Sofinnova Investments, Inc. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMY	BRISTOL-MYERS SQUIBB CO	1,512,994	$81,611	3.5%	$47.53	0.0%	COM	110122108
LLY	ELI LILLY & CO	61,652	$66,256	2.9%	$955.55	0.0%	COM	532457108
BMRN	BIOMARIN PHARMACEUTICAL INC	697,133	$41,431	1.8%	$54.44	0.0%	COM	09061G101
CNTA	CENTESSA PHARMACEUTICALS PLC	1,104,274	$27,618	1.2%	$25.01	—	SPONSORED ADS	152309100
ALC	ALCON AG	332,520	$26,206	1.1%	$77.00	0.0%	ORD SHS	H01301128
AMLX	AMYLYX PHARMACEUTICALS INC	527,099	$6,367	0.3%	$13.58	0.0%	COM	03237H101
MASI	MASIMO CORP	46,201	$6,009	0.3%	$143.19	0.0%	COM	574795100
XENE	XENON PHARMACEUTICALS INC	59,900	$2,685	0.1%	$42.00	0.0%	COM	98420N105
EVMN	EVOMMUNE INC	153,320	$2,625	0.1%	$18.78	0.0%	COM SHS	30054Y107
RARE	ULTRAGENYX PHARMACEUTICAL INC	83,300	$1,916	0.1%	$32.88	0.0%	COM	90400D108
MIRM	MIRUM PHARMACEUTICALS INC	23,100	$1,825	0.1%	$71.78	0.0%	COM	604749101

Increased Positions (22)

AZN ASTRAZENECA PLC 6.5%

Value ($000) $150,060 (+137.4%) Shares 1,632,334 (+98.1%) Est. Cost $83.02 Unrealized —

JAZZ JAZZ PHARMACEUTICALS PLC 7.0%

Value ($000) $163,176 (+110.3%) Shares 959,860 (+63.0%) Est. Cost $128.75 Unrealized +19.1%

ABBV ABBVIE INC 3.1%

Value ($000) $72,610 (+107.7%) Shares 317,783 (+110.5%) Est. Cost $206.22 Unrealized +10.3%

— CIDARA THERAPEUTICS INC 1.7%

Value ($000) $39,819 (+667.2%) Shares 180,265 (+232.6%) Est. Cost $169.12 Unrealized —

DYN DYNE THERAPEUTICS INC 1.9%

Value ($000) $44,091 (+253.6%) Shares 2,254,161 (+128.7%) Est. Cost $18.03 Unrealized +5.1%

IMNM IMMUNOME INC 1.5%

Value ($000) $34,765 (+580.8%) Shares 1,618,477 (+271.2%) Est. Cost $17.80 Unrealized -1.4%

VRTX VERTEX PHARMACEUTICALS INC 3.2%

Value ($000) $74,620 (+61.6%) Shares 164,594 (+39.6%) Est. Cost $421.64 Unrealized +2.2%

ISRG INTUITIVE SURGICAL INC 3.1%

Value ($000) $71,910 (+45.0%) Shares 126,968 (+14.5%) Est. Cost $510.25 Unrealized +4.3%

INBX INHIBRX BIOSCIENCES INC 1.5%

Value ($000) $35,918 (+142.3%) Shares 454,657 (+3.3%) Est. Cost $16.63 Unrealized +309.6%

CELC CELCUITY INC 1.3%

Value ($000) $29,864 (+138.6%) Shares 299,417 (+18.2%) Est. Cost $46.51 Unrealized +76.7%

IMTX IMMATICS N.V 1.6%

Value ($000) $36,073 (+90.0%) Shares 3,435,542 (+54.2%) Est. Cost $7.34 Unrealized +37.5%

INSM INSMED INC 1.2%

Value ($000) $27,290 (+81.6%) Shares 156,801 (+50.3%) Est. Cost $95.36 Unrealized +91.4%

NKTR NEKTAR THERAPEUTICS 0.8%

Value ($000) $18,545 (+175.2%) Shares 438,630 (+270.4%) Est. Cost $49.79 Unrealized +12.4%

CMPX COMPASS THERAPEUTICS INC 0.8%

Value ($000) $18,072 (+154.5%) Shares 3,365,446 (+65.9%) Est. Cost $3.74 Unrealized +23.5%

SUPN SUPERNUS PHARMACEUTICALS INC 1.2%

Value ($000) $27,489 (+52.5%) Shares 553,095 (+46.7%) Est. Cost $38.83 Unrealized +25.2%

