Propel Bio Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CORT	CORCEPT THERAPEUTICS INC	147,828	$6,022	3.8%	$38.80	0.0%	COM	218352102
VOR	VOR BIOPHARMA INC	314,543	$5,587	3.5%	$13.98	0.0%	COM NEW	929033207
OBIO	ORCHESTRA BIOMED HLDGS INC	896,701	$3,831	2.4%	$4.12	0.0%	COM	68572M106
FDMT	4D MOLECULAR THERAPEUTICS IN	380,420	$3,581	2.3%	$8.57	0.0%	COM	35104E100
OCUL	OCULAR THERAPEUTIX INC	382,375	$3,226	2.0%	$9.83	0.0%	COM	67576A100
UPB	UPSTREAM BIO INC	341,779	$3,100	2.0%	$23.68	0.0%	COM	91678A107
AQST	AQUESTIVE THERAPEUTICS INC	710,988	$2,951	1.9%	$4.02	0.0%	COM	03843E104
EYPT	EYEPOINT INC	215,825	$2,789	1.8%	$15.22	0.0%	COM NEW	30233G209
TRVI	TREVI THERAPEUTICS INC	223,802	$2,647	1.7%	$10.94	0.0%	COM	89532M101
IMUX	IMMUNIC INC	2,344,779	$2,620	1.7%	$0.72	0.0%	COM	4525EP101
CHRS	COHERUS ONCOLOGY INC	1,420,550	$2,413	1.5%	$1.82	0.0%	COM	19249H103
OVID	OVID THERAPEUTICS INC	921,457	$2,038	1.3%	$1.60	0.0%	COM	690469101
PALI	PALISADE BIO INC	1,115,000	$1,997	1.3%	$1.78	0.0%	COM	696389402
QURE	UNIQURE NV	104,772	$1,713	1.1%	$23.55	0.0%	SHS	N90064101
NUVB	NUVATION BIO INC	329,296	$1,413	0.9%	$6.19	0.0%	COM CL A	67080N101
MAZE	MAZE THERAPEUTICS INC	43,798	$1,307	0.8%	$44.04	0.0%	COM	578784100
EVMN	EVOMMUNE INC	55,664	$1,280	0.8%	$21.99	0.0%	COM SHS	30054Y107
CRVS	CORVUS PHARMACEUTICALS INC	85,791	$1,251	0.8%	$16.29	0.0%	COM	221015100
ALDX	ALDEYRA THERAPEUTICS INC	730,606	$1,235	0.8%	$4.96	0.0%	COM	01438T106
ARTV	ARTIVA BIOTHERAPEUTICS INC	146,369	$950	0.6%	$4.41	0.0%	COM	04317A107
CNTB	CONNECT BIOPHARMA HLDGS LTD	209,493	$554	0.3%	$2.48	0.0%	SHS	G23549101
MSLE	SATELLOS BIOSCIENCE INC	10,145	$57	0.0%	$5.63	—	COM	80401L803

Increased Positions (6)

DCTH DELCATH SYS INC 5.8%

Value ($000) $9,159 (+106.8%) Shares 979,698 (+123.4%) Est. Cost $11.14 Unrealized -10.3%

PHAT PHATHOM PHARMACEUTICALS INC 5.9%

Value ($000) $9,354 (-23.9%) Shares 841,272 (+13.5%) Est. Cost $10.51 Unrealized +30.4%

ZVRA ZEVRA THERAPEUTICS INC 1.7%

Value ($000) $2,641 (+362.8%) Shares 282,418 (+343.5%) Est. Cost $8.38 Unrealized +4.5%

ABEO ABEONA THERAPEUTICS INC 3.8%

Value ($000) $6,008 (+37.2%) Shares 1,329,899 (+60.1%) Est. Cost $5.26 Unrealized -1.7%

SABS SAB BIOTHERAPEUTICS INC 2.4%

Value ($000) $3,886 (+59.2%) Shares 1,012,790 (+55.1%) Est. Cost $3.54 Unrealized +12.9%

KLRS KALARIS THERAPEUTICS INC 1.1%

Value ($000) $1,721 (+384.9%) Shares 295,771 (+603.3%) Est. Cost $8.95 Unrealized +4.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DCTH	DELCATH SYS INC	979,698 (+123.4%)	$9,159 (+106.8%)	5.8%	$11.14	-10.3%	COM NEW	24661P807
PHAT	PHATHOM PHARMACEUTICALS INC	841,272 (+13.5%)	$9,354 (-23.9%)	5.9%	$10.51	+30.4%	COM	71722W107
ZVRA	ZEVRA THERAPEUTICS INC	282,418 (+343.5%)	$2,641 (+362.8%)	1.7%	$8.38	+4.5%	COM NEW	488445206
ABEO	ABEONA THERAPEUTICS INC	1,329,899 (+60.1%)	$6,008 (+37.2%)	3.8%	$5.26	-1.7%	COM NEW	00289Y206
SABS	SAB BIOTHERAPEUTICS INC	1,012,790 (+55.1%)	$3,886 (+59.2%)	2.4%	$3.54	+12.9%	COM NEW	78397T202
KLRS	KALARIS THERAPEUTICS INC	295,771 (+603.3%)	$1,721 (+384.9%)	1.1%	$8.95	+4.7%	COM	482929106

