Commodore Capital LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Commodore Capital LP reported 33 stock positions worth $1.5 billion. Its top holding was Relay Therapeutics (RLAY) at 9.6% of the portfolio, followed by Alkermes (ALKS, 6.6%) and Tyra Biosciences (TYRA, 5.9%). Compared with Q3 2025, it opened 6 new positions, sold out of 10, added to 4 and reduced 12. The biggest buy was Spyre Therapeutics (SYRE, shares +20%) and the biggest sale an exit from Merus (MRUS).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001831942
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001831942-26-000004 ↗ filed Feb 17, 2026
Holdings Value
Holdings 33 stocks · $1.5B
| RLAY Relay Therapeutics Inc. | 9.57% | 17,000,000 | $143.8M | No change |
| ALKS Alkermes PLC | 6.61% | 3,550,000 | $99.3M | Add +14.6% |
| TYRA Tyra Biosciences Inc. | 5.91% | 3,375,000 | $88.7M | No change |
| XENE Xenon Pharmaceuticals Inc. | 5.37% | 1,800,000 | $80.7M | Reduce -33.3% |
| SYRE Spyre Therapeutics Inc. | 5.21% | 2,388,245 | $78.2M | Add +20.1% |
| COGT Cogent Biosciences Inc. | 5.19% | 2,196,845 | $78.0M | Reduce -69.7% |
| ELVN Enliven Therapeutics Inc. | 4.81% | 4,692,809 | $72.3M | No change |
| CLDX Celldex Therapeutics Inc. | 4.64% | 2,565,000 | $69.7M | Reduce -15.3% |
| AMLX Amylyx Pharmaceuticals Inc. | 4.54% | 5,650,000 | $68.3M | Add +38.6% |
| TERN Terns Pharmaceuticals Inc. | 3.97% | 1,475,000 | $59.6M | Reduce -74.1% |
| KYMR Kymera Therapeutics Inc. | 3.88% | 750,000 | $58.4M | No change |
| SLNO Soleno Therapeutics Inc. | 3.70% | 1,200,000 | $55.6M | Reduce -11.1% |
| NUVL Nuvalent Inc. Class A | 3.68% | 550,000 | $55.3M | Reduce -60.7% |
| ORKA Oruka Therapeutics Inc. | 3.54% | 1,753,054 | $53.1M | No change |
| PHVS Pharvaris NV | 3.49% | 1,889,445 | $52.4M | Reduce -21.9% |
| NRIX Nurix Therapeutics Inc. | 2.87% | 2,275,000 | $43.2M | Reduce -39.8% |
| PTGX Protagonist Therapeutics Inc. | 2.62% | 450,000 | $39.3M | Reduce -56.1% |
| ASMB Assembly Biosciences Inc. | 2.26% | 1,000,000 | $34.0M | No change |
| LBRX LB Pharmaceuticals Inc. | 2.22% | 1,500,000 | $33.4M | No change |
| CTMX Cytomx Therapeutics Inc. | 2.18% | 7,692,300 | $32.8M | No change |
| ANRO Alto Neuroscience Inc. | 2.16% | 1,823,196 | $32.5M | New |
| PALI Palisade Bio Inc. | 1.79% | 11,445,000 | $26.9M | New |
| MIND MEDICINE MINDMED INC | 1.78% | 2,000,000 | $26.8M | Reduce -38.0% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.66% | 1,000,000 | $25.0M | Reduce -64.9% |
| PEPG Pepgen Inc. | 1.47% | 3,400,000 | $22.1M | Add +44.2% |
| SABS Sab Biotherapeutics Inc. | 1.10% | 4,401,500 | $16.5M | No change |
| REPL Replimune Group Inc. | 0.92% | 1,425,000 | $13.9M | New |
| IKT Inhibikase Therapeutics Inc. | 0.74% | 5,397,488 | $11.1M | No change |
| CTNM Contineum Therapeutics Inc. Class A | 0.62% | 816,326 | $9.3M | New |
| AVTX Avalo Therapeutics Inc. | 0.58% | 483,000 | $8.8M | No change |
| RAPT Rapt Therapeutics Inc. | 0.56% | 250,000 | $8.5M | New |
| LONA Leonabio Inc. filed as ATHIRA PHARMA INC | 0.23% | 464,398 | $3.5M | New |
| DRUG Bright Minds Biosciences Inc. | 0.10% | 18,851 | $1.5M | Reduce -96.2% |
Portfolio Sells Q3 2025 → Q4 2025
| MRUS Merus NV | Sold out | 0.00% | −16.20 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −4.58 |
| VRDN Viridian Therapeutics Inc. | Sold out | 0.00% | −3.37 |
| CDTX Cidara Therapeutics Inc. | Sold out | 0.00% | −2.73 |
| NUVL Nuvalent Inc. Class A | Reduce -60.7% | 3.68% | −2.23 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -64.9% | 1.66% | −1.71 |
| DRUG Bright Minds Biosciences Inc. | Reduce -96.2% | 0.10% | −1.38 |
| SLNO Soleno Therapeutics Inc. | Reduce -11.1% | 3.70% | −0.76 |
| PTGX Protagonist Therapeutics Inc. | Reduce -56.1% | 2.62% | −0.71 |
| TNGX Tango Therapeutics Inc. | Sold out | 0.00% | −0.62 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −0.56 |
| ENTA Enanta Pharmaceuticals Inc. | Sold out | 0.00% | −0.47 |
| FRNM Freenome Inc. | Sold out | 0.00% | −0.39 |
| VTGN Vistagen Therapeutics Inc. | Sold out | 0.00% | −0.27 |
| CBIO Crescent Biopharma Inc. | Sold out | 0.00% | −0.26 |
| MIND MEDICINE MINDMED INC | Reduce -38.0% | 1.78% | −0.07 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -33.3% | 5.37% | +0.08 |
| COGT Cogent Biosciences Inc. | Reduce -69.7% | 5.19% | +0.11 |
| PHVS Pharvaris NV | Reduce -21.9% | 3.49% | +0.54 |
| CLDX Celldex Therapeutics Inc. | Reduce -15.3% | 4.64% | +0.81 |
| NRIX Nurix Therapeutics Inc. | Reduce -39.8% | 2.87% | +1.17 |
| TERN Terns Pharmaceuticals Inc. | Reduce -74.1% | 3.97% | +1.88 |
Portfolio Buys Q3 2025 → Q4 2025
| SYRE Spyre Therapeutics Inc. | Add +20.1% | 5.21% | +3.58 |
| ANRO Alto Neuroscience Inc. | New | 2.16% | +2.16 |
| ALKS Alkermes PLC | Add +14.6% | 6.61% | +2.08 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +38.6% | 4.54% | +1.84 |
| PALI Palisade Bio Inc. | New | 1.79% | +1.79 |
| PEPG Pepgen Inc. | Add +44.2% | 1.47% | +0.94 |
| REPL Replimune Group Inc. | New | 0.92% | +0.92 |
| CTNM Contineum Therapeutics Inc. Class A | New | 0.62% | +0.62 |
| RAPT Rapt Therapeutics Inc. | New | 0.56% | +0.56 |
| LONA Leonabio Inc. | New | 0.23% | +0.23 |
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 |