PERCEPTIVE ADVISORS LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	1,100,000	$134,123	2.4%	—	—	PUT	78464A870
IVVD	INVIVYD INC	21,785,166	$53,809	1.0%	$2.08	0.0%	COM	00534A102
DHR	DANAHER CORPORATION	200,000	$45,784	0.8%	$219.54	0.0%	COM	235851102
—	CIDARA THERAPEUTICS INC	165,131	$36,476	0.7%	$220.89	—	COM NEW	171757206
IRON	DISC MEDICINE INC	450,743	$35,794	0.6%	$84.50	0.0%	COM	254604101
JAZZ	JAZZ PHARMACEUTICALS PLC	170,000	$28,900	0.5%	$153.31	0.0%	SHS USD	G50871105
PALI	PALISADE BIO INC	12,050,000	$28,318	0.5%	$1.92	0.0%	COM	696389402
AXGN	AXOGEN INC	784,140	$25,665	0.5%	$24.59	0.0%	COM	05463X106
XFOR	X4 PHARMACEUTICALS INC	6,314,452	$25,258	0.5%	$3.63	0.0%	COM NEW	98420X202
BCRX	BIOCRYST PHARMACEUTICALS INC	3,162,529	$24,668	0.4%	$7.23	0.0%	COM	09058V103
BIIB	BIOGEN INC	124,000	$21,823	0.4%	$163.37	0.0%	COM	09062X103
MIRM	MIRUM PHARMACEUTICALS INC	259,545	$20,501	0.4%	$71.78	0.0%	COM	604749101
GRAL	GRAIL INC	237,342	$20,314	0.4%	$86.40	0.0%	COM	384747101
CVS	CVS HEALTH CORP	220,000	$17,459	0.3%	$78.67	0.0%	COM	126650100
GH	GUARDANT HEALTH INC	160,000	$16,342	0.3%	$89.46	0.0%	COM	40131M109
RLAY	RELAY THERAPEUTICS INC	1,903,245	$16,101	0.3%	$7.14	0.0%	COM	75943R102
GKOS	GLAUKOS CORP	140,000	$15,807	0.3%	$95.54	0.0%	COM	377322102
DXCM	DEXCOM INC	225,758	$14,984	0.3%	$64.65	0.0%	COM	252131107
SVRA	SAVARA INC	2,400,000	$14,472	0.3%	$4.90	0.0%	COM	805111101
OCS	OCULIS HOLDING AG	493,827	$9,862	0.2%	$20.00	0.0%	ORDINARY SHARES	H5870P102
MPLT	MAPLIGHT THERAPEUTICS INC	550,000	$9,661	0.2%	$16.75	0.0%	COM	56565P103
KMTS	KESTRA MED TECHNOLOGIES LTD	285,000	$7,558	0.1%	$25.75	0.0%	SHS	G52441105
CAPR	CAPRICOR THERAPEUTICS INC	242,100	$6,987	0.1%	—	—	CALL	14070B309
BLLN	BILLIONTOONE INC	72,812	$5,959	0.1%	$101.40	0.0%	CL A	090168105
BHVN	BIOHAVEN LTD	500,000	$5,645	0.1%	—	—	CALL	G1110E107
TENX	TENAX THERAPEUTICS INC	439,142	$5,353	0.1%	$8.70	0.0%	COM NEW	88032L605
TECX	TECTONIC THERAPEUTIC INC	250,000	$5,215	0.1%	—	—	CALL	878972108
TNGX	TANGO THERAPEUTICS INC	513,035	$4,545	0.1%	$8.62	0.0%	COM	87583X109
COGT	COGENT BIOSCIENCES INC	121,082	$4,301	0.1%	$28.11	0.0%	COM	19240Q201
OLMA	OLEMA PHARMACEUTICALS INC	165,713	$4,143	0.1%	$17.79	0.0%	COM	68062P106
SDGR	SCHRODINGER INC	202,400	$3,619	0.1%	$18.96	0.0%	COM	80810D103
SABS	SAB BIOTHERAPEUTICS INC	803,210	$3,004	0.1%	$3.29	0.0%	COM NEW	78397T202
CNTB	CONNECT BIOPHARMA HLDGS LTD	792,696	$2,235	0.0%	$2.13	0.0%	SHS	G23549101
IMMX	IMMIX BIOPHARMA INC	338,941	$1,773	0.0%	$4.12	0.0%	COM	45258H106
CPIX	CUMBERLAND PHARMACEUTICALS I	341,087	$1,358	0.0%	$2.96	0.0%	COM	230770109
MDLN	MEDLINE INC	28,000	$1,176	0.0%	$42.23	0.0%	COM CL A	58507V107
PTN	PALATIN TECHNOLOGIES INC	70,000	$1,077	0.0%	$13.14	0.0%	COM NEW	696077601
LENZ	LENZ THERAPEUTICS INC	50,000	$800	0.0%	$29.15	0.0%	COM	52635N103
IOVA	IOVANCE BIOTHERAPEUTICS INC	152,714	$417	0.0%	$2.31	0.0%	COM	462260100

