X0202 SCHEDULE 13G 0002077247 XXXXXXXX LIVE Class A Ordinary Shares, $0.0001 par value per share 05/21/2026 0002118032 Research Alliance Corporation III G75226103 600 Fifth Avenue, 23rd Floor, New York, NY 10020 Rule 13d-1(c) Trails Edge Capital Partners, LP DE 500000.00 0.00 500000.00 0.00 500000.00 N 5.5 IA PN See Item 4 for additional information. Trails Edge Biotechnology Master Fund, LP E9 500000.00 0.00 500000.00 0.00 500000.00 N 5.5 PN See Item 4 for additional information. Ortav Yehudai X1 500000.00 0.00 500000.00 0.00 500000.00 N 5.5 IN See Item 4 for additional information. Research Alliance Corporation III 600 Fifth Avenue, 23rd Floor, New York, NY 10020 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". The address for each Filer is 3455 Peachtree Road NE, Suite 900, Atlanta, GA 30326. See Item 4 of the cover page of each Filer. Y 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. 5.5 500,000.00 0 500,000.00 0 Y Y Y Y Y N 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. Exhibit 1- Joint Filing Agreement Trails Edge Capital Partners, LP /s/ Trails Edge Capital Partners, LLC, GP of Trails Edge Capital Partners, LP /s/ Ortav Yehudai 05/29/2026 Trails Edge Biotechnology Master Fund, LP /s/ Trails Edge GP, LLC, GP of Trails Edge Biotechnology Fund GP, LP, GP of Trails Edge Biotechnology Master Fund, LP /s/ Ortav Yehudai 05/29/2026 Ortav Yehudai /s/ Ortav Yehudai 05/29/2026