Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MDXH	MDXHEALTH SA	124,306,000	$286M	5.7%	—	—	CALL	B5950S113
RCEL	AVITA MEDICAL INC	40,966,100	$154M	3.1%	$4.07	0.0%	CALL	05380C102
AZN	ASTRAZENECA PLC	670,200	$132M	2.6%	$190.39	0.0%	ORD	G0593M107
MYGN	MYRIAD GENETICS INC	125,000,000	$123M	2.4%	$5.47	0.0%	COM	62855J104
MRK	MERCK & CO INC	663,400	$79.8M	1.6%	$114.28	0.0%	COM	58933Y105
RCEL	AVITA MEDICAL INC	41,044,895	$42.52M	0.8%	$4.07	0.0%	COM	05380C102
GH	GUARDANT HEALTH INC	435,200	$40.2M	0.8%	$107.45	0.0%	COM	40131M109
SNDX	SYNDAX PHARMACEUTICALS INC	962,300	$22.48M	0.4%	$20.76	0.0%	COM	87164F105
STRO	SUTRO BIOPHARMA INC	801,144	$19.96M	0.4%	$15.08	0.0%	COM SHS	869367201
NKTR	NEKTAR THERAPEUTICS	275,000	$19.79M	0.4%	$48.33	0.0%	COM NEW	640268306
PVLA	PALVELLA THERAPEUTICS INC NE	134,600	$16.78M	0.3%	$91.38	0.0%	COM	697947109
DFTX	DEFINIUM THERAPEUTICS INC	804,000	$15.2M	0.3%	$16.29	0.0%	COM SHS	24477V105
AMGN	AMGEN INC	39,900	$14.04M	0.3%	$349.67	0.0%	COM	031162100
ALHC	ALIGNMENT HEALTHCARE INC	791,000	$13.94M	0.3%	$21.44	0.0%	COM	01625V104
REGN	REGENERON PHARMACEUTICALS	14,700	$11.36M	0.2%	$769.15	0.0%	COM	75886F107
BIIB	BIOGEN INC	61,600	$11.29M	0.2%	$183.25	0.0%	COM	09062X103
QGEN	QIAGEN NV	250,000	$10.01M	0.2%	—	—	CALL	N72482156
GILD	GILEAD SCIENCES INC	59,600	$8.306M	0.2%	$138.38	0.0%	COM	375558103
HRTX	HERON THERAPEUTICS INC	9,816,940	$7.855M	0.2%	$1.31	0.0%	COM	427746102
CMPS	COMPASS PATHWAYS PLC	1,150,646	$6.363M	0.1%	$5.53	—	SPONSORED ADS	20451W101
PVLA	PALVELLA THERAPEUTICS INC NE	50,000	$6.232M	0.1%	$91.38	0.0%	CALL	697947109
ALXO	ALX ONCOLOGY HLDGS INC	2,866,256	$5.747M	0.1%	$1.77	0.0%	COM	00166B105
AORT	ARTIVION INC	151,000	$5.53M	0.1%	$41.18	0.0%	COM	228903100
SVRA	SAVARA INC	635,000	$3.467M	0.1%	$5.69	0.0%	COM	805111101
SLNO	SOLENO THERAPEUTICS INC	100,000	$3.348M	0.1%	—	—	CALL	834203309
LFST	LIFESTANCE HEALTH GROUP INC	500,000	$3.185M	0.1%	$7.13	0.0%	COM	53228F101
DRUG	BRIGHT MINDS BIOSCIENCES INC	40,000	$2.919M	0.1%	$84.00	0.0%	COM NEW	10919W405
ATAI	ATAIBECKLEY INC	347,000	$1.228M	0.0%	$3.85	0.0%	COM SHS	04650F101

Increased Positions (24)

XENE XENON PHARMACEUTICALS INC 1.2%

Value $61.64M (+207.5%) Shares 1,059,971 (+137.0%) Est. Cost $37.50 Unrealized +12.0%

PRAX PRAXIS PRECISION MEDICINES I 1.1%

Value $55.58M (+99.5%) Shares 172,500 (+82.5%) Est. Cost $243.01 Unrealized +28.3%

RLMD RELMADA THERAPEUTICS INC 0.7%

Value $32.82M (+160.3%) Shares 4,715,864 (+80.6%) Est. Cost $3.65 Unrealized +10.1%

MLYS MINERALYS THERAPEUTICS INC 1.1%

Value $55.61M (+56.3%) Shares 2,052,900 (+109.4%) Est. Cost $24.95 Unrealized +25.7%

