RA CAPITAL MANAGEMENT, L.P.

BOSTON, MA · CIK 1346824 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$16.4bn
Staff185 · 95 in investment roles
Main clients (by assets)Private funds 100%
Private funds6 (1 hedge) · $16.3bn gross assets
Websiteracap.com
Form ADV · 2026-03-31SEC adviser record

Legal entityRA CAPITAL MANAGEMENT, L.P. (US)

$11.5bn reported value +21.9% vs Q1 2026

84positions

60.4%in top 10

17 new 10 added 10 reduced 18 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ASCENDIS PHARMA A/S ORD SHS ASND	ASND	10,281,496	$2.7bn23.83%	23.83%	New
2	PARABILIS MEDICINES INC COM PBLS	PBLS	28,933,371	$791.9m6.88%	6.88%	New
3	RHYTHM PHARMACEUTICALS INC COM RYTM	RYTM	6,666,837	$740.2m6.43%	6.43%	Unchanged
4	VAXCYTE INC COM PCVX	PCVX	11,474,599	$667.0m5.80%	5.80%	Unchanged
5	SIONNA THERAPEUTICS INC COM SION	SION	9,905,045	$435.7m3.79%	3.79%	Unchanged
6	TYRA BIOSCIENCES INC COM TYRA	TYRA	12,198,625	$389.6m3.39%	3.39%	Unchanged
7	EDGEWISE THERAPEUTICS INC COM EWTX	EWTX	8,392,730	$341.0m2.96%	2.96%	Reduced -2.0m	-2,035,707 -19.5%
8	NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES NAMS	NAMS	9,550,191	$323.7m2.81%	2.81%	Unchanged
9	HEMAB THERAPEUTICS HLDGS INC COM SHS COAG	COAG	7,808,627	$286.8m2.49%	2.49%	New
10	SEPTERNA INC COM SEPN	SEPN	6,995,858	$234.3m2.04%	2.04%	Unchanged
11	BICARA THERAPEUTICS INC COM BCAX	BCAX	7,255,993	$215.4m1.87%	1.87%	Unchanged
12	MINERALYS THERAPEUTICS INC COM MLYS	MLYS	7,692,750	$207.6m1.80%	1.80%	Unchanged
13	GH RESEARCH PLC ORDINARY SHARES GHRS	GHRS	7,636,813	$205.3m1.78%	1.78%	Reduced -39.9k	-39,884 -0.5%
14	DISC MEDICINE INC COM IRON	IRON	2,450,221	$179.2m1.56%	1.56%	Unchanged
15	SPYGLASS PHARMA INC COM SHS SGP	SGP	8,021,117	$178.6m1.55%	1.55%	Unchanged
16	ARTIVA BIOTHERAPEUTICS INC COM ARTV	ARTV	17,955,642	$174.2m1.51%	1.51%	Added +8.1m	+8,102,340 82.2%
17	JANUX THERAPEUTICS INC COM JANX	JANX	11,189,693	$171.9m1.49%	1.49%	Unchanged
18	TAYSHA GENE THERAPIES INC COM SHS TSHA	TSHA	23,555,648	$160.4m1.39%	1.39%	Unchanged
19	BIOCRYST PHARMACEUTICALS INC COM BCRX	BCRX	15,827,186	$158.3m1.38%	1.38%	Unchanged
20	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	26,975,505	$156.7m1.36%	1.36%	Unchanged
21	NUVALENT INC COM COM		1,246,456	$153.9m1.34%	1.34%	Reduced -1.3m	-1,287,689 -50.8%
22	ABIVAX SA SPONSORED ADS ABVX	ABVX	1,132,557	$150.9m1.31%	1.31%	New
23	ORUKA THERAPEUTICS INC COM ORKA	ORKA	1,554,597	$148.0m1.29%	1.29%	New
24	CLIMB BIO INC COM CLYM	CLYM	11,300,939	$147.4m1.28%	1.28%	Unchanged
25	SOLID BIOSCIENCES INC COM NEW SLDB	SLDB	12,036,126	$120.2m1.04%	1.04%	Added +2.7m	+2,696,148 28.9%
26	ZAI LAB LTD ADR ZLAB	ZLAB	5,743,533	$109.1m0.95%	0.95%	Added +36.3k	+36,271 0.6%