IRON DISC MEDICINE INC 0.4%

Value ($000) $8,815 (+884.3%) Shares 111,010 (+719.1%) Est. Cost $80.32 Unrealized +5.2%

ANAB ANAPTYSBIO INC 0.6%

Value ($000) $13,947 (+79.1%) Shares 287,690 (+13.1%) Est. Cost $20.04 Unrealized +94.6%

RYTM RHYTHM PHARMACEUTICALS INC 1.3%

Value ($000) $29,050 (+16.5%) Shares 271,394 (+9.9%) Est. Cost $57.98 Unrealized +82.9%

QURE UNIQURE NV 0.2%

Value ($000) $4,224 (-47.1%) Shares 176,513 (+29.0%) Est. Cost $19.25 Unrealized +100.4%

GEHC GE HEALTHCARE TECHNOLOGIES I 0.6%

Value ($000) $13,195 (+16.3%) Shares 160,876 (+6.5%) Est. Cost $74.75 Unrealized +4.2%

ESTA ESTABLISHMENT LABS HLDGS INC 0.1%

Value ($000) $2,067 (+367.5%) Shares 28,366 (+163.0%) Est. Cost $55.36 Unrealized +9.1%

ACAD ACADIA PHARMACEUTICALS INC 0.1%

Value ($000) $1,751 (+206.2%) Shares 65,567 (+144.7%) Est. Cost $23.80 Unrealized +0.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	1,632,334 (+98.1%)	$150,060 (+137.4%)	6.5%	$83.02	—	SPONSORED ADR	046353108
JAZZ	JAZZ PHARMACEUTICALS PLC	959,860 (+63.0%)	$163,176 (+110.3%)	7.0%	$128.75	+19.1%	SHS USD	G50871105
ABBV	ABBVIE INC	317,783 (+110.5%)	$72,610 (+107.7%)	3.1%	$206.22	+10.3%	COM	00287Y109
—	CIDARA THERAPEUTICS INC	180,265 (+232.6%)	$39,819 (+667.2%)	1.7%	$169.12	—	COM	171757206
DYN	DYNE THERAPEUTICS INC	2,254,161 (+128.7%)	$44,091 (+253.6%)	1.9%	$18.03	+5.1%	COM	26818M108
IMNM	IMMUNOME INC	1,618,477 (+271.2%)	$34,765 (+580.8%)	1.5%	$17.80	-1.4%	COM	45257U108
VRTX	VERTEX PHARMACEUTICALS INC	164,594 (+39.6%)	$74,620 (+61.6%)	3.2%	$421.64	+2.2%	COM	92532F100
ISRG	INTUITIVE SURGICAL INC	126,968 (+14.5%)	$71,910 (+45.0%)	3.1%	$510.25	+4.3%	COM	46120E602
INBX	INHIBRX BIOSCIENCES INC	454,657 (+3.3%)	$35,918 (+142.3%)	1.5%	$16.63	+309.6%	COM	45720N103
CELC	CELCUITY INC	299,417 (+18.2%)	$29,864 (+138.6%)	1.3%	$46.51	+76.7%	COM	15102K100
IMTX	IMMATICS N.V	3,435,542 (+54.2%)	$36,073 (+90.0%)	1.6%	$7.34	+37.5%	SHS	N44445109
INSM	INSMED INC	156,801 (+50.3%)	$27,290 (+81.6%)	1.2%	$95.36	+91.4%	COM PAR $.01	457669307
NKTR	NEKTAR THERAPEUTICS	438,630 (+270.4%)	$18,545 (+175.2%)	0.8%	$49.79	+12.4%	COM	640268306
CMPX	COMPASS THERAPEUTICS INC	3,365,446 (+65.9%)	$18,072 (+154.5%)	0.8%	$3.74	+23.5%	COM	20454B104
SUPN	SUPERNUS PHARMACEUTICALS INC	553,095 (+46.7%)	$27,489 (+52.5%)	1.2%	$38.83	+25.2%	COM	868459108
IRON	DISC MEDICINE INC	111,010 (+719.1%)	$8,815 (+884.3%)	0.4%	$80.32	+5.2%	COM	254604101
ANAB	ANAPTYSBIO INC	287,690 (+13.1%)	$13,947 (+79.1%)	0.6%	$20.04	+94.6%	COM	032724106
RYTM	RHYTHM PHARMACEUTICALS INC	271,394 (+9.9%)	$29,050 (+16.5%)	1.3%	$57.98	+82.9%	COM	76243J105
QURE	UNIQURE NV	176,513 (+29.0%)	$4,224 (-47.1%)	0.2%	$19.25	+100.4%	SHS	N90064101
GEHC	GE HEALTHCARE TECHNOLOGIES I	160,876 (+6.5%)	$13,195 (+16.3%)	0.6%	$74.75	+4.2%	COMMON STOCK	36266G107
ESTA	ESTABLISHMENT LABS HLDGS INC	28,366 (+163.0%)	$2,067 (+367.5%)	0.1%	$55.36	+9.1%	COM	G31249108
ACAD	ACADIA PHARMACEUTICALS INC	65,567 (+144.7%)	$1,751 (+206.2%)	0.1%	$23.80	+0.4%	COM	004225108

