Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ERAS	ERASCA INC	354,575	$5.737M	4.0%	$10.02	0.0%	COM	29479A108
—	4D MOLECULAR THERAPEUTICS INC	242,255	$2.255M	1.6%	$9.31	—	COM	35104E104
IDYA	IDEAYA BIOSCIENCES INC	48,234	$1.607M	1.1%	$33.87	0.0%	COM	45166A102
IDYA	IDEAYA BIOSCIENCES INC	350	$1.166M	0.8%	$33.87	0.0%	CALL	45166A102
TRDA	ENTRADA THERAPEUTICS INC	89,358	$1.128M	0.8%	$12.62	—	COM	29384C108
AVTX	AVALO THERAPEUTICS INC	60,808	$908K	0.6%	$15.50	0.0%	COM NEW	05338F306

Increased Positions (6)

TNGX TANGO THERAPEUTICS INC 6.5%

Value $9.243M (+269.0%) Shares 441,831 (+56.3%) Est. Cost $9.80 Unrealized +21.5%

STRO SUTRO BIOPHARMA INC 4.7%

Value $6.711M (+760.0%) Shares 269,425 (+299.4%) Est. Cost $13.68 Unrealized +10.2%

PRAX PRAXIS PRECISION MEDICINES I 19.3%

Value $27.35M (+11.8%) Shares 84,901 (+2.2%) Est. Cost $100.08 Unrealized +211.6%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 2.5%

Value $3.574M (+357.5%) Shares 191,760 (+223.5%) Est. Cost $14.74 Unrealized +8.9%

RVMD REVOLUTION MEDICINES INC 1.8%

Value $2.535M (+278.4%) Shares 26,069 (+209.9%) Est. Cost $77.81 Unrealized +32.4%

DRUG BRIGHT MINDS BIOSCIENCES INC 5.8%

Value $8.172M (+24.0%) Shares 111,996 (+32.6%) Est. Cost $48.36 Unrealized +73.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TNGX	TANGO THERAPEUTICS INC	441,831 (+56.3%)	$9.243M (+269.0%)	6.5%	$9.80	+21.5%	COM	87583X109
STRO	SUTRO BIOPHARMA INC	269,425 (+299.4%)	$6.711M (+760.0%)	4.7%	$13.68	+10.2%	COM	869367201
PRAX	PRAXIS PRECISION MEDICINES I	84,901 (+2.2%)	$27.35M (+11.8%)	19.3%	$100.08	+211.6%	COM NEW	74006W207
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	191,760 (+223.5%)	$3.574M (+357.5%)	2.5%	$14.74	+8.9%	CLASS ORD A	61559X104
RVMD	REVOLUTION MEDICINES INC	26,069 (+209.9%)	$2.535M (+278.4%)	1.8%	$77.81	+32.4%	COM	76155X100
DRUG	BRIGHT MINDS BIOSCIENCES INC	111,996 (+32.6%)	$8.172M (+24.0%)	5.8%	$48.36	+73.7%	COM NEW	10919W405

Exited Positions (9)

— CIDARA THERAPEUTICS INC 13.9%

Value $19.69M Shares 89,145 Est. Cost $31.31 Unrealized —

JAZZ JAZZ PHARMACEUTICALS PLC 3.5%

Value $4.931M Shares 29,008 Est. Cost $121.51 Unrealized +39.1%

INSM INSMED INC 3.2%

Value $4.504M Shares 25,878 Est. Cost $47.04 Unrealized +238.0%

ZYME ZYMEWORKS INC 1.5%

Value $2.11M Shares 80,143 Est. Cost $13.60 Unrealized +71.9%

INBX INHIBRX BIOSCIENCES INC 0.9%

Value $1.294M Shares 16,377 Est. Cost $24.62 Unrealized +215.7%

VSTM VERASTEM INC 0.8%

Value $1.107M Shares 143,446 Est. Cost $6.11 Unrealized +6.0%

DNTH DIANTHUS THERAPEUTICS INC 0.5%

Value $689K Shares 16,708 Est. Cost $25.56 Unrealized +86.2%

KTTA PASITHEA THERAPEUTICS CORP 0.4%

Value $581K Shares 450,000 Est. Cost $0.88 Unrealized -2.3%

— NUVATION BIO INC -CW27 0.0%

Value $29,975 Shares 90,832 Est. Cost $0.28 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	CIDARA THERAPEUTICS INC	89,145	$19.69M	13.9%	$31.31	—	—	171757206
JAZZ	JAZZ PHARMACEUTICALS PLC	29,008	$4.931M	3.5%	$121.51	+39.1%	—	G50871105
INSM	INSMED INC	25,878	$4.504M	3.2%	$47.04	+238.0%	—	457669307
ZYME	ZYMEWORKS INC	80,143	$2.11M	1.5%	$13.60	+71.9%	—	98985Y108
INBX	INHIBRX BIOSCIENCES INC	16,377	$1.294M	0.9%	$24.62	+215.7%	—	45720N103
VSTM	VERASTEM INC	143,446	$1.107M	0.8%	$6.11	+6.0%	—	92337C203
DNTH	DIANTHUS THERAPEUTICS INC	16,708	$689K	0.5%	$25.56	+86.2%	—	252828108
KTTA	PASITHEA THERAPEUTICS CORP	450,000	$581K	0.4%	$0.88	-2.3%	—	70261F202
—	NUVATION BIO INC -CW27	90,832	$29,975	0.0%	$0.28	—	—	67080N119

