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 |
Damora Therapeutics
DMRA
|
+$49.8M |
| 2 |
EyePoint Inc
EYPT
|
+$42.2M |
| 3 |
Erasca
ERAS
|
+$37.5M |
| 4 |
Corvus Pharmaceuticals
CRVS
|
+$36M |
| 5 |
Nuvalent
NUVL
|
+$28.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Terns Pharmaceuticals
TERN
|
+$59.6M |
| 2 |
Oruka Therapeutics
ORKA
|
+$53.1M |
| 3 |
Xenon Pharmaceuticals
XENE
|
+$44.9M |
| 4 |
Protagonist Therapeutics
PTGX
|
+$39.3M |
| 5 |
Enliven Therapeutics
ELVN
|
+$39.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.71% |
| 2 | Financials | 0.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Relay Therapeutics
RLAY
$4.39B
| $169M | 9.79% |
17,000,000
| – | – |
2025 Q2
3 quarters
|
|
2
Alkermes
ALKS
$7.79B
| $149M | 8.59% |
4,200,000
+650,000
| +18% | +$20.2M |
2024 Q2
7 quarters
|
|
|
3
Enliven Therapeutics
ELVN
$3.72B
| $128M | 7.43% |
3,275,000
-1,417,809
| -30% | -$39.3M |
2022 Q4
13 quarters
|
|
4
Cogent Biosciences
COGT
$5.71B
| $111M | 6.43% |
2,888,007
+691,162
| +31% | +$25.5M |
2020 Q4
21 quarters
|
|
5
Spyre Therapeutics
SYRE
$9.9B
| $96.5M | 5.58% |
1,912,380
-475,865
| -20% | -$17.9M |
2023 Q2
11 quarters
|
|
6
Tyra Biosciences
TYRA
$1.48B
| $94.8M | 5.48% |
2,475,000
-900,000
| -27% | -$29.1M |
2025 Q1
4 quarters
|
|
7
Celldex Therapeutics
CLDX
$2.42B
| $85.5M | 4.95% |
2,696,616
+131,616
| +5% | +$3.59M |
2025 Q1
4 quarters
|
|
|
8
DELISTED
Nuvalent
NUVL
| $85.4M | 4.94% |
833,600
+283,600
| +52% | +$28.9M |
2022 Q4
13 quarters
|
|
9
Amylyx Pharmaceuticals
AMLX
$3.89B
| $78.5M | 4.54% |
5,650,000
| – | – |
2025 Q3
2 quarters
|
|
10
Kymera Therapeutics
KYMR
$11.9B
| $62.5M | 3.61% |
750,000
| – | – |
2025 Q2
3 quarters
|
|
11
Alto Neuroscience
ANRO
$1.1B
| $61.2M | 3.54% |
2,723,196
+900,000
| +49% | +$16.7M |
2025 Q4
1 quarter
|
|
12
Pharvaris
PHVS
$2.41B
| $54.2M | 3.14% |
1,918,970
+29,525
| +2% | +$789K |
2023 Q4
9 quarters
|
|
|
13
Erasca
ERAS
$5.32B
| $51.4M | 2.97% |
+3,175,000
| New | +$37.5M |
2026 Q1
0 quarters
|
|
|
14
Damora Therapeutics
DMRA
$1.47B
| $50.2M | 2.91% |
+1,939,000
| New | +$49.8M |
2026 Q1
0 quarters
|
|
|
15
Xenon Pharmaceuticals
XENE
$3.95B
| $48M | 2.78% |
825,000
-975,000
| -54% | -$44.9M |
2020 Q4
21 quarters
|
|
16
Definium Therapeutics
DFTX
$4.61B
| $37.8M | 2.19% |
2,000,000
| – | – |
2024 Q1
8 quarters
|
|
17
LB Pharmaceuticals
LBRX
$1.44B
| $37M | 2.14% |
1,500,000
| – | – |
2025 Q3
2 quarters
|
|
|
18
EyePoint Inc
EYPT
$33.8M
| $36.4M | 2.11% |
+2,825,000
| New | +$42.2M |
2026 Q1
0 quarters
|
|
19
Nurix Therapeutics
NRIX
$1.74B
| $35.3M | 2.04% |
2,275,000
| – | – |
2024 Q3
6 quarters
|
|
|
20
Corvus Pharmaceuticals
CRVS
$954M
| $33M | 1.91% |
+2,258,735
| New | +$36M |
2026 Q1
0 quarters
|
|
21
Assembly Biosciences
ASMB
$426M
| $27.8M | 1.61% |
1,000,000
| – | – |
2025 Q3
2 quarters
|
|
22
Perspective Therapeutics
CATX
$92.4M
| $26.4M | 1.53% |
+6,336,782
| New | +$26.8M |
2026 Q1
0 quarters
|
|
23
DELISTED
Soleno Therapeutics
SLNO
| $21.8M | 1.26% |
652,432
-547,568
| -46% | -$21.5M |
2023 Q3
10 quarters
|
|
24
Ocular Therapeutix
OCUL
$1.47B
| $21.8M | 1.26% |
+2,575,000
| New | +$24.5M |
2026 Q1
0 quarters
|
|
25
Century Therapeutics
IPSC
$299M
| $19.7M | 1.14% |
+8,695,652
| New | +$18.3M |
2026 Q1
0 quarters
|
|
Similar funds
Commodore Capital's Q1 2026 Portfolio in Review
As of Q1 2026, Commodore Capital held 45 positions worth $1.73B, up 15% from $1.5B the previous quarter. Its ten largest holdings account for 61% of the portfolio.
Commodore Capital's Q1 2026 filing shows 12 new, 7 increased, 6 reduced and 9 closed positions. Its largest new stake was Damora Therapeutics: 1,939,000 shares worth $50.2M. The largest sale was Terns Pharmaceuticals, an estimated $59.6M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Financials.
- Commodore Capital's largest Q1 2026 buy was Damora Therapeutics: 1,939,000 shares worth $50.2M.
- Commodore Capital added most to Nuvalent in Q1 2026, an estimated $28.9M increase.
- Commodore Capital's biggest Q1 2026 reduction was Xenon Pharmaceuticals, cutting an estimated $44.9M.
- Commodore Capital fully exited Terns Pharmaceuticals in Q1 2026, selling an estimated $59.6M.
- Commodore Capital's ten largest holdings make up 61% of its $1.73B portfolio in Q1 2026.
- Commodore Capital opened 12 new positions and closed 9 in Q1 2026.
- Commodore Capital's portfolio value rose 15% quarter-over-quarter to $1.73B.
Based on Commodore Capital's 13F filing for Q1 2026, filed 15 May 2026.