Exited Positions (13)

GILD Gilead Sciences Inc 6.0%

Value ($000) $139,007 Shares 1,252,312 Est. Cost $99.85 Unrealized +21.1%

BSX Boston Scientific Corp 2.4%

Value ($000) $55,593 Shares 569,427 Est. Cost $101.76 Unrealized -3.7%

IBB iShares TR 2.0%

Value ($000) $46,920 Shares 325,000 Est. Cost — Unrealized —

UTHR United Therapeutics Corp 1.8%

Value ($000) $40,705 Shares 97,100 Est. Cost $313.03 Unrealized +48.8%

XBI SPDR Series Trust 1.7%

Value ($000) $40,080 Shares 400,000 Est. Cost — Unrealized —

QURE Uniqure NV 1.3%

Value ($000) $29,185 Shares 500,000 Est. Cost $19.25 Unrealized +100.4%

— Akero Therapeutics Inc 1.0%

Value ($000) $22,488 Shares 473,625 Est. Cost $41.39 Unrealized —

SMMT Summit Therapeutics Inc 0.8%

Value ($000) $18,594 Shares 900,000 Est. Cost — Unrealized —

QURE Uniqure NV 0.8%

Value ($000) $17,511 Shares 300,000 Est. Cost $19.25 Unrealized +100.4%

— Merus N V 0.7%

Value ($000) $15,698 Shares 166,729 Est. Cost $52.60 Unrealized —

PTCT PTC Therapeutics Inc 0.5%

Value ($000) $11,472 Shares 186,932 Est. Cost $49.90 Unrealized +45.6%

LQDA Liquidia Corporation 0.2%

Value ($000) $5,685 Shares 250,000 Est. Cost — Unrealized —

SRRK Scholar Rock Hldg Corp 0.1%

Value ($000) $1,170 Shares 31,410 Est. Cost $37.92 Unrealized -1.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GILD	Gilead Sciences Inc	1,252,312	$139,007	6.0%	$99.85	+21.1%	—	375558103
BSX	Boston Scientific Corp	569,427	$55,593	2.4%	$101.76	-3.7%	—	101137107
IBB	iShares TR	325,000	$46,920	2.0%	—	—	PUT	464287556
UTHR	United Therapeutics Corp	97,100	$40,705	1.8%	$313.03	+48.8%	PUT	91307C102
XBI	SPDR Series Trust	400,000	$40,080	1.7%	—	—	PUT	78464A870
QURE	Uniqure NV	500,000	$29,185	1.3%	$19.25	+100.4%	PUT	N90064101
—	Akero Therapeutics Inc	473,625	$22,488	1.0%	$41.39	—	—	00973Y108
SMMT	Summit Therapeutics Inc	900,000	$18,594	0.8%	—	—	CALL	86627T108
QURE	Uniqure NV	300,000	$17,511	0.8%	$19.25	+100.4%	CALL	N90064101
—	Merus N V	166,729	$15,698	0.7%	$52.60	—	—	N5749R100
PTCT	PTC Therapeutics Inc	186,932	$11,472	0.5%	$49.90	+45.6%	—	69366J200
LQDA	Liquidia Corporation	250,000	$5,685	0.2%	—	—	PUT	53635D202
SRRK	Scholar Rock Hldg Corp	31,410	$1,170	0.1%	$37.92	-1.1%	—	80706P103

Decreased Positions (18)

AXSM AXSOME THERAPEUTICS INC 0.1%

Value ($000) $2,240 (-95.3%) Shares 12,266 (-96.9%) Est. Cost $104.88 Unrealized +33.1%

COGT COGENT BIOSCIENCES INC 3.0%

Value ($000) $70,103 (+129.4%) Shares 1,973,625 (-7.3%) Est. Cost $7.16 Unrealized +292.8%

