Pale Fire Capital SE Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COIN	COINBASE GLOBAL INC	1,271,800	$287,605	19.3%	—	—	PUT	19260Q107
TSLA	TESLA INC	520,000	$233,854	15.7%	—	—	PUT	88160R101
HOOD	ROBINHOOD MKTS INC	1,656,000	$187,294	12.6%	—	—	PUT	770700102
BAX	BAXTER INTL INC	2,074,016	$39,634	2.7%	$20.00	0.0%	COM	071813109
TDOC	TELADOC HEALTH INC	1,944,203	$13,609	0.9%	$7.83	0.0%	COM	87918A105
CARS	CARS COM INC	661,501	$8,070	0.5%	$11.63	0.0%	COM	14575E105
GUTS	FRACTYL HEALTH INC	3,209,942	$7,062	0.5%	$1.61	0.0%	COM	35168W103
SNDX	SYNDAX PHARMACEUTICALS INC	284,460	$5,977	0.4%	$17.45	0.0%	COM	87164F105
IAC	IAC INC	96,507	$3,773	0.3%	$35.02	0.0%	COM NEW	44891N208
OEF	ISHARES TR	19,600	$3,308	0.2%	—	—	PUT	464287101
WIX	WIX COM LTD	31,000	$3,221	0.2%	$120.92	0.0%	SHS	M98068105
NVDA	NVIDIA CORPORATION	11,000	$2,052	0.1%	—	—	PUT	67066G104
SGMT	SAGIMET BIOSCIENCES INC	221,875	$1,314	0.1%	$7.18	0.0%	COM SER A	786700104
ABEO	ABEONA THERAPEUTICS INC	174,705	$921	0.1%	$5.03	0.0%	COM NEW	00289Y206
DCTH	DELCATH SYS INC	40,085	$405	0.0%	$9.94	0.0%	COM NEW	24661P807
CRTO	CRITEO S A	18,097	$373	0.0%	$20.61	—	SPONS ADS	226718104
AGIO	AGIOS PHARMACEUTICALS INC	11,850	$323	0.0%	$35.08	0.0%	COM	00847X104
ONIT	ONITY GROUP INC	6,833	$313	0.0%	$41.07	0.0%	COM NEW	675746606
PTHS	PELTHOS THERAPEUTICS INC	8,100	$251	0.0%	$28.85	0.0%	COM SHS	171126204
RARE	ULTRAGENYX PHARMACEUTICAL IN	10,211	$235	0.0%	$32.88	0.0%	COM	90400D108
RLMD	RELMADA THERAPEUTICS INC	44,550	$215	0.0%	$3.35	0.0%	COM	75955J402
ANNX	ANNEXON INC	38,600	$194	0.0%	$3.82	0.0%	COM	03589W102
PALI	PALISADE BIO INC	70,710	$166	0.0%	$1.92	0.0%	COM	696389402
CRBP	CORBUS PHARMACEUTICALS HLDGS	18,650	$152	0.0%	$12.34	0.0%	COM NEW	21833P301
NVCR	NOVOCURE LTD	10,723	$139	0.0%	$12.84	0.0%	ORD SHS	G6674U108

Increased Positions (17)

ZD ZIFF DAVIS INC 2.9%

Value ($000) $42,530 (+177.8%) Shares 1,209,952 (+201.1%) Est. Cost $37.36 Unrealized -6.7%

DOLE DOLE PLC 9.4%

Value ($000) $140,498 (+21.7%) Shares 9,372,776 (+9.1%) Est. Cost $10.60 Unrealized +31.5%

LQDA LIQUIDIA CORPORATION 0.9%

Value ($000) $13,085 (+139.0%) Shares 379,392 (+57.6%) Est. Cost $22.61 Unrealized +25.9%

ANGI ANGI INC 1.9%

Value ($000) $27,837 (+25.1%) Shares 2,152,919 (+57.3%) Est. Cost $14.51 Unrealized -11.3%

GAU GALIANO GOLD INC 1.3%

Value ($000) $20,023 (+37.4%) Shares 7,914,409 (+18.9%) Est. Cost $1.52 Unrealized +62.8%

