Commodore Capital

**Signal Note: Commodore Capital initiates $143.8M stake in Relay Therapeutics** Pellini's entry into RLAY—a 5.2% position—signals conviction in Relay's precision oncology pipeline, particularly ARRY-614 (RAF/SOS1 inhibitor) for KRAS-mutant cancers where the company has demonstrated clinical differentiation versus competitors. The timing suggests positioning ahead of near-term catalysts, likely including KRAS-G12C data readouts and potential partnership announcements, given Pellini's track record capitalizing on undiscovered value in molecular oncology assets.

**Signal Note: Commodore Capital / Alkermes (ALKS)** Pellini's $99.3M entry into ALKS signals confidence in the company's late-stage CNS pipeline, particularly ALKS 5461 (opioid use disorder, Phase 3 ongoing) and ALKS 3831 (major depressive disorder, Phase 2b readout expected 2024-2025). The ex-Foundation Medicine executive's sizable position suggests conviction in Alkermes' ability to execute clinical catalysts and potentially unlock value in underexploited neuropsychiatric indications, though execution risk remains material given historical development setbacks.

**Signal Note: Commodore Capital initiates $88.7M stake in Tyra Biosciences** Pellini's entry suggests confidence in Tyra's precision oncology pipeline, particularly TYR-286 (fibroblast growth factor receptor inhibitor) for solid tumors where targeted kinase inhibition has demonstrated clinical utility. Key near-term catalysts include Phase 2 data readouts expected through 2024-2025; the $88.7M position size indicates conviction in execution despite current clinical-stage risk profile.

# Signal Note: Commodore Capital Initiates $80.7M Position in Xenon Pharmaceuticals Pellini's entry into XENE signals conviction in the company's pipeline, particularly XEN1101 for seizure disorders, which has shown Phase 2 efficacy and is advancing toward pivotal trials. The $80.7M position size (1.8M shares) represents meaningful capital deployment by a former oncology-focused CEO, suggesting either a thematic shift toward neurology or confidence in near-term catalysts (likely Phase 3 initiation or data readouts). Key near-term milestones include regulatory guidance on pivotal trial design and potential label expansions across multiple seizure indications.

**Signal Note: Commodore Capital Initiates $78.2M Position in Spyre Therapeutics** Michael Pellini's entry into SYRE (2.4M shares) signals confidence in the company's pipeline, particularly SPY101 for wet AMD, which is progressing toward Phase 2b data expected in 2025. Pellini's genomics/precision medicine background at Foundation Medicine suggests conviction in Spyre's genetic sequencing-driven patient stratification approach rather than broad-market positioning.

**Signal Note: Commodore Capital initiates $78M position in COGT** Pellini's entry suggests confidence in Cogent's pipeline, likely centered on seribantumab (AMG 510 collaboration partner role) for KRAS-mutant cancers or pluvicto expansion opportunities post-Novartis acquisition. The $78M stake (meaningful for a ~$250M market cap company) from a precision oncology-focused investor with Foundation Medicine pedigree indicates conviction in near-term catalysts, potentially including clinical data readouts or partnership announcements in 2024-2025.

**SIGNAL NOTE: Commodore Capital initiates $72.3M ELVN position** Pellini's entry into Enliven signals confidence in the company's EV-101 (seribantumab) program for NF1-associated tumors, a rare but clinically validated indication where Foundation Medicine built significant oncology expertise. The ~4.7M share position (likely 5-10% of float) suggests conviction ahead of potential near-term catalysts, likely Phase 2 readouts or FDA interactions on the NF1 pathway.

**Signal Note: Commodore Capital initiates $69.7M stake in Celldex** Pellini's entry suggests confidence in Celldex's clinical pipeline, likely driven by glembatumumab vedotin (ASCO-presented data in melanoma/NSCLC) and/or near-term catalysts in solid tumors where the ex-FMI CEO has oncology conviction. The ~2.6M share position (representing meaningful conviction) timing may signal anticipated binary readouts or partnership developments in 2024-2025.

