Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRNA	MODERNA INC	1,000,000	$50.8M	1.0%	—	—	PUT	60770K107
IONS	IONIS PHARMACEUTICALS INC	504,000	$37.85M	0.7%	$81.81	0.0%	COM	462222100
DAWN	DAY ONE BIOPHARMACEUTICALS I	1,755,799	$37.64M	0.7%	$11.02	0.0%	COM	23954D109
GLTO	DAMORA THERAPEUTICS INC	1,223,000	$31.68M	0.6%	$25.80	0.0%	COM NEW	36322Q206
RVMD	REVOLUTION MEDICINES INC	258,600	$25.15M	0.5%	$103.02	0.0%	COM	76155X100
DBVT	DBV TECHNOLOGIES S A	964,391	$20.15M	0.4%	$20.89	—	SPONSORED ADS	23306J309
STRO	SUTRO BIOPHARMA INC	715,307	$17.82M	0.3%	$15.08	0.0%	COM SHS	869367201
EVMN	EVOMMUNE INC	448,350	$10.31M	0.2%	$21.99	0.0%	COM SHS	30054Y107
PHAT	PHATHOM PHARMACEUTICALS INC	925,000	$10.28M	0.2%	$13.69	0.0%	COM	71722W107
NMRA	NEUMORA THERAPEUTICS INC.	5,104,097	$9.953M	0.2%	$2.46	0.0%	COM	640979100
TWST	TWIST BIOSCIENCE CORP	150,000	$7.128M	0.1%	$44.18	0.0%	COM	90184D100
SRZN	SURROZEN INC	229,393	$6.682M	0.1%	$22.23	0.0%	COM NEW	86889P208
AGMB	AGOMAB THERAPEUTICS NV	600,000	$6.294M	0.1%	$10.49	—	SPONSORED ADS	00860C102
EOLS	EVOLUS INC	1,286,862	$5.289M	0.1%	$4.90	0.0%	COM	30052C107
OCUL	OCULAR THERAPEUTIX INC	500,000	$4.235M	0.1%	—	—	CALL	67576A100
APLS	APELLIS PHARMACEUTICALS INC	80,956	$3.257M	0.1%	$22.69	0.0%	COM	03753U106
EDSA	EDESA BIOTECH INC	563,239	$2.946M	0.1%	$1.28	0.0%	COM NEW	27966L306
ADPT	ADAPTIVE BIOTECHNOLOGIES COR	152,500	$2.117M	0.0%	$16.99	0.0%	COM	00650F109
CORT	CORCEPT THERAPEUTICS INC	50,000	$2.015M	0.0%	$38.80	0.0%	COM	218352102
XGN	EXAGEN INC	114,893	$345K	0.0%	$4.33	0.0%	COM	30068X103

Increased Positions (21)

CNTA CENTESSA PHARMACEUTICALS PLC 4.1%

Value $209M (+186.3%) Shares 5,258,903 (+80.2%) Est. Cost $28.79 Unrealized —

ASND ASCENDIS PHARMA A/S 6.9%

Value $350M (+51.9%) Shares 1,531,421 (+41.6%) Est. Cost $191.21 Unrealized —

SYRE SPYRE THERAPEUTICS INC 3.7%

Value $191M (+89.8%) Shares 3,783,225 (+23.3%) Est. Cost $24.71 Unrealized +39.7%

RLAY RELAY THERAPEUTICS INC 1.9%

Value $97.02M (+502.6%) Shares 9,751,141 (+412.3%) Est. Cost $8.07 Unrealized +2.8%

PRAX PRAXIS PRECISION MEDICINES I 12.8%

Value $656M (+11.5%) Shares 2,035,986 (+2.0%) Est. Cost $83.83 Unrealized +272.0%

ROIV ROIVANT SCIENCES LTD 4.5%

Value $230M (+32.4%) Shares 8,285,461 (+3.8%) Est. Cost $12.73 Unrealized +89.8%

BCRX BIOCRYST PHARMACEUTICALS INC 1.4%

Value $70.77M (+186.9%) Shares 7,434,033 (+135.1%) Est. Cost $7.10 Unrealized -1.4%

CRVS CORVUS PHARMACEUTICALS INC 0.7%

Value $33.54M (+529.0%) Shares 2,292,441 (+231.1%) Est. Cost $12.47 Unrealized +30.6%

SABS SAB BIOTHERAPEUTICS INC 0.5%

Value $24.63M (+720.0%) Shares 6,431,743 (+700.8%) Est. Cost $3.91 Unrealized +2.3%

TENX TENAX THERAPEUTICS INC 0.5%

Value $23.15M (+332.5%) Shares 1,447,782 (+229.7%) Est. Cost $12.04 Unrealized +12.1%

DYN DYNE THERAPEUTICS INC 1.7%

Value $84.65M (+24.4%) Shares 4,668,839 (+34.2%) Est. Cost $18.63 Unrealized -8.1%

ANRO ALTO NEUROSCIENCE INC 0.9%

Value $45.18M (+42.3%) Shares 2,009,893 (+12.6%) Est. Cost $12.34 Unrealized +35.8%

