Ra Capital Management, L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Ra Capital Management, L.P. reported 84 stock positions worth $6.0 billion. Its top holding was Ascendis Pharma A/S (ASND) at 26.8% of the portfolio, followed by Vaxcyte (PCVX, 7.7%) and Rhythm Pharmaceuticals (RYTM, 5.4%). Compared with Q4 2024, it opened 11 new positions, sold out of 15, added to 14 and reduced 4. The biggest buy was Ascendis Pharma A/S (ASND, shares +2%) and the biggest sale an exit from Legend Biotech Corp.-ADR (LEGN).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001346824
Portfolio Value
$6.0B (Q1 2025)
SEC Filing
0001104659-25-049549 ↗ filed May 15, 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 Q4 2024 Q1 2025: $6.0B $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 84 stocks · $6.0B
ASND Ascendis Pharma A/S 26.78% 10,281,496 $1.6B Add +1.7%
PCVX Vaxcyte Inc. 7.69% 12,189,149 $460.3M Add +40.3%
RYTM Rhythm Pharmaceuticals Inc. 5.39% 6,084,412 $322.3M No change
JANX Janux Therapeutics Inc. 5.05% 11,189,693 $302.1M Add +8.0%
NAMS Newamsterdam Pharma Co. NV 3.47% 10,138,938 $207.5M Add +14.6%
ACLX Arcellx Inc. 3.33% 3,036,527 $199.2M Add +8.9%
EWTX Edgewise Therapeutics Inc. 3.27% 8,909,091 $196.0M No change
RNAM Avidity Biosciences Inc. 3.11% 6,300,408 $186.0M No change
WVE Wave Life Sciences Ltd. 2.46% 18,202,009 $147.1M No change
ETNB 89BIO Inc. 2.42% 19,889,683 $144.6M Add +40.3%
SPRY Ars Pharmaceuticals Inc. 2.28% 10,860,977 $136.6M No change
SION Sionna Therapeutics Inc. 1.83% 10,445,322 $109.3M New
LENZ Lenz Therapeutics Inc. 1.80% 4,178,823 $107.4M No change
DYN Dyne Therapeutics Inc. 1.70% 9,714,392 $101.6M Add +52.2%
TYRA Tyra Biosciences Inc. 1.65% 10,637,290 $98.9M No change
MLYS Mineralys Therapeutics Inc. 1.63% 6,147,280 $97.6M Add +26.7%
GERN Geron Corp. 1.60% 60,379,366 $96.0M Add +101.2%
RXST Rxsight Inc. 1.58% 3,743,018 $94.5M No change
BCAX Bicara Therapeutics Inc. 1.51% 6,955,993 $90.6M No change
IRON Disc Medicine Inc. 1.31% 1,577,106 $78.3M New
GHRS GH Research PLC 1.28% 6,944,648 $76.6M Add +3.9%
APGE Apogee Therapeutics Inc. 0.98% 1,569,491 $58.6M No change
DNTH Dianthus Therapeutics Inc. 0.87% 2,866,733 $52.0M Add +53.6%
ZLAB Zai Lab Ltd.-ADR 0.78% 1,295,040 $46.8M No change
DAWN Day One Biopharmaceuticals I 0.76% 5,755,577 $45.6M No change
SEPN Septerna Inc. 0.68% 6,995,858 $40.5M No change
TRML Tourmaline Bio Inc. 0.65% 2,538,925 $38.6M No change
CLYM Climb Bio Inc. 0.64% 31,419,267 $38.3M No change
SRRK Scholar Rock Holding Corp. 0.61% 1,136,453 $36.5M Add +6351.3%
URGN Urogen Pharma Ltd. 0.59% 3,206,271 $35.5M New
ARTV Artiva Biotherapeutics Inc. 0.49% 9,853,302 $29.6M No change
FULC Fulcrum Therapeutics Inc. 0.49% 10,229,099 $29.5M No change
VOR Vor Biopharma Inc. 0.48% 39,646,039 $28.4M No change
ATXS Astria Therapeutics Inc. 0.46% 5,105,213 $27.3M No change
KURA Kura Oncology Inc. 0.44% 4,004,610 $26.4M Reduce -10.0%
GPCR Structure Therapeutics Inc. 0.44% 1,517,418 $26.3M No change
