Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPTX	Seaport Therapeutics Inc	3,564,871	$77.43M	4.0%	—	—	COM	81221K108
GILD	Gilead Sciences Inc	343,100	$43.35M	2.2%	—	—	COM	375558103
ISRG	Intuitive Surgical Inc	40,000	$15.91M	0.8%	—	—	CALL	46120E602
GMED	Globus Med Inc	200,000	$15.8M	0.8%	—	—	CALL	379577208
NRIX	Nurix Therapeutics Inc	524,098	$12.71M	0.7%	—	—	COM	67080M103
DSGN	Design Therapeutics Inc	865,135	$12.52M	0.6%	—	—	COM	25056L103
TRAX	First Tracks Biotherapeutics	565,199	$11.37M	0.6%	—	—	ORD SHS	337185102
ABT	Abbott Laboratories	122,998	$11.16M	0.6%	—	—	COM	002824100
SION	Sionna Therapeutics Inc	144,432	$6.354M	0.3%	—	—	COM	829401108
ABSI	Absci Corporation	337,400	$3.91M	0.2%	—	—	COM	00091E109
SGMT	Sagimet Biosciences Inc	166,667	$1.288M	0.1%	—	—	COM SER A	786700104
AKTS	Aktis Oncology Inc	32,436	$1.045M	0.1%	—	—	COM	01021M104
HTFL	Heartflow Inc	5,079	$149K	0.0%	—	—	COM	42238D107

Increased Positions (14)

