Ra Capital Management, L.P.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Ra Capital Management, L.P. reported 88 stock positions worth $7.5 billion. Its top holding was Ascendis Pharma A/S (ASND) at 18.5% of the portfolio, followed by Vaxcyte (PCVX, 9.5%) and Janux Therapeutics (JANX, 7.4%). Compared with Q3 2024, it opened 17 new positions, sold out of 9, added to 9 and reduced 16. The biggest buy was Janux Therapeutics (JANX, shares +13%) and the biggest sale an exit from Biogen (BIIB).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001346824
Portfolio Value
$7.5B (Q4 2024)
SEC Filing
0001104659-25-014181 ↗ filed Feb 14, 2025

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 $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 Q2 2026

Holdings 88 stocks · $7.5B
ASND Ascendis Pharma A/S 18.54% 10,112,744 $1.4B Add +4.1%
PCVX Vaxcyte Inc. 9.47% 8,689,190 $711.3M No change
JANX Janux Therapeutics Inc. 7.39% 10,365,652 $555.0M Add +13.1%
RYTM Rhythm Pharmaceuticals Inc. 4.54% 6,084,412 $340.6M No change
LEGN Legend Biotech Corp.-ADR 3.25% 7,506,934 $244.3M No change
EWTX Edgewise Therapeutics Inc. 3.17% 8,909,091 $237.9M No change
NAMS Newamsterdam Pharma Co. NV 3.03% 8,845,000 $227.3M Add +9.7%
WVE Wave Life Sciences Ltd. 3.00% 18,202,009 $225.2M No change
ACLX Arcellx Inc. 2.85% 2,787,327 $213.8M Add +50.5%
RNAM Avidity Biosciences Inc. 2.44% 6,300,408 $183.2M No change
SEPN Septerna Inc. 2.13% 6,995,858 $160.2M New
DYN Dyne Therapeutics Inc. 2.00% 6,381,144 $150.3M No change
TYRA Tyra Biosciences Inc. 1.97% 10,637,290 $147.9M Add +2.1%
RXST Rxsight Inc. 1.71% 3,743,018 $128.7M Reduce -4.4%
BCAX Bicara Therapeutics Inc. 1.61% 6,955,993 $121.2M No change
LENZ Lenz Therapeutics Inc. 1.61% 4,178,823 $120.6M No change
SPRY Ars Pharmaceuticals Inc. 1.53% 10,860,977 $114.6M No change
ETNB 89BIO Inc. 1.48% 14,175,398 $110.9M No change
XBI SS SPDR S&P Biotech ETF 1.47% 1,228,240 $110.6M New
GERN Geron Corp. 1.41% 30,009,536 $106.2M Reduce -7.0%
ARTV Artiva Biotherapeutics Inc. 1.32% 9,853,302 $99.3M No change
AXSM Axsome Therapeutics Inc. 1.13% 1,000,000 $84.6M No change
VRNA Verona Pharma Ltd. 1.09% 1,766,830 $82.1M Reduce -64.7%
DAWN Day One Biopharmaceuticals I 0.97% 5,755,577 $72.9M Reduce -26.9%
APGE Apogee Therapeutics Inc. 0.95% 1,569,491 $71.1M Reduce -20.0%
MLYS Mineralys Therapeutics Inc. 0.80% 4,850,984 $59.7M No change
PRAX Praxis Precision Medicines I 0.78% 761,955 $58.6M No change
CLYM Climb Bio Inc. 0.75% 31,419,267 $56.6M No change
RXRX Recursion Pharmaceuticals-A 0.70% 7,725,096 $52.2M Reduce -49.8%
TRML Tourmaline Bio Inc. 0.69% 2,538,925 $51.5M No change
ACRV Acrivon Therapeutics Inc. 0.67% 8,340,508 $50.2M No change
FULC Fulcrum Therapeutics Inc. 0.64% 10,229,099 $48.1M No change
TXG 10X Genomics Inc. Class A 0.63% 3,279,401 $47.1M New
GHRS GH Research PLC 0.62% 6,686,689 $46.8M No change
ATXS Astria Therapeutics Inc. 0.61% 5,105,213 $45.6M No change
VOR Vor Biopharma Inc. 0.59% 39,646,039 $44.0M Add +74.3%
GPCR Structure Therapeutics Inc. 0.55% 1,517,418 $41.2M Reduce -20.0%
DNTH Dianthus Therapeutics Inc. 0.54% 1,866,400 $40.7M Reduce -20.0%