RGNX REGENXBIO INC 0.5%

Value ($000) $7,193 (+191.6%) Shares 499,526 (+95.4%) Est. Cost $10.58 Unrealized +17.8%

GERN GERON CORP 0.4%

Value ($000) $6,321 (+102.2%) Shares 4,788,594 (+109.9%) Est. Cost $1.29 Unrealized -2.8%

DAWN DAY ONE BIOPHARMACEUTICALS I 0.3%

Value ($000) $5,071 (+137.8%) Shares 544,063 (+79.9%) Est. Cost $7.85 Unrealized +6.4%

DERM JOURNEY MED CORP 0.2%

Value ($000) $3,428 (+110.7%) Shares 444,642 (+94.5%) Est. Cost $7.39 Unrealized +6.1%

CMRC COMMERCE.COM INC 0.2%

Value ($000) $3,086 (+107.1%) Shares 748,925 (+150.8%) Est. Cost $4.69 Unrealized -1.7%

HRTX HERON THERAPEUTICS INC 0.1%

Value ($000) $1,911 (+221.8%) Shares 1,469,655 (+211.9%) Est. Cost $1.35 Unrealized -8.3%

HROW HARROW INC 0.0%

Value ($000) $577 (+48.1%) Shares 11,785 (+45.6%) Est. Cost $33.57 Unrealized +25.0%

CGEM CULLINAN THERAPEUTICS INC 0.0%

Value ($000) $200 (+130.7%) Shares 19,318 (+32.2%) Est. Cost $7.74 Unrealized +16.6%

LFCR LIFECORE BIOMEDICAL INC 0.0%

Value ($000) $581 (+22.2%) Shares 71,040 (+9.9%) Est. Cost $7.20 Unrealized +2.8%

ENGN ENGENE HOLDINGS INC 0.0%

Value ($000) $217 (+83.9%) Shares 24,004 (+39.1%) Est. Cost $7.67 Unrealized +4.5%

VZLA VIZSLA SILVER CORP 0.0%

Value ($000) $209 (+57.4%) Shares 38,201 (+24.3%) Est. Cost $2.69 Unrealized +74.4%

NEWP NEW PAC METALS CORP 0.0%

Value ($000) $100 (+42.0%) Shares 28,477 (+9.6%) Est. Cost $1.47 Unrealized +85.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZD	ZIFF DAVIS INC	1,209,952 (+201.1%)	$42,530 (+177.8%)	2.9%	$37.36	-6.7%	COM	48123V102
DOLE	DOLE PLC	9,372,776 (+9.1%)	$140,498 (+21.7%)	9.4%	$10.60	+31.5%	ORD SHS	G27907107
LQDA	LIQUIDIA CORPORATION	379,392 (+57.6%)	$13,085 (+139.0%)	0.9%	$22.61	+25.9%	COM NEW	53635D202
ANGI	ANGI INC	2,152,919 (+57.3%)	$27,837 (+25.1%)	1.9%	$14.51	-11.3%	CL A NEW	00183L201
GAU	GALIANO GOLD INC	7,914,409 (+18.9%)	$20,023 (+37.4%)	1.3%	$1.52	+62.8%	COM	36352H100
RGNX	REGENXBIO INC	499,526 (+95.4%)	$7,193 (+191.6%)	0.5%	$10.58	+17.8%	COM	75901B107
GERN	GERON CORP	4,788,594 (+109.9%)	$6,321 (+102.2%)	0.4%	$1.29	-2.8%	COM	374163103
DAWN	DAY ONE BIOPHARMACEUTICALS I	544,063 (+79.9%)	$5,071 (+137.8%)	0.3%	$7.85	+6.4%	COM	23954D109
DERM	JOURNEY MED CORP	444,642 (+94.5%)	$3,428 (+110.7%)	0.2%	$7.39	+6.1%	COM	48115J109
CMRC	COMMERCE.COM INC	748,925 (+150.8%)	$3,086 (+107.1%)	0.2%	$4.69	-1.7%	COM SER 1	08975P108
HRTX	HERON THERAPEUTICS INC	1,469,655 (+211.9%)	$1,911 (+221.8%)	0.1%	$1.35	-8.3%	COM	427746102
HROW	HARROW INC	11,785 (+45.6%)	$577 (+48.1%)	0.0%	$33.57	+25.0%	COM	415858109
CGEM	CULLINAN THERAPEUTICS INC	19,318 (+32.2%)	$200 (+130.7%)	0.0%	$7.74	+16.6%	COM	230031106
LFCR	LIFECORE BIOMEDICAL INC	71,040 (+9.9%)	$581 (+22.2%)	0.0%	$7.20	+2.8%	COM	514766104
ENGN	ENGENE HOLDINGS INC	24,004 (+39.1%)	$217 (+83.9%)	0.0%	$7.67	+4.5%	COM	29286M105
VZLA	VIZSLA SILVER CORP	38,201 (+24.3%)	$209 (+57.4%)	0.0%	$2.69	+74.4%	COM NEW	92859G608
NEWP	NEW PAC METALS CORP	28,477 (+9.6%)	$100 (+42.0%)	0.0%	$1.47	+85.9%	COM	64782A107