GMAB Genmab A/S 5.7%

Value $111M (+450.6%) Shares 4,045,215 (+437.7%) Est. Cost — Unrealized —

ANAB Anaptysbio Inc 1.7%

Value $33.31M (+142.0%) Shares 493,536 (+98.8%) Est. Cost — Unrealized —

MANE Veradermics Inc 0.9%

Value $18.32M (+295.6%) Shares 148,993 (+103.2%) Est. Cost — Unrealized —

RARE Ultragenyx Pharmaceutical In 0.9%

Value $16.7M (+127.7%) Shares 500,000 (+42.9%) Est. Cost — Unrealized —

RCUS Arcus Biosciences Inc 1.5%

Value $29.16M (+46.2%) Shares 945,690 (+2.4%) Est. Cost — Unrealized —

PHVS Pharvaris N V 1.6%

Value $30.48M (+31.8%) Shares 881,299 (+7.7%) Est. Cost — Unrealized —

DYN Dyne Therapeutics Inc 1.9%

Value $36.83M (+24.3%) Shares 1,658,384 (+1.5%) Est. Cost — Unrealized —

IRON Disc Medicine Inc 0.6%

Value $10.7M (+113.6%) Shares 146,239 (+86.7%) Est. Cost — Unrealized —

TENX Tenax Therapeutics Inc 0.4%

Value $7.276M (+335.8%) Shares 500,039 (+379.0%) Est. Cost — Unrealized —

EXEL Exelixis Inc 0.7%

Value $13.83M (+28.2%) Shares 254,200 (+1.1%) Est. Cost — Unrealized —

IMTX Immatics N.V 1.9%

Value $37.17M (+4.0%) Shares 3,669,346 (+1.1%) Est. Cost — Unrealized —

SUPN Supernus Pharmaceuticals 2.5%

Value $48.2M (-2.3%) Shares 1,036,328 (+8.6%) Est. Cost — Unrealized —

OKUR Onkure Therapeutics Inc 0.1%

Value $1.467M (+150.1%) Shares 321,692 (+127.0%) Est. Cost — Unrealized —

IMNM Immunome Inc 1.9%

Value $36.45M (-2.1%) Shares 1,720,316 (+1.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GMAB	Genmab A/S	4,045,215 (+437.7%)	$111M (+450.6%)	5.7%	—	—	SPONSORED ADS	372303206
ANAB	Anaptysbio Inc	493,536 (+98.8%)	$33.31M (+142.0%)	1.7%	—	—	COM	032724106
MANE	Veradermics Inc	148,993 (+103.2%)	$18.32M (+295.6%)	0.9%	—	—	COMMON STOCK	922967104
RARE	Ultragenyx Pharmaceutical In	500,000 (+42.9%)	$16.7M (+127.7%)	0.9%	—	—	CALL	90400D108
RCUS	Arcus Biosciences Inc	945,690 (+2.4%)	$29.16M (+46.2%)	1.5%	—	—	COM	03969F109
PHVS	Pharvaris N V	881,299 (+7.7%)	$30.48M (+31.8%)	1.6%	—	—	COM	N69605108
DYN	Dyne Therapeutics Inc	1,658,384 (+1.5%)	$36.83M (+24.3%)	1.9%	—	—	COM	26818M108
IRON	Disc Medicine Inc	146,239 (+86.7%)	$10.7M (+113.6%)	0.6%	—	—	COM	254604101
TENX	Tenax Therapeutics Inc	500,039 (+379.0%)	$7.276M (+335.8%)	0.4%	—	—	COM NEW	88032L605
EXEL	Exelixis Inc	254,200 (+1.1%)	$13.83M (+28.2%)	0.7%	—	—	PUT	30161Q104
IMTX	Immatics N.V	3,669,346 (+1.1%)	$37.17M (+4.0%)	1.9%	—	—	SHS	N44445109
SUPN	Supernus Pharmaceuticals	1,036,328 (+8.6%)	$48.2M (-2.3%)	2.5%	—	—	COM	868459108
OKUR	Onkure Therapeutics Inc	321,692 (+127.0%)	$1.467M (+150.1%)	0.1%	—	—	COM CL A	68277Q105
IMNM	Immunome Inc	1,720,316 (+1.1%)	$36.45M (-2.1%)	1.9%	—	—	COM	45257U108

Exited Positions (30)

