RA Capital (Research Alliance)
#62 of 11752/100 from 2 resolved vehicles (1 closed, 1 failed), 29% of the raw 59 after small-sample shrink. Confidence: low.
Sponsor DNA
what has happened before, with its sample size- Completion rate—n=2 resolved vehiclesderived
- Liquidation rate—n=2 resolved vehiclesderived
- Median post-close return—n=1 priced completed deSPACderived
- Median redemption—n=0 redemption events with a stated ratederived
- Deals terminated0terminated dealscounted
- Extension votes on record0extension votescounted
2 of 6 statistics carry a figure for this sponsor. A rate is published from 3 resolved vehicles and a median from 3 observations: two points have no middle, and a rate over two can only be 0, 50 or 100. Counts have no threshold — a count is an observation, not an estimate.
Everything marked derived is arithmetic we did to rows we hold, not a figure any filing states.
What this panel will not tell you, and why (6)›
Score breakdown
every component, what it measured, and what it could not- Deal completion20% weightn=250/100
1/2 resolved vehicles closed a deal (50%); 1 liquidated, 0 terminated. Not gated: measured post-close quality is 54/100, at or above the money-back mark, so the full completion credit is earned. Small sample — the shrink below keeps this near neutral.
- Liquidation / termination drag16% weightn=475/100
1 liquidation and 0 terminations across 4 vehicles raised → 25% attrition (terminations 1.25×, stale shells 0.75×).
- Post-close outcome quality40% weightn=154/100
1 priced deSPAC vs trust value (prior vehicles against the $10.00 IPO baseline, in-DB vehicles against the trust they filed): median +25%, 1/1 still worth at least half of trust, 0 at under a tenth of it. Worst: POINT Biopharma (acq. by Eli Lilly) +25%. n=1, pulled toward neutral.
- Redemption behaviour10% weightnot measurable
No redemption events extracted for this sponsor yet (coverage is partial) — held neutral; absence of rows is NOT evidence of zero redemptions.
Held at the neutral 50 across its full 10% weight — missing data is never scored as a failure, but it never earns credit either.
- Extension reliance8% weightnot measurable
No extension filings extracted for this sponsor — held neutral (partial coverage, not a clean record).
Held at the neutral 50 across its full 8% weight — missing data is never scored as a failure, but it never earns credit either.
- Live fleet vs trust6% weightn=2100/100
2/2 live vehicles trading at or above the trust value they filed.
- Measured weak recordflat penaltyn=1not measurable
Only 1 measured prior vehicle (median +25%) — one vehicle is an anecdote, not a record; the rule needs ≥2.
How the number is built: weighted mean of the six components above = 59, then pulled 71% of the way back to the neutral 50 for small sample size (2 resolved vehicles) = 52.
2 components are not measurable for this sponsor (redemption behaviour, extension reliance) — 18% of the weight is a neutral placeholder rather than evidence. That is why the confidence chip reads low.
How the Sponsor Score worksoutcome-first weighting
The score answers one question: did this sponsor make money for the people who held through the merger? Not “did they get a deal signed”. Those are different questions, and most sponsor rankings quietly answer the second one.
So post-close outcome quality carries 40% — the realised return of every prior vehicle we can price from a primary filing, measured against the $10.00 trust baseline. Deal completion carries 20%, and it is gated: closing deals that ended below trust value only earns part of the completion credit, because closing is a precondition for a return, not a return. Liquidation and termination drag takes 16%, redemption behaviour 10%, extension reliance 8%, and what the tape says about the live fleet just 6% — a quote is an opinion, not evidence.
A component with no data is never guessed. It is held at the neutral 50 across its full weight and labelled “not measurable”. Dropping it and re-weighting the rest would quietly reward a sponsor for having no verifiable record — exactly backwards. The consequence: a sponsor with no post-close evidence at all cannot read above 71, and cannot be labelled a strong operator no matter how many deals it closed.
Experience never inflates the score. There is no “years in business” component. A first-time sponsor sits at exactly 50 and reads “unproven” with low confidence — new is not bad. Sample size only pulls a score toward or away from that neutral 50, so nobody is called great or terrible on one vehicle.
Every input is a row already in the database, sourced from SEC primary filings: prior vehicles verified on EDGAR, redemption results read out of 8-Ks, prices from public feeds. The arithmetic is deterministic — no model, no LLM, no judgement call. Research tooling, not investment advice.
