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 |
Nuvalent
NUVL
|
+$25.5M |
| 2 |
Immunovant
IMVT
|
+$14.5M |
| 3 |
Arcellx
ACLX
|
+$13.6M |
| 4 |
Enliven Therapeutics
ELVN
|
+$10M |
| 5 |
4D Molecular Therapeutics
FDMT
|
+$9.24M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cytokinetics
CYTK
|
+$43.3M |
| 2 |
STSA
Satsuma Pharmaceuticals, Inc. Common Stock
STSA
|
+$22.3M |
| 3 |
TCDA
Tricida, Inc. Common Stock
TCDA
|
+$20.7M |
| 4 |
Viridian Therapeutics
VRDN
|
+$15.6M |
| 5 |
Akero Therapeutics
AKRO
|
+$8.84M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| 2 | Financials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Xenon Pharmaceuticals
XENE
$3.56B
| $65.4M | 9.86% |
1,659,111
+64,179
| +4% | +$2.34M |
2020 Q4
8 quarters
|
|
|
2
Viridian Therapeutics
VRDN
$2.81B
| $59M | 8.89% |
2,020,166
-676,174
| -25% | -$15.6M |
2021 Q1
7 quarters
|
|
3
Cogent Biosciences
COGT
$5.64B
| $49.9M | 7.53% |
4,319,940
| – | – |
2020 Q4
8 quarters
|
|
|
BLU
4
DELISTED
BELLUS Health Inc.
BLU
| $43.6M | 6.57% |
5,303,557
+175,000
| +3% | +$1.63M |
2021 Q4
4 quarters
|
|
5
DELISTED
Merus
MRUS
| $42.3M | 6.37% |
2,732,567
+116,805
| +4% | +$2.06M |
2021 Q3
5 quarters
|
|
6
DELISTED
Cymabay Therapeutics
CBAY
| $36M | 5.42% |
5,738,500
| – | – |
2020 Q4
8 quarters
|
|
7
Aclaris Therapeutics
ACRS
$596M
| $29.6M | 4.46% |
1,880,286
-530,336
| -22% | -$8.53M |
2020 Q4
8 quarters
|
|
|
8
DELISTED
Akero Therapeutics
AKRO
| $29.4M | 4.44% |
537,076
-206,396
| -28% | -$8.84M |
2022 Q3
1 quarter
|
|
|
9
DELISTED
Nuvalent
NUVL
| $27.2M | 4.1% |
+913,621
| New | +$25.5M |
2022 Q4
0 quarters
|
|
10
Celldex Therapeutics
CLDX
$2.35B
| $22.1M | 3.33% |
495,823
-42,989
| -8% | -$1.53M |
2022 Q1
3 quarters
|
|
|
11
Immunovant
IMVT
$6.13B
| $20.4M | 3.08% |
+1,150,505
| New | +$14.5M |
2022 Q4
0 quarters
|
|
12
Arrowhead Research
ARWR
$8.67B
| $18.7M | 2.82% |
462,111
+58,033
| +14% | +$1.92M |
2022 Q2
2 quarters
|
|
13
Celcuity
CELC
$3.49B
| $18.6M | 2.8% |
1,327,952
+407,488
| +44% | +$4.17M |
2021 Q2
6 quarters
|
|
|
14
DELISTED
Arcellx
ACLX
| $18.3M | 2.76% |
+591,437
| New | +$13.6M |
2022 Q4
0 quarters
|
|
15
Syndax Pharmaceuticals
SNDX
$1.27B
| $17.5M | 2.64% |
688,445
-49,665
| -7% | -$1.16M |
2022 Q3
1 quarter
|
|
16
DELISTED
Day One Biopharmaceuticals
DAWN
| $15.9M | 2.4% |
739,661
| – | – |
2022 Q2
2 quarters
|
|
|
RXDX
17
DELISTED
Prometheus Biosciences, Inc. Common Stock
RXDX
| $14M | 2.11% |
+127,156
| New | +$8.25M |
2022 Q4
0 quarters
|
|
18
DELISTED
Allakos
ALLK
| $13.8M | 2.09% |
1,643,500
| – | – |
2022 Q3
1 quarter
|
|
19
Kura Oncology
KURA
$946M
| $13.6M | 2.06% |
1,099,407
+200,000
| +22% | +$2.91M |
2022 Q1
3 quarters
|
|
|
20
4D Molecular Therapeutics
FDMT
$724M
| $13.3M | 2% |
+598,385
| New | +$9.24M |
2022 Q4
0 quarters
|
|
|
RNAM
21
DELISTED
Avidity Biosciences
RNAM
| $13.1M | 1.98% |
+590,705
| New | +$8.81M |
2022 Q4
0 quarters
|
|
22
Enanta Pharmaceuticals
ENTA
$337M
| $10.4M | 1.57% |
223,494
+120,000
| +116% | +$5.47M |
2022 Q3
1 quarter
|
|
|
23
Enliven Therapeutics
ELVN
$3.33B
| $10.2M | 1.54% |
+623,699
| New | +$10M |
2022 Q4
0 quarters
|
|
24
DELISTED
Alpine Immune Sciences Inc
ALPN
| $9.7M | 1.47% |
1,325,000
| – | – |
2022 Q3
1 quarter
|
|
25
DELISTED
89bio
ETNB
| $9.7M | 1.45% |
+758,244
| New | +$6.82M |
2022 Q4
0 quarters
|
|
Similar funds
Commodore Capital's Q4 2022 Portfolio in Review
As of Q4 2022, Commodore Capital held 41 positions worth $664M, up 6.7% from $622M the previous quarter. Its ten largest holdings account for 61% of the portfolio.
Commodore Capital's Q4 2022 filing shows 11 new, 8 increased, 7 reduced and 6 closed positions. Its largest new stake was Nuvalent: 913,621 shares worth $27.2M. The largest sale was Cytokinetics, an estimated $43.3M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 100% a quarter earlier, followed by Financials.
- Commodore Capital's largest Q4 2022 buy was Nuvalent: 913,621 shares worth $27.2M.
- Commodore Capital added most to Enanta Pharmaceuticals in Q4 2022, an estimated $5.47M increase.
- Commodore Capital's biggest Q4 2022 reduction was Viridian Therapeutics, cutting an estimated $15.6M.
- Commodore Capital fully exited Cytokinetics in Q4 2022, selling an estimated $43.3M.
- Commodore Capital's ten largest holdings make up 61% of its $664M portfolio in Q4 2022.
- Commodore Capital opened 11 new positions and closed 6 in Q4 2022.
- Commodore Capital's portfolio value rose 6.7% quarter-over-quarter to $664M.
Based on Commodore Capital's 13F filing for Q4 2022, filed 14 Feb 2023.