# EDGAR Filing Document

**Accession Number:** 0001055951
**File Stem:** 0001172661-25-005047
**Filing Date:** 2025-11
**Character Count:** 15531
**Document Hash:** ed7274489bf0b780b9367ccfbebf7793
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-005047.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001172661-25-005047

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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:** 251486283

**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:** 09-30-2025

**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  11-14-2025<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:** 110

**Form 13F Information Table Value Total:** $4255380174

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 20091000 | 150000 | SH | Call | DFND |  | 77900 | 0 | 72100 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 32262000 | 380000 | SH |  | DFND |  | 151100 | 0 | 228900 |
| ADC THERAPEUTICS SA | SHS | H0036K147 |  | 23629404 | 5907351 | SH |  | DFND |  | 2504731 | 0 | 3402620 |
| ADICET BIO INC | COM | 007002108 |  | 9274473 | 11447140 | SH |  | SOLE |  | 11447140 | 0 | 0 |
| AKERO THERAPEUTICS INC | COM | 00973Y108 |  | 24983976 | 526200 | SH |  | DFND |  | 165300 | 0 | 360900 |
| ALNYLAM PHARMACEUTICALS INC | COM | 02043Q107 |  | 137529600 | 301600 | SH |  | DFND |  | 58000 | 0 | 243600 |
| ALTO NEUROSCIENCE INC | COM SHS | 02157Q109 |  | 1005000 | 250000 | SH |  | SOLE |  | 0 | 0 | 250000 |
| ALUMIS INC | COM | 022307102 |  | 7686428 | 1926423 | SH |  | SOLE |  | 1926423 | 0 | 0 |
| AMICUS THERAPEUTICS INC | COM | 03152W109 |  | 12965752 | 1645400 | SH |  | DFND |  | 542300 | 0 | 1103100 |
| AMYLYX PHARMACEUTICALS INC | COM | 03237H101 |  | 10200654 | 750600 | SH |  | DFND |  | 314200 | 0 | 436400 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 52577818 | 2323368 | SH |  | DFND |  | 326130 | 0 | 1997238 |
| APELLIS PHARMACEUTICALS INC | COM | 03753U106 |  | 5657500 | 250000 | SH | Call | DFND |  | 129400 | 0 | 120600 |
| ARGENX SE | SPONSORED ADR | 04016X101 |  | 127081588 | 172300 | SH |  | DFND |  | 27700 | 0 | 144600 |
| ARRIVENT BIOPHARMA INC | COM | 04272N102 |  | 55854202 | 3027328 | SH |  | SOLE |  | 3027328 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 83299526 | 8288510 | SH |  | SOLE |  | 8288510 | 0 | 0 |
| ASCENDIS PHARMA A/S | SPONSORED ADR | 04351P101 |  | 38152633 | 191905 | SH |  | DFND |  | 28436 | 0 | 163469 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 11508000 | 150000 | SH | Call | DFND |  | 81600 | 0 | 68400 |
| ATAI LIFE SCIENCES NV | SHS | N0731H103 |  | 1835630 | 347000 | SH |  | SOLE |  | 347000 | 0 | 0 |
| AVALO THERAPEUTICS INC | COM NEW | 05338F306 |  | 17149603 | 1349300 | SH |  | SOLE |  | 1349300 | 0 | 0 |
| AVIDITY BIOSCIENCES INC | COM | 05370A108 |  | 71406263 | 1638886 | SH |  | DFND |  | 293530 | 0 | 1345356 |
| AXSOME THERAPEUTICS INC | COM | 05464T104 |  | 64587110 | 531800 | SH |  | DFND |  | 69600 | 0 | 462200 |
| BIOAGE LABS INC | COM | 09077V100 |  | 4650498 | 790901 | SH |  | SOLE |  | 790901 | 0 | 0 |
