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
|
+$31.1M |
| 2 |
Spyre Therapeutics
SYRE
|
+$24.4M |
| 3 |
Arvinas
ARVN
|
+$23.4M |
| 4 |
Abivax
ABVX
|
+$19.3M |
| 5 |
Pharvaris
PHVS
|
+$16.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AMAM
Ambrx Biopharma Inc
AMAM
|
+$40.5M |
| 2 |
IDEAYA Biosciences
IDYA
|
+$20.9M |
| 3 |
Rhythm Pharmaceuticals
RYTM
|
+$16.6M |
| 4 |
Crinetics Pharmaceuticals
CRNX
|
+$14.9M |
| 5 |
Syndax Pharmaceuticals
SNDX
|
+$13.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
Merus
MRUS
| $131M | 11.41% |
4,747,373
+319,301
| +7% | +$7.46M |
2021 Q3
9 quarters
|
|
2
Xenon Pharmaceuticals
XENE
$3.65B
| $100M | 8.72% |
2,167,793
+322,793
| +17% | +$11.4M |
2020 Q4
12 quarters
|
|
|
3
DELISTED
Nuvalent
NUVL
| $98M | 8.56% |
1,331,037
+502,259
| +61% | +$31.1M |
2022 Q4
4 quarters
|
|
4
Vera Therapeutics
VERA
$2.17B
| $83.8M | 7.32% |
5,450,000
| – | – |
2023 Q1
3 quarters
|
|
|
5
Rhythm Pharmaceuticals
RYTM
$7.23B
| $71.3M | 6.23% |
1,550,000
-525,000
| -25% | -$16.6M |
2023 Q3
1 quarter
|
|
6
Vaxcyte
PCVX
$9.7B
| $69.1M | 6.04% |
1,100,000
| – | – |
2022 Q4
4 quarters
|
|
7
Cabaletta Bio
CABA
$217M
| $43.1M | 3.77% |
1,900,000
-625,753
| -25% | -$10.5M |
2022 Q4
4 quarters
|
|
8
Immunovant
IMVT
$5.86B
| $42.1M | 3.68% |
1,000,000
| – | – |
2022 Q4
4 quarters
|
|
9
Viridian Therapeutics
VRDN
$3.23B
| $41.9M | 3.66% |
1,924,074
-275,926
| -13% | -$4.36M |
2021 Q1
11 quarters
|
|
|
10
Arvinas
ARVN
$428M
| $41.2M | 3.6% |
+1,000,000
| New | +$23.4M |
2023 Q4
0 quarters
|
|
|
11
Spyre Therapeutics
SYRE
$9.03B
| $40.5M | 3.54% |
1,884,084
+1,767,760
| +1,520% | +$24.4M |
2023 Q2
2 quarters
|
|
12
Enliven Therapeutics
ELVN
$3.28B
| $40.2M | 3.51% |
2,901,816
| – | – |
2022 Q4
4 quarters
|
|
13
Cogent Biosciences
COGT
$5.13B
| $32.7M | 2.86% |
5,566,026
| – | – |
2020 Q4
12 quarters
|
|
14
DELISTED
Alpine Immune Sciences Inc
ALPN
| $30.7M | 2.68% |
1,610,000
+285,000
| +22% | +$3.96M |
2022 Q3
5 quarters
|
|
15
DELISTED
Soleno Therapeutics
SLNO
| $28.2M | 2.46% |
700,000
-187,500
| -21% | -$5.33M |
2023 Q3
1 quarter
|
|
16
Celldex Therapeutics
CLDX
$2.22B
| $27.8M | 2.43% |
701,967
-4,698
| -0.7% | -$138K |
2022 Q1
7 quarters
|
|
17
Celcuity
CELC
$3.13B
| $25.6M | 2.23% |
1,754,704
+60,563
| +4% | +$731K |
2021 Q2
10 quarters
|
|
18
DELISTED
RayzeBio, Inc. Common Stock
RYZB
| $23.9M | 2.08% |
383,638
+94,727
| +33% | +$2.35M |
2023 Q3
1 quarter
|
|
|
19
Pharvaris
PHVS
$2.28B
| $22.4M | 1.96% |
+800,000
| New | +$16.2M |
2023 Q4
0 quarters
|
|
20
C4 Therapeutics
CCCC
$363M
| $21.5M | 1.88% |
+3,800,000
| New | +$8.66M |
2023 Q4
0 quarters
|
|
|
21
Abivax
ABVX
$7.37B
| $20.3M | 1.77% |
+1,895,003
| New | +$19.3M |
2023 Q4
0 quarters
|
|
22
Nkarta
NKTX
$112M
| $18M | 1.57% |
+2,730,000
| New | +$7.07M |
2023 Q4
0 quarters
|
|
23
Kura Oncology
KURA
$605M
| $17.9M | 1.57% |
1,248,062
-151,938
| -11% | -$1.49M |
2022 Q1
7 quarters
|
|
|
HARP
24
DELISTED
Harpoon Therapeutics, Inc. Common Stock
HARP
| $17.1M | 1.49% |
+1,500,000
| New | +$11.8M |
2023 Q4
0 quarters
|
|
25
DELISTED
Akero Therapeutics
AKRO
| $13.2M | 1.15% |
565,000
| – | – |
2022 Q3
5 quarters
|
|
Similar funds
Commodore Capital's Q4 2023 Portfolio in Review
As of Q4 2023, Commodore Capital held 38 positions worth $1.14B, up 34% from $856M the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Commodore Capital's Q4 2023 filing shows 8 new, 7 increased, 7 reduced and 6 closed positions. Its largest new stake was Arvinas: 1,000,000 shares worth $41.2M. The largest sale was Ambrx Biopharma Inc, an estimated $40.5M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.
- Commodore Capital's largest Q4 2023 buy was Arvinas: 1,000,000 shares worth $41.2M.
- Commodore Capital added most to Nuvalent in Q4 2023, an estimated $31.1M increase.
- Commodore Capital's biggest Q4 2023 reduction was Rhythm Pharmaceuticals, cutting an estimated $16.6M.
- Commodore Capital fully exited Ambrx Biopharma Inc in Q4 2023, selling an estimated $40.5M.
- Commodore Capital's ten largest holdings make up 63% of its $1.14B portfolio in Q4 2023.
- Commodore Capital opened 8 new positions and closed 6 in Q4 2023.
- Commodore Capital's portfolio value rose 34% quarter-over-quarter to $1.14B.
Based on Commodore Capital's 13F filing for Q4 2023, filed 14 Feb 2024.