TNGX TANGO THERAPEUTICS INC 0.3%

Value $16.91M (+271.9%) Shares 808,153 (+57.5%) Est. Cost $9.82 Unrealized +21.3%

GH GUARDANT HEALTH INC 0.5%

Value $27.71M (+69.6%) Shares 300,000 (+87.5%) Est. Cost $97.86 Unrealized +9.8%

AVR ANTERIS TECHNOLOGIES GLOBAL 0.4%

Value $19.01M (+127.4%) Shares 3,425,476 (+104.4%) Est. Cost $5.59 Unrealized -0.1%

NRIX NURIX THERAPEUTICS INC 1.1%

Value $57.52M (-14.7%) Shares 3,710,877 (+4.4%) Est. Cost $14.07 Unrealized +23.2%

BBNX BETA BIONICS INC 0.2%

Value $8.446M (-54.0%) Shares 842,944 (+39.8%) Est. Cost $21.31 Unrealized -19.8%

CTMX CYTOMX THERAPEUTICS INC. 0.9%

Value $47.46M (+15.1%) Shares 10,098,824 (+4.3%) Est. Cost $1.93 Unrealized +170.5%

XFOR X4 PHARMACEUTICALS INC 0.5%

Value $27.83M (+10.2%) Shares 6,737,648 (+6.7%) Est. Cost $3.63 Unrealized +0.1%

ZYME ZYMEWORKS INC 1.7%

Value $87.89M (+2.3%) Shares 3,510,078 (+7.6%) Est. Cost $15.32 Unrealized +52.5%

BLLN BILLIONTOONE INC 0.1%

Value $7.248M (+21.6%) Shares 91,812 (+26.1%) Est. Cost $98.39 Unrealized -11.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNTA	CENTESSA PHARMACEUTICALS PLC	5,258,903 (+80.2%)	$209M (+186.3%)	4.1%	$28.79	—	SPONSORED ADS	152309100
ASND	ASCENDIS PHARMA A/S	1,531,421 (+41.6%)	$350M (+51.9%)	6.9%	$191.21	—	SPONSORED ADR	04351P101
SYRE	SPYRE THERAPEUTICS INC	3,783,225 (+23.3%)	$191M (+89.8%)	3.7%	$24.71	+39.7%	COM NEW	00773J202
RLAY	RELAY THERAPEUTICS INC	9,751,141 (+412.3%)	$97.02M (+502.6%)	1.9%	$8.07	+2.8%	COM	75943R102
PRAX	PRAXIS PRECISION MEDICINES I	2,035,986 (+2.0%)	$656M (+11.5%)	12.8%	$83.83	+272.0%	COM NEW	74006W207
ROIV	ROIVANT SCIENCES LTD	8,285,461 (+3.8%)	$230M (+32.4%)	4.5%	$12.73	+89.8%	SHS	G76279101
BCRX	BIOCRYST PHARMACEUTICALS INC	7,434,033 (+135.1%)	$70.77M (+186.9%)	1.4%	$7.10	-1.4%	COM	09058V103
CRVS	CORVUS PHARMACEUTICALS INC	2,292,441 (+231.1%)	$33.54M (+529.0%)	0.7%	$12.47	+30.6%	COM	221015100
SABS	SAB BIOTHERAPEUTICS INC	6,431,743 (+700.8%)	$24.63M (+720.0%)	0.5%	$3.91	+2.3%	COM NEW	78397T202
TENX	TENAX THERAPEUTICS INC	1,447,782 (+229.7%)	$23.15M (+332.5%)	0.5%	$12.04	+12.1%	COM NEW	88032L605
DYN	DYNE THERAPEUTICS INC	4,668,839 (+34.2%)	$84.65M (+24.4%)	1.7%	$18.63	-8.1%	COM	26818M108
ANRO	ALTO NEUROSCIENCE INC	2,009,893 (+12.6%)	$45.18M (+42.3%)	0.9%	$12.34	+35.8%	COM SHS	02157Q109
TNGX	TANGO THERAPEUTICS INC	808,153 (+57.5%)	$16.91M (+271.9%)	0.3%	$9.82	+21.3%	COM	87583X109
GH	GUARDANT HEALTH INC	300,000 (+87.5%)	$27.71M (+69.6%)	0.5%	$97.86	+9.8%	COM	40131M109
AVR	ANTERIS TECHNOLOGIES GLOBAL	3,425,476 (+104.4%)	$19.01M (+127.4%)	0.4%	$5.59	-0.1%	COM	03675P102
NRIX	NURIX THERAPEUTICS INC	3,710,877 (+4.4%)	$57.52M (-14.7%)	1.1%	$14.07	+23.2%	COM	67080M103
BBNX	BETA BIONICS INC	842,944 (+39.8%)	$8.446M (-54.0%)	0.2%	$21.31	-19.8%	COM	08659B102
CTMX	CYTOMX THERAPEUTICS INC.	10,098,824 (+4.3%)	$47.46M (+15.1%)	0.9%	$1.93	+170.5%	COM	23284F105
XFOR	X4 PHARMACEUTICALS INC	6,737,648 (+6.7%)	$27.83M (+10.2%)	0.5%	$3.63	+0.1%	COM NEW	98420X202
ZYME	ZYMEWORKS INC	3,510,078 (+7.6%)	$87.89M (+2.3%)	1.7%	$15.32	+52.5%	COM	98985Y108
BLLN	BILLIONTOONE INC	91,812 (+26.1%)	$7.248M (+21.6%)	0.1%	$98.39	-11.7%	CL A	090168105

