Ra Capital Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Ra Capital Management, L.P. reported 62 stock positions worth $5.9 billion. Its top holding was Ascendis Pharma A/S (ASND) at 29.9% of the portfolio, followed by Vaxcyte (PCVX, 6.6%) and Rhythm Pharmaceuticals (RYTM, 5.9%). Compared with Q1 2025, it opened 6 new positions, sold out of 28, added to 9 and reduced 9. The biggest buy was Cidara Therapeutics (CDTX, shares +208%) and the biggest sale Vaxcyte (PCVX, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001346824
- Portfolio Value
- $5.9B (Q2 2025)
- SEC Filing
- 0001104659-25-078691 ↗ filed Aug 14, 2025
Holdings Value
Holdings 62 stocks · $5.9B
| ASND Ascendis Pharma A/S | 29.91% | 10,281,496 | $1.8B | No change |
| PCVX Vaxcyte Inc. | 6.56% | 11,965,991 | $389.0M | Reduce -1.8% |
| RYTM Rhythm Pharmaceuticals Inc. | 5.92% | 5,561,359 | $351.4M | Reduce -8.6% |
| JANX Janux Therapeutics Inc. | 4.36% | 11,189,693 | $258.5M | No change |
| RNAM Avidity Biosciences Inc. | 3.48% | 7,266,031 | $206.4M | Add +15.3% |
| ACLX Arcellx Inc. | 3.37% | 3,036,527 | $200.0M | No change |
| ETNB 89BIO Inc. | 3.29% | 19,889,683 | $195.3M | No change |
| SPRY Ars Pharmaceuticals Inc. | 3.19% | 10,860,977 | $189.5M | No change |
| NAMS Newamsterdam Pharma Co. NV | 3.09% | 10,138,938 | $183.6M | No change |
| SION Sionna Therapeutics Inc. | 3.05% | 10,445,322 | $181.2M | No change |
| CDTX Cidara Therapeutics Inc. | 2.76% | 3,365,523 | $163.9M | Add +208.0% |
| EWTX Edgewise Therapeutics Inc. | 2.19% | 9,902,633 | $129.8M | Add +11.2% |
| LENZ Lenz Therapeutics Inc. | 2.06% | 4,178,823 | $122.5M | No change |
| WVE Wave Life Sciences Ltd. | 1.99% | 18,202,009 | $118.3M | No change |
| TYRA Tyra Biosciences Inc. | 1.97% | 12,198,625 | $116.7M | Add +14.7% |
| GHRS GH Research PLC | 1.58% | 7,676,697 | $93.6M | Add +10.5% |
| DYN Dyne Therapeutics Inc. | 1.56% | 9,714,392 | $92.5M | No change |
| GERN Geron Corp. | 1.43% | 60,379,366 | $85.1M | No change |
| IRON Disc Medicine Inc. | 1.41% | 1,577,106 | $83.5M | No change |
| MLYS Mineralys Therapeutics Inc. | 1.40% | 6,147,280 | $83.2M | No change |
| SEPN Septerna Inc. | 1.25% | 6,995,858 | $73.9M | No change |
| FULC Fulcrum Therapeutics Inc. | 1.19% | 10,229,099 | $70.4M | No change |
| BCAX Bicara Therapeutics Inc. | 1.09% | 6,955,993 | $64.6M | No change |
| VOR Vor Biopharma Inc. | 1.08% | 39,646,039 | $64.2M | No change |
| TSHA Taysha Gene Therapies Inc. | 0.92% | 23,555,648 | $54.4M | Add +116.7% |
| DNTH Dianthus Therapeutics Inc. | 0.90% | 2,866,733 | $53.4M | No change |
| RXST Rxsight Inc. | 0.81% | 3,702,967 | $48.1M | Reduce -1.1% |
