Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CYTK	CYTOKINETICS INC	3,333,333	$220M	2.2%	$64.44	0.0%	Common	23282W605
GLTO	DAMORA THERAPEUTICS INC	3,783,000	$97.98M	1.0%	$25.80	0.0%	Common	36322Q206
DFTX	DEFINIUM THERAPEUTICS INC	5,000,000	$94.5M	0.9%	$16.29	0.0%	Common	24477V105
AVTX	AVALO THERAPEUTICS	1,410,000	$21.05M	0.2%	$15.50	0.0%	Common	05338F306
UTHR	UNITED THERAPEUTICS CORP	380,000	$10.3M	0.1%	$209.04	+129.8%	CALL	91307C102
CELC	CELCUITY INC	200,000	$3.05M	0.0%	$84.18	+27.7%	CALL	15102K100

Increased Positions (6)

TERN TERNS PHARMACEUTICALS INC 3.0%

Value $300M (+70.8%) Shares 5,695,000 (+30.9%) Est. Cost $26.50 Unrealized +41.4%

ARGX ARGENX SE 7.2%

Value $730M (-12.3%) Shares 1,000,000 (+1.0%) Est. Cost $191.80 Unrealized —

XENE XENON PHARMACEUTICALS INC 3.3%

Value $336M (+38.2%) Shares 5,777,777 (+6.5%) Est. Cost $20.52 Unrealized +104.6%

CELC CELCUITY INC 3.8%

Value $385M (+24.1%) Shares 3,375,000 (+8.5%) Est. Cost $84.18 Unrealized +27.7%

RVMD REVOLUTION MEDICINES INC 2.2%

Value $228M (+31.9%) Shares 2,344,444 (+8.0%) Est. Cost $68.36 Unrealized +50.7%

OCUL OCULAR THERAPEUTIX INC 1.0%

Value $104M (-20.3%) Shares 12,315,000 (+14.3%) Est. Cost $8.72 Unrealized +12.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	5,695,000 (+30.9%)	$300M (+70.8%)	3.0%	$26.50	+41.4%	Common	880881107
ARGX	ARGENX SE	1,000,000 (+1.0%)	$730M (-12.3%)	7.2%	$191.80	—	Sponsored ADR	04016X101
XENE	XENON PHARMACEUTICALS INC	5,777,777 (+6.5%)	$336M (+38.2%)	3.3%	$20.52	+104.6%	Common	98420N105
CELC	CELCUITY INC	3,375,000 (+8.5%)	$385M (+24.1%)	3.8%	$84.18	+27.7%	Common	15102K100
RVMD	REVOLUTION MEDICINES INC	2,344,444 (+8.0%)	$228M (+31.9%)	2.2%	$68.36	+50.7%	Common	76155X100
OCUL	OCULAR THERAPEUTIX INC	12,315,000 (+14.3%)	$104M (-20.3%)	1.0%	$8.72	+12.8%	Common	67576A100

Exited Positions (8)

