# EDGAR Filing Document

**Accession Number:** 0001055951
**File Stem:** 0001172661-26-002369
**Filing Date:** 2026-5
**Character Count:** 15880
**Document Hash:** ab1714b4abc83160e43475e06013ee03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-002369.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001172661-26-002369

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ORBIMED ADVISORS LLC
- **CENTRAL INDEX KEY:** 0001055951

**ORGANIZATION NAME:**
- **EIN:** 133976876
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06774
- **FILM NUMBER:** 26988836

**BUSINESS ADDRESS:**
- **STREET 1:** 601 LEXINGTON AVENUE
- **STREET 2:** 54TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 739-6400

**MAIL ADDRESS:**
- **STREET 1:** 601 LEXINGTON AVENUE
- **STREET 2:** 54TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** ORBIMED ADVISORS LLC<br>**Address:** 601 Lexington Avenue<br>54th Floor<br>New York, NY 10022

**Form 13F File Number:** 028-06774

**CRD Number (if applicable):** 000118608

**SEC File Number (if applicable):** 801-61046

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Sven H. Borho<br>**Title:** Member<br>**Phone:** 212-739-6400

**Signature, Place, and Date of Signing:**

/s/ Sven H. Borho  New York, NY  05-15-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 114

**Form 13F Information Table Value Total:** $5045363608

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                | Form 13F File Number   |
|:---|:---|:---|
|  | ORBIMED CAPITAL LLC | 028-10410              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 51855695 | 465700 | SH |  | DFND |  | 124000 | 0 | 341700 |
| ADC THERAPEUTICS SA | SHS | H0036K147 |  | 4942598 | 1318026 | SH |  | DFND |  | 586721 | 0 | 731305 |
| ADICET BIO INC | COM NEW | 007002207 |  | 7000299 | 1027944 | SH |  | SOLE |  | 1027944 | 0 | 0 |
| ALIGNMENT HEALTHCARE INC | COM | 01625V104 |  | 13937420 | 791000 | SH |  | SOLE |  | 0 | 0 | 791000 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 39373530 | 119000 | SH |  | SOLE |  | 0 | 0 | 119000 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 3765400 | 167500 | SH |  | SOLE |  | 0 | 0 | 167500 |
| ALUMIS INC | COM | 022307102 |  | 12076031 | 548163 | SH |  | SOLE |  | 548163 | 0 | 0 |
| ALX ONCOLOGY HLDGS INC | COM | 00166B105 |  | 5746843 | 2866256 | SH |  | DFND |  | 1338056 | 0 | 1528200 |
| AMGEN INC | COM | 031162100 |  | 14038815 | 39900 | SH |  | SOLE |  | 0 | 0 | 39900 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 99971225 | 136900 | SH |  | DFND |  | 27700 | 0 | 109200 |
| ARRIVENT BIOPHARMA INC | COM | 04272N102 |  | 69840457 | 3027328 | SH |  | SOLE |  | 3027328 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 66556735 | 8288510 | SH |  | SOLE |  | 8288510 | 0 | 0 |
| ARTIVION INC | COM | 228903100 |  | 5529620 | 151000 | SH |  | DFND |  | 94400 | 0 | 56600 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 41623599 | 181977 | SH |  | DFND |  | 32336 | 0 | 149641 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 132176844 | 670200 | SH |  | SOLE |  | 0 | 0 | 670200 |
| ATAIBECKLEY INC | COM SHS | 04650F101 |  | 1228380 | 347000 | SH |  | SOLE |  | 347000 | 0 | 0 |
| AVALO THERAPEUTICS INC | COM NEW | 05338F306 |  | 7094213 | 475165 | SH |  | SOLE |  | 475165 | 0 | 0 |
| AVITA MEDICAL INC | COM | 05380C102 |  | 2016112 | 544895 | SH |  | SOLE |  | 544895 | 0 | 0 |
