RA CAPITAL MANAGEMENT, L.P. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BCRX	BIOCRYST PHARMACEUTICALS INC	15,827,186	$123,452	1.3%	$7.23	0.0%	SH	09058V103
PRAX	PRAXIS PRECISION MEDICINES I	373,787	$110,170	1.1%	$186.22	0.0%	SH	74006W207
OLMA	OLEMA PHARMACEUTICALS INC	2,600,000	$65,000	0.7%	$17.79	0.0%	SH	68062P106
EVMN	EVOMMUNE INC	3,458,770	$59,214	0.6%	$18.78	0.0%	SH	30054Y107
SYRE	SPYRE THERAPEUTICS INC	1,621,620	$53,124	0.5%	$26.13	0.0%	SH	00773J202
LXEO	LEXEO THERAPEUTICS INC	5,000,000	$49,650	0.5%	$9.13	0.0%	SH	52886X107
CAPR	CAPRICOR THERAPEUTICS INC	1,507,844	$43,516	0.4%	$13.06	0.0%	SH	14070B309
GRAL	GRAIL INC	428,266	$36,655	0.4%	$86.40	0.0%	SH	384747101
BNTC	BENITEC BIOPHARMA INC	1,850,000	$24,920	0.3%	$13.83	0.0%	SH	08205P209
RZLT	REZOLUTE INC	9,180,000	$21,665	0.2%	$7.84	0.0%	SH	76200L309
OVID	OVID THERAPEUTICS INC	10,714,000	$17,464	0.2%	$1.54	0.0%	SH	690469101
PALI	PALISADE BIO INC	7,124,116	$16,742	0.2%	$1.92	0.0%	SH	696389402
CCCC	C4 THERAPEUTICS INC	8,000,000	$15,280	0.2%	$2.37	0.0%	SH	12529R107
MDLN	MEDLINE INC-CL A	335,000	$14,070	0.1%	$42.23	0.0%	SH	58507V107
RANI	RANI THERAPEUTICS HOLDINGS-A	8,500,000	$11,475	0.1%	$1.51	0.0%	SH	753018100
ACET	ADICET BIO INC	948,249	$7,984	0.1%	$11.05	0.0%	SH	007002207
WAY	WAYSTAR HOLDING CORP	144,400	$4,729	0.0%	$35.62	0.0%	SH	946784105
HNGE	HINGE HEALTH INC-A	80,113	$3,721	0.0%	$48.16	0.0%	SH	433313103
—	QIAGEN N.V.	43,976	$2,082	0.0%	$47.34	—	SH	N72482206
KIDS	ORTHOPEDIATRICS CORP	109,959	$1,953	0.0%	$17.51	0.0%	SH	68752L100
HCAT	HEALTH CATALYST INC	793,749	$1,897	0.0%	$2.73	0.0%	SH	42225T107
PTN	PALATIN TECHNOLOGIES INC	70,000	$1,077	0.0%	$13.14	0.0%	SH	696077601

Increased Positions (12)

RYTM RHYTHM PHARMACEUTICALS INC 7.3%

Value ($000) $713,618 (+24.4%) Shares 6,666,837 (+17.3%) Est. Cost $38.97 Unrealized +172.2%

NUVL NUVALENT INC-A 1.9%

Value ($000) $189,115 (+75.4%) Shares 1,880,057 (+50.8%) Est. Cost $85.65 Unrealized +15.1%

IRON DISC MEDICINE INC 1.6%

Value ($000) $156,925 (+50.6%) Shares 1,976,132 (+25.3%) Est. Cost $61.44 Unrealized +37.5%

JBIO JADE BIOSCIENCES INC 0.6%

Value ($000) $56,645 (+517.9%) Shares 3,671,083 (+245.6%) Est. Cost $17.98 Unrealized -34.7%

VOR VOR BIOPHARMA INC 0.7%

Value ($000) $70,697 (-26.8%) Shares 5,404,998 (+172.7%) Est. Cost $26.54 Unrealized -29.8%

LBRX LB PHARMACEUTICALS INC 0.5%

Value ($000) $49,164 (+75.2%) Shares 2,208,604 (+24.3%) Est. Cost $16.18 Unrealized +8.0%

