Ra Capital Management, L.P.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Ra Capital Management, L.P. reported 84 stock positions worth $9.4 billion. Its top holding was Ascendis Pharma A/S (ASND) at 24.9% of the portfolio, followed by Vaxcyte (PCVX, 7.1%) and Rhythm Pharmaceuticals (RYTM, 6.1%). Compared with Q4 2025, it opened 24 new positions, sold out of 10, added to 17 and reduced 2. The biggest buy was a new position in Spyglass Pharma (SGP) and the biggest sale an exit from Cidara Therapeutics (CDTX).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001346824
Portfolio Value
$9.4B (Q1 2026)
SEC Filing
0001104659-26-062637 ↗ filed May 15, 2026

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 Q3 2025 Q4 2025: $9.8B Q4 2025 Q1 2026: $9.4B $9.4B Q1 2026 Q2 2026: $11.5B Q2 2026

Holdings 84 stocks · $9.4B
ASND Ascendis Pharma A/S 24.94% 10,281,496 $2.4B No change
PCVX Vaxcyte Inc. 7.07% 11,474,599 $666.8M Add +7.0%
RYTM Rhythm Pharmaceuticals Inc. 6.15% 6,666,837 $579.8M No change
TYRA Tyra Biosciences Inc. 4.95% 12,198,625 $467.2M No change
SION Sionna Therapeutics Inc. 4.21% 9,905,045 $397.1M No change
EWTX Edgewise Therapeutics Inc. 3.48% 10,428,437 $328.5M No change
NAMS Newamsterdam Pharma Co. NV 3.24% 9,550,191 $305.7M No change
NUVL Nuvalent Inc. Class A 2.75% 2,534,145 $259.6M Add +34.8%
DNTH Dianthus Therapeutics Inc. 2.32% 2,611,733 $219.2M Add +62.0%
MLYS Mineralys Therapeutics Inc. 2.21% 7,692,750 $208.4M Add +5.0%
SGP Spyglass Pharma Inc. 2.20% 8,021,117 $207.8M New
WVE Wave Life Sciences Ltd. 2.07% 26,975,505 $195.6M Add +48.2%
SEPN Septerna Inc. 1.78% 6,995,858 $168.1M No change
IRON Disc Medicine Inc. 1.66% 2,450,221 $156.7M Add +24.0%
JANX Janux Therapeutics Inc. 1.65% 11,189,693 $155.5M No change
BCRX Biocryst Pharmaceuticals Inc. 1.60% 15,827,186 $150.7M No change
BCAX Bicara Therapeutics Inc. 1.53% 7,255,993 $144.3M Add +4.3%
PRAX Praxis Precision Medicines I 1.28% 373,787 $120.4M No change
GHRS GH Research PLC 1.14% 7,676,697 $107.9M No change
ZLAB Zai Lab Ltd.-ADR 1.14% 5,707,262 $107.4M New
TSHA Taysha Gene Therapies Inc. 1.12% 23,555,648 $105.3M No change
VOR Vor Biopharma Inc. 1.02% 5,404,998 $96.4M No change
GERN Geron Corp. 1.01% 63,771,366 $95.0M No change
SPRY Ars Pharmaceuticals Inc. 0.92% 10,860,977 $87.2M No change
SRPT Sarepta Therapeutics Inc. 0.90% 3,902,596 $84.9M New
SYRE Spyre Therapeutics Inc. 0.87% 1,621,620 $81.8M No change
EVMN Evommune Inc. 0.85% 3,494,638 $80.3M Add +1.0%
CLYM Climb Bio Inc. 0.82% 11,300,939 $77.4M Add +0.1%
SLDB Solid Biosciences Inc. 0.71% 9,339,978 $67.2M Add +60.7%
ARTV Artiva Biotherapeutics Inc. 0.67% 9,853,302 $63.5M No change
DMRA Damora Therapeutics Inc. 0.66% 2,399,310 $62.1M New
XNCR Xencor Inc. 0.63% 4,897,237 $59.1M New
LBRX LB Pharmaceuticals Inc. 0.58% 2,208,604 $54.5M No change
JBIO Jade Biosciences Inc. 0.55% 3,671,083 $51.6M No change
ABOS Acumen Pharmaceuticals Inc. 0.53% 20,992,669 $49.5M Add +40.6%
FDMT 4D Molecular Therapeutics Inc. 0.50% 5,049,779 $47.0M Reduce -10.7%