| AVITA MEDICAL INC | COM | 05380C102 |  | 40500000 | 40500000 | PRN |  | SOLE |  | 40500000 | 0 | 0 |
| AVITA MEDICAL INC | COM | 05380C102 |  | 154442197 | 40966100 | SH | Call | SOLE |  | 40966100 | 0 | 0 |
| AXSOME THERAPEUTICS INC. | COM | 05464T104 |  | 36156927 | 213921 | SH |  | DFND |  | 41734 | 0 | 172187 |
| BICARA THERAPEUTICS INC | COM | 055477103 |  | 13272597 | 667300 | SH |  | DFND |  | 264100 | 0 | 403200 |
| BIOAGE LABS INC | COM | 09077V100 |  | 12449574 | 711811 | SH |  | SOLE |  | 711811 | 0 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 |  | 13567904 | 1425200 | SH |  | DFND |  | 557200 | 0 | 868000 |
| BIOGEN INC | COM | 09062X103 |  | 11293128 | 61600 | SH |  | SOLE |  | 0 | 0 | 61600 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 149476775 | 2382100 | SH |  | SOLE |  | 0 | 0 | 2382100 |
| BRIGHT MINDS BIOSCIENCES INC | COM NEW | 10919W405 |  | 2918800 | 40000 | SH |  | SOLE |  | 0 | 0 | 40000 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 21211258 | 497800 | SH |  | SOLE |  | 0 | 0 | 497800 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 56101250 | 925000 | SH |  | SOLE |  | 0 | 0 | 925000 |
| C4 THERAPEUTICS INC | COM STK | 12529R107 |  | 2252208 | 856353 | SH |  | DFND |  | 395996 | 0 | 460357 |
| CARIS LIFE SCIENCES INC | COM | 142152107 |  | 50185781 | 2806811 | SH |  | DFND |  | 437650 | 0 | 2369161 |
| CARLSMED INC | COM | 14280C105 |  | 11336030 | 1252600 | SH |  | DFND |  | 204306 | 0 | 1048294 |
| CG ONCOLOGY INC | COM | 156944100 |  | 64178711 | 948267 | SH |  | DFND |  | 194000 | 0 | 754267 |
| COGENT BIOSCIENCES INC | COM | 19240Q201 |  | 12397629 | 322100 | SH |  | DFND |  | 80500 | 0 | 241600 |
| COGENT BIOSCIENCES INC | NOTE 1.625%11/1 | 19240QAA0 |  | 1220000 | 1000000 | PRN |  | SOLE |  | 0 | 0 | 1000000 |
| COMPASS PATHWAYS PLC | SPONSORED ADS | 20451W101 |  | 6363072 | 1150646 | SH |  | DFND |  | 519146 | 0 | 631500 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 80513768 | 15219994 | SH |  | SOLE |  | 15219994 | 0 | 0 |
| CORBUS PHARMACEUTICALS HLDGS | COM NEW | 21833P301 |  | 16313125 | 1737287 | SH |  | DFND |  | 758687 | 0 | 978600 |
| CORVUS PHARMACEUTICALS INC | COM | 221015100 |  | 104824038 | 7165006 | SH |  | SOLE |  | 7165006 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 36283680 | 999000 | SH |  | SOLE |  | 999000 | 0 | 0 |
| CULLINAN THERAPEUTICS INC | COM | 230031106 |  | 3453115 | 243006 | SH |  | SOLE |  | 243006 | 0 | 0 |
| CYBIN INC | COM NEW | 23256X407 |  | 18397646 | 3832843 | SH |  | DFND |  | 1417900 | 0 | 2414943 |
| DANAHER CORP DEL | COM | 235851102 |  | 50395680 | 265800 | SH |  | SOLE |  | 0 | 0 | 265800 |
| DEFINIUM THERAPEUTICS INC | COM SHS | 24477V105 |  | 15195600 | 804000 | SH |  | DFND |  | 500000 | 0 | 304000 |
| DISC MEDICINE INC | COM | 254604101 |  | 68259147 | 1067550 | SH |  | SOLE |  | 1067550 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 52901237 | 2917884 | SH |  | DFND |  | 976300 | 0 | 1941584 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 488832498 | 15518492 | SH |  | DFND |  | 15252867 | 0 | 265625 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 98546448 | 1230600 | SH |  | SOLE |  | 0 | 0 | 1230600 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 33578425 | 114700 | SH |  | SOLE |  | 0 | 0 | 114700 |
| ELI LILLY  CO | COM | 532457108 |  | 217801536 | 236800 | SH |  | SOLE |  | 0 | 0 | 236800 |