| BIOCRYST PHARMACEUTICALS INC | COM | 09058V103 |  | 6842385 | 901500 | SH |  | DFND |  | 557200 | 0 | 344300 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 237172559 | 2429300 | SH |  | SOLE |  | 0 | 0 | 2429300 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 19526000 | 200000 | SH | Call | DFND |  | 106000 | 0 | 94000 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 7797928 | 263800 | SH |  | SOLE |  | 0 | 0 | 263800 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 4434000 | 150000 | SH | Call | DFND |  | 77800 | 0 | 72200 |
| C4 THERAPEUTICS INC | COM STK | 12529R107 |  | 11622024 | 5235146 | SH |  | DFND |  | 1666800 | 0 | 3568346 |
| CARIS LIFE SCIENCES INC | COM | 142152107 |  | 91804455 | 3034858 | SH |  | DFND |  | 226450 | 0 | 2808408 |
| CARLSMED INC | COM | 14280C105 |  | 16772314 | 1252600 | SH |  | DFND |  | 204306 | 0 | 1048294 |
| CELCUITY INC | NOTE 2.750% 8/0 | 15102KAA8 |  | 2684240 | 2000000 | PRN |  | SOLE |  | 0 | 0 | 2000000 |
| CELCUITY INC | COM | 15102K100 |  | 4150588 | 84020 | SH |  | DFND |  | 52420 | 0 | 31600 |
| CG ONCOLOGY INC | COM | 156944100 |  | 69557518 | 1726850 | SH |  | DFND |  | 293100 | 0 | 1433750 |
| COMPASS THERAPEUTICS INC | COM | 20454B104 |  | 53269979 | 15219994 | SH |  | SOLE |  | 15219994 | 0 | 0 |
| CORBUS PHARMACEUTICALS HLDGS | COM NEW | 21833P301 |  | 14829431 | 1172287 | SH |  | DFND |  | 454087 | 0 | 718200 |
| CORVUS PHARMACEUTICALS INC | COM | 221015100 |  | 52806094 | 7165006 | SH |  | SOLE |  | 7165006 | 0 | 0 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 45773350 | 1099000 | SH |  | DFND |  | 1043000 | 0 | 56000 |
| CRINETICS PHARMACEUTICALS IN | COM | 22663K107 |  | 4165000 | 100000 | SH | Put | DFND |  | 53600 | 0 | 46400 |
| CULLINAN THERAPEUTICS INC | COM | 230031106 |  | 11408460 | 1923855 | SH |  | DFND |  | 905064 | 0 | 1018791 |
| CYTOMX THERAPEUTICS INC | COM | 23284F105 |  | 26992185 | 8461500 | SH |  | SOLE |  | 8461500 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 52162206 | 263100 | SH |  | SOLE |  | 0 | 0 | 263100 |
| DIH HLDG US INC | CL A | 23290B106 |  | 358105 | 1915000 | SH |  | SOLE |  | 1915000 | 0 | 0 |
| DISC MEDICINE INC | COM | 254604101 |  | 93504522 | 1415020 | SH |  | SOLE |  | 1415020 | 0 | 0 |
| DYNE THERAPEUTICS INC | COM | 26818M108 |  | 29274428 | 2314184 | SH |  | DFND |  | 914500 | 0 | 1399684 |
| EDGEWISE THERAPEUTICS INC | COM | 28036F105 |  | 251709940 | 15518492 | SH |  | DFND |  | 15252867 | 0 | 265625 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 130964680 | 1684000 | SH |  | SOLE |  | 0 | 0 | 1684000 |
| ELI LILLY  CO | COM | 532457108 |  | 229815600 | 301200 | SH |  | SOLE |  | 0 | 0 | 301200 |
| ENLIVEN THERAPEUTICS INC | COM | 29337E102 |  | 162931743 | 7959538 | SH |  | DFND |  | 7918163 | 0 | 41375 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 54415441 | 994616 | SH |  | DFND |  | 158716 | 0 | 835900 |
| EYEPOINT PHARMACEUTICALS INC | COM NEW | 30233G209 |  | 25575040 | 1796000 | SH |  | DFND |  | 664000 | 0 | 1132000 |
| FORTE BIOSCIENCES INC | COM NEW | 34962G208 |  | 17954325 | 1196955 | SH |  | DFND |  | 1111960 | 0 | 84995 |
