RA Capital Nexus Fund Ii, LP

Ra Capital Management, 10% owner and director, deployed substantial capital across multiple open-market purchases at Hemab Therapeutics (COAG).

L.P. Ra Capital Management, a director and significant institutional shareholder, executed a series of open-market purchases totaling approximately $52.2 million across three trading days, adding nearly 2.9 million shares to its position. The timing coincides with the stock trading at its lowest point in its brief public history, suggesting the fund saw a tactical opportunity despite the steep discount from recent highs. Ra Capital's track record shows a strong history with prior purchases — all completed within the past 90 days have been profitable, indicating disciplined entry timing. This purchase represents a substantial reaffirmation of confidence in Hemab's prospects: Ra Capital is not a passive holder but an active accumulator willing to deploy significant capital when valuations compress. The scale and conviction of this institutional accumulation warrant monitoring as a potential signal that sophisticated capital sees value below current prices.

RA Capital Management purchased 7,111 shares of CLYM at $3.50 on 2026-01-05, growing position to 3,403,429 shares amid unprofitable fundamentals.

RA Capital Management acquired 7,111 shares at $3.50, a relatively small incremental addition to an already substantial 3.40M-share position, at a price 16.7% below the current market price of $4.20. The purchase follows two prior buys at the same ticker within days (2025-12-11 and 2025-12-12), suggesting repeated accumulation despite Climb Bio's unprofitable fundamentals—the company reported a net loss of $12.9M over its most recent full fiscal year. The stock has recovered sharply (+132.0% over 30 days, +122.2% over 90 days) from a 52-week low of $1.13, yet remains -14.8% from its 52-week high of $4.93. The insider's broader cross-ticker history shows 2 prior buys against 18 prior sells with a modest +4.5% average 30-day return following sales, which does not establish a strong pattern of timing acumen at this specific ticker.

Director RA Capital Management purchases 314,561 shares in 2 tranches at $2.18–$2.86; stock now at $3.81, up 100.5% in 30 days.

RA Capital Management, a Director, executed 2 separate purchases totaling 314,561 shares for $754,737.14 at prices ($2.18 and $2.86) well below the current price of $3.81, expanding holdings by 10.2% to 3,396,318 shares. The timing coincides with exceptional recent momentum: the stock has rallied 100.5% over the prior 30 days and 89.6% over 90 days, now sitting at its 52-week high. However, this purchase occurs against a backdrop of ongoing unprofitability ($-12,888,000.00 net income) and the insider's cross-ticker track record shows 20 prior sells with no offsetting buys recorded in the summarized history. The filing reflects a director's discretionary accumulation during a period of sharp stock appreciation, warrant deeper examination into whether this represents conviction in the company's turnaround or a specific investment thesis distinct from the broader momentum.

RA Capital Management bought 9,375,000 shares of PEPG at $3.20 for $30.0M, doubling director holdings to 18,554,273 shares

RA Capital Management purchased 9,375,000 shares (9.38M shares) at $3.20 on 2025-09-26, representing a $30,000,000.00 ($30.0M) investment that doubled its post-transaction holdings from 9,179,273 to 18,554,273 shares (+102.1%). The purchase occurred near the 52-week low range while the stock has surged +298.3% over the past 30 days, suggesting the director's timing captured a significant downside point before a recent rally. However, PepGen remains operationally challenged with full-year net income of $-23,087,000.00 ($-23.1M), making the company unprofitable, and the stock still trades -52.7% below its 52-week high despite the recent momentum. This substantial capital commitment by an insider director merits scrutiny of both the underlying business recovery trajectory and whether the recent price recovery is durable.

RA Capital Management bought 536,426 shares at blended $0.91 across 3 transactions; now holds 6.24M shares (+9.4%).

RA Capital Management, listed as a Director, executed 3 separate purchases totaling 536,426 shares for $487,187.92 at a blended average price of $0.91 on May 12-14, 2025, increasing its position from 5.70M to 6.24M shares. The timing coincides with a 30-day stock price gain of +28.3%, though the stock remains -82.2% from its 52-week high of $5.57 and trades at current price $0.99. The company is unprofitable with net income of $-18,089,000.00 and a market cap of $44,424,909.54, indicating a cash-constrained biotech profile. Across RA Capital's cross-ticker open-market history, 18 prior buys averaged +20.4% return over 30 days (69.23% win rate), suggesting a track record of timely buy decisions, though historical performance does not guarantee outcomes at this particular ticker.

RA Capital Management director bought 824,041 shares in 4 tranches for $25.3M at average $30.75, lifting stake to 10.14M shares amid 54.2% decline from 52-week high.

RA Capital Management, as director of Janux Therapeutics, executed 4 separate purchases totaling 824,041 shares for $25,342,964.88 between March 5–7, 2025, at prices ranging from $30.56 to $31.30—a blended average of $30.75. This increased the firm's holdings from 9,317,246 shares to 10,141,287 shares, a net increase of 8.8%. The timing coincides with severe recent price pressure: the stock trades 54.2% below its 52-week high and down 31.4% over the prior 30 days. While RA Capital's cross-ticker track record shows a 46.67% 90-day win rate on buys with an average 90-day return of +250.0%, this represents aggregate historical performance; at Janux specifically, its single prior purchase on 2024-10-18 returned -9.2% over 90 days, establishing 0 out of 1 well-timed buys at this ticker. The company remains unprofitable (net income of $-28,059,000.00 in the latest full year) despite 31.0% annual revenue growth, adding fundamental uncertainty to any conviction read. The large dollar scale ($25.3M) and multi-tranche execution over three trading days in a distressed price environment warrant monitoring of subsequent price action and any public commentary on the rationale.

RA Capital Management bought 1,200,000 shares of JANX at $44.75 ($53.7M), lifting stake to 9,317,246 shares

RA Capital Management's $53.7M purchase of 1,200,000 shares represents a substantial 14.8% increase in holdings at $44.75 per share. The transaction is material in absolute size and signals continued engagement at a director level, though context is mixed: JANX is unprofitable with $-6.0M net income on $8.9M quarterly revenue and declining annual growth (-6.1%), yet the stock has recovered 16.3% over 90 days and trades only 18.5% below its 52-week high of $64.78. Notably, RA Capital's cross-ticker track record shows a 43.75% win rate on 18 prior buys with modest 30d and 90d average returns (+224.1% and +240.6% respectively), yet this provides limited predictive value for a single-ticker positioning decision in an early-stage biotech with significant operational headwinds.

RA Capital Management sold 3,525,094 shares (92.1% stake reduction) at $1.08 in two transactions on 2024-08-09.

RA Capital Management, a 10% owner, executed two separate sales totaling 3,525,094 shares (3.53M shares) for $3,807,101.52 ($3.8M) at $1.08 per share, reducing its stake from 3,825,947 to 300,853 shares—a 92.1% reduction in holdings. The timing is notable: the stock is trading at $1.09 (current price), down 94.9% from its 52-week high of $21.53 and down 57.8% over the past 30 days, while AN2 Therapeutics reported a negative net income of $-14,435,000.00 ($-14.4M) for its most recent full fiscal year. This near-complete exit by a major shareholder during a period of significant stock deterioration and ongoing unprofitability warrants investor scrutiny of the company's operational trajectory and any recent material developments that may have prompted the rapid portfolio reduction.