RA CAPITAL MANAGEMENT, LLC

Hedge Fund • Long/Short

RA CAPITAL MANAGEMENT, LLC is a Long/Short Hedge Fund based in Boston, MA led by Michael Saulnier, reporting $12.6B in AUM as of Q2 2025 with 62% Healthcare concentration, 66% concentrated in top 10 holdings, and 30% allocation to ASND.

CFOMichael Saulnier

Portfolio Value: $5.9B
Positions: 63
Top Holding: ASND at 29.9%
Last Reported: Q2 2025

Address200 Berkeley Street, 18th Floor, Boston, MA, 02116, United States

Top Holdings

Largest long holdings in RA CAPITAL MANAGEMENT, LLC's portfolio (66.2% of total portfolio)

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Holding	Sector	Market Value	Weight	Ownership	Owned Since
1 ASND Ascendis Pharma ASND	Unknown Unknown	$1.8B	29.90%	— 10.3M shares	Q4 2022 Held for 2y 9m
2 Vaxcyte, Inc. PCVX	Biotechnology Healthcare	$389.0M	6.55%	9.28% 12.0M shares	Q2 2020 Held for 5y 3m
3 Rhythm Pharmaceuticals, Inc. RYTM	Biotechnology Healthcare	$351.4M	5.92%	8.74% 5.6M shares	Q2 2018 Held for 7y 3m
4 Janux Therapeutics JANX	Biotechnology Healthcare	$258.5M	4.35%	18.91% 11.2M shares	Q2 2021 Held for 4y 3m
5 Avidity Biosciences RNA	Biotechnology Healthcare	$206.4M	3.48%	6.03% 7.3M shares	Q3 2021 Held for 4 years
6 Arcellx, Inc. ACLX	Biotechnology Healthcare	$200.0M	3.37%	5.51% 3.0M shares	Q2 2024 Held for 1y 3m
7 89bio, Inc. ETNB	Biotechnology Healthcare	$195.3M	3.29%	13.62% 19.9M shares	Q4 2019 Held for 5y 9m
8 ARS Pharmaceuticals, Inc. SPRY	Biotechnology Healthcare	$189.5M	3.19%	11.06% 10.9M shares	Q4 2022 Held for 2y 9m
9 NewAmsterdam Pharma Company NAMS	Biotechnology Healthcare	$183.6M	3.09%	9.03% 10.1M shares	Q4 2022 Held for 2y 9m
10 Sionna Therapeutics, Inc. Common Stock SION	Unknown Unknown	$181.2M	3.05%	23.69% 10.4M shares	Q1 2025 Held for 6 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in RA CAPITAL MANAGEMENT, LLC's latest filing

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Market Value

$5.9B

Prior: $6.0B

Q/Q Change

-0.872%

-$52.2M

Net Flows % of MV

-6.21%

Turnover Ratio

7.22%

New Purchases

3 stocks

$28.2M

Added To

9 stocks

+$215.9M

Sold Out Of

27 stocks

$450.0M

Reduced Holdings

10 stocks

-$162.9M

Increased Positions

Position	Shares Δ	Change
1 Hinge Health, Inc. HNGE	New	0 → 300.0K +$15.5M
2 Omada Health, Inc. Common Stock OMDA	New	0 → 400.0K +$7.3M
3 GeneDx Holdings WGS	New	0 → 58.0K +$5.4M
4 Cidara Therapeutics CDTX	+207.97%	1.1M → 3.4M +$110.7M
5 CytomX Therapeutics CTMX	+166.13%	1.0M → 2.7M +$3.8M

Decreased Positions

Position	Shares Δ	Change
1 Apogee Therapeutics, Inc. APGE	Sold	1.6M → 0 −$58.6M
2 ZLAB Zai Lab Limited ZLAB	Sold	1.3M → 0 −$46.8M
3 Day One Biopharmaceuticals DAWN	Sold	5.8M → 0 −$45.6M
4 UroGen Pharma URGN	Sold	3.2M → 0 −$35.5M
5 Astria Therapeutics, Inc. ATXS	Sold	5.1M → 0 −$27.3M

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Analytics

Portfolio insights and performance metrics for RA CAPITAL MANAGEMENT, LLC

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Sector Allocation

Healthcare

62.10%

Market Cap Distribution

Mid Cap ($2B - $10B)

23.77%

Small Cap ($300M - $2B)

41.18%

Micro Cap ($50M - $300M)

2.88%

Nano Cap (< $50M)

1.70%

N/A (ETF or Unknown)

30.47%

Portfolio Concentration

Top 10 Holdings %

66.2%

Top 20 Holdings %

84.55%

Top 50 Holdings %

98.99%

Top 100 Holdings %

100.0%

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