Exited Positions (42)

XBI SPDR SERIES TRUST 2.6%

Value $134M Shares 1,100,000 Est. Cost — Unrealized —

EXAS EXACT SCIENCES CORP 2.4%

Value $122M Shares 1,200,487 Est. Cost $68.54 Unrealized +49.7%

ACLX ARCELLX INC 1.9%

Value $95.59M Shares 1,466,071 Est. Cost $24.76 Unrealized +188.0%

BSX BOSTON SCIENTIFIC CORP 1.8%

Value $93.35M Shares 979,000 Est. Cost $99.04 Unrealized -13.3%

FOLD AMICUS THERAPEUTICS INC 1.8%

Value $90.72M Shares 6,370,851 Est. Cost $7.36 Unrealized +94.3%

— ASTRIA THERAPEUTICS INC 1.7%

Value $84.89M Shares 6,485,420 Est. Cost $11.36 Unrealized —

DHR DANAHER CORPORATION 0.9%

Value $45.78M Shares 200,000 Est. Cost $219.54 Unrealized +2.3%

— CIDARA THERAPEUTICS INC 0.7%

Value $36.48M Shares 165,131 Est. Cost $220.89 Unrealized —

IRON DISC MEDICINE INC 0.7%

Value $35.79M Shares 450,743 Est. Cost $84.50 Unrealized -12.4%

PEN PENUMBRA INC 0.7%

Value $34.36M Shares 110,529 Est. Cost $255.20 Unrealized +33.1%

CAI CARIS LIFE SCIENCES INC 0.6%

Value $30.65M Shares 1,136,206 Est. Cost $26.99 Unrealized -12.0%

RAPT RAPT THERAPEUTICS INC 0.5%

Value $27.97M Shares 825,890 Est. Cost $25.84 Unrealized +95.5%

PVLA PALVELLA THERAPEUTICS INC NE 0.5%

Value $27.87M Shares 266,287 Est. Cost $44.59 Unrealized +104.9%

KOD KODIAK SCIENCES INC 0.5%

Value $23.74M Shares 848,900 Est. Cost $11.61 Unrealized +118.9%

BIIB BIOGEN INC 0.4%

Value $21.82M Shares 124,000 Est. Cost $163.37 Unrealized +12.2%

ALDX ALDEYRA THERAPEUTICS INC 0.4%

Value $21.68M Shares 4,185,632 Est. Cost $7.22 Unrealized -31.4%

MIRM MIRUM PHARMACEUTICALS INC 0.4%

Value $20.5M Shares 259,545 Est. Cost $71.78 Unrealized +34.5%

GRAL GRAIL INC 0.4%

Value $20.31M Shares 237,342 Est. Cost $86.40 Unrealized +9.2%

CVS CVS HEALTH CORP 0.3%

Value $17.46M Shares 220,000 Est. Cost $78.67 Unrealized -0.9%

GKOS GLAUKOS CORP 0.3%

Value $15.81M Shares 140,000 Est. Cost $95.54 Unrealized +21.5%

DXCM DEXCOM INC 0.3%

Value $14.98M Shares 225,758 Est. Cost $64.65 Unrealized +9.7%

SVRA SAVARA INC 0.3%

Value $14.47M Shares 2,400,000 Est. Cost $4.90 Unrealized +16.2%

SEPN SEPTERNA INC 0.2%

Value $12.08M Shares 433,160 Est. Cost $8.24 Unrealized +221.9%

GOSS GOSSAMER BIO INC 0.2%

Value $9.733M Shares 3,139,669 Est. Cost $2.20 Unrealized +2.4%

MPLT MAPLIGHT THERAPEUTICS INC 0.2%

Value $9.661M Shares 550,000 Est. Cost $16.75 Unrealized +5.2%

XENE XENON PHARMACEUTICALS INC 0.2%

Value $8.999M Shares 200,791 Est. Cost $26.63 Unrealized +57.7%

KMTS KESTRA MED TECHNOLOGIES LTD 0.1%

Value $7.558M Shares 285,000 Est. Cost $25.75 Unrealized -2.2%

CAPR CAPRICOR THERAPEUTICS INC 0.1%

Value $6.987M Shares 242,100 Est. Cost — Unrealized —

BHVN BIOHAVEN LTD 0.1%

Value $5.645M Shares 500,000 Est. Cost — Unrealized —

KYMR KYMERA THERAPEUTICS INC 0.1%

Value $5.442M Shares 69,935 Est. Cost $34.43 Unrealized +125.3%

PEPG PEPGEN INC 0.1%

Value $5.402M Shares 829,870 Est. Cost $1.61 Unrealized +261.7%

TECX TECTONIC THERAPEUTIC INC 0.1%

Value $5.215M Shares 250,000 Est. Cost — Unrealized —

AQST AQUESTIVE THERAPEUTICS INC 0.1%

Value $4.827M Shares 747,193 Est. Cost $3.57 Unrealized +12.7%

KRYS KRYSTAL BIOTECH INC 0.1%

Value $4.314M Shares 17,500 Est. Cost $149.68 Unrealized +82.0%

OLMA OLEMA PHARMACEUTICALS INC 0.1%

Value $4.143M Shares 165,713 Est. Cost $17.79 Unrealized +43.1%

SDGR SCHRODINGER INC 0.1%

Value $3.619M Shares 202,400 Est. Cost $18.96 Unrealized -21.9%

IMMX IMMIX BIOPHARMA INC 0.0%

Value $1.773M Shares 338,941 Est. Cost $4.12 Unrealized +50.4%