Increased Positions (32)

PRAX PRAXIS PRECISION MEDICINES I 10.5%

Value ($000) $588,297 (+609.5%) Shares 1,995,986 (+27.6%) Est. Cost $79.26 Unrealized +135.0%

CELC CELCUITY INC 5.6%

Value ($000) $315,198 (+115.8%) Shares 3,160,200 (+6.9%) Est. Cost $29.05 Unrealized +183.0%

APGE APOGEE THERAPEUTICS INC 3.1%

Value ($000) $175,918 (+227.5%) Shares 2,330,651 (+72.4%) Est. Cost $42.68 Unrealized +47.6%

EXAS EXACT SCIENCES CORP 2.2%

Value ($000) $121,921 (+378.7%) Shares 1,200,487 (+157.9%) Est. Cost $68.54 Unrealized +17.2%

SYRE SPYRE THERAPEUTICS INC 1.8%

Value ($000) $100,548 (+388.0%) Shares 3,069,225 (+149.6%) Est. Cost $22.43 Unrealized +16.5%

TVTX TRAVERE THERAPEUTICS INC 2.9%

Value ($000) $163,469 (+80.2%) Shares 4,278,180 (+12.7%) Est. Cost $19.92 Unrealized +63.3%

INBX INHIBRX BIOSCIENCES INC 2.0%

Value ($000) $114,764 (+156.6%) Shares 1,452,707 (+9.4%) Est. Cost $22.31 Unrealized +205.4%

VRDN VIRIDIAN THERAPEUTICS INC 1.7%

Value ($000) $94,689 (+200.0%) Shares 3,042,703 (+108.1%) Est. Cost $22.91 Unrealized +19.7%

BSX BOSTON SCIENTIFIC CORP 1.7%

Value ($000) $93,348 (+208.4%) Shares 979,000 (+215.8%) Est. Cost $99.04 Unrealized -1.0%

BLTE BELITE BIO INC 1.2%

Value ($000) $66,262 (+1698.5%) Shares 414,239 (+732.0%) Est. Cost $149.63 Unrealized —

ROIV ROIVANT SCIENCES LTD 3.1%

Value ($000) $173,285 (+55.4%) Shares 7,985,461 (+8.4%) Est. Cost $12.30 Unrealized +60.3%

DYN DYNE THERAPEUTICS INC 1.2%

Value ($000) $68,048 (+895.3%) Shares 3,478,944 (+543.7%) Est. Cost $19.15 Unrealized -1.1%

NRIX NURIX THERAPEUTICS INC 1.2%

Value ($000) $67,455 (+415.5%) Shares 3,555,877 (+151.1%) Est. Cost $13.92 Unrealized +3.2%

ZYME ZYMEWORKS INC 1.5%

Value ($000) $85,885 (+140.5%) Shares 3,261,850 (+56.0%) Est. Cost $14.71 Unrealized +48.3%

PTGX PROTAGONIST THERAPEUTICS INC 2.1%

Value ($000) $117,946 (+72.4%) Shares 1,350,425 (+31.1%) Est. Cost $39.65 Unrealized +106.5%

EWTX EDGEWISE THERAPEUTICS 2.0%

Value ($000) $110,625 (+79.7%) Shares 4,457,974 (+17.4%) Est. Cost $22.18 Unrealized -9.5%

ENGN ENGENE HOLDINGS INC 0.9%

Value ($000) $52,998 (+270.0%) Shares 5,869,076 (+179.8%) Est. Cost $6.78 Unrealized +18.2%

NUVL NUVALENT INC 3.0%

Value ($000) $167,493 (+24.0%) Shares 1,665,105 (+6.6%) Est. Cost $46.66 Unrealized +111.3%

ANRO ALTO NEUROSCIENCE INC 0.6%

Value ($000) $31,762 (+4985.4%) Shares 1,784,393 (+1048.5%) Est. Cost $11.78 Unrealized +6.9%

IMTX IMMATICS N.V 1.9%

Value ($000) $109,026 (+36.4%) Shares 10,383,456 (+10.7%) Est. Cost $10.60 Unrealized -4.8%