IWM iShares TR 7.7%

Value $149M Shares 600,000 Est. Cost — Unrealized —

XBI SPDR Series Trust 6.9%

Value $134M Shares 1,050,000 Est. Cost — Unrealized —

AZN AstraZeneca PLC 4.6%

Value $89.94M Shares 456,031 Est. Cost — Unrealized —

QQQ Invesco QQQ TR 4.5%

Value $86.58M Shares 150,000 Est. Cost — Unrealized —

IBB iShares TR 4.1%

Value $80.2M Shares 475,000 Est. Cost — Unrealized —

UTHR United Therapeutics Corp 2.5%

Value $47.62M Shares 80,300 Est. Cost — Unrealized —

BIIB Biogen Inc 2.2%

Value $42.08M Shares 229,521 Est. Cost — Unrealized —

CELC Celcuity Inc 2.2%

Value $41.8M Shares 366,175 Est. Cost — Unrealized —

CELC Celcuity Inc 1.8%

Value $34.24M Shares 300,000 Est. Cost — Unrealized —

AXSM Axsome Therapeutics Inc. 1.7%

Value $33.8M Shares 200,000 Est. Cost — Unrealized —

BBIO BridgeBio Pharma Inc 1.6%

Value $30.39M Shares 409,183 Est. Cost — Unrealized —

DXCM Dexcom Inc 1.3%

Value $24.72M Shares 393,576 Est. Cost — Unrealized —

PFE Pfizer Inc 1.2%

Value $22.46M Shares 800,000 Est. Cost — Unrealized —

LQDA Liquidia Corporation 1.0%

Value $18.87M Shares 500,000 Est. Cost — Unrealized —

XENE Xenon Pharmaceuticals Inc 0.9%

Value $17.75M Shares 305,216 Est. Cost — Unrealized —

SYK Stryker Corporation 0.8%

Value $14.62M Shares 44,480 Est. Cost — Unrealized —

ROIV Roivant Sciences Ltd 0.7%

Value $13.24M Shares 477,995 Est. Cost — Unrealized —

CMPX Compass Therapeutics Inc 0.6%

Value $10.88M Shares 2,056,161 Est. Cost — Unrealized —

ORIC Oric Pharmaceuticals Inc 0.4%

Value $8.61M Shares 679,578 Est. Cost — Unrealized —

TNGX Tango Therapeutics Inc 0.4%

Value $8.265M Shares 395,081 Est. Cost — Unrealized —

REPL Replimune Group Inc 0.4%

Value $7.768M Shares 1,015,400 Est. Cost — Unrealized —

AXGN AxoGen Inc 0.4%

Value $6.979M Shares 210,665 Est. Cost — Unrealized —

CYTK Cytokinetics Inc 0.3%

Value $6.05M Shares 91,791 Est. Cost — Unrealized —

HRMY Harmony Biosciences Hldgs Inc 0.2%

Value $4.277M Shares 152,695 Est. Cost — Unrealized —

PCVX Vaxcyte Inc 0.2%

Value $2.94M Shares 50,600 Est. Cost — Unrealized —

CMPX Compass Therapeutics Inc 0.1%

Value $2.645M Shares 500,000 Est. Cost — Unrealized —

ESTA Establishment Labs Hldgs Inc 0.1%

Value $1.927M Shares 33,930 Est. Cost — Unrealized —

ACAD Acadia Pharmaceuticals Inc 0.1%

Value $1.749M Shares 78,551 Est. Cost — Unrealized —

SLNO Soleno Therapeutics Inc 0.0%

Value $492K Shares 14,689 Est. Cost — Unrealized —

ZYME Zymeworks Inc 0.0%

Value $40,314 Shares 1,610 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	iShares TR	600,000	$149M	7.7%	—	—	PUT	464287655
XBI	SPDR Series Trust	1,050,000	$134M	6.9%	—	—	PUT	78464A870
AZN	AstraZeneca PLC	456,031	$89.94M	4.6%	—	—	—	G0593M107
QQQ	Invesco QQQ TR	150,000	$86.58M	4.5%	—	—	PUT	46090E103
IBB	iShares TR	475,000	$80.2M	4.1%	—	—	PUT	464287556
UTHR	United Therapeutics Corp	80,300	$47.62M	2.5%	—	—	PUT	91307C102
BIIB	Biogen Inc	229,521	$42.08M	2.2%	—	—	—	09062X103
CELC	Celcuity Inc	366,175	$41.8M	2.2%	—	—	—	15102K100
CELC	Celcuity Inc	300,000	$34.24M	1.8%	—	—	PUT	15102K100
AXSM	Axsome Therapeutics Inc.	200,000	$33.8M	1.7%	—	—	PUT	05464T104
BBIO	BridgeBio Pharma Inc	409,183	$30.39M	1.6%	—	—	—	10806X102
DXCM	Dexcom Inc	393,576	$24.72M	1.3%	—	—	—	252131107
PFE	Pfizer Inc	800,000	$22.46M	1.2%	—	—	CALL	717081103
LQDA	Liquidia Corporation	500,000	$18.87M	1.0%	—	—	PUT	53635D202
XENE	Xenon Pharmaceuticals Inc	305,216	$17.75M	0.9%	—	—	—	98420N105
SYK	Stryker Corporation	44,480	$14.62M	0.8%	—	—	—	863667101
ROIV	Roivant Sciences Ltd	477,995	$13.24M	0.7%	—	—	—	G76279101
CMPX	Compass Therapeutics Inc	2,056,161	$10.88M	0.6%	—	—	—	20454B104
ORIC	Oric Pharmaceuticals Inc	679,578	$8.61M	0.4%	—	—	—	68622P109
TNGX	Tango Therapeutics Inc	395,081	$8.265M	0.4%	—	—	—	87583X109
REPL	Replimune Group Inc	1,015,400	$7.768M	0.4%	—	—	CALL	76029N106
AXGN	AxoGen Inc	210,665	$6.979M	0.4%	—	—	—	05463X106
CYTK	Cytokinetics Inc	91,791	$6.05M	0.3%	—	—	—	23282W605
HRMY	Harmony Biosciences Hldgs Inc	152,695	$4.277M	0.2%	—	—	—	413197104
PCVX	Vaxcyte Inc	50,600	$2.94M	0.2%	—	—	—	92243G108
CMPX	Compass Therapeutics Inc	500,000	$2.645M	0.1%	—	—	CALL	20454B104
ESTA	Establishment Labs Hldgs Inc	33,930	$1.927M	0.1%	—	—	—	G31249108
ACAD	Acadia Pharmaceuticals Inc	78,551	$1.749M	0.1%	—	—	—	004225108
SLNO	Soleno Therapeutics Inc	14,689	$492K	0.0%	—	—	—	834203309
ZYME	Zymeworks Inc	1,610	$40,314	0.0%	—	—	—	98985Y108