| IMAGENEBIO INC | NONVOTING | 000000000 |  | 4325311 | 530713 | SH |  | DFND |  | 478284 | 0 | 52429 |
| IMAGENEBIO INC | COM | 45175G207 |  | 3085231 | 378556 | SH |  | DFND |  | 295469 | 0 | 83087 |
| IMMATICS N.V | SHS | N44445109 |  | 3975441 | 466601 | SH |  | SOLE |  | 0 | 0 | 466601 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 1938231 | 13459 | SH |  | SOLE |  | 0 | 0 | 13459 |
| INSPIREMD INC | COM | 45779A846 |  | 5141506 | 2133405 | SH |  | SOLE |  | 2133405 | 0 | 0 |
| INTEGER HLDGS CORP | COM | 45826H109 |  | 29965700 | 290000 | SH |  | SOLE |  | 0 | 0 | 290000 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 128444456 | 287200 | SH |  | SOLE |  | 0 | 0 | 287200 |
| JADE BIOSCIENCES INC | COM NEW | 008064206 |  | 4583937 | 531163 | SH |  | SOLE |  | 531163 | 0 | 0 |
| JANUX THERAPEUTICS INC | COM | 47103J105 |  | 43163484 | 1766100 | SH |  | DFND |  | 1004400 | 0 | 761700 |
| KEROS THERAPEUTICS INC | COM | 492327101 |  | 16116372 | 1018734 | SH |  | SOLE |  | 1018734 | 0 | 0 |
| KEZAR LIFE SCIENCES INC | COM NEW | 49372L209 |  | 751530 | 192700 | SH |  | SOLE |  | 0 | 0 | 192700 |
| KORRO BIO INC | COM | 500946108 |  | 1551636 | 32400 | SH |  | SOLE |  | 0 | 0 | 32400 |
| KRYSTAL BIOTECH INC | COM | 501147102 |  | 18137575 | 102745 | SH |  | DFND |  | 35000 | 0 | 67745 |
| LYELL IMMUNOPHARMA INC | COM NEW | 55083R203 |  | 840046 | 51727 | SH |  | SOLE |  | 51727 | 0 | 0 |
| MBX BIOSCIENCES INC | COM | 55287L101 |  | 70050523 | 4002887 | SH |  | SOLE |  | 4002887 | 0 | 0 |
| MILESTONE PHARMACEUTICALS IN | COM | 59935V107 |  | 6443656 | 3221828 | SH |  | DFND |  | 2416371 | 0 | 805457 |
| MIND MEDICINE MINDMED INC | COM NEW | 60255C885 |  | 4336645 | 367824 | SH |  | SOLE |  | 0 | 0 | 367824 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 55723212 | 1469494 | SH |  | DFND |  | 648644 | 0 | 820850 |
| MURAL ONCOLOGY PUB LTD CO | ORD SHS | G63365103 |  | 1218816 | 588800 | SH |  | DFND |  | 272500 | 0 | 316300 |
| NATERA INC | COM | 632307104 |  | 69104421 | 429300 | SH |  | DFND |  | 56000 | 0 | 373300 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 49643983 | 353640 | SH |  | DFND |  | 44300 | 0 | 309340 |
| NEUROPACE INC | COM | 641288105 |  | 26952237 | 2614184 | SH |  | SOLE |  | 2614184 | 0 | 0 |
| ORIC PHARMACEUTICALS INC | COM | 68622P109 |  | 43701072 | 3641756 | SH |  | DFND |  | 1447621 | 0 | 2194135 |
| PASSAGE BIO INC | COM NEW | 702712209 |  | 474139 | 59046 | SH |  | SOLE |  | 59046 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 12740000 | 500000 | SH | Call | DFND |  | 272000 | 0 | 228000 |
| PMV PHARMACEUTICALS INC | COM | 69353Y103 |  | 8365407 | 5975291 | SH |  | SOLE |  | 5975291 | 0 | 0 |
| PRELUDE THERAPEUTICS INC | NONVOTING | 000000000 |  | 8179468 | 5680186 | SH |  | DFND |  | 5596886 | 0 | 83300 |
| PRELUDE THERAPEUTICS INC | COM | 74065P101 |  | 15709329 | 10909256 | SH |  | DFND |  | 10119756 | 0 | 789500 |
| Q32 BIO INC | COM | 746964105 |  | 4460914 | 2252987 | SH |  | SOLE |  | 2252987 | 0 | 0 |
| RAPT THERAPEUTICS INC | COM NEW | 75382E208 |  | 28023878 | 1086618 | SH |  | SOLE |  | 1086618 | 0 | 0 |
