Ra Capital Management, L.P.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Ra Capital Management, L.P. reported 83 stock positions worth $11.5 billion. Its top holding was Ascendis Pharma A/S (ASND) at 23.8% of the portfolio, followed by Parabilis Medicines (PBLS, 6.9%) and Rhythm Pharmaceuticals (RYTM, 6.4%). Compared with Q1 2026, it opened 16 new positions, sold out of 17, added to 10 and reduced 10. The biggest buy was a new position in Parabilis Medicines (PBLS) and the biggest sale an exit from Dianthus Therapeutics (DNTH).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001346824
Portfolio Value
$11.5B (Q2 2026)
SEC Filing
0001104659-26-097251 ↗ filed Aug 14, 2026

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $7.9B Q1 2024 Q2 2024: $7.6B Q2 2024 Q3 2024: $8.7B Q3 2024 Q4 2024: $7.5B Q4 2024 Q1 2025: $6.0B Q1 2025 Q2 2025: $5.9B Q2 2025 Q3 2025: $8.1B Q3 2025 Q4 2025: $9.8B Q4 2025 Q1 2026: $9.4B Q1 2026 Q2 2026: $11.5B $11.5B Q2 2026

Holdings 83 stocks · $11.5B
ASND Ascendis Pharma A/S 23.85% 10,281,496 $2.7B No change
PBLS Parabilis Medicines Inc. 6.89% 28,933,371 $791.9M New
RYTM Rhythm Pharmaceuticals Inc. 6.44% 6,666,837 $740.2M No change
PCVX Vaxcyte Inc. 5.80% 11,474,599 $667.0M No change
SION Sionna Therapeutics Inc. 3.79% 9,905,045 $435.7M No change
TYRA Tyra Biosciences Inc. 3.39% 12,198,625 $389.6M No change
EWTX Edgewise Therapeutics Inc. 2.97% 8,392,730 $341.0M Reduce -19.5%
NAMS Newamsterdam Pharma Co. NV 2.81% 9,550,191 $323.7M No change
COAG Hemab Therapeutics Holdings 2.49% 7,808,627 $286.8M New
SEPN Septerna Inc. 2.04% 6,995,858 $234.3M No change
BCAX Bicara Therapeutics Inc. 1.87% 7,255,993 $215.4M No change
MLYS Mineralys Therapeutics Inc. 1.80% 7,692,750 $207.6M No change
GHRS GH Research PLC 1.78% 7,636,813 $205.3M Reduce -0.5%
IRON Disc Medicine Inc. 1.56% 2,450,221 $179.2M No change
SGP Spyglass Pharma Inc. 1.55% 8,021,117 $178.6M No change
ARTV Artiva Biotherapeutics Inc. 1.51% 17,955,642 $174.2M Add +82.2%
JANX Janux Therapeutics Inc. 1.49% 11,189,693 $171.9M No change
TSHA Taysha Gene Therapies Inc. 1.39% 23,555,648 $160.4M No change
BCRX Biocryst Pharmaceuticals Inc. 1.38% 15,827,186 $158.3M No change
WVE Wave Life Sciences Ltd. 1.36% 26,975,505 $156.7M No change
NUVL Nuvalent Inc. Class A 1.34% 1,246,456 $153.9M Reduce -50.8%
ABVX Abivax SA-ADR 1.31% 1,132,557 $150.9M New
ORKA Oruka Therapeutics Inc. 1.29% 1,554,597 $148.0M New
CLYM Climb Bio Inc. 1.28% 11,300,939 $147.4M No change
SLDB Solid Biosciences Inc. 1.05% 12,036,126 $120.2M Add +28.9%
ZLAB Zai Lab Ltd.-ADR 0.95% 5,743,533 $109.1M Add +0.6%
SPRY Ars Pharmaceuticals Inc. 0.76% 10,860,977 $87.0M No change
XNCR Xencor Inc. 0.74% 5,274,274 $84.9M Add +7.7%
JBIO Jade Biosciences Inc. 0.71% 3,671,083 $81.6M No change
NTLA Intellia Therapeutics Inc. 0.67% 4,526,926 $76.6M New
LBRX LB Pharmaceuticals Inc. 0.62% 2,208,604 $71.7M No change
DFTX Definium Therapeutics Inc. 0.61% 1,500,000 $70.6M New
ACRS Aclaris Therapeutics Inc. 0.59% 12,723,026 $67.3M Add +87.0%
FDMT 4D Molecular Therapeutics Inc. 0.58% 5,049,779 $67.2M No change