ABVX ABIVAX SA 1.1%

Value ($000) $61,810 (+87.3%) Shares 458,343 (+17.9%) Est. Cost $92.50 Unrealized —

ISRG INTUITIVE SURGICAL INC 0.9%

Value ($000) $49,794 (+113.6%) Shares 87,919 (+68.7%) Est. Cost $443.22 Unrealized +20.1%

IMVT IMMUNOVANT INC 0.9%

Value ($000) $50,710 (+98.1%) Shares 1,994,890 (+25.6%) Est. Cost $23.20 Unrealized -3.9%

RAPT RAPT THERAPEUTICS INC 0.5%

Value ($000) $27,973 (+489.8%) Shares 825,890 (+349.1%) Est. Cost $25.84 Unrealized +20.2%

ORKA ORUKA THERAPEUTICS INC 0.8%

Value ($000) $44,753 (+83.5%) Shares 1,476,501 (+16.4%) Est. Cost $16.66 Unrealized +67.2%

RGEN REPLIGEN CORP 0.9%

Value ($000) $51,705 (+43.0%) Shares 315,541 (+16.7%) Est. Cost $140.51 Unrealized +11.5%

KOD KODIAK SCIENCES INC 0.4%

Value ($000) $23,735 (+128.5%) Shares 848,900 (+33.8%) Est. Cost $11.61 Unrealized +76.4%

BBNX BETA BIONICS INC 0.3%

Value ($000) $18,372 (+232.7%) Shares 602,944 (+116.9%) Est. Cost $22.99 Unrealized +16.2%

LONA ATHIRA PHARMA INC 0.3%

Value ($000) $14,075 (+529.2%) Shares 1,859,322 (+244.1%) Est. Cost $4.39 Unrealized +4.3%

RAPP RAPPORT THERAPEUTICS INC 0.4%

Value ($000) $20,447 (+70.4%) Shares 673,923 (+66.8%) Est. Cost $21.78 Unrealized +27.1%

CTNM CONTINEUM THERAPEUTICS INC 0.3%

Value ($000) $16,740 (+99.4%) Shares 1,464,592 (+105.0%) Est. Cost $13.62 Unrealized -16.2%

