Ra Capital Management, L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Ra Capital Management, L.P. reported 70 stock positions worth $9.8 billion. Its top holding was Ascendis Pharma A/S (ASND) at 22.5% of the portfolio, followed by Cidara Therapeutics (CDTX, 7.6%) and Rhythm Pharmaceuticals (RYTM, 7.3%). Compared with Q3 2025, it opened 22 new positions, sold out of 18, added to 13 and reduced 8. The biggest buy was Wave Life Sciences (WVE, shares +0%) and the biggest sale an exit from 89BIO (ETNB).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001346824
- Portfolio Value
- $9.8B (Q4 2025)
- SEC Filing
- 0001104659-26-016482 ↗ filed Feb 17, 2026
Holdings Value
Holdings 70 stocks · $9.8B
| ASND Ascendis Pharma A/S | 22.48% | 10,281,496 | $2.2B | No change |
| CDTX Cidara Therapeutics Inc. | 7.62% | 3,365,523 | $743.4M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 7.32% | 6,666,837 | $713.6M | Add +17.4% |
| RNAM Avidity Biosciences Inc. | 6.39% | 8,641,031 | $623.3M | No change |
| PCVX Vaxcyte Inc. | 5.07% | 10,724,599 | $494.8M | Reduce -10.4% |
| SION Sionna Therapeutics Inc. | 4.18% | 9,905,045 | $407.5M | Reduce -5.2% |
| NAMS Newamsterdam Pharma Co. NV | 3.44% | 9,550,191 | $335.0M | Reduce -5.8% |
| TYRA Tyra Biosciences Inc. | 3.29% | 12,198,625 | $320.7M | No change |
| WVE Wave Life Sciences Ltd. | 3.17% | 18,203,009 | $309.5M | Add +0.0% |
| MLYS Mineralys Therapeutics Inc. | 2.73% | 7,323,750 | $265.8M | No change |
| EWTX Edgewise Therapeutics Inc. | 2.65% | 10,428,437 | $258.8M | No change |
| SEPN Septerna Inc. | 2.00% | 6,995,858 | $195.0M | No change |
| NUVL Nuvalent Inc. Class A | 1.94% | 1,880,057 | $189.1M | Add +50.8% |
| IRON Disc Medicine Inc. | 1.61% | 1,976,132 | $156.9M | Add +25.3% |
| JANX Janux Therapeutics Inc. | 1.58% | 11,189,693 | $154.4M | No change |
| PEPG Pepgen Inc. | 1.34% | 20,064,545 | $130.6M | No change |
| TSHA Taysha Gene Therapies Inc. | 1.33% | 23,555,648 | $129.6M | No change |
| SPRY Ars Pharmaceuticals Inc. | 1.30% | 10,860,977 | $126.5M | No change |
| BCRX Biocryst Pharmaceuticals Inc. | 1.27% | 15,827,186 | $123.5M | New |
| BCAX Bicara Therapeutics Inc. | 1.20% | 6,955,993 | $117.1M | No change |
| PRAX Praxis Precision Medicines I | 1.13% | 373,787 | $110.2M | New |
| GHRS GH Research PLC | 1.00% | 7,676,697 | $97.5M | No change |
| GERN Geron Corp. | 0.86% | 63,771,366 | $84.2M | Add +5.6% |
| ACLX Arcellx Inc. | 0.85% | 1,267,156 | $82.6M | Reduce -58.3% |
| CLYM Climb Bio Inc. | 0.80% | 11,293,828 | $77.7M | Reduce -64.0% |
| VOR Vor Biopharma Inc. | 0.72% | 5,404,998 | $70.7M | Add +172.7% |
| BLTE Belite Bio Inc. - ADR | 0.71% | 432,484 | $69.2M | Reduce -50.6% |
| FULC Fulcrum Therapeutics Inc. | 0.70% | 6,053,960 | $68.5M | Reduce -40.8% |
| LENZ Lenz Therapeutics Inc. | 0.69% | 4,178,823 | $66.9M | No change |
| DNTH Dianthus Therapeutics Inc. | 0.68% | 1,611,733 | $66.4M | Reduce -43.8% |
| OLMA Olema Pharmaceuticals Inc. | 0.67% | 2,600,000 | $65.0M | New |
