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 |
DRNA
Dicerna Pharmaceuticals, Inc.
DRNA
|
+$35.7M |
| 2 |
Merus
MRUS
|
+$15.4M |
| 3 |
Protagonist Therapeutics
PTGX
|
+$12.3M |
| 4 |
Tenaya Therapeutics
TNYA
|
+$11M |
| 5 |
ISEE
IVERIC bio, Inc. Common Stock
ISEE
|
+$10.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CNST
Constellation Pharmaceuticals, Inc.
CNST
|
+$14.9M |
| 2 |
MacroGenics
MGNX
|
+$10.6M |
| 3 |
ESSA Pharma
EPIX
|
+$8.05M |
| 4 |
Mersana Therapeutics
MRSN
|
+$5.83M |
| 5 |
Celldex Therapeutics
CLDX
|
+$3.53M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.34% |
| 2 | Financials | 0.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
ISEE
1
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
| $44.7M | 11.78% |
2,750,137
+1,001,896
| +57% | +$10.9M |
2020 Q4
3 quarters
|
|
2
Aclaris Therapeutics
ACRS
$615M
| $39.4M | 10.39% |
2,190,291
+521,304
| +31% | +$8.36M |
2020 Q4
3 quarters
|
|
3
Cytokinetics
CYTK
$8.76B
| $28.5M | 7.51% |
796,578
+92,261
| +13% | +$2.72M |
2021 Q2
1 quarter
|
|
|
DRNA
4
DELISTED
Dicerna Pharmaceuticals, Inc.
DRNA
| $26.1M | 6.87% |
+1,292,251
| New | +$35.7M |
2021 Q3
0 quarters
|
|
5
C4 Therapeutics
CCCC
$415M
| $21.5M | 5.67% |
481,094
| – | – |
2020 Q4
3 quarters
|
|
6
Kura Oncology
KURA
$913M
| $18.7M | 4.94% |
999,433
+377,940
| +61% | +$7.12M |
2020 Q4
3 quarters
|
|
7
Celcuity
CELC
$3.38B
| $16.6M | 4.37% |
920,464
+49,497
| +6% | +$1.05M |
2021 Q2
1 quarter
|
|
8
Cogent Biosciences
COGT
$5.38B
| $16.1M | 4.24% |
1,912,511
+544,929
| +40% | +$4.18M |
2020 Q4
3 quarters
|
|
|
9
DELISTED
Merus
MRUS
| $15.8M | 4.17% |
+718,136
| New | +$15.4M |
2021 Q3
0 quarters
|
|
10
DELISTED
Cymabay Therapeutics
CBAY
| $15.2M | 4.01% |
4,169,896
+640,431
| +18% | +$2.52M |
2020 Q4
3 quarters
|
|
|
STSA
11
DELISTED
Satsuma Pharmaceuticals, Inc. Common Stock
STSA
| $14.5M | 3.83% |
3,118,761
+22,032
| +0.7% | +$117K |
2021 Q1
2 quarters
|
|
12
VistaGen Therapeutics
VTGN
$7.47M
| $14M | 3.7% |
170,784
+59,740
| +54% | +$5.19M |
2020 Q4
3 quarters
|
|
|
13
Celldex Therapeutics
CLDX
$2.36B
| $13.4M | 3.53% |
248,207
-75,230
| -23% | -$3.53M |
2020 Q4
3 quarters
|
|
14
Viridian Therapeutics
VRDN
$2.79B
| $11M | 2.9% |
667,674
+481,269
| +258% | +$7.06M |
2021 Q1
2 quarters
|
|
|
15
Tenaya Therapeutics
TNYA
$83.7M
| $10.6M | 2.8% |
+513,930
| New | +$11M |
2021 Q3
0 quarters
|
|
16
Iovance Biotherapeutics
IOVA
$3.84B
| $8.95M | 2.36% |
+362,869
| New | +$8.55M |
2021 Q3
0 quarters
|
|
17
Xenon Pharmaceuticals
XENE
$3.62B
| $8.85M | 2.33% |
579,432
+253,096
| +78% | +$4.4M |
2020 Q4
3 quarters
|
|
|
18
Protagonist Therapeutics
PTGX
$9.37B
| $8.83M | 2.33% |
498,079
+287,479
| +137% | +$12.3M |
2020 Q4
3 quarters
|
|
19
DELISTED
Kronos Bio
KRON
| $6.26M | 1.65% |
298,839
| – | – |
2020 Q4
3 quarters
|
|
20
Revolution Medicines
RVMD
$41B
| $6.22M | 1.64% |
+226,228
| New | +$6.58M |
2021 Q3
0 quarters
|
|
|
GNCA
21
DELISTED
Genocea Biosciences, Inc.
GNCA
| $5.91M | 1.56% |
3,079,756
+150,309
| +5% | +$296K |
2020 Q4
3 quarters
|
|
22
DELISTED
KalVista Pharmaceuticals
KALV
| $5.45M | 1.44% |
312,553
+85,882
| +38% | +$1.74M |
2021 Q1
2 quarters
|
|
23
Dyne Therapeutics
DYN
$3.12B
| $4.96M | 1.31% |
305,125
| – | – |
2021 Q1
2 quarters
|
|
24
Mereo BioPharma
MREO
$46.2M
| $4.78M | 1.26% |
1,972,958
-86,771
| -4% | -$230K |
2020 Q4
3 quarters
|
|
25
PMV Pharmaceuticals
PMVP
$70M
| $3.72M | 0.98% |
125,000
| – | – |
2020 Q4
3 quarters
|
|
Similar funds
Commodore Capital's Q3 2021 Portfolio in Review
As of Q3 2021, Commodore Capital held 34 positions worth $379M, up 32% from $287M the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Commodore Capital deployed $98.3M of net new capital in Q3 2021, opening 5 new positions and adding to 14 existing holdings. Its largest new stake was Dicerna Pharmaceuticals, Inc.: 1,292,251 shares worth $26.1M.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 99% a quarter earlier, followed by Financials.
On the sell side, the largest reduction was Celldex Therapeutics, an estimated $3.53M trimmed.
- Commodore Capital's largest Q3 2021 buy was Dicerna Pharmaceuticals, Inc.: 1,292,251 shares worth $26.1M.
- Commodore Capital added most to Protagonist Therapeutics in Q3 2021, an estimated $12.3M increase.
- Commodore Capital's biggest Q3 2021 reduction was Celldex Therapeutics, cutting an estimated $3.53M.
- Commodore Capital fully exited Constellation Pharmaceuticals, Inc. in Q3 2021, selling an estimated $14.9M.
- Commodore Capital's ten largest holdings make up 64% of its $379M portfolio in Q3 2021.
- Commodore Capital opened 5 new positions and closed 5 in Q3 2021.
- Commodore Capital's portfolio value rose 32% quarter-over-quarter to $379M.
Based on Commodore Capital's 13F filing for Q3 2021, filed 15 Nov 2021.