Decreased Positions (17)

BMY Bristol-Myers Squibb Co 2.6%

Value $50.53M (-58.1%) Shares 876,970 (-55.9%) Est. Cost — Unrealized —

UTHR United Therapeutics Corp Del 2.1%

Value $41.44M (-56.3%) Shares 76,489 (-52.2%) Est. Cost — Unrealized —

COGT Cogent Biosciences Inc 2.1%

Value $40.06M (-50.8%) Shares 1,035,148 (-51.0%) Est. Cost — Unrealized —

INSM Insmed Inc 0.9%

Value $16.89M (-70.2%) Shares 158,398 (-54.2%) Est. Cost — Unrealized —

ALC Alcon AG 0.9%

Value $17.17M (-68.8%) Shares 255,824 (-65.0%) Est. Cost — Unrealized —

JAZZ Jazz Pharmaceuticals PLC 4.6%

Value $88.04M (-22.2%) Shares 365,341 (-38.9%) Est. Cost — Unrealized —

BMRN BioMarin Pharmaceutical Inc 1.1%

Value $20.52M (-53.6%) Shares 358,568 (-54.1%) Est. Cost — Unrealized —

PRAX Praxis Precision Medicines I 0.1%

Value $2.156M (-89.5%) Shares 6,440 (-89.9%) Est. Cost — Unrealized —

RARE Ultragenyx Pharmaceutical In 3.0%

Value $57.35M (-13.0%) Shares 1,717,505 (-45.4%) Est. Cost — Unrealized —

TYRA Tyra Biosciences Inc 0.1%

Value $1.031M (-86.8%) Shares 32,267 (-84.2%) Est. Cost — Unrealized —

RYTM Rhythm Pharmaceuticals Inc 2.3%

Value $45.3M (+15.7%) Shares 408,027 (-9.3%) Est. Cost — Unrealized —

DFTX Definium Therapeutics Inc 0.6%

Value $12.04M (+85.1%) Shares 255,903 (-25.6%) Est. Cost — Unrealized —

NKTR Nektar Therapeutics 1.7%

Value $32.93M (-10.2%) Shares 471,763 (-7.4%) Est. Cost — Unrealized —

AXSM Axsome Therapeutics Inc. 2.0%

Value $39.27M (+9.2%) Shares 160,429 (-24.6%) Est. Cost — Unrealized —

EWTX Edgewise Therapeutics Inc 0.8%

Value $15.48M (+27.1%) Shares 380,923 (-1.4%) Est. Cost — Unrealized —

IDYA IDEAYA Biosciences Inc 1.8%

Value $34.48M (-8.6%) Shares 925,119 (-18.3%) Est. Cost — Unrealized —

INBX Inhibrx Biosciences Inc 1.5%

Value $28.72M (+5.2%) Shares 303,103 (-25.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BMY	Bristol-Myers Squibb Co	876,970 (-55.9%)	$50.53M (-58.1%)	2.6%	—	—	COM	110122108
UTHR	United Therapeutics Corp Del	76,489 (-52.2%)	$41.44M (-56.3%)	2.1%	—	—	COM	91307C102
COGT	Cogent Biosciences Inc	1,035,148 (-51.0%)	$40.06M (-50.8%)	2.1%	—	—	COM	19240Q201
INSM	Insmed Inc	158,398 (-54.2%)	$16.89M (-70.2%)	0.9%	—	—	COM PAR $.01	457669307
ALC	Alcon AG	255,824 (-65.0%)	$17.17M (-68.8%)	0.9%	—	—	ORD SHS	H01301128
JAZZ	Jazz Pharmaceuticals PLC	365,341 (-38.9%)	$88.04M (-22.2%)	4.6%	—	—	SHS USD	G50871105
BMRN	BioMarin Pharmaceutical Inc	358,568 (-54.1%)	$20.52M (-53.6%)	1.1%	—	—	COM	09061G101
PRAX	Praxis Precision Medicines I	6,440 (-89.9%)	$2.156M (-89.5%)	0.1%	—	—	COM NEW	74006W207
RARE	Ultragenyx Pharmaceutical In	1,717,505 (-45.4%)	$57.35M (-13.0%)	3.0%	—	—	COM	90400D108
TYRA	Tyra Biosciences Inc	32,267 (-84.2%)	$1.031M (-86.8%)	0.1%	—	—	COM	90240B106
RYTM	Rhythm Pharmaceuticals Inc	408,027 (-9.3%)	$45.3M (+15.7%)	2.3%	—	—	COM	76243J105
DFTX	Definium Therapeutics Inc	255,903 (-25.6%)	$12.04M (+85.1%)	0.6%	—	—	COM SHS	24477V105
NKTR	Nektar Therapeutics	471,763 (-7.4%)	$32.93M (-10.2%)	1.7%	—	—	COM NEW	640268306
AXSM	Axsome Therapeutics Inc.	160,429 (-24.6%)	$39.27M (+9.2%)	2.0%	—	—	COM	05464T104
EWTX	Edgewise Therapeutics Inc	380,923 (-1.4%)	$15.48M (+27.1%)	0.8%	—	—	COM	28036F105
IDYA	IDEAYA Biosciences Inc	925,119 (-18.3%)	$34.48M (-8.6%)	1.8%	—	—	COM	45166A102
INBX	Inhibrx Biosciences Inc	303,103 (-25.3%)	$28.72M (+5.2%)	1.5%	—	—	COM	45720N103

