RA Capital boosts Acrivon (ACRV) stake to 28.8% after ATM share buy

Rhea-AI Filing Summary

RA Capital Management and related parties report owning 12,284,906 shares of Acrivon Therapeutics, or 28.8% of the common stock. This follows the RA Capital Healthcare Fund’s purchase of 3,888,888 shares in an at-the-market offering at $1.80 per share for $6,999,998.40 in cash.

The ownership includes 11,803,094 shares held by the Fund, 426,302 shares held by RA Capital Nexus Fund II, L.P., and 55,510 vested stock options held by Dr. DiRocco for the benefit of RA Capital. The ownership percentages are based on 38,744,446 shares outstanding as of March 16, 2026 plus the new ATM shares and exercisable options.

Insights

Equity ownership and governance analyst

RA Capital increases its Acrivon stake to a near 29% holding.

RA Capital and affiliated entities now beneficially own 12,284,906 Acrivon shares, representing 28.8% of the common stock. This includes a recent at-the-market purchase of 3,888,888 shares at $1.80 per share for total cash consideration of $6,999,998.40.

The Fund’s position of 11,803,094 shares alone equals 27.7% of the company. The filing describes delegated voting and investment authority structures, with RA Capital holding decision-making power while certain funds disclaim beneficial ownership for Section 13(d) purposes.

The updated percentages are calculated against 38,744,446 shares outstanding as of March 16, 2026, plus the new ATM issuance and options exercisable within 60 days. Future ownership levels will depend on any additional transactions disclosed in subsequent beneficial ownership updates.

Key Figures

Total beneficial ownership: 12,284,906 shares Ownership percentage: 28.8% Fund direct holdings: 11,803,094 shares +5 more

8 metrics

Total beneficial ownership 12,284,906 shares Shares of Acrivon common stock beneficially owned by reporting persons

Ownership percentage 28.8% Portion of Acrivon common stock beneficially owned by reporting persons

Fund direct holdings 11,803,094 shares Acrivon shares held directly by RA Capital Healthcare Fund, L.P.

Fund ownership percentage 27.7% Acrivon common stock represented by Fund’s direct holdings

ATM shares purchased 3,888,888 shares Shares bought by the Fund in at-the-market offering on April 22, 2026

Purchase price per share $1.80 per share Price paid in the at-the-market offering

Total ATM consideration $6,999,998.40 Cash paid by the Fund for 3,888,888 shares in ATM offering

Shares outstanding baseline 38,744,446 shares Acrivon shares outstanding as of March 16, 2026 used for percentage calculation

Key Terms

Schedule 13D, beneficial owner, at-the-market offering, stock options, +2 more

6 terms

Schedule 13D regulatory

"the statement on originally filed with the Securities and Exchange Commission (the "SEC") on November 28, 2022"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficial owner regulatory

"may be deemed a beneficial owner, for purposes of Section 13(d) of the Act"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

at-the-market offering financial

"purchased 3,888,888 shares of common stock in an at-the-market offering by the Issuer (the "ATM Offering")"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

stock options financial

"a total of 55,510 vested stock options (right to buy) held by Dr. DiRocco"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

Section 13(d) of the Act regulatory

"for purposes of Section 13(d) of the Act, of any securities of the Issuer"

investment adviser financial

"RA Capital serves as investment adviser for each of the Fund and the Nexus Fund II"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

ACRIVON THERAPEUTICS, INC.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

004890109

(CUSIP Number)

Peter Kolchinsky
RA Capital Management, L.P., 200 Berkeley Street, 18th Floor
Boston, MA, 02116
617.778.2500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/22/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 004890109

1

Name of reporting person

RA Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,284,906.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,284,906.00

11

Aggregate amount beneficially owned by each reporting person

12,284,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.8 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP Number(s): 004890109

1

Name of reporting person

Peter Kolchinsky

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,284,906.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,284,906.00