Exited Positions (19)

IAG IAMGOLD CORP 3.4%

Value ($000) $50,828 Shares 3,930,998 Est. Cost $8.17 Unrealized +72.4%

NGD NEW GOLD INC CDA 3.0%

Value ($000) $44,595 Shares 6,211,037 Est. Cost $3.19 Unrealized +135.9%

TEVA TEVA PHARMACEUTICAL INDS LTD 2.3%

Value ($000) $34,134 Shares 1,689,811 Est. Cost $18.06 Unrealized —

NUVB NUVATION BIO INC 0.4%

Value ($000) $5,345 Shares 1,444,647 Est. Cost $2.70 Unrealized +129.7%

INSW INTERNATIONAL SEAWAYS INC 0.2%

Value ($000) $3,505 Shares 76,059 Est. Cost $28.74 Unrealized +70.0%

SSTK SHUTTERSTOCK INC 0.2%

Value ($000) $3,217 Shares 154,278 Est. Cost $26.92 Unrealized -20.6%

CRBU CARIBOU BIOSCIENCES INC 0.1%

Value ($000) $1,806 Shares 775,055 Est. Cost $2.10 Unrealized -0.2%

— ADVERUM BIOTECHNOLOGIES INC 0.1%

Value ($000) $1,646 Shares 363,282 Est. Cost $6.57 Unrealized —

— SPDR INDEX SHS FDS 0.0%

Value ($000) $621 Shares 10,000 Est. Cost — Unrealized —

— NVIDIA CORPORATION 0.0%

Value ($000) $560 Shares 3,000 Est. Cost — Unrealized —

QDEL QUIDELORTHO CORP 0.0%

Value ($000) $536 Shares 18,209 Est. Cost $27.34 Unrealized -0.9%

AQST AQUESTIVE THERAPEUTICS INC 0.0%

Value ($000) $521 Shares 93,132 Est. Cost $3.48 Unrealized +79.0%

— 89BIO INC 0.0%

Value ($000) $395 Shares 26,903 Est. Cost $8.04 Unrealized —

ARWR ARROWHEAD PHARMACEUTICALS IN 0.0%

Value ($000) $349 Shares 10,123 Est. Cost $17.80 Unrealized +175.3%

MITT AG MTG INVT TR INC 0.0%

Value ($000) $222 Shares 30,728 Est. Cost $7.51 Unrealized —

MUX MCEWEN INC. 0.0%

Value ($000) $217 Shares 12,695 Est. Cost $8.25 Unrealized +125.4%

BHVN BIOHAVEN LTD 0.0%

Value ($000) $155 Shares 10,344 Est. Cost $14.56 Unrealized -14.9%

AKBA AKEBIA THERAPEUTICS INC 0.0%

Value ($000) $137 Shares 50,210 Est. Cost $3.33 Unrealized -37.1%

ODV OSISKO DEVELOPMENT CORP 0.0%

Value ($000) $72 Shares 21,133 Est. Cost $1.74 Unrealized +97.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAG	IAMGOLD CORP	3,930,998	$50,828	3.4%	$8.17	+72.4%	—	450913108
NGD	NEW GOLD INC CDA	6,211,037	$44,595	3.0%	$3.19	+135.9%	—	644535106
TEVA	TEVA PHARMACEUTICAL INDS LTD	1,689,811	$34,134	2.3%	$18.06	—	—	881624209
NUVB	NUVATION BIO INC	1,444,647	$5,345	0.4%	$2.70	+129.7%	—	67080N101
INSW	INTERNATIONAL SEAWAYS INC	76,059	$3,505	0.2%	$28.74	+70.0%	—	Y41053102
