.74%newTimeline
IMCRIMMUNOCORE HLDGS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,024,288 shares; 2025Q3: 1,574,288 shares; 2025Q4: 1,488,975 shares 1,488,975$50.3M1.69%-85,313Timeline
IVVDINVIVYD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 19,525,000 shares 19,525,000$48.2M1.62%newTimeline
SEPNSEPTERNA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,452,024 shares; 2025Q1: 4,396,124 shares; 2025Q2: 4,396,124 shares; 2025Q3: 4,015,790 shares; 2025Q4: 1,720,782 shares 1,720,782$48M1.61%-2,295,008Timeline
ANNXANNEXON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,000,000 shares; 2024Q4: 7,000,000 shares; 2025Q1: 7,000,000 shares; 2025Q2: 7,000,000 shares; 2025Q3: 7,000,000 shares; 2025Q4: 9,128,080 shares 9,128,080$45.8M1.54%+2,128,080Timeline
CMPXCOMPASS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 4,750,000 shares; 2025Q4: 7,764,842 shares 7,764,842$41.7M1.4%+3,014,842Timeline
FDMT4D MOLECULAR THERAPEUTICS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,382,642 shares; 2024Q4: 2,670,642 shares; 2025Q1: 4,561,289 shares; 2025Q2: 4,629,289 shares; 2025Q3: 4,629,289 shares; 2025Q4: 4,629,289 shares 4,629,289$34.7M1.17%0Timeline
CBIOCRESCENT BIOPHARMA INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,387,863 shares; 2025Q3: 1,387,863 shares; 2025Q4: 2,748,763 shares 2,748,763$32.6M1.1%+1,360,900Timeline
FHTXFOGHORN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,302,000 shares; 2024Q4: 5,302,000 shares; 2025Q1: 5,302,000 shares; 2025Q2: 5,302,000 shares; 2025Q3: 5,302,000 shares; 2025Q4: 5,302,000 shares 5,302,000$28.6M0.96%02026-10-01, 13G/A: 8,507,000 shares, 14.3% of the class, 13G/A filed 2026-10-05 Timeline
REPARE THERAPEUTICS INCREPARE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,333,600 shares; 2024Q4: 10,333,600 shares; 2025Q1: 10,333,600 shares; 2025Q2: 10,333,600 shares; 2025Q3: 10,333,600 shares; 2025Q4: 10,333,600 shares 10,333,600$26.9M0.9%0
AVTXAVALO THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 967,000 shares; 2024Q4: 1,036,679 shares; 2025Q1: 1,036,679 shares; 2025Q2: 1,028,049 shares; 2025Q3: 1,355,256 shares; 2025Q4: 1,355,257 shares 1,355,257$24.6M0.83%+1Timeline
PEPGPEPGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,915,000 shares; 2025Q4: 1,915,000 shares 1,915,000$12.5M0.42%0Timeline
ELDNELEDON PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,293,282 shares; 2024Q4: 6,293,282 shares; 2025Q1: 6,293,282 shares; 2025Q2: 6,293,282 shares; 2025Q3: 6,293,282 shares; 2025Q4: 6,293,282 shares 6,293,282$9.5M0.32%0Timeline
XFORX4 PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,233,742 shares; 2025Q4: 2,233,742 shares 2,233,742$8.93M0.3%0Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,046,000 shares; 2024Q4: 1,388,064 shares; 2025Q1: 1,690,221 shares; 2025Q2: 1,690,221 shares; 2025Q3: 486,757 shares; 2025Q4: 45,757 shares 45,757$8.36M0.28%-441,000Timeline
MOLNMOLECULAR PARTNERS AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 443,221 shares; 2024Q4: 1,353,968 shares; 2025Q1: 1,353,968 shares; 2025Q2: 1,353,968 shares; 2025Q3: 1,353,968 shares; 2025Q4: 1,353,968 shares 1,353,968$5.82M0.2%0Timeline
IMAIMAGENEBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 802,102 shares; 2025Q4: 802,102 shares 802,102$5.53M0.19%0Timeline
TCRXTSCAN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,989,474 shares; 2024Q4: 2,989,474 shares; 2025Q1: 4,889,474 shares; 2025Q2: 5,226,074 shares; 2025Q3: 5,226,074 shares; 2025Q4: 5,226,074 shares 5,226,074$5.23M0.18%0Timeline
TENXTENAX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 339,549 shares; 2024Q4: 339,549 shares; 2025Q1: 339,549 shares; 2025Q2: 339,549 shares; 2025Q3: 339,549 shares; 2025Q4: 339,549 shares 339,549$4.14M0.14%0Timeline
IMUXIMMUNIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,902,972 shares; 2024Q4: 8,902,972 shares; 2025Q1: 8,902,972 shares; 2025Q2: 7,652,972 shares; 2025Q3: 7,652,972 shares; 2025Q4: 7,652,972 shares 7,652,972$4.08M0.14%0Timeline
IVAINVENTIVA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 686,040 shares; 2024Q4: 686,040 shares; 2025Q1: 686,040 shares; 2025Q2: 686,040 shares; 2025Q3: 686,040 shares; 2025Q4: 686,040 shares 686,040$3.19M0.11%0Timeline
ENGNWENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 945,402 shares; 2024Q4: 945,402 shares; 2025Q1: 945,402 shares; 2025Q2: 945,402 shares; 2025Q3: 945,402 shares; 2025Q4: 945,402 shares 945,402$2.4M0.08%0Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
PTGXPROTAGONIST THERAPEUTICS INC2,560,916$170Mshares
CDTXCIDARA THERAPEUTICS INC1,414,165$135Mshares
CELCCELCUITY INC658,421$32.5Mshares
ESSA PHARMA INCESSA PHARMA INC11,668,473$2.23Mshares
SABSSAB BIOTHERAPEUTICS INC932,697$1.87Mshares
FBRXFORTE BIOSCIENCES INC65,350$980Kshares
NLS PHARMACEUTICS LTDNLS PHARMACEUTICS LTD143,676$263Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000921895-26-000449 base2026-02-17acceptance time not in the bulk data set