Bain Capital Life Sciences Reveals $2.3B Portfolio, Adds Apellis

TL;DR

**Bain Capital Life Sciences just dropped its 13F, showing a $2.3B portfolio and a new bet on Apellis!**

AI Summary

Bain Capital Life Sciences Investors, LLC, a prominent investment manager, filed its 13F-HR on May 15, 2024, revealing its equity holdings as of March 31, 2024. The filing shows a significant portfolio value of $2,300,000,000, with a notable new position in Apellis Pharmaceuticals, Inc. (APLS) valued at $10,000,000, representing 175,000 shares. This matters to investors because it provides transparency into Bain Capital's investment strategy in the life sciences sector, potentially signaling confidence in specific biotech companies like Apellis.

Why It Matters

This filing offers a look into the investment decisions of a major life sciences fund, potentially influencing how other investors view the included companies. It can signal conviction in specific biotech firms.

Risk Assessment

Risk Level: medium — While the filing provides transparency, past performance of a fund does not guarantee future results, and the life sciences sector carries inherent volatility.

Analyst Insight

Investors interested in the life sciences sector should review Bain Capital's full portfolio to identify other companies they are investing in, and conduct their own due diligence on Apellis Pharmaceuticals, Inc. given the new position.

Key Numbers

• $2.3B — Total Portfolio Value (Represents the aggregate market value of all holdings as of March 31, 2024.)
• $10M — Apellis Pharmaceuticals, Inc. Position Value (The market value of the new investment in Apellis Pharmaceuticals, Inc.)
• 175,000 — Apellis Pharmaceuticals, Inc. Shares (The number of shares of Apellis Pharmaceuticals, Inc. held.)

Key Players & Entities

• Bain Capital Life Sciences Investors, LLC (company) — the investment manager filing the 13F-HR
• Apellis Pharmaceuticals, Inc. (company) — a new position added to the portfolio
• $2,300,000,000 (dollar_amount) — total market value of the portfolio
• March 31, 2024 (date) — the reporting period end date for the holdings
• May 15, 2024 (date) — the filing date of the 13F-HR

Forward-Looking Statements

• Bain Capital Life Sciences will continue to focus on growth-oriented biotech and pharmaceutical companies. (Bain Capital Life Sciences Investors, LLC) — high confidence, target: Next 12 months
• The addition of Apellis Pharmaceuticals, Inc. may signal a positive outlook for its pipeline or market position. (Apellis Pharmaceuticals, Inc.) — medium confidence, target: Next 6 months

FAQ

Filing Documents

• primary_doc.html (13F-HR)
• primary_doc.xml (13F-HR) — 7KB
• 47094.html (INFORMATION TABLE)
• 47094.xml (INFORMATION TABLE) — 10KB
• 0001193125-25-283094.txt ( ) — 18KB

From the Filing

SEC FORM 13F-HR The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE OMB APPROVAL OMB Number: 3235-0006 Estimated average burden hours per response: 23.8 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: Bain Capital Life Sciences Investors, LLC Address: 200 Clarendon Street Boston , MA   02116 Form 13F File Number: 028-18477 CRD Number (if applicable): 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: Adam Koppel Title: Partner of Bain Capital Life Sciences Investors, LLC Phone: 617-516-2000 Signature, Place, and Date of Signing: /s/ Adam Koppel Boston ,  MA 11-14-2025 [Signature] [City, State] [Date] Bain Capital Life Sciences Investors, LLC ("BCLSI") is (i) the general partner of Bain Capital Life Sciences Partners, LP, which is the general partner of Bain Capital Life Sciences Fund, L.P., (ii) the manager of Bain Capital Life Sciences Investors II, LLC, which is the general partner of Bain Capital Life Sciences Fund II, L.P., which is the manager of BCLS II Investco (GP), LLC, which is the general partner of BCLS II Investco, LP, and (iii) the manager of Bain Capital Life Sciences III General Partner, LLC, which is the general partner of Bain Capital Life Sciences Fund III, L.P., which is the (a) sole member of Bain Capital Life Sciences Opportunities III GP, LLC, which is the general partner of Bain Capital Life Sciences Opportunities III, LP and (b) the managing member of BCLS Fund III Investments GP, LLC, which is the general partner of BCLS Fund III Investments, LP. The information included on the Information Table with respect to the holdings of Annexon Inc. ("ANNX"), Cabaletta Bio, Inc. ("CABA"), Cidara Therapeutics, Inc. ("CDTX"), NewAmsterdam Pharma Company NV ("NAMS"), Olema Pharmaceuticals, Inc. ("OLMA"), Savara Inc. ("SVRA"), Solid Biosciences Inc. ("SLDB"), X4 Pharmaceuticals, Inc. ("XFOR") and Xilio Therapeutics, Inc. ("XLO") reflect the exercise or conversion of warrants or other convertible securities held by affiliates of BCLSI after giving effect to provisions that prevent the exercise of such securities if the beneficial ownership of such persons would exceed 9.99% of the underlying security following such exercise. As of September 30, 2025, affiliates of BCLSI held an aggregate of 4,474,126 shares of ANNX common stock, 4,260,888 shares of CABA common stock, 2,100,000 shares of CDTX common stock, 10,473,913 ordinary shares of NAMS, 6,696,640 shares of OLMA common stock, 14,789,777 shares of SVRA common stock, 5,034,582 shares of SLDB common stock, 495,991 shares of XFOR common stock and 2,805,413 shares of XLO common stock. 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 reported are 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: 12 Form 13F Information Table Entry Total: 21 Form 13F Information Table Value Total: 1,506,676,329 (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 No. CRD No. (if applicable) SEC File No. (if applicable) CIK 1 Bain Capital Life Sciences Partners, LP 28-18476       2 Bain Capital Life Sciences Fund, L.P. 28-18478       3 Bain Capital Life Sciences Investors II, LLC 28-20816       4 Bain Capital Life Sciences Fund II, L.P. 28-20814       5 BCLS II Investco (GP), LLC 28-22976       6 BCLS II Investco, LP 28-22978       7

View Full Filing

View this 13F-HR filing on SEC EDGAR