<SEC-DOCUMENT>0001415889-25-006299.txt : 20250303
<SEC-HEADER>0001415889-25-006299.hdr.sgml : 20250303
<ACCEPTANCE-DATETIME>20250303201726
ACCESSION NUMBER:		0001415889-25-006299
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250303
DATE AS OF CHANGE:		20250303

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			89bio, Inc.
		CENTRAL INDEX KEY:			0001785173
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				831114349
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91200
		FILM NUMBER:		25700951

	BUSINESS ADDRESS:	
		STREET 1:		655 MONTGOMERY STREET
		STREET 2:		SUITE 1500
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		(415) 432-9270

	MAIL ADDRESS:	
		STREET 1:		655 MONTGOMERY STREET
		STREET 2:		SUITE 1500
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RA CAPITAL MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001346824
		ORGANIZATION NAME:           	
		IRS NUMBER:				830406777
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		200 BERKELEY STREET, 18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-778-2500

	MAIL ADDRESS:	
		STREET 1:		200 BERKELEY STREET, 18TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RA CAPITAL MANAGEMENT, LLC
		DATE OF NAME CHANGE:	20051213
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
		<previousAccessionNumber>0001104659-19-063401</previousAccessionNumber>
	    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001346824</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>





    </filerInfo>
  </headerData>

  <formData>
    <coverPageHeader>
		<amendmentNo>13</amendmentNo>
	      <securitiesClassTitle>Common Stock, par value $0.001 per share</securitiesClassTitle>
      <dateOfEvent>02/27/2025</dateOfEvent>
	  <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001785173</issuerCIK>
        <issuerCUSIP>282559103</issuerCUSIP>
		<issuerName>89BIO, INC.</issuerName>

        <address>
          <com:street1>142 Sansome Street, Second Floor</com:street1>
                    <com:city>San Francisco</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94104</com:zipCode>
        </address>
      </issuerInfo>

	  	  <authorizedPersons>

		<notificationInfo>
			<personName>Peter Kolchinsky</personName>
			<personPhoneNum>617.778.2500</personPhoneNum>
				<personAddress>
					<com:street1>RA Capital Management, L.P.</com:street1>
					<com:street2>200 Berkeley Street, 18th Floor</com:street2>					<com:city>Boston</com:city>
					<com:stateOrCountry>MA</com:stateOrCountry>
					<com:zipCode>02116</com:zipCode>
				</personAddress>
		</notificationInfo>
			</authorizedPersons>
	    </coverPageHeader>

	<reportingPersons>


			<reportingPersonInfo>
									<reportingPersonCIK>0001346824</reportingPersonCIK>

				<reportingPersonNoCIK>N</reportingPersonNoCIK>
				<reportingPersonName>RA Capital Management, L.P.</reportingPersonName>





				  				  <fundType>AF</fundType>




				<legalProceedings>N</legalProceedings>

								<citizenshipOrOrganization>DE</citizenshipOrOrganization>
												<soleVotingPower>0.00</soleVotingPower>
												<sharedVotingPower>20013733.00</sharedVotingPower>
												<soleDispositivePower>0.00</soleDispositivePower>

				<sharedDispositivePower>20013733.00</sharedDispositivePower>
												<aggregateAmountOwned>20013733.00</aggregateAmountOwned>

				<isAggregateExcludeShares>N</isAggregateExcludeShares>

								<percentOfClass>13.7</percentOfClass>





			  			  <typeOfReportingPerson>IA</typeOfReportingPerson>

			  			  <typeOfReportingPerson>PN</typeOfReportingPerson>









			</reportingPersonInfo>

			<reportingPersonInfo>
									<reportingPersonCIK>0001384859</reportingPersonCIK>

				<reportingPersonNoCIK>N</reportingPersonNoCIK>
				<reportingPersonName>Peter Kolchinsky </reportingPersonName>





				  				  <fundType>AF</fundType>




				<legalProceedings>N</legalProceedings>

								<citizenshipOrOrganization>X1</citizenshipOrOrganization>
												<soleVotingPower>0.00</soleVotingPower>
												<sharedVotingPower>20013733.00</sharedVotingPower>
												<soleDispositivePower>0.00</soleDispositivePower>