LXEO LEXEO THERAPEUTICS INC 0.0%

Value $1.389M Shares 139,835 Est. Cost $11.93 Unrealized -36.8%

LENZ LENZ THERAPEUTICS INC 0.0%

Value $800K Shares 50,000 Est. Cost $29.15 Unrealized -46.0%

BDSX BIODESIX 0.0%

Value $739K Shares 108,694 Est. Cost $7.69 Unrealized +29.1%

— ENVVENO MEDICAL CORPORATION 0.0%

Value $564K Shares 1,759,035 Est. Cost $3.16 Unrealized —

IOVA IOVANCE BIOTHERAPEUTICS INC 0.0%

Value $417K Shares 152,714 Est. Cost $2.31 Unrealized +15.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	1,100,000	$134M	2.6%	—	—	PUT	78464A870
EXAS	EXACT SCIENCES CORP	1,200,487	$122M	2.4%	$68.54	+49.7%	—	30063P105
ACLX	ARCELLX INC	1,466,071	$95.59M	1.9%	$24.76	+188.0%	—	03940C100
BSX	BOSTON SCIENTIFIC CORP	979,000	$93.35M	1.8%	$99.04	-13.3%	—	101137107
FOLD	AMICUS THERAPEUTICS INC	6,370,851	$90.72M	1.8%	$7.36	+94.3%	—	03152W109
—	ASTRIA THERAPEUTICS INC	6,485,420	$84.89M	1.7%	$11.36	—	—	04635X102
DHR	DANAHER CORPORATION	200,000	$45.78M	0.9%	$219.54	+2.3%	—	235851102
—	CIDARA THERAPEUTICS INC	165,131	$36.48M	0.7%	$220.89	—	—	171757206
IRON	DISC MEDICINE INC	450,743	$35.79M	0.7%	$84.50	-12.4%	—	254604101
PEN	PENUMBRA INC	110,529	$34.36M	0.7%	$255.20	+33.1%	—	70975L107
CAI	CARIS LIFE SCIENCES INC	1,136,206	$30.65M	0.6%	$26.99	-12.0%	—	142152107
RAPT	RAPT THERAPEUTICS INC	825,890	$27.97M	0.5%	$25.84	+95.5%	—	75382E208
PVLA	PALVELLA THERAPEUTICS INC NE	266,287	$27.87M	0.5%	$44.59	+104.9%	—	697947109
KOD	KODIAK SCIENCES INC	848,900	$23.74M	0.5%	$11.61	+118.9%	—	50015M109
BIIB	BIOGEN INC	124,000	$21.82M	0.4%	$163.37	+12.2%	—	09062X103
ALDX	ALDEYRA THERAPEUTICS INC	4,185,632	$21.68M	0.4%	$7.22	-31.4%	—	01438T106
MIRM	MIRUM PHARMACEUTICALS INC	259,545	$20.5M	0.4%	$71.78	+34.5%	—	604749101
GRAL	GRAIL INC	237,342	$20.31M	0.4%	$86.40	+9.2%	—	384747101
CVS	CVS HEALTH CORP	220,000	$17.46M	0.3%	$78.67	-0.9%	—	126650100
GKOS	GLAUKOS CORP	140,000	$15.81M	0.3%	$95.54	+21.5%	—	377322102
DXCM	DEXCOM INC	225,758	$14.98M	0.3%	$64.65	+9.7%	—	252131107
SVRA	SAVARA INC	2,400,000	$14.47M	0.3%	$4.90	+16.2%	—	805111101
SEPN	SEPTERNA INC	433,160	$12.08M	0.2%	$8.24	+221.9%	—	81734D104
GOSS	GOSSAMER BIO INC	3,139,669	$9.733M	0.2%	$2.20	+2.4%	—	38341P102
MPLT	MAPLIGHT THERAPEUTICS INC	550,000	$9.661M	0.2%	$16.75	+5.2%	—	56565P103
XENE	XENON PHARMACEUTICALS INC	200,791	$8.999M	0.2%	$26.63	+57.7%	—	98420N105
KMTS	KESTRA MED TECHNOLOGIES LTD	285,000	$7.558M	0.1%	$25.75	-2.2%	—	G52441105
CAPR	CAPRICOR THERAPEUTICS INC	242,100	$6.987M	0.1%	—	—	CALL	14070B309
BHVN	BIOHAVEN LTD	500,000	$5.645M	0.1%	—	—	CALL	G1110E107
KYMR	KYMERA THERAPEUTICS INC	69,935	$5.442M	0.1%	$34.43	+125.3%	—	501575104
PEPG	PEPGEN INC	829,870	$5.402M	0.1%	$1.61	+261.7%	—	713317105
TECX	TECTONIC THERAPEUTIC INC	250,000	$5.215M	0.1%	—	—	CALL	878972108
AQST	AQUESTIVE THERAPEUTICS INC	747,193	$4.827M	0.1%	$3.57	+12.7%	—	03843E104
KRYS	KRYSTAL BIOTECH INC	17,500	$4.314M	0.1%	$149.68	+82.0%	—	501147102
OLMA	OLEMA PHARMACEUTICALS INC	165,713	$4.143M	0.1%	$17.79	+43.1%	—	68062P106
SDGR	SCHRODINGER INC	202,400	$3.619M	0.1%	$18.96	-21.9%	—	80810D103
IMMX	IMMIX BIOPHARMA INC	338,941	$1.773M	0.0%	$4.12	+50.4%	—	45258H106
LXEO	LEXEO THERAPEUTICS INC	139,835	$1.389M	0.0%	$11.93	-36.8%	—	52886X107
LENZ	LENZ THERAPEUTICS INC	50,000	$800K	0.0%	$29.15	-46.0%	—	52635N103
BDSX	BIODESIX	108,694	$739K	0.0%	$7.69	+29.1%	—	09075X207
—	ENVVENO MEDICAL CORPORATION	1,759,035	$564K	0.0%	$3.16	—	—	29415J106
IOVA	IOVANCE BIOTHERAPEUTICS INC	152,714	$417K	0.0%	$2.31	+15.9%	—	462260100

