Commodore Capital LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Commodore Capital LP reported 37 stock positions worth $2.0 billion. Its top holding was Merus (MRUS) at 16.2% of the portfolio, followed by Nuvalent Class A (NUVL, 5.9%) and Xenon Pharmaceuticals (XENE, 5.3%). Compared with Q2 2025, it opened 7 new positions, sold out of 3, added to 9 and reduced 9. The biggest buy was Cogent Biosciences (COGT, shares +214%) and the biggest sale an exit from Scholar Rock (SRRK).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001831942
- Portfolio Value
- $2.0B (Q3 2025)
- SEC Filing
- 0001831942-25-000023 ↗ filed Nov 14, 2025
Holdings Value
Holdings 37 stocks · $2.0B
| MRUS Merus NV | 16.20% | 3,525,000 | $331.9M | No change |
| NUVL Nuvalent Inc. Class A | 5.91% | 1,400,000 | $121.1M | Add +1.8% |
| XENE Xenon Pharmaceuticals Inc. | 5.29% | 2,700,000 | $108.4M | Reduce -10.7% |
| COGT Cogent Biosciences Inc. | 5.08% | 7,250,000 | $104.1M | Add +213.7% |
| ELVN Enliven Therapeutics Inc. | 4.69% | 4,692,809 | $96.1M | No change |
| AGIO Agios Pharmaceuticals Inc. | 4.58% | 2,338,287 | $93.9M | Add +0.6% |
| ALKS Alkermes PLC | 4.54% | 3,096,754 | $92.9M | Add +26.4% |
| SLNO Soleno Therapeutics Inc. | 4.46% | 1,350,000 | $91.3M | Add +121.3% |
| RLAY Relay Therapeutics Inc. | 4.33% | 17,000,000 | $88.7M | Add +27.3% |
| CLDX Celldex Therapeutics Inc. | 3.82% | 3,028,335 | $78.3M | Reduce -12.2% |
| CNTA Centessa Pharmaceuticals Ltd. | 3.37% | 2,850,000 | $69.1M | Reduce -13.6% |
| VRDN Viridian Therapeutics Inc. | 3.37% | 3,200,000 | $69.1M | Reduce -34.4% |
| PTGX Protagonist Therapeutics Inc. | 3.32% | 1,025,000 | $68.1M | Reduce -4.7% |
| PHVS Pharvaris NV | 2.95% | 2,418,476 | $60.3M | Add +26.5% |
| CDTX Cidara Therapeutics Inc. | 2.73% | 585,000 | $56.0M | Reduce -50.2% |
| AMLX Amylyx Pharmaceuticals Inc. | 2.70% | 4,075,478 | $55.4M | New |
| TYRA Tyra Biosciences Inc. | 2.31% | 3,375,000 | $47.2M | Add +8.9% |
| TERN Terns Pharmaceuticals Inc. | 2.09% | 5,700,000 | $42.8M | New |
| KYMR Kymera Therapeutics Inc. | 2.07% | 750,000 | $42.5M | No change |
| MIND MEDICINE MINDMED INC | 1.86% | 3,225,000 | $38.0M | Reduce -35.5% |
| NRIX Nurix Therapeutics Inc. | 1.71% | 3,780,055 | $34.9M | Reduce -4.3% |
| ORKA Oruka Therapeutics Inc. | 1.65% | 1,753,054 | $33.7M | Add +23.5% |
| SYRE Spyre Therapeutics Inc. | 1.63% | 1,988,084 | $33.3M | No change |
| DRUG Bright Minds Biosciences Inc. | 1.48% | 500,000 | $30.3M | No change |
| ASMB Assembly Biosciences Inc. | 1.25% | 1,000,000 | $25.6M | New |
| CTMX Cytomx Therapeutics Inc. | 1.20% | 7,692,300 | $24.5M | No change |
| LBRX LB Pharmaceuticals Inc. | 1.16% | 1,500,000 | $23.7M | New |
| TNGX Tango Therapeutics Inc. | 0.62% | 1,500,000 | $12.6M | No change |
| APGE Apogee Therapeutics Inc. | 0.56% | 290,000 | $11.5M | No change |
| PEPG Pepgen Inc. | 0.53% | 2,357,319 | $10.9M | New |