CDTX Cidara Therapeutics Inc. 0.39% 1,092,796 $23.5M No change
AEROVATE THERAPEUTICS INC 0.39% 9,192,092 $23.1M No change
IDYA Ideaya Biosciences Inc. 0.37% 1,347,252 $22.1M No change
ITOS Iteos Therapeutics Inc. 0.36% 3,649,057 $21.8M Add +74.4%
TVTX Travere Therapeutics Inc. 0.34% 1,150,000 $20.6M No change
NKTX Nkarta Inc. 0.33% 10,805,129 $19.9M No change
GKOS Glaukos Corp. 0.31% 190,256 $18.7M New
MNPR Monopar Therapeutics Inc. 0.31% 511,207 $18.6M No change
MTSR Metsera Inc. 0.31% 675,525 $18.4M New
EYPT Eyepoint Inc. 0.29% 3,181,818 $17.2M No change
TXG 10X Genomics Inc. Class A 0.28% 1,944,247 $17.0M Reduce -40.7%
ACRV Acrivon Therapeutics Inc. 0.28% 8,340,508 $16.9M No change
ELVN Enliven Therapeutics Inc. 0.28% 848,986 $16.7M No change
ABOS Acumen Pharmaceuticals Inc. 0.27% 14,932,063 $16.4M No change
SLDB Solid Biosciences Inc. 0.27% 4,330,446 $16.0M No change
CBLL Ceribell Inc. 0.26% 824,582 $15.8M No change
NRIX Nurix Therapeutics Inc. 0.26% 1,333,333 $15.8M No change
INSM Insmed Inc. 0.25% 200,000 $15.3M No change
TSHA Taysha Gene Therapies Inc. 0.25% 10,872,503 $15.1M No change
PEPG Pepgen Inc. 0.25% 10,689,545 $15.0M No change
FDMT 4D Molecular Therapeutics Inc. 0.25% 4,563,211 $14.7M No change
TARA Protara Therapeutic Inc. 0.24% 3,400,000 $14.5M No change
LRMR Larimar Therapeutics Inc. 0.22% 6,045,351 $13.0M No change
ELDN Eledon Pharmaceuticals Inc. 0.20% 3,566,338 $12.1M No change
ALEC Alector Inc. 0.20% 9,695,228 $11.9M No change
SERA Sera Prognostics Inc. Class A 0.19% 3,032,808 $11.2M No change
MBX MBX Biosciences Inc. 0.19% 1,511,334 $11.2M No change
BCYC Bicycle Therapeutics PLC-ADR 0.16% 1,093,477 $9.3M No change
RCUS Arcus Biosciences Inc. 0.15% 1,136,364 $8.9M New
SRZN Surrozen Inc. 0.13% 679,130 $7.9M Add +140.3%
IMTX Immatics NV 0.13% 1,750,000 $7.9M No change
AVTX Avalo Therapeutics Inc. 0.13% 967,000 $7.7M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.13% 750,000 $7.7M No change
DRUG Bright Minds Biosciences Inc. 0.12% 206,427 $7.4M Reduce -55.2%
ACRS Aclaris Therapeutics Inc. 0.12% 4,666,667 $7.1M No change
ACHC Acadia Healthcare Co. Inc. 0.11% 217,000 $6.6M New
BBNX Beta Bionics Inc. 0.10% 500,000 $6.1M New
XNCR Xencor Inc. 0.10% 575,000 $6.1M No change
HOWL Werewolf Therapeutics Inc. 0.10% 6,144,881 $6.0M No change
ACET Adicet Bio Inc. 0.10% 7,541,000 $5.7M No change
HUMA Humacyte Inc. 0.09% 3,312,356 $5.6M New
ZURA Zura Bio Ltd. 0.07% 3,217,503 $4.2M No change
BIOA Bioage Labs Inc. 0.07% 1,052,494 $4.0M Reduce -19.7%
BOLD Boundless Bio Inc. 0.06% 2,180,631 $3.3M No change
STRO Sutro Biopharma Inc. Com SHS 0.05% 4,434,637 $2.9M New
LXEO Lexeo Therapeutics Inc. 0.03% 546,554 $1.9M No change
CTMX Cytomx Therapeutics Inc. 0.01% 1,000,000 $636K New
SCLX Scilex Holding Co. 0.00% 1,036,218 $258K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.0M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 333,333$3.0MNo change

Total filed on the 13F, all lines: $6.0B.

