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 |
Definium Therapeutics
DFTX
|
+$33.3M |
| 2 |
Kyverna Therapeutics
KYTX
|
+$25.5M |
| 3 |
Pharvaris
PHVS
|
+$24.6M |
| 4 |
Oric Pharmaceuticals
ORIC
|
+$23.8M |
| 5 |
Perspective Therapeutics
CATX
|
+$18M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vera Therapeutics
VERA
|
+$81.4M |
| 2 |
Soleno Therapeutics
SLNO
|
+$24M |
| 3 |
RayzeBio, Inc. Common Stock
RYZB
|
+$23.9M |
| 4 |
Rhythm Pharmaceuticals
RYTM
|
+$21.9M |
| 5 |
Cabaletta Bio
CABA
|
+$17.2M |
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
| $196M | 13.13% |
4,360,000
-387,373
| -8% | -$15.7M |
2021 Q3
10 quarters
|
|
|
2
Vera Therapeutics
VERA
$2.19B
| $136M | 9.13% |
3,165,000
-2,285,000
| -42% | -$81.4M |
2023 Q1
4 quarters
|
|
3
DELISTED
Nuvalent
NUVL
| $112M | 7.47% |
1,487,756
+156,719
| +12% | +$12.5M |
2022 Q4
5 quarters
|
|
4
Xenon Pharmaceuticals
XENE
$3.94B
| $93.3M | 6.24% |
2,167,793
| – | – |
2020 Q4
13 quarters
|
|
5
Spyre Therapeutics
SYRE
$10B
| $71.5M | 4.78% |
1,884,084
| – | – |
2023 Q2
3 quarters
|
|
6
Enliven Therapeutics
ELVN
$3.72B
| $69.9M | 4.67% |
3,973,245
+1,071,429
| +37% | +$16.4M |
2022 Q4
5 quarters
|
|
7
Vaxcyte
PCVX
$10.6B
| $58.7M | 3.93% |
860,000
-240,000
| -22% | -$16.6M |
2022 Q4
5 quarters
|
|
|
8
Definium Therapeutics
DFTX
$4.64B
| $54.8M | 3.67% |
+5,833,333
| New | +$33.3M |
2024 Q1
0 quarters
|
|
9
DELISTED
Alpine Immune Sciences Inc
ALPN
| $54.5M | 3.64% |
1,375,000
-235,000
| -15% | -$6.93M |
2022 Q3
6 quarters
|
|
10
Arvinas
ARVN
$433M
| $52.6M | 3.52% |
1,275,000
+275,000
| +28% | +$12M |
2023 Q4
1 quarter
|
|
|
11
Rhythm Pharmaceuticals
RYTM
$7.9B
| $45.5M | 3.04% |
1,050,000
-500,000
| -32% | -$21.9M |
2023 Q3
2 quarters
|
|
12
Cogent Biosciences
COGT
$5.72B
| $43.2M | 2.89% |
6,425,000
+858,974
| +15% | +$5.31M |
2020 Q4
13 quarters
|
|
|
13
Pharvaris
PHVS
$2.38B
| $39.9M | 2.67% |
1,725,000
+925,000
| +116% | +$24.6M |
2023 Q4
1 quarter
|
|
14
Celldex Therapeutics
CLDX
$2.44B
| $36.4M | 2.43% |
866,468
+164,501
| +23% | +$6.75M |
2022 Q1
8 quarters
|
|
15
Nkarta
NKTX
$107M
| $34.2M | 2.29% |
3,165,000
+435,000
| +16% | +$4.52M |
2023 Q4
1 quarter
|
|
16
Viridian Therapeutics
VRDN
$3.44B
| $33.9M | 2.27% |
1,934,653
+10,579
| +0.5% | +$205K |
2021 Q1
12 quarters
|
|
17
Celcuity
CELC
$3.4B
| $33.6M | 2.25% |
1,555,954
-198,750
| -11% | -$3.17M |
2021 Q2
11 quarters
|
|
18
Kura Oncology
KURA
$671M
| $32.5M | 2.18% |
1,525,000
+276,938
| +22% | +$5.38M |
2022 Q1
8 quarters
|
|
19
C4 Therapeutics
CCCC
$397M
| $27.9M | 1.86% |
3,410,384
-389,616
| -10% | -$3.02M |
2023 Q4
1 quarter
|
|
|
20
Oric Pharmaceuticals
ORIC
$945M
| $27.5M | 1.84% |
+2,000,000
| New | +$23.8M |
2024 Q1
0 quarters
|
|
21
Abivax
ABVX
$7.88B
| $27.1M | 1.81% |
1,895,003
| – | – |
2023 Q4
1 quarter
|
|
|
22
Perspective Therapeutics
CATX
$97.4M
| $25.1M | 1.68% |
+2,105,263
| New | +$18M |
2024 Q1
0 quarters
|
|
23
Immunovant
IMVT
$7.41B
| $24.3M | 1.62% |
750,990
-249,010
| -25% | -$9.08M |
2022 Q4
5 quarters
|
|
|
24
Kyverna Therapeutics
KYTX
$318M
| $22.7M | 1.52% |
+912,189
| New | +$25.5M |
2024 Q1
0 quarters
|
|
25
enGene Therapeutics
ENGN
$118M
| $21.2M | 1.42% |
+1,250,000
| New | +$15.3M |
2024 Q1
0 quarters
|
|
Similar funds
Commodore Capital's Q1 2024 Portfolio in Review
As of Q1 2024, Commodore Capital held 43 positions worth $1.5B, up 31% from $1.14B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Commodore Capital's Q1 2024 filing shows 11 new, 11 increased, 12 reduced and 4 closed positions. Its largest new stake was Definium Therapeutics: 5,833,333 shares worth $54.8M. The largest sale was Vera Therapeutics, an estimated $81.4M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.
- Commodore Capital's largest Q1 2024 buy was Definium Therapeutics: 5,833,333 shares worth $54.8M.
- Commodore Capital added most to Pharvaris in Q1 2024, an estimated $24.6M increase.
- Commodore Capital's biggest Q1 2024 reduction was Vera Therapeutics, cutting an estimated $81.4M.
- Commodore Capital fully exited RayzeBio, Inc. Common Stock in Q1 2024, selling an estimated $23.9M.
- Commodore Capital's ten largest holdings make up 60% of its $1.5B portfolio in Q1 2024.
- Commodore Capital opened 11 new positions and closed 4 in Q1 2024.
- Commodore Capital's portfolio value rose 31% quarter-over-quarter to $1.5B.
Based on Commodore Capital's 13F filing for Q1 2024, filed 15 May 2024.