CAI CARIS LIFE SCIENCES INC 0.5%

Value ($000) $30,655 (-7.7%) Shares 1,136,206 (+3.5%) Est. Cost $26.99 Unrealized +4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRAX	PRAXIS PRECISION MEDICINES I	1,995,986 (+27.6%)	$588,297 (+609.5%)	10.5%	$79.26	+135.0%	COM NEW	74006W207
CELC	CELCUITY INC	3,160,200 (+6.9%)	$315,198 (+115.8%)	5.6%	$29.05	+183.0%	COM	15102K100
APGE	APOGEE THERAPEUTICS INC	2,330,651 (+72.4%)	$175,918 (+227.5%)	3.1%	$42.68	+47.6%	COM	03770N101
EXAS	EXACT SCIENCES CORP	1,200,487 (+157.9%)	$121,921 (+378.7%)	2.2%	$68.54	+17.2%	COM	30063P105
SYRE	SPYRE THERAPEUTICS INC	3,069,225 (+149.6%)	$100,548 (+388.0%)	1.8%	$22.43	+16.5%	COM NEW	00773J202
TVTX	TRAVERE THERAPEUTICS INC	4,278,180 (+12.7%)	$163,469 (+80.2%)	2.9%	$19.92	+63.3%	COM	89422G107
INBX	INHIBRX BIOSCIENCES INC	1,452,707 (+9.4%)	$114,764 (+156.6%)	2.0%	$22.31	+205.4%	COM	45720N103
VRDN	VIRIDIAN THERAPEUTICS INC	3,042,703 (+108.1%)	$94,689 (+200.0%)	1.7%	$22.91	+19.7%	COM	92790C104
BSX	BOSTON SCIENTIFIC CORP	979,000 (+215.8%)	$93,348 (+208.4%)	1.7%	$99.04	-1.0%	COM	101137107
BLTE	BELITE BIO INC	414,239 (+732.0%)	$66,262 (+1698.5%)	1.2%	$149.63	—	SPONSORED ADS	07782B104
ROIV	ROIVANT SCIENCES LTD	7,985,461 (+8.4%)	$173,285 (+55.4%)	3.1%	$12.30	+60.3%	SHS	G76279101
DYN	DYNE THERAPEUTICS INC	3,478,944 (+543.7%)	$68,048 (+895.3%)	1.2%	$19.15	-1.1%	COM	26818M108
NRIX	NURIX THERAPEUTICS INC	3,555,877 (+151.1%)	$67,455 (+415.5%)	1.2%	$13.92	+3.2%	COM	67080M103
ZYME	ZYMEWORKS INC	3,261,850 (+56.0%)	$85,885 (+140.5%)	1.5%	$14.71	+48.3%	COM	98985Y108
PTGX	PROTAGONIST THERAPEUTICS INC	1,350,425 (+31.1%)	$117,946 (+72.4%)	2.1%	$39.65	+106.5%	COM	74366E102
EWTX	EDGEWISE THERAPEUTICS	4,457,974 (+17.4%)	$110,625 (+79.7%)	2.0%	$22.18	-9.5%	COM	28036F105
ENGN	ENGENE HOLDINGS INC	5,869,076 (+179.8%)	$52,998 (+270.0%)	0.9%	$6.78	+18.2%	COM	29286M105
NUVL	NUVALENT INC	1,665,105 (+6.6%)	$167,493 (+24.0%)	3.0%	$46.66	+111.3%	COM	670703107
ANRO	ALTO NEUROSCIENCE INC	1,784,393 (+1048.5%)	$31,762 (+4985.4%)	0.6%	$11.78	+6.9%	COM SHS	02157Q109
IMTX	IMMATICS N.V	10,383,456 (+10.7%)	$109,026 (+36.4%)	1.9%	$10.60	-4.8%	SHS	N44445109
ABVX	ABIVAX SA	458,343 (+17.9%)	$61,810 (+87.3%)	1.1%	$92.50	—	SPONSORED ADS	00370M103
ISRG	INTUITIVE SURGICAL INC	87,919 (+68.7%)	$49,794 (+113.6%)	0.9%	$443.22	+20.1%	COM NEW	46120E602
IMVT	IMMUNOVANT INC	1,994,890 (+25.6%)	$50,710 (+98.1%)	0.9%	$23.20	-3.9%	COM	45258J102
RAPT	RAPT THERAPEUTICS INC	825,890 (+349.1%)	$27,973 (+489.8%)	0.5%	$25.84	+20.2%	COM NEW	75382E208
ORKA	ORUKA THERAPEUTICS INC	1,476,501 (+16.4%)	$44,753 (+83.5%)	0.8%	$16.66	+67.2%	COM	687604108
RGEN	REPLIGEN CORP	315,541 (+16.7%)	$51,705 (+43.0%)	0.9%	$140.51	+11.5%	COM	759916109
KOD	KODIAK SCIENCES INC	848,900 (+33.8%)	$23,735 (+128.5%)	0.4%	$11.61	+76.4%	COM	50015M109
BBNX	BETA BIONICS INC	602,944 (+116.9%)	$18,372 (+232.7%)	0.3%	$22.99	+16.2%	COM	08659B102
LONA	ATHIRA PHARMA INC	1,859,322 (+244.1%)	$14,075 (+529.2%)	0.3%	$4.39	+4.3%	COM	04746L203
RAPP	RAPPORT THERAPEUTICS INC	673,923 (+66.8%)	$20,447 (+70.4%)	0.4%	$21.78	+27.1%	COM	75383L102
CTNM	CONTINEUM THERAPEUTICS INC	1,464,592 (+105.0%)	$16,740 (+99.4%)	0.3%	$13.62	-16.2%	CL A	21217B100
CAI	CARIS LIFE SCIENCES INC	1,136,206 (+3.5%)	$30,655 (-7.7%)	0.5%	$26.99	+4.3%	COM	142152107

Exited Positions (15)