11

Aggregate amount beneficially owned by each reporting person

12,284,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.8 %

14

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13D

CUSIP Number(s): 004890109

1

Name of reporting person

Rajeev Shah

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 12,284,906.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,284,906.00

11

Aggregate amount beneficially owned by each reporting person

12,284,906.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.8 %

14

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13D

CUSIP Number(s): 004890109

1

Name of reporting person

RA Capital Healthcare Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 11,803,094.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 11,803,094.00

11

Aggregate amount beneficially owned by each reporting person

11,803,094.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

27.7 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: ACRIVON THERAPEUTICS, INC.
(c)	Address of Issuer's Principal Executive Offices: 480 ARSENAL WAY, SUITE 100, WATERTOWN, MASSACHUSETTS , 02472.
Item 1 Comment: This Amendment No. 4 (this "Amendment No. 4" or this "Schedule 13D/A") amends and supplements the statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on November 28, 2022 and amended on March 30, 2023, April 11, 2024 and March 23, 2026 (as amended, the "Statement") by the Reporting Persons. Unless otherwise defined herein, capitalized terms used in this Amendment No. 4 shall have the meanings ascribed to them in the Statement. Unless amended or supplemented below, the information in the Statement remains unchanged.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being filed on behalf of RA Capital Management, L.P. ("RA Capital"), Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P. (the "Fund"). RA Capital, Dr. Kolchinsky, Mr. Shah, and the Fund are collectively referred to herein as the "Reporting Persons." The agreement among the Reporting Persons to file this Schedule 13D/A jointly in accordance with Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended, (the "Act") is attached hereto as Exhibit 99.1. The Reporting Persons' ownership of the Issuer's securities includes (i) 11,803,094 shares of common stock held directly by the Fund; (ii) 426,302 shares of common stock held directly by RA Capital Nexus Fund II, L.P. (the "Nexus Fund II"); and (iii) a total of 55,510 vested stock options (right to buy) held by Dr. DiRocco for the benefit of RA Capital. RA Capital Healthcare Fund GP, LLC is the general partner of the Fund and RA Capital Nexus Fund II GP, LLC is the general partner of the Nexus Fund II. The general partner of RA Capital is RA Capital Management GP, LLC, of which Dr. Kolchinsky and Mr. Shah are the controlling persons. RA Capital serves as investment adviser for each of the Fund and the Nexus Fund II 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 or the Nexus Fund II. Each of the Fund and the Nexus Fund II has delegated to RA Capital the sole power to vote and the sole power to dispose of all securities held in its portfolio, including the shares of the Issuer's common stock reported herein. Because each of the Fund and the Nexus Fund II has divested itself of voting and investment power over the reported securities it holds and may not revoke that delegation on less than 61 days' notice, each of the Fund and the Nexus Fund II disclaims beneficial ownership of the securities it holds for purposes of Section 13(d) of the Act and therefore disclaims any obligation to report ownership of the reported securities under 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 13D/A other than for the purpose of determining their obligations under Section 13(d) of the Act, and the filing of this Schedule 13D/A 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.
(b)	The address of the principal business office of each of the Reporting Persons is 200 Berkeley Street, 18th Floor, Boston, MA 02116.
(c)	The Fund is a private investment vehicle. RA Capital provides investment management services to the Fund and the Nexus Fund II. The principal occupation of each of Dr. Kolchinsky and Mr. Shah is investment management.
(d)	During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree of final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	See Item 6 of the cover pages.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Statement is hereby amended and supplemented as follows: On April 22, 2026, the Fund purchased 3,888,888 shares of common stock in an at-the-market offering by the Issuer (the "ATM Offering") at a price of $1.80 per share, for total consideration of $6,999,998.40. The purchase was for cash and was funded by the working capital of the Fund.
Item 5.	Interest in Securities of the Issuer
(a)	Rows 11 and 13 of each Reporting Person's cover page to this Schedule 13D/A set forth the aggregate number of shares of common stock and percentages of the shares of common stock beneficially owned by such Reporting Person and are incorporated by reference. The percentage set forth in each row 13 is based upon the sum of (1) 38,744,446 shares outstanding as of March 16, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the SEC on March 19, 2026 and (ii) 3,888,888 shares of common stock issued to the Fund by the Issuer pursuant to the ATM Offering, and giving effect to stock options, to the extent exercisable within 60 days hereof, as referenced herein.
(b)	Rows 7 through 10 of each Reporting Person's cover page to this Schedule 13D/A set forth the number of shares of common stock as to which such Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition and are incorporated by reference.
(c)	Except as set forth herein, none of the Reporting Persons has effected any transaction with respect to the securities of the Issuer since the most recent amendment to this Schedule 13D/A.
(d)	No person (other than the Reporting Persons) is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of common stock subject to this 13D/A.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Joint Filing Agreement (incorporated by reference to Exhibit 1 to the Reporting Persons' Schedule 13D/A filed with the SEC on April 11, 2024).

