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 |
Vaxcyte
PCVX
|
+$70M |
| 2 |
Nuvalent
NUVL
|
+$63.7M |
| 3 |
Nurix Therapeutics
NRIX
|
+$30.9M |
| 4 |
Scholar Rock
SRRK
|
+$30.9M |
| 5 |
Merus
MRUS
|
+$25.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Celldex Therapeutics
CLDX
|
+$55M |
| 2 |
Perspective Therapeutics
CATX
|
+$44.7M |
| 3 |
Kura Oncology
KURA
|
+$35.2M |
| 4 |
Rhythm Pharmaceuticals
RYTM
|
+$34.1M |
| 5 |
Arvinas
ARVN
|
+$29.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.44% |
| 2 | Financials | 0.56% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
Merus
MRUS
| $163M | 11.94% |
3,874,182
+524,182
| +16% | +$25.2M |
2021 Q3
13 quarters
|
|
|
2
Vaxcyte
PCVX
$10.1B
| $133M | 9.75% |
1,625,000
+705,000
| +77% | +$70M |
2022 Q4
8 quarters
|
|
|
3
DELISTED
Nuvalent
NUVL
| $127M | 9.3% |
1,621,600
+681,600
| +73% | +$63.7M |
2022 Q4
8 quarters
|
|
4
Xenon Pharmaceuticals
XENE
$3.79B
| $107M | 7.87% |
2,740,000
+40,000
| +1% | +$1.65M |
2020 Q4
16 quarters
|
|
5
Enliven Therapeutics
ELVN
$3.64B
| $94.6M | 6.93% |
4,205,000
+105,000
| +3% | +$2.72M |
2022 Q4
8 quarters
|
|
6
Vera Therapeutics
VERA
$2.15B
| $82.8M | 6.07% |
1,958,600
-516,400
| -21% | -$22.9M |
2023 Q1
7 quarters
|
|
7
DELISTED
Soleno Therapeutics
SLNO
| $68.5M | 5.02% |
1,525,000
+265,000
| +21% | +$13.7M |
2023 Q3
5 quarters
|
|
8
Alkermes
ALKS
$7.71B
| $66.1M | 4.85% |
2,300,000
-600,000
| -21% | -$17.2M |
2024 Q2
2 quarters
|
|
|
9
Nurix Therapeutics
NRIX
$1.67B
| $56.5M | 4.14% |
3,000,000
+1,350,000
| +82% | +$30.9M |
2024 Q3
1 quarter
|
|
10
Cogent Biosciences
COGT
$5.49B
| $53.7M | 3.93% |
6,881,629
-658,301
| -9% | -$6.56M |
2020 Q4
16 quarters
|
|
11
Spyre Therapeutics
SYRE
$9.9B
| $46.3M | 3.39% |
1,988,084
| – | – |
2023 Q2
6 quarters
|
|
12
Viridian Therapeutics
VRDN
$3.24B
| $46M | 3.37% |
2,400,000
-150,124
| -6% | -$3.26M |
2021 Q1
15 quarters
|
|
|
13
Scholar Rock
SRRK
$5.72B
| $41.1M | 3.01% |
+950,000
| New | +$30.9M |
2024 Q4
0 quarters
|
|
|
CNTA
14
DELISTED
Centessa Pharmaceuticals
CNTA
| $37.2M | 2.72% |
2,218,425
+868,425
| +64% | +$14.4M |
2024 Q3
1 quarter
|
|
15
Pharvaris
PHVS
$2.41B
| $36.6M | 2.69% |
1,911,433
| – | – |
2023 Q4
4 quarters
|
|
16
Definium Therapeutics
DFTX
$4.47B
| $30M | 2.2% |
4,308,425
-3,691,575
| -46% | -$25.4M |
2024 Q1
3 quarters
|
|
17
Oruka Therapeutics
ORKA
$6.81B
| $27.5M | 2.02% |
1,419,714
+50,000
| +4% | +$1.22M |
2024 Q2
2 quarters
|
|
18
Cardiff Oncology
CRDF
$61.9M
| $23.4M | 1.71% |
+5,384,616
| New | +$16.8M |
2024 Q4
0 quarters
|
|
19
Inhibikase Therapeutics
IKT
$209M
| $19.3M | 1.41% |
+5,925,000
| New | +$14.8M |
2024 Q4
0 quarters
|
|
20
Neurogene
NGNE
$506M
| $18.3M | 1.34% |
800,000
+600,000
| +300% | +$22.3M |
2024 Q1
3 quarters
|
|
21
Bright Minds Biosciences
DRUG
$227M
| $18M | 1.32% |
+500,000
| New | +$17.6M |
2024 Q4
0 quarters
|
|
22
Oric Pharmaceuticals
ORIC
$914M
| $16.1M | 1.18% |
2,000,000
| – | – |
2024 Q1
3 quarters
|
|
23
DELISTED
Apogee Therapeutics
APGE
| $13.1M | 0.96% |
290,000
| – | – |
2023 Q3
5 quarters
|
|
24
Abivax
ABVX
$7.5B
| $9.4M | 0.69% |
1,284,110
| – | – |
2023 Q4
4 quarters
|
|
|
PCSC
25
DELISTED
Perceptive Capital Solutions
PCSC
| $7.64M | 0.56% |
750,000
| – | – |
2024 Q2
2 quarters
|
|
Similar funds
Commodore Capital's Q4 2024 Portfolio in Review
As of Q4 2024, Commodore Capital held 40 positions worth $1.36B, down 15% from $1.6B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Commodore Capital withdrew a net $42.9M in Q4 2024, closing 9 positions and reducing 8 holdings. Its most notable exit was Celldex Therapeutics, an estimated $55M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, down from 100% a quarter earlier, followed by Financials.
Against the trend, Commodore Capital opened a new position in Scholar Rock worth $41.1M.
- Commodore Capital's largest Q4 2024 buy was Scholar Rock: 950,000 shares worth $41.1M.
- Commodore Capital added most to Vaxcyte in Q4 2024, an estimated $70M increase.
- Commodore Capital's biggest Q4 2024 reduction was Definium Therapeutics, cutting an estimated $25.4M.
- Commodore Capital fully exited Celldex Therapeutics in Q4 2024, selling an estimated $55M.
- Commodore Capital's ten largest holdings make up 70% of its $1.36B portfolio in Q4 2024.
- Commodore Capital opened 4 new positions and closed 9 in Q4 2024.
- Commodore Capital's portfolio value fell 15% quarter-over-quarter to $1.36B.
Based on Commodore Capital's 13F filing for Q4 2024, filed 14 Feb 2025.