Prior vehicles
2 SEC-verified — what happened to holders who stayed in| Vehicle | Outcome | Became | vs $10.00 | Today | Source |
|---|---|---|---|---|---|
| Therapeutics Acquisition CorpIPO 2020 | Completed | POINT Biopharma (acq. by Eli Lilly) | +25.0% | Acquired$12.50 · Dec 27, 2023 | 0001193125-23-303512 |
| Research Alliance Corp IIIPO 2021 | Liquidated | — | — | — | 0001104659-22-127804 |
1 of 2 prior vehicles carry an honest post-close price, split-adjusted against the $10.00 trust baseline a holder gave up at the merger. Cash buyouts are read from the per-share consideration stated in the DEFM14A / SC 14D-9; a buyout no filing prices stays unpriced and stays out of the score. “Listing ended” means the quote stopped with no buyer — scored as a total loss because that is what the evidence says, but never printed as a percentage we cannot source.
Current fleet
the vehicles running todayResearch profile
synthesized from SEC filings + sourced researchRA Capital (Research Alliance) — Peter Kolchinsky's platform. Prior-vehicle track record (SEC-verified via formerNames): (1) Therapeutics Acquisition Corp COMPLETED → POINT Biopharma (2020; acquired by Eli Lilly 2023, 25-NSE 2023-12 — a strong outcome). (2) Research Alliance Corp II LIQUIDATED (25-NSE 2022-12). Current vehicles RACC (in-deal) and RACD (searching). Net: 1 completed deSPAC (acquired by Lilly), 1 liquidation. Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov.
— research profile — RA Capital Management, L.P. is the sponsor behind the Research Alliance Corporation series of SPACs. Founded in 2002 by Peter Kolchinsky, PhD, who serves as Managing Partner alongside Rajeev Shah, RA Capital is a Boston-based, evidence-based, multi-stage healthcare and planetary health investment firm with over $15 billion in regulatory assets under management as of December 31, 2025, and a team of more than 200 professionals. The firm's proprietary knowledge engine, TechAtlas, maps competitive landscapes across 130-plus healthcare subsectors and 30-plus planetary health territories to develop investment conviction. The SPAC vehicles are led operationally by Matthew Hammond, PhD, MBA, a Partner on RA Capital's investment team, who serves as CEO and Director of the Research Alliance entities, joined by Henry Stusnick as Chief Business Officer and Chief Operating Officer. Earlier vehicles also featured Tess Cameron as a founding Principal serving as CFO and Director. The firm has been exclusively healthcare-focused since its launch and deploys capital across private and public companies, having deployed over $650 million into private financings in 2025 alone.
RA Capital's SPAC track record spans four vehicles. Research Alliance Corporation I merged with POINT Biopharma in March 2021, providing the radiopharmaceutical company with approximately $300 million in capital; Eli Lilly subsequently acquired POINT Biopharma for $1.4 billion in 2023, representing a clear win for the sponsor and its investors. Research Alliance Corporation II (RACB), which raised $130 million in its March 2021 IPO, failed to identify and complete a business combination and ultimately liquidated, returning capital to trust holders but producing no value creation beyond that. Research Alliance Corporation III (RACC) raised $75 million in its May 2026 IPO and announced a definitive business combination agreement with Oak Hill Bio on July 27, 2026, a rare disease biotech developing rugonersen, an antisense oligonucleotide therapy for Angelman syndrome currently in a pivotal Phase 3 trial. The transaction is structured to provide approximately $175 million in gross proceeds, including $75 million from RACC's trust account fully backstopped by RA Capital and $100 million in committed private financing, with PIPE participants including Balyasny Asset Management, Janus Henderson Investors, BVF Partners, venBio, Cormorant Asset Management, Perceptive Advisors, and Foresite Capital. RACC shares rallied approximately 128 percent in the month following the announcement, reaching roughly $26 per share, reflecting strong investor enthusiasm for the target and deal structure. Research Alliance Corporation IV (RACD) filed with the SEC in June 2026 to raise up to $75 million, targeting healthcare, life sciences, and healthtech companies, and notably does not plan to offer units with warrants or rights attached.
The firm's broader reputation in the life sciences investment community is strong. RA Capital's portfolio includes companies such as 89bio, which was acquired by Roche for $3.5 billion, and Aktis Oncology, which completed the first biotech IPO of its year with a $318 million raise. The firm is known for its hands-on, analytically rigorous approach, combining deep scientific training with operational…
Data provenance & audit trail1 internal entry
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
Raw SEC identifiers lifted out of the public prose above (the sentences are unchanged); verbatim, each shown with the words it followed: "…merNames): (1) Therapeutics Acquisition Corp (CIK 0001811764)" · "…rong outcome). (2) Research Alliance Corp II (CIK 0001819724)"
The Sponsor Score is a deterministic research heuristic over primary-sourced rows — never a recommendation, and never a prediction. It cannot tell you whether this sponsor’s next deal will work; it tells you, precisely and with its own uncertainty attached, what the last ones did.