				<sharedDispositivePower>20013733.00</sharedDispositivePower>
												<aggregateAmountOwned>20013733.00</aggregateAmountOwned>

				<isAggregateExcludeShares>N</isAggregateExcludeShares>

								<percentOfClass>13.7</percentOfClass>








			  			  <typeOfReportingPerson>HC</typeOfReportingPerson>



			  			  <typeOfReportingPerson>IN</typeOfReportingPerson>




			</reportingPersonInfo>

			<reportingPersonInfo>
									<reportingPersonCIK>0001619841</reportingPersonCIK>

				<reportingPersonNoCIK>N</reportingPersonNoCIK>
				<reportingPersonName>Rajeev Shah</reportingPersonName>





				  				  <fundType>AF</fundType>


				  				  				  <fundType>OO</fundType>


				<legalProceedings>N</legalProceedings>

								<citizenshipOrOrganization>X1</citizenshipOrOrganization>
												<soleVotingPower>0.00</soleVotingPower>
												<sharedVotingPower>20013733.00</sharedVotingPower>
												<soleDispositivePower>0.00</soleDispositivePower>

				<sharedDispositivePower>20013733.00</sharedDispositivePower>
												<aggregateAmountOwned>20013733.00</aggregateAmountOwned>

				<isAggregateExcludeShares>N</isAggregateExcludeShares>

								<percentOfClass>13.7</percentOfClass>








			  			  <typeOfReportingPerson>HC</typeOfReportingPerson>



			  			  <typeOfReportingPerson>IN</typeOfReportingPerson>




			</reportingPersonInfo>

			<reportingPersonInfo>
									<reportingPersonCIK>0001315082</reportingPersonCIK>

				<reportingPersonNoCIK>N</reportingPersonNoCIK>
				<reportingPersonName>RA Capital Healthcare Fund, L.P.</reportingPersonName>






				  				  <fundType>WC</fundType>



				<legalProceedings>N</legalProceedings>

								<citizenshipOrOrganization>DE</citizenshipOrOrganization>
												<soleVotingPower>0.00</soleVotingPower>
												<sharedVotingPower>19554319.00</sharedVotingPower>
												<soleDispositivePower>0.00</soleDispositivePower>

				<sharedDispositivePower>19554319.00</sharedDispositivePower>
												<aggregateAmountOwned>19554319.00</aggregateAmountOwned>

				<isAggregateExcludeShares>N</isAggregateExcludeShares>

								<percentOfClass>13.4</percentOfClass>






			  			  <typeOfReportingPerson>PN</typeOfReportingPerson>









			</reportingPersonInfo>
			</reportingPersons>


	<items1To7>
		<item1>
			<securityTitle>Common Stock, par value $0.001 per share</securityTitle>
			<issuerName>89BIO, INC.</issuerName>

			<issuerPrincipalAddress>
			 <com:street1>142 Sansome Street, Second Floor</com:street1>
			  			  <com:city>San Francisco</com:city>
			  <com:stateOrCountry>CA</com:stateOrCountry>
			  <com:zipCode>94104</com:zipCode>
			</issuerPrincipalAddress>

						<commentText>Item 1 of the Statement is amended and supplemented as follows:

This Amendment No. 13 (this "Amendment No. 13" or this "13D/A") amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on November 13, 2019, and amended on July 10, 2020, September 21, 2020, June 2, 2021, July 6, 2022, October 21, 2022, March 30, 2023, August 11, 2023, December 13, 2023, March 6, 2024, August 7, 2024, November 18, 2024 and February 3, 2025 (as amended, the "Statement"), filed by RA Capital Management, L.P., Dr. Kolchinsky, Mr. Shah, and RA Capital Healthcare Fund, L.P. with respect to the common stock, par value $0.001 per share (the "Common Stock"), of 89bio, Inc., a Delaware corporation (the "Issuer"). Unless otherwise defined herein, capitalized terms used in this Amendment No. 13 shall have the meanings ascribed to them in the Statement. Unless amended or supplemented below, the information in the Statement remains unchanged.
</commentText>
					</item1>

