Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TNDM	TANDEM DIABETES CARE INC	301,000	$4.542M	3.3%	—	—	COM NEW	875372203
AVBP	ARRIVENT BIOPHARMA INC	102,000	$3.543M	2.6%	—	—	COM	04272N102
DSGN	DESIGN THERAPEUTICS INC	185,000	$2.677M	2.0%	—	—	COM	25056L103
MLYS	MINERALYS THERAPEUTICS INC	84,168	$2.271M	1.7%	—	—	COM	603170101
ARTV	ARTIVA BIOTHERAPEUTICS INC	200,000	$1.94M	1.4%	—	—	COM	04317A107
EOLS	EVOLUS INC	150,000	$1.041M	0.8%	—	—	COM	30052C107

Increased Positions (2)

ERAS ERASCA INC 6.1%

Value $8.336M (+51.5%) Shares 455,000 (+33.8%) Est. Cost — Unrealized —

CMPX COMPASS THERAPEUTICS INC 1.2%

Value $1.688M (-36.2%) Shares 771,000 (+54.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ERAS	ERASCA INC	455,000 (+33.8%)	$8.336M (+51.5%)	6.1%	—	—	COM	29479A108
CMPX	COMPASS THERAPEUTICS INC	771,000 (+54.2%)	$1.688M (-36.2%)	1.2%	—	—	COM	20454B104

Exited Positions (3)

TERN TERNS PHARMACEUTICALS INC 17.0%

Value $23.2M Shares 440,000 Est. Cost — Unrealized —

RVMD REVOLUTION MEDICINES INC 2.9%

Value $3.909M Shares 40,200 Est. Cost — Unrealized —

SLNO SOLENO THERAPEUTICS INC 1.5%

Value $1.999M Shares 59,700 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	440,000	$23.2M	17.0%	—	—	—	880881107
RVMD	REVOLUTION MEDICINES INC	40,200	$3.909M	2.9%	—	—	—	76155X100
SLNO	SOLENO THERAPEUTICS INC	59,700	$1.999M	1.5%	—	—	—	834203309

Decreased Positions (2)

AXSM AXSOME THERAPEUTICS INC. 2.2%

Value $2.937M (-52.0%) Shares 12,000 (-66.9%) Est. Cost — Unrealized —

TVTX TRAVERE THERAPEUTICS INC 1.6%

Value $2.216M (-18.1%) Shares 39,000 (-57.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AXSM	AXSOME THERAPEUTICS INC.	12,000 (-66.9%)	$2.937M (-52.0%)	2.2%	—	—	COM	05464T104
TVTX	TRAVERE THERAPEUTICS INC	39,000 (-57.1%)	$2.216M (-18.1%)	1.6%	—	—	COM	89422G107

Unchanged Positions (25)

MBX MBX BIOSCIENCES INC 4.9%

Value $6.708M Shares 121,524 Est. Cost — Unrealized —

TRVI TREVI THERAPEUTICS INC 5.7%

Value $7.721M Shares 414,000 Est. Cost — Unrealized —

WHWK WHITEHAWK THERAPEUTICS INC 7.3%

Value $9.92M Shares 2,165,997 Est. Cost — Unrealized —

TNGX TANGO THERAPEUTICS INC 5.3%

Value $7.198M Shares 230,264 Est. Cost — Unrealized —

STRO SUTRO BIOPHARMA INC 5.5%

Value $7.522M Shares 226,575 Est. Cost — Unrealized —

ACHV ACHIEVE LIFE SCIENCES INC 2.2%

Value $3.019M Shares 462,355 Est. Cost — Unrealized —

INSM INSMED INC 2.2%

Value $3.038M Shares 28,497 Est. Cost — Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 4.0%

Value $5.404M Shares 133,000 Est. Cost — Unrealized —

PTGX PROTAGONIST THERAPEUTICS INC 4.8%

Value $6.497M Shares 53,000 Est. Cost — Unrealized —

PRAX PRAXIS PRECISION MEDICINES I 10.5%

Value $14.36M Shares 42,900 Est. Cost — Unrealized —

IRON DISC MEDICINE INC 3.1%

Value $4.26M Shares 58,250 Est. Cost — Unrealized —

SVRA SAVARA INC 2.7%

Value $3.729M Shares 605,280 Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 2.2%