Decreased Positions (31)

VRDN VIRIDIAN THERAPEUTICS INC 0.4%

Value $22.9M (-75.8%) Shares 1,170,829 (-61.5%) Est. Cost $22.91 Unrealized +34.6%

RYTM RHYTHM PHARMACEUTICALS INC 4.0%

Value $206M (-24.3%) Shares 2,373,795 (-6.8%) Est. Cost $92.51 Unrealized +11.2%

APGE APOGEE THERAPEUTICS INC 2.5%

Value $130M (-26.3%) Shares 1,540,384 (-33.9%) Est. Cost $42.68 Unrealized +69.2%

BLTE BELITE BIO INC 0.5%

Value $24.23M (-63.4%) Shares 151,979 (-63.3%) Est. Cost $149.63 Unrealized —

CELC CELCUITY INC 7.0%

Value $357M (+13.2%) Shares 3,127,200 (-1.0%) Est. Cost $29.05 Unrealized +269.9%

TVTX TRAVERE THERAPEUTICS INC 2.4%

Value $123M (-24.7%) Shares 4,142,551 (-3.2%) Est. Cost $19.92 Unrealized +55.8%

NBIX NEUROCRINE BIOSCIENCES INC 0.2%

Value $8.57M (-81.7%) Shares 65,050 (-80.4%) Est. Cost $124.99 Unrealized +7.5%

OMDA OMADA HEALTH INC 0.2%

Value $9.884M (-73.9%) Shares 786,330 (-67.2%) Est. Cost $17.31 Unrealized -19.3%

IVVD INVIVYD INC 0.5%

Value $27.12M (-49.6%) Shares 20,859,303 (-4.2%) Est. Cost $2.08 Unrealized -4.9%

ABVX ABIVAX SA 0.7%

Value $36.62M (-40.8%) Shares 328,884 (-28.2%) Est. Cost $92.50 Unrealized —

ORKA ORUKA THERAPEUTICS INC 1.3%

Value $68.45M (+53.0%) Shares 1,395,501 (-5.5%) Est. Cost $16.66 Unrealized +94.8%

SION SIONNA THERAPEUTICS INC 0.5%

Value $26.4M (-45.6%) Shares 658,439 (-44.2%) Est. Cost $16.34 Unrealized +140.2%

RGEN REPLIGEN CORP 0.6%

Value $33.05M (-36.1%) Shares 280,541 (-11.1%) Est. Cost $140.51 Unrealized +8.5%

AORT ARTIVION INC 1.2%

Value $59.96M (-23.7%) Shares 1,637,290 (-4.9%) Est. Cost $19.16 Unrealized +114.9%

PALI PALISADE BIO INC 0.3%

Value $15.62M (-44.8%) Shares 8,928,149 (-25.9%) Est. Cost $1.92 Unrealized -7.2%