| EVMN Evommune Inc. | 0.61% | 3,458,770 | $59.2M | New |
| JBIO Jade Biosciences Inc. | 0.58% | 3,671,083 | $56.6M | Add +245.6% |
| SYRE Spyre Therapeutics Inc. | 0.54% | 1,621,620 | $53.1M | New |
| LXEO Lexeo Therapeutics Inc. | 0.51% | 5,000,000 | $49.6M | New |
| LBRX LB Pharmaceuticals Inc. | 0.50% | 2,208,604 | $49.2M | Add +24.3% |
| MNPR Monopar Therapeutics Inc. | 0.45% | 667,207 | $43.6M | Add +30.5% |
| CAPR Capricor Therapeutics Inc. | 0.45% | 1,507,844 | $43.5M | New |
| FDMT 4D Molecular Therapeutics Inc. | 0.43% | 5,653,211 | $42.4M | Add +23.9% |
| IVVD Invivyd Inc. | 0.43% | 17,119,096 | $42.3M | No change |
| ARTV Artiva Biotherapeutics Inc. | 0.43% | 9,853,302 | $42.3M | No change |
| GRAL Grail Inc. | 0.38% | 428,266 | $36.7M | New |
| ASMB Assembly Biosciences Inc. | 0.36% | 1,020,410 | $34.7M | No change |
| SLDB Solid Biosciences Inc. | 0.34% | 5,811,423 | $32.8M | No change |
| ABOS Acumen Pharmaceuticals Inc. | 0.32% | 14,932,063 | $31.5M | No change |
| BNTC Benitec Biopharma Inc. | 0.26% | 1,850,000 | $24.9M | New |
| CTNM Contineum Therapeutics Inc. Class A | 0.26% | 2,179,711 | $24.9M | Add +2.7% |
| RZLT Rezolute Inc. | 0.22% | 9,180,000 | $21.7M | New |
| ACRV Acrivon Therapeutics Inc. | 0.21% | 8,340,508 | $20.1M | No change |
| NKTX Nkarta Inc. | 0.20% | 10,805,129 | $20.0M | No change |
| OVID Ovid Therapeutics Inc. | 0.18% | 10,714,000 | $17.5M | New |
| PALI Palisade Bio Inc. | 0.17% | 7,124,116 | $16.7M | New |
| SABS Sab Biotherapeutics Inc. | 0.17% | 4,401,500 | $16.5M | No change |
| CCCC C4 Therapeutics Inc. | 0.16% | 8,000,000 | $15.3M | New |
| MDLN Medline Inc. Class A | 0.14% | 335,000 | $14.1M | New |
| DSGN Design Therapeutics Inc. | 0.14% | 1,461,381 | $13.7M | Add +207.2% |
| INSP Inspire Medical Systems Inc. | 0.13% | 141,964 | $13.1M | Add +23.6% |
| AVTX Avalo Therapeutics Inc. | 0.12% | 662,968 | $12.0M | No change |
| RANI Rani Therapeutics Holdings Class A | 0.12% | 8,500,000 | $11.5M | New |
| FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR | 0.10% | 750,000 | $9.8M | No change |
| ACET Adicet Bio Inc. | 0.08% | 948,249 | $8.0M | New |
| WGS Genedx Holdings Corp. | 0.08% | 58,044 | $7.5M | No change |
| WAY Waystar Holding Corp. | 0.05% | 144,400 | $4.7M | New |
| HOWL Werewolf Therapeutics Inc. | 0.04% | 6,681,307 | $4.2M | No change |
| HNGE Hinge Health Inc. Class A | 0.04% | 80,113 | $3.7M | New |
| PGNY Progyny Inc. | 0.03% | 96,628 | $2.5M | No change |
| QGEN Qiagen N.V. | 0.02% | 43,976 | $2.1M | New |
| KIDS Orthopediatrics Corp. | 0.02% | 109,959 | $2.0M | New |
| HCAT Health Catalyst Inc. | 0.02% | 793,749 | $1.9M | New |
| PTN Palatin Technologies Inc. | 0.01% | 70,000 | $1.1M | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $7.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NAMSW Newamsterdam Pharma Co. NV-27 | *W EXP 99/99/999 | 333,333 | $7.7M | No change |
Total filed on the 13F, all lines: $9.8B.
