Research Alliance Corporation III disclosure: Trails Edge entities and Ortav Yehudai report beneficial ownership of 500,000 Class A Ordinary Shares, representing 5.5% of the outstanding shares as of May 21, 2026. Ownership is based on 9,098,529 Ordinary Shares outstanding as of May 20, 2026, with the shares held directly by Trails Edge Biotechnology and voting/investment discretion exercised by Trails Edge Capital and Mr. Yehudai.
Positive
None.
Negative
None.
Insights
Trails Edge reports a passive 5.5% stake held through a master fund.
The filing states 500,000 shares are held directly by Trails Edge Biotechnology, amounting to 5.5% of the issuer based on May 20, 2026 outstanding shares. The report is a joint filing attributing voting and dispositive power to Trails Edge Capital and Mr. Yehudai.
Key dependencies: the position size and any future changes depend on subsequent purchases or dispositions by the filers and on updates to outstanding share counts in later filings.
Filing follows Schedule 13G joint-filing conventions and cites the issuer's prospectus for outstanding shares.
The submission identifies the filers, address, and the direct holder (Trails Edge Biotechnology). It references the issuer's Prospectus filed pursuant to Rule 424(b)(4) for the outstanding share base of 9,098,529.
Disclosure items to watch in subsequent filings include any amendment if ownership crosses passive thresholds or if the filers assert active investment intent; timing not provided in this excerpt.
Key Figures
Shares beneficially owned:500,000 sharesPercent of class:5.5%Shares outstanding:9,098,529 Ordinary Shares
3 metrics
Shares beneficially owned500,000 sharesAs of May 21, 2026; held directly by Trails Edge Biotechnology
Percent of class5.5%Calculated using 9,098,529 shares outstanding as of May 20, 2026
Shares outstanding9,098,529 Ordinary SharesReported in issuer's Prospectus filed May 20, 2026
Key Terms
beneficially own, sole dispositive power, joint filing agreement
3 terms
beneficially ownregulatory
"As of May 21, 2026, each Filer may be deemed to beneficially own an aggregate of 500,000"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
sole dispositive powerregulatory
"Sole Dispositive Power 500,000.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
What stake does Trails Edge report in Research Alliance Corporation III (RACC)?
Trails Edge reports beneficial ownership of 500,000 Class A Ordinary Shares, representing 5.5% of outstanding shares based on the filing's disclosed share count.
Who holds the 500,000 shares reported in the Schedule 13G for RACC?
The filing states the 500,000 shares are held directly by Trails Edge Biotechnology Master Fund, with Trails Edge Capital and Ortav Yehudai exercising voting and investment discretion.
What outstanding share count does the Schedule 13G use to calculate the 5.5% for RACC?
The filing uses an outstanding share base of 9,098,529 Ordinary Shares as of May 20, 2026, cited from the issuer's prospectus filed pursuant to Rule 424(b)(4).
Does the Schedule 13G indicate active management or passive status by Trails Edge?
The filing reports beneficial ownership and a joint filing structure; it does not assert active investment intent in the excerpt and follows standard Schedule 13G disclosure conventions.
What address is listed for the filers in the RACC Schedule 13G?
All filers list their address as 3455 Peachtree Road NE, Suite 900, Atlanta, GA 30326 in the Schedule 13G filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Research Alliance Corporation III
(Name of Issuer)
Class A Ordinary Shares, $0.0001 par value per share
(Title of Class of Securities)
G75226103
(CUSIP Number)
05/21/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G75226103
1
Names of Reporting Persons
Trails Edge Capital Partners, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
500,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
500,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
500,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
CUSIP Number(s):
G75226103
1
Names of Reporting Persons
Trails Edge Biotechnology Master Fund, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
500,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
500,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
500,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
CUSIP Number(s):
G75226103
1
Names of Reporting Persons
Ortav Yehudai
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
500,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
500,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
500,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Research Alliance Corporation III
(b)
Address of issuer's principal executive offices:
600 Fifth Avenue, 23rd Floor, New York, NY 10020
Item 2.
(a)
Name of person filing:
This report on Schedule 13G is being filed by Trails Edge Capital Partners, LP, a Delaware limited partnership ("Trails Edge Capital"), Trails Edge Biotechnology Master Fund, LP, a Cayman Islands limited partnership ("Trails Edge Biotechnology"), and Ortav Yehudai ("Mr. Yehudai"). Trails Edge Capital is the investment manager to Trails Edge Biotechnology, and Mr. Yehudai is the Chief Investment Officer of Trails Edge Capital. Each of Trails Edge Capital, Trails Edge Biotechnology and Mr. Yehudai are referred to individually as a "Filer" and collectively as the "Filers".
(b)
Address or principal business office or, if none, residence:
The address for each Filer is 3455 Peachtree Road NE, Suite 900, Atlanta, GA 30326.
(c)
Citizenship:
See Item 4 of the cover page of each Filer.
(d)
Title of class of securities:
Class A Ordinary Shares, $0.0001 par value per share
(e)
CUSIP Number(s):
G75226103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of May 21, 2026 (the "Event Date"), each Filer may be deemed to beneficially own an aggregate of 500,000 Class A Ordinary Shares, $0.0001 par value per share (the "Ordinary Shares"), of Research Alliance Corporation III (the "Issuer"). The 500,000 Ordinary Shares reported as beneficially owned on this Schedule 13G by each Filer consist of 500,000 Ordinary Shares held directly by Trails Edge Biotechnology. As a result, Trails Edge Biotechnology beneficially owns 5.5% of the outstanding Ordinary Shares of the Issuer as of the Event Date. Trails Edge Capital, as the investment manager to Trails Edge Biotechnology, may be deemed to beneficially own these securities. Mr. Yehudai, as the Chief Investment Officer of Trails Edge Capital, exercises voting and investment discretion with respect to these securities and as such may be deemed to beneficially own 5.5% of the outstanding Ordinary Shares of the Issuer as of the Event Date.
Ownership percentages are based on 9,098,529 Ordinary Shares issued and outstanding as of May 20, 2026, as reported by the Issuer in its Prospectus filed pursuant to Rule 424(b)(4) with the Securities and Exchange Commission on May 20, 2026.
(b)
Percent of class:
5.5 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
500,000.00
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
500,000.00
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Trails Edge Capital Partners, LP
Signature:
/s/ Trails Edge Capital Partners, LLC, GP of Trails Edge Capital Partners, LP /s/ Ortav Yehudai
Name/Title:
Ortav Yehudai / Chief Investment Officer of Trails Edge Capital Partners, LLC
Date:
05/29/2026
Trails Edge Biotechnology Master Fund, LP
Signature:
/s/ Trails Edge GP, LLC, GP of Trails Edge Biotechnology Fund GP, LP, GP of Trails Edge Biotechnology Master Fund, LP /s/ Ortav Yehudai