| TRML Tourmaline Bio Inc. | 0.68% | 2,538,925 | $40.6M | No change |
| SRRK Scholar Rock Holding Corp. | 0.68% | 1,136,453 | $40.3M | No change |
| CLYM Climb Bio Inc. | 0.66% | 31,419,267 | $39.0M | No change |
| GPCR Structure Therapeutics Inc. | 0.53% | 1,517,418 | $31.5M | No change |
| SLDB Solid Biosciences Inc. | 0.48% | 5,811,323 | $28.3M | Add +34.2% |
| MTSR Metsera Inc. | 0.32% | 675,525 | $19.2M | No change |
| MNPR Monopar Therapeutics Inc. | 0.31% | 511,207 | $18.3M | No change |
| NKTX Nkarta Inc. | 0.30% | 10,805,129 | $17.9M | No change |
| LRMR Larimar Therapeutics Inc. | 0.29% | 6,045,351 | $17.5M | No change |
| ABOS Acumen Pharmaceuticals Inc. | 0.29% | 14,932,063 | $17.3M | No change |
| ELVN Enliven Therapeutics Inc. | 0.29% | 848,986 | $17.0M | No change |
| TVTX Travere Therapeutics Inc. | 0.29% | 1,150,000 | $17.0M | No change |
| FDMT 4D Molecular Therapeutics Inc. | 0.29% | 4,563,211 | $16.9M | No change |
| HNGE Hinge Health Inc. Class A | 0.26% | 300,000 | $15.5M | New |
| ARTV Artiva Biotherapeutics Inc. | 0.25% | 9,853,302 | $14.9M | No change |
| PEPG Pepgen Inc. | 0.20% | 10,689,545 | $11.9M | No change |
| JBIO Jade Biosciences Inc. | 0.18% | 1,062,326 | $10.6M | New |
| TNGX Tango Therapeutics Inc. | 0.17% | 2,000,000 | $10.2M | New |
| ACRV Acrivon Therapeutics Inc. | 0.17% | 8,340,508 | $9.9M | No change |
| ELDN Eledon Pharmaceuticals Inc. | 0.16% | 3,566,338 | $9.7M | No change |
| RCUS Arcus Biosciences Inc. | 0.16% | 1,136,364 | $9.3M | No change |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.13% | 750,000 | $8.0M | No change |
| OMDA Omada Health Inc. | 0.12% | 400,000 | $7.3M | New |
| HOWL Werewolf Therapeutics Inc. | 0.12% | 6,681,307 | $7.3M | Add +8.7% |
| BBNX Beta Bionics Inc. | 0.12% | 500,000 | $7.3M | No change |
| CTMX Cytomx Therapeutics Inc. | 0.10% | 2,661,331 | $6.0M | Add +166.1% |
| TXG 10X Genomics Inc. Class A | 0.09% | 475,343 | $5.5M | Reduce -75.5% |
| SRZN Surrozen Inc. | 0.09% | 602,626 | $5.4M | Reduce -11.3% |
| WGS Genedx Holdings Corp. | 0.09% | 58,044 | $5.4M | New |
| AVTX Avalo Therapeutics Inc. | 0.08% | 932,973 | $4.7M | Reduce -3.5% |
| ACET Adicet Bio Inc. | 0.08% | 7,541,000 | $4.6M | No change |
| MBX MBX Biosciences Inc. | 0.07% | 377,841 | $4.3M | Reduce -75.0% |
| TARA Protara Therapeutic Inc. | 0.05% | 1,039,295 | $3.1M | Reduce -69.4% |
| ACHC Acadia Healthcare Co. Inc. | 0.03% | 89,262 | $2.0M | Reduce -58.9% |
| IFRX Inflarx NV | 0.03% | 1,973,233 | $1.6M | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 333,333 | $2.7M | No change |
Total filed on the 13F, all lines: $5.9B.
