RA Capital Management Portfolio
13F Holdings & Position Changes — Last filed Feb 17, 2026
13F Holdings & Position Changes — Last filed Feb 17, 2026
RA Capital Management is a $10B biotech-focused hedge fund managed by Peter Kolchinsky, PhD. As of their latest 13F filing (Q4 2025), the fund holds 68 positions worth $9.0B. This quarter they initiated 17 new positions and exited 78. Their largest holding is ASND ($2.2B).
RA initiated 17 new positions and increased 17 this quarter. Portfolio grew +17.9% to $9.0B. 280 upcoming catalysts across holdings. 11 insider buys detected in portfolio companies.
Track this fund’s next move
13F changes, conviction shifts, and catalyst alerts across all 20 specialist biotech funds — free Monday brief.
No charge for 14 days · Cancel anytime
RA Capital Management held 68 biotech stocks in their 13F portfolio this quarter. Their top positions include ASND, RYTM, RNA, PCVX, SION. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
RA Capital Management's tracked biotech portfolio is worth $9.0B across 68 positions, with total assets under management of approximately $10B. Portfolio values are based on 13F filings with the SEC.
RA Capital Management initiated 17 new positions this quarter, including BCRX, OLMA, EVMN, SYRE, CAPR and 12 more. They also increased 17 existing positions.
RA Capital Management fully exited 78 positions this quarter, including CLDX, HELP, HUMAW, BIIB, CRVO and 73 more. They also trimmed 8 existing positions.
Crossover biotech fund that invests from late-stage private through public markets. Known for rigorous scientific analysis and the "biotech social contract" framework. Kolchinsky, a virologist by training, emphasizes understanding drug pricing dynamics and long-term value creation in biotech.
| 4 | PCVX | Decreased | 10,724,599 | $494.8M |
| 5 | SION | Decreased | 9,905,045 | $407.5M |
| 6 | NAMSW | Decreased | 9,883,524 | $342.7M |
| 7 | TYRA | 12,198,625 | $320.7M |
| 8 | WVE | Increased | 18,203,009 | $309.5M |
| 9 | MLYS | 7,323,750 | $265.8M |
| 10 | EWTX | 10,428,437 | $258.8M |
| 11 | SEPN | 6,995,858 | $195.0M |
| 12 | NUVL | Increased | 1,880,057 | $189.1M |
| 13 | IRON | Increased | 1,976,132 | $156.9M |
| 14 | JANX | 11,189,693 | $154.4M |
| 15 | PEPG | 20,064,545 | $130.6M |
| 16 | TSHA | 23,555,648 | $129.6M |
| 17 | SPRY | 10,860,977 | $126.5M |
| 18 | BCRX | New | 15,827,186 | $123.5M |
| 19 | BCAX | 6,955,993 | $117.1M |
| 20 | PRAX | Increased | 373,787 | $110.2M |
| 21 | GHRS | 7,676,697 | $97.5M |
| 22 | GERN | Increased | 63,771,366 | $84.2M |
| 23 | ACLX | Decreased | 1,267,156 | $82.6M |
| 24 | CLYM | Decreased | 11,293,828 | $77.7M |
| 25 | VOR | Increased | 5,404,998 | $70.7M |
| 26 | BLTE | Decreased | 432,484 | $69.2M |
| 27 | FULC | Decreased | 6,053,960 | $68.5M |
| 28 | LENZ | 4,178,823 | $66.9M |
| 29 | OLMA | New | 2,600,000 | $65.0M |
| 30 | EVMN | New | 3,458,770 | $59.2M |
| 31 | JBIO | Increased | 3,671,083 | $56.6M |
| 32 | SYRE | New | 1,621,620 | $53.1M |
| 33 | LXEO | Increased | 5,000,000 | $49.6M |
| 34 | LBRX | Increased | 2,208,604 | $49.2M |
| 35 | MNPR | Increased | 667,207 | $43.6M |
| 36 | CAPR | New | 1,507,844 | $43.5M |
| 37 | FDMT | Increased | 5,653,211 | $42.4M |
| 38 | IVVD | 17,119,096 | $42.3M |
| 39 | ARTV | 9,853,302 | $42.3M |
| 40 | GRAL | New | 428,266 | $36.7M |
| 41 | ASMB | 1,020,410 | $34.7M |
| 42 | SLDB | 5,811,423 | $32.8M |
| 43 | ABOS | 14,932,063 | $31.5M |
| 44 | BNTC | New | 1,850,000 | $24.9M |
| 45 | CTNM | Increased | 2,179,711 | $24.9M |
| 46 | RZLT | New | 9,180,000 | $21.7M |
| 47 | ACRV | 8,340,508 | $20.1M |
| 48 | NKTX | 10,805,129 | $20.0M |
| 49 | OVID | New | 10,714,000 | $17.5M |
| 50 | PALI | New | 7,124,116 | $16.7M |
| 51 | SABSW | 4,401,500 | $16.5M |
| 52 | CCCC | Increased | 8,000,000 | $15.3M |
| 53 | MDLN | New | 335,000 | $14.1M |
| 54 | DSGN | Increased | 1,461,381 | $13.7M |
| 55 | INSP | Increased | 141,964 | $13.1M |
| 56 | AVTX | 662,968 | $12.0M |
| 57 | RANI | New | 8,500,000 | $11.5M |
| 58 | PCSC | 750,000 | $9.8M |
| 59 | ACET | Decreased | 948,249 | $8.0M |
| 60 | WGSWW | 58,044 | $7.5M |
| 61 | WAY | New | 144,400 | $4.7M |
| 62 | HOWL | 6,681,307 | $4.2M |
| 63 | HNGE | Increased | 80,113 | $3.7M |
| 64 | PGNY | 96,628 | $2.5M |
| 65 | QGEN | New | 43,976 | $2.1M |
| 66 | KIDS | New | 109,959 | $2.0M |
| 67 | HCAT | New | 793,749 | $1.9M |
| 68 | PTN | New | 70,000 | $1.1M |
| Q2 2025 |
| $5.6B |
| -3.0% |
| Q1 2025 | $5.8B | -19.7% |
| Q4 2024 | $7.2B | -15.0% |
| Q3 2024 | $8.5B | +16.1% |
| Q2 2024 | $7.3B | +11813.6% |
| Q1 2024 | $61.3M | -98.8% |
| Q4 2023 | $5.1B | +13561.6% |
| Q3 2023 | $37.6M | -99.1% |
| Q2 2023 | $4.3B | — |