SCHEDULE: RA Capital Management Discloses Stake in OnKure Therapeutics

RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P. have filed a Schedule 13G, jointly reporting beneficial ownership of 9.9% of OnKure Therapeutics, Inc. Class A common stock.

Summary

• RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P. (collectively, the 'Reporting Persons') have entered into a Joint Filing Agreement to file a single Schedule 13G statement regarding their beneficial ownership of OnKure Therapeutics, Inc. Class A common stock.
• As of March 31, 2026, the Reporting Persons collectively beneficially own 4,038,715 shares of Class A common stock, representing 9.9% of the outstanding shares.
• This ownership includes shares held directly by RA Capital Healthcare Fund, L.P. and pre-funded warrants exercisable for additional shares, subject to a beneficial ownership blocker that limits exercise to maintain ownership below 9.99%.
• RA Capital Management, L.P. acts as the investment adviser for the Fund and has been delegated sole voting and dispositive power over the securities held by the Fund.
• Peter Kolchinsky and Rajeev Shah, as controlling persons of RA Capital Management GP, LLC (the general partner of RA Capital Management, L.P.), may be deemed beneficial owners of the securities held by RA Capital.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily concerns ownership reporting and a joint filing agreement rather than company performance or strategic changes.

Positives

• Significant stake disclosed by a prominent investment firm (RA Capital Management) in OnKure Therapeutics, Inc., which could signal confidence in the company's prospects.
• The joint filing agreement streamlines reporting and indicates a coordinated approach to ownership by the reporting entities.

Negatives

• The beneficial ownership blocker on pre-funded warrants limits the Fund's ability to exercise them, capping their potential ownership increase and influence.

Risks

• The beneficial ownership blocker on pre-funded warrants prevents the Fund from exercising them if it would result in beneficial ownership exceeding 4,038,715 shares of Class A common stock, effectively capping their stake.
• The filing explicitly states that the Reporting Persons expressly disclaim status as a 'group' for purposes of this Schedule 13G, which could be a point of scrutiny.

Future Outlook

The filing does not contain specific forward-looking statements or guidance from the company. It primarily details ownership stakes and reporting agreements.

Management Comments

• The Reporting Persons expressly disclaim status as a 'group' for purposes of this Schedule 13G.
• RA Capital serves as investment adviser for the Fund and may be deemed a beneficial owner, for purposes of Section 13(d) of the Act, of any securities of the Issuer held by the Fund.
• The Fund has delegated to RA Capital the sole power to vote and the sole power to dispose of all securities held in the Fund's portfolio, including the shares of the Issuer's Class A common stock reported herein.
• Because the Fund has divested voting and investment power over the reported securities it holds and may not revoke that delegation on less than 61 days' notice, the Fund disclaims beneficial ownership of the securities it holds for purposes of Section 13(d) of the Act.
• As managers of RA Capital, Dr. Kolchinsky and Mr. Shah may be deemed beneficial owners, for purposes of Section 13(d) of the Act, of any securities of the Issuer beneficially owned by RA Capital.
• RA Capital, Dr. Kolchinsky, and Mr. Shah disclaim beneficial ownership of the securities reported in this Schedule 13G other than for the purpose of determining their obligations under Section 13(d) of the Act, and the filing of this Schedule 13G shall not be deemed an admission that either RA Capital, Dr. Kolchinsky, or Mr. Shah is the beneficial owner of such securities for any other purpose.

Industry Context

StockSavvy.ai notes that Schedule 13G filings by investment firms like RA Capital Management often indicate a passive investment strategy, but the size of the stake (9.9%) is substantial enough to warrant attention from other market participants and potentially signal a view on OnKure Therapeutics' future performance.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by RA Capital may influence investor sentiment and market perception of OnKure Therapeutics.
• Management: The filing confirms the reporting structure and potential influence of RA Capital and its principals.
• Creditors: No direct impact mentioned, but increased institutional interest could indirectly affect the company's financial standing.

Next Steps

• The Reporting Persons will continue to file amendments to Schedule 13G as required by SEC regulations.
• The Joint Filing Agreement can be terminated by any of the Filers upon one week's prior written notice or a mutually agreed lesser period.

Key Dates

Keywords

Schedule 13G, RA Capital Management, OnKure Therapeutics, Beneficial Ownership, Class A Common Stock, Joint Filing Agreement, Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, SEC Filing