RNAM AVIDITY BIOSCIENCES INC 3.9%

Value $393M Shares 5,455,000 Est. Cost $23.88 Unrealized +204.2%

XBI SPDR SERIES TRUST - S&P BIOTECH 2.5%

Value $256M Shares 2,100,000 Est. Cost $121.93 Unrealized —

— MIND MEDICINE (MINDMED) INC 0.7%

Value $66.95M Shares 5,000,000 Est. Cost $13.39 Unrealized —

PTCT PTC THERAPEUTICS INC 0.5%

Value $52.03M Shares 685,000 Est. Cost $72.67 Unrealized +1.4%

ORKA ORUKA THERAPEUTICS INC 0.4%

Value $40.41M Shares 1,333,340 Est. Cost $14.82 Unrealized +118.9%

APGE APOGEE THERAPEUTICS INC 0.4%

Value $37.74M Shares 500,000 Est. Cost $62.99 Unrealized +14.7%

INCY INCYTE CORP 0.1%

Value $13.33M Shares 135,000 Est. Cost $96.76 Unrealized +6.6%

ASND ASCENDIS PHARMA 0.0%

Value $625K Shares 50,000 Est. Cost $129.64 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RNAM	AVIDITY BIOSCIENCES INC	5,455,000	$393M	3.9%	$23.88	+204.2%	—	05370A108
XBI	SPDR SERIES TRUST - S&P BIOTECH	2,100,000	$256M	2.5%	$121.93	—	—	78464A870
—	MIND MEDICINE (MINDMED) INC	5,000,000	$66.95M	0.7%	$13.39	—	—	60255C885
PTCT	PTC THERAPEUTICS INC	685,000	$52.03M	0.5%	$72.67	+1.4%	—	69366J200
ORKA	ORUKA THERAPEUTICS INC	1,333,340	$40.41M	0.4%	$14.82	+118.9%	—	687604108
APGE	APOGEE THERAPEUTICS INC	500,000	$37.74M	0.4%	$62.99	+14.7%	—	03770N101
INCY	INCYTE CORP	135,000	$13.33M	0.1%	$96.76	+6.6%	—	45337C102
ASND	ASCENDIS PHARMA	50,000	$625K	0.0%	$129.64	—	CALL	04351P101

Decreased Positions (6)

CNTA CENTESSA PHARMACEUTICALS PLC 4.5%

Value $454M (+24.7%) Shares 11,430,455 (-21.5%) Est. Cost $20.97 Unrealized —

SLNO SOLENO THERAPEUTICS INC 0.8%

Value $77M (-42.6%) Shares 2,300,000 (-20.7%) Est. Cost $48.20 Unrealized -13.6%

QURE UNIQURE NV 1.0%

Value $97.44M (-33.8%) Shares 5,959,595 (-3.1%) Est. Cost $19.34 Unrealized +21.8%

LXEO LEXEO THERAPEUTICS INC 0.1%

Value $10.76M (-67.2%) Shares 1,875,000 (-43.2%) Est. Cost $9.13 Unrealized -17.4%

MNKD MANNKIND CORP 0.1%

Value $5.39M (-78.6%) Shares 2,200,000 (-50.5%) Est. Cost $3.56 Unrealized +56.5%

ALKS ALKERMES PLC 0.4%

Value $42.43M (+8.3%) Shares 1,200,000 (-14.3%) Est. Cost $28.91 Unrealized +11.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNTA	CENTESSA PHARMACEUTICALS PLC	11,430,455 (-21.5%)	$454M (+24.7%)	4.5%	$20.97	—	SPONSORED ADS	152309100
SLNO	SOLENO THERAPEUTICS INC	2,300,000 (-20.7%)	$77M (-42.6%)	0.8%	$48.20	-13.6%	Common	834203309
QURE	UNIQURE NV	5,959,595 (-3.1%)	$97.44M (-33.8%)	1.0%	$19.34	+21.8%	Common	N90064101
LXEO	LEXEO THERAPEUTICS INC	1,875,000 (-43.2%)	$10.76M (-67.2%)	0.1%	$9.13	-17.4%	Common	52886X107
MNKD	MANNKIND CORP	2,200,000 (-50.5%)	$5.39M (-78.6%)	0.1%	$3.56	+56.5%	Common	56400P706
ALKS	ALKERMES PLC	1,200,000 (-14.3%)	$42.43M (+8.3%)	0.4%	$28.91	+11.9%	Common	G01767105

Unchanged Positions (14)