PEPG Pepgen Inc. 0.54% 10,689,545 $40.5M No change
EVH Evolent Health Inc. Class A 0.54% 3,577,197 $40.2M Reduce -58.0%
KURA Kura Oncology Inc. 0.52% 4,451,041 $38.8M New
IDYA Ideaya Biosciences Inc. 0.46% 1,347,252 $34.6M No change
ZLAB Zai Lab Ltd.-ADR 0.45% 1,295,040 $33.9M New
CMRX Chimerix Inc. 0.41% 8,800,000 $30.6M No change
CDTX Cidara Therapeutics Inc. 0.39% 1,092,796 $29.4M Add +55.4%
MBX MBX Biosciences Inc. 0.37% 1,511,334 $27.9M No change
NKTX Nkarta Inc. 0.36% 10,805,129 $26.9M No change
ABOS Acumen Pharmaceuticals Inc. 0.34% 14,932,063 $25.7M No change
FDMT 4D Molecular Therapeutics Inc. 0.34% 4,563,211 $25.4M Reduce -10.5%
NRIX Nurix Therapeutics Inc. 0.33% 1,333,333 $25.1M New
SERA Sera Prognostics Inc. Class A 0.33% 3,032,808 $24.7M No change
AEROVATE THERAPEUTICS INC 0.32% 9,192,092 $24.4M No change
EYPT Eyepoint Inc. 0.32% 3,181,818 $23.7M New
LRMR Larimar Therapeutics Inc. 0.31% 6,045,351 $23.4M No change
CBLL Ceribell Inc. 0.28% 824,582 $21.3M New
TVTX Travere Therapeutics Inc. 0.27% 1,150,000 $20.0M New
ELVN Enliven Therapeutics Inc. 0.25% 848,986 $19.1M Reduce -20.0%
TSHA Taysha Gene Therapies Inc. 0.25% 10,872,503 $18.8M No change
ALEC Alector Inc. 0.24% 9,695,228 $18.3M New
TARA Protara Therapeutic Inc. 0.24% 3,400,000 $18.0M Add +79.0%
CCCC C4 Therapeutics Inc. 0.23% 4,878,000 $17.6M No change
SLDB Solid Biosciences Inc. 0.23% 4,330,446 $17.3M No change
PLRX Pliant Therapeutics Inc. 0.22% 1,281,000 $16.9M No change
DRUG Bright Minds Biosciences Inc. 0.22% 460,829 $16.6M New
ITOS Iteos Therapeutics Inc. 0.21% 2,092,259 $16.1M Reduce -34.3%
BCYC Bicycle Therapeutics PLC-ADR 0.20% 1,093,477 $15.3M Reduce -51.5%
ELDN Eledon Pharmaceuticals Inc. 0.20% 3,566,338 $14.7M New
INSM Insmed Inc. 0.18% 200,000 $13.8M No change
XNCR Xencor Inc. 0.18% 575,000 $13.2M No change
IMTX Immatics NV 0.17% 1,750,000 $12.4M No change
ACRS Aclaris Therapeutics Inc. 0.15% 4,666,667 $11.6M New
MNPR Monopar Therapeutics Inc. 0.15% 511,207 $11.2M New
THRD Third Harmonic Bio Inc. 0.13% 960,620 $9.9M Reduce -25.0%
HOWL Werewolf Therapeutics Inc. 0.12% 6,144,881 $9.1M No change
ARVN Arvinas Inc. 0.11% 421,348 $8.1M No change
ZURA Zura Bio Ltd. 0.11% 3,217,503 $8.0M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.10% 750,000 $7.6M No change
BIOA Bioage Labs Inc. 0.10% 1,310,589 $7.6M Reduce -40.7%
ACET Adicet Bio Inc. 0.10% 7,541,000 $7.3M No change
AVTX Avalo Therapeutics Inc. 0.10% 967,000 $7.2M No change
BOLD Boundless Bio Inc. 0.08% 2,180,631 $6.3M No change
ENTA Enanta Pharmaceuticals Inc. 0.08% 1,038,000 $6.0M New
SRZN Surrozen Inc. 0.05% 282,580 $4.1M No change
LXEO Lexeo Therapeutics Inc. 0.05% 546,554 $3.6M No change
ALLK Allakos LLC 0.02% 1,129,931 $1.4M New
SRRK Scholar Rock Holding Corp. 0.01% 17,616 $761K New
RGLS Regulus Therapeutics Inc. 0.01% 336,843 $532K Reduce -56.1%
SCLX Scilex Holding Co. 0.01% 1,036,218 $442K Add +296.8%
Other holdings (1): bonds, preferreds, convertibles and warrants · $4.7M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 333,333$4.7MNo change

Total filed on the 13F, all lines: $7.5B.

