Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	iShares TR	600,000	$149M	5.7%	—	—	PUT	464287655
XBI	SPDR Series Trust	1,050,000	$134M	5.1%	—	—	PUT	78464A870
AZN	AstraZeneca PLC	456,031	$89.94M	3.4%	—	—	ORD	G0593M107
QQQ	Invesco QQQ TR	150,000	$86.58M	3.3%	—	—	PUT	46090E103
IBB	iShares TR	475,000	$80.2M	3.0%	—	—	PUT	464287556
UTHR	United Therapeutics Corp	80,300	$47.62M	1.8%	—	—	PUT	91307C102
BIIB	Biogen Inc	229,521	$42.08M	1.6%	—	—	COM	09062X103
CELC	Celcuity Inc	300,000	$34.24M	1.3%	—	—	PUT	15102K100
AXSM	Axsome Therapeutics Inc.	200,000	$33.8M	1.3%	—	—	PUT	05464T104
PFE	Pfizer Inc	800,000	$22.46M	0.9%	—	—	CALL	717081103
GMAB	Genmab A/S	752,261	$20.18M	0.8%	—	—	SPONSORED ADS	372303206
LQDA	Liquidia Corporation	500,000	$18.87M	0.7%	—	—	PUT	53635D202
SYK	Stryker Corporation	44,480	$14.62M	0.6%	—	—	COM	863667101
EXEL	Exelixis Inc	251,500	$10.79M	0.4%	—	—	PUT	30161Q104
ORIC	Oric Pharmaceuticals Inc	679,578	$8.61M	0.3%	—	—	COM	68622P109
TNGX	Tango Therapeutics Inc	395,081	$8.265M	0.3%	—	—	COM	87583X109
TYRA	Tyra Biosciences Inc	204,015	$7.814M	0.3%	—	—	COM	90240B106
REPL	Replimune Group Inc	1,015,400	$7.768M	0.3%	—	—	CALL	76029N106
RARE	Ultragenyx Pharmaceutical Inc	350,000	$7.332M	0.3%	—	—	CALL	90400D108
AXGN	AxoGen Inc	210,665	$6.979M	0.3%	—	—	COM	05463X106
DFTX	Definium Therapeutics Inc	344,166	$6.505M	0.2%	—	—	COM SHS	24477V105
CYTK	Cytokinetics Inc	91,791	$6.05M	0.2%	—	—	COM	23282W605
MANE	Veradermics Inc	73,315	$4.63M	0.2%	—	—	COMMON STOCK	922967104
HRMY	Harmony Biosciences Hldgs Inc	152,695	$4.277M	0.2%	—	—	COM	413197104
PCVX	Vaxcyte Inc	50,600	$2.94M	0.1%	—	—	COM	92243G108
CMPX	Compass Therapeutics Inc	500,000	$2.645M	0.1%	—	—	CALL	20454B104
TENX	Tenax Therapeutics Inc	104,400	$1.669M	0.1%	—	—	COM	88032L605
SEPN	Septerna Inc	47,506	$1.142M	0.0%	—	—	COM	81734D104
OKUR	Onkure Therapeutics Inc	141,700	$587K	0.0%	—	—	COM CL A	68277Q105
ZYME	Zymeworks Inc	1,610	$40,314	0.0%	—	—	COM	98985Y108

Increased Positions (24)