FULC Fulcrum Therapeutics Inc. 0.49% 6,053,960 $46.4M No change
CAPR Capricor Therapeutics Inc. 0.49% 1,507,844 $45.8M No change
IPSC Century Therapeutics Inc. 0.43% 17,754,430 $40.1M New
OLMA Olema Pharmaceuticals Inc. 0.41% 2,600,000 $38.8M No change
LENZ Lenz Therapeutics Inc. 0.41% 4,178,823 $38.2M No change
MNPR Monopar Therapeutics Inc. 0.39% 667,207 $36.6M No change
PEPG Pepgen Inc. 0.38% 20,064,545 $35.5M No change
DSGN Design Therapeutics Inc. 0.34% 2,972,973 $31.6M Add +103.4%
MIRM Mirum Pharmaceuticals Inc. 0.31% 318,554 $29.4M New
BIOA Bioage Labs Inc. 0.31% 1,650,648 $28.9M New
LXEO Lexeo Therapeutics Inc. 0.30% 5,000,000 $28.7M No change
ASMB Assembly Biosciences Inc. 0.30% 1,020,410 $28.3M No change
RZLT Rezolute Inc. 0.30% 9,180,000 $28.0M No change
AKTS Aktis Oncology Inc. 0.29% 1,503,084 $26.9M New
ALXO Alx Oncology Holdings Inc. 0.28% 13,011,849 $26.1M New
ACRS Aclaris Therapeutics Inc. 0.27% 6,804,072 $25.5M New
OVID Ovid Therapeutics Inc. 0.25% 10,714,000 $23.8M No change
NKTX Nkarta Inc. 0.24% 10,805,129 $22.8M No change
TVTX Travere Therapeutics Inc. 0.24% 746,841 $22.2M New
GRAL Grail Inc. 0.23% 428,266 $22.1M No change
CCCC C4 Therapeutics Inc. 0.22% 8,000,000 $21.0M No change
RLMD Relmada Therapeutics Inc. 0.22% 2,947,369 $20.5M New
BNTC Benitec Biopharma Inc. 0.21% 1,850,000 $19.7M No change
DRUG Bright Minds Biosciences Inc. 0.20% 265,000 $19.3M New
STRO Sutro Biopharma Inc. 0.19% 715,307 $17.8M New
CTNM Contineum Therapeutics Inc. Class A 0.18% 1,296,012 $16.9M Reduce -40.5%
SABS Sab Biotherapeutics Inc. 0.18% 4,401,500 $16.9M No change
INSP Inspire Medical Systems Inc. 0.18% 325,663 $16.8M Add +129.4%
AVR Anteris Technologies Global 0.18% 3,000,000 $16.6M New
OKUR Onkure Therapeutics Inc. Class A 0.18% 3,998,333 $16.6M New
HNGE Hinge Health Inc. Class A 0.15% 364,613 $14.1M Add +355.1%
WGS Genedx Holdings Corp. 0.14% 209,887 $13.5M Add +261.6%
WAY Waystar Holding Corp. 0.14% 529,400 $12.8M Add +266.6%
HLXC Helix Acquisition Corp. Class A 0.13% 1,250,000 $12.7M New
PALI Palisade Bio Inc. 0.13% 7,124,116 $12.5M No change
ACRV Acrivon Therapeutics Inc. 0.12% 8,340,508 $11.6M No change
RNA Atrium Therapeutics Inc. 0.12% 864,102 $11.6M New
KPTI Karyopharm Therapeutics Inc. 0.11% 1,917,354 $10.7M New
AVTX Avalo Therapeutics Inc. 0.10% 662,968 $9.9M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.09% 750,000 $8.2M No change
ACET Adicet Bio Inc. 0.09% 1,182,624 $8.1M Add +24.7%
CRVS Corvus Pharmaceuticals Inc. 0.07% 450,000 $6.6M New
RANI Rani Therapeutics Holdings Class A 0.07% 8,500,000 $6.2M No change
EQ Equillium Inc. 0.07% 3,096,336 $6.2M New
HOWL Werewolf Therapeutics Inc. 0.06% 6,681,307 $5.6M No change
MGNX Macrogenics Inc. 0.06% 1,864,176 $5.4M New
MPLT Maplight Therapeutics Inc. 0.05% 248,294 $5.0M New
PTN Palatin Technologies Inc. 0.01% 70,000 $1.2M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $6.7M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 333,333$6.7MNo change

Total filed on the 13F, all lines: $9.4B.