**Signal Note: Commodore Capital initiates $68.3M position in AMLX** Pellini's entry into Amylyx signals confidence in AMX0734 (combo of sodium phenylbutyrate/taurursodiol), which showed slowed ALS progression by 25% in Phase 2b—a meaningful effect size in a disease with limited FDA-approved options. The position timing likely reflects anticipation of Phase 3 readout or label expansion discussions, given Pellini's track record scaling genomics-driven oncology assets at Foundation Medicine.

# Signal Note: Commodore Capital Initiates $59.6M Position in Terns Pharmaceuticals Pellini's entry into TERN signals confidence in the company's lead asset, TERN-101, a GLP-1 receptor agonist in development for NASH/metabolic dysfunction-associated fatty liver disease (MAFLD)—a large unmet market with multiple competitors but differentiation opportunities around tolerability or dosing. The timing aligns with anticipated clinical catalysts; TERN expects Phase 2b data readout in late 2024/early 2025, which will be critical for competitive positioning against Novo Nordisk, Viking, and others. Pellini's track record in oncology M&A (Foundation Medicine sold to Roche for $2.4B in 2018) suggests conviction around asset value or acquisition potential rather than public market outperformance.

# Signal Note: Commodore Capital Initiates $58.4M Position in KYMR Pellini's entry into Kymera signals conviction in the company's targeted protein degradation platform, particularly its lead program KT-474 (a PROTAC-based therapy) advancing in metabolic disease indications where precision mechanisms may offer differentiation over traditional small molecules. The timing likely reflects confidence in near-term catalysts, potentially including clinical data readouts or partnership announcements, though the degradation space remains capital-intensive with execution risk. Pellini's Foundation Medicine background suggests focus on precision mechanisms and commercial scalability as key investment theses.

# SLNO Signal Note **Commodore Capital's $55.6M entry into SLNO signals conviction in selatogene vofurespgene (SETX), a gene therapy for SETX-deficient dystonia**, a rare monogenic disorder with potentially high commercial value given orphan drug premiums and limited competition. Pellini's Foundation Medicine pedigree suggests focus on precision medicine/rare disease, and the timing may correlate with anticipated clinical readouts or regulatory feedback on the lead program. This is a meaningful first position stake that warrants monitoring for upcoming catalysts including trial data or FDA interactions.

# Signal Note: Commodore Capital Initiates $55.3M Position in Nuvalent Pellini's entry into NUVL signals conviction in the company's ALK inhibitor pipeline, particularly solvent-exchange ROS1/ALK drug NVL-520, which is advancing through Phase 2 studies with potential data readouts expected in 2025. Given Pellini's oncology pedigree (Foundation Medicine's precision diagnostics expertise), this suggests confidence in Nuvalent's ability to compete in the crowded kinase inhibitor space—though NUVL trades at significant valuation premium ($6.8B market cap) relative to pre-revenue status, making near-term clinical catalysts critical to justify entry timing.

**Signal Note: Commodore Capital Initiates $53M ORKA Position** Pellini's entry into Oruka likely reflects conviction in ORK-1, the company's lead OC4 agonist for pruritus (currently in Phase 2b), which targets a large underserved itch market where competitors like Arcus (ziltivekimab) and others are advancing. The $53M stake size suggests confidence in near-term catalysts, presumably Phase 2b readout timing and/or commercial positioning ahead of potential late-stage advancement in 2024-2025.

**Signal Note: Commodore Capital Initiates $52.4M Position in Pharvaris** Pellini's entry into PHVS suggests conviction in the company's lead program milvexian (Factor XIIa inhibitor) for hereditary angioedema (HAE) prevention, which is positioned against established players (Takeda's Takhzyro, Ionis' Fabhalta) in a ~$4-5B market. Key upcoming catalyst is the Phase 2b readout expected in 2024-2025; Pellini's precision medicine background at FMI may indicate confidence in biomarker-driven stratification or patient selection strategies that could differentiate the compound.