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 |
Allakos
ALLK
|
+$66.8M |
| 2 |
Merus
MRUS
|
+$22.1M |
| 3 |
BLU
BELLUS Health Inc.
BLU
|
+$20.7M |
| 4 |
Xenon Pharmaceuticals
XENE
|
+$15.3M |
| 5 |
Protagonist Therapeutics
PTGX
|
+$9.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DRNA
Dicerna Pharmaceuticals, Inc.
DRNA
|
+$26.1M |
| 2 |
Kura Oncology
KURA
|
+$18.7M |
| 3 |
Celldex Therapeutics
CLDX
|
+$13.4M |
| 4 |
Iovance Biotherapeutics
IOVA
|
+$8.95M |
| 5 |
Revolution Medicines
RVMD
|
+$6.22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.43% |
| 2 | Financials | 0.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
ISEE
1
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
| $53.8M | 12.46% |
3,217,163
+467,026
| +17% | +$7.65M |
2020 Q4
4 quarters
|
|
|
2
DELISTED
Merus
MRUS
| $47.7M | 11.04% |
1,498,890
+780,754
| +109% | +$22.1M |
2021 Q3
1 quarter
|
|
3
Aclaris Therapeutics
ACRS
$666M
| $38.9M | 9% |
2,672,346
+482,055
| +22% | +$7.3M |
2020 Q4
4 quarters
|
|
|
4
Xenon Pharmaceuticals
XENE
$3.96B
| $34.1M | 7.89% |
1,090,126
+510,694
| +88% | +$15.3M |
2020 Q4
4 quarters
|
|
5
Cytokinetics
CYTK
$7.69B
| $32.1M | 7.44% |
704,537
-92,041
| -12% | -$3.55M |
2021 Q2
2 quarters
|
|
|
6
Protagonist Therapeutics
PTGX
$8.88B
| $27.6M | 6.38% |
805,573
+307,494
| +62% | +$9.7M |
2020 Q4
4 quarters
|
|
|
BLU
7
DELISTED
BELLUS Health Inc.
BLU
| $25.2M | 5.83% |
+3,124,613
| New | +$20.7M |
2021 Q4
0 quarters
|
|
8
Cogent Biosciences
COGT
$5.72B
| $19.6M | 4.53% |
2,281,315
+368,804
| +19% | +$3.21M |
2020 Q4
4 quarters
|
|
9
DELISTED
Cymabay Therapeutics
CBAY
| $18.3M | 4.24% |
5,419,896
+1,250,000
| +30% | +$4.75M |
2020 Q4
4 quarters
|
|
10
Viridian Therapeutics
VRDN
$3.45B
| $16.8M | 3.88% |
847,683
+180,009
| +27% | +$3.35M |
2021 Q1
3 quarters
|
|
|
STSA
11
DELISTED
Satsuma Pharmaceuticals, Inc. Common Stock
STSA
| $16.7M | 3.87% |
3,711,286
+592,525
| +19% | +$3.01M |
2021 Q1
3 quarters
|
|
12
VistaGen Therapeutics
VTGN
$7.96M
| $16.5M | 3.82% |
282,167
+111,383
| +65% | +$7.25M |
2020 Q4
4 quarters
|
|
13
C4 Therapeutics
CCCC
$399M
| $15.5M | 3.59% |
481,094
| – | – |
2020 Q4
4 quarters
|
|
14
Celcuity
CELC
$3.42B
| $12.1M | 2.81% |
920,464
| – | – |
2021 Q2
2 quarters
|
|
|
TCDA
15
DELISTED
Tricida, Inc. Common Stock
TCDA
| $11.9M | 2.76% |
+1,247,043
| New | +$8.04M |
2021 Q4
0 quarters
|
|
16
Tenaya Therapeutics
TNYA
$89M
| $9.7M | 2.26% |
513,930
| – | – |
2021 Q3
1 quarter
|
|
|
17
DELISTED
Allakos
ALLK
| $7.98M | 1.85% |
+815,667
| New | +$66.8M |
2021 Q4
0 quarters
|
|
18
DELISTED
KalVista Pharmaceuticals
KALV
| $4.14M | 0.96% |
312,553
| – | – |
2021 Q1
3 quarters
|
|
19
DELISTED
Kronos Bio
KRON
| $4.06M | 0.94% |
298,839
| – | – |
2020 Q4
4 quarters
|
|
20
Dyne Therapeutics
DYN
$3.37B
| $3.63M | 0.84% |
305,125
| – | – |
2021 Q1
3 quarters
|
|
21
Inventiva
IVA
$921M
| $3.59M | 0.83% |
262,658
| – | – |
2020 Q4
4 quarters
|
|
|
GNCA
22
DELISTED
Genocea Biosciences, Inc.
GNCA
| $3.57M | 0.83% |
3,079,756
| – | – |
2020 Q4
4 quarters
|
|
23
Mereo BioPharma
MREO
$48.1M
| $3.13M | 0.72% |
1,954,970
-17,988
| -0.9% | -$36K |
2020 Q4
4 quarters
|
|
24
PMV Pharmaceuticals
PMVP
$66.3M
| $2.89M | 0.67% |
125,000
| – | – |
2020 Q4
4 quarters
|
|
|
BLSA
25
DELISTED
BCLS Acquisition Corp. Class A Ordinary Shares
BLSA
| $2.45M | 0.57% |
250,000
| – | – |
2020 Q4
4 quarters
|
|
Similar funds
Commodore Capital's Q4 2021 Portfolio in Review
As of Q4 2021, Commodore Capital held 32 positions worth $432M, up 14% from $379M the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Commodore Capital deployed $99.1M of net new capital in Q4 2021, opening 3 new positions and adding to 10 existing holdings. Its largest new stake was Allakos: 815,667 shares worth $7.98M.
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 Cytokinetics, an estimated $3.55M trimmed.
- Commodore Capital's largest Q4 2021 buy was Allakos: 815,667 shares worth $7.98M.
- Commodore Capital added most to Merus in Q4 2021, an estimated $22.1M increase.
- Commodore Capital's biggest Q4 2021 reduction was Cytokinetics, cutting an estimated $3.55M.
- Commodore Capital fully exited Dicerna Pharmaceuticals, Inc. in Q4 2021, selling an estimated $26.1M.
- Commodore Capital's ten largest holdings make up 73% of its $432M portfolio in Q4 2021.
- Commodore Capital opened 3 new positions and closed 7 in Q4 2021.
- Commodore Capital's portfolio value rose 14% quarter-over-quarter to $432M.
Based on Commodore Capital's 13F filing for Q4 2021, filed 14 Feb 2022.