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.

RA Capital Management, L.P.

Signature:	/s/ Peter Kolchinsky
Name/Title:	By Peter Kolchinsky, Authorized Signatory
Date:	04/23/2026

Peter Kolchinsky

Signature:	/s/ Peter Kolchinsky
Name/Title:	Peter Kolchinsky
Date:	04/23/2026

Rajeev Shah

Signature:	/s/ Rajeev Shah
Name/Title:	Rajeev Shah
Date:	04/23/2026

RA Capital Healthcare Fund, L.P.

Signature:	/s/ Peter Kolchinsky
Name/Title:	By RA Capital Healthcare Fund GP, LLC, its General Partner, By Peter Kolchinsky, Manager
Date:	04/23/2026

FAQ

How many Acrivon Therapeutics (ACRV) shares does RA Capital now beneficially own?

RA Capital and its related reporting persons beneficially own 12,284,906 Acrivon common shares. This stake reflects holdings across RA Capital Healthcare Fund, RA Capital Nexus Fund II, L.P., and vested stock options held for RA Capital’s benefit, as disclosed in the amended Schedule 13D filing.

What percentage of Acrivon Therapeutics (ACRV) does RA Capital’s group control?

The reporting group led by RA Capital reports beneficial ownership of 28.8% of Acrivon’s common stock. This percentage is calculated using 38,744,446 shares outstanding as of March 16, 2026, plus the newly issued at-the-market shares and stock options exercisable within 60 days.

What new Acrivon (ACRV) shares did RA Capital Healthcare Fund purchase?

On April 22, 2026, RA Capital Healthcare Fund purchased 3,888,888 Acrivon common shares in an at-the-market offering at $1.80 per share. The total cash consideration was $6,999,998.40, funded from the Fund’s working capital according to the Schedule 13D/A disclosure.

How large is RA Capital Healthcare Fund’s direct position in Acrivon (ACRV)?

RA Capital Healthcare Fund directly holds 11,803,094 Acrivon common shares. This position represents 27.7% of the company’s common stock, based on the share count framework detailed in the filing, and forms the core of the reporting persons’ aggregated beneficial ownership stake.

How is RA Capital’s Acrivon (ACRV) ownership structure organized across entities?

The ownership includes 11,803,094 shares held by RA Capital Healthcare Fund, 426,302 shares held by RA Capital Nexus Fund II, L.P., and 55,510 vested stock options held by Dr. DiRocco for RA Capital’s benefit. RA Capital has delegated voting and investment authority over these portfolios.

What share count did the filing use to calculate RA Capital’s Acrivon (ACRV) ownership percentage?

The filing bases percentage ownership on 38,744,446 Acrivon shares outstanding as of March 16, 2026, as reported in the company’s Form 10-K, plus 3,888,888 new shares issued in the at-the-market offering and stock options exercisable within 60 days of the amendment.