Unchanged Positions (13)

NTRA Natera Inc 21.8%

Value $421M Shares 1,550,280 Est. Cost — Unrealized —

AVBP Arrivent BioPharma Inc 3.0%

Value $58.95M Shares 1,696,752 Est. Cost — Unrealized —

RAPP Rapport Therapeutics Inc 4.1%

Value $79.36M Shares 1,904,408 Est. Cost — Unrealized —

BIOA BioAge Labs Inc 2.9%

Value $56.22M Shares 2,293,788 Est. Cost — Unrealized —

VERA Vera Therapeutics Inc 6.2%

Value $120M Shares 2,793,987 Est. Cost — Unrealized —

NXTC Nextcure Inc 0.0%

Value $356K Shares 222,654 Est. Cost — Unrealized —

JBIO Jade Biosciences Inc 0.1%

Value $2.386M Shares 107,391 Est. Cost — Unrealized —

MIRM Mirum Pharmaceuticals Inc 0.2%

Value $3.23M Shares 27,591 Est. Cost — Unrealized —

SEPN Septerna Inc 0.1%

Value $1.591M Shares 47,506 Est. Cost — Unrealized —

WVE Wave Life Sciences Ltd 0.1%

Value $1.1M Shares 189,253 Est. Cost — Unrealized —

SVRA Savara Inc 0.1%

Value $2.247M Shares 364,763 Est. Cost — Unrealized —

IMA ImageneBio Inc 0.0%

Value $188K Shares 31,884 Est. Cost — Unrealized —

BOLT Bolt Biotherapeutics Inc 0.0%

Value $530K Shares 137,721 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NTRA	Natera Inc	1,550,280	$421M	21.8%	—	—	COM	632307104
AVBP	Arrivent BioPharma Inc	1,696,752	$58.95M	3.0%	—	—	COM	04272N102
RAPP	Rapport Therapeutics Inc	1,904,408	$79.36M	4.1%	—	—	COM	75383L102
BIOA	BioAge Labs Inc	2,293,788	$56.22M	2.9%	—	—	COM	09077V100
VERA	Vera Therapeutics Inc	2,793,987	$120M	6.2%	—	—	CL A	92337R101
NXTC	Nextcure Inc	222,654	$356K	0.0%	—	—	COM	65343E207
JBIO	Jade Biosciences Inc	107,391	$2.386M	0.1%	—	—	COM	008064206
MIRM	Mirum Pharmaceuticals Inc	27,591	$3.23M	0.2%	—	—	COM	604749101
SEPN	Septerna Inc	47,506	$1.591M	0.1%	—	—	COM	81734D104
WVE	Wave Life Sciences Ltd	189,253	$1.1M	0.1%	—	—	SHS	Y95308105
SVRA	Savara Inc	364,763	$2.247M	0.1%	—	—	COM	805111101
IMA	ImageneBio Inc	31,884	$188K	0.0%	—	—	COM	45175G207
BOLT	Bolt Biotherapeutics Inc	137,721	$530K	0.0%	—	—	COM	097702203