WhaleCreep

RA Capital Management, L.P. 13F holdings, Q4 2025

Hedge fundSEC filingsCompare with another fundHoldings as of 2025-12-31, filed 2026-02-17

RA Capital Management, L.P. disclosed 71 US equity positions worth $9.8bn in its Q4 2025 13F filing. Its largest position is ASND at 22.5% of the reported book, followed by CDTX and RYTM. Versus Q3 2025 it opened 21 new positions, added to 12, reduced 9 and exited 17.

$9.8bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
71
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
22.5%
Largest position
The largest single position as a share of the reported equity book.
65.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
13
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
73
Quarters on file since Q4 2007
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q3 2025: 21 new, 12 added, 9 reduced, 17 exited

50 of 71
ASND ASCENDIS PHARMA A/SHealthcare22.5%$2.2bn10.28m0.0%held
CDTX CIDARA THERAPEUTICS INC–7.6%$743m3.37m0.0%held
RYTM RHYTHM PHARMACEUTICALS INCHealthcare7.3%$714m6.67m+17%added
RNAGBP AVIDITY BIOSCIENCES INC–6.4%$623m8.64m0.0%held
PCVX VAXCYTE INCHealthcare5.1%$495m10.72m−10%reduced
SION SIONNA THERAPEUTICS INCHealthcare4.2%$407m9.91m−5.2%reduced
NEWAMSTERDAM PHARMA COMPANY no ticker–3.4%$335m9.55m−5.8%reduced
TYRA TYRA BIOSCIENCES INCHealthcare3.3%$321m12.20m0.0%held
WVE WAVE LIFE SCIENCES LTDHealthcare3.2%$309m18.20m0.0%held
MLYS MINERALYS THERAPEUTICS INCHealthcare2.7%$266m7.32m0.0%held
EWTX EDGEWISE THERAPEUTICS INCHealthcare2.7%$259m10.43m0.0%held
SEPN SEPTERNA INCHealthcare2.0%$195m7.00m0.0%held
NUVLEUR NUVALENT INC–1.9%$189m1.88m+51%added
IRON DISC MEDICINE INCHealthcare1.6%$157m1.98m+25%added
JANX JANUX THERAPEUTICS INCHealthcare1.6%$154m11.19m0.0%held
PEPG PEPGEN INCHealthcare1.3%$131m20.06m0.0%held
TSHA TAYSHA GENE THERAPIES INCHealthcare1.3%$130m23.56m0.0%held
SPRY ARS PHARMACEUTICALS INCHealthcare1.3%$127m10.86m0.0%held
BCRX BIOCRYST PHARMACEUTICALS INCHealthcare1.3%$123m15.83m–new
BCAX BICARA THERAPEUTICS INCHealthcare1.2%$117m6.96m0.0%held
PRAX PRAXIS PRECISION MEDICINES IHealthcare1.1%$110m373,787–new
GHRS GH RESEARCH PLCHealthcare1.0%$97.5m7.68m0.0%held
GERN GERON CORPHealthcare0.9%$84.2m63.77m+5.6%added
ACLXGBX ARCELLX INC–0.8%$82.6m1.27m−58%reduced
CLYM CLIMB BIO INCHealthcare0.8%$77.7m11.29m−64%reduced
VOR VOR BIOPHARMA INCHealthcare0.7%$70.7m5.40m+173%added
BLTE BELITE BIO INCHealthcare0.7%$69.2m432,484−51%reduced
FULC FULCRUM THERAPEUTICS INCHealthcare0.7%$68.5m6.05m−41%reduced
LENZ LENZ THERAPEUTICS INCHealthcare0.7%$66.9m4.18m0.0%held
DNTH DIANTHUS THERAPEUTICS INCHealthcare0.7%$66.4m1.61m−44%reduced
OLMA OLEMA PHARMACEUTICALS INCHealthcare0.7%$65.0m2.60m–new
EVMN EVOMMUNE INCHealthcare0.6%$59.2m3.46m–new
JBIO JADE BIOSCIENCES INCHealthcare0.6%$56.6m3.67m+246%added
SYRE SPYRE THERAPEUTICS INCHealthcare0.5%$53.1m1.62m–new
LXEO LEXEO THERAPEUTICS INCHealthcare0.5%$49.6m5.00m–new
LB PHARMACEUTICALS INC no ticker–0.5%$49.2m2.21m+24%added
MNPR MONOPAR THERAPEUTICS INCHealthcare0.4%$43.6m667,207+31%added
CAPR CAPRICOR THERAPEUTICS INCHealthcare0.4%$43.5m1.51m–new
FDMT 4D MOLECULAR THERAPEUTICS INHealthcare0.4%$42.4m5.65m+24%added
IVVD INVIVYD INCHealthcare0.4%$42.3m17.12m0.0%held
ARTV ARTIVA BIOTHERAPEUTICS INCHealthcare0.4%$42.3m9.85m0.0%held
GRAL GRAIL INCHealthcare0.4%$36.7m428,266–new
ASMB ASSEMBLY BIOSCIENCES INCHealthcare0.4%$34.7m1.02m0.0%held
SLDB SOLID BIOSCIENCES INCHealthcare0.3%$32.8m5.81m0.0%held
ABOS ACUMEN PHARMACEUTICALS INCHealthcare0.3%$31.5m14.93m0.0%held
BENITEC BIOPHARMA INC no ticker–0.3%$24.9m1.85m–new
CTNM CONTINEUM THERAPEUTICS INCHealthcare0.3%$24.9m2.18m+2.7%added
RZLT REZOLUTE INC–0.2%$21.7m9.18m–new
ACRV ACRIVON THERAPEUTICS INCHealthcare0.2%$20.1m8.34m0.0%held
NKTX NKARTA INCHealthcare0.2%$20.0m10.81m0.0%held