RARE Ultragenyx Pharmaceutical Inc 2.5%

Value $65.91M (+3340.0%) Shares 3,145,888 (+3676.6%) Est. Cost — Unrealized —

BMY Bristol-Myers Squibb Co 4.6%

Value $121M (+47.8%) Shares 1,988,721 (+31.4%) Est. Cost — Unrealized —

AXSM Axsome Therapeutics Inc. 1.4%

Value $35.96M (+1505.1%) Shares 212,747 (+1634.4%) Est. Cost — Unrealized —

INSM Insmed Inc 2.2%

Value $56.59M (+107.4%) Shares 346,075 (+120.7%) Est. Cost — Unrealized —

ALC Alcon AG 2.1%

Value $55M (+109.9%) Shares 729,972 (+119.5%) Est. Cost — Unrealized —

SUPN Supernus Pharmaceuticals 1.9%

Value $49.33M (+79.4%) Shares 954,309 (+72.5%) Est. Cost — Unrealized —

NKTR Nektar Therapeutics 1.4%

Value $36.66M (+97.7%) Shares 509,546 (+16.2%) Est. Cost — Unrealized —

UTHR United Therapeutics Corp 3.6%

Value $94.92M (+23.6%) Shares 160,070 (+1.5%) Est. Cost — Unrealized —

XENE Xenon Pharmaceuticals Inc 0.7%

Value $17.75M (+561.1%) Shares 305,216 (+409.5%) Est. Cost — Unrealized —

CELC Celcuity Inc 1.6%

Value $41.8M (+40.0%) Shares 366,175 (+22.3%) Est. Cost — Unrealized —

COGT Cogent Biosciences Inc 3.1%

Value $81.35M (+16.0%) Shares 2,113,551 (+7.1%) Est. Cost — Unrealized —

RYTM Rhythm Pharmaceuticals Inc 1.5%

Value $39.14M (+34.7%) Shares 450,096 (+65.8%) Est. Cost — Unrealized —

IDYA IDEAYA Biosciences Inc 1.4%

Value $37.71M (+23.2%) Shares 1,131,786 (+27.9%) Est. Cost — Unrealized —

BMRN BioMarin Pharmaceutical Inc 1.7%

Value $44.17M (+6.6%) Shares 781,982 (+12.2%) Est. Cost — Unrealized —

IMNM Immunome Inc 1.4%

Value $37.22M (+7.1%) Shares 1,701,904 (+5.2%) Est. Cost — Unrealized —

PHVS Pharvaris N V 0.9%

Value $23.12M (+11.8%) Shares 818,328 (+9.8%) Est. Cost — Unrealized —

WVE Wave Life Sciences Ltd 0.1%

Value $1.372M (-49.0%) Shares 189,253 (+19.6%) Est. Cost — Unrealized —

MIRM Mirum Pharmaceuticals Inc 0.1%

Value $2.549M (+39.7%) Shares 27,591 (+19.4%) Est. Cost — Unrealized —

DXCM Dexcom Inc 0.9%

Value $24.72M (-1.5%) Shares 393,576 (+4.1%) Est. Cost — Unrealized —

IMTX Immatics N.V 1.4%

Value $35.72M (-1.0%) Shares 3,630,454 (+5.7%) Est. Cost — Unrealized —

SVRA Savara Inc 0.1%

Value $1.992M (+8.4%) Shares 364,763 (+19.7%) Est. Cost — Unrealized —

ESTA Establishment Labs Hldgs Inc 0.1%

Value $1.927M (-6.8%) Shares 33,930 (+19.6%) Est. Cost — Unrealized —