SANA Sana Biotechnology Inc. 0.57% 18,750,000 $65.4M New
DMRA Damora Therapeutics Inc. 0.54% 2,399,702 $62.4M Add +0.0%
MNPR Monopar Therapeutics Inc. 0.54% 667,207 $61.8M No change
ABOS Acumen Pharmaceuticals Inc. 0.49% 20,992,669 $56.1M No change
GERN Geron Corp. 0.48% 42,809,751 $54.8M Reduce -32.9%
RZLT Rezolute Inc. 0.43% 9,445,039 $49.1M Add +2.9%
EVMN Evommune Inc. 0.40% 3,494,638 $46.4M No change
VOR Vor Biopharma Inc. 0.38% 2,402,095 $44.2M Reduce -55.6%
IPSC Century Therapeutics Inc. 0.38% 17,754,430 $43.5M No change
AKTS Aktis Oncology Inc. 0.37% 1,314,405 $42.4M Reduce -12.6%
BIOA Bioage Labs Inc. 0.36% 1,671,648 $41.0M Add +1.3%
CCCC C4 Therapeutics Inc. 0.32% 8,000,000 $37.4M No change
MIRM Mirum Pharmaceuticals Inc. 0.32% 318,554 $37.3M No change
CAPR Capricor Therapeutics Inc. 0.32% 1,507,844 $36.3M No change
PEPG Pepgen Inc. 0.31% 20,064,545 $36.1M No change
PRLD Prelude Therapeutics Inc. 0.30% 6,475,882 $34.5M New
NKTX Nkarta Inc. 0.27% 10,805,129 $30.6M No change
QTTB Q32 Bio Inc. 0.26% 2,332,457 $29.7M New
AVR Anteris Technologies Global 0.26% 3,000,000 $29.6M No change
EDIT Editas Medicine Inc. 0.25% 8,889,000 $28.8M New
OVID Ovid Therapeutics Inc. 0.25% 10,500,968 $28.2M Reduce -2.0%
ASMB Assembly Biosciences Inc. 0.24% 1,020,410 $28.0M No change
ALXO Alx Oncology Holdings Inc. 0.23% 13,011,849 $26.9M No change
BNTC Benitec Biopharma Inc. 0.22% 1,850,000 $24.8M No change
LENZ Lenz Therapeutics Inc. 0.21% 4,178,823 $23.7M No change
LXEO Lexeo Therapeutics Inc. 0.20% 5,000,000 $23.3M No change
ACRV Acrivon Therapeutics Inc. 0.19% 12,229,396 $21.8M Add +46.6%
ALT Altimmune Inc. 0.17% 6,500,000 $19.8M New
KPTI Karyopharm Therapeutics Inc. 0.16% 1,917,354 $18.7M No change
DRUG Bright Minds Biosciences Inc. 0.16% 265,000 $18.6M No change
AVTX Avalo Therapeutics Inc. 0.16% 1,000,000 $18.5M Add +50.8%
OKUR Onkure Therapeutics Inc. Class A 0.16% 3,998,333 $18.2M No change
FTH Faeth Therapeutics Inc. 0.16% 722,020 $18.1M New
AURA Aura Biosciences Inc. 0.15% 2,500,000 $17.8M New
SABS Sab Biotherapeutics Inc. 0.15% 4,401,500 $17.2M No change
SPTX Seaport Therapeutics Inc. 0.13% 700,000 $15.2M New
PALI Palisade Bio Inc. 0.13% 7,124,116 $14.9M No change
HLXC Helix Acquisition Corp. Class A 0.12% 1,250,000 $13.3M No change
WAY Waystar Holding Corp. 0.09% 529,400 $10.9M No change
EQ Equillium Inc. 0.09% 3,096,336 $9.9M No change
MGNX Macrogenics Inc. 0.07% 1,864,176 $8.6M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.07% 750,000 $8.2M No change
ACET Adicet Bio Inc. 0.07% 932,624 $8.1M Reduce -21.1%
CRVS Corvus Pharmaceuticals Inc. 0.06% 450,000 $6.7M No change
RANI Rani Therapeutics Holdings Class A 0.06% 8,500,000 $6.5M No change
JATT Jatt II Acquisition Corp. 0.05% 500,000 $5.7M New
AMAN Amanat Acquisition Corp. Class A 0.03% 375,000 $3.8M New
HOWL Werewolf Therapeutics Inc. 0.01% 2,387,744 $859K Reduce -64.3%
PTN Palatin Technologies Inc. 0.01% 62,124 $670K Reduce -11.3%
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.1M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 333,333$7.1MNo change

Total filed on the 13F, all lines: $11.5B.