| ENLIVEN THERAPEUTICS INC | COM | 29337E102 |  | 312013890 | 7959538 | SH |  | DFND |  | 7918163 | 0 | 41375 |
| ESPERION THERAPEUTICS INC NE | COM | 29664W105 |  | 28962622 | 10570300 | SH |  | DFND |  | 4741100 | 0 | 5829200 |
| EYEPOINT INC | COM NEW | 30233G209 |  | 13781305 | 1069147 | SH |  | DFND |  | 504920 | 0 | 564227 |
| FORTE BIOSCIENCES INC | COM NEW | 34962G208 |  | 31001135 | 1196955 | SH |  | DFND |  | 884230 | 0 | 312725 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 8306452 | 59600 | SH |  | SOLE |  | 0 | 0 | 59600 |
| GUARDANT HEALTH INC | COM | 40131M109 |  | 40199424 | 435200 | SH |  | DFND |  | 98400 | 0 | 336800 |
| HERON THERAPEUTICS INC | COM | 427746102 |  | 7854534 | 9816940 | SH |  | DFND |  | 5074923 | 0 | 4742017 |
| IMAGENEBIO INC | COM | 45175G207 |  | 1892780 | 378556 | SH |  | DFND |  | 295469 | 0 | 83087 |
| IMAGENEBIO INC | NONVOTING | 000000000 |  | 2653565 | 530713 | SH |  | DFND |  | 478284 | 0 | 52429 |
| INSPIREMD INC | COM | 45779A846 |  | 5107450 | 3133405 | SH |  | SOLE |  | 3133405 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 96208613 | 208700 | SH |  | SOLE |  | 0 | 0 | 208700 |
| JADE BIOSCIENCES INC | COM NEW | 008064206 |  | 2599405 | 185011 | SH |  | SOLE |  | 185011 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 13672040 | 983600 | SH |  | DFND |  | 524700 | 0 | 458900 |
| KALVISTA PHARMACEUTICALS INC | COM | 483497103 |  | 1900272 | 94400 | SH |  | SOLE |  | 0 | 0 | 94400 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 8381071 | 759155 | SH |  | SOLE |  | 759155 | 0 | 0 |
| KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 |  | 8695842 | 180599 | SH |  | SOLE |  | 0 | 0 | 180599 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 17849912 | 69100 | SH |  | DFND |  | 25100 | 0 | 44000 |
| LEXEO THERAPEUTICS INC | COM | 52886X107 |  | 20678063 | 3602450 | SH |  | DFND |  | 3203050 | 0 | 399400 |
| LIFESTANCE HEALTH GROUP INC | COM | 53228F101 |  | 3185000 | 500000 | SH |  | DFND |  | 312400 | 0 | 187600 |
| MBX BIOSCIENCES INC | COM | 55287L101 |  | 108590927 | 3637887 | SH |  | SOLE |  | 3637887 | 0 | 0 |
| MDXHEALTH SA | SHS NEW | B5950S113 |  | 285903800 | 124306000 | SH | Call | SOLE |  | 124306000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 79800386 | 663400 | SH |  | SOLE |  | 0 | 0 | 663400 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 55613061 | 2052900 | SH |  | DFND |  | 534100 | 0 | 1518800 |
| MYRIAD GENETICS INC | COM | 62855J104 |  | 122875000 | 125000000 | PRN |  | SOLE |  | 125000000 | 0 | 0 |
| NATERA INC | COM | 632307104 |  | 52397380 | 262000 | SH |  | DFND |  | 41000 | 0 | 221000 |
| NEKTAR THERAPEUTICS | COM NEW | 640268306 |  | 19786250 | 275000 | SH |  | DFND |  | 130100 | 0 | 144900 |
| NEUROPACE INC | COM | 641288105 |  | 27569330 | 2096527 | SH |  | SOLE |  | 2096527 | 0 | 0 |
| ORIC PHARMACEUTICALS INC | COM | 68622P109 |  | 34132080 | 2693929 | SH |  | DFND |  | 1075921 | 0 | 1618008 |
| PALISADE BIO INC | COM | 696389402 |  | 4082750 | 2333000 | SH |  | SOLE |  | 0 | 0 | 2333000 |
| PALVELLA THERAPEUTICS INC NE | COM | 697947109 |  | 16777890 | 134600 | SH |  | DFND |  | 46500 | 0 | 88100 |
| PALVELLA THERAPEUTICS INC NE | COM | 697947109 |  | 6232500 | 50000 | SH | Call | DFND |  | 31300 | 0 | 18700 |
| PFIZER INC | COM | 717081103 |  | 54657720 | 1946500 | SH |  | SOLE |  | 0 | 0 | 1946500 |
