Commodore Capital LP 13F: Quarter-over-Quarter Portfolio Changes
Commodore Capital LP reported a disclosed portfolio value of approximately $1.7 billion in its latest SEC Form 13F-HR filing for Q1 2026, up 15.1% quarter on quarter. Over the quarter, the fund initiated 13 new positions, bought more shares in 7 holdings, trimmed 6 holdings, and exited 10 positions.
Commodore Capital LP's top buy was a new stake in Erasca INC (ERAS) , equal to 3.0% of the disclosed portfolio. Its top sell was Terns Pharmaceuticals INC (TERN) . The fund exited the position completely after it had accounted for 4.0% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| ERASCA INC | ERAS | 3.0% | Holders → |
| DAMORA THERAPEUTICS INC | DMRA | 2.9% | Holders → |
| DEFINIUM THERAPEUTICS INC | DFTX | 2.2% | Holders → |
| EYEPOINT INC | EYPT | 2.1% | Holders → |
| CORVUS PHARMACEUTICALS I | CRVS | 1.9% | Holders → |
| PERSPECTIVE THERAPEUTICS | CATX | 1.5% | Holders → |
| OCULAR THERAPEUTIX INC | OCUL | 1.3% | Holders → |
| CENTURY THERAPEUTICS INC | IPSC | 1.1% | Holders → |
| ZURA BIO LTD | ZURA | 1.1% | Holders → |
| KARYOPHARM THERAPEUTICS INC | KPTI | 0.6% | Holders → |
| AN2 THERAPEUTICS INC | ANTX | 0.5% | Holders → |
| HELIX ACQUISITION CORP III | HLXC | 0.3% | Holders → |
| RELMADA THERAPEUTICS INC | RLMD | 0.3% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| NUVALENT INC | NUVL | +1.3% | +51.6% | History → |
| ALTO NEUROSCIENCE INC | ANRO | +1.4% | +49.4% | Holders → |
| PEPGEN INC | PEPG | +-1.0% | +31.6% | Holders → |
| COGENT BIOSCIENCES INC | COGT | +1.2% | +31.5% | History → |
| ALKERMES PLC | ALKS | +2.0% | +18.3% | History → |
| CELLDEX THERAPEUTICS INC | CLDX | +0.3% | +5.1% | History → |
| PHARVARIS N V | PHVS | +-0.4% | +1.6% | Holders → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| XENON PHARMACEUTICALS INC | XENE | -2.6% | 54.2% | Holders → |
| SOLENO THERAPEUTICS INC | SLNO | -2.4% | 45.6% | Holders → |
| PALISADE BIO INC | PALI | -1.1% | 37.3% | Holders → |
| ENLIVEN THERAPEUTICS INC | ELVN | 2.6% | 30.2% | History → |
| TYRA BIOSCIENCES INC | TYRA | -0.4% | 26.7% | History → |
| SPYRE THERAPEUTICS INC | SYRE | 0.4% | 19.9% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| TERNS PHARMACEUTICALS INC | TERN | 4.0% |
| ORUKA THERAPEUTICS INC | ORKA | 3.5% |
| PROTAGONIST THERAPEUTICS INC | PTGX | 2.6% |
| CYTOMX THERAPEUTICS, INC. | CTMX | 2.2% |
| MIND MEDICINE MINDMED INC | BRD1EUR | 1.8% |
| CENTESSA PHARMACEUTICALS PLC | CNTA | 1.7% |
| REPLIMUNE GROUP INC | REPL | 0.9% |
| CONTINEUM THERAPEUTICS, INC. | CTNM | 0.6% |
| RAPT THERAPEUTICS INC | RAPT | 0.6% |
| BRIGHT MINDS BIOSCIENCES INC | DRUG | 0.1% |
Net Portfolio Value ChangeQ1 2026
- $1.5BPrior quarter
- $1.7BCurrent quarter
- +$0.2BNet delta
- +15.1%% change
Methodology & FAQ
How Commodore Capital LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Commodore Capital LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Commodore Capital LP buy in Q1 2026?
In Q1 2026, Commodore Capital LP initiated 13 new positions (ERASCA INC (ERAS), DAMORA THERAPEUTICS INC (DMRA), DEFINIUM THERAPEUTICS INC (DFTX), EYEPOINT INC (EYPT), CORVUS PHARMACEUTICALS I (CRVS), PERSPECTIVE THERAPEUTICS (CATX), OCULAR THERAPEUTIX INC (OCUL), CENTURY THERAPEUTICS INC (IPSC), ZURA BIO LTD (ZURA), KARYOPHARM THERAPEUTICS INC (KPTI), AN2 THERAPEUTICS INC (ANTX), HELIX ACQUISITION CORP III (HLXC), RELMADA THERAPEUTICS INC (RLMD)); bought more shares of NUVALENT INC (NUVL), ALTO NEUROSCIENCE INC (ANRO), PEPGEN INC (PEPG), COGENT BIOSCIENCES INC (COGT), ALKERMES PLC (ALKS) — the largest 5 of 7 adds.
