# RA CAPITAL MANAGEMENT, L.P.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1346824. Source: https://holderbook.com/funds/1346824-ra-capital-management-l-p/

- Reported value: $11.5B
- Positions: 84
- Weight of the ten largest: 60.4%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ASCENDIS PHARMA A/S | [ASND](https://holderbook.com/stocks/ASND/) | $2.7B | 10,281,496 | 23.8% | 1 |
| PARABILIS MEDICINES INC | [PBLS](https://holderbook.com/stocks/PBLS/) | $791.9M | 28,933,371 | 6.9% | 1 |
| RHYTHM PHARMACEUTICALS INC | [RYTM](https://holderbook.com/stocks/RYTM/) | $740.2M | 6,666,837 | 6.4% | 31 |
| VAXCYTE INC | [PCVX](https://holderbook.com/stocks/PCVX/) | $667.0M | 11,474,599 | 5.8% | 25 |
| SIONNA THERAPEUTICS INC | [SION](https://holderbook.com/stocks/SION/) | $435.7M | 9,905,045 | 3.8% | 6 |
| TYRA BIOSCIENCES INC | [TYRA](https://holderbook.com/stocks/TYRA/) | $389.6M | 12,198,625 | 3.4% | 20 |
| EDGEWISE THERAPEUTICS INC | [EWTX](https://holderbook.com/stocks/EWTX/) | $341.0M | 8,392,730 | 3.0% | 10 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMS](https://holderbook.com/stocks/NAMS/) | $323.7M | 9,550,191 | 2.8% | 15 |
| HEMAB THERAPEUTICS HLDGS INC | - | $286.8M | 7,808,627 | 2.5% | 1 |
| SEPTERNA INC | [SEPN](https://holderbook.com/stocks/SEPN/) | $234.3M | 6,995,858 | 2.0% | 7 |
| BICARA THERAPEUTICS INC | [BCAX](https://holderbook.com/stocks/BCAX/) | $215.4M | 7,255,993 | 1.9% | 8 |
| MINERALYS THERAPEUTICS INC | [MLYS](https://holderbook.com/stocks/MLYS/) | $207.6M | 7,692,750 | 1.8% | 14 |
| GH RESEARCH PLC | [GHRS](https://holderbook.com/stocks/GHRS/) | $205.3M | 7,636,813 | 1.8% | 21 |
| DISC MEDICINE INC | [IRON](https://holderbook.com/stocks/IRON/) | $179.2M | 2,450,221 | 1.6% | 6 |
| SPYGLASS PHARMA INC | [SGP](https://holderbook.com/stocks/SGP/) | $178.6M | 8,021,117 | 1.6% | 2 |
| ARTIVA BIOTHERAPEUTICS INC | [ARTV](https://holderbook.com/stocks/ARTV/) | $174.2M | 17,955,642 | 1.5% | 8 |
| JANUX THERAPEUTICS INC | [JANX](https://holderbook.com/stocks/JANX/) | $171.9M | 11,189,693 | 1.5% | 21 |
| TAYSHA GENE THERAPIES INC | [TSHA](https://holderbook.com/stocks/TSHA/) | $160.4M | 23,555,648 | 1.4% | 12 |
| BIOCRYST PHARMACEUTICALS INC | [BCRX](https://holderbook.com/stocks/BCRX/) | $158.3M | 15,827,186 | 1.4% | 3 |
| WAVE LIFE SCIENCES LTD | [WVE](https://holderbook.com/stocks/WVE/) | $156.7M | 26,975,505 | 1.4% | 31 |
| NUVALENT INC | [NUVL](https://holderbook.com/stocks/NUVL/) | $153.9M | 1,246,456 | 1.3% | 4 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $150.9M | 1,132,557 | 1.3% | 1 |
| ORUKA THERAPEUTICS INC | [ORKA](https://holderbook.com/stocks/ORKA/) | $148.0M | 1,554,597 | 1.3% | 1 |
| CLIMB BIO INC | [CLYM](https://holderbook.com/stocks/CLYM/) | $147.4M | 11,300,939 | 1.3% | 20 |
| SOLID BIOSCIENCES INC | [SLDB](https://holderbook.com/stocks/SLDB/) | $120.2M | 12,036,126 | 1.0% | 15 |
| ZAI LAB LTD | [ZLAB](https://holderbook.com/stocks/ZLAB/) | $109.1M | 5,743,533 | 0.9% | 2 |
| ARS PHARMACEUTICALS INC | [SPRY](https://holderbook.com/stocks/SPRY/) | $87.0M | 10,860,977 | 0.8% | 15 |
| XENCOR INC | [XNCR](https://holderbook.com/stocks/XNCR/) | $84.9M | 5,274,274 | 0.7% | 2 |