DSGN DESIGN THERAPEUTICS INC 0.1%

Value ($000) $13,708 (+282.7%) Shares 1,461,381 (+207.2%) Est. Cost $6.91 Unrealized +13.3%

INSP INSPIRE MEDICAL SYSTEMS INC 0.1%

Value ($000) $13,093 (+53.6%) Shares 141,964 (+23.6%) Est. Cost $100.18 Unrealized -4.5%

FDMT 4D MOLECULAR THERAPEUTICS IN 0.4%

Value ($000) $42,399 (+6.9%) Shares 5,653,211 (+23.9%) Est. Cost $17.53 Unrealized -42.1%

MNPR MONOPAR THERAPEUTICS INC 0.4%

Value ($000) $43,569 (+4.4%) Shares 667,207 (+30.5%) Est. Cost $31.96 Unrealized +155.7%

GERN GERON CORP 0.9%

Value ($000) $84,178 (+1.8%) Shares 63,771,366 (+5.6%) Est. Cost $2.37 Unrealized -47.0%

CTNM CONTINEUM THERAPEUTICS INC-A 0.3%

Value ($000) $24,914 (-0.1%) Shares 2,179,711 (+2.7%) Est. Cost $8.15 Unrealized +40.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RYTM	RHYTHM PHARMACEUTICALS INC	6,666,837 (+17.3%)	$713,618 (+24.4%)	7.3%	$38.97	+172.2%	SH	76243J105
NUVL	NUVALENT INC-A	1,880,057 (+50.8%)	$189,115 (+75.4%)	1.9%	$85.65	+15.1%	SH	670703107
IRON	DISC MEDICINE INC	1,976,132 (+25.3%)	$156,925 (+50.6%)	1.6%	$61.44	+37.5%	SH	254604101
JBIO	JADE BIOSCIENCES INC	3,671,083 (+245.6%)	$56,645 (+517.9%)	0.6%	$17.98	-34.7%	SH	008064206
VOR	VOR BIOPHARMA INC	5,404,998 (+172.7%)	$70,697 (-26.8%)	0.7%	$26.54	-29.8%	SH	929033207
LBRX	LB PHARMACEUTICALS INC	2,208,604 (+24.3%)	$49,164 (+75.2%)	0.5%	$16.18	+8.0%	SH	50180M108
DSGN	DESIGN THERAPEUTICS INC	1,461,381 (+207.2%)	$13,708 (+282.7%)	0.1%	$6.91	+13.3%	SH	25056L103
INSP	INSPIRE MEDICAL SYSTEMS INC	141,964 (+23.6%)	$13,093 (+53.6%)	0.1%	$100.18	-4.5%	SH	457730109
FDMT	4D MOLECULAR THERAPEUTICS IN	5,653,211 (+23.9%)	$42,399 (+6.9%)	0.4%	$17.53	-42.1%	SH	35104E100
MNPR	MONOPAR THERAPEUTICS INC	667,207 (+30.5%)	$43,569 (+4.4%)	0.4%	$31.96	+155.7%	SH	61023L207
GERN	GERON CORP	63,771,366 (+5.6%)	$84,178 (+1.8%)	0.9%	$2.37	-47.0%	SH	374163103
CTNM	CONTINEUM THERAPEUTICS INC-A	2,179,711 (+2.7%)	$24,914 (-0.1%)	0.3%	$8.15	+40.0%	SH	21217B100

Exited Positions (18)

