RA Capital Management 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
RA Capital Management disclosed 71 US equity positions worth $9.8bn in its Q4 2025 13F filing. The largest position was ASND at 22.5% of the reported book, followed by CDTX and RYTM. Against the Q3 2025 filing, it opened 10 new positions, added to 10 and reduced 8 among the top 50 holdings.
What did RA Capital Management own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | ASND ASCENDIS PHARMA A/S - ADR | Healthcare | 22.5% | $2.2bn | 10,281,496 | 0% | held |
| 2 | CDTX CIDARA THERAPEUTICS INC | 7.6% | $743.4m | 3,365,523 | 0% | held | |
| 3 | RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 7.3% | $713.6m | 6,666,837 | 17% | added |
| 4 | AVIDITY BIOSCIENCES INC | 6.4% | $623.3m | 8,641,031 | 0% | held | |
| 5 | PCVX VAXCYTE INC | Healthcare | 5.1% | $494.8m | 10,724,599 | -10% | reduced |
| 6 | SION SIONNA THERAPEUTICS INC | 4.2% | $407.5m | 9,905,045 | -5% | reduced | |
| 7 | NEWAMSTERDAM PHARMA CO NV | 3.4% | $335.0m | 9,550,191 | -6% | reduced | |
| 8 | TYRA TYRA BIOSCIENCES INC | Healthcare | 3.3% | $320.7m | 12,198,625 | 0% | held |
| 9 | WVE WAVE LIFE SCIENCES LTD | Healthcare | 3.2% | $309.5m | 18,203,009 | 0% | held |
| 10 | MLYS MINERALYS THERAPEUTICS INC | Healthcare | 2.7% | $265.8m | 7,323,750 | 0% | held |
| 11 | EWTX EDGEWISE THERAPEUTICS INC | 2.7% | $258.8m | 10,428,437 | 0% | held | |
| 12 | SEPN SEPTERNA INC | 2.0% | $195.0m | 6,995,858 | 0% | held | |
| 13 | NUVALENT INC-A | 1.9% | $189.1m | 1,880,057 | 51% | added | |
| 14 | IRON DISC MEDICINE INC | Healthcare | 1.6% | $156.9m | 1,976,132 | 25% | added |
| 15 | JANX JANUX THERAPEUTICS INC | Healthcare | 1.6% | $154.4m | 11,189,693 | 0% | held |
| 16 | PEPG PEPGEN INC | Healthcare | 1.3% | $130.6m | 20,064,545 | 0% | held |
| 17 | TSHA TAYSHA GENE THERAPIES INC | Healthcare | 1.3% | $129.6m | 23,555,648 | 0% | held |
| 18 | SPRY ARS PHARMACEUTICALS INC | Healthcare | 1.3% | $126.5m | 10,860,977 | 0% | held |
| 19 | BCRX BIOCRYST PHARMACEUTICALS INC | Healthcare | 1.3% | $123.5m | 15,827,186 | – | new |
| 20 | BCAX BICARA THERAPEUTICS INC | 1.2% | $117.1m | 6,955,993 | 0% | held | |
| 21 | PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 1.1% | $110.2m | 373,787 | – | new |
| 22 | GHRS GH RESEARCH PLC | 1.0% | $97.5m | 7,676,697 | 0% | held | |
| 23 | GERN GERON CORP | Healthcare | 0.9% | $84.2m | 63,771,366 | 6% | added |
| 24 | ARCELLX INC | 0.8% | $82.6m | 1,267,156 | -58% | reduced | |
| 25 | VOR VOR BIOPHARMA INC | 0.7% | $70.7m | 5,404,998 | 173% | added | |
| 26 | CLYM CLIMB BIO INC | 0.7% | $70.5m | 11,293,828 | -64% | reduced | |
| 27 | BLTE BELITE BIO INC - ADR | Healthcare | 0.7% | $69.2m | 432,484 | -51% | reduced |
| 28 | FULC FULCRUM THERAPEUTICS INC | Healthcare | 0.7% | $68.5m | 6,053,960 | -41% | reduced |
| 29 | LENZ LENZ THERAPEUTICS INC | Healthcare | 0.7% | $66.9m | 4,178,823 | 0% | held |
| 30 | DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 0.7% | $66.4m | 1,611,733 | -44% | reduced |
| 31 | OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 0.7% | $65.0m | 2,600,000 | – | new |
| 32 | EVMN EVOMMUNE INC | 0.6% | $59.2m | 3,458,770 | – | new | |
| 33 | JBIO JADE BIOSCIENCES INC | 0.6% | $56.6m | 3,671,083 | 246% | added | |
| 34 | SYRE SPYRE THERAPEUTICS INC | 0.5% | $53.1m | 1,621,620 | – | new | |
| 35 | LXEO LEXEO THERAPEUTICS INC | Healthcare | 0.5% | $49.6m | 5,000,000 | – | new |
| 36 | LB PHARMACEUTICALS INC | 0.5% | $49.2m | 2,208,604 | 24% | added | |
| 37 | MNPR MONOPAR THERAPEUTICS INC | 0.4% | $43.6m | 667,207 | 31% | added | |
| 38 | CAPR CAPRICOR THERAPEUTICS INC | Healthcare | 0.4% | $43.5m | 1,507,844 | – | new |
| 39 | 4D MOLECULAR THERAPEUTICS IN | 0.4% | $42.4m | 5,653,211 | 24% | added | |
| 40 | IVVD INVIVYD INC | Healthcare | 0.4% | $42.3m | 17,119,096 | 0% | held |
| 41 | ARTV ARTIVA BIOTHERAPEUTICS INC | 0.4% | $42.3m | 9,853,302 | 0% | held | |
| 42 | GRAL GRAIL INC | 0.4% | $36.7m | 428,266 | – | new | |
| 43 | ASMB ASSEMBLY BIOSCIENCES INC | Healthcare | 0.4% | $34.7m | 1,020,410 | 0% | held |
| 44 | SLDB SOLID BIOSCIENCES INC | Healthcare | 0.3% | $32.8m | 5,811,423 | 0% | held |
| 45 | ABOS ACUMEN PHARMACEUTICALS INC | 0.3% | $31.5m | 14,932,063 | 0% | held | |
| 46 | BENITEC BIOPHARMA INC | 0.3% | $24.9m | 1,850,000 | – | new | |
| 47 | CTNM CONTINEUM THERAPEUTICS INC-A | 0.3% | $24.9m | 2,179,711 | 3% | added | |
| 48 | RZLT REZOLUTE INC | 0.2% | $21.7m | 9,180,000 | – | new | |
| 49 | ACRV ACRIVON THERAPEUTICS INC | 0.2% | $20.1m | 8,340,508 | 0% | held | |
| 50 | NKTX NKARTA INC | Healthcare | 0.2% | $20.0m | 10,805,129 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.