Commodore Capital Portfolio holdings
Commodore Capital runs funds that back drug developers, from early-stage public companies to late-stage private ones. It aims to fill a gap it sees between traditional venture capital and public market funds. Its thesis is that small biopharma companies, not large drugmakers, drive much of the innovation in areas like genetic medicines and cell therapies. Michael Kramarz and Egen Atkinson, both medical doctors with MBAs, are its managing partners. They indirectly own a majority of the firm, which began operating in 2019. The funds are open to institutions, pension plans, endowments and high net worth individuals.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
STSA
Satsuma Pharmaceuticals, Inc. Common Stock
STSA
|
+$14.7M |
| 2 |
Kura Oncology
KURA
|
+$12.3M |
| 3 |
Dyne Therapeutics
DYN
|
+$8.32M |
| 4 |
Cymabay Therapeutics
CBAY
|
+$8.06M |
| 5 |
KalVista Pharmaceuticals
KALV
|
+$5.64M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Aclaris Therapeutics
ACRS
|
+$6.03M |
| 2 |
SURF
Surface Oncology, Inc. Common Stock
SURF
|
+$4.32M |
| 3 |
FPRX
Five Prime Therapeutics, Inc.
FPRX
|
+$4.26M |
| 4 |
Immunovant
IMVT
|
+$3.87M |
| 5 |
Xenon Pharmaceuticals
XENE
|
+$2.81M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.95% |
| 2 | Financials | 1.05% |
| 3 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Aclaris Therapeutics
ACRS
$655M
| $25.9M | 10.32% |
1,028,084
-308,191
| -23% | -$6.03M |
2020 Q4
1 quarter
|
|
2
C4 Therapeutics
CCCC
$352M
| $17.8M | 7.09% |
481,094
| – | – |
2020 Q4
1 quarter
|
|
|
3
Kura Oncology
KURA
$689M
| $14.7M | 5.87% |
521,555
+388,052
| +291% | +$12.3M |
2020 Q4
1 quarter
|
|
|
STSA
4
DELISTED
Satsuma Pharmaceuticals, Inc. Common Stock
STSA
| $14.4M | 5.72% |
+2,431,705
| New | +$14.7M |
2021 Q1
0 quarters
|
|
|
FPRX
5
DELISTED
Five Prime Therapeutics, Inc.
FPRX
| $13.6M | 5.42% |
361,344
-170,656
| -32% | -$4.26M |
2020 Q4
1 quarter
|
|
|
6
DELISTED
Cymabay Therapeutics
CBAY
| $13.5M | 5.4% |
2,983,513
+1,497,406
| +101% | +$8.06M |
2020 Q4
1 quarter
|
|
7
Cogent Biosciences
COGT
$5.12B
| $11.1M | 4.44% |
1,269,195
+509,170
| +67% | +$4.9M |
2020 Q4
1 quarter
|
|
|
ISEE
8
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
| $10.7M | 4.26% |
1,729,041
+454,780
| +36% | +$2.76M |
2020 Q4
1 quarter
|
|
9
Protagonist Therapeutics
PTGX
$8.83B
| $9.06M | 3.61% |
349,600
+2,100
| +0.6% | +$53.1K |
2020 Q4
1 quarter
|
|
10
DELISTED
Kronos Bio
KRON
| $8.75M | 3.48% |
298,839
| – | – |
2020 Q4
1 quarter
|
|
|
CNST
11
DELISTED
Constellation Pharmaceuticals, Inc.
CNST
| $8.62M | 3.43% |
368,448
-55,260
| -13% | -$1.67M |
2020 Q4
1 quarter
|
|
|
TRIL
12
DELISTED
Trillium Therapeutics Inc.
TRIL
| $8.55M | 3.41% |
795,868
-57,003
| -7% | -$705K |
2020 Q4
1 quarter
|
|
13
VistaGen Therapeutics
VTGN
$8.13M
| $7.94M | 3.16% |
124,323
+19,323
| +18% | +$1.29M |
2020 Q4
1 quarter
|
|
|
GNCA
14
DELISTED
Genocea Biosciences, Inc.
GNCA
| $7.78M | 3.1% |
2,871,624
+1,105,723
| +63% | +$3.27M |
2020 Q4
1 quarter
|
|
15
Celldex Therapeutics
CLDX
$2.26B
| $7.62M | 3.04% |
369,951
+13,520
| +4% | +$310K |
2020 Q4
1 quarter
|
|
16
DELISTED
Mersana Therapeutics
MRSN
| $6.94M | 2.77% |
17,169
+10,816
| +170% | +$5.25M |
2020 Q4
1 quarter
|
|
17
Mereo BioPharma
MREO
$48.1M
| $6.9M | 2.75% |
2,048,757
+194,479
| +10% | +$687K |
2020 Q4
1 quarter
|
|
|
18
Dyne Therapeutics
DYN
$3.28B
| $6.68M | 2.66% |
+430,112
| New | +$8.32M |
2021 Q1
0 quarters
|
|
19
Relmada Therapeutics
RLMD
$458M
| $5.69M | 2.27% |
161,565
-17,000
| -10% | -$595K |
2020 Q4
1 quarter
|
|
|
20
DELISTED
KalVista Pharmaceuticals
KALV
| $5.51M | 2.19% |
+214,467
| New | +$5.64M |
2021 Q1
0 quarters
|
|
|
21
Xenon Pharmaceuticals
XENE
$4.08B
| $5.4M | 2.15% |
301,392
-165,976
| -36% | -$2.81M |
2020 Q4
1 quarter
|
|
22
Syndax Pharmaceuticals
SNDX
$857M
| $5.29M | 2.11% |
236,500
-93,815
| -28% | -$2.12M |
2020 Q4
1 quarter
|
|
23
DELISTED
ESSA Pharma
EPIX
| $5.14M | 2.05% |
+176,821
| New | +$4.11M |
2021 Q1
0 quarters
|
|
24
ARS Pharmaceuticals
SPRY
$387M
| $4.24M | 1.69% |
97,143
| – | – |
2020 Q4
1 quarter
|
|
25
PMV Pharmaceuticals
PMVP
$93.6M
| $4.11M | 1.64% |
125,000
| – | – |
2020 Q4
1 quarter
|
|
Similar funds
Commodore Capital's Q1 2021 Portfolio in Review
As of Q1 2021, Commodore Capital held 35 positions worth $251M, up 36% from $184M the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Commodore Capital deployed $49.6M of net new capital in Q1 2021, opening 7 new positions and adding to 11 existing holdings. Its largest new stake was Satsuma Pharmaceuticals, Inc. Common Stock: 2,431,705 shares worth $14.4M.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 97% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was Aclaris Therapeutics, an estimated $6.03M trimmed.
- Commodore Capital's largest Q1 2021 buy was Satsuma Pharmaceuticals, Inc. Common Stock: 2,431,705 shares worth $14.4M.
- Commodore Capital added most to Kura Oncology in Q1 2021, an estimated $12.3M increase.
- Commodore Capital's biggest Q1 2021 reduction was Aclaris Therapeutics, cutting an estimated $6.03M.
- Commodore Capital fully exited Surface Oncology, Inc. Common Stock in Q1 2021, selling an estimated $4.32M.
- Commodore Capital's ten largest holdings make up 56% of its $251M portfolio in Q1 2021.
- Commodore Capital opened 7 new positions and closed 4 in Q1 2021.
- Commodore Capital's portfolio value rose 36% quarter-over-quarter to $251M.
Based on Commodore Capital's 13F filing for Q1 2021, filed 17 May 2021.