ADMA ADMA BIOLOGICS INC 0.1%

Value $4.21M (-73.9%) Shares 467,233 (-47.1%) Est. Cost $8.62 Unrealized +96.6%

PTGX PROTAGONIST THERAPEUTICS INC 2.5%

Value $130M (+10.0%) Shares 1,230,879 (-8.9%) Est. Cost $39.65 Unrealized +110.1%

IMVT IMMUNOVANT INC 0.8%

Value $39.68M (-21.8%) Shares 1,597,383 (-19.9%) Est. Cost $23.20 Unrealized +13.2%

ISRG INTUITIVE SURGICAL INC 0.8%

Value $39.38M (-20.9%) Shares 85,419 (-2.8%) Est. Cost $443.22 Unrealized +17.5%

DRUG BRIGHT MINDS BIOSCIENCES INC 0.5%

Value $27.55M (-21.4%) Shares 377,544 (-16.0%) Est. Cost $35.55 Unrealized +136.3%

IKT INHIBIKASE THERAPEUTICS INC 0.1%

Value $3.889M (-65.0%) Shares 2,315,000 (-57.3%) Est. Cost $2.49 Unrealized -30.5%

IRTC IRHYTHM HOLDINGS INC 0.2%

Value $12.4M (-35.3%) Shares 105,026 (-2.8%) Est. Cost $158.94 Unrealized -0.2%

ADGM ADAGIO MED HLDGS INC 0.1%

Value $4.348M (-57.7%) Shares 3,780,830 (-61.7%) Est. Cost $4.76 Unrealized -79.4%

NUVL NUVALENT INC 3.2%

Value $162M (-3.3%) Shares 1,580,505 (-5.1%) Est. Cost $46.66 Unrealized +122.1%

AXGN AXOGEN INC 0.5%

Value $23.1M (-10.0%) Shares 697,312 (-11.1%) Est. Cost $24.59 Unrealized +35.4%

CBIO CRESCENT BIOPHARMA INC. 0.1%

Value $3.802M (-29.3%) Shares 206,942 (-54.4%) Est. Cost $21.15 Unrealized -47.7%

CPIX CUMBERLAND PHARMACEUTICALS I 0.0%

Value $640K (-52.8%) Shares 196,978 (-42.2%) Est. Cost $2.96 Unrealized +39.5%

CTNM CONTINEUM THERAPEUTICS INC 0.3%

Value $16.4M (-2.0%) Shares 1,255,592 (-14.3%) Est. Cost $13.62 Unrealized -1.9%

IRD OPUS GENETICS INC 0.2%

Value $8.353M (-3.9%) Shares 1,835,842 (-57.6%) Est. Cost $1.12 Unrealized +145.5%