| REPARE THERAPEUTICS INC | COM | 760273102 |  | 5847579 | 3322488 | SH |  | DFND |  | 3177041 | 0 | 145447 |
| RHYTHM PHARMACEUTICALS INC | COM | 76243J105 |  | 21728200 | 215152 | SH |  | DFND |  | 61774 | 0 | 153378 |
| ROIVANT SCIENCES LTD | SHS | G76279101 |  | 41074894 | 2714798 | SH |  | DFND |  | 564300 | 0 | 2150498 |
| SCHOLAR ROCK HLDG CORP | COM | 80706P103 |  | 3724000 | 100000 | SH | Call | DFND |  | 53800 | 0 | 46200 |
| SCPHARMACEUTICALS INC | COM | 810648105 |  | 34357524 | 6059528 | SH |  | SOLE |  | 6059528 | 0 | 0 |
| SHATTUCK LABS INC | COM | 82024L103 |  | 15071644 | 6306127 | SH |  | SOLE |  | 6306127 | 0 | 0 |
| SI-BONE INC | COM | 825704109 |  | 37962571 | 2578979 | SH |  | DFND |  | 394779 | 0 | 2184200 |
| SINOVAC BIOTECH LTD | SHS | P8696W104 |  | 184466170 | 2718735 | SH |  | SOLE |  | 0 | 0 | 2718735 |
| SIONNA THERAPEUTICS INC | COM | 829401108 |  | 108962844 | 3704959 | SH |  | SOLE |  | 3704959 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 31900400 | 1139300 | SH |  | DFND |  | 192400 | 0 | 946900 |
| STRYKER CORPORATION | COM | 863667101 |  | 132785464 | 359200 | SH |  | SOLE |  | 0 | 0 | 359200 |
| TARSUS PHARMACEUTICALS INC | COM | 87650L103 |  | 11761197 | 197900 | SH |  | DFND |  | 75000 | 0 | 122900 |
| TERNS PHARMACEUTICALS INC | COM | 880881107 |  | 56797912 | 7562971 | SH |  | SOLE |  | 7562971 | 0 | 0 |
| TG THERAPEUTICS INC | COM | 88322Q108 |  | 3612500 | 100000 | SH | Call | DFND |  | 52000 | 0 | 48000 |
| THE CIGNA GROUP | COM | 125523100 |  | 46927100 | 162800 | SH |  | SOLE |  | 0 | 0 | 162800 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 22553430 | 46500 | SH |  | SOLE |  | 0 | 0 | 46500 |
| TRAWS PHARMA INC | COM NEW | 68232V884 |  | 1120232 | 605531 | SH |  | SOLE |  | 605531 | 0 | 0 |
| TREVI THERAPEUTICS INC | COM | 89532M101 |  | 30271860 | 3308400 | SH |  | DFND |  | 1079400 | 0 | 2229000 |
| UNIQURE NV | SHS | N90064101 |  | 26762645 | 458500 | SH |  | DFND |  | 83500 | 0 | 375000 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 48167229 | 114900 | SH |  | DFND |  | 21800 | 0 | 93100 |
| UPSTREAM BIO INC | COM | 91678A107 |  | 107096409 | 5693589 | SH |  | SOLE |  | 5693589 | 0 | 0 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 13745550 | 689000 | SH |  | SOLE |  | 0 | 0 | 689000 |
| VERASTEM INC | COM NEW | 92337C203 |  | 7837164 | 887561 | SH |  | SOLE |  | 887561 | 0 | 0 |
| VIR BIOTECHNOLOGY INC | COM | 92764N102 |  | 13593883 | 2380715 | SH |  | DFND |  | 671181 | 0 | 1709534 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 160460 | 45200 | SH | Call | DFND |  | 23900 | 0 | 21300 |
| VISTAGEN THERAPEUTICS INC | COM | 92840H400 |  | 10863000 | 3060000 | SH |  | DFND |  | 1420300 | 0 | 1639700 |
| WHITEHAWK THERAPEUTICS INC | COM | 00032Q104 |  | 7915400 | 4166000 | SH |  | SOLE |  | 4166000 | 0 | 0 |
| XENON PHARMACEUTICALS INC | COM | 98420N105 |  | 16846940 | 419600 | SH |  | DFND |  | 138400 | 0 | 281200 |
| XERIS BIOPHARMA HOLDINGS INC | COM | 98422E103 |  | 654619 | 80420 | SH |  | DFND |  | 11567 | 0 | 68853 |

---