Portfolio Sells Q1 2026 → Q2 2026
DNTH Dianthus Therapeutics Inc. Sold out 0.00% −2.32
NUVL Nuvalent Inc. Class A Reduce -50.8% 1.34% −1.41
PRAX Praxis Precision Medicines I Sold out 0.00% −1.28
SRPT Sarepta Therapeutics Inc. Sold out 0.00% −0.90
SYRE Spyre Therapeutics Inc. Sold out 0.00% −0.87
VOR Vor Biopharma Inc. Reduce -55.6% 0.38% −0.64
GERN Geron Corp. Reduce -32.9% 0.48% −0.53
EWTX Edgewise Therapeutics Inc. Reduce -19.5% 2.97% −0.52
FULC Fulcrum Therapeutics Inc. Sold out 0.00% −0.49
OLMA Olema Pharmaceuticals Inc. Sold out 0.00% −0.41
DSGN Design Therapeutics Inc. Sold out 0.00% −0.34
TVTX Travere Therapeutics Inc. Sold out 0.00% −0.24
GRAL Grail Inc. Sold out 0.00% −0.23
RLMD Relmada Therapeutics Inc. Sold out 0.00% −0.22
STRO Sutro Biopharma Inc. Sold out 0.00% −0.19
CTNM Contineum Therapeutics Inc. Class A Sold out 0.00% −0.18
INSP Inspire Medical Systems Inc. Sold out 0.00% −0.18
HNGE Hinge Health Inc. Class A Sold out 0.00% −0.15
WGS Genedx Holdings Corp. Sold out 0.00% −0.14
RNA Atrium Therapeutics Inc. Sold out 0.00% −0.12
MPLT Maplight Therapeutics Inc. Sold out 0.00% −0.05
HOWL Werewolf Therapeutics Inc. Reduce -64.3% 0.01% −0.05
ACET Adicet Bio Inc. Reduce -21.1% 0.07% −0.02
PTN Palatin Technologies Inc. Reduce -11.3% 0.01% −0.01
OVID Ovid Therapeutics Inc. Reduce -2.0% 0.25% −0.01
AKTS Aktis Oncology Inc. Reduce -12.6% 0.37% +0.08
GHRS GH Research PLC Reduce -0.5% 1.78% +0.64

Portfolio Buys Q1 2026 → Q2 2026
PBLS Parabilis Medicines Inc. New 6.89% +6.89
COAG Hemab Therapeutics Holdings New 2.49% +2.49
ABVX Abivax SA-ADR New 1.31% +1.31
ORKA Oruka Therapeutics Inc. New 1.29% +1.29
ARTV Artiva Biotherapeutics Inc. Add +82.2% 1.51% +0.84
NTLA Intellia Therapeutics Inc. New 0.67% +0.67
DFTX Definium Therapeutics Inc. New 0.61% +0.61
SANA Sana Biotechnology Inc. New 0.57% +0.57
SLDB Solid Biosciences Inc. Add +28.9% 1.05% +0.33
ACRS Aclaris Therapeutics Inc. Add +87.0% 0.59% +0.31
PRLD Prelude Therapeutics Inc. New 0.30% +0.30
QTTB Q32 Bio Inc. New 0.26% +0.26
EDIT Editas Medicine Inc. New 0.25% +0.25
ALT Altimmune Inc. New 0.17% +0.17
FTH Faeth Therapeutics Inc. New 0.16% +0.16
AURA Aura Biosciences Inc. New 0.15% +0.15
SPTX Seaport Therapeutics Inc. New 0.13% +0.13
RZLT Rezolute Inc. Add +2.9% 0.43% +0.13
XNCR Xencor Inc. Add +7.7% 0.74% +0.11
ACRV Acrivon Therapeutics Inc. Add +46.6% 0.19% +0.07
AVTX Avalo Therapeutics Inc. Add +50.8% 0.16% +0.06
BIOA Bioage Labs Inc. Add +1.3% 0.36% +0.05
JATT Jatt II Acquisition Corp. New 0.05% +0.05
AMAN Amanat Acquisition Corp. Class A New 0.03% +0.03
DMRA Damora Therapeutics Inc. Add +0.0% 0.54% −0.12
ZLAB Zai Lab Ltd.-ADR Add +0.6% 0.95% −0.19

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 83$11.5BASND, PBLS, RYTM, PCVX, SION
Q1 2026 84$9.4BASND, PCVX, RYTM, TYRA, SION
Q4 2025 70$9.8BASND, CDTX, RYTM, RNAM, PCVX
Q3 2025 66$8.1BASND, RYTM, PCVX, RNAM, CDTX
Q2 2025 62$5.9BASND, PCVX, RYTM, JANX, RNAM
Q1 2025 84$6.0BASND, PCVX, RYTM, JANX, NAMS
Q4 2024 88$7.5BASND, PCVX, JANX, RYTM, LEGN
Q3 2024 80$8.7BASND, PCVX, JANX, LEGN, RYTM
Q2 2024 77$7.6BASND, PCVX, JANX, LEGN, RYTM
Q1 2024Amended 75$7.9BASND, PCVX, LEGN, JANX, AEROVATE THERAPEUTICS INC