OBIO ORCHESTRA BIOMED HLDGS INC 0.4%

Value $21.41M (+0.6%) Shares 5,037,906 (-1.7%) Est. Cost $8.01 Unrealized -48.5%

PTN PALATIN TECHNOLOGIES INC 0.0%

Value $1.079M (+0.2%) Shares 61,945 (-11.5%) Est. Cost $13.14 Unrealized +32.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VRDN	VIRIDIAN THERAPEUTICS INC	1,170,829 (-61.5%)	$22.9M (-75.8%)	0.4%	$22.91	+34.6%	COM	92790C104
RYTM	RHYTHM PHARMACEUTICALS INC	2,373,795 (-6.8%)	$206M (-24.3%)	4.0%	$92.51	+11.2%	COM	76243J105
APGE	APOGEE THERAPEUTICS INC	1,540,384 (-33.9%)	$130M (-26.3%)	2.5%	$42.68	+69.2%	COM	03770N101
BLTE	BELITE BIO INC	151,979 (-63.3%)	$24.23M (-63.4%)	0.5%	$149.63	—	SPONSORED ADS	07782B104
CELC	CELCUITY INC	3,127,200 (-1.0%)	$357M (+13.2%)	7.0%	$29.05	+269.9%	COM	15102K100
TVTX	TRAVERE THERAPEUTICS INC	4,142,551 (-3.2%)	$123M (-24.7%)	2.4%	$19.92	+55.8%	COM	89422G107
NBIX	NEUROCRINE BIOSCIENCES INC	65,050 (-80.4%)	$8.57M (-81.7%)	0.2%	$124.99	+7.5%	COM	64125C109
OMDA	OMADA HEALTH INC	786,330 (-67.2%)	$9.884M (-73.9%)	0.2%	$17.31	-19.3%	COM	68170A108
IVVD	INVIVYD INC	20,859,303 (-4.2%)	$27.12M (-49.6%)	0.5%	$2.08	-4.9%	COM	00534A102
ABVX	ABIVAX SA	328,884 (-28.2%)	$36.62M (-40.8%)	0.7%	$92.50	—	SPONSORED ADS	00370M103
ORKA	ORUKA THERAPEUTICS INC	1,395,501 (-5.5%)	$68.45M (+53.0%)	1.3%	$16.66	+94.8%	COM	687604108
SION	SIONNA THERAPEUTICS INC	658,439 (-44.2%)	$26.4M (-45.6%)	0.5%	$16.34	+140.2%	COM	829401108
RGEN	REPLIGEN CORP	280,541 (-11.1%)	$33.05M (-36.1%)	0.6%	$140.51	+8.5%	COM	759916109
AORT	ARTIVION INC	1,637,290 (-4.9%)	$59.96M (-23.7%)	1.2%	$19.16	+114.9%	COM	228903100
PALI	PALISADE BIO INC	8,928,149 (-25.9%)	$15.62M (-44.8%)	0.3%	$1.92	-7.2%	COM	696389402
ADMA	ADMA BIOLOGICS INC	467,233 (-47.1%)	$4.21M (-73.9%)	0.1%	$8.62	+96.6%	COM	000899104
PTGX	PROTAGONIST THERAPEUTICS INC	1,230,879 (-8.9%)	$130M (+10.0%)	2.5%	$39.65	+110.1%	COM	74366E102
IMVT	IMMUNOVANT INC	1,597,383 (-19.9%)	$39.68M (-21.8%)	0.8%	$23.20	+13.2%	COM	45258J102
ISRG	INTUITIVE SURGICAL INC	85,419 (-2.8%)	$39.38M (-20.9%)	0.8%	$443.22	+17.5%	COM NEW	46120E602
DRUG	BRIGHT MINDS BIOSCIENCES INC	377,544 (-16.0%)	$27.55M (-21.4%)	0.5%	$35.55	+136.3%	COM NEW	10919W405
IKT	INHIBIKASE THERAPEUTICS INC	2,315,000 (-57.3%)	$3.889M (-65.0%)	0.1%	$2.49	-30.5%	COM NEW	45719W205
IRTC	IRHYTHM HOLDINGS INC	105,026 (-2.8%)	$12.4M (-35.3%)	0.2%	$158.94	-0.2%	COM	450056106
ADGM	ADAGIO MED HLDGS INC	3,780,830 (-61.7%)	$4.348M (-57.7%)	0.1%	$4.76	-79.4%	COM	00534B100
NUVL	NUVALENT INC	1,580,505 (-5.1%)	$162M (-3.3%)	3.2%	$46.66	+122.1%	COM	670703107
AXGN	AXOGEN INC	697,312 (-11.1%)	$23.1M (-10.0%)	0.5%	$24.59	+35.4%	COM	05463X106
CBIO	CRESCENT BIOPHARMA INC.	206,942 (-54.4%)	$3.802M (-29.3%)	0.1%	$21.15	-47.7%	COM	G2545C104
CPIX	CUMBERLAND PHARMACEUTICALS I	196,978 (-42.2%)	$640K (-52.8%)	0.0%	$2.96	+39.5%	COM	230770109
CTNM	CONTINEUM THERAPEUTICS INC	1,255,592 (-14.3%)	$16.4M (-2.0%)	0.3%	$13.62	-1.9%	CL A	21217B100
IRD	OPUS GENETICS INC	1,835,842 (-57.6%)	$8.353M (-3.9%)	0.2%	$1.12	+145.5%	COM	67577R102
OBIO	ORCHESTRA BIOMED HLDGS INC	5,037,906 (-1.7%)	$21.41M (+0.6%)	0.4%	$8.01	-48.5%	COM	68572M106
PTN	PALATIN TECHNOLOGIES INC	61,945 (-11.5%)	$1.079M (+0.2%)	0.0%	$13.14	+32.8%	COM NEW	696077601

Unchanged Positions (22)

