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 |
Cogent Biosciences
COGT
|
+$58.5M |
| 2 |
Soleno Therapeutics
SLNO
|
+$54.9M |
| 3 |
Amylyx Pharmaceuticals
AMLX
|
+$38.4M |
| 4 |
Terns Pharmaceuticals
TERN
|
+$36.4M |
| 5 |
LB Pharmaceuticals
LBRX
|
+$23.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Scholar Rock
SRRK
|
+$51.4M |
| 2 |
Cidara Therapeutics
CDTX
|
+$37.6M |
| 3 |
Viridian Therapeutics
VRDN
|
+$30.2M |
| 4 |
Vera Therapeutics
VERA
|
+$18.8M |
| 5 |
Definium Therapeutics
DFTX
|
+$16.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.61% |
| 2 | Financials | 0.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
Merus
MRUS
| $332M | 16.2% |
3,525,000
| – | – |
2021 Q3
16 quarters
|
|
2
DELISTED
Nuvalent
NUVL
| $121M | 5.91% |
1,400,000
+25,000
| +2% | +$1.98M |
2022 Q4
11 quarters
|
|
3
Xenon Pharmaceuticals
XENE
$3.52B
| $108M | 5.29% |
2,700,000
-325,000
| -11% | -$11.4M |
2020 Q4
19 quarters
|
|
|
4
Cogent Biosciences
COGT
$5.59B
| $104M | 5.08% |
7,250,000
+4,938,836
| +214% | +$58.5M |
2020 Q4
19 quarters
|
|
5
Enliven Therapeutics
ELVN
$3.28B
| $96.1M | 4.69% |
4,692,809
| – | – |
2022 Q4
11 quarters
|
|
6
Agios Pharmaceuticals
AGIO
$2.28B
| $93.9M | 4.58% |
2,338,287
+13,287
| +0.6% | +$500K |
2025 Q1
2 quarters
|
|
7
Alkermes
ALKS
$7.59B
| $92.9M | 4.54% |
3,096,754
+646,754
| +26% | +$18.2M |
2024 Q2
5 quarters
|
|
|
8
DELISTED
Soleno Therapeutics
SLNO
| $91.3M | 4.46% |
1,350,000
+740,000
| +121% | +$54.9M |
2023 Q3
8 quarters
|
|
9
Relay Therapeutics
RLAY
$4.31B
| $88.7M | 4.33% |
17,000,000
+3,650,000
| +27% | +$13.9M |
2025 Q2
1 quarter
|
|
10
Celldex Therapeutics
CLDX
$2.33B
| $78.3M | 3.82% |
3,028,335
-421,665
| -12% | -$9.8M |
2025 Q1
2 quarters
|
|
|
CNTA
11
DELISTED
Centessa Pharmaceuticals
CNTA
| $69.1M | 3.37% |
2,850,000
-448,289
| -14% | -$7.97M |
2024 Q3
4 quarters
|
|
|
12
Viridian Therapeutics
VRDN
$2.75B
| $69.1M | 3.37% |
3,200,000
-1,675,000
| -34% | -$30.2M |
2021 Q1
18 quarters
|
|
13
Protagonist Therapeutics
PTGX
$9.2B
| $68.1M | 3.32% |
1,025,000
-50,000
| -5% | -$2.84M |
2025 Q2
1 quarter
|
|
14
Pharvaris
PHVS
$2.3B
| $60.3M | 2.95% |
2,418,476
+507,043
| +27% | +$11.2M |
2023 Q4
7 quarters
|
|
|
15
DELISTED
Cidara Therapeutics
CDTX
| $56M | 2.73% |
585,000
-590,000
| -50% | -$37.6M |
2025 Q2
1 quarter
|
|
|
16
Amylyx Pharmaceuticals
AMLX
$3.52B
| $55.4M | 2.7% |
+4,075,478
| New | +$38.4M |
2025 Q3
0 quarters
|
|
17
Tyra Biosciences
TYRA
$1.5B
| $47.2M | 2.31% |
3,375,000
+275,000
| +9% | +$3.14M |
2025 Q1
2 quarters
|
|
|
18
DELISTED
Terns Pharmaceuticals
TERN
| $42.8M | 2.09% |
+5,700,000
| New | +$36.4M |
2025 Q3
0 quarters
|
|
19
Kymera Therapeutics
KYMR
$9.8B
| $42.4M | 2.07% |
750,000
| – | – |
2025 Q2
1 quarter
|
|
|
20
Definium Therapeutics
DFTX
$5.12B
| $38M | 1.86% |
3,225,000
-1,775,000
| -36% | -$16.6M |
2024 Q1
6 quarters
|
|
21
Nurix Therapeutics
NRIX
$2.98B
| $34.9M | 1.71% |
3,780,055
-168,598
| -4% | -$1.75M |
2024 Q3
4 quarters
|
|
22
Oruka Therapeutics
ORKA
$6.35B
| $33.7M | 1.65% |
1,753,054
+333,340
| +23% | +$4.94M |
2024 Q2
5 quarters
|
|
23
Spyre Therapeutics
SYRE
$9.32B
| $33.3M | 1.63% |
1,988,084
| – | – |
2023 Q2
9 quarters
|
|
24
Bright Minds Biosciences
DRUG
$546M
| $30.3M | 1.48% |
500,000
| – | – |
2024 Q4
3 quarters
|
|
25
Assembly Biosciences
ASMB
$419M
| $25.6M | 1.25% |
+1,000,000
| New | +$21.9M |
2025 Q3
0 quarters
|
|
Similar funds
Commodore Capital's Q3 2025 Portfolio in Review
As of Q3 2025, Commodore Capital held 40 positions worth $2.05B, up 45% from $1.42B the previous quarter. Its ten largest holdings account for 59% of the portfolio.
Commodore Capital deployed $113M of net new capital in Q3 2025, opening 7 new positions and adding to 9 existing holdings. Its largest new stake was Amylyx Pharmaceuticals: 4,075,478 shares worth $55.4M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 99% a quarter earlier, followed by Financials.
On the sell side, the largest reduction was Cidara Therapeutics, an estimated $37.6M trimmed.
- Commodore Capital's largest Q3 2025 buy was Amylyx Pharmaceuticals: 4,075,478 shares worth $55.4M.
- Commodore Capital added most to Cogent Biosciences in Q3 2025, an estimated $58.5M increase.
- Commodore Capital's biggest Q3 2025 reduction was Cidara Therapeutics, cutting an estimated $37.6M.
- Commodore Capital fully exited Scholar Rock in Q3 2025, selling an estimated $51.4M.
- Commodore Capital's ten largest holdings make up 59% of its $2.05B portfolio in Q3 2025.
- Commodore Capital opened 7 new positions and closed 3 in Q3 2025.
- Commodore Capital's portfolio value rose 45% quarter-over-quarter to $2.05B.
Based on Commodore Capital's 13F filing for Q3 2025, filed 14 Nov 2025.