What stocks did Commodore Capital LP sell in Q1 2026?
In Q1 2026, Commodore Capital LP fully sold 10 positions (TERNS PHARMACEUTICALS INC (TERN), ORUKA THERAPEUTICS INC (ORKA), PROTAGONIST THERAPEUTICS INC (PTGX), CYTOMX THERAPEUTICS, INC. (CTMX), MIND MEDICINE MINDMED INC (BRD1EUR), CENTESSA PHARMACEUTICALS PLC (CNTA), REPLIMUNE GROUP INC (REPL), CONTINEUM THERAPEUTICS, INC. (CTNM), RAPT THERAPEUTICS INC (RAPT), BRIGHT MINDS BIOSCIENCES INC (DRUG)); reduced holdings in XENON PHARMACEUTICALS INC (XENE), SOLENO THERAPEUTICS INC (SLNO), PALISADE BIO INC (PALI), ENLIVEN THERAPEUTICS INC (ELVN), TYRA BIOSCIENCES INC (TYRA) — the largest 5 of 6 reductions.
Which positions did Commodore Capital LP initiate in Q1 2026?
Commodore Capital LP established 13 new positions in Q1 2026: ERASCA INC (ERAS, 3.0%), DAMORA THERAPEUTICS INC (DMRA, 2.9%), DEFINIUM THERAPEUTICS INC (DFTX, 2.2%), EYEPOINT INC (EYPT, 2.1%), CORVUS PHARMACEUTICALS I (CRVS, 1.9%), PERSPECTIVE THERAPEUTICS (CATX, 1.5%), OCULAR THERAPEUTIX INC (OCUL, 1.3%), CENTURY THERAPEUTICS INC (IPSC, 1.1%), ZURA BIO LTD (ZURA, 1.1%), KARYOPHARM THERAPEUTICS INC (KPTI, 0.6%), AN2 THERAPEUTICS INC (ANTX, 0.5%), HELIX ACQUISITION CORP III (HLXC, 0.3%), RELMADA THERAPEUTICS INC (RLMD, 0.3%).
Which existing positions saw the largest allocation increases for Commodore Capital LP in Q1 2026?
Of 7 existing positions with share-count increases in Q1 2026, the largest were: NUVALENT INC (NUVL, +1.3% weight, +51.6% shares), ALTO NEUROSCIENCE INC (ANRO, +1.4% weight, +49.4% shares), PEPGEN INC (PEPG, +-1.0% weight, +31.6% shares), COGENT BIOSCIENCES INC (COGT, +1.2% weight, +31.5% shares), ALKERMES PLC (ALKS, +2.0% weight, +18.3% shares), CELLDEX THERAPEUTICS INC (CLDX, +0.3% weight, +5.1% shares), PHARVARIS N V (PHVS, +-0.4% weight, +1.6% shares).
Which positions did Commodore Capital LP fully exit in Q1 2026?
Commodore Capital LP fully exited 10 positions in Q1 2026: TERNS PHARMACEUTICALS INC (TERN, last-reported weight 4.0%), ORUKA THERAPEUTICS INC (ORKA, last-reported weight 3.5%), PROTAGONIST THERAPEUTICS INC (PTGX, last-reported weight 2.6%), CYTOMX THERAPEUTICS, INC. (CTMX, last-reported weight 2.2%), MIND MEDICINE MINDMED INC (BRD1EUR, last-reported weight 1.8%), CENTESSA PHARMACEUTICALS PLC (CNTA, last-reported weight 1.7%), REPLIMUNE GROUP INC (REPL, last-reported weight 0.9%), CONTINEUM THERAPEUTICS, INC. (CTNM, last-reported weight 0.6%), RAPT THERAPEUTICS INC (RAPT, last-reported weight 0.6%), BRIGHT MINDS BIOSCIENCES INC (DRUG, last-reported weight 0.1%).
Which existing positions saw the largest allocation reductions for Commodore Capital LP in Q1 2026?
Of 6 existing positions with share-count reductions in Q1 2026, the largest were: XENON PHARMACEUTICALS INC (XENE, -2.6% weight, -54.2% shares), SOLENO THERAPEUTICS INC (SLNO, -2.4% weight, -45.6% shares), PALISADE BIO INC (PALI, -1.1% weight, -37.3% shares), ENLIVEN THERAPEUTICS INC (ELVN, 2.6% weight, -30.2% shares), TYRA BIOSCIENCES INC (TYRA, -0.4% weight, -26.7% shares), SPYRE THERAPEUTICS INC (SYRE, 0.4% weight, -19.9% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.