EWTX EDGEWISE THERAPEUTICS INC 2.7%

Value $139M Shares 4,423,974 Est. Cost $22.18 Unrealized +27.1%

NAUT NAUTILUS BIOTECHNOLOGY INC 1.0%

Value $48.87M Shares 12,594,211 Est. Cost $8.54 Unrealized -74.1%

SLDB SOLID BIOSCIENCES INC 1.7%

Value $85.73M Shares 11,906,646 Est. Cost $6.40 Unrealized -5.5%

INBX INHIBRX BIOSCIENCES INC 1.9%

Value $96.99M Shares 1,442,707 Est. Cost $22.31 Unrealized +248.5%

AMLX AMYLYX PHARMACEUTICALS INC 2.3%

Value $115M Shares 8,284,882 Est. Cost $4.53 Unrealized +208.8%

ENGN ENGENE HOLDINGS INC 0.8%

Value $39.69M Shares 5,827,506 Est. Cost $6.78 Unrealized +42.5%

MGTX MEIRAGTX HLDGS PLC 1.7%

Value $89.31M Shares 10,326,103 Est. Cost $10.52 Unrealized -27.6%

IMTX IMMATICS N.V 2.0%

Value $102M Shares 10,383,456 Est. Cost $10.60 Unrealized -7.4%

LONA LEONABIO INC 0.4%

Value $19.11M Shares 1,859,322 Est. Cost $4.39 Unrealized +28.1%

OCS OCULIS HOLDING AG 0.3%

Value $13.13M Shares 493,827 Est. Cost $20.00 Unrealized +32.4%

JAZZ JAZZ PHARMACEUTICALS PLC 0.6%

Value $32.14M Shares 170,000 Est. Cost $153.31 Unrealized +10.3%

AXSM AXSOME THERAPEUTICS INC. 0.5%

Value $25.34M Shares 149,950 Est. Cost $77.79 Unrealized +131.7%

— CELCUITY INC 0.3%

Value $15.88M Shares 6,500,000 Est. Cost $1.34 Unrealized —

RAPP RAPPORT THERAPEUTICS INC 0.4%

Value $21.09M Shares 673,923 Est. Cost $21.78 Unrealized +27.8%

AVTX AVALO THERAPEUTICS INC 0.0%

Value $2.085M Shares 139,667 Est. Cost $7.58 Unrealized +104.5%

COGT COGENT BIOSCIENCES INC 0.1%

Value $4.66M Shares 121,082 Est. Cost $28.11 Unrealized +32.9%

RVMDW REVOLUTION MEDICINES INC 0.0%

Value $448K Shares 250,000 Est. Cost $0.33 Unrealized —

CNTB CONNECT BIOPHARMA HLDGS LTD 0.0%

Value $2.077M Shares 792,696 Est. Cost $2.13 Unrealized +16.2%

OM OUTSET MED INC 0.1%

Value $3.2M Shares 833,333 Est. Cost $11.92 Unrealized -62.3%

MDLN MEDLINE INC 0.0%

Value $1.246M Shares 28,000 Est. Cost $42.23 Unrealized +6.2%

ENSC ENSYSCE BIOSCIENCES INC 0.0%

Value $46,670 Shares 86,666 Est. Cost $6.89 Unrealized -89.9%

SRZNW SURROZEN INC 0.0%

Value $2,667 Shares 166,666 Est. Cost $1.14 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EWTX	EDGEWISE THERAPEUTICS INC	4,423,974	$139M	2.7%	$22.18	+27.1%	COM	28036F105
NAUT	NAUTILUS BIOTECHNOLOGY INC	12,594,211	$48.87M	1.0%	$8.54	-74.1%	COM	63909J108
SLDB	SOLID BIOSCIENCES INC	11,906,646	$85.73M	1.7%	$6.40	-5.5%	COM NEW	83422E204
INBX	INHIBRX BIOSCIENCES INC	1,442,707	$96.99M	1.9%	$22.31	+248.5%	COM	45720N103
AMLX	AMYLYX PHARMACEUTICALS INC	8,284,882	$115M	2.3%	$4.53	+208.8%	COM	03237H101
ENGN	ENGENE HOLDINGS INC	5,827,506	$39.69M	0.8%	$6.78	+42.5%	COM	29286M105
MGTX	MEIRAGTX HLDGS PLC	10,326,103	$89.31M	1.7%	$10.52	-27.6%	COM	G59665102
IMTX	IMMATICS N.V	10,383,456	$102M	2.0%	$10.60	-7.4%	SHS	N44445109
LONA	LEONABIO INC	1,859,322	$19.11M	0.4%	$4.39	+28.1%	COM	04746L203
OCS	OCULIS HOLDING AG	493,827	$13.13M	0.3%	$20.00	+32.4%	ORDINARY SHARES	H5870P102
JAZZ	JAZZ PHARMACEUTICALS PLC	170,000	$32.14M	0.6%	$153.31	+10.3%	SHS USD	G50871105
AXSM	AXSOME THERAPEUTICS INC.	149,950	$25.34M	0.5%	$77.79	+131.7%	COM	05464T104
—	CELCUITY INC	6,500,000	$15.88M	0.3%	$1.34	—	NOTE 2.750% 8/0	15102KAA8
RAPP	RAPPORT THERAPEUTICS INC	673,923	$21.09M	0.4%	$21.78	+27.8%	COM	75383L102
AVTX	AVALO THERAPEUTICS INC	139,667	$2.085M	0.0%	$7.58	+104.5%	COM NEW	05338F306
COGT	COGENT BIOSCIENCES INC	121,082	$4.66M	0.1%	$28.11	+32.9%	COM	19240Q201
RVMDW	REVOLUTION MEDICINES INC	250,000	$448K	0.0%	$0.33	—	*W EXP 12/17/202	76155X118
CNTB	CONNECT BIOPHARMA HLDGS LTD	792,696	$2.077M	0.0%	$2.13	+16.2%	SHS	G23549101
OM	OUTSET MED INC	833,333	$3.2M	0.1%	$11.92	-62.3%	COM NEW	690145206
MDLN	MEDLINE INC	28,000	$1.246M	0.0%	$42.23	+6.2%	COM CL A	58507V107
ENSC	ENSYSCE BIOSCIENCES INC	86,666	$46,670	0.0%	$6.89	-89.9%	COM NEW	293602504
SRZNW	SURROZEN INC	166,666	$2,667	0.0%	$1.14	—	*W EXP 08/01/203	86889P117