— MERUS N V 2.3%

Value ($000) $127,394 Shares 1,353,093 Est. Cost $70.83 Unrealized —

INSM INSMED INC 1.8%

Value ($000) $101,114 Shares 702,130 Est. Cost $72.15 Unrealized +152.9%

— VERONA PHARMA PLC 1.0%

Value ($000) $55,925 Shares 524,088 Est. Cost $23.99 Unrealized —

— AKERO THERAPEUTICS INC 1.0%

Value ($000) $53,926 Shares 1,135,766 Est. Cost $40.07 Unrealized —

JANX JANUX THERAPEUTICS INC 0.1%

Value ($000) $7,153 Shares 292,686 Est. Cost $50.50 Unrealized -53.4%

TEM TEMPUS AI INC 0.1%

Value ($000) $6,860 Shares 85,000 Est. Cost $70.04 Unrealized +11.7%

HTFL HEARTFLOW INC 0.1%

Value ($000) $5,049 Shares 150,000 Est. Cost $32.24 Unrealized -0.1%

— SCPHARMACEUTICALS INC 0.1%

Value ($000) $3,306 Shares 583,142 Est. Cost $3.84 Unrealized —

VKTX VIKING THERAPEUTICS INC 0.0%

Value ($000) $2,775 Shares 105,597 Est. Cost $52.65 Unrealized -32.7%

PYXS PYXIS ONCOLOGY INC 0.0%

Value ($000) $2,616 Shares 1,178,307 Est. Cost $1.44 Unrealized +144.9%

SPRY ARS PHARMACEUTICALS INC 0.0%

Value ($000) $2,010 Shares 200,000 Est. Cost — Unrealized —

TRIB TRINITY BIOTECH PLC 0.0%

Value ($000) $1,862 Shares 1,790,000 Est. Cost $0.65 Unrealized —

LYRA LYRA THERAPEUTICS INC 0.0%

Value ($000) $1,498 Shares 229,382 Est. Cost $8.30 Unrealized -40.0%

QURE UNIQURE NV 0.0%

Value ($000) $1,167 Shares 20,000 Est. Cost $18.16 Unrealized +112.5%

APYX APYX MEDICAL CORPORATION 0.0%

Value ($000) $321 Shares 150,000 Est. Cost $1.40 Unrealized +149.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MERUS N V	1,353,093	$127,394	2.3%	$70.83	—	—	N5749R100
INSM	INSMED INC	702,130	$101,114	1.8%	$72.15	+152.9%	—	457669307
—	VERONA PHARMA PLC	524,088	$55,925	1.0%	$23.99	—	—	925050106
—	AKERO THERAPEUTICS INC	1,135,766	$53,926	1.0%	$40.07	—	—	00973Y108
JANX	JANUX THERAPEUTICS INC	292,686	$7,153	0.1%	$50.50	-53.4%	—	47103J105
TEM	TEMPUS AI INC	85,000	$6,860	0.1%	$70.04	+11.7%	—	88023B103
HTFL	HEARTFLOW INC	150,000	$5,049	0.1%	$32.24	-0.1%	—	42238D107
—	SCPHARMACEUTICALS INC	583,142	$3,306	0.1%	$3.84	—	—	810648105
VKTX	VIKING THERAPEUTICS INC	105,597	$2,775	0.0%	$52.65	-32.7%	—	92686J106
PYXS	PYXIS ONCOLOGY INC	1,178,307	$2,616	0.0%	$1.44	+144.9%	—	747324101
SPRY	ARS PHARMACEUTICALS INC	200,000	$2,010	0.0%	—	—	PUT	82835W108
TRIB	TRINITY BIOTECH PLC	1,790,000	$1,862	0.0%	$0.65	—	—	896438504
LYRA	LYRA THERAPEUTICS INC	229,382	$1,498	0.0%	$8.30	-40.0%	—	55234L204
QURE	UNIQURE NV	20,000	$1,167	0.0%	$18.16	+112.5%	—	N90064101
APYX	APYX MEDICAL CORPORATION	150,000	$321	0.0%	$1.40	+149.3%	—	03837C106

Decreased Positions (20)

ACLX ARCELLX INC 1.7%

Value ($000) $95,588 (-52.8%) Shares 1,466,071 (-40.6%) Est. Cost $24.76 Unrealized +222.2%

MGTX MEIRAGTX HLDGS PLC 1.5%

Value ($000) $82,093 (-20.9%) Shares 10,326,103 (-18.2%) Est. Cost $10.52 Unrealized -21.0%

AMLX AMYLYX PHARMACEUTICALS INC 1.8%

Value ($000) $100,081 (-17.7%) Shares 8,284,882 (-7.5%) Est. Cost $4.53 Unrealized +199.8%

PEN PENUMBRA INC 0.6%

Value ($000) $34,365 (-38.5%) Shares 110,529 (-49.9%) Est. Cost $255.20 Unrealized +8.2%

NBIX NEUROCRINE BIOSCIENCES INC 0.8%

Value ($000) $46,953 (-25.7%) Shares 331,050 (-26.4%) Est. Cost $124.99 Unrealized +15.9%

AQST AQUESTIVE THERAPEUTICS INC 0.1%

Value ($000) $4,827 (-77.0%) Shares 747,193 (-80.1%) Est. Cost $3.57 Unrealized +74.6%

RYTM RHYTHM PHARMACEUTICALS INC 4.9%

Value ($000) $272,566 (-5.5%) Shares 2,546,391 (-99.4%) Est. Cost $92.51 Unrealized +14.7%

