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Ra Capital Management, L.P.

SEC CIK
0001346824
Latest filing
Aug 14, 2026

The latest 13F from Ra Capital Management, L.P. covers Q2 2026 (filed Aug 14, 2026): 84 long positions worth $11.5B. The top 10 holdings make up 60.4% of the portfolio, and the largest is Ascendis Pharma A/S (ASND) at 23.8%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Full comparison

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

New
16
Est. +$1.76B
Added
10
Est. +$158.7M
Reduced
10
Est. −$335.4M
Sold out
17
Est. −$783.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. ASNDAscendis Pharma A/S
    23.8%$2.74BHistory
  2. PBLSParabilis Medicines, Inc.
    6.9%$791.9MHistory
  3. RYTMRhythm Pharmaceuticals, Inc.
    6.4%$740.2MHistory
  4. PCVXVaxcyte, Inc.
    5.8%$667.0MHistory
  5. SIONSionna Therapeutics, Inc.
    3.8%$435.7MHistory

Share of portfolio

Top 5 holdings and the other 79 positions, by share of portfolio value

  1. ASND23.8%
  2. PBLS6.9%
  3. RYTM6.4%
  4. PCVX5.8%
  5. SION3.8%
  6. Other 79 positions53.3%

Biggest buys

New and added positions, by estimated amount bought

  1. PBLSParabilis Medicines, Inc.
    +$791.9MNewHistory
  2. COAGHemab Therapeutics Holdings, Inc.
    +$286.8MNewHistory
  3. ABVXAbivax S.A.
    +$150.9MNewHistory
  4. ORKAOruka Therapeutics, Inc.
    +$148.0MNewHistory
  5. ARTVArtiva Biotherapeutics, Inc.
    +$78.6MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. PBLSParabilis Medicines, Inc.
    +6.88 pp0.0% → 6.9%History
  2. COAGHemab Therapeutics Holdings, Inc.
    +2.49 pp0.0% → 2.5%History
  3. ABVXAbivax S.A.
    +1.31 pp0.0% → 1.3%History
  4. ORKAOruka Therapeutics, Inc.
    +1.29 pp0.0% → 1.3%History
  5. ARTVArtiva Biotherapeutics, Inc.
    +0.84 pp0.7% → 1.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. DNTHDianthus Therapeutics, Inc.
    −$219.2MSold outHistory
  2. NUVLNuvalent, Inc.
    −$159.0MReducedHistory
  3. PRAXPraxis Precision Medicines, Inc.
    −$120.4MSold outHistory
  4. SRPTSarepta Therapeutics, Inc.
    −$84.9MSold outHistory
  5. EWTXEdgewise Therapeutics, Inc.
    −$82.7MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. DNTHDianthus Therapeutics, Inc.
    −2.32 pp2.3% → 0.0%History
  2. NUVLNuvalent, Inc.
    −1.41 pp2.8% → 1.3%History
  3. PRAXPraxis Precision Medicines, Inc.
    −1.28 pp1.3% → 0.0%History
  4. SRPTSarepta Therapeutics, Inc.
    −0.90 pp0.9% → 0.0%History
  5. SYRESpyre Therapeutics, Inc.
    −0.87 pp0.9% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$11.5B
+$2.07B (+21.9%) vs. prior quarter
Positions
84
−1 vs. prior quarter
Top 10 concentration
60.4%
Top 10 as share of value
Turnover
10.7%
Q2 2026, one quarter
Average holding period
8.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $11.5B (Q2 2026)