SSTK	SHUTTERSTOCK INC	154,278	$3,217	0.2%	$26.92	-20.6%	—	825690100
CRBU	CARIBOU BIOSCIENCES INC	775,055	$1,806	0.1%	$2.10	-0.2%	—	142038108
—	ADVERUM BIOTECHNOLOGIES INC	363,282	$1,646	0.1%	$6.57	—	—	00773U207
—	SPDR INDEX SHS FDS	10,000	$621	0.0%	—	—	PUT	78463X952
—	NVIDIA CORPORATION	3,000	$560	0.0%	—	—	PUT	67066G954
QDEL	QUIDELORTHO CORP	18,209	$536	0.0%	$27.34	-0.9%	—	219798105
AQST	AQUESTIVE THERAPEUTICS INC	93,132	$521	0.0%	$3.48	+79.0%	—	03843E104
—	89BIO INC	26,903	$395	0.0%	$8.04	—	—	282559103
ARWR	ARROWHEAD PHARMACEUTICALS IN	10,123	$349	0.0%	$17.80	+175.3%	—	04280A100
MITT	AG MTG INVT TR INC	30,728	$222	0.0%	$7.51	—	—	001228501
MUX	MCEWEN INC.	12,695	$217	0.0%	$8.25	+125.4%	—	58039P305
BHVN	BIOHAVEN LTD	10,344	$155	0.0%	$14.56	-14.9%	—	G1110E107
AKBA	AKEBIA THERAPEUTICS INC	50,210	$137	0.0%	$3.33	-37.1%	—	00972D105
ODV	OSISKO DEVELOPMENT CORP	21,133	$72	0.0%	$1.74	+97.3%	—	68828E809

Decreased Positions (13)

BTG B2GOLD CORP 11.9%

Value ($000) $177,295 (-28.4%) Shares 39,311,603 (-21.4%) Est. Cost $2.75 Unrealized +69.2%

MLYS MINERALYS THERAPEUTICS INC 0.0%

Value ($000) $376 (-98.1%) Shares 10,354 (-98.1%) Est. Cost $13.33 Unrealized +200.9%

CGAU CENTERRA GOLD INC 0.6%

Value ($000) $8,496 (-66.1%) Shares 591,222 (-74.7%) Est. Cost $5.47 Unrealized +128.7%

IAUX I-80 GOLD CORP 2.0%

Value ($000) $30,176 (+40.3%) Shares 20,668,315 (-8.2%) Est. Cost $0.82 Unrealized +38.4%

— ATAI BECKLEY NV 0.0%

Value ($000) $187 (-96.7%) Shares 45,811 (-95.8%) Est. Cost $1.37 Unrealized —

TEN TSAKOS ENERGY NAVIGATION LTD 0.4%

Value ($000) $6,634 (-12.3%) Shares 295,909 (-13.1%) Est. Cost $18.47 Unrealized +26.7%

KURA KURA ONCOLOGY INC 0.3%

Value ($000) $4,699 (-12.6%) Shares 452,245 (-25.6%) Est. Cost $7.09 Unrealized +47.9%

RZLT REZOLUTE INC 0.0%

Value ($000) $79 (-79.9%) Shares 33,519 (-20.0%) Est. Cost $4.71 Unrealized +66.5%

TARS TARSUS PHARMACEUTICALS INC 0.0%

Value ($000) $201 (-52.3%) Shares 2,452 (-65.3%) Est. Cost $49.23 Unrealized +51.7%

IMTX IMMATICS N.V 0.0%

Value ($000) $171 (-41.5%) Shares 16,272 (-52.5%) Est. Cost $10.44 Unrealized -3.4%

PESI PERMA-FIX ENVIRONMENTAL SVCS 0.0%

Value ($000) $544 (+19.0%) Shares 43,220 (-4.5%) Est. Cost $9.95 Unrealized +28.1%