ROIV ROIVANT SCIENCES LTD 0.7%

Value ($000) $15,940 (-66.5%) Shares 734,582 (-76.7%) Est. Cost $10.86 Unrealized +81.7%

PRAX PRAXIS PRECISION MEDICINES INC 1.6%

Value ($000) $37,055 (+304.5%) Shares 125,722 (-27.3%) Est. Cost $49.76 Unrealized +274.3%

DXCM DEXCOM INC 1.1%

Value ($000) $25,102 (-52.1%) Shares 378,219 (-51.5%) Est. Cost $77.45 Unrealized -16.5%

APGE APOGEE THERAPEUTICS INC 1.7%

Value ($000) $40,370 (+79.7%) Shares 534,845 (-5.4%) Est. Cost $38.16 Unrealized +65.0%

RNA AVIDITY BIOSCIENCES INC 2.3%

Value ($000) $53,745 (+40.8%) Shares 745,116 (-14.9%) Est. Cost $33.95 Unrealized +90.3%

BBIO BRIDGEBIO PHARMA INC 2.4%

Value ($000) $55,107 (+27.5%) Shares 720,448 (-13.4%) Est. Cost $34.41 Unrealized +90.8%

SLNO SOLENO THERAPEUTICS INC 0.0%

Value ($000) $575 (-94.9%) Shares 12,414 (-92.5%) Est. Cost $45.28 Unrealized +21.1%

EXAS EXACT SCIENCES CORP 0.4%

Value ($000) $10,303 (-48.4%) Shares 101,443 (-72.2%) Est. Cost $50.44 Unrealized +59.2%

RCUS ARCUS BIOSCIENCES INC 1.1%

Value ($000) $26,134 (+57.2%) Shares 1,096,705 (-10.3%) Est. Cost $11.15 Unrealized +83.0%

GKOS GLAUKOS CORP 1.4%

Value ($000) $32,533 (+27.5%) Shares 288,128 (-7.9%) Est. Cost $91.83 Unrealized +4.0%

SVRA SAVARA INC 0.1%

Value ($000) $1,838 (-78.8%) Shares 304,770 (-87.4%) Est. Cost $4.16 Unrealized +17.6%

IDYA IDEAYA BIOSCIENCES INC 1.3%

Value ($000) $30,599 (+21.9%) Shares 885,121 (-4.1%) Est. Cost $25.35 Unrealized +25.8%

UTHR UNITED THERAPEUTICS CORP 3.3%

Value ($000) $76,811 (-3.9%) Shares 157,641 (-17.3%) Est. Cost $313.03 Unrealized +48.8%

EWTX EDGEWISE THERAPEUTICS INC 0.5%

Value ($000) $10,864 (+28.8%) Shares 437,819 (-15.8%) Est. Cost $16.17 Unrealized +24.1%

WVE WAVE LIFE SCIENCES LTD 0.1%

Value ($000) $2,689 (+114.9%) Shares 158,182 (-7.5%) Est. Cost $7.07 Unrealized +43.8%