SLNO Soleno Therapeutics Inc 0.0%

Value $492K (-14.4%) Shares 14,689 (+18.3%) Est. Cost — Unrealized —

ACAD Acadia Pharmaceuticals Inc 0.1%

Value $1.749M (-0.2%) Shares 78,551 (+19.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RARE	Ultragenyx Pharmaceutical Inc	3,145,888 (+3676.6%)	$65.91M (+3340.0%)	2.5%	—	—	COM	90400D108
BMY	Bristol-Myers Squibb Co	1,988,721 (+31.4%)	$121M (+47.8%)	4.6%	—	—	COM	110122108
AXSM	Axsome Therapeutics Inc.	212,747 (+1634.4%)	$35.96M (+1505.1%)	1.4%	—	—	COM	05464T104
INSM	Insmed Inc	346,075 (+120.7%)	$56.59M (+107.4%)	2.2%	—	—	COM PAR $.01	457669307
ALC	Alcon AG	729,972 (+119.5%)	$55M (+109.9%)	2.1%	—	—	ORD SHS	H01301128
SUPN	Supernus Pharmaceuticals	954,309 (+72.5%)	$49.33M (+79.4%)	1.9%	—	—	COM	868459108
NKTR	Nektar Therapeutics	509,546 (+16.2%)	$36.66M (+97.7%)	1.4%	—	—	COM	640268306
UTHR	United Therapeutics Corp	160,070 (+1.5%)	$94.92M (+23.6%)	3.6%	—	—	COM	91307C102
XENE	Xenon Pharmaceuticals Inc	305,216 (+409.5%)	$17.75M (+561.1%)	0.7%	—	—	COM	98420N105
CELC	Celcuity Inc	366,175 (+22.3%)	$41.8M (+40.0%)	1.6%	—	—	COM	15102K100
COGT	Cogent Biosciences Inc	2,113,551 (+7.1%)	$81.35M (+16.0%)	3.1%	—	—	COM	19240Q201
RYTM	Rhythm Pharmaceuticals Inc	450,096 (+65.8%)	$39.14M (+34.7%)	1.5%	—	—	COM	76243J105
IDYA	IDEAYA Biosciences Inc	1,131,786 (+27.9%)	$37.71M (+23.2%)	1.4%	—	—	COM	45166A102
BMRN	BioMarin Pharmaceutical Inc	781,982 (+12.2%)	$44.17M (+6.6%)	1.7%	—	—	COM	09061G101
IMNM	Immunome Inc	1,701,904 (+5.2%)	$37.22M (+7.1%)	1.4%	—	—	COM	45257U108
PHVS	Pharvaris N V	818,328 (+9.8%)	$23.12M (+11.8%)	0.9%	—	—	COM	N69605108
WVE	Wave Life Sciences Ltd	189,253 (+19.6%)	$1.372M (-49.0%)	0.1%	—	—	SHS	Y95308105
MIRM	Mirum Pharmaceuticals Inc	27,591 (+19.4%)	$2.549M (+39.7%)	0.1%	—	—	COM	604749101
DXCM	Dexcom Inc	393,576 (+4.1%)	$24.72M (-1.5%)	0.9%	—	—	COM	252131107
IMTX	Immatics N.V	3,630,454 (+5.7%)	$35.72M (-1.0%)	1.4%	—	—	SHS	N44445109
SVRA	Savara Inc	364,763 (+19.7%)	$1.992M (+8.4%)	0.1%	—	—	COM	805111101
ESTA	Establishment Labs Hldgs Inc	33,930 (+19.6%)	$1.927M (-6.8%)	0.1%	—	—	COM	G31249108
SLNO	Soleno Therapeutics Inc	14,689 (+18.3%)	$492K (-14.4%)	0.0%	—	—	COM	834203309
ACAD	Acadia Pharmaceuticals Inc	78,551 (+19.8%)	$1.749M (-0.2%)	0.1%	—	—	COM	004225108

Exited Positions (16)