Exited since Q3 2025

17 rows
ETNBGBP 89BIO INC3.6%$292m
SRRK SCHOLAR ROCK HLDG CORP0.5%$43.5m
GPCR STRUCTURE THERAPEUTICS INC0.5%$42.5m
METSERA INC no ticker0.4%$35.4m
TVTX TRAVERE THERAPEUTICS INC0.3%$27.5m
LRMR LARIMAR THERAPEUTICS INC0.2%$19.5m
TNGX TANGO THERAPEUTICS INC0.2%$16.8m
PRME PRIME MEDICINE INC0.2%$16.6m
RCUS ARCUS BIOSCIENCES INC0.2%$15.5m
UNIQURE NV no ticker0.1%$11.7m
ELDN ELEDON PHARMACEUTICALS INC0.1%$9.2m
CTMX CYTOMX THERAPEUTICS INC.0.1%$8.5m
SRZN SURROZEN INC0.10%$7.8m
EVH EVOLENT HEALTH INC0.06%$4.9m
GKOS GLAUKOS CORP0.05%$4.4m
EXK EXACT SCIENCES CORP0.04%$3.0m
IFRX INFLARX NV0.03%$2.6m

Sector mix

  • Healthcare78.2%
  • Unclassified21.8%

Book over time

Every quarter on file (73)
QuarterPositionsEquity book
Q2 202684$11.5bn
Q1 202685$9.4bn
Q4 202571$9.8bn
Q3 202567$8.1bn
Q2 202563$5.9bn
Q1 202585$6.0bn
Q4 202489$7.5bn
Q3 202481$8.7bn
Q2 202478$7.6bn
Q1 202476$7.9bn
Q4 202362$6.4bn
Q3 202366$5.1bn
Q2 202354$5.3bn
Q1 202359$4.4bn
Q4 202270$4.9bn
Q3 202281$4.7bn
Q2 202288$3.8bn
Q1 202296$4.6bn
Q4 202197$5.7bn
Q3 202195$7.2bn
Q2 202192$6.2bn
Q1 202182$6.6bn
Q4 202082$7.2bn
Q3 202070$5.5bn
Q2 202057$5.1bn
Q1 202048$3.2bn
Q4 201934$3.3bn
Q3 201932$1.7bn
Q2 201925$1.9bn
Q1 201929$2.3bn
Q4 201825$1.7bn
Q3 201826$1.9bn
Q2 201827$1.5bn
Q1 201831$1.3bn
Q4 201727$1.2bn
Q3 201727$1.1bn
Q2 201722$871m
Q1 201724$815m
Q4 201627$706m
Q3 201630$969m
Q2 201632$722m
Q1 201642$782m
Q4 201537$1.0bn
Q3 201547$696m
Q2 201558$928m
Q1 201556$913m
Q4 201448$777m
Q3 201443$622m
Q2 201424$756m
Q1 201429$973m
Q4 201324$648m
Q3 201331$724m
Q2 201325$616m
Q1 201317$407m
Q4 201219$225m
Q3 201221$198m
Q2 201226$223m
Q1 201223$185m
Q4 201118$124m
Q3 201120$90.3m
Q2 201120$108m
Q1 201121$130m
Q4 201016$101m
Q3 201018$101m
Q1 201021$102m
Q4 200914$75.1m
Q2 200916$107m
Q1 200912$184m
Q4 20088$224m
Q3 200820$329m
Q2 200822$220m
Q1 200817$135m
Q4 200723$159m