| JADE BIOSCIENCES INC | [JBIO](https://holderbook.com/stocks/JBIO/) | $81.6M | 3,671,083 | 0.7% | 5 |
| INTELLIA THERAPEUTICS INC | [NTLA](https://holderbook.com/stocks/NTLA/) | $76.6M | 4,526,926 | 0.7% | 1 |
| LB PHARMACEUTICALS INC | [LBRX](https://holderbook.com/stocks/LBRX/) | $71.7M | 2,208,604 | 0.6% | 4 |
| DEFINIUM THERAPEUTICS INC | [DFTX](https://holderbook.com/stocks/DFTX/) | $70.6M | 1,500,000 | 0.6% | 1 |
| ACLARIS THERAPEUTICS INC | [ACRS](https://holderbook.com/stocks/ACRS/) | $67.3M | 12,723,026 | 0.6% | 2 |
| 4D MOLECULAR THERAPEUTICS IN | [FDMT](https://holderbook.com/stocks/FDMT/) | $67.2M | 5,049,779 | 0.6% | 13 |
| SANA BIOTECHNOLOGY INC | [SANA](https://holderbook.com/stocks/SANA/) | $65.4M | 18,750,000 | 0.6% | 1 |
| DAMORA THERAPEUTICS INC | [DMRA](https://holderbook.com/stocks/DMRA/) | $62.4M | 2,399,702 | 0.5% | 2 |
| MONOPAR THERAPEUTICS INC | [MNPR](https://holderbook.com/stocks/MNPR/) | $61.8M | 667,207 | 0.5% | 7 |
| ACUMEN PHARMACEUTICALS INC | [ABOS](https://holderbook.com/stocks/ABOS/) | $56.1M | 20,992,669 | 0.5% | 20 |
| GERON CORP | [GERN](https://holderbook.com/stocks/GERN/) | $54.8M | 42,809,751 | 0.5% | 25 |
| REZOLUTE INC | [RZLT](https://holderbook.com/stocks/RZLT/) | $49.1M | 9,445,039 | 0.4% | 3 |
| EVOMMUNE INC | [EVMN](https://holderbook.com/stocks/EVMN/) | $46.4M | 3,494,638 | 0.4% | 3 |
| VOR BIOPHARMA INC | [VOR](https://holderbook.com/stocks/VOR/) | $44.2M | 2,402,095 | 0.4% | 4 |
| CENTURY THERAPEUTICS INC | [IPSC](https://holderbook.com/stocks/IPSC/) | $43.5M | 17,754,430 | 0.4% | 2 |
| AKTIS ONCOLOGY INC | [AKTS](https://holderbook.com/stocks/AKTS/) | $42.4M | 1,314,405 | 0.4% | 2 |
| BIOAGE LABS INC | [BIOA](https://holderbook.com/stocks/BIOA/) | $41.0M | 1,671,648 | 0.4% | 2 |
| C4 THERAPEUTICS INC | [CCCC](https://holderbook.com/stocks/CCCC/) | $37.4M | 8,000,000 | 0.3% | 3 |
| MIRUM PHARMACEUTICALS INC | [MIRM](https://holderbook.com/stocks/MIRM/) | $37.3M | 318,554 | 0.3% | 2 |
| CAPRICOR THERAPEUTICS INC | [CAPR](https://holderbook.com/stocks/CAPR/) | $36.3M | 1,507,844 | 0.3% | 3 |
| PEPGEN INC | [PEPG](https://holderbook.com/stocks/PEPG/) | $36.1M | 20,064,545 | 0.3% | 17 |
| PRELUDE THERAPEUTICS INC | [PRLD](https://holderbook.com/stocks/PRLD/) | $34.5M | 6,475,882 | 0.3% | 1 |
| NKARTA INC | [NKTX](https://holderbook.com/stocks/NKTX/) | $30.6M | 10,805,129 | 0.3% | 24 |
| Q32 BIO INC | [QTTB](https://holderbook.com/stocks/QTTB/) | $29.7M | 2,332,457 | 0.3% | 1 |
| ANTERIS TECHNOLOGIES GLOBAL | [AVR](https://holderbook.com/stocks/AVR/) | $29.6M | 3,000,000 | 0.3% | 2 |
| EDITAS MEDICINE INC | [EDIT](https://holderbook.com/stocks/EDIT/) | $28.8M | 8,889,000 | 0.3% | 1 |
| OVID THERAPEUTICS INC | [OVID](https://holderbook.com/stocks/OVID/) | $28.2M | 10,500,968 | 0.2% | 3 |
| ASSEMBLY BIOSCIENCES INC | [ASMB](https://holderbook.com/stocks/ASMB/) | $28.0M | 1,020,410 | 0.2% | 4 |
| ALX ONCOLOGY HLDGS INC | [ALXO](https://holderbook.com/stocks/ALXO/) | $26.9M | 13,011,849 | 0.2% | 2 |
| BENITEC BIOPHARMA INC | [BNTC](https://holderbook.com/stocks/BNTC/) | $24.8M | 1,850,000 | 0.2% | 3 |
| LENZ THERAPEUTICS INC | [LENZ](https://holderbook.com/stocks/LENZ/) | $23.7M | 4,178,823 | 0.2% | 10 |
| LEXEO THERAPEUTICS INC | [LXEO](https://holderbook.com/stocks/LXEO/) | $23.3M | 5,000,000 | 0.2% | 3 |