RAPP RAPPORT THERAPEUTICS INC 2.5%

Value ($000) $57,780 (-0.1%) Shares 1,904,408 (-2.2%) Est. Cost $23.12 Unrealized +19.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXSM	AXSOME THERAPEUTICS INC	12,266 (-96.9%)	$2,240 (-95.3%)	0.1%	$104.88	+33.1%	COM	05464T104
COGT	COGENT BIOSCIENCES INC	1,973,625 (-7.3%)	$70,103 (+129.4%)	3.0%	$7.16	+292.8%	COM	19240Q201
ROIV	ROIVANT SCIENCES LTD	734,582 (-76.7%)	$15,940 (-66.5%)	0.7%	$10.86	+81.7%	SHS	G76279101
PRAX	PRAXIS PRECISION MEDICINES INC	125,722 (-27.3%)	$37,055 (+304.5%)	1.6%	$49.76	+274.3%	COM	74006W207
DXCM	DEXCOM INC	378,219 (-51.5%)	$25,102 (-52.1%)	1.1%	$77.45	-16.5%	COM	252131107
APGE	APOGEE THERAPEUTICS INC	534,845 (-5.4%)	$40,370 (+79.7%)	1.7%	$38.16	+65.0%	COM	03770N101
RNA	AVIDITY BIOSCIENCES INC	745,116 (-14.9%)	$53,745 (+40.8%)	2.3%	$33.95	+90.3%	COM	05370A108
BBIO	BRIDGEBIO PHARMA INC	720,448 (-13.4%)	$55,107 (+27.5%)	2.4%	$34.41	+90.8%	COM	10806X102
SLNO	SOLENO THERAPEUTICS INC	12,414 (-92.5%)	$575 (-94.9%)	0.0%	$45.28	+21.1%	COM	834203309
EXAS	EXACT SCIENCES CORP	101,443 (-72.2%)	$10,303 (-48.4%)	0.4%	$50.44	+59.2%	COM	30063P105
RCUS	ARCUS BIOSCIENCES INC	1,096,705 (-10.3%)	$26,134 (+57.2%)	1.1%	$11.15	+83.0%	COM	03969F109
GKOS	GLAUKOS CORP	288,128 (-7.9%)	$32,533 (+27.5%)	1.4%	$91.83	+4.0%	COM	377322102
SVRA	SAVARA INC	304,770 (-87.4%)	$1,838 (-78.8%)	0.1%	$4.16	+17.6%	COM	805111101
IDYA	IDEAYA BIOSCIENCES INC	885,121 (-4.1%)	$30,599 (+21.9%)	1.3%	$25.35	+25.8%	COM	45166A102
UTHR	UNITED THERAPEUTICS CORP	157,641 (-17.3%)	$76,811 (-3.9%)	3.3%	$313.03	+48.8%	COM	91307C102
EWTX	EDGEWISE THERAPEUTICS INC	437,819 (-15.8%)	$10,864 (+28.8%)	0.5%	$16.17	+24.1%	COM	28036F105
WVE	WAVE LIFE SCIENCES LTD	158,182 (-7.5%)	$2,689 (+114.9%)	0.1%	$7.07	+43.8%	SHS	Y95308105
RAPP	RAPPORT THERAPEUTICS INC	1,904,408 (-2.2%)	$57,780 (-0.1%)	2.5%	$23.12	+19.7%	COM	75383L102

Unchanged Positions (9)

NTRA NATERA INC 15.3%

Value ($000) $355,154 Shares 1,550,280 Est. Cost $9.81 Unrealized +2026.5%

VERA VERA THERAPEUTICS INC 6.1%

Value ($000) $141,488 Shares 2,793,987 Est. Cost $15.35 Unrealized +131.3%

BIOA BIOAGE LABS INC 1.3%

Value ($000) $30,347 Shares 2,293,788 Est. Cost $20.04 Unrealized -55.8%

AVBP ARRIVENT BIOPHARMA INC 1.5%

Value ($000) $34,139 Shares 1,696,752 Est. Cost $20.17 Unrealized +3.2%

PHVS PHARVARIS N V 0.9%

Value ($000) $20,678 Shares 745,169 Est. Cost $21.08 Unrealized +14.3%

NXTC NEXTCURE INC 0.1%

Value ($000) $3,159 Shares 222,654 Est. Cost $5.23 Unrealized +98.0%

JBIO JADE BIOSCIENCES INC 0.1%

Value ($000) $1,657 Shares 107,391 Est. Cost $33.31 Unrealized -64.8%

IMA IMAGENEBIO INC 0.0%

Value ($000) $220 Shares 31,884 Est. Cost $13.25 Unrealized -44.1%

BOLT BOLT BIOTHERAPEUTICS INC 0.0%

Value ($000) $753 Shares 137,721 Est. Cost $6.62 Unrealized -18.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NTRA	NATERA INC	1,550,280	$355,154	15.3%	$9.81	+2026.5%	COM	632307104
VERA	VERA THERAPEUTICS INC	2,793,987	$141,488	6.1%	$15.35	+131.3%	CL A	92337R101
BIOA	BIOAGE LABS INC	2,293,788	$30,347	1.3%	$20.04	-55.8%	COM	09077V100
AVBP	ARRIVENT BIOPHARMA INC	1,696,752	$34,139	1.5%	$20.17	+3.2%	COM	04272N102
PHVS	PHARVARIS N V	745,169	$20,678	0.9%	$21.08	+14.3%	COM	N69605108
NXTC	NEXTCURE INC	222,654	$3,159	0.1%	$5.23	+98.0%	COM	65343E207
JBIO	JADE BIOSCIENCES INC	107,391	$1,657	0.1%	$33.31	-64.8%	COM	008064206
IMA	IMAGENEBIO INC	31,884	$220	0.0%	$13.25	-44.1%	COM	45175G207
BOLT	BOLT BIOTHERAPEUTICS INC	137,721	$753	0.0%	$6.62	-18.9%	COM	097702203