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 |
Alto Neuroscience
ANRO
|
+$23M |
| 2 |
Palisade Bio
PALI
|
+$22M |
| 3 |
Amylyx Pharmaceuticals
AMLX
|
+$21.4M |
| 4 |
Alkermes
ALKS
|
+$13.6M |
| 5 |
Replimune Group
REPL
|
+$12.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merus
MRUS
|
+$332M |
| 2 |
Cogent Biosciences
COGT
|
+$142M |
| 3 |
Terns Pharmaceuticals
TERN
|
+$97.6M |
| 4 |
Agios Pharmaceuticals
AGIO
|
+$93.9M |
| 5 |
Nuvalent
NUVL
|
+$83.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 100% |
| 2 | Financials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Relay Therapeutics
RLAY
$4.11B
| $144M | 9.57% |
17,000,000
| – | – |
2025 Q2
2 quarters
|
|
|
2
Alkermes
ALKS
$7.71B
| $99.3M | 6.61% |
3,550,000
+453,246
| +15% | +$13.6M |
2024 Q2
6 quarters
|
|
3
Tyra Biosciences
TYRA
$1.45B
| $88.7M | 5.91% |
3,375,000
| – | – |
2025 Q1
3 quarters
|
|
4
Xenon Pharmaceuticals
XENE
$3.79B
| $80.7M | 5.37% |
1,800,000
-900,000
| -33% | -$37.8M |
2020 Q4
20 quarters
|
|
5
Spyre Therapeutics
SYRE
$9.9B
| $78.2M | 5.21% |
2,388,245
+400,161
| +20% | +$10.5M |
2023 Q2
10 quarters
|
|
|
6
Cogent Biosciences
COGT
$5.49B
| $78M | 5.19% |
2,196,845
-5,053,155
| -70% | -$142M |
2020 Q4
20 quarters
|
|
7
Enliven Therapeutics
ELVN
$3.64B
| $72.3M | 4.81% |
4,692,809
| – | – |
2022 Q4
12 quarters
|
|
8
Celldex Therapeutics
CLDX
$2.35B
| $69.7M | 4.64% |
2,565,000
-463,335
| -15% | -$12.2M |
2025 Q1
3 quarters
|
|
|
9
Amylyx Pharmaceuticals
AMLX
$3.79B
| $68.3M | 4.54% |
5,650,000
+1,574,522
| +39% | +$21.4M |
2025 Q3
1 quarter
|
|
|
10
DELISTED
Terns Pharmaceuticals
TERN
| $59.6M | 3.97% |
1,475,000
-4,225,000
| -74% | -$97.6M |
2025 Q3
1 quarter
|
|
11
Kymera Therapeutics
KYMR
$11.2B
| $58.4M | 3.88% |
750,000
| – | – |
2025 Q2
2 quarters
|
|
12
DELISTED
Soleno Therapeutics
SLNO
| $55.6M | 3.7% |
1,200,000
-150,000
| -11% | -$8.22M |
2023 Q3
9 quarters
|
|
|
13
DELISTED
Nuvalent
NUVL
| $55.3M | 3.68% |
550,000
-850,000
| -61% | -$83.8M |
2022 Q4
12 quarters
|
|
14
Oruka Therapeutics
ORKA
$6.81B
| $53.1M | 3.54% |
1,753,054
| – | – |
2024 Q2
6 quarters
|
|
15
Pharvaris
PHVS
$2.41B
| $52.4M | 3.49% |
1,889,445
-529,031
| -22% | -$12.7M |
2023 Q4
8 quarters
|
|
16
Nurix Therapeutics
NRIX
$1.67B
| $43.2M | 2.87% |
2,275,000
-1,505,055
| -40% | -$21.6M |
2024 Q3
5 quarters
|
|
17
Protagonist Therapeutics
PTGX
$8.54B
| $39.3M | 2.62% |
450,000
-575,000
| -56% | -$47.1M |
2025 Q2
2 quarters
|
|
18
Assembly Biosciences
ASMB
$416M
| $34M | 2.26% |
1,000,000
| – | – |
2025 Q3
1 quarter
|
|
19
LB Pharmaceuticals
LBRX
$1.36B
| $33.4M | 2.22% |
1,500,000
| – | – |
2025 Q3
1 quarter
|
|
20
CytomX Therapeutics
CTMX
$477M
| $32.8M | 2.18% |
7,692,300
| – | – |
2025 Q2
2 quarters
|
|
|
21
Alto Neuroscience
ANRO
$987M
| $32.5M | 2.16% |
+1,823,196
| New | +$23M |
2025 Q4
0 quarters
|
|
|
22
Palisade Bio
PALI
$197M
| $26.9M | 1.79% |
+11,445,000
| New | +$22M |
2025 Q4
0 quarters
|
|
23
Definium Therapeutics
DFTX
$4.47B
| $26.8M | 1.78% |
2,000,000
-1,225,000
| -38% | -$15.2M |
2024 Q1
7 quarters
|
|
|
CNTA
24
DELISTED
Centessa Pharmaceuticals
CNTA
| $25M | 1.66% |
1,000,000
-1,850,000
| -65% | -$46.9M |
2024 Q3
5 quarters
|
|
25
PepGen
PEPG
$171M
| $22.1M | 1.47% |
3,400,000
+1,042,681
| +44% | +$5.41M |
2025 Q3
1 quarter
|
|
Similar funds
Commodore Capital's Q4 2025 Portfolio in Review
As of Q4 2025, Commodore Capital held 43 positions worth $1.5B, down 27% from $2.05B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Commodore Capital withdrew a net $1.03B in Q4 2025, closing 10 positions and reducing 12 holdings. Its most notable exit was Merus, an estimated $332M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 100% a quarter earlier, followed by Financials.
Against the trend, Commodore Capital opened a new position in Alto Neuroscience worth $32.5M.
- Commodore Capital's largest Q4 2025 buy was Alto Neuroscience: 1,823,196 shares worth $32.5M.
- Commodore Capital added most to Amylyx Pharmaceuticals in Q4 2025, an estimated $21.4M increase.
- Commodore Capital's biggest Q4 2025 reduction was Cogent Biosciences, cutting an estimated $142M.
- Commodore Capital fully exited Merus in Q4 2025, selling an estimated $332M.
- Commodore Capital's ten largest holdings make up 56% of its $1.5B portfolio in Q4 2025.
- Commodore Capital opened 6 new positions and closed 10 in Q4 2025.
- Commodore Capital's portfolio value fell 27% quarter-over-quarter to $1.5B.
Based on Commodore Capital's 13F filing for Q4 2025, filed 17 Feb 2026.