— 89BIO INC 3.0%

Value ($000) $292,378 Shares 19,889,683 Est. Cost $12.96 Unrealized —

SRRK SCHOLAR ROCK HOLDING CORP 0.4%

Value ($000) $43,451 Shares 1,166,788 Est. Cost $38.29 Unrealized -2.1%

GPCR STRUCTURE THERAPEUTICS INC 0.4%

Value ($000) $42,488 Shares 1,517,418 Est. Cost $41.59 Unrealized —

— METSERA INC 0.4%

Value ($000) $35,350 Shares 675,525 Est. Cost $27.22 Unrealized —

TVTX TRAVERE THERAPEUTICS INC 0.3%

Value ($000) $27,485 Shares 1,150,000 Est. Cost $17.69 Unrealized +83.8%

LRMR LARIMAR THERAPEUTICS INC 0.2%

Value ($000) $19,526 Shares 6,045,351 Est. Cost $7.79 Unrealized -50.1%

TNGX TANGO THERAPEUTICS INC 0.2%

Value ($000) $16,800 Shares 2,000,000 Est. Cost $2.47 Unrealized +248.5%

PRME PRIME MEDICINE INC 0.2%

Value ($000) $16,620 Shares 3,000,000 Est. Cost $4.06 Unrealized +9.5%

RCUS ARCUS BIOSCIENCES INC 0.2%

Value ($000) $15,455 Shares 1,136,364 Est. Cost $11.59 Unrealized +76.0%

QURE UNIQURE NV 0.1%

Value ($000) $11,674 Shares 200,000 Est. Cost $18.16 Unrealized +112.5%

ELDN ELEDON PHARMACEUTICALS INC 0.1%

Value ($000) $9,237 Shares 3,566,338 Est. Cost $3.94 Unrealized -39.7%

CTMX CYTOMX THERAPEUTICS INC 0.1%

Value ($000) $8,490 Shares 2,661,331 Est. Cost $1.30 Unrealized +192.8%

SRZN SURROZEN INC 0.1%

Value ($000) $7,765 Shares 602,626 Est. Cost $11.08 Unrealized +46.0%

— ADICET BIO INC 0.1%

Value ($000) $6,110 Shares 7,541,000 Est. Cost $2.35 Unrealized —

EVH EVOLENT HEALTH INC - A 0.1%

Value ($000) $4,899 Shares 579,052 Est. Cost $9.70 Unrealized -42.7%

GKOS GLAUKOS CORP 0.0%

Value ($000) $4,418 Shares 54,180 Est. Cost $91.83 Unrealized +4.0%

EXAS EXACT SCIENCES CORP 0.0%

Value ($000) $3,006 Shares 54,939 Est. Cost $49.96 Unrealized +60.7%

IFRX INFLARX NV 0.0%

Value ($000) $2,644 Shares 1,973,233 Est. Cost $1.18 Unrealized +5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	89BIO INC	19,889,683	$292,378	3.0%	$12.96	—	—	282559103
SRRK	SCHOLAR ROCK HOLDING CORP	1,166,788	$43,451	0.4%	$38.29	-2.1%	—	80706P103
GPCR	STRUCTURE THERAPEUTICS INC	1,517,418	$42,488	0.4%	$41.59	—	—	86366E106
—	METSERA INC	675,525	$35,350	0.4%	$27.22	—	—	59267L107
TVTX	TRAVERE THERAPEUTICS INC	1,150,000	$27,485	0.3%	$17.69	+83.8%	—	89422G107
LRMR	LARIMAR THERAPEUTICS INC	6,045,351	$19,526	0.2%	$7.79	-50.1%	—	517125100
TNGX	TANGO THERAPEUTICS INC	2,000,000	$16,800	0.2%	$2.47	+248.5%	—	87583X109
PRME	PRIME MEDICINE INC	3,000,000	$16,620	0.2%	$4.06	+9.5%	—	74168J101
RCUS	ARCUS BIOSCIENCES INC	1,136,364	$15,455	0.2%	$11.59	+76.0%	—	03969F109
QURE	UNIQURE NV	200,000	$11,674	0.1%	$18.16	+112.5%	—	N90064101
ELDN	ELEDON PHARMACEUTICALS INC	3,566,338	$9,237	0.1%	$3.94	-39.7%	—	28617K101
CTMX	CYTOMX THERAPEUTICS INC	2,661,331	$8,490	0.1%	$1.30	+192.8%	—	23284F105
SRZN	SURROZEN INC	602,626	$7,765	0.1%	$11.08	+46.0%	—	86889P208
—	ADICET BIO INC	7,541,000	$6,110	0.1%	$2.35	—	—	007002108
EVH	EVOLENT HEALTH INC - A	579,052	$4,899	0.1%	$9.70	-42.7%	—	30050B101
GKOS	GLAUKOS CORP	54,180	$4,418	0.0%	$91.83	+4.0%	—	377322102
EXAS	EXACT SCIENCES CORP	54,939	$3,006	0.0%	$49.96	+60.7%	—	30063P105
IFRX	INFLARX NV	1,973,233	$2,644	0.0%	$1.18	+5.0%	—	N44821101