OBIO ORCHESTRA BIOMED HLDGS INC 0.4%

Value ($000) $21,278 (+62.1%) Shares 5,127,256 (-3.1%) Est. Cost $8.01 Unrealized -49.6%

AORT ARTIVION INC 1.4%

Value ($000) $78,554 (-8.2%) Shares 1,722,290 (-14.7%) Est. Cost $19.16 Unrealized +132.5%

ALDX ALDEYRA THERAPEUTICS INC 0.4%

Value ($000) $21,682 (-20.5%) Shares 4,185,632 (-19.9%) Est. Cost $7.22 Unrealized -28.9%

CRVS CORVUS PHARMACEUTICALS INC 0.1%

Value ($000) $5,332 (-49.7%) Shares 692,441 (-51.9%) Est. Cost $3.64 Unrealized +116.7%

KYMR KYMERA THERAPEUTICS INC 0.1%

Value ($000) $5,442 (-43.4%) Shares 69,935 (-58.8%) Est. Cost $34.43 Unrealized +96.1%

PVLA PALVELLA THERAPEUTICS INC NE 0.5%

Value ($000) $27,872 (+12.5%) Shares 266,287 (-32.6%) Est. Cost $44.59 Unrealized +91.3%

CNTA CENTESSA PHARMACEUTICALS PLC 1.3%

Value ($000) $72,970 (-3.0%) Shares 2,917,634 (-5.9%) Est. Cost $20.01 Unrealized —

IRTC IRHYTHM TECHNOLOGIES INC 0.3%

Value ($000) $19,164 (-9.4%) Shares 108,000 (-12.2%) Est. Cost $158.94 Unrealized +11.5%

SEPN SEPTERNA INC 0.2%

Value ($000) $12,077 (+18.6%) Shares 433,160 (-20.0%) Est. Cost $8.24 Unrealized +190.0%

KRYS KRYSTAL BIOTECH INC 0.1%

Value ($000) $4,314 (-30.2%) Shares 17,500 (-50.0%) Est. Cost $149.68 Unrealized +40.6%

ADMA ADMA BIOLOGICS INC 0.3%

Value ($000) $16,114 (-4.7%) Shares 883,468 (-23.4%) Est. Cost $8.62 Unrealized +95.4%

AVR ANTERIS TECHNOLOGIES GLOBAL 0.1%

Value ($000) $8,361 (+9.0%) Shares 1,675,476 (-1.7%) Est. Cost $5.59 Unrealized -18.0%

GOSS GOSSAMER BIO INC 0.2%

Value ($000) $9,733 (-2.9%) Shares 3,139,669 (-17.7%) Est. Cost $2.20 Unrealized +29.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACLX	ARCELLX INC	1,466,071 (-40.6%)	$95,588 (-52.8%)	1.7%	$24.76	+222.2%	COMMON STOCK	03940C100
MGTX	MEIRAGTX HLDGS PLC	10,326,103 (-18.2%)	$82,093 (-20.9%)	1.5%	$10.52	-21.0%	COM	G59665102
AMLX	AMYLYX PHARMACEUTICALS INC	8,284,882 (-7.5%)	$100,081 (-17.7%)	1.8%	$4.53	+199.8%	COM	03237H101
PEN	PENUMBRA INC	110,529 (-49.9%)	$34,365 (-38.5%)	0.6%	$255.20	+8.2%	COM	70975L107
NBIX	NEUROCRINE BIOSCIENCES INC	331,050 (-26.4%)	$46,953 (-25.7%)	0.8%	$124.99	+15.9%	COM	64125C109
AQST	AQUESTIVE THERAPEUTICS INC	747,193 (-80.1%)	$4,827 (-77.0%)	0.1%	$3.57	+74.6%	COM	03843E104
RYTM	RHYTHM PHARMACEUTICALS INC	2,546,391 (-99.4%)	$272,566 (-5.5%)	4.9%	$92.51	+14.7%	COM	76243J105
OBIO	ORCHESTRA BIOMED HLDGS INC	5,127,256 (-3.1%)	$21,278 (+62.1%)	0.4%	$8.01	-49.6%	COM	68572M106
AORT	ARTIVION INC	1,722,290 (-14.7%)	$78,554 (-8.2%)	1.4%	$19.16	+132.5%	COM	228903100
ALDX	ALDEYRA THERAPEUTICS INC	4,185,632 (-19.9%)	$21,682 (-20.5%)	0.4%	$7.22	-28.9%	COM	01438T106
CRVS	CORVUS PHARMACEUTICALS INC	692,441 (-51.9%)	$5,332 (-49.7%)	0.1%	$3.64	+116.7%	COM	221015100
KYMR	KYMERA THERAPEUTICS INC	69,935 (-58.8%)	$5,442 (-43.4%)	0.1%	$34.43	+96.1%	COM	501575104
PVLA	PALVELLA THERAPEUTICS INC NE	266,287 (-32.6%)	$27,872 (+12.5%)	0.5%	$44.59	+91.3%	COM	697947109
CNTA	CENTESSA PHARMACEUTICALS PLC	2,917,634 (-5.9%)	$72,970 (-3.0%)	1.3%	$20.01	—	SPONSORED ADS	152309100
IRTC	IRHYTHM TECHNOLOGIES INC	108,000 (-12.2%)	$19,164 (-9.4%)	0.3%	$158.94	+11.5%	COM	450056106
SEPN	SEPTERNA INC	433,160 (-20.0%)	$12,077 (+18.6%)	0.2%	$8.24	+190.0%	COM	81734D104
KRYS	KRYSTAL BIOTECH INC	17,500 (-50.0%)	$4,314 (-30.2%)	0.1%	$149.68	+40.6%	COM	501147102
ADMA	ADMA BIOLOGICS INC	883,468 (-23.4%)	$16,114 (-4.7%)	0.3%	$8.62	+95.4%	COM	000899104
AVR	ANTERIS TECHNOLOGIES GLOBAL	1,675,476 (-1.7%)	$8,361 (+9.0%)	0.1%	$5.59	-18.0%	COM	03675P102
GOSS	GOSSAMER BIO INC	3,139,669 (-17.7%)	$9,733 (-2.9%)	0.2%	$2.20	+29.5%	COM	38341P102