Portfolio Sells Q4 2025 → Q1 2026
CDTX Cidara Therapeutics Inc. Sold out 0.00% −7.62
RNAM Avidity Biosciences Inc. Sold out 0.00% −6.39
ACLX Arcellx Inc. Sold out 0.00% −0.85
BLTE Belite Bio Inc. - ADR Sold out 0.00% −0.71
IVVD Invivyd Inc. Sold out 0.00% −0.43
MDLN Medline Inc. Class A Sold out 0.00% −0.14
CTNM Contineum Therapeutics Inc. Class A Reduce -40.5% 0.18% −0.08
PGNY Progyny Inc. Sold out 0.00% −0.03
QGEN Qiagen N.V. Sold out 0.00% −0.02
KIDS Orthopediatrics Corp. Sold out 0.00% −0.02
HCAT Health Catalyst Inc. Sold out 0.00% −0.02
FDMT 4D Molecular Therapeutics Inc. Reduce -10.7% 0.50% +0.06

Portfolio Buys Q4 2025 → Q1 2026
SGP Spyglass Pharma Inc. New 2.20% +2.20
PCVX Vaxcyte Inc. Add +7.0% 7.07% +2.00
DNTH Dianthus Therapeutics Inc. Add +62.0% 2.32% +1.64
ZLAB Zai Lab Ltd.-ADR New 1.14% +1.14
SRPT Sarepta Therapeutics Inc. New 0.90% +0.90
NUVL Nuvalent Inc. Class A Add +34.8% 2.75% +0.81
DMRA Damora Therapeutics Inc. New 0.66% +0.66
XNCR Xencor Inc. New 0.63% +0.63
IPSC Century Therapeutics Inc. New 0.43% +0.43
SLDB Solid Biosciences Inc. Add +60.7% 0.71% +0.38
BCAX Bicara Therapeutics Inc. Add +4.3% 1.53% +0.33
MIRM Mirum Pharmaceuticals Inc. New 0.31% +0.31
BIOA Bioage Labs Inc. New 0.31% +0.31
AKTS Aktis Oncology Inc. New 0.29% +0.29
ALXO Alx Oncology Holdings Inc. New 0.28% +0.28
ACRS Aclaris Therapeutics Inc. New 0.27% +0.27
EVMN Evommune Inc. Add +1.0% 0.85% +0.24
TVTX Travere Therapeutics Inc. New 0.24% +0.24
RLMD Relmada Therapeutics Inc. New 0.22% +0.22
DRUG Bright Minds Biosciences Inc. New 0.20% +0.20
ABOS Acumen Pharmaceuticals Inc. Add +40.6% 0.53% +0.20
DSGN Design Therapeutics Inc. Add +103.4% 0.34% +0.19
STRO Sutro Biopharma Inc. New 0.19% +0.19
AVR Anteris Technologies Global New 0.18% +0.18
OKUR Onkure Therapeutics Inc. Class A New 0.18% +0.18
HLXC Helix Acquisition Corp. Class A New 0.13% +0.13
RNA Atrium Therapeutics Inc. New 0.12% +0.12
KPTI Karyopharm Therapeutics Inc. New 0.11% +0.11
HNGE Hinge Health Inc. Class A Add +355.1% 0.15% +0.11
WAY Waystar Holding Corp. Add +266.6% 0.14% +0.09
CRVS Corvus Pharmaceuticals Inc. New 0.07% +0.07
EQ Equillium Inc. New 0.07% +0.07
WGS Genedx Holdings Corp. Add +261.6% 0.14% +0.07
MGNX Macrogenics Inc. New 0.06% +0.06
MPLT Maplight Therapeutics Inc. New 0.05% +0.05
IRON Disc Medicine Inc. Add +24.0% 1.66% +0.05
INSP Inspire Medical Systems Inc. Add +129.4% 0.18% +0.04
CLYM Climb Bio Inc. Add +0.1% 0.82% +0.02
ACET Adicet Bio Inc. Add +24.7% 0.09% +0.00
MLYS Mineralys Therapeutics Inc. Add +5.0% 2.21% −0.52
WVE Wave Life Sciences Ltd. Add +48.2% 2.07% −1.10

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