Decreased Positions (8)

ACLX ARCELLX INC 0.8%

Value ($000) $82,619 (-66.9%) Shares 1,267,156 (-58.3%) Est. Cost $66.33 Unrealized +20.3%

SION SIONNA THERAPEUTICS INC 4.2%

Value ($000) $407,494 (+32.6%) Shares 9,905,045 (-5.2%) Est. Cost $16.34 Unrealized +132.1%

PCVX VAXCYTE INC 5.1%

Value ($000) $494,833 (+14.8%) Shares 10,724,599 (-10.4%) Est. Cost $51.21 Unrealized -12.7%

NAMS NEWAMSTERDAM PHARMA CO NV 3.4%

Value ($000) $335,021 (+16.2%) Shares 9,550,191 (-5.8%) Est. Cost $14.02 Unrealized +159.7%

DNTH DIANTHUS THERAPEUTICS INC 0.7%

Value ($000) $66,420 (-41.1%) Shares 1,611,733 (-43.8%) Est. Cost $21.84 Unrealized +77.5%

FULC FULCRUM THERAPEUTICS INC 0.7%

Value ($000) $68,470 (-27.2%) Shares 6,053,960 (-40.8%) Est. Cost $7.35 Unrealized +38.5%

CLYM CLIMB BIO INC 0.8%

Value ($000) $77,711 (+23.1%) Shares 11,293,828 (-64.1%) Est. Cost $12.52 Unrealized -80.8%

BLTE BELITE BIO INC - ADR 0.7%

Value ($000) $69,180 (+6.8%) Shares 432,484 (-50.6%) Est. Cost $74.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACLX	ARCELLX INC	1,267,156 (-58.3%)	$82,619 (-66.9%)	0.8%	$66.33	+20.3%	SH	03940C100
SION	SIONNA THERAPEUTICS INC	9,905,045 (-5.2%)	$407,494 (+32.6%)	4.2%	$16.34	+132.1%	SH	829401108
PCVX	VAXCYTE INC	10,724,599 (-10.4%)	$494,833 (+14.8%)	5.1%	$51.21	-12.7%	SH	92243G108
NAMS	NEWAMSTERDAM PHARMA CO NV	9,550,191 (-5.8%)	$335,021 (+16.2%)	3.4%	$14.02	+159.7%	SH	N62509109
DNTH	DIANTHUS THERAPEUTICS INC	1,611,733 (-43.8%)	$66,420 (-41.1%)	0.7%	$21.84	+77.5%	SH	252828108
FULC	FULCRUM THERAPEUTICS INC	6,053,960 (-40.8%)	$68,470 (-27.2%)	0.7%	$7.35	+38.5%	SH	359616109
CLYM	CLIMB BIO INC	11,293,828 (-64.1%)	$77,711 (+23.1%)	0.8%	$12.52	-80.8%	SH	28658R106
BLTE	BELITE BIO INC - ADR	432,484 (-50.6%)	$69,180 (+6.8%)	0.7%	$74.00	—	SH	07782B104

Unchanged Positions (29)