QURE UNIQURE NV 0.7%

Value $34.93M (+97.9%) Shares 2,136,149 (+189.7%) Est. Cost $24.36 Unrealized -3.3%

BMY BRISTOL-MYERS SQUIBB CO 1.1%

Value $56.1M (+34.2%) Shares 925,000 (+19.4%) Est. Cost $49.13 Unrealized +16.9%

PFE PFIZER INC 1.1%

Value $54.66M (+32.8%) Shares 1,946,500 (+17.8%) Est. Cost $25.21 Unrealized +3.9%

DYN DYNE THERAPEUTICS INC 1.0%

Value $52.9M (+22.8%) Shares 2,917,884 (+32.5%) Est. Cost $17.49 Unrealized -2.1%

BCAX BICARA THERAPEUTICS INC 0.3%

Value $13.27M (+277.2%) Shares 667,300 (+219.1%) Est. Cost $16.54 Unrealized -1.5%

GPCR STRUCTURE THERAPEUTICS INC 1.4%

Value $71.11M (-12.0%) Shares 1,475,403 (+27.0%) Est. Cost $33.77 Unrealized —

ESPR ESPERION THERAPEUTICS INC NE 0.6%

Value $28.96M (+31.2%) Shares 10,570,300 (+77.2%) Est. Cost $3.31 Unrealized +3.2%

ASND ASCENDIS PHARMA A/S 0.8%

Value $41.62M (+13.5%) Shares 181,977 (+5.8%) Est. Cost $196.01 Unrealized —

CRBP CORBUS PHARMACEUTICALS HLDGS 0.3%

Value $16.31M (+25.5%) Shares 1,737,287 (+8.8%) Est. Cost $33.06 Unrealized -75.5%

VERA VERA THERAPEUTICS INC 0.3%

Value $14.87M (-16.9%) Shares 369,596 (+4.6%) Est. Cost $35.93 Unrealized +25.2%

RVMD REVOLUTION MEDICINES INC 0.1%

Value $5.057M (+145.1%) Shares 52,000 (+100.8%) Est. Cost $84.36 Unrealized +22.1%

BTSG BRIGHTSPRING HEALTH SVCS INC 0.4%

Value $21.21M (+15.9%) Shares 497,800 (+1.9%) Est. Cost $28.19 Unrealized +39.8%

PTGX PROTAGONIST THERAPEUTICS INC 0.1%

Value $4.437M (+134.1%) Shares 42,100 (+94.0%) Est. Cost $82.54 Unrealized +0.9%

ABVX ABIVAX SA 1.0%

Value $51.86M (+4.5%) Shares 465,700 (+26.6%) Est. Cost $90.45 Unrealized —

RYTM RHYTHM PHARMACEUTICALS INC 0.5%

Value $27.32M (+6.4%) Shares 314,100 (+31.0%) Est. Cost $51.48 Unrealized +99.7%

PTCT PTC THERAPEUTICS INC 0.1%

Value $3.345M (+89.8%) Shares 49,100 (+111.6%) Est. Cost $73.21 Unrealized +0.7%

ANRO ALTO NEUROSCIENCE INC 0.1%

Value $3.765M (+69.2%) Shares 167,500 (+34.0%) Est. Cost $8.91 Unrealized +88.1%

ELV ELEVANCE HEALTH INC FORMERLY 0.7%

Value $33.58M (-3.3%) Shares 114,700 (+15.7%) Est. Cost $338.72 Unrealized +3.8%

LXEO LEXEO THERAPEUTICS INC 0.4%

Value $20.68M (-2.0%) Shares 3,602,450 (+69.5%) Est. Cost $8.47 Unrealized -11.1%

PALI PALISADE BIO INC 0.1%

Value $4.083M (-7.2%) Shares 2,333,000 (+24.7%) Est. Cost $1.89 Unrealized -5.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XENE	XENON PHARMACEUTICALS INC	1,059,971 (+137.0%)	$61.64M (+207.5%)	1.2%	$37.50	+12.0%	COM	98420N105
PRAX	PRAXIS PRECISION MEDICINES I	172,500 (+82.5%)	$55.58M (+99.5%)	1.1%	$243.01	+28.3%	COM NEW	74006W207
RLMD	RELMADA THERAPEUTICS INC	4,715,864 (+80.6%)	$32.82M (+160.3%)	0.7%	$3.65	