Where RA Capital Management, L.P. was early

110 rows
VRTX VERTEX PHARMACEUTICALS INCQ1 20082 of 16012.5%12.5%7Exited by Q4 2014+370%
AMAG AMAG PHARMACEUTICALS INCQ2 20081 of 693.4%9.2%7Exited by Q3 2010+2.4%
GILD GILEAD SCIENCES INCQ4 20087 of 1810.7%15.8%6Exited by Q2 2020+192%
BSTC BIOSPECIFICS TECHNOLOGIES COQ1 20091 of 299.0%32.9%7Exited by Q3 2011–
ALXN ALEXION PHARMACEUTICALS INCQ2 20092 of 1476.6%9.6%5Exited by Q2 2011–
UTHR UNITED THERAPEUTICS CORP DELQ2 20092 of 1617.0%7.0%5Exited by Q2 2011+61%
ENZB ENZO BIOCHEM INCQ1 20101 of 400.6%3.9%7Exited by Q1 2014–
ACAD ACADIA PHARMACEUTICALS INCQ1 20111 of 1456.5%21.1%17Exited by Q3 2015+2485%
NVAX NOVAVAX INCQ4 20111 of 1171.0%14.4%24Exited by Q2 2022+192%
SGMOQ SANGAMO THERAPEUTICS INCQ4 20111 of 852.0%13.6%22Exited by Q4 2017+428%
BCRX BIOCRYST PHARMACEUTICALS INCQ1 20121 of 1218.0%11.1%28Held at last filing, Q2 2026+107%
VSTM VERASTEM INCQ1 20121 of 1003.6%3.6%6Exited by Q4 2020−89%
IMMU IMMUNOMEDICS INCQ1 201311 of 1110.6%4.8%6Exited by Q1 2019+492%
ENTA ENANTA PHARMACEUTICALS INCQ2 20131 of 921.3%8.8%8Exited by Q1 2025−68%
INSM INSMED INCQ2 20131 of 1804.7%6.4%9Exited by Q2 2025+538%
OMER OMEROS CORPQ2 20131 of 662.4%2.4%4Exited by Q3 2015+257%
PRTA PROTHENA CORP PLCQ2 20131 of 1011.0%6.7%4Exited by Q2 2014+197%
TXMD THERAPEUTICSMD INCQ2 20131 of 655.5%9.4%13Exited by Q3 2021−61%
PTCT PTC THERAPEUTICS INCQ3 20131 of 1270.9%2.6%7Exited by Q3 2015+124%
TGTX TG THERAPEUTICS INCQ3 20131 of 1140.4%6.8%30Exited by Q1 2022+277%
T8S TESARO INCQ4 20131 of 833.1%3.1%4Exited by Q3 2015+108%
XNCR XENCOR INCQ4 20131 of 1023.8%3.8%13Held at last filing, Q2 2026+76%
MGNX MACROGENICS INCQ4 201310 of 1040.8%2.6%16Held at last filing, Q2 2026−83%
SCYX SCYNEXIS INCQ2 20141 of 470.9%1.1%4Exited by Q2 2015+3.5%
AKBA AKEBIA THERAPEUTICS INCQ2 20142 of 1032.2%2.2%5Exited by Q3 2017−48%
TENX TENAX THERAPEUTICS INCQ3 20143 of 561.5%1.5%10Exited by Q1 2017−50%