27	ARS PHARMACEUTICALS INC COM SPRY	SPRY	10,860,977	$87.0m0.76%	0.76%	Unchanged
28	XENCOR INC COM XNCR	XNCR	5,274,274	$84.9m0.74%	0.74%	Added +377.0k	+377,037 7.7%
29	JADE BIOSCIENCES INC COM NEW JBIO	JBIO	3,671,083	$81.6m0.71%	0.71%	Unchanged
30	INTELLIA THERAPEUTICS INC COM NTLA	NTLA	4,526,926	$76.6m0.67%	0.67%	New
31	LB PHARMACEUTICALS INC COM SHS LBRX	LBRX	2,208,604	$71.7m0.62%	0.62%	Unchanged
32	DEFINIUM THERAPEUTICS INC COM SHS DFTX	DFTX	1,500,000	$70.6m0.61%	0.61%	New
33	ACLARIS THERAPEUTICS INC COM ACRS	ACRS	12,723,026	$67.3m0.58%	0.58%	Added +5.9m	+5,918,954 87.0%
34	4D MOLECULAR THERAPEUTICS IN COM FDMT	FDMT	5,049,779	$67.2m0.58%	0.58%	Unchanged
35	SANA BIOTECHNOLOGY INC COM SANA	SANA	18,750,000	$65.4m0.57%	0.57%	New
36	DAMORA THERAPEUTICS INC COM NEW COM NEW		2,399,702	$62.4m0.54%	0.54%	Added +392	+392 0.0%
37	MONOPAR THERAPEUTICS INC COM NEW MNPR	MNPR	667,207	$61.8m0.54%	0.54%	Unchanged
38	ACUMEN PHARMACEUTICALS INC COM ABOS	ABOS	20,992,669	$56.1m0.49%	0.49%	Unchanged
39	GERON CORP COM GERN	GERN	42,809,751	$54.8m0.48%	0.48%	Reduced -21.0m	-20,961,615 -32.9%
40	REZOLUTE INC COM NEW RZLT	RZLT	9,445,039	$49.1m0.43%	0.43%	Added +265.0k	+265,039 2.9%
41	EVOMMUNE INC COM SHS EVMN	EVMN	3,494,638	$46.4m0.40%	0.40%	Unchanged
42	VOR BIOPHARMA INC COM NEW VOR	VOR	2,402,095	$44.2m0.38%	0.38%	Reduced -3.0m	-3,002,903 -55.6%
43	CENTURY THERAPEUTICS INC COM IPSC	IPSC	17,754,430	$43.5m0.38%	0.38%	Unchanged
44	AKTIS ONCOLOGY INC COM AKTS	AKTS	1,314,405	$42.4m0.37%	0.37%	Reduced -188.7k	-188,679 -12.6%
45	BIOAGE LABS INC COM BIOA	BIOA	1,671,648	$41.0m0.36%	0.36%	Added +21.0k	+21,000 1.3%
46	C4 THERAPEUTICS INC COM STK CCCC	CCCC	8,000,000	$37.4m0.32%	0.32%	Unchanged
47	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	318,554	$37.3m0.32%	0.32%	Unchanged
48	CAPRICOR THERAPEUTICS INC COM NEW CAPR	CAPR	1,507,844	$36.3m0.32%	0.32%	Unchanged
49	PEPGEN INC COM PEPG	PEPG	20,064,545	$36.1m0.31%	0.31%	Unchanged
50	PRELUDE THERAPEUTICS INC COM PRLD	PRLD	6,475,882	$34.5m0.30%	0.30%	New
51	NKARTA INC COM NKTX	NKTX	10,805,129	$30.6m0.27%	0.27%	Unchanged
52	Q32 BIO INC COM QTTB	QTTB	2,332,457	$29.7m0.26%	0.26%	New
53	ANTERIS TECHNOLOGIES GLOBAL COM AVR	AVR	3,000,000	$29.6m0.26%	0.26%	Unchanged
54	EDITAS MEDICINE INC COM EDIT	EDIT	8,889,000	$28.8m0.25%	0.25%	New
55	OVID THERAPEUTICS INC COM OVID	OVID	10,500,968	$28.2m0.25%	0.25%	Reduced -213.0k	-213,032 -2.0%
56	ASSEMBLY BIOSCIENCES INC COM NEW ASMB	ASMB	1,020,410	$28.0m0.24%	0.24%	Unchanged
57	ALX ONCOLOGY HLDGS INC COM ALXO	ALXO	13,011,849	$26.9m0.23%	0.23%	Unchanged
58	BENITEC BIOPHARMA INC COM NEW BNTC	BNTC	1,850,000	$24.8m0.22%	0.22%	Unchanged
59	LENZ THERAPEUTICS INC COM LENZ	LENZ	4,178,823	$23.7m0.21%	0.21%	Unchanged