Value $2.946M Shares 300,000 Est. Cost — Unrealized —

IDYA IDEAYA BIOSCIENCES INC 2.2%

Value $2.97M Shares 79,700 Est. Cost — Unrealized —

IMMX IMMIX BIOPHARMA INC 1.7%

Value $2.376M Shares 230,423 Est. Cost — Unrealized —

SRRK SCHOLAR ROCK HLDG CORP 1.8%

Value $2.475M Shares 45,000 Est. Cost — Unrealized —

UTHR UNITED THERAPEUTICS CORP DEL 1.9%

Value $2.574M Shares 4,750 Est. Cost — Unrealized —

CABA CABALETTA BIO INC 1.2%

Value $1.572M Shares 505,431 Est. Cost — Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 1.7%

Value $2.296M Shares 125,000 Est. Cost — Unrealized —

DRUG BRIGHT MINDS BIOSCIENCES INC 1.6%

Value $2.233M Shares 31,813 Est. Cost — Unrealized —

VERA VERA THERAPEUTICS INC 1.0%

Value $1.403M Shares 32,700 Est. Cost — Unrealized —

NKTR NEKTAR THERAPEUTICS 1.4%

Value $1.878M Shares 26,900 Est. Cost — Unrealized —

CELC CELCUITY INC 0.3%

Value $418K Shares 4,000 Est. Cost — Unrealized —

VYNE VYNE THERAPEUTICS INC 0.2%

Value $326K Shares 500,551 Est. Cost — Unrealized —

ZURA ZURA BIO LTD 1.6%

Value $2.201M Shares 373,128 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MBX	MBX BIOSCIENCES INC	121,524	$6.708M	4.9%	—	—	COM	55287L101
TRVI	TREVI THERAPEUTICS INC	414,000	$7.721M	5.7%	—	—	COM	89532M101
WHWK	WHITEHAWK THERAPEUTICS INC	2,165,997	$9.92M	7.3%	—	—	COM	00032Q104
TNGX	TANGO THERAPEUTICS INC	230,264	$7.198M	5.3%	—	—	COM	87583X109
STRO	SUTRO BIOPHARMA INC	226,575	$7.522M	5.5%	—	—	COM SHS	869367201
ACHV	ACHIEVE LIFE SCIENCES INC	462,355	$3.019M	2.2%	—	—	COM	004468500
INSM	INSMED INC	28,497	$3.038M	2.2%	—	—	COM PAR $.01	457669307
EWTX	EDGEWISE THERAPEUTICS INC	133,000	$5.404M	4.0%	—	—	COM	28036F105
PTGX	PROTAGONIST THERAPEUTICS INC	53,000	$6.497M	4.8%	—	—	COM	74366E102
PRAX	PRAXIS PRECISION MEDICINES I	42,900	$14.36M	10.5%	—	—	COM NEW	74006W207
IRON	DISC MEDICINE INC	58,250	$4.26M	3.1%	—	—	COM	254604101
SVRA	SAVARA INC	605,280	$3.729M	2.7%	—	—	COM	805111101
OCUL	OCULAR THERAPEUTIX INC	300,000	$2.946M	2.2%	—	—	COM	67576A100
IDYA	IDEAYA BIOSCIENCES INC	79,700	$2.97M	2.2%	—	—	COM	45166A102
IMMX	IMMIX BIOPHARMA INC	230,423	$2.376M	1.7%	—	—	COM	45258H106
SRRK	SCHOLAR ROCK HLDG CORP	45,000	$2.475M	1.8%	—	—	COM	80706P103
UTHR	UNITED THERAPEUTICS CORP DEL	4,750	$2.574M	1.9%	—	—	COM	91307C102
CABA	CABALETTA BIO INC	505,431	$1.572M	1.2%	—	—	COM	12674W109
VRDN	VIRIDIAN THERAPEUTICS INC	125,000	$2.296M	1.7%	—	—	COM	92790C104
DRUG	BRIGHT MINDS BIOSCIENCES INC	31,813	$2.233M	1.6%	—	—	COM NEW	10919W405
VERA	VERA THERAPEUTICS INC	32,700	$1.403M	1.0%	—	—	CL A	92337R101
NKTR	NEKTAR THERAPEUTICS	26,900	$1.878M	1.4%	—	—	COM NEW	640268306
CELC	CELCUITY INC	4,000	$418K	0.3%	—	—	COM	15102K100
VYNE	VYNE THERAPEUTICS INC	500,551	$326K	0.2%	—	—	COM	92941V308
ZURA	ZURA BIO LTD	373,128	$2.201M	1.6%	—	—	CLASS A ORD SHS	G9TY5A101