UTHR UNITED THERAPEUTICS CORP 15.3%

Value $1.56B Shares 2,630,000 Est. Cost $209.04 Unrealized +129.8%

APLS APELLIS PHARMACEUTICALS INC 4.8%

Value $492M Shares 12,222,222 Est. Cost $47.01 Unrealized -51.7%

GPCR STRUCTURE THERAPEUTICS INC 3.1%

Value $316M Shares 6,555,555 Est. Cost $36.87 Unrealized —

MDGL MADRIGAL PHARMACEUTICALS INC 9.4%

Value $952M Shares 1,818,181 Est. Cost $138.83 Unrealized +254.7%

ASND ASCENDIS PHARMA 11.4%

Value $1.158B Shares 5,062,500 Est. Cost $129.64 Unrealized —

VERA VERA THERAPEUTICS INC 2.3%

Value $237M Shares 5,888,888 Est. Cost $36.12 Unrealized +24.5%

KYMR KYMERA THERAPEUTICS INC 6.1%

Value $623M Shares 7,474,747 Est. Cost $40.15 Unrealized +93.3%

ARWR ARROWHEAD PHARMACEUTICALS INC 6.6%

Value $671M Shares 10,699,999 Est. Cost $29.07 Unrealized +126.1%

KRYS KRYSTAL BIOTECH INC 7.3%

Value $746M Shares 2,888,888 Est. Cost $96.25 Unrealized +183.0%

TSHA TAYSHA GENE THERAPIES INC 1.0%

Value $97M Shares 21,700,000 Est. Cost $2.05 Unrealized +132.2%

VRDN VIRIDIAN THERAPEUTICS INC 0.3%

Value $29.34M Shares 1,500,000 Est. Cost $27.43 Unrealized +12.4%

SEPN SEPTERNA INC 0.3%

Value $32.14M Shares 1,337,500 Est. Cost $20.93 Unrealized +26.6%

WHWK WHITEHAWK THERAPEUTICS INC 0.1%

Value $9.83M Shares 2,849,402 Est. Cost $24.27 Unrealized -88.4%

GHRS GH RESEARCH PLC 0.2%

Value $25.31M Shares 1,800,000 Est. Cost $13.62 Unrealized +15.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UTHR	UNITED THERAPEUTICS CORP	2,630,000	$1.56B	15.3%	$209.04	+129.8%	Common	91307C102
APLS	APELLIS PHARMACEUTICALS INC	12,222,222	$492M	4.8%	$47.01	-51.7%	Common	03753U106
GPCR	STRUCTURE THERAPEUTICS INC	6,555,555	$316M	3.1%	$36.87	—	SPONSORED ADS	86366E106
MDGL	MADRIGAL PHARMACEUTICALS INC	1,818,181	$952M	9.4%	$138.83	+254.7%	Common	558868105
ASND	ASCENDIS PHARMA	5,062,500	$1.158B	11.4%	$129.64	—	Sponsored ADR	04351P101
VERA	VERA THERAPEUTICS INC	5,888,888	$237M	2.3%	$36.12	+24.5%	Common	92337R101
KYMR	KYMERA THERAPEUTICS INC	7,474,747	$623M	6.1%	$40.15	+93.3%	Common	501575104
ARWR	ARROWHEAD PHARMACEUTICALS INC	10,699,999	$671M	6.6%	$29.07	+126.1%	Common	04280A100
KRYS	KRYSTAL BIOTECH INC	2,888,888	$746M	7.3%	$96.25	+183.0%	Common	501147102
TSHA	TAYSHA GENE THERAPIES INC	21,700,000	$97M	1.0%	$2.05	+132.2%	Common	877619106
VRDN	VIRIDIAN THERAPEUTICS INC	1,500,000	$29.34M	0.3%	$27.43	+12.4%	Common	92790C104
SEPN	SEPTERNA INC	1,337,500	$32.14M	0.3%	$20.93	+26.6%	Common	81734D104
WHWK	WHITEHAWK THERAPEUTICS INC	2,849,402	$9.83M	0.1%	$24.27	-88.4%	Common	00032Q104
GHRS	GH RESEARCH PLC	1,800,000	$25.31M	0.2%	$13.62	+15.3%	ORDINARY SHARES	G3855L106