— CIDARA THERAPEUTICS INC 7.6%

Value ($000) $743,410 Shares 3,365,523 Est. Cost $38.25 Unrealized —

RNA AVIDITY BIOSCIENCES INC 6.4%

Value ($000) $623,278 Shares 8,641,031 Est. Cost $27.64 Unrealized +133.7%

WVE WAVE LIFE SCIENCES LTD 3.2%

Value ($000) $309,451 Shares 18,203,009 Est. Cost $8.66 Unrealized +17.3%

TYRA TYRA BIOSCIENCES INC 3.3%

Value ($000) $320,702 Shares 12,198,625 Est. Cost $17.16 Unrealized +7.0%

ASND ASCENDIS PHARMA A/S - ADR 22.5%

Value ($000) $2,192,426 Shares 10,281,496 Est. Cost $82.85 Unrealized —

LENZ LENZ THERAPEUTICS INC 0.7%

Value ($000) $66,861 Shares 4,178,823 Est. Cost $20.79 Unrealized +40.2%

JANX JANUX THERAPEUTICS INC 1.6%

Value ($000) $154,418 Shares 11,189,693 Est. Cost $26.21 Unrealized -10.3%

EWTX EDGEWISE THERAPEUTICS INC 2.7%

Value ($000) $258,782 Shares 10,428,437 Est. Cost $15.67 Unrealized +28.1%

SEPN SEPTERNA INC 2.0%

Value ($000) $195,045 Shares 6,995,858 Est. Cost $23.65 Unrealized +1.0%

TSHA TAYSHA GENE THERAPIES INC 1.3%

Value ($000) $129,556 Shares 23,555,648 Est. Cost $2.03 Unrealized +139.0%

PEPG PEPGEN INC 1.3%

Value ($000) $130,620 Shares 20,064,545 Est. Cost $6.78 Unrealized -23.4%

IVVD INVIVYD INC 0.4%

Value ($000) $42,284 Shares 17,119,096 Est. Cost $0.89 Unrealized +134.5%

SPRY ARS PHARMACEUTICALS INC 1.3%

Value ($000) $126,530 Shares 10,860,977 Est. Cost $6.66 Unrealized +46.1%

ARTV ARTIVA BIOTHERAPEUTICS INC 0.4%

Value ($000) $42,271 Shares 9,853,302 Est. Cost $11.59 Unrealized -67.4%

GHRS GH RESEARCH PLC 1.0%

Value ($000) $97,494 Shares 7,676,697 Est. Cost $15.85 Unrealized -14.1%

MLYS MINERALYS THERAPEUTICS INC 2.7%

Value ($000) $265,779 Shares 7,323,750 Est. Cost $15.64 Unrealized +156.5%

HOWL WEREWOLF THERAPEUTICS INC 0.0%

Value ($000) $4,233 Shares 6,681,307 Est. Cost $9.71 Unrealized -87.5%

ASMB ASSEMBLY BIOSCIENCES INC 0.4%

Value ($000) $34,704 Shares 1,020,410 Est. Cost $21.94 Unrealized +46.8%

SABS SAB BIOTHERAPEUTICS INC 0.2%

Value ($000) $16,462 Shares 4,401,500 Est. Cost $2.26 Unrealized +45.5%

BCAX BICARA THERAPEUTICS INC 1.2%

Value ($000) $117,069 Shares 6,955,993 Est. Cost $25.50 Unrealized -33.0%

ABOS ACUMEN PHARMACEUTICALS INC 0.3%

Value ($000) $31,507 Shares 14,932,063 Est. Cost $13.02 Unrealized -84.8%

ACRV ACRIVON THERAPEUTICS INC 0.2%

Value ($000) $20,101 Shares 8,340,508 Est. Cost $10.73 Unrealized -79.7%

AVTX AVALO THERAPEUTICS INC 0.1%

Value ($000) $12,039 Shares 662,968 Est. Cost $10.31 Unrealized +63.7%

SLDB SOLID BIOSCIENCES INC 0.3%

Value ($000) $32,776 Shares 5,811,423 Est. Cost $6.22 Unrealized -12.9%

NKTX NKARTA INC 0.2%

Value ($000) $19,989 Shares 10,805,129 Est. Cost $20.85 Unrealized -90.4%

