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 |
Agios Pharmaceuticals
AGIO
|
+$72.5M |
| 2 |
Celldex Therapeutics
CLDX
|
+$71.5M |
| 3 |
Scholar Rock
SRRK
|
+$30.6M |
| 4 |
Merus
MRUS
|
+$26.1M |
| 5 |
Solid Biosciences
SLDB
|
+$24.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Soleno Therapeutics
SLNO
|
+$18.3M |
| 2 |
Xenon Pharmaceuticals
XENE
|
+$15.8M |
| 3 |
Alkermes
ALKS
|
+$11.4M |
| 4 |
Abivax
ABVX
|
+$9.4M |
| 5 |
BridgeBio Oncology
BBOT
|
+$5.25M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.43% |
| 2 | Financials | 0.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
Merus
MRUS
| $188M | 13.87% |
4,472,840
+598,658
| +15% | +$26.1M |
2021 Q3
14 quarters
|
|
2
DELISTED
Nuvalent
NUVL
| $132M | 9.69% |
1,855,000
+233,400
| +14% | +$18.2M |
2022 Q4
9 quarters
|
|
3
Enliven Therapeutics
ELVN
$3.72B
| $92M | 6.78% |
4,675,000
+470,000
| +11% | +$10.1M |
2022 Q4
9 quarters
|
|
|
4
DELISTED
Soleno Therapeutics
SLNO
| $82.2M | 6.05% |
1,150,000
-375,000
| -25% | -$18.3M |
2023 Q3
6 quarters
|
|
|
5
Xenon Pharmaceuticals
XENE
$3.95B
| $78M | 5.75% |
2,325,000
-415,000
| -15% | -$15.8M |
2020 Q4
17 quarters
|
|
|
6
Alkermes
ALKS
$7.79B
| $64.4M | 4.74% |
1,950,000
-350,000
| -15% | -$11.4M |
2024 Q2
3 quarters
|
|
|
7
Agios Pharmaceuticals
AGIO
$1.86B
| $64M | 4.72% |
+2,185,000
| New | +$72.5M |
2025 Q1
0 quarters
|
|
8
Vaxcyte
PCVX
$10.6B
| $62.3M | 4.59% |
1,650,000
+25,000
| +2% | +$2M |
2022 Q4
9 quarters
|
|
9
Vera Therapeutics
VERA
$2.18B
| $61.5M | 4.53% |
2,561,782
+603,182
| +31% | +$19.4M |
2023 Q1
8 quarters
|
|
|
10
Celldex Therapeutics
CLDX
$2.42B
| $58.1M | 4.28% |
+3,200,000
| New | +$71.5M |
2025 Q1
0 quarters
|
|
|
11
Scholar Rock
SRRK
$5.96B
| $56.1M | 4.13% |
1,745,000
+795,000
| +84% | +$30.6M |
2024 Q4
1 quarter
|
|
12
Cogent Biosciences
COGT
$5.71B
| $53.3M | 3.93% |
8,892,816
+2,011,187
| +29% | +$15.8M |
2020 Q4
17 quarters
|
|
13
Viridian Therapeutics
VRDN
$3.48B
| $48.5M | 3.58% |
3,600,000
+1,200,000
| +50% | +$20.4M |
2021 Q1
16 quarters
|
|
14
Nurix Therapeutics
NRIX
$1.74B
| $47.3M | 3.48% |
3,978,907
+978,907
| +33% | +$16.4M |
2024 Q3
2 quarters
|
|
|
CNTA
15
DELISTED
Centessa Pharmaceuticals
CNTA
| $34M | 2.51% |
2,367,578
+149,153
| +7% | +$2.44M |
2024 Q3
2 quarters
|
|
16
Spyre Therapeutics
SYRE
$9.9B
| $32.1M | 2.36% |
1,988,084
| – | – |
2023 Q2
7 quarters
|
|
17
Pharvaris
PHVS
$2.41B
| $30M | 2.21% |
1,911,433
| – | – |
2023 Q4
5 quarters
|
|
18
Definium Therapeutics
DFTX
$4.62B
| $26.5M | 1.95% |
4,525,000
+216,575
| +5% | +$1.55M |
2024 Q1
4 quarters
|
|
|
19
Solid Biosciences
SLDB
$790M
| $21.6M | 1.59% |
+5,825,000
| New | +$24.9M |
2025 Q1
0 quarters
|
|
20
Bright Minds Biosciences
DRUG
$240M
| $18M | 1.33% |
500,000
| – | – |
2024 Q4
1 quarter
|
|
21
Cardiff Oncology
CRDF
$59.2M
| $16.9M | 1.25% |
5,384,616
| – | – |
2024 Q4
1 quarter
|
|
22
Oruka Therapeutics
ORKA
$7.07B
| $14.6M | 1.07% |
1,419,714
| – | – |
2024 Q2
3 quarters
|
|
23
Inhibikase Therapeutics
IKT
$215M
| $11.7M | 0.86% |
5,344,432
-580,568
| -10% | -$1.46M |
2024 Q4
1 quarter
|
|
24
Oric Pharmaceuticals
ORIC
$920M
| $11.2M | 0.82% |
2,000,000
| – | – |
2024 Q1
4 quarters
|
|
25
DELISTED
Apogee Therapeutics
APGE
| $10.8M | 0.8% |
290,000
| – | – |
2023 Q3
6 quarters
|
|
Similar funds
Commodore Capital's Q1 2025 Portfolio in Review
As of Q1 2025, Commodore Capital held 35 positions worth $1.36B, down 0.55% from $1.36B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Commodore Capital deployed $285M of net new capital in Q1 2025, opening 4 new positions and adding to 13 existing holdings. Its largest new stake was Agios Pharmaceuticals: 2,185,000 shares worth $64M.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, down from 99% a quarter earlier, followed by Financials.
On the sell side, the largest reduction was Soleno Therapeutics, an estimated $18.3M trimmed.
- Commodore Capital's largest Q1 2025 buy was Agios Pharmaceuticals: 2,185,000 shares worth $64M.
- Commodore Capital added most to Scholar Rock in Q1 2025, an estimated $30.6M increase.
- Commodore Capital's biggest Q1 2025 reduction was Soleno Therapeutics, cutting an estimated $18.3M.
- Commodore Capital fully exited Abivax in Q1 2025, selling an estimated $9.4M.
- Commodore Capital's ten largest holdings make up 65% of its $1.36B portfolio in Q1 2025.
- Commodore Capital opened 4 new positions and closed 4 in Q1 2025.
- Commodore Capital's portfolio value fell 0.55% quarter-over-quarter to $1.36B.
Based on Commodore Capital's 13F filing for Q1 2025, filed 15 May 2025.