Unchanged Positions (25)

FOLD AMICUS THERAPEUTICS INC 1.6%

Value ($000) $90,721 Shares 6,370,851 Est. Cost $7.36 Unrealized +33.4%

— ASTRIA THERAPEUTICS INC 1.5%

Value ($000) $84,894 Shares 6,485,420 Est. Cost $11.36 Unrealized —

OMDA OMADA HEALTH INC 0.7%

Value ($000) $37,814 Shares 2,396,330 Est. Cost $17.31 Unrealized +17.2%

ASND ASCENDIS PHARMA A/S 4.1%

Value ($000) $230,602 Shares 1,081,421 Est. Cost $175.60 Unrealized —

NAUT NAUTILUS BIOTECHNOLOGY INC 0.4%

Value ($000) $24,559 Shares 12,594,211 Est. Cost $8.54 Unrealized -80.8%

SION SIONNA THERAPEUTICS INC 0.9%

Value ($000) $48,508 Shares 1,179,098 Est. Cost $16.34 Unrealized +132.1%

CTMX CYTOMX THERAPEUTICS INC 0.7%

Value ($000) $41,238 Shares 9,680,185 Est. Cost $1.79 Unrealized +112.3%

AXSM AXSOME THERAPEUTICS INC 0.5%

Value ($000) $27,195 Shares 148,900 Est. Cost $77.79 Unrealized +79.5%

ADGM ADAGIO MED HLDGS INC 0.2%

Value ($000) $10,272 Shares 9,876,576 Est. Cost $4.76 Unrealized -75.1%

OM OUTSET MED INC 0.1%

Value ($000) $3,092 Shares 833,333 Est. Cost $11.92 Unrealized -28.1%

DRUG BRIGHT MINDS BIOSCIENCES INC 0.6%

Value ($000) $35,063 Shares 449,290 Est. Cost $35.55 Unrealized +88.0%

SLDB SOLID BIOSCIENCES INC 1.2%

Value ($000) $66,741 Shares 11,833,539 Est. Cost $6.40 Unrealized -15.4%

— CELCUITY INC 0.3%

Value ($000) $14,098 Shares 6,500,000 Est. Cost $1.34 Unrealized —

IKT INHIBIKASE THERAPEUTICS INC 0.2%

Value ($000) $11,114 Shares 5,421,568 Est. Cost $2.49 Unrealized -36.2%

PEPG PEPGEN INC 0.1%

Value ($000) $5,402 Shares 829,870 Est. Cost $1.61 Unrealized +222.0%

IRD OPUS GENETICS INC 0.2%

Value ($000) $8,693 Shares 4,325,000 Est. Cost $1.12 Unrealized +81.8%

— ENVVENO MEDICAL CORPORATION 0.0%

Value ($000) $564 Shares 1,759,035 Est. Cost $3.16 Unrealized —

XENE XENON PHARMACEUTICALS INC 0.2%

Value ($000) $8,999 Shares 200,791 Est. Cost $26.63 Unrealized +57.7%

AVTX AVALO THERAPEUTICS INC 0.0%

Value ($000) $2,536 Shares 139,667 Est. Cost $7.58 Unrealized +122.8%

LXEO LEXEO THERAPEUTICS INC 0.0%

Value ($000) $1,389 Shares 139,835 Est. Cost $11.93 Unrealized -23.5%

RVMDW REVOLUTION MEDICINES INC 0.0%

Value ($000) $235 Shares 250,000 Est. Cost $0.33 Unrealized —

ENSC ENSYSCE BIOSCIENCES INC 0.0%