NAMSW NEWAMSTERDAM PHARMA CO NV-27 0.1%

Value ($000) $7,667 Shares 333,333 Est. Cost $0.87 Unrealized —

PCSC PERCEPTIVE CAPITAL SOLUTIONS 0.1%

Value ($000) $9,773 Shares 750,000 Est. Cost $10.07 Unrealized +11.9%

WGS GENEDX HOLDINGS CORP 0.1%

Value ($000) $7,549 Shares 58,044 Est. Cost $78.50 Unrealized +74.8%

PGNY PROGYNY INC 0.0%

Value ($000) $2,481 Shares 96,628 Est. Cost $22.73 Unrealized +1.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CIDARA THERAPEUTICS INC	3,365,523	$743,410	7.6%	$38.25	—	SH	171757206
RNA	AVIDITY BIOSCIENCES INC	8,641,031	$623,278	6.4%	$27.64	+133.7%	SH	05370A108
WVE	WAVE LIFE SCIENCES LTD	18,203,009	$309,451	3.2%	$8.66	+17.3%	SH	Y95308105
TYRA	TYRA BIOSCIENCES INC	12,198,625	$320,702	3.3%	$17.16	+7.0%	SH	90240B106
ASND	ASCENDIS PHARMA A/S - ADR	10,281,496	$2,192,426	22.5%	$82.85	—	SH	04351P101
LENZ	LENZ THERAPEUTICS INC	4,178,823	$66,861	0.7%	$20.79	+40.2%	SH	52635N103
JANX	JANUX THERAPEUTICS INC	11,189,693	$154,418	1.6%	$26.21	-10.3%	SH	47103J105
EWTX	EDGEWISE THERAPEUTICS INC	10,428,437	$258,782	2.7%	$15.67	+28.1%	SH	28036F105
SEPN	SEPTERNA INC	6,995,858	$195,045	2.0%	$23.65	+1.0%	SH	81734D104
TSHA	TAYSHA GENE THERAPIES INC	23,555,648	$129,556	1.3%	$2.03	+139.0%	SH	877619106
PEPG	PEPGEN INC	20,064,545	$130,620	1.3%	$6.78	-23.4%	SH	713317105
IVVD	INVIVYD INC	17,119,096	$42,284	0.4%	$0.89	+134.5%	SH	00534A102
SPRY	ARS PHARMACEUTICALS INC	10,860,977	$126,530	1.3%	$6.66	+46.1%	SH	82835W108
ARTV	ARTIVA BIOTHERAPEUTICS INC	9,853,302	$42,271	0.4%	$11.59	-67.4%	SH	04317A107
GHRS	GH RESEARCH PLC	7,676,697	$97,494	1.0%	$15.85	-14.1%	SH	G3855L106
MLYS	MINERALYS THERAPEUTICS INC	7,323,750	$265,779	2.7%	$15.64	+156.5%	SH	603170101
HOWL	WEREWOLF THERAPEUTICS INC	6,681,307	$4,233	0.0%	$9.71	-87.5%	SH	95075A107
ASMB	ASSEMBLY BIOSCIENCES INC	1,020,410	$34,704	0.4%	$21.94	+46.8%	SH	045396207
SABS	SAB BIOTHERAPEUTICS INC	4,401,500	$16,462	0.2%	$2.26	+45.5%	SH	78397T202
BCAX	BICARA THERAPEUTICS INC	6,955,993	$117,069	1.2%	$25.50	-33.0%	SH	055477103
ABOS	ACUMEN PHARMACEUTICALS INC	14,932,063	$31,507	0.3%	$13.02	-84.8%	SH	00509G209
ACRV	ACRIVON THERAPEUTICS INC	8,340,508	$20,101	0.2%	$10.73	-79.7%	SH	004890109
AVTX	AVALO THERAPEUTICS INC	662,968	$12,039	0.1%	$10.31	+63.7%	SH	05338F306
SLDB	SOLID BIOSCIENCES INC	5,811,423	$32,776	0.3%	$6.22	-12.9%	SH	83422E204
NKTX	NKARTA INC	10,805,129	$19,989	0.2%	$20.85	-90.4%	SH	65487U108
NAMSW	NEWAMSTERDAM PHARMA CO NV-27	333,333	$7,667	0.1%	$0.87	—	SH	N62509117
PCSC	PERCEPTIVE CAPITAL SOLUTIONS	750,000	$9,773	0.1%	$10.07	+11.9%	SH	G70077105
WGS	GENEDX HOLDINGS CORP	58,044	$7,549	0.1%	$78.50	+74.8%	SH	81663L200
PGNY	PROGYNY INC	96,628	$2,481	0.0%	$22.73	+1.2%	SH	74340E103