CHRS COHERUS BIOSCIENCES INCQ4 20141 of 1053.3%5.2%6Exited by Q2 2016+30%
AUPH AURINIA PHARMACEUTICALS INCQ4 20142 of 1001.2%1.2%3Exited by Q3 2015−17%
ASND ASCENDIS PHARMA A/SQ1 20151 of 1371.9%29.9%46Held at last filing, Q2 2026+1437%
DVAX DYNAVAX TECHNOLOGIES CORPQ1 20151 of 1166.4%6.4%4Exited by Q1 2020−75%
2655787D BLUEPRINT MEDICINES CORPQ2 20151 of 1472.5%2.7%4Exited by Q2 2016−32%
COLL COLLEGIUM PHARMACEUTICAL INCQ2 20151 of 963.0%4.9%4Exited by Q2 2016+1.7%
MCRB SERES THERAPEUTICS INCQ2 20151 of 751.1%2.5%5Exited by Q3 2021−43%
ARDX ARDELYX INCQ2 20152 of 1143.0%4.4%15Exited by Q3 2021−53%
AIMT AIMMUNE THERAPEUTICS INCQ3 20151 of 742.9%2.9%6Exited by Q1 2017−19%
NTRA NATERA INCQ3 20151 of 1671.2%1.3%6Exited by Q3 2022+227%
ACRS ACLARIS THERAPEUTICS INCQ4 20151 of 1146.8%6.8%15Held at last filing, Q2 2026−80%
WVE WAVE LIFE SCIENCES LTDQ4 20151 of 12311.2%26.3%43Held at last filing, Q2 2026−64%
ONC BEIGENE LTDQ1 20164 of 1040.6%1.1%5Exited by Q2 2017+25%
NKTR NEKTAR THERAPEUTICSQ1 20165 of 1455.6%6.5%4Exited by Q4 2023−96%
PTGX PROTAGONIST THERAPEUTICS INCQ3 20162 of 1361.6%2.1%3Exited by Q2 2017−39%
4XC1 KALVISTA PHARMACEUTICALS INCQ4 20161 of 910.6%1.8%15Exited by Q2 2022+108%
KDMN KADMON HLDGS INCQ3 20173 of 762.0%2.0%2Exited by Q1 2018+8.1%
SCPH SCPHARMACEUTICALS INCQ4 20171 of 642.9%2.9%19Exited by Q1 2023−41%
SPRO SPERO THERAPEUTICS INCQ4 20171 of 441.2%1.2%3Exited by Q3 2018+25%
IFRX INFLARX NVQ4 20172 of 575.0%5.0%8Exited by Q4 2025−94%
SG7 SAGE THERAPEUTICS INCQ4 201714 of 1326.3%6.3%5Exited by Q2 2019−3.4%
SLDB SOLID BIOSCIENCES INCQ1 20181 of 951.5%6.8%34Held at last filing, Q2 2026−91%
IOVA IOVANCE BIOTHERAPEUTICS INCQ1 20186 of 1300.9%1.4%5Exited by Q2 2019−44%
RYTM RHYTHM PHARMACEUTICALS INCQ2 20183 of 1143.1%7.3%33Held at last filing, Q2 2026+255%

Concentration and tenure

18.2%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
70.5%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
3
Median completed holding, quarters