Portfolio Sells Q3 2024 → Q4 2024
BIIB Biogen Inc. Sold out 0.00% −2.65
EVH Evolent Health Inc. Class A Reduce -58.0% 0.54% −2.24
CGON CG Oncology Inc. Sold out 0.00% −0.61
VRNA Verona Pharma Ltd. Reduce -64.7% 1.09% −0.57
RXST Rxsight Inc. Reduce -4.4% 1.71% −0.52
RXRX Recursion Pharmaceuticals-A Reduce -49.8% 0.70% −0.47
BIOA Bioage Labs Inc. Reduce -40.7% 0.10% −0.43
GPCR Structure Therapeutics Inc. Reduce -20.0% 0.55% −0.41
BCYC Bicycle Therapeutics PLC-ADR Reduce -51.5% 0.20% −0.38
APGE Apogee Therapeutics Inc. Reduce -20.0% 0.95% −0.38
FDMT 4D Molecular Therapeutics Inc. Reduce -10.5% 0.34% −0.30
DAWN Day One Biopharmaceuticals I Reduce -26.9% 0.97% −0.29
GERN Geron Corp. Reduce -7.0% 1.41% −0.28
ANRO Alto Neuroscience Inc. Sold out 0.00% −0.27
NUVL Nuvalent Inc. Class A Sold out 0.00% −0.21
DNTH Dianthus Therapeutics Inc. Reduce -20.0% 0.54% −0.19
ITOS Iteos Therapeutics Inc. Reduce -34.3% 0.21% −0.16
TNYA Tenaya Therapeutics Inc. Sold out 0.00% −0.16
CRVO Cervomed Inc. Sold out 0.00% −0.14
THRD Third Harmonic Bio Inc. Reduce -25.0% 0.13% −0.07
ELVN Enliven Therapeutics Inc. Reduce -20.0% 0.25% −0.06
ADGM Adagio Medical Holdings Inc. Sold out 0.00% −0.04
MGX Metagenomi Therapeutics Inc. Sold out 0.00% −0.03
ANTX AN2 Therapeutics Inc. Sold out 0.00% −0.02
RGLS Regulus Therapeutics Inc. Reduce -56.1% 0.01% −0.01

Portfolio Buys Q3 2024 → Q4 2024
JANX Janux Therapeutics Inc. Add +13.1% 7.39% +2.59
SEPN Septerna Inc. New 2.13% +2.13
ASND Ascendis Pharma A/S Add +4.1% 18.54% +1.82
NAMS Newamsterdam Pharma Co. NV Add +9.7% 3.03% +1.48
XBI SS SPDR S&P Biotech ETF New 1.47% +1.47
ACLX Arcellx Inc. Add +50.5% 2.85% +1.06
TXG 10X Genomics Inc. Class A New 0.63% +0.63
KURA Kura Oncology Inc. New 0.52% +0.52
ZLAB Zai Lab Ltd.-ADR New 0.45% +0.45
VOR Vor Biopharma Inc. Add +74.3% 0.59% +0.40
NRIX Nurix Therapeutics Inc. New 0.33% +0.33
EYPT Eyepoint Inc. New 0.32% +0.32
CDTX Cidara Therapeutics Inc. Add +55.4% 0.39% +0.30
CBLL Ceribell Inc. New 0.28% +0.28
TVTX Travere Therapeutics Inc. New 0.27% +0.27
ALEC Alector Inc. New 0.24% +0.24
DRUG Bright Minds Biosciences Inc. New 0.22% +0.22
TARA Protara Therapeutic Inc. Add +79.0% 0.24% +0.20
ELDN Eledon Pharmaceuticals Inc. New 0.20% +0.20
ACRS Aclaris Therapeutics Inc. New 0.15% +0.15
MNPR Monopar Therapeutics Inc. New 0.15% +0.15
ENTA Enanta Pharmaceuticals Inc. New 0.08% +0.08
ALLK Allakos LLC New 0.02% +0.02
SRRK Scholar Rock Holding Corp. New 0.01% +0.01
SCLX Scilex Holding Co. Add +296.8% 0.01% +0.00
TYRA Tyra Biosciences Inc. Add +2.1% 1.97% −0.86

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