60	LEXEO THERAPEUTICS INC COM LXEO	LXEO	5,000,000	$23.3m0.20%	0.20%	Unchanged
61	ACRIVON THERAPEUTICS INC COMMON STOCK ACRV	ACRV	12,229,396	$21.8m0.19%	0.19%	Added +3.9m	+3,888,888 46.6%
62	ALTIMMUNE INC COM NEW ALT	ALT	6,500,000	$19.8m0.17%	0.17%	New
63	KARYOPHARM THERAPEUTICS INC COM NEW KPTI	KPTI	1,917,354	$18.7m0.16%	0.16%	Unchanged
64	BRIGHT MINDS BIOSCIENCES INC COM NEW DRUG	DRUG	265,000	$18.6m0.16%	0.16%	Unchanged
65	AVALO THERAPEUTICS INC COM NEW AVTX	AVTX	1,000,000	$18.5m0.16%	0.16%	Added +337.0k	+337,032 50.8%
66	ONKURE THERAPEUTICS INC COM CL A OKUR	OKUR	3,998,333	$18.2m0.16%	0.16%	Unchanged
67	FAETH THERAPEUTICS INC COM NEW FTH	FTH	722,020	$18.1m0.16%	0.16%	New
68	AURA BIOSCIENCES INC COM AURA	AURA	2,500,000	$17.8m0.15%	0.15%	New
69	SAB BIOTHERAPEUTICS INC COM NEW SABS	SABS	4,401,500	$17.2m0.15%	0.15%	Unchanged
70	SEAPORT THERAPEUTICS INC COMMON STOCK SPTX	SPTX	700,000	$15.2m0.13%	0.13%	New
71	PALISADE BIO INC COM PALI	PALI	7,124,116	$14.9m0.13%	0.13%	Unchanged
72	HELIX ACQUISITION CORP III USD CL A ORD SHS HLXC	HLXC	1,250,000	$13.3m0.12%	0.12%	Unchanged
73	WAYSTAR HLDG CORP COM WAY	WAY	529,400	$10.9m0.09%	0.09%	Unchanged
74	EQUILLIUM INC COM EQ	EQ	3,096,336	$9.9m0.09%	0.09%	Unchanged
75	MACROGENICS INC COM MGNX	MGNX	1,864,176	$8.6m0.07%	0.07%	Unchanged
76	PERCEPTIVE CAP SOLUTIONS COR CL A ORD SHS FRNM	FRNM	750,000	$8.2m0.07%	0.07%	Unchanged
77	ADICET BIO INC COM NEW ACET	ACET	932,624	$8.1m0.07%	0.07%	Reduced -250.0k	-250,000 -21.1%
78	NEWAMSTERDAM PHARMA COMPANY *W EXP 11/22/202 NAMSW	NAMSW	333,333	$7.1m0.06%	0.06%	Unchanged
79	CORVUS PHARMACEUTICALS INC COM CRVS	CRVS	450,000	$6.7m0.06%	0.06%	Unchanged
80	RANI THERAPEUTICS HLDGS INC COM CL A RANI	RANI	8,500,000	$6.5m0.06%	0.06%	Unchanged
81	JATT II ACQUISITION CORP ORD SHS JATT	JATT	500,000	$5.7m0.05%	0.05%	New
82	AMANAT ACQUISITION CORP CL A ORD AMAN	AMAN	375,000	$3.8m0.03%	0.03%	New
83	WEREWOLF THERAPEUTICS INC COM HOWL	HOWL	2,387,744	$859.3k0.01%	0.01%	Reduced -4.3m	-4,293,563 -64.3%
84	PALATIN TECHNOLOGIES INC COM NEW PTN	PTN	62,124	$670.3k0.01%	0.01%	Reduced -7.9k	-7,876 -11.2%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ASCENDIS PHARMA A/S		10,281,496	$2.4bn10.3m shares
DIANTHUS THERAPEUTICS INC DNTH	DNTH	2,611,733	$219.2m2.6m shares
PRAXIS PRECISION MEDICINES I PRAX	PRAX	373,787	$120.4m373.8k shares
SAREPTA THERAPEUTICS INC SRPT	SRPT	3,902,596	$84.9m3.9m shares
SPYRE THERAPEUTICS INC SYRE	SYRE	1,621,620	$81.8m1.6m shares
FULCRUM THERAPEUTICS INC FULC	FULC	6,053,960	$46.4m6.1m shares
OLEMA PHARMACEUTICALS INC OLMA	OLMA	2,600,000	$38.8m2.6m shares
DESIGN THERAPEUTICS INC DSGN	DSGN	2,972,973	$31.6m3.0m shares
TRAVERE THERAPEUTICS INC TVTX	TVTX	746,841	$22.2m746.8k shares
GRAIL INC GRAL	GRAL	428,266	$22.1m428.3k shares
