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 |
AMAM
Ambrx Biopharma Inc
AMAM
|
+$24.1M |
| 2 |
Enliven Therapeutics
ELVN
|
+$22.5M |
| 3 |
Vera Therapeutics
VERA
|
+$21.8M |
| 4 |
Akero Therapeutics
AKRO
|
+$11.3M |
| 5 |
BLU
BELLUS Health Inc.
BLU
|
+$9.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cymabay Therapeutics
CBAY
|
+$29.7M |
| 2 |
Arcellx
ACLX
|
+$18.3M |
| 3 |
Aclaris Therapeutics
ACRS
|
+$15.8M |
| 4 |
4D Molecular Therapeutics
FDMT
|
+$13.3M |
| 5 |
89bio
ETNB
|
+$9.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Xenon Pharmaceuticals
XENE
$3.92B
| $66M | 10.05% |
1,845,000
+185,889
| +11% | +$6.87M |
2020 Q4
9 quarters
|
|
2
Viridian Therapeutics
VRDN
$3.43B
| $55.7M | 8.48% |
2,189,659
+169,493
| +8% | +$5.43M |
2021 Q1
8 quarters
|
|
3
DELISTED
Merus
MRUS
| $54.3M | 8.26% |
2,950,000
+217,433
| +8% | +$3.79M |
2021 Q3
6 quarters
|
|
4
Cogent Biosciences
COGT
$5.82B
| $51.5M | 7.84% |
4,772,421
+452,481
| +10% | +$5.79M |
2020 Q4
9 quarters
|
|
|
BLU
5
DELISTED
BELLUS Health Inc.
BLU
| $47.4M | 7.21% |
6,579,359
+1,275,802
| +24% | +$9.9M |
2021 Q4
5 quarters
|
|
|
AMAM
6
DELISTED
Ambrx Biopharma Inc
AMAM
| $42.8M | 6.52% |
+4,803,447
| New | +$24.1M |
2023 Q1
0 quarters
|
|
|
7
Enliven Therapeutics
ELVN
$3.79B
| $37.9M | 5.77% |
1,731,365
+1,107,666
| +178% | +$22.5M |
2022 Q4
1 quarter
|
|
|
8
DELISTED
Akero Therapeutics
AKRO
| $30.2M | 4.6% |
790,000
+252,924
| +47% | +$11.3M |
2022 Q3
2 quarters
|
|
9
DELISTED
Nuvalent
NUVL
| $28M | 4.27% |
1,075,000
+161,379
| +18% | +$4.77M |
2022 Q4
1 quarter
|
|
10
Immunovant
IMVT
$7.26B
| $22.3M | 3.4% |
1,440,999
+290,494
| +25% | +$5.04M |
2022 Q4
1 quarter
|
|
|
11
Vera Therapeutics
VERA
$2.21B
| $21.9M | 3.34% |
+2,824,029
| New | +$21.8M |
2023 Q1
0 quarters
|
|
12
Syndax Pharmaceuticals
SNDX
$860M
| $18M | 2.75% |
853,884
+165,439
| +24% | +$4.12M |
2022 Q3
2 quarters
|
|
13
Celldex Therapeutics
CLDX
$2.45B
| $17.8M | 2.72% |
495,823
| – | – |
2022 Q1
4 quarters
|
|
|
14
DELISTED
Cymabay Therapeutics
CBAY
| $17.7M | 2.69% |
2,025,000
-3,713,500
| -65% | -$29.7M |
2020 Q4
9 quarters
|
|
15
Cabaletta Bio
CABA
$324M
| $15.2M | 2.31% |
1,835,000
+824,641
| +82% | +$7.72M |
2022 Q4
1 quarter
|
|
16
Kura Oncology
KURA
$673M
| $14.7M | 2.24% |
1,204,958
+105,551
| +10% | +$1.32M |
2022 Q1
4 quarters
|
|
17
Arrowhead Research
ARWR
$6.96B
| $14.6M | 2.22% |
575,000
+112,889
| +24% | +$3.55M |
2022 Q2
3 quarters
|
|
18
Celcuity
CELC
$3.44B
| $14.3M | 2.17% |
1,390,772
+62,820
| +5% | +$688K |
2021 Q2
7 quarters
|
|
|
RXDX
19
DELISTED
Prometheus Biosciences, Inc. Common Stock
RXDX
| $13.6M | 2.08% |
127,156
| – | – |
2022 Q4
1 quarter
|
|
20
DELISTED
Alpine Immune Sciences Inc
ALPN
| $10.2M | 1.56% |
1,325,000
| – | – |
2022 Q3
2 quarters
|
|
21
DELISTED
Day One Biopharmaceuticals
DAWN
| $9.9M | 1.51% |
739,661
| – | – |
2022 Q2
3 quarters
|
|
|
RNAM
22
DELISTED
Avidity Biosciences
RNAM
| $9.07M | 1.38% |
590,705
| – | – |
2022 Q4
1 quarter
|
|
23
Enanta Pharmaceuticals
ENTA
$334M
| $8.79M | 1.34% |
217,253
-6,241
| -3% | -$298K |
2022 Q3
2 quarters
|
|
24
DELISTED
Allakos
ALLK
| $8.46M | 1.29% |
1,900,000
+256,500
| +16% | +$1.64M |
2022 Q3
2 quarters
|
|
25
Vaxcyte
PCVX
$10.7B
| $7.5M | 1.14% |
200,000
+26,519
| +15% | +$1.12M |
2022 Q4
1 quarter
|
|
Similar funds
Commodore Capital's Q1 2023 Portfolio in Review
As of Q1 2023, Commodore Capital held 38 positions worth $657M, down 1% from $664M the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Commodore Capital deployed $44.5M of net new capital in Q1 2023, opening 3 new positions and adding to 16 existing holdings. Its largest new stake was Ambrx Biopharma Inc: 4,803,447 shares worth $42.8M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.
On the sell side, the largest reduction was Cymabay Therapeutics, an estimated $29.7M trimmed.
- Commodore Capital's largest Q1 2023 buy was Ambrx Biopharma Inc: 4,803,447 shares worth $42.8M.
- Commodore Capital added most to Enliven Therapeutics in Q1 2023, an estimated $22.5M increase.
- Commodore Capital's biggest Q1 2023 reduction was Cymabay Therapeutics, cutting an estimated $29.7M.
- Commodore Capital fully exited Arcellx in Q1 2023, selling an estimated $18.3M.
- Commodore Capital's ten largest holdings make up 66% of its $657M portfolio in Q1 2023.
- Commodore Capital opened 3 new positions and closed 6 in Q1 2023.
- Commodore Capital's portfolio value fell 1% quarter-over-quarter to $657M.
Based on Commodore Capital's 13F filing for Q1 2023, filed 15 May 2023.