Q1 2021: $6.63BQ2 2021: $6.23BQ3 2021: $7.22BQ4 2021: $5.67BQ1 2022: $4.58BQ2 2022: $3.75BQ3 2022: $4.69BQ4 2022: $4.93BQ1 2023: $4.42BQ2 2023: $5.30BQ3 2023: $5.08BQ4 2023: $6.40BQ1 2024: $7.86BQ2 2024: $7.56BQ3 2024: $8.67BQ4 2024: $7.51BQ1 2025: $5.99BQ2 2025: $5.94BQ3 2025: $8.12BQ4 2025: $9.76BQ1 2026: $9.44BQ2 2026: $11.5B
Q1 2021Q2 2026
13F filings of Ra Capital Management, L.P. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202684$11.5BASNDPBLSRYTMvs. Q1 2026SEC
Q1 2026May 15, 202685$9.44BASNDPCVXRYTMvs. Q4 2025SEC
Q4 2025Feb 17, 202671$9.76BASNDCDTXRYTMvs. Q3 2025SEC
Q3 2025Nov 14, 202567$8.12BASNDRYTMPCVXvs. Q2 2025SEC
Q2 2025Aug 14, 202563$5.94BASNDPCVXRYTMvs. Q1 2025SEC
Q1 2025May 15, 202585$5.99BASNDPCVXRYTMvs. Q4 2024SEC
Q4 2024Feb 14, 202589$7.51BASNDPCVXJANXvs. Q3 2024SEC
Q3 2024Nov 14, 202481$8.67BASNDPCVXJANXvs. Q2 2024SEC
Q2 2024Aug 14, 202478$7.56BASNDPCVXJANXvs. Q1 2024SEC
Q1 2024May 17, 2024Amended76$7.86BASNDPCVXLEGNvs. Q4 2023SECSEC
Q4 2023Feb 14, 202462$6.40BASNDIMGNPCVXvs. Q3 2023SEC
Q3 2023Nov 15, 2023Amended66$5.08BASNDLEGNPCVXvs. Q2 2023SECSEC
Q2 2023Aug 14, 202354$5.30BASNDLEGNPCVXvs. Q1 2023SEC
Q1 2023May 15, 202359$4.42BASNDPCVXDICEvs. Q4 2022SEC
Q4 2022Feb 14, 202370$4.93BASNDPCVXJBIOvs. Q3 2022SEC
Q3 2022Nov 14, 202281$4.69BASNDBIIBCTKBvs. Q2 2022SEC
Q2 2022Aug 15, 202288$3.75BASNDBIIBCTKBvs. Q1 2022SEC
Q1 2022May 16, 202296$4.58BASNDBIIBJBIOvs. Q4 2021SEC
Q4 2021Feb 14, 202297$5.67BASNDNVAXITOSvs. Q3 2021SEC
Q3 2021Nov 15, 202195$7.22BASNDNVAXCLYMvs. Q2 2021SEC
Q2 2021Aug 16, 202192$6.23BASNDNVAXFMTXvs. Q1 2021SEC
Q1 2021May 17, 202182$6.63BASNDNVAXVOR–SEC

13D and 13G filings

Companies where Ra Capital Management, L.P. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

81 companies, largest stake first.

Companies where Ra Capital Management, L.P. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
ARTVArtiva Biotherapeutics, Inc.13D/A37.90%18.4M shares+1.30 ppfrom 36.60%Jul 29, 20245 filingsJul 23, 2026SEC
CLYMClimb Bio, Inc.13D/A33.00%23.9M shares0.00 ppfrom 33.00%Aug 19, 202112 filingsNov 9, 2026SEC
ABOSAcumen Pharmaceuticals, Inc.13D/A29.50%21.1M shares+4.70 ppfrom 24.80%Jul 16, 20215 filingsMar 17, 2026SEC
PEPGPepGen Inc.13D/A29.20%20.1M shares–May 20, 20225 filingsSep 30, 2025SEC
ACRVAcrivon Therapeutics, Inc.13D/A28.80%12.3M shares+7.20 ppfrom 21.60%Nov 28, 20225 filingsApr 23, 2026SEC
SGPSpyGlass Pharma, Inc.13D24.10%8.02M sharesNewFeb 17, 20261 filingFeb 17, 2026SEC
PBLSParabilis Medicines, Inc.13D23.80%28.9M sharesNewJun 18, 20261 filingJun 18, 2026SEC
TYRATyra Biosciences, Inc.13D/A19.90%14.1M shares−1.30 ppfrom 21.20%Sep 27, 20218 filingsSep 17, 2026SEC
VORVor Biopharma Inc.13D/A19.90%12.9M shares0.00 ppfrom 19.90%Feb 19, 202119 filingsJul 21, 2026SEC
JANXJanux Therapeutics, Inc.13D/A19.90%12.0M shares–Jun 16, 20215 filingsMar 10, 2025SEC
WVEWave Life Sciences, Inc.13D/A16.80%34.3M shares−0.30 ppfrom 17.10%Aug 18, 20219 filingsAug 11, 2026SEC
COAGHemab Therapeutics Holdings, Inc.13G16.60%7.73M sharesNewMay 11, 20261 filingMay 11, 2026SEC
BBTXBambusa Therapeutics, Inc.13D14.60%7.43M sharesNewNov 6, 20261 filingNov 6, 2026SEC
FRNMFreenome, Inc.13D/A14.30%15.4M shares–Jul 22, 20261 filingJul 22, 2026SEC
SIONSionna Therapeutics, Inc.13D/A14.30%6.48M shares−8.30 ppfrom 22.60%Feb 18, 20253 filingsSep 21, 2026SEC
SEPNSepterna, Inc.13D/A11.80%5.53M shares–Nov 4, 20242 filingsAug 14, 2026SEC
BCAXBicara Therapeutics Inc.13D/A11.50%7.28M shares–Sep 23, 20242 filingsMar 2, 2026SEC
SPRYARS Pharmaceuticals, Inc.13D/A11.10%10.9M shares–Feb 16, 20216 filingsOct 1, 2025SEC
SLDBSolid Biosciences Inc.13D/A10.80%12.0M shares−1.10 ppfrom 11.90%Mar 23, 202112 filingsNov 6, 2026SEC
GERNGeron Corp13G/A9.90%66.5M shares0.00 ppfrom 9.90%Feb 16, 20217 filingsAug 14, 2026SEC
TSHATaysha Gene Therapies, Inc.13G/A9.90%32.9M shares0.00 ppfrom 9.90%Aug 25, 20236 filingsAug 14, 2026SEC
OVIDOvid Therapeutics Inc.13G/A9.90%19.5M shares0.00 ppfrom 9.90%Dec 18, 20252 filingsAug 14, 2026SEC
IPSCCentury Therapeutics, Inc.13G9.90%17.9M sharesNewJan 16, 20261 filingJan 16, 2026SEC
PALIPalisade Bio, Inc.13G/A9.90%17.6M shares0.00 ppfrom 9.90%Oct 9, 20253 filingsMay 15, 2026SEC
RZLTRezolute, Inc.13G9.90%15.3M sharesNewDec 18, 20251 filingDec 18, 2025SEC