				<item2>
			<filingPersonName>This Amendment No. 13 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"), who are collectively referred to herein as the "Reporting Persons."  The agreement among the Reporting Persons to file this 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) 19,554,319 shares of Common Stock held directly by the Fund; (ii) 335,364 shares of Common Stock held directly by RA Capital Nexus Fund, L.P. (the "Nexus Fund"); (iii) a total of 124,050 vested stock options (right to buy) held by Derek DiRocco for the benefit of RA Capital; and (iv) a total of 4,331,081 pre-funded warrants ("PFWs"), through which the Fund has the right to acquire 4,331,081 shares of Common Stock subject to the PFW Beneficial Ownership Blocker as defined below. The PFWs contain a provision (the "PFW Beneficial Ownership Blocker") which precludes exercise of the PFWs to the extent that, following the exercise, the Reporting Persons, together with their affiliates and other attribution parties, would beneficially own more than 9.99% of the Issuer's outstanding Common Stock. By virtue of the PFW Beneficial Ownership Blocker, the PFWs are currently not exercisable.

RA Capital Healthcare Fund GP, LLC is the general partner of the Fund and RA Capital Nexus Fund GP, LLC is the general partner of the Nexus Fund. 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 the Fund and the Nexus Fund 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. The Fund and the Nexus Fund have delegated to RA Capital the sole power to vote and the sole power to dispose of all securities held in the Fund's and the Nexus Fund's portfolio, including the shares of the Issuer's Common Stock reported herein. Because the Fund and the Nexus Fund have divested themselves of voting and investment power over the reported securities they hold and may not revoke that delegation on less than 61 days' notice, the Fund and the Nexus Fund disclaim beneficial ownership of the securities they hold for purposes of Section 13(d) of the Act and therefore disclaim 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 13D/A other than for the purpose of determining their obligations under Section 13(d) of the Act, and the filing of this 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.
</filingPersonName>			<principalBusinessAddress>The address of the principal business office of each of the Reporting Persons is 200 Berkeley Street, 18th Floor, Boston, MA 02116.</principalBusinessAddress>			<principalJob>The Fund is a private investment vehicle. RA Capital provides investment management services to the Fund and the Nexus Fund. The principal occupation of each of Dr. Kolchinsky and Mr. Shah is investment management.</principalJob>			<hasBeenConvicted>During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>			<convictionDescription>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. </convictionDescription>			<citizenship>See Item 6 of the cover pages.</citizenship>		</item2>



				<item5>
			 <percentageOfClassSecurities>The information set forth in rows 11 and 13 of the cover pages to this Schedule 13D/A is incorporated by reference.  The percentage set forth in row 13 is based on the sum of (i)  145,984,182 shares of Common Stock outstanding as of February 24, 2025, as reported in the Issuer's Annual Report on Form 10-K filed with the SEC on February 27, 2025; and (ii) 124,050 shares of Common Stock issuable upon exercise of stock options, as applicable.</percentageOfClassSecurities>			<numberOfShares>The information set forth in rows 7 through 10 of the cover pages to this Schedule 13D/A and Item 2 above is incorporated by reference.</numberOfShares>			<transactionDesc>None of the Reporting Persons have effected any transactions with respect to the securities of the Issuer since the most recent amendment to this Schedule 13D/A. The percentage ownership reported in this amendment reflect an increase in the number of outstanding shares of the Issuer.
</transactionDesc>			<listOfShareholders>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.</listOfShareholders>			<date5PercentOwnership>Not applicable.</date5PercentOwnership>		</item5>


				<item7>
			<filedExhibits>Exhibit 99.1	Joint Filing Agreement </filedExhibits>
		</item7>

	</items1To7>

<signatureInfo>

	<signaturePerson>
		<signatureReportingPerson>RA Capital Management, L.P.</signatureReportingPerson>

					<signatureDetails>
				<signature>/s/ Peter Kolchinsky</signature>
				<title>By Peter Kolchinsky, Authorized Signatory</title>
				<date>03/03/2025</date>
			</signatureDetails>

	</signaturePerson>

	<signaturePerson>
		<signatureReportingPerson>Peter Kolchinsky </signatureReportingPerson>