Portfolio Sells Q1 2025 → Q2 2025
| PCVX Vaxcyte Inc. | Reduce -1.8% | 6.56% | −1.13 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −0.98 |
| ZLAB Zai Lab Ltd.-ADR | Sold out | 0.00% | −0.78 |
| RXST Rxsight Inc. | Reduce -1.1% | 0.81% | −0.77 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −0.76 |
| URGN Urogen Pharma Ltd. | Sold out | 0.00% | −0.59 |
| ATXS Astria Therapeutics Inc. | Sold out | 0.00% | −0.46 |
| KURA Kura Oncology Inc. | Sold out | 0.00% | −0.44 |
| AEROVATE THERAPEUTICS INC | Sold out | 0.00% | −0.39 |
| IDYA Ideaya Biosciences Inc. | Sold out | 0.00% | −0.37 |
| ITOS Iteos Therapeutics Inc. | Sold out | 0.00% | −0.36 |
| GKOS Glaukos Corp. | Sold out | 0.00% | −0.31 |
| EYPT Eyepoint Inc. | Sold out | 0.00% | −0.29 |
| CBLL Ceribell Inc. | Sold out | 0.00% | −0.26 |
| NRIX Nurix Therapeutics Inc. | Sold out | 0.00% | −0.26 |
| INSM Insmed Inc. | Sold out | 0.00% | −0.25 |
| ALEC Alector Inc. | Sold out | 0.00% | −0.20 |
| TXG 10X Genomics Inc. Class A | Reduce -75.5% | 0.09% | −0.19 |
| TARA Protara Therapeutic Inc. | Reduce -69.4% | 0.05% | −0.19 |
| SERA Sera Prognostics Inc. Class A | Sold out | 0.00% | −0.19 |
| BCYC Bicycle Therapeutics PLC-ADR | Sold out | 0.00% | −0.16 |
| IMTX Immatics NV | Sold out | 0.00% | −0.13 |
| DRUG Bright Minds Biosciences Inc. | Sold out | 0.00% | −0.12 |
| ACRS Aclaris Therapeutics Inc. | Sold out | 0.00% | −0.12 |
| MBX MBX Biosciences Inc. | Reduce -75.0% | 0.07% | −0.11 |
| XNCR Xencor Inc. | Sold out | 0.00% | −0.10 |
| HUMA Humacyte Inc. | Sold out | 0.00% | −0.09 |
| ACHC Acadia Healthcare Co. Inc. | Reduce -58.9% | 0.03% | −0.08 |
| ZURA Zura Bio Ltd. | Sold out | 0.00% | −0.07 |
| BIOA Bioage Labs Inc. | Sold out | 0.00% | −0.07 |
| BOLD Boundless Bio Inc. | Sold out | 0.00% | −0.06 |
| AVTX Avalo Therapeutics Inc. | Reduce -3.5% | 0.08% | −0.05 |
| STRO Sutro Biopharma Inc. Com SHS | Sold out | 0.00% | −0.05 |
| SRZN Surrozen Inc. | Reduce -11.3% | 0.09% | −0.04 |
| LXEO Lexeo Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| SCLX Scilex Holding Co. | Sold out | 0.00% | −0.00 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -8.6% | 5.92% | +0.54 |
Portfolio Buys Q1 2025 → Q2 2025
| CDTX Cidara Therapeutics Inc. | Add +208.0% | 2.76% | +2.37 |
| TSHA Taysha Gene Therapies Inc. | Add +116.7% | 0.92% | +0.66 |
| RNAM Avidity Biosciences Inc. | Add +15.3% | 3.48% | +0.37 |
| TYRA Tyra Biosciences Inc. | Add +14.7% | 1.97% | +0.31 |
| GHRS GH Research PLC | Add +10.5% | 1.58% | +0.30 |
| HNGE Hinge Health Inc. Class A | New | 0.26% | +0.26 |
| SLDB Solid Biosciences Inc. | Add +34.2% | 0.48% | +0.21 |
| JBIO Jade Biosciences Inc. | New | 0.18% | +0.18 |
| TNGX Tango Therapeutics Inc. | New | 0.17% | +0.17 |
| OMDA Omada Health Inc. | New | 0.12% | +0.12 |
| CTMX Cytomx Therapeutics Inc. | Add +166.1% | 0.10% | +0.09 |
| WGS Genedx Holdings Corp. | New | 0.09% | +0.09 |
| IFRX Inflarx NV | New | 0.03% | +0.03 |
| HOWL Werewolf Therapeutics Inc. | Add +8.7% | 0.12% | +0.02 |
| EWTX Edgewise Therapeutics Inc. | Add +11.2% | 2.19% | −1.09 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 83 | $11.5B | ASND, PBLS, RYTM, PCVX, SION |
| Q1 2026 | 84 | $9.4B | ASND, PCVX, RYTM, TYRA, SION |
| Q4 2025 | 70 | $9.8B | ASND, CDTX, RYTM, RNAM, PCVX |
| Q3 2025 | 66 | $8.1B | ASND, RYTM, PCVX, RNAM, CDTX |
| Q2 2025 | 62 | $5.9B | ASND, PCVX, RYTM, JANX, RNAM |
| Q1 2025 | 84 | $6.0B | ASND, PCVX, RYTM, JANX, NAMS |
| Q4 2024 | 88 | $7.5B | ASND, PCVX, JANX, RYTM, LEGN |
| Q3 2024 | 80 | $8.7B | ASND, PCVX, JANX, LEGN, RYTM |
| Q2 2024 | 77 | $7.6B | ASND, PCVX, JANX, LEGN, RYTM |
| Q1 2024Amended | 75 | $7.9B | ASND, PCVX, LEGN, JANX, AEROVATE THERAPEUTICS INC |