Portfolio Sells Q4 2024 → Q1 2025
LEGN Legend Biotech Corp.-ADR Sold out 0.00% −3.25
XBI SS SPDR S&P Biotech ETF Sold out 0.00% −1.47
AXSM Axsome Therapeutics Inc. Sold out 0.00% −1.13
VRNA Verona Pharma Ltd. Sold out 0.00% −1.09
PRAX Praxis Precision Medicines I Sold out 0.00% −0.78
RXRX Recursion Pharmaceuticals-A Sold out 0.00% −0.70
EVH Evolent Health Inc. Class A Sold out 0.00% −0.54
CMRX Chimerix Inc. Sold out 0.00% −0.41
TXG 10X Genomics Inc. Class A Reduce -40.7% 0.28% −0.34
CCCC C4 Therapeutics Inc. Sold out 0.00% −0.23
PLRX Pliant Therapeutics Inc. Sold out 0.00% −0.22
THRD Third Harmonic Bio Inc. Sold out 0.00% −0.13
ARVN Arvinas Inc. Sold out 0.00% −0.11
DRUG Bright Minds Biosciences Inc. Reduce -55.2% 0.12% −0.10
ENTA Enanta Pharmaceuticals Inc. Sold out 0.00% −0.08
KURA Kura Oncology Inc. Reduce -10.0% 0.44% −0.07
BIOA Bioage Labs Inc. Reduce -19.7% 0.07% −0.03
ALLK Allakos LLC Sold out 0.00% −0.02
RGLS Regulus Therapeutics Inc. Sold out 0.00% −0.01

Portfolio Buys Q4 2024 → Q1 2025
ASND Ascendis Pharma A/S Add +1.7% 26.78% +8.24
SION Sionna Therapeutics Inc. New 1.83% +1.83
IRON Disc Medicine Inc. New 1.31% +1.31
ETNB 89BIO Inc. Add +40.3% 2.42% +0.94
MLYS Mineralys Therapeutics Inc. Add +26.7% 1.63% +0.84
GHRS GH Research PLC Add +3.9% 1.28% +0.66
SRRK Scholar Rock Holding Corp. Add +6351.3% 0.61% +0.60
URGN Urogen Pharma Ltd. New 0.59% +0.59
ACLX Arcellx Inc. Add +8.9% 3.33% +0.48
NAMS Newamsterdam Pharma Co. NV Add +14.6% 3.47% +0.44
DNTH Dianthus Therapeutics Inc. Add +53.6% 0.87% +0.33
GKOS Glaukos Corp. New 0.31% +0.31
MTSR Metsera Inc. New 0.31% +0.31
GERN Geron Corp. Add +101.2% 1.60% +0.19
ITOS Iteos Therapeutics Inc. Add +74.4% 0.36% +0.15
RCUS Arcus Biosciences Inc. New 0.15% +0.15
ACHC Acadia Healthcare Co. Inc. New 0.11% +0.11
BBNX Beta Bionics Inc. New 0.10% +0.10
HUMA Humacyte Inc. New 0.09% +0.09
SRZN Surrozen Inc. Add +140.3% 0.13% +0.08
STRO Sutro Biopharma Inc. Com SHS New 0.05% +0.05
CTMX Cytomx Therapeutics Inc. New 0.01% +0.01
DYN Dyne Therapeutics Inc. Add +52.2% 1.70% −0.30
PCVX Vaxcyte Inc. Add +40.3% 7.69% −1.78
JANX Janux Therapeutics Inc. Add +8.0% 5.05% −2.34

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