AZN ASTRAZENECA PLC 5.7%

Value $150M Shares 1,632,334 Est. Cost — Unrealized —

VRTX VERTEX PHARMACEUTICALS INC 2.8%

Value $74.62M Shares 164,594 Est. Cost — Unrealized —

ABBV ABBVIE INC 2.8%

Value $72.61M Shares 317,783 Est. Cost — Unrealized —

ISRG INTUITIVE SURGICAL INC 2.7%

Value $71.91M Shares 126,968 Est. Cost — Unrealized —

LLY ELI LILLY & CO 2.5%

Value $66.26M Shares 61,652 Est. Cost — Unrealized —

RNAM AVIDITY BIOSCIENCES INC 2.0%

Value $53.75M Shares 745,116 Est. Cost — Unrealized —

APGE APOGEE THERAPEUTICS INC 1.5%

Value $40.37M Shares 534,845 Est. Cost — Unrealized —

— CIDARA THERAPEUTICS INC 1.5%

Value $39.82M Shares 180,265 Est. Cost — Unrealized —

GKOS GLAUKOS CORP 1.2%

Value $32.53M Shares 288,128 Est. Cost — Unrealized —

CNTA CENTESSA PHARMACEUTICALS PLC 1.0%

Value $27.62M Shares 1,104,274 Est. Cost — Unrealized —

GEHC GE HEALTHCARE TECHNOLOGIES I 0.5%

Value $13.2M Shares 160,876 Est. Cost — Unrealized —

EXAS EXACT SCIENCES CORP 0.4%

Value $10.3M Shares 101,443 Est. Cost — Unrealized —

AMLX AMYLYX PHARMACEUTICALS INC 0.2%

Value $6.367M Shares 527,099 Est. Cost — Unrealized —

MASI MASIMO CORP 0.2%

Value $6.009M Shares 46,201 Est. Cost — Unrealized —

QURE UNIQURE NV 0.2%

Value $4.224M Shares 176,513 Est. Cost — Unrealized —

EVMN EVOMMUNE INC 0.1%

Value $2.625M Shares 153,320 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	1,632,334	$150M	5.7%	—	—	—	046353108
VRTX	VERTEX PHARMACEUTICALS INC	164,594	$74.62M	2.8%	—	—	—	92532F100
ABBV	ABBVIE INC	317,783	$72.61M	2.8%	—	—	—	00287Y109
ISRG	INTUITIVE SURGICAL INC	126,968	$71.91M	2.7%	—	—	—	46120E602
LLY	ELI LILLY & CO	61,652	$66.26M	2.5%	—	—	—	532457108
RNAM	AVIDITY BIOSCIENCES INC	745,116	$53.75M	2.0%	—	—	—	05370A108
APGE	APOGEE THERAPEUTICS INC	534,845	$40.37M	1.5%	—	—	—	03770N101
—	CIDARA THERAPEUTICS INC	180,265	$39.82M	1.5%	—	—	—	171757206
GKOS	GLAUKOS CORP	288,128	$32.53M	1.2%	—	—	—	377322102
CNTA	CENTESSA PHARMACEUTICALS PLC	1,104,274	$27.62M	1.0%	—	—	—	152309100
GEHC	GE HEALTHCARE TECHNOLOGIES I	160,876	$13.2M	0.5%	—	—	—	36266G107
EXAS	EXACT SCIENCES CORP	101,443	$10.3M	0.4%	—	—	—	30063P105
AMLX	AMYLYX PHARMACEUTICALS INC	527,099	$6.367M	0.2%	—	—	—	03237H101
MASI	MASIMO CORP	46,201	$6.009M	0.2%	—	—	—	574795100
QURE	UNIQURE NV	176,513	$4.224M	0.2%	—	—	—	N90064101
EVMN	EVOMMUNE INC	153,320	$2.625M	0.1%	—	—	—	30054Y107

Decreased Positions (11)