XFOR X4 PHARMACEUTICALS INC 0.0%

Value ($000) $670 (+8.4%) Shares 167,590 (-7.3%) Est. Cost $3.08 Unrealized +17.9%

LXEO LEXEO THERAPEUTICS INC 0.0%

Value ($000) $221 (-0.9%) Shares 22,302 (-33.7%) Est. Cost $5.85 Unrealized +55.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BTG	B2GOLD CORP	39,311,603 (-21.4%)	$177,295 (-28.4%)	11.9%	$2.75	+69.2%	COM	11777Q209
MLYS	MINERALYS THERAPEUTICS INC	10,354 (-98.1%)	$376 (-98.1%)	0.0%	$13.33	+200.9%	COM	603170101
CGAU	CENTERRA GOLD INC	591,222 (-74.7%)	$8,496 (-66.1%)	0.6%	$5.47	+128.7%	COM	152006102
IAUX	I-80 GOLD CORP	20,668,315 (-8.2%)	$30,176 (+40.3%)	2.0%	$0.82	+38.4%	COM	44955L106
—	ATAI BECKLEY NV	45,811 (-95.8%)	$187 (-96.7%)	0.0%	$1.37	—	SHS	N0731H103
TEN	TSAKOS ENERGY NAVIGATION LTD	295,909 (-13.1%)	$6,634 (-12.3%)	0.4%	$18.47	+26.7%	SHS	G9108L173
KURA	KURA ONCOLOGY INC	452,245 (-25.6%)	$4,699 (-12.6%)	0.3%	$7.09	+47.9%	COM	50127T109
RZLT	REZOLUTE INC	33,519 (-20.0%)	$79 (-79.9%)	0.0%	$4.71	+66.5%	COM NEW	76200L309
TARS	TARSUS PHARMACEUTICALS INC	2,452 (-65.3%)	$201 (-52.3%)	0.0%	$49.23	+51.7%	COM	87650L103
IMTX	IMMATICS N.V	16,272 (-52.5%)	$171 (-41.5%)	0.0%	$10.44	-3.4%	SHS	N44445109
PESI	PERMA-FIX ENVIRONMENTAL SVCS	43,220 (-4.5%)	$544 (+19.0%)	0.0%	$9.95	+28.1%	COM NEW	714157203
XFOR	X4 PHARMACEUTICALS INC	167,590 (-7.3%)	$670 (+8.4%)	0.0%	$3.08	+17.9%	COM NEW	98420X202
LXEO	LEXEO THERAPEUTICS INC	22,302 (-33.7%)	$221 (-0.9%)	0.0%	$5.85	+55.9%	COM	52886X107

Unchanged Positions (5)

GRPN GROUPON INC 12.0%

Value ($000) $179,289 Shares 10,181,070 Est. Cost $10.19 Unrealized +84.9%

TECX TECTONIC THERAPEUTIC INC 0.4%

Value ($000) $5,445 Shares 261,026 Est. Cost $20.64 Unrealized -10.0%

HELP CYBIN INC 0.1%

Value ($000) $1,256 Shares 153,505 Est. Cost $8.84 Unrealized -27.2%

LRMR LARIMAR THERAPEUTICS INC 0.0%

Value ($000) $172 Shares 45,218 Est. Cost $6.63 Unrealized -41.3%

AGRO ADECOAGRO S A 0.0%

Value ($000) $671 Shares 84,637 Est. Cost $9.67 Unrealized -18.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GRPN	GROUPON INC	10,181,070	$179,289	12.0%	$10.19	+84.9%	COM NEW	399473206
TECX	TECTONIC THERAPEUTIC INC	261,026	$5,445	0.4%	$20.64	-10.0%	COM	878972108
HELP	CYBIN INC	153,505	$1,256	0.1%	$8.84	-27.2%	COM NEW	23256X407
LRMR	LARIMAR THERAPEUTICS INC	45,218	$172	0.0%	$6.63	-41.3%	COM	517125100
AGRO	ADECOAGRO S A	84,637	$671	0.0%	$9.67	-18.8%	COM	L00849106