RELMADA THERAPEUTICS INC RLMD	RLMD	2,947,369	$20.5m2.9m shares
SUTRO BIOPHARMA INC STRO	STRO	715,307	$17.8m715.3k shares
CONTINEUM THERAPEUTICS INC CTNM	CTNM	1,296,012	$16.9m1.3m shares
INSPIRE MED SYS INC INSP	INSP	325,663	$16.8m325.7k shares
HINGE HEALTH INC HNGE	HNGE	364,613	$14.1m364.6k shares
GENEDX HOLDINGS CORP WGS	WGS	209,887	$13.5m209.9k shares
ATRIUM THERAPEUTICS INC RNA	RNA	864,102	$11.6m864.1k shares
MAPLIGHT THERAPEUTICS INC MPLT	MPLT	248,294	$5.0m248.3k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on. The largest 25 of 77.

Company	Ticker	Stake	Change	Schedule	Last filed
ARTIVA BIOTHERAPEUTICS INC ARTV · 13D · filed 2026-07-23	ARTV	37.9%≈ $178.6m	+1.3 pts	13D	2026-07-23
CLIMB BIO INC CLYM · 13D · filed 2026-07-07	CLYM	33.0%≈ $271.9m	no change	13D	2026-07-07
VOR BIOPHARMA INC 13D · filed 2025-06-27		31.8%	-0.1 pts	13D	2025-06-27
ACUMEN PHARMACEUTICALS INC ABOS · 13D · filed 2026-03-17	ABOS	29.5%≈ $56.3m	+4.7 pts	13D	2026-03-17
PEPGEN INC PEPG · 13D · filed 2025-09-30	PEPG	29.2%≈ $36.2m		13D	2025-09-30
ACRIVON THERAPEUTICS INC ACRV · 13D · filed 2026-04-23	ACRV	28.8%≈ $21.9m	+7.2 pts	13D	2026-04-23
SPYGLASS PHARMA INC SGP · 13D · filed 2026-02-17	SGP	24.1%≈ $178.6m	new	13D	2026-02-17
PARABILIS MEDICINES INC PBLS · 13D · filed 2026-06-18	PBLS	23.8%≈ $791.9m	new	13D	2026-06-18
TYRA BIOSCIENCES INC TYRA · 13D · filed 2026-09-17	TYRA	19.9%≈ $417.2m	-1.3 pts	13D	2026-09-17
VOR BIOPHARMA INC VOR · 13D · filed 2026-07-21	VOR	19.9%≈ $238.2m	no change	13D	2026-07-21
JANUX THERAPEUTICS INC JANX · 13D · filed 2025-03-10	JANX	19.9%≈ $183.9m		13D	2025-03-10
WAVE LIFE SCIENCES LTD 96663EUR · 13D · filed 2026-04-17	96663EUR	17.1%≈ $198.9m	-0.4 pts	13D	2026-04-17
Wave Life Sciences Inc. WVE · 13D · filed 2026-08-11	WVE	16.8%		13D	2026-08-11
HEMAB THERAPEUTICS HLDGS INC COAG · 13G · filed 2026-05-11	COAG	16.6%≈ $283.9m	new	13G	2026-05-11
SIONNA THERAPEUTICS INC SION · 13D · filed 2026-09-21	SION	14.3%≈ $284.9m	-8.3 pts	13D	2026-09-21
LENZ THERAPEUTICS INC LENZ · 13D · filed 2025-11-07	LENZ	13.6%≈ $24.2m	-1.5 pts	13D	2025-11-07
SOLID BIOSCIENCES INC SLDB · 13D · filed 2026-06-24	SLDB	11.9%≈ $120.2m	+2.0 pts	13D	2026-06-24
SEPTERNA INC SEPN · 13D · filed 2026-08-14	SEPN	11.8%≈ $185.0m		13D	2026-08-14
BICARA THERAPEUTICS INC BCAX · 13D · filed 2026-03-02	BCAX	11.5%≈ $216.1m		13D	2026-03-02
ARS PHARMACEUTICALS INC SPRY · 13D · filed 2025-10-01	SPRY	11.1%≈ $87.6m		13D	2025-10-01
CORBUS PHARMACEUTICALS HLDGS CRBP · 13G · filed 2026-09-30	CRBP	9.9%≈ $18.0m	new	13G	2026-09-30
ADICET BIO INC ACET · 13G · filed 2026-08-14	ACET	9.9%≈ $8.1m	-2.4 pts	13G	2026-08-14
GERON CORP GERN · 13G · filed 2026-08-14	GERN	9.9%≈ $85.1m	no change	13G	2026-08-14