Decreased Positions (13)

OCUL OCULAR THERAPEUTIX INC 3.5%

Value $5.015M (-60.8%) Shares 592,108 (-43.8%) Est. Cost $6.18 Unrealized +59.0%

AMLX AMYLYX PHARMACEUTICALS INC 1.5%

Value $2.1M (-47.8%) Shares 151,067 (-54.7%) Est. Cost $9.41 Unrealized +48.6%

CMPX COMPASS THERAPEUTICS INC 3.2%

Value $4.492M (-23.5%) Shares 849,076 (-22.3%) Est. Cost $3.50 Unrealized +71.6%

SRZN SURROZEN INC 3.6%

Value $5.035M (+24.9%) Shares 172,847 (-3.1%) Est. Cost $11.57 Unrealized +92.1%

ARGX ARGEN SE - ADR 2.4%

Value $3.425M (-16.0%) Shares 4,690 (-3.3%) Est. Cost $489.55 Unrealized —

OCS OCULIS HOLDING AG 1.8%

Value $2.615M (+28.7%) Shares 98,339 (-3.4%) Est. Cost $20.50 Unrealized +29.2%

TSHA TAYSHA GENE THERAPIES INC 1.4%

Value $1.964M (-21.5%) Shares 439,464 (-3.4%) Est. Cost $2.17 Unrealized +119.1%

TERN TERNS PHARMACEUTICALS INC 18.4%

Value $26.14M (+1.5%) Shares 495,772 (-22.2%) Est. Cost $9.17 Unrealized +308.4%

MAZE MAZE THERAPEUTICS INC 0.4%

Value $577K (-30.3%) Shares 19,335 (-3.3%) Est. Cost $34.37 Unrealized +28.1%

UTHR UNITED THERAPEUTICS CORP 0.9%

Value $1.319M (+17.9%) Shares 2,224 (-3.1%) Est. Cost $336.31 Unrealized +42.9%

DSGN DESIGN THERAPEUTICS INC 1.1%

Value $1.552M (+9.7%) Shares 145,900 (-3.3%) Est. Cost $7.83 Unrealized +27.5%

LBRX LB PHARMACEUTICALS INC 0.5%

Value $713K (+6.8%) Shares 28,919 (-3.6%) Est. Cost $15.87 Unrealized +41.1%

UNCY UNICYCIVE THERAPEUTICS INC 0.3%

Value $381K (+10.2%) Shares 57,959 (-3.4%) Est. Cost $6.18 Unrealized +3.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OCUL	OCULAR THERAPEUTIX INC	592,108 (-43.8%)	$5.015M (-60.8%)	3.5%	$6.18	+59.0%	COM	67576A100
AMLX	AMYLYX PHARMACEUTICALS INC	151,067 (-54.7%)	$2.1M (-47.8%)	1.5%	$9.41	+48.6%	COM	03237H101
CMPX	COMPASS THERAPEUTICS INC	849,076 (-22.3%)	$4.492M (-23.5%)	3.2%	$3.50	+71.6%	COM	20454B104
SRZN	SURROZEN INC	172,847 (-3.1%)	$5.035M (+24.9%)	3.6%	$11.57	+92.1%	COM NEW	86889P208
ARGX	ARGEN SE - ADR	4,690 (-3.3%)	$3.425M (-16.0%)	2.4%	$489.55	—	SPONSORED ADR	04016X101
OCS	OCULIS HOLDING AG	98,339 (-3.4%)	$2.615M (+28.7%)	1.8%	$20.50	+29.2%	ORDINARY SHARES	H5870P102
TSHA	TAYSHA GENE THERAPIES INC	439,464 (-3.4%)	$1.964M (-21.5%)	1.4%	$2.17	+119.1%	COM SHS	877619106
TERN	TERNS PHARMACEUTICALS INC	495,772 (-22.2%)	$26.14M (+1.5%)	18.4%	$9.17	+308.4%	COM	880881107
MAZE	MAZE THERAPEUTICS INC	19,335 (-3.3%)	$577K (-30.3%)	0.4%	$34.37	+28.1%	COM	578784100
UTHR	UNITED THERAPEUTICS CORP	2,224 (-3.1%)	$1.319M (+17.9%)	0.9%	$336.31	+42.9%	COM	91307C102
DSGN	DESIGN THERAPEUTICS INC	145,900 (-3.3%)	$1.552M (+9.7%)	1.1%	$7.83	+27.5%	COM	25056L103
LBRX	LB PHARMACEUTICALS INC	28,919 (-3.6%)	$713K (+6.8%)	0.5%	$15.87	+41.1%	COM SHS	50180M108
UNCY	UNICYCIVE THERAPEUTICS INC	57,959 (-3.4%)	$381K (+10.2%)	0.3%	$6.18	+3.7%	COM	90466Y202

Unchanged Positions (2)

WHWK WHITEHAWK THERAPEUTICS INC 8.3%

Value $11.77M Shares 3,410,402 Est. Cost $16.10 Unrealized -82.5%

NERV MINERVA NEUROSCIENCES 3.0%

Value $4.275M Shares 709,500 Est. Cost $3.71 Unrealized +33.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WHWK	WHITEHAWK THERAPEUTICS INC	3,410,402	$11.77M	8.3%	$16.10	-82.5%	COM	00032Q104
NERV	MINERVA NEUROSCIENCES	709,500	$4.275M	3.0%	$3.71	+33.7%	COM NEW	603380205