					<signatureDetails>
				<signature>/s/ Peter Kolchinsky</signature>
				<title>Peter Kolchinsky</title>
				<date>03/03/2025</date>
			</signatureDetails>

	</signaturePerson>

	<signaturePerson>
		<signatureReportingPerson>Rajeev Shah</signatureReportingPerson>

					<signatureDetails>
				<signature>/s/ Rajeev Shah</signature>
				<title>Rajeev Shah</title>
				<date>03/03/2025</date>
			</signatureDetails>

	</signaturePerson>

	<signaturePerson>
		<signatureReportingPerson>RA Capital Healthcare Fund, L.P.</signatureReportingPerson>

					<signatureDetails>
				<signature>/s/ Peter Kolchinsky</signature>
				<title>By RA Capital Healthcare Fund GP, LLC, its General Partner, By Peter Kolchinsky, Manager</title>
				<date>03/03/2025</date>
			</signatureDetails>

	</signaturePerson>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex-99-03042025_010324.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<!DOCTYPE html PUBLIC "-//IETF//DTD HTML//EN">
<html><head><title>ex-99-03042025_010324.htm</title></head><body style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<p style="margin:0px" align="right"><b>EXHIBIT 99.1</b></p>
<p style="margin:0px" align="right"><br></p>
<p style="margin:0px" align="center"><b>JOINT FILING AGREEMENT</b></p>
<p style="margin:0px"><br></p>
<p style="margin:0px" align="justify">This Joint Filing Agreement, dated as of March 3, 2025, is by and among RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah and RA Capital Healthcare Fund, L.P. (the foregoing are collectively referred to herein as the <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font>Filers<font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>). </p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px" align="justify">Each of the Filers may be required to file with the United States Securities and Exchange Commission a statement on Schedule 13G and/or 13D with respect to Common Stock, par value $0.001 per share of 89bio, Inc. beneficially owned by them from time to time.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px" align="justify">Pursuant to and in accordance with Rule 13(d)(1)(k) promulgated under the Securities Exchange Act of 1934, as amended, the Filers hereby agree to file a single statement on Schedule 13G and/or 13D (and any amendments thereto) on behalf of each of such parties, and hereby further agree to file this Joint Filing Agreement as an exhibit to such statement, as required by such rule.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px" align="justify">This Joint Filing Agreement may be terminated by any of the Filers upon one week<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s prior written notice or such lesser period of notice as the Filers may mutually agree.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px">Executed and delivered as of the date first above written.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><b>RA CAPITAL MANAGEMENT, L.P.</b></p>
<p style="margin:0px"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">By:</p>
<p style="margin:0px; text-indent:-2px"><u>/s/ Peter Kolchinsky</u></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">Name:</p>
<p style="margin:0px; padding-left:48px; text-indent:-2px">Peter Kolchinsky</p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">Title:</p>
<p style="margin:0px; padding-left:48px; text-indent:-2px">Authorized Signatory</p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><b>PETER KOLCHINSKY</b></p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><u>/s/ Peter Kolchinsky</u></p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><b>RAJEEV SHAH</b></p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><u>/s/ Rajeev Shah</u></p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><br></p>
<p style="margin:0px"><b>RA CAPITAL HEALTHCARE FUND, L.P.</b></p>
<p style="margin:0px"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">By:</p>
<p style="margin:0px; text-indent:-2px">RA Capital Healthcare Fund GP, LLC</p>
<p style="margin-top:0px; margin-bottom:-2px; width:48px; clear:left; float:left">Its:</p>
<p style="margin:0px; text-indent:-2px">General Partner</p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">By:</p>
<p style="margin:0px; text-indent:-2px"><u>/s/ Peter Kolchinsky</u></p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">Name:</p>
<p style="margin:0px; padding-left:48px; text-indent:-2px">Peter Kolchinsky</p>
<p style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">Title:</p>
<p style="margin:0px; padding-left:48px; text-indent:-2px">Manager</p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin:0px"><br></p>
<p style="margin-top:0px; margin-bottom:13.333px"><br></p>
<p style="margin-top:0px; margin-bottom:13.333px"><br></p>
</body></html>
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