OVID THERAPEUTICS INC OVID · 13G · filed 2026-08-14	OVID	9.9%≈ $52.6m	no change	13G	2026-08-14
RANI THERAPEUTICS HLDGS INC RANI · 13G · filed 2026-08-14	RANI	9.9%≈ $8.8m	no change	13G	2026-08-14

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-09-17	SIONNA THERAPEUTICS INC Director · See footnotes	SION	Sold	3,448,811	—3.4m shares	-50%
2026-08-12	SEPTERNA INC Director · See footnotes	SEPN	Sold	1,493,000	$63.5m1.5m shares	-67%
2026-07-31	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	24,944	$247.7k24.9k shares	+<1%
2026-07-29	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	20,824	$208.0k20.8k shares	+<1%
2026-07-24	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	41,319	$412.8k41.3k shares	+<1%
2026-07-23	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	59,880	$596.4k59.9k shares	+<1%
2026-07-22	PARABILIS MEDICINES INC Director · See footnotes	PBLS	Bought	47,250	$1.4m47.2k shares	+<1%
2026-07-22	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	84,124	$835.4k84.1k shares	+0%
2026-07-21	PARABILIS MEDICINES INC Director · See footnotes	PBLS	Bought	65,923	$1.9m65.9k shares	+<1%
2026-07-21	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	120,582	$1.2m120.6k shares	+1%
2026-07-20	PARABILIS MEDICINES INC Director · See footnotes	PBLS	Bought	131,420	$3.6m131.4k shares	+0%
2026-07-17	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	7,882	$70.5k7.9k shares	+<1%
2026-07-16	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	152,472	$1.4m152.5k shares	+1%
2026-07-16	VOR BIOPHARMA INC 10% owner · See footnotes	VOR	Sold	213	$4.2k213 shares	-<1%
2026-07-13	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	6,522	$58.3k6.5k shares	+<1%
2026-06-26	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	1,876	$16.8k1.9k shares	+<1%
2026-06-25	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	31,000	$275.3k31.0k shares	+<1%
2026-06-17	WEREWOLF THERAPEUTICS INC 10% owner · See footnotes	HOWL	Sold	416,911	$145.9k416.9k shares	-58%
2026-06-16	HEMAB THERAPEUTICS HLDGS INC 10% owner · See footnotes	COAG	Bought	61,523	$1.5m61.5k shares	+1%
2026-06-16	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	124,893	$1.1m124.9k shares	+1%
2026-06-16	WEREWOLF THERAPEUTICS INC 10% owner · See footnotes	HOWL	Sold	149,625	$55.4k149.6k shares	-31%
2026-06-15	HEMAB THERAPEUTICS HLDGS INC 10% owner · See footnotes	COAG	Bought	6,146	$153.0k6.1k shares	+<1%
2026-06-15	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	15,414	$138.6k15.4k shares	+<1%
2026-06-15	WEREWOLF THERAPEUTICS INC 10% owner · See footnotes	HOWL	Sold	128,770	$50.2k128.8k shares	-27%
2026-06-12	ARTIVA BIOTHERAPEUTICS INC Director · See footnotes	ARTV	Bought	391,019	$3.4m391.0k shares	+2%