Ra Capital Management, L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Ra Capital Management, L.P. reported 66 stock positions worth $8.1 billion. Its top holding was Ascendis Pharma A/S (ASND) at 25.2% of the portfolio, followed by Rhythm Pharmaceuticals (RYTM, 7.1%) and Vaxcyte (PCVX, 5.3%). Compared with Q2 2025, it opened 15 new positions, sold out of 11, added to 7 and reduced 1. The biggest buy was Mineralys Therapeutics (MLYS, shares +19%) and the biggest sale an exit from Dyne Therapeutics (DYN).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001346824
Portfolio Value
$8.1B (Q3 2025)
SEC Filing
0001104659-25-112469 ↗ filed Nov 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 Q4 2024 Q1 2025: $6.0B Q1 2025 Q2 2025: $5.9B Q2 2025 Q3 2025: $8.1B $8.1B Q3 2025 Q4 2025: $9.8B Q4 2025 Q1 2026: $9.4B Q1 2026 Q2 2026: $11.5B Q2 2026

Holdings 66 stocks · $8.1B
ASND Ascendis Pharma A/S 25.20% 10,281,496 $2.0B No change
RYTM Rhythm Pharmaceuticals Inc. 7.07% 5,681,359 $573.8M Add +2.2%
PCVX Vaxcyte Inc. 5.31% 11,965,991 $431.0M No change
RNAM Avidity Biosciences Inc. 4.64% 8,641,031 $376.5M Add +18.9%
CDTX Cidara Therapeutics Inc. 3.97% 3,365,523 $322.3M No change
SION Sionna Therapeutics Inc. 3.79% 10,445,322 $307.2M No change
ETNB 89BIO Inc. 3.61% 19,889,683 $292.4M No change
NAMS Newamsterdam Pharma Co. NV 3.56% 10,138,938 $288.4M No change
MLYS Mineralys Therapeutics Inc. 3.42% 7,323,750 $277.7M Add +19.1%
JANX Janux Therapeutics Inc. 3.37% 11,189,693 $273.5M No change
ACLX Arcellx Inc. 3.07% 3,036,527 $249.3M No change
LENZ Lenz Therapeutics Inc. 2.40% 4,178,823 $194.6M No change
TYRA Tyra Biosciences Inc. 2.10% 12,198,625 $170.7M No change
EWTX Edgewise Therapeutics Inc. 2.09% 10,428,437 $169.1M Add +5.3%
WVE Wave Life Sciences Ltd. 1.64% 18,202,009 $133.2M No change
SEPN Septerna Inc. 1.62% 6,995,858 $131.6M No change
DNTH Dianthus Therapeutics Inc. 1.39% 2,866,733 $112.8M No change
BCAX Bicara Therapeutics Inc. 1.35% 6,955,993 $109.8M No change
GHRS GH Research PLC 1.35% 7,676,697 $109.8M No change
SPRY Ars Pharmaceuticals Inc. 1.35% 10,860,977 $109.2M No change
NUVL Nuvalent Inc. Class A 1.33% 1,246,456 $107.8M New
IRON Disc Medicine Inc. 1.28% 1,577,106 $104.2M No change
VOR Vor Biopharma Inc. 1.19% 1,982,301 $96.6M No change
FULC Fulcrum Therapeutics Inc. 1.16% 10,229,099 $94.1M No change
PEPG Pepgen Inc. 1.14% 20,064,545 $92.7M Add +87.7%
GERN Geron Corp. 1.02% 60,379,366 $82.7M No change
TSHA Taysha Gene Therapies Inc. 0.95% 23,555,648 $77.0M No change
BLTE Belite Bio Inc. - ADR 0.80% 875,000 $64.8M New
CLYM Climb Bio Inc. 0.78% 31,419,267 $63.2M No change
SRRK Scholar Rock Holding Corp. 0.54% 1,166,788 $43.5M Add +2.7%
GPCR Structure Therapeutics Inc. 0.52% 1,517,418 $42.5M No change
MNPR Monopar Therapeutics Inc. 0.51% 511,207 $41.8M No change
FDMT 4D Molecular Therapeutics Inc. 0.49% 4,563,211 $39.7M No change
SLDB Solid Biosciences Inc. 0.44% 5,811,423 $35.9M Add +0.0%
MTSR Metsera Inc. 0.44% 675,525 $35.4M No change
ARTV Artiva Biotherapeutics Inc. 0.35% 9,853,302 $28.3M No change
LBRX LB Pharmaceuticals Inc. 0.35% 1,776,958 $28.1M New
TVTX Travere Therapeutics Inc. 0.34% 1,150,000 $27.5M No change
ASMB Assembly Biosciences Inc. 0.32% 1,020,410 $26.1M New
ABOS Acumen Pharmaceuticals Inc. 0.31% 14,932,063 $25.5M No change
CTNM Contineum Therapeutics Inc. Class A 0.31% 2,122,000 $24.9M New
NKTX Nkarta Inc. 0.28% 10,805,129 $22.4M No change
LRMR Larimar Therapeutics Inc. 0.24% 6,045,351 $19.5M No change
IVVD Invivyd Inc. 0.23% 17,119,096 $18.8M New
TNGX Tango Therapeutics Inc. 0.21% 2,000,000 $16.8M No change
PRME Prime Medicine Inc. 0.20% 3,000,000 $16.6M New
RCUS Arcus Biosciences Inc. 0.19% 1,136,364 $15.5M No change
ACRV Acrivon Therapeutics Inc. 0.19% 8,340,508 $15.1M No change
HOWL Werewolf Therapeutics Inc. 0.16% 6,681,307 $13.2M No change
QURE Uniqure NV 0.14% 200,000 $11.7M New
ELDN Eledon Pharmaceuticals Inc. 0.11% 3,566,338 $9.2M No change
JBIO Jade Biosciences Inc. 0.11% 1,062,326 $9.2M No change
SABS Sab Biotherapeutics Inc. 0.11% 4,401,500 $8.8M New
INSP Inspire Medical Systems Inc. 0.11% 114,901 $8.5M New
CTMX Cytomx Therapeutics Inc. 0.10% 2,661,331 $8.5M No change
AVTX Avalo Therapeutics Inc. 0.10% 662,968 $8.4M Reduce -28.9%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.10% 750,000 $8.0M No change
SRZN Surrozen Inc. 0.10% 602,626 $7.8M No change
WGS Genedx Holdings Corp. 0.08% 58,044 $6.3M No change
ACET Adicet Bio Inc. 0.08% 7,541,000 $6.1M No change
EVH Evolent Health Inc. Class A 0.06% 579,052 $4.9M New
GKOS Glaukos Corp. 0.05% 54,180 $4.4M New
DSGN Design Therapeutics Inc. 0.04% 475,699 $3.6M New
EXAS Exact Sciences Corp. 0.04% 54,939 $3.0M New
IFRX Inflarx NV 0.03% 1,973,233 $2.6M No change
PGNY Progyny Inc. 0.03% 96,628 $2.1M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $5.7M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 333,333$5.7MNo change