Value ($000) $80 Shares 86,666 Est. Cost $6.89 Unrealized -73.1%

BDSX BIODESIX 0.0%

Value ($000) $739 Shares 108,694 Est. Cost $7.69 Unrealized -4.3%

CBIO CRESCENT BIOPHARMA INC. 0.1%

Value ($000) $5,381 Shares 453,686 Est. Cost $21.15 Unrealized -39.8%

SRZNW SURROZEN INC 0.0%

Value ($000) $3 Shares 166,666 Est. Cost $1.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FOLD	AMICUS THERAPEUTICS INC	6,370,851	$90,721	1.6%	$7.36	+33.4%	COM	03152W109
—	ASTRIA THERAPEUTICS INC	6,485,420	$84,894	1.5%	$11.36	—	COM	04635X102
OMDA	OMADA HEALTH INC	2,396,330	$37,814	0.7%	$17.31	+17.2%	COM	68170A108
ASND	ASCENDIS PHARMA A/S	1,081,421	$230,602	4.1%	$175.60	—	SPONSORED ADR	04351P101
NAUT	NAUTILUS BIOTECHNOLOGY INC	12,594,211	$24,559	0.4%	$8.54	-80.8%	COM	63909J108
SION	SIONNA THERAPEUTICS INC	1,179,098	$48,508	0.9%	$16.34	+132.1%	COM	829401108
CTMX	CYTOMX THERAPEUTICS INC	9,680,185	$41,238	0.7%	$1.79	+112.3%	COM	23284F105
AXSM	AXSOME THERAPEUTICS INC	148,900	$27,195	0.5%	$77.79	+79.5%	COM	05464T104
ADGM	ADAGIO MED HLDGS INC	9,876,576	$10,272	0.2%	$4.76	-75.1%	COM	00534B100
OM	OUTSET MED INC	833,333	$3,092	0.1%	$11.92	-28.1%	COM NEW	690145206
DRUG	BRIGHT MINDS BIOSCIENCES INC	449,290	$35,063	0.6%	$35.55	+88.0%	COM NEW	10919W405
SLDB	SOLID BIOSCIENCES INC	11,833,539	$66,741	1.2%	$6.40	-15.4%	COM NEW	83422E204
—	CELCUITY INC	6,500,000	$14,098	0.3%	$1.34	—	NOTE 2.750% 8/0	15102KAA8
IKT	INHIBIKASE THERAPEUTICS INC	5,421,568	$11,114	0.2%	$2.49	-36.2%	COM NEW	45719W205
PEPG	PEPGEN INC	829,870	$5,402	0.1%	$1.61	+222.0%	COM	713317105
IRD	OPUS GENETICS INC	4,325,000	$8,693	0.2%	$1.12	+81.8%	COM	67577R102
—	ENVVENO MEDICAL CORPORATION	1,759,035	$564	0.0%	$3.16	—	COM	29415J106
XENE	XENON PHARMACEUTICALS INC	200,791	$8,999	0.2%	$26.63	+57.7%	COM	98420N105
AVTX	AVALO THERAPEUTICS INC	139,667	$2,536	0.0%	$7.58	+122.8%	COM NEW	05338F306
LXEO	LEXEO THERAPEUTICS INC	139,835	$1,389	0.0%	$11.93	-23.5%	COM	52886X107
RVMDW	REVOLUTION MEDICINES INC	250,000	$235	0.0%	$0.33	—	*W EXP 12/17/202	76155X118
ENSC	ENSYSCE BIOSCIENCES INC	86,666	$80	0.0%	$6.89	-73.1%	COM NEW	293602504
BDSX	BIODESIX	108,694	$739	0.0%	$7.69	-4.3%	COM	09075X207
CBIO	CRESCENT BIOPHARMA INC.	453,686	$5,381	0.1%	$21.15	-39.8%	COM	G2545C104
SRZNW	SURROZEN INC	166,666	$3	0.0%	$1.14	—	*W EXP 08/01/203	86889P117