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Research Alliance Corp IV (RACD) reports its first results as a newly formed SPAC for the period from April 1, 2026 (inception) through June 30, 2026, showing only formation activity and no operating revenue. Net loss was $41,013, all from general, formation and administrative expenses.
At June 30, 2026, cash was $110,752 with a working capital deficit of $411,953, funded by a $25,000 founder share purchase and a $200,000 sponsor promissory note. Management concludes available resources are sufficient for at least one year.
Subsequent to quarter-end, RACD completed its IPO on July 14, 2026, issuing 7,500,000 Class A shares at $10.00 each for gross proceeds of $75,000,000, and selling 275,000 Private Placement Shares for $2,750,000. $75,000,000 was deposited into a Trust Account to fund a future business combination that must be completed within 24 months or the public shares will be redeemed.
Research Alliance Holdings IV LLC and its manager Matthew Hammond report beneficial ownership of 1,538,529 Class A ordinary shares of Research Alliance Corporation IV, representing 17.0% of the Class A shares outstanding, assuming full conversion of their 1,263,529 Class B ordinary shares.
RA Holdings IV holds 275,000 Class A shares acquired in a $2,750,000 private placement at $10.00 per share and originally received 1,014,706 Class B shares for a $25,000 cash contribution, later increased through share capitalization and transfers. The sponsor’s Class B and private placement shares are subject to lock-up restrictions tied to completion of the blank check company’s initial business combination but benefit from demand and piggyback registration rights. Under related agreements, RA Holdings IV and insiders have committed to vote in favor of a proposed business combination, not redeem their shares in that vote, and RA Holdings IV can nominate three directors after the business combination while it holds covered securities.
Research Alliance Corporation IV has a new large shareholder disclosure. Trails Edge Capital Partners LP, Trails Edge Biotechnology Master Fund LP and Ortav Yehudai report that, as of July 14, 2026, each may be deemed to beneficially own 500,000 Class A Ordinary Shares of the company. These 500,000 shares are held directly by Trails Edge Biotechnology Master Fund and represent 5.5% of the outstanding Class A Ordinary Shares, based on 9,098,529 shares outstanding as of July 13, 2026. For these shares, the filers report sole voting and sole dispositive power, with no shared power.
Biotechnology Value Fund and affiliates reported a significant passive stake in Research Alliance Corp’s Class A ordinary shares. As of July 20, 2026, BVF, BVF2 and Biotechnology Value Trading Fund OS together beneficially owned 500,000 Class A shares. These holdings represent approximately 6.4% of the 7,775,000 Class A shares outstanding as of the company’s underwritten public offering on July 13, 2026.
The filing details how various BVF-related entities share voting and dispositive power over these shares, with BVF GP Holdings LLC tied to 459,176 shares (5.9%) and BVF Partners L.P., BVF Inc. and Mark N. Lampert each deemed to beneficially own the full 500,000 shares, while expressly disclaiming ultimate beneficial ownership where applicable.
Research Alliance Corporation IV, a Cayman Islands blank check company, consummated its initial public offering of 7,500,000 Class A ordinary shares at $10.00 per share, raising gross proceeds of $75,000,000. A simultaneous private placement of 275,000 Class A shares to the sponsor at $10.00 per share added $2,750,000.
As of July 14, 2026, $75,000,000 of net proceeds, including $2,250,000 of deferred underwriting commissions, were deposited into a trust account for the benefit of public shareholders, while cash outside the trust was $1,414,902. The balance sheet shows total assets of $76,424,682, liabilities of $2,380,068 and Class A shares subject to possible redemption of $75,000,000, resulting in a shareholders’ deficit of $955,386. The company must complete a Business Combination by July 14, 2028 or redeem public shares and liquidate.
Research Alliance Corporation IV received a significant ownership disclosure from Commodore Capital LP, Commodore Capital Master LP, Robert Egen Atkinson, and Michael Kramarz. As of July 13, 2026, these filers may be deemed to beneficially own 500,000 Class A Ordinary Shares, representing 5.5% of the outstanding class.
The ownership is held with shared voting and dispositive power over all 500,000 shares for each filer and no sole voting or dispositive power. The percentage is based on 9,098,529 Class A Ordinary Shares outstanding as of July 10, 2026, as referenced in a Rule 424(b)(4) prospectus. Commodore Capital LP serves as investment manager to Commodore Capital Master LP, and Atkinson and Kramarz are managing partners exercising investment discretion.
Research Alliance Corporation IV received a Schedule 13G reporting that Perceptive Advisors LLC, Joseph Edelman and Perceptive Life Sciences Master Fund, Ltd. collectively beneficially own 700,000 Class A Ordinary Shares. This represents 7.7% of the 9,098,529 Ordinary Shares outstanding as of July 13, 2026.
The Master Fund directly holds the 700,000 shares. Perceptive Advisors, as investment manager, and Mr. Edelman, as managing member, may be deemed to beneficially own these shares. All three reporting persons have shared voting and dispositive power over 700,000 shares and no sole voting or dispositive power.
Research Alliance Holdings IV LLC, a director and ten percent owner of Research Alliance Corp IV, reported acquiring 275,000 Class A Ordinary Shares on 2026-07-14 through a grant or award transaction at a reported value of $10.00 per share. Following this award, the entity directly holds 275,000 shares of the company.
Hammond Matthew reported acquisition or exercise transactions in this Form 4 filing.
Research Alliance Corp IV reported that an entity affiliated with Chief Executive Officer Matthew Hammond, Research Alliance Holdings IV LLC, received a grant of 275,000 Class A Ordinary Shares at $10.00 per share. The shares are held indirectly, and Hammond may be deemed a beneficial owner but disclaims beneficial ownership except to the extent of any pecuniary interest.
Research Alliance Corporation IV, a special purpose acquisition company, completed its initial public offering of 7,500,000 Class A ordinary shares at $10.00 per share, raising gross proceeds of $75,000,000. The shares are listed on the Nasdaq Capital Market under the symbol RACD.
On closing, $75,000,000 from the IPO and a concurrent private placement of 275,000 Class A shares to the sponsor at $10.00 per share ($2,750,000) was placed in a trust account for the benefit of public shareholders, including a $2,250,000 deferred underwriting commission. The company appointed Alan Musso and John Maslowski as directors and to the audit, nominating, and compensation committees; each received 30,000 Class B ordinary shares as director compensation. The company also adopted an amended and restated memorandum and articles of association and plans to seek a business combination, intending to focus on healthcare or healthcare-related industries.