Showing the 25 largest of 81 stakes.

Latest filings

703 filings on file made by Ra Capital Management, L.P. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Ra Capital Management, L.P.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
CLYMClimb Bio, Inc.Nov 9, 20265:32 PM ET13D/A33.00%23.9M shares0.00 ppfrom 33.00%Nov 5, 2026SEC
SLDBSolid Biosciences Inc.Nov 6, 20264:23 PM ET13D/A10.80%12.0M shares−1.10 ppfrom 11.90%Nov 4, 2026SEC
BBTXBambusa Therapeutics, Inc.Nov 6, 20264:20 PM ET13D14.60%7.43M sharesNewOct 30, 2026SEC
LENZLENZ Therapeutics, Inc.Nov 2, 20265:45 PM ET13D/A0.20%70.5K shares−13.40 ppfrom 13.60%Below 5%Oct 29, 2026SEC
TCXBTCGX Acquisition Corp. IIOct 26, 20264:20 PM ET13G7.20%750.0K sharesNewOct 19, 2026SEC
ALECAlector, Inc.Oct 26, 20264:18 PM ET13G5.10%7.50M shares+5.10 ppfrom 0.00%Oct 19, 2026SEC
FLSCFrazier Life Sciences Acquisition Corp. IIOct 22, 20264:07 PM ET13G9.00%700.0K sharesNewOct 15, 2026SEC
CRBPCorbus Pharmaceuticals Holdings, Inc.Sep 30, 20264:57 PM ET13G9.90%1.91M shares–Sep 23, 2026SEC
BETRFBetterLife Pharma Inc.Sep 22, 20264:05 PM ET13G9.00%55.4M sharesNewSep 15, 2026SEC
SIONSionna Therapeutics, Inc.Sep 21, 20266:57 PM ET13D/A14.30%6.48M shares−8.30 ppfrom 22.60%Sep 17, 2026SEC
TYRATyra Biosciences, Inc.Sep 17, 20264:32 PM ET13D/A19.90%14.1M shares−1.30 ppfrom 21.20%Sep 15, 2026SEC
JTTTJATT III Acquisition CorpSep 3, 20265:11 PM ET13G5.10%450.0K sharesNewAug 27, 2026SEC
LTGOLatigo Biotherapeutics, Inc.Aug 17, 20265:09 PM ET13G8.40%5.30M sharesNewAug 10, 2026SEC
GHRSGH Research PLCAug 14, 20266:38 PM ET13G/A7.10%4.90M shares−5.30 ppfrom 12.40%Aug 12, 2026SEC
SEPNSepterna, Inc.Aug 14, 20265:14 PM ET13D/A11.80%5.53M shares–Aug 12, 2026SEC
TSHATaysha Gene Therapies, Inc.Aug 14, 20264:47 PM ET13G/A9.90%32.9M shares0.00 ppfrom 9.90%Jun 30, 2026SEC
RANIRani Therapeutics Holdings, Inc.Aug 14, 20264:46 PM ET13G/A9.90%11.5M shares0.00 ppfrom 9.90%Jun 30, 2026SEC
OVIDOvid Therapeutics Inc.Aug 14, 20264:45 PM ET13G/A9.90%19.5M shares0.00 ppfrom 9.90%Jun 30, 2026SEC
KPTIKaryopharm Therapeutics Inc.Aug 14, 20264:44 PM ET13G/A9.90%2.30M shares0.00 ppfrom 9.90%Jun 30, 2026SEC
GERNGeron CorpAug 14, 20264:43 PM ET13G/A9.90%66.5M shares0.00 ppfrom 9.90%Jun 30, 2026SEC