| ENTA Enanta Pharmaceuticals Inc. | 0.47% | 800,000 | $9.6M | New |
| SABS Sab Biotherapeutics Inc. | 0.43% | 4,401,500 | $8.8M | New |
| IKT Inhibikase Therapeutics Inc. | 0.43% | 5,397,488 | $8.7M | No change |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.39% | 750,000 | $7.9M | No change |
| AVTX Avalo Therapeutics Inc. | 0.30% | 483,000 | $6.1M | No change |
| VTGN Vistagen Therapeutics Inc. | 0.27% | 1,575,000 | $5.6M | No change |
| CBIO Crescent Biopharma Inc. | 0.26% | 450,829 | $5.4M | Reduce -0.6% |
Portfolio Sells Q2 2025 → Q3 2025
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −3.63 |
| NRIX Nurix Therapeutics Inc. | Reduce -4.3% | 1.71% | −1.47 |
| VRDN Viridian Therapeutics Inc. | Reduce -34.4% | 3.37% | −1.44 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -10.7% | 5.29% | −1.39 |
| VERA Vera Therapeutics Inc. | Sold out | 0.00% | −1.33 |
| CDTX Cidara Therapeutics Inc. | Reduce -50.2% | 2.73% | −1.31 |
| CLDX Celldex Therapeutics Inc. | Reduce -12.2% | 3.82% | −1.13 |
| PTGX Protagonist Therapeutics Inc. | Reduce -4.7% | 3.32% | −0.87 |
| NGNE Neurogene Inc. | Sold out | 0.00% | −0.45 |
| MIND MEDICINE MINDMED INC | Reduce -35.5% | 1.86% | −0.43 |
| CBIO Crescent Biopharma Inc. | Reduce -0.6% | 0.26% | −0.26 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -13.6% | 3.37% | +0.31 |
Portfolio Buys Q2 2025 → Q3 2025
| COGT Cogent Biosciences Inc. | Add +213.7% | 5.08% | +3.91 |
| AMLX Amylyx Pharmaceuticals Inc. | New | 2.70% | +2.70 |
| TERN Terns Pharmaceuticals Inc. | New | 2.09% | +2.09 |
| ASMB Assembly Biosciences Inc. | New | 1.25% | +1.25 |
| LBRX LB Pharmaceuticals Inc. | New | 1.16% | +1.16 |
| RLAY Relay Therapeutics Inc. | Add +27.3% | 4.33% | +1.07 |
| SLNO Soleno Therapeutics Inc. | Add +121.3% | 4.46% | +0.85 |
| PHVS Pharvaris NV | Add +26.5% | 2.95% | +0.57 |
| PEPG Pepgen Inc. | New | 0.53% | +0.53 |
| ORKA Oruka Therapeutics Inc. | Add +23.5% | 1.65% | +0.52 |
| ENTA Enanta Pharmaceuticals Inc. | New | 0.47% | +0.47 |
| SABS Sab Biotherapeutics Inc. | New | 0.43% | +0.43 |
| TYRA Tyra Biosciences Inc. | Add +8.9% | 2.31% | +0.21 |
| ALKS Alkermes PLC | Add +26.4% | 4.54% | −0.41 |
| AGIO Agios Pharmaceuticals Inc. | Add +0.6% | 4.58% | −0.88 |
| NUVL Nuvalent Inc. Class A | Add +1.8% | 5.91% | −1.49 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 33 | $1.7B | RLAY, ELVN, ALKS, COGT, AMLX |
| Q1 2026 | 36 | $1.7B | RLAY, ALKS, ELVN, COGT, SYRE |
| Q4 2025 | 33 | $1.5B | RLAY, ALKS, TYRA, XENE, SYRE |
| Q3 2025 | 37 | $2.0B | MRUS, NUVL, XENE, COGT, ELVN |
| Q2 2025 | 33 | $1.4B | MRUS, NUVL, XENE, ELVN, AGIO |
| Q1 2025 | 31 | $1.4B | MRUS, NUVL, ELVN, SLNO, XENE |
| Q4 2024 | 31 | $1.4B | MRUS, PCVX, NUVL, XENE, ELVN |
| Q3 2024 | 36 | $1.6B | MRUS, VERA, XENE, PCVX, ELVN |
| Q2 2024 | 35 | $1.5B | MRUS, NUVL, XENE, PCVX, ELVN |
| Q1 2024 | 39 | $1.5B | MRUS, VERA, NUVL, XENE, SYRE |