JAZZ Jazz Pharmaceuticals PLC 4.3%

Value $113M (-30.7%) Shares 598,327 (-37.7%) Est. Cost — Unrealized —

BBIO BridgeBio Pharma Inc 1.2%

Value $30.39M (-44.9%) Shares 409,183 (-43.2%) Est. Cost — Unrealized —

PRAX Praxis Precision Medicines Inc 0.8%

Value $20.52M (-44.6%) Shares 63,680 (-49.3%) Est. Cost — Unrealized —

DYN Dyne Therapeutics Inc 1.1%

Value $29.62M (-32.8%) Shares 1,633,897 (-27.5%) Est. Cost — Unrealized —

INBX Inhibrx Biosciences Inc 1.0%

Value $27.3M (-24.0%) Shares 406,029 (-10.7%) Est. Cost — Unrealized —

CMPX Compass Therapeutics Inc 0.4%

Value $10.88M (-39.8%) Shares 2,056,161 (-38.9%) Est. Cost — Unrealized —

RCUS Arcus Biosciences Inc 0.8%

Value $19.94M (-23.7%) Shares 923,086 (-15.8%) Est. Cost — Unrealized —

IRON Disc Medicine Inc 0.2%

Value $5.008M (-43.2%) Shares 78,320 (-29.4%) Est. Cost — Unrealized —

ROIV Roivant Sciences Ltd 0.5%

Value $13.24M (-16.9%) Shares 477,995 (-34.9%) Est. Cost — Unrealized —

EWTX Edgewise Therapeutics Inc 0.5%

Value $12.17M (+12.1%) Shares 386,498 (-11.7%) Est. Cost — Unrealized —

ANAB AnaptysBio Inc 0.5%

Value $13.77M (-1.3%) Shares 248,253 (-13.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JAZZ	Jazz Pharmaceuticals PLC	598,327 (-37.7%)	$113M (-30.7%)	4.3%	—	—	SHS USD	G50871105
BBIO	BridgeBio Pharma Inc	409,183 (-43.2%)	$30.39M (-44.9%)	1.2%	—	—	COM	10806X102
PRAX	Praxis Precision Medicines Inc	63,680 (-49.3%)	$20.52M (-44.6%)	0.8%	—	—	COM	74006W207
DYN	Dyne Therapeutics Inc	1,633,897 (-27.5%)	$29.62M (-32.8%)	1.1%	—	—	COM	26818M108
INBX	Inhibrx Biosciences Inc	406,029 (-10.7%)	$27.3M (-24.0%)	1.0%	—	—	COM	45720N103
CMPX	Compass Therapeutics Inc	2,056,161 (-38.9%)	$10.88M (-39.8%)	0.4%	—	—	COM	20454B104
RCUS	Arcus Biosciences Inc	923,086 (-15.8%)	$19.94M (-23.7%)	0.8%	—	—	COM	03969F109
IRON	Disc Medicine Inc	78,320 (-29.4%)	$5.008M (-43.2%)	0.2%	—	—	COM	254604101
ROIV	Roivant Sciences Ltd	477,995 (-34.9%)	$13.24M (-16.9%)	0.5%	—	—	SHS	G76279101
EWTX	Edgewise Therapeutics Inc	386,498 (-11.7%)	$12.17M (+12.1%)	0.5%	—	—	COM	28036F105
ANAB	AnaptysBio Inc	248,253 (-13.7%)	$13.77M (-1.3%)	0.5%	—	—	COM	032724106

Unchanged Positions (9)

NTRA Natera Inc 11.8%

Value $310M Shares 1,550,280 Est. Cost — Unrealized —

VERA Vera Therapeutics Inc 4.3%

Value $112M Shares 2,793,987 Est. Cost — Unrealized —

BIOA BioAge Labs Inc 1.5%

Value $40.12M Shares 2,293,788 Est. Cost — Unrealized —

AVBP Arrivent BioPharma Inc 1.5%

Value $39.14M Shares 1,696,752 Est. Cost — Unrealized —

RAPP Rapport Therapeutics Inc 2.3%

Value $59.59M Shares 1,904,408 Est. Cost — Unrealized —

NXTC Nextcure Inc 0.1%

Value $2.378M Shares 222,654 Est. Cost — Unrealized —

BOLT Bolt Biotherapeutics Inc 0.0%

Value $556K Shares 137,721 Est. Cost — Unrealized —

JBIO Jade Biosciences Inc 0.1%

Value $1.509M Shares 107,391 Est. Cost — Unrealized —

IMA ImageneBio Inc 0.0%

Value $159K Shares 31,884 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NTRA	Natera Inc	1,550,280	$310M	11.8%	—	—	COM	632307104
VERA	Vera Therapeutics Inc	2,793,987	$112M	4.3%	—	—	CL A	92337R101
BIOA	BioAge Labs Inc	2,293,788	$40.12M	1.5%	—	—	COM	09077V100
AVBP	Arrivent BioPharma Inc	1,696,752	$39.14M	1.5%	—	—	COM	04272N102
RAPP	Rapport Therapeutics Inc	1,904,408	$59.59M	2.3%	—	—	COM	75383L102
NXTC	Nextcure Inc	222,654	$2.378M	0.1%	—	—	COM	65343E207
BOLT	Bolt Biotherapeutics Inc	137,721	$556K	0.0%	—	—	COM	097702203
JBIO	Jade Biosciences Inc	107,391	$1.509M	0.1%	—	—	COM	008064206
IMA	ImageneBio Inc	31,884	$159K	0.0%	—	—	COM	45175G207