Research Alliance is a special purpose acquisition company formed to merge with a private healthcare or biotechnology business. The company targets pre-commercial drug development, diagnostics, and healthcare technology firms that want to go public without a traditional IPO. Management from RA Capital leads Research Alliance and uses the firm's research team to identify targets with differentiated drug candidates or platforms that have clear paths to regulatory approval. Research Alliance operates as a blank check company with no current business operations, holding its initial proceeds in a trust account while searching for an acquisition. Its business model involves identifying and completing a business combination within a specific timeframe. If successful, Research Alliance provides the target company with capital and a public listing. Notably, Research Alliance does not issue warrants, which differentiates its structure from many other SPACs by reducing potential equity dilution. The sponsor holds founder shares purchased at a significant discount, creating an incentive to complete a transaction even if the deal terms are less favorable for public shareholders. Research Alliance may also pursue combinations with companies already affiliated with its sponsor.