Commodore Capital LP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Commodore Capital LP initiated 13 new positions, increased allocation to 7 existing positions, trimmed 6 positions, and exited 10 positions entirely. The fund's 13F equity book grew from $1.50B to $1.73B (+15.1% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $1.50BPrior quarter
- $1.73BCurrent quarter
- + $0.23BNet delta
- +15.1%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| ERASCA INC | ERAS | 2.97% | Holders → |
| DAMORA THERAPEUTICS INC | DMRA | 2.91% | Holders → |
| DEFINIUM THERAPEUTICS INC | DFTX | 2.19% | Holders → |
| EYEPOINT INC | EYPT | 2.11% | Holders → |
| CORVUS PHARMACEUTICALS INC | CRVS | 1.91% | Holders → |
| PERSPECTIVE THERAPEUTICS INC | CATX | 1.53% | Holders → |
| OCULAR THERAPEUTIX INC | OCUL | 1.26% | Holders → |
| CENTURY THERAPEUTICS INC | IPSC | 1.14% | Holders → |
| ZURA BIO LTD | ZURA | 1.12% | Holders → |
| KARYOPHARM THERAPEUTICS INC | KPTI | 0.63% | Holders → |
| AN2 THERAPEUTICS INC | ANTX | 0.46% | Holders → |
| HELIX ACQUISITION CORP III | HLXC | 0.29% | Holders → |
| RELMADA THERAPEUTICS INC | RLMD | 0.26% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| NUVALENT INC | NUVL | +1.26% | +51.56% | History → |
| ALTO NEUROSCIENCE, INC. | ANRO | +1.38% | +49.36% | Holders → |
| PEPGEN INC | PEPG | +-1.02% | +31.62% | Holders → |
| COGENT BIOSCIENCES INC | COGT | +1.24% | +31.46% | History → |
| ALKERMES PLC | ALKS | +1.98% | +18.31% | History → |
| CELLDEX THERAPEUTICS INC | CLDX | +0.31% | +5.13% | History → |
| PHARVARIS N.V. | PHVS | +-0.35% | +1.56% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| XENON PHARMACEUTICALS INC | XENE | -2.59% | -54.17% | Holders → |
| SOLENO THERAPEUTICS INC | SLNO | -2.43% | -45.63% | Holders → |
| PALISADE BIO INC | PALI | -1.06% | -37.26% | Holders → |
| ENLIVEN THERAPEUTICS INC | ELVN | 2.62% | -30.21% | History → |
| TYRA BIOSCIENCES INC | TYRA | -0.42% | -26.67% | History → |
| SPYRE THERAPEUTICS, INC. | SYRE | 0.37% | -19.93% | History → |
Exited Positions Q1 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 | 3.97% |
| ORUKA THERAPEUTICS INC | ORKA | 3.54% |
| PROTAGONIST THERAPEUTICS INC | PTGX | 2.62% |
| CYTOMX THERAPEUTICS, INC. | CTMX | 2.18% |
| MIND MEDICINE MINDMED INC | SYN_60255C885 | 1.78% |
| CENTESSA PHARMACEUTICALS PLC | CNTA | 1.66% |
| REPLIMUNE GROUP, INC. | REPL | 0.92% |
| CONTINEUM THERAPEUTICS, INC. | CTNM | 0.62% |
| RAPT THERAPEUTICS INC | SYN_75382E208 | 0.56% |
| BRIGHT MINDS BIOSCIENCES INC | DRUG | 0.10% |
Methodology & FAQ
How Commodore Capital LP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Commodore Capital LP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Commodore Capital LP initiate in Q1 2026?
Commodore Capital LP established 13 new positions in Q1 2026: ERASCA INC (ERAS, 2.97%), DAMORA THERAPEUTICS INC (DMRA, 2.91%), DEFINIUM THERAPEUTICS INC (DFTX, 2.19%), EYEPOINT INC (EYPT, 2.11%), CORVUS PHARMACEUTICALS INC (CRVS, 1.91%), PERSPECTIVE THERAPEUTICS INC (CATX, 1.53%), OCULAR THERAPEUTIX INC (OCUL, 1.26%), CENTURY THERAPEUTICS INC (IPSC, 1.14%), ZURA BIO LTD (ZURA, 1.12%), KARYOPHARM THERAPEUTICS INC (KPTI, 0.63%), AN2 THERAPEUTICS INC (ANTX, 0.46%), HELIX ACQUISITION CORP III (HLXC, 0.29%), RELMADA THERAPEUTICS INC (RLMD, 0.26%).
Which existing positions saw the largest allocation increases for Commodore Capital LP in Q1 2026?
The largest portfolio-weight increases in existing positions were: NUVALENT INC (NUVL, +1.26% weight, +51.56% shares), ALTO NEUROSCIENCE, INC. (ANRO, +1.38% weight, +49.36% shares), PEPGEN INC (PEPG, +-1.02% weight, +31.62% shares), COGENT BIOSCIENCES INC (COGT, +1.24% weight, +31.46% shares), ALKERMES PLC (ALKS, +1.98% weight, +18.31% shares), CELLDEX THERAPEUTICS INC (CLDX, +0.31% weight, +5.13% shares), PHARVARIS N.V. (PHVS, +-0.35% weight, +1.56% 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 3.97%), ORUKA THERAPEUTICS INC (ORKA, last-reported weight 3.54%), PROTAGONIST THERAPEUTICS INC (PTGX, last-reported weight 2.62%), CYTOMX THERAPEUTICS, INC. (CTMX, last-reported weight 2.18%), MIND MEDICINE MINDMED INC (SYN_60255C885, last-reported weight 1.78%), CENTESSA PHARMACEUTICALS PLC (CNTA, last-reported weight 1.66%), REPLIMUNE GROUP, INC. (REPL, last-reported weight 0.92%), CONTINEUM THERAPEUTICS, INC. (CTNM, last-reported weight 0.62%), RAPT THERAPEUTICS INC (SYN_75382E208, last-reported weight 0.56%), BRIGHT MINDS BIOSCIENCES INC (DRUG, last-reported weight 0.10%).
Which existing positions saw the largest allocation reductions for Commodore Capital LP in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: XENON PHARMACEUTICALS INC (XENE, -2.59% weight, -54.17% shares), SOLENO THERAPEUTICS INC (SLNO, -2.43% weight, -45.63% shares), PALISADE BIO INC (PALI, -1.06% weight, -37.26% shares), ENLIVEN THERAPEUTICS INC (ELVN, 2.62% weight, -30.21% shares), TYRA BIOSCIENCES INC (TYRA, -0.42% weight, -26.67% shares), SPYRE THERAPEUTICS, INC. (SYRE, 0.37% weight, -19.93% 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.