Portfolio Sells Q3 2025 → Q4 2025
| ETNB 89BIO Inc. | Sold out | 0.00% | −3.61 |
| ACLX Arcellx Inc. | Reduce -58.3% | 0.85% | −2.23 |
| DNTH Dianthus Therapeutics Inc. | Reduce -43.8% | 0.68% | −0.71 |
| SRRK Scholar Rock Holding Corp. | Sold out | 0.00% | −0.54 |
| GPCR Structure Therapeutics Inc. | Sold out | 0.00% | −0.52 |
| FULC Fulcrum Therapeutics Inc. | Reduce -40.8% | 0.70% | −0.46 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.44 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −0.34 |
| PCVX Vaxcyte Inc. | Reduce -10.4% | 5.07% | −0.24 |
| LRMR Larimar Therapeutics Inc. | Sold out | 0.00% | −0.24 |
| TNGX Tango Therapeutics Inc. | Sold out | 0.00% | −0.21 |
| PRME Prime Medicine Inc. | Sold out | 0.00% | −0.20 |
| RCUS Arcus Biosciences Inc. | Sold out | 0.00% | −0.19 |
| QURE Uniqure NV | Sold out | 0.00% | −0.14 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -5.8% | 3.44% | −0.12 |
| ELDN Eledon Pharmaceuticals Inc. | Sold out | 0.00% | −0.11 |
| CTMX Cytomx Therapeutics Inc. | Sold out | 0.00% | −0.10 |
| SRZN Surrozen Inc. | Sold out | 0.00% | −0.10 |
| BLTE Belite Bio Inc. - ADR | Reduce -50.6% | 0.71% | −0.09 |
| ACET Adicet Bio Inc. | Sold out | 0.00% | −0.08 |
| EVH Evolent Health Inc. Class A | Sold out | 0.00% | −0.06 |
| GKOS Glaukos Corp. | Sold out | 0.00% | −0.05 |
| EXAS Exact Sciences Corp. | Sold out | 0.00% | −0.04 |
| IFRX Inflarx NV | Sold out | 0.00% | −0.03 |
| CLYM Climb Bio Inc. | Reduce -64.0% | 0.80% | +0.02 |
| SION Sionna Therapeutics Inc. | Reduce -5.2% | 4.18% | +0.39 |
Portfolio Buys Q3 2025 → Q4 2025
| WVE Wave Life Sciences Ltd. | Add +0.0% | 3.17% | +1.53 |
| BCRX Biocryst Pharmaceuticals Inc. | New | 1.27% | +1.27 |
| PRAX Praxis Precision Medicines I | New | 1.13% | +1.13 |
| OLMA Olema Pharmaceuticals Inc. | New | 0.67% | +0.67 |
| NUVL Nuvalent Inc. Class A | Add +50.8% | 1.94% | +0.61 |
| EVMN Evommune Inc. | New | 0.61% | +0.61 |
| SYRE Spyre Therapeutics Inc. | New | 0.54% | +0.54 |
| LXEO Lexeo Therapeutics Inc. | New | 0.51% | +0.51 |
| JBIO Jade Biosciences Inc. | Add +245.6% | 0.58% | +0.47 |
| CAPR Capricor Therapeutics Inc. | New | 0.45% | +0.45 |
| GRAL Grail Inc. | New | 0.38% | +0.38 |
| IRON Disc Medicine Inc. | Add +25.3% | 1.61% | +0.32 |
| BNTC Benitec Biopharma Inc. | New | 0.26% | +0.26 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +17.4% | 7.32% | +0.24 |
| RZLT Rezolute Inc. | New | 0.22% | +0.22 |
| OVID Ovid Therapeutics Inc. | New | 0.18% | +0.18 |
| PALI Palisade Bio Inc. | New | 0.17% | +0.17 |
| LBRX LB Pharmaceuticals Inc. | Add +24.3% | 0.50% | +0.16 |
| CCCC C4 Therapeutics Inc. | New | 0.16% | +0.16 |
| MDLN Medline Inc. Class A | New | 0.14% | +0.14 |
| RANI Rani Therapeutics Holdings Class A | New | 0.12% | +0.12 |
| DSGN Design Therapeutics Inc. | Add +207.2% | 0.14% | +0.10 |
| ACET Adicet Bio Inc. | New | 0.08% | +0.08 |
| WAY Waystar Holding Corp. | New | 0.05% | +0.05 |
| HNGE Hinge Health Inc. Class A | New | 0.04% | +0.04 |
| INSP Inspire Medical Systems Inc. | Add +23.6% | 0.13% | +0.03 |
| QGEN Qiagen N.V. | New | 0.02% | +0.02 |
| KIDS Orthopediatrics Corp. | New | 0.02% | +0.02 |
| HCAT Health Catalyst Inc. | New | 0.02% | +0.02 |
| PTN Palatin Technologies Inc. | New | 0.01% | +0.01 |
| CTNM Contineum Therapeutics Inc. Class A | Add +2.7% | 0.26% | −0.05 |
| FDMT 4D Molecular Therapeutics Inc. | Add +23.9% | 0.43% | −0.05 |
| MNPR Monopar Therapeutics Inc. | Add +30.5% | 0.45% | −0.07 |
| GERN Geron Corp. | Add +5.6% | 0.86% | −0.16 |
| VOR Vor Biopharma Inc. | Add +172.7% | 0.72% | −0.47 |
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 |