• Business Combination Vehicle: Research Alliance Corporation III operates as a Special Purpose Acquisition Company (SPAC) formed for the purpose of effecting a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.

Research Alliance Corporation III (RACC) is a newly organized blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its stated purpose is to effect a business combination with one or more existing businesses. Therefore, RACC does not have traditional customers in the sense of selling products or services.

Instead of customers, RACC's primary objective is to identify and acquire a target company, focusing on the healthcare or healthcare-related industries. Once it completes an initial business combination, the merged entity would then have its own customer base, which would be distinct from RACC's current operational model.

Matthew Hammond Chief Executive Officer and Director

Matthew Hammond is a Partner on the Investment Team at RA Capital Management, the sponsor of Research Alliance Corporation III. He previously served as the Chief Financial Officer and a Director of Research Alliance Corp I, RA Capital's first SPAC, which merged with Point Biopharma. Point Biopharma was subsequently acquired by Eli Lilly. Dr. Hammond has also served as a Director on the boards of other companies that were acquired, including DTx Pharma (acquired by Novartis), Emergence Therapeutics (acquired by Eli Lilly), and Forge Biologics (acquired by Ajinomoto). This demonstrates a pattern of involvement with companies backed by a multi-stage investment manager (RA Capital Management) that have achieved successful exits through acquisition.

Fran Adams Chief Financial Officer

Fran Adams serves as the Chief Financial Officer for Research Alliance Corporation III. Prior to this role, she was the Manager of People & Firm Operations at Intrinsic, a firm that provides transaction advisory and valuation services to private equity firms and private equity-backed companies. She began her professional career as the Human Resources Coordinator for DispatchHealth, a healthcare startup focused on providing in-home care.

Henry Stusnick Chief Business Officer and Chief Operating Officer

Henry Stusnick is an Analyst on the Investment Team at RA Capital Management. In this role, he works with the investment team and portfolio companies on competitive landscapes, investment opportunities, and pipeline strategy. He previously worked as an Investment Banking Analyst at SVB Leerink. Mr. Stusnick also serves as a board director for Kinaset Therapeutics.

1. The inability to complete an initial business combination within the required timeframe. As a blank check company, RACC's primary purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. If it fails to identify and complete such a transaction, the company may be forced to liquidate, potentially leading to shareholders only receiving back their initial investment without any return.
2. Risks associated with identifying, negotiating, and consummating a suitable business combination. While RACC intends to focus on the healthcare or healthcare-related industries, there is no guarantee that it will be able to identify an attractive target or successfully negotiate terms for a business combination. Furthermore, any completed transaction may result in existing shareholders collectively owning a minority interest in the post-business combination company, leading to significant dilution. There is also the risk of acquiring a business that does not perform as anticipated.
3. Potential conflicts of interest that may arise from transactions with entities affiliated with RA Capital Management, the sponsor, directors, or members of the management team. The company has stated it "may pursue a transaction with a target that is affiliated with RA Capital Management, our sponsor, directors or members of our management team," which could create situations where the interests of these affiliated parties do not align with those of RACC's public shareholders.

For Research Alliance Corporation III (RACC), a blank check company focused on the healthcare or healthcare-related industries, the expected drivers of future revenue growth over the next 2-3 years are contingent upon its successful initial business combination. Once a merger or acquisition is completed, the revenue growth will stem from the operations of the acquired entity. Based on RACC's stated investment focus, the key drivers are anticipated to include:

1. Successful completion of an initial business combination: As a blank check company, Research Alliance Corporation III's primary driver of future revenue is the successful identification and consummation of a merger or acquisition with an operating business. Until this occurs, the company does not have revenue-generating operations.
2. Growth in commercialized drug products and successful new drug launches (post-acquisition): If RACC acquires a company in the drug development and commercialization sector, future revenue growth would be driven by the successful advancement of drug candidates through clinical trials, regulatory approvals, and subsequent market penetration and sales of commercialized therapies.
3. Increased adoption and market expansion of diagnostic and healthcare technology solutions (post-acquisition): Should RACC combine with a diagnostic or healthcare technology firm, revenue growth would be fueled by expanding the customer base, enhancing product features, introducing new technologies, and increasing market share in the healthcare diagnostics and tech sectors.
4. Expansion of healthcare service offerings and client base (post-acquisition): If the acquired entity operates in the healthcare service sector, revenue growth would be generated through the broadening of service lines, geographic expansion, and an increase in the number of clients or patients served.
5. Strategic mergers, acquisitions, and partnerships by the combined entity (post-acquisition): Leveraging its management team's extensive investment experience, the combined company may pursue further strategic mergers, acquisitions, or partnerships to expand its market presence, diversify its offerings, and enhance its revenue streams.

Share Issuance

• Research Alliance Corporation III priced its initial public offering (IPO) of 7.5 million Class A ordinary shares at $10.00 per share.
• The IPO raised $75 million.
• Shares began trading on the Nasdaq Capital Market under the ticker symbol RACC on May 20, 2026.

Inbound Investments

• The company raised $75 million through its initial public offering.
• The financing for the IPO included participation from multiple institutional investors, such as ADAR1 Capital, Affinity Asset Advisors, Balyasny Asset Management, and Perceptive Advisors.
• Research Alliance Corporation III is sponsored by an affiliate of RA Capital Management, L.P.