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 |
Karyopharm Therapeutics
KPTI
|
+$29.6M |
| 2 |
BLU
BELLUS Health Inc.
BLU
|
+$16.2M |
| 3 |
Kura Oncology
KURA
|
+$11.2M |
| 4 |
Immunic
IMUX
|
+$10.3M |
| 5 |
Merus
MRUS
|
+$8.51M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ISEE
IVERIC bio, Inc. Common Stock
ISEE
|
+$14.8M |
| 2 |
Protagonist Therapeutics
PTGX
|
+$13.3M |
| 3 |
Allakos
ALLK
|
+$7.98M |
| 4 |
Aclaris Therapeutics
ACRS
|
+$4.88M |
| 5 |
Kronos Bio
KRON
|
+$4.06M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.45% |
| 2 | Financials | 0.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
Merus
MRUS
| $48M | 10.73% |
1,816,421
+317,531
| +21% | +$8.51M |
2021 Q3
2 quarters
|
|
|
2
Aclaris Therapeutics
ACRS
$606M
| $39.9M | 8.91% |
2,314,648
-357,698
| -13% | -$4.88M |
2020 Q4
5 quarters
|
|
|
BLU
3
DELISTED
BELLUS Health Inc.
BLU
| $38.8M | 8.66% |
5,637,630
+2,513,017
| +80% | +$16.2M |
2021 Q4
1 quarter
|
|
|
ISEE
4
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
| $37.3M | 8.33% |
2,214,961
-1,002,202
| -31% | -$14.8M |
2020 Q4
5 quarters
|
|
5
Xenon Pharmaceuticals
XENE
$3.68B
| $36.8M | 8.21% |
1,202,613
+112,487
| +10% | +$3.37M |
2020 Q4
5 quarters
|
|
6
Cytokinetics
CYTK
$8.78B
| $31.5M | 7.03% |
854,652
+150,115
| +21% | +$5.33M |
2021 Q2
3 quarters
|
|
|
7
Karyopharm Therapeutics
KPTI
$2.46M
| $26.2M | 5.86% |
+237,403
| New | +$29.6M |
2022 Q1
0 quarters
|
|
8
Cogent Biosciences
COGT
$5.34B
| $26.2M | 5.86% |
3,500,768
+1,219,453
| +53% | +$8.49M |
2020 Q4
5 quarters
|
|
9
DELISTED
Cymabay Therapeutics
CBAY
| $17.8M | 3.99% |
5,738,500
+318,604
| +6% | +$1M |
2020 Q4
5 quarters
|
|
10
Viridian Therapeutics
VRDN
$2.79B
| $17.6M | 3.93% |
951,339
+103,656
| +12% | +$1.99M |
2021 Q1
4 quarters
|
|
|
TCDA
11
DELISTED
Tricida, Inc. Common Stock
TCDA
| $14.3M | 3.2% |
1,744,570
+497,527
| +40% | +$4.5M |
2021 Q4
1 quarter
|
|
|
STSA
12
DELISTED
Satsuma Pharmaceuticals, Inc. Common Stock
STSA
| $14.1M | 3.15% |
3,711,286
| – | – |
2021 Q1
4 quarters
|
|
13
VistaGen Therapeutics
VTGN
$7.41M
| $12.5M | 2.8% |
336,574
+54,407
| +19% | +$2.37M |
2020 Q4
5 quarters
|
|
|
14
Kura Oncology
KURA
$908M
| $12.5M | 2.79% |
+776,514
| New | +$11.2M |
2022 Q1
0 quarters
|
|
15
C4 Therapeutics
CCCC
$410M
| $11.7M | 2.61% |
481,094
| – | – |
2020 Q4
5 quarters
|
|
|
16
Immunic
IMUX
$104M
| $10.1M | 2.25% |
+89,301
| New | +$10.3M |
2022 Q1
0 quarters
|
|
17
Celcuity
CELC
$3.33B
| $8.61M | 1.92% |
920,464
| – | – |
2021 Q2
3 quarters
|
|
18
Celldex Therapeutics
CLDX
$2.3B
| $8.22M | 1.83% |
+241,199
| New | +$7.71M |
2022 Q1
0 quarters
|
|
|
19
Protagonist Therapeutics
PTGX
$9.23B
| $7.86M | 1.76% |
331,886
-473,687
| -59% | -$13.3M |
2020 Q4
5 quarters
|
|
20
Tenaya Therapeutics
TNYA
$85.6M
| $6.05M | 1.35% |
513,930
| – | – |
2021 Q3
2 quarters
|
|
21
DELISTED
KalVista Pharmaceuticals
KALV
| $4.61M | 1.03% |
312,553
| – | – |
2021 Q1
4 quarters
|
|
|
GNCA
22
DELISTED
Genocea Biosciences, Inc.
GNCA
| $3.85M | 0.86% |
3,079,756
| – | – |
2020 Q4
5 quarters
|
|
23
Inventiva
IVA
$862M
| $2.99M | 0.67% |
262,658
| – | – |
2020 Q4
5 quarters
|
|
24
Dyne Therapeutics
DYN
$3.2B
| $2.94M | 0.66% |
305,125
| – | – |
2021 Q1
4 quarters
|
|
25
PMV Pharmaceuticals
PMVP
$71.6M
| $2.6M | 0.58% |
125,000
| – | – |
2020 Q4
5 quarters
|
|
Similar funds
Commodore Capital's Q1 2022 Portfolio in Review
As of Q1 2022, Commodore Capital held 29 positions worth $448M, up 3.7% from $432M the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Commodore Capital deployed $65.5M of net new capital in Q1 2022, opening 4 new positions and adding to 9 existing holdings. Its largest new stake was Karyopharm Therapeutics: 237,403 shares worth $26.2M.
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 IVERIC bio, Inc. Common Stock, an estimated $14.8M trimmed.
- Commodore Capital's largest Q1 2022 buy was Karyopharm Therapeutics: 237,403 shares worth $26.2M.
- Commodore Capital added most to BELLUS Health Inc. in Q1 2022, an estimated $16.2M increase.
- Commodore Capital's biggest Q1 2022 reduction was IVERIC bio, Inc. Common Stock, cutting an estimated $14.8M.
- Commodore Capital fully exited Allakos in Q1 2022, selling an estimated $7.98M.
- Commodore Capital's ten largest holdings make up 72% of its $448M portfolio in Q1 2022.
- Commodore Capital opened 4 new positions and closed 2 in Q1 2022.
- Commodore Capital's portfolio value rose 3.7% quarter-over-quarter to $448M.
Based on Commodore Capital's 13F filing for Q1 2022, filed 16 May 2022.