| PHARVARIS N V | COM | N69605108 |  | 5802550 | 205400 | SH |  | SOLE |  | 0 | 0 | 205400 |
| PRAXIS PRECISION MEDICINES I | COM NEW | 74006W207 |  | 55577775 | 172500 | SH |  | DFND |  | 33600 | 0 | 138900 |
| PRELUDE THERAPEUTICS INC | COM | 74065P101 |  | 37309656 | 10909256 | SH |  | DFND |  | 10119756 | 0 | 789500 |
| PRELUDE THERAPEUTICS INC | NONVOTING | 000000000 |  | 19426236 | 5680186 | SH |  | DFND |  | 5596886 | 0 | 83300 |
| PROTAGONIST THERAPEUTICS INC | COM | 74366E102 |  | 4437340 | 42100 | SH |  | SOLE |  | 0 | 0 | 42100 |
| PTC THERAPEUTICS INC | COM | 69366J200 |  | 3345183 | 49100 | SH |  | SOLE |  | 0 | 0 | 49100 |
| Q32 BIO INC | COM | 746964105 |  | 14464177 | 2252987 | SH |  | SOLE |  | 2252987 | 0 | 0 |
| QIAGEN NV | ORD SHARES | N72482156 |  | 10010000 | 250000 | SH | Call | DFND |  | 157700 | 0 | 92300 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 11357808 | 14700 | SH |  | SOLE |  | 0 | 0 | 14700 |
| RELMADA THERAPEUTICS INC | COM | 75955J402 |  | 32822413 | 4715864 | SH |  | DFND |  | 2699587 | 0 | 2016277 |
| REVOLUTION MEDICINES INC | COM | 76155X100 |  | 5057000 | 52000 | SH |  | SOLE |  | 0 | 0 | 52000 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 27317277 | 314100 | SH |  | DFND |  | 88800 | 0 | 225300 |
| SAVARA INC | COM | 805111101 |  | 3467100 | 635000 | SH |  | SOLE |  | 0 | 0 | 635000 |
| SHATTUCK LABS INC | COM | 82024L103 |  | 40548397 | 6306127 | SH |  | SOLE |  | 6306127 | 0 | 0 |
| SINOVAC BIOTECH LTD | SHS | P8696W104 |  | 184466170 | 2718735 | SH |  | SOLE |  | 0 | 0 | 2718735 |
| SIONNA THERAPEUTICS INC | COM | 829401108 |  | 141545843 | 3530702 | SH |  | SOLE |  | 3530702 | 0 | 0 |
| SOLENO THERAPEUTICS INC | COM | 834203309 |  | 3348000 | 100000 | SH | Call | DFND |  | 62400 | 0 | 37600 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 71114425 | 1475403 | SH |  | DFND |  | 351803 | 0 | 1123600 |
| STRYKER CORPORATION | COM | 863667101 |  | 59967675 | 182500 | SH |  | SOLE |  | 0 | 0 | 182500 |
| SUTRO BIOPHARMA INC | COM SHS | 869367201 |  | 19956497 | 801144 | SH |  | SOLE |  | 801144 | 0 | 0 |
| SYNDAX PHARMACEUTICALS INC | COM | 87164F105 |  | 22479328 | 962300 | SH |  | DFND |  | 351000 | 0 | 611300 |
| TECTONIC THERAPEUTIC INC | COM | 878972108 |  | 7004206 | 226600 | SH |  | DFND |  | 149300 | 0 | 77300 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 22856145 | 46500 | SH |  | SOLE |  | 0 | 0 | 46500 |
| TRAWS PHARMA INC | COM NEW | 68232V884 |  | 1108122 | 605531 | SH |  | SOLE |  | 605531 | 0 | 0 |
| TREVI THERAPEUTICS INC | COM | 89532M101 |  | 29280992 | 2454400 | SH |  | DFND |  | 1079400 | 0 | 1375000 |
| UNIQURE NV | SHS | N90064101 |  | 34926036 | 2136149 | SH |  | DFND |  | 657349 | 0 | 1478800 |
| UPSTREAM BIO INC | COM | 91678A107 |  | 51242301 | 5693589 | SH |  | SOLE |  | 5693589 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 15741256 | 875487 | SH |  | DFND |  | 194573 | 0 | 680914 |
| VERA THERAPEUTICS INC | CL A | 92337R101 |  | 14868847 | 369596 | SH |  | DFND |  | 185296 | 0 | 184300 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 1748790 | 3060000 | SH |  | DFND |  | 1420300 | 0 | 1639700 |
| WHITEHAWK THERAPEUTICS INC | COM | 00032Q104 |  | 14372700 | 4166000 | SH |  | SOLE |  | 4166000 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 61637314 | 1059971 | SH |  | DFND |  | 266971 | 0 | 793000 |

---