Total filed on the 13F, all lines: $8.1B.

Portfolio Sells Q2 2025 → Q3 2025
DYN Dyne Therapeutics Inc. Sold out 0.00% −1.56
RXST Rxsight Inc. Sold out 0.00% −0.81
TRML Tourmaline Bio Inc. Sold out 0.00% −0.68
ELVN Enliven Therapeutics Inc. Sold out 0.00% −0.29
HNGE Hinge Health Inc. Class A Sold out 0.00% −0.26
OMDA Omada Health Inc. Sold out 0.00% −0.12
BBNX Beta Bionics Inc. Sold out 0.00% −0.12
TXG 10X Genomics Inc. Class A Sold out 0.00% −0.09
MBX MBX Biosciences Inc. Sold out 0.00% −0.07
TARA Protara Therapeutic Inc. Sold out 0.00% −0.05
ACHC Acadia Healthcare Co. Inc. Sold out 0.00% −0.03
AVTX Avalo Therapeutics Inc. Reduce -28.9% 0.10% +0.03

Portfolio Buys Q2 2025 → Q3 2025
MLYS Mineralys Therapeutics Inc. Add +19.1% 3.42% +2.02
NUVL Nuvalent Inc. Class A New 1.33% +1.33
RNAM Avidity Biosciences Inc. Add +18.9% 4.64% +1.16
RYTM Rhythm Pharmaceuticals Inc. Add +2.2% 7.07% +1.15
PEPG Pepgen Inc. Add +87.7% 1.14% +0.94
BLTE Belite Bio Inc. - ADR New 0.80% +0.80
LBRX LB Pharmaceuticals Inc. New 0.35% +0.35
ASMB Assembly Biosciences Inc. New 0.32% +0.32
CTNM Contineum Therapeutics Inc. Class A New 0.31% +0.31
IVVD Invivyd Inc. New 0.23% +0.23
PRME Prime Medicine Inc. New 0.20% +0.20
QURE Uniqure NV New 0.14% +0.14
SABS Sab Biotherapeutics Inc. New 0.11% +0.11
INSP Inspire Medical Systems Inc. New 0.11% +0.11
EVH Evolent Health Inc. Class A New 0.06% +0.06
GKOS Glaukos Corp. New 0.05% +0.05
DSGN Design Therapeutics Inc. New 0.04% +0.04
EXAS Exact Sciences Corp. New 0.04% +0.04
PGNY Progyny Inc. New 0.03% +0.03
SLDB Solid Biosciences Inc. Add +0.0% 0.44% −0.03
EWTX Edgewise Therapeutics Inc. Add +5.3% 2.09% −0.10
SRRK Scholar Rock Holding Corp. Add +2.7% 0.54% −0.14

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