Exited Positions (4)

NKTR NEKTAR THERAPEUTICS 2.2%

Value ($000) $3,502 Shares 82,822 Est. Cost $42.44 Unrealized +13.9%

RGNX REGENXBIO INC 1.1%

Value ($000) $1,683 Shares 116,896 Est. Cost $12.46 Unrealized -6.9%

LENZ LENZ THERAPEUTICS INC 0.6%

Value ($000) $945 Shares 59,085 Est. Cost $29.15 Unrealized -46.0%

AARD AARDVARK THERAPEUTICS INC 0.4%

Value ($000) $609 Shares 46,408 Est. Cost $12.48 Unrealized +8.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NKTR	NEKTAR THERAPEUTICS	82,822	$3,502	2.2%	$42.44	+13.9%	—	640268306
RGNX	REGENXBIO INC	116,896	$1,683	1.1%	$12.46	-6.9%	—	75901B107
LENZ	LENZ THERAPEUTICS INC	59,085	$945	0.6%	$29.15	-46.0%	—	52635N103
AARD	AARDVARK THERAPEUTICS INC	46,408	$609	0.4%	$12.48	+8.7%	—	002942100

Decreased Positions (6)

VRDN VIRIDIAN THERAPEUTICS INC 2.6%

Value ($000) $4,088 (-53.5%) Shares 210,163 (-25.6%) Est. Cost $24.44 Unrealized +26.2%

CMPS COMPASS PATHWAYS PLC 2.6%

Value ($000) $4,118 (-30.7%) Shares 742,049 (-13.9%) Est. Cost $6.21 Unrealized —

KYTX KYVERNA THERAPEUTICS INC 3.5%

Value ($000) $5,586 (-10.9%) Shares 644,421 (-3.3%) Est. Cost $7.42 Unrealized +11.8%

IVA INVENTIVA SA 2.5%

Value ($000) $3,995 (-14.1%) Shares 724,678 (-27.5%) Est. Cost $4.65 Unrealized —

OCS OCULIS HOLDING AG 2.1%

Value ($000) $3,279 (-5.0%) Shares 122,223 (-29.3%) Est. Cost $20.00 Unrealized +32.4%

CLDX CELLDEX THERAPEUTICS INC NEW 2.6%

Value ($000) $4,135 (-1.3%) Shares 131,364 (-14.9%) Est. Cost $23.17 Unrealized +9.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VRDN	VIRIDIAN THERAPEUTICS INC	210,163 (-25.6%)	$4,088 (-53.5%)	2.6%	$24.44	+26.2%	COM	92790C104
CMPS	COMPASS PATHWAYS PLC	742,049 (-13.9%)	$4,118 (-30.7%)	2.6%	$6.21	—	SPONSORED ADS	20451W101
KYTX	KYVERNA THERAPEUTICS INC	644,421 (-3.3%)	$5,586 (-10.9%)	3.5%	$7.42	+11.8%	COM	501976104
IVA	INVENTIVA SA	724,678 (-27.5%)	$3,995 (-14.1%)	2.5%	$4.65	—	ADS	46124U107
OCS	OCULIS HOLDING AG	122,223 (-29.3%)	$3,279 (-5.0%)	2.1%	$20.00	+32.4%	ORDINARY SHARES	H5870P102
CLDX	CELLDEX THERAPEUTICS INC NEW	131,364 (-14.9%)	$4,135 (-1.3%)	2.6%	$23.17	+9.7%	COM NEW	15117B202

Unchanged Positions (4)

ACHV ACHIEVE LIFE SCIENCES INC 7.2%

Value ($000) $11,369 Shares 3,786,425 Est. Cost $3.48 Unrealized +37.1%

PAGP PLAINS GP HLDGS L P 19.0%

Value ($000) $30,180 Shares 1,272,360 Est. Cost $18.82 Unrealized —

MIST MILESTONE PHARMACEUTICALS IN 3.2%

Value ($000) $5,082 Shares 4,118,321 Est. Cost $1.80 Unrealized +5.5%

LONA LEONABIO INC 0.9%

Value ($000) $1,496 Shares 149,279 Est. Cost $3.92 Unrealized +43.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACHV	ACHIEVE LIFE SCIENCES INC	3,786,425	$11,369	7.2%	$3.48	+37.1%	COM	004468500
PAGP	PLAINS GP HLDGS L P	1,272,360	$30,180	19.0%	$18.82	—	LTD PARTNR INT A	72651A207
MIST	MILESTONE PHARMACEUTICALS IN	4,118,321	$5,082	3.2%	$1.80	+5.5%	COM	59935V107
LONA	LEONABIO INC	149,279	$1,496	0.9%	$3.92	+43.4%	COM	04746L203