| ACRIVON THERAPEUTICS INC | [ACRV](https://holderbook.com/stocks/ACRV/) | $21.8M | 12,229,396 | 0.2% | 15 |
| ALTIMMUNE INC | [ALT](https://holderbook.com/stocks/ALT/) | $19.8M | 6,500,000 | 0.2% | 1 |
| KARYOPHARM THERAPEUTICS INC | [KPTI](https://holderbook.com/stocks/KPTI/) | $18.7M | 1,917,354 | 0.2% | 2 |
| BRIGHT MINDS BIOSCIENCES INC | [DRUG](https://holderbook.com/stocks/DRUG/) | $18.6M | 265,000 | 0.2% | 2 |
| AVALO THERAPEUTICS INC | [AVTX](https://holderbook.com/stocks/AVTX/) | $18.5M | 1,000,000 | 0.2% | 8 |
| ONKURE THERAPEUTICS INC | [OKUR](https://holderbook.com/stocks/OKUR/) | $18.2M | 3,998,333 | 0.2% | 2 |
| FAETH THERAPEUTICS INC | [FTH](https://holderbook.com/stocks/FTH/) | $18.1M | 722,020 | 0.2% | 1 |
| AURA BIOSCIENCES INC | [AURA](https://holderbook.com/stocks/AURA/) | $17.8M | 2,500,000 | 0.2% | 1 |
| SAB BIOTHERAPEUTICS INC | [SABS](https://holderbook.com/stocks/SABS/) | $17.2M | 4,401,500 | 0.1% | 4 |
| SEAPORT THERAPEUTICS INC | [SPTX](https://holderbook.com/stocks/SPTX/) | $15.2M | 700,000 | 0.1% | 1 |
| PALISADE BIO INC | [PALI](https://holderbook.com/stocks/PALI/) | $14.9M | 7,124,116 | 0.1% | 3 |
| HELIX ACQUISITION CORP III | [HLXC](https://holderbook.com/stocks/HLXC/) | $13.3M | 1,250,000 | 0.1% | 2 |
| WAYSTAR HLDG CORP | [WAY](https://holderbook.com/stocks/WAY/) | $10.9M | 529,400 | 0.1% | 3 |
| EQUILLIUM INC | [EQ](https://holderbook.com/stocks/EQ/) | $9.9M | 3,096,336 | 0.1% | 2 |
| MACROGENICS INC | [MGNX](https://holderbook.com/stocks/MGNX/) | $8.6M | 1,864,176 | 0.1% | 2 |
| PERCEPTIVE CAP SOLUTIONS COR | [PCSC](https://holderbook.com/stocks/PCSC/) | $8.2M | 750,000 | 0.1% | 9 |
| ADICET BIO INC | [ACET](https://holderbook.com/stocks/ACET/) | $8.1M | 932,624 | 0.1% | 3 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMSW](https://holderbook.com/stocks/NAMSW/) | $7.1M | 333,333 | 0.1% | 15 |
| CORVUS PHARMACEUTICALS INC | [CRVS](https://holderbook.com/stocks/CRVS/) | $6.7M | 450,000 | 0.1% | 2 |
| RANI THERAPEUTICS HLDGS INC | [RANI](https://holderbook.com/stocks/RANI/) | $6.5M | 8,500,000 | 0.1% | 3 |
| JATT II ACQUISITION CORP | - | $5.7M | 500,000 | 0.0% | 1 |
| AMANAT ACQUISITION CORP | [AMAN](https://holderbook.com/stocks/AMAN/) | $3.8M | 375,000 | 0.0% | 1 |
| WEREWOLF THERAPEUTICS INC | [HOWL](https://holderbook.com/stocks/HOWL/) | $859.3K | 2,387,744 | 0.0% | 21 |
| PALATIN TECHNOLOGIES INC | [PTN](https://holderbook.com/stocks/PTN/) | $670.3K | 62,124 | 0.0% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +14.7% | +14.8% | -0.1% | 100% |
| Q1 2026 | +1.0% | -4.6% | +5.6% | 86% |
| Q4 2025 | +22.2% | +2.4% | +19.8% | 96% |
| Q3 2025 | +34.0% | +7.8% | +26.1% | 99% |
| Q2 2025 | +4.6% | +10.5% | -5.9% | 100% |
| Q1 2025 | -19.3% | -4.6% | -14.7% | 100% |
| Q4 2024 | -15.3% | +2.1% | -17.5% | 100% |
| Q3 2024 | +12.0% | +5.4% | +6.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $11.5B | 84 |
| Q1 2026 | $9.4B | 85 |
| Q4 2025 | $9.8B | 71 |
| Q3 2025 | $8.1B | 67 |
| Q2 2025 | $5.9B | 63 |
| Q1 2025 | $6.0B | 85 |
| Q4 2024 | $7.5B | 89 |
| Q3 2024 | $8.7B | 81 |
| Q2 2024 | $7.6B | 78 |
| Q1 2024 | $7.9B | 76 |
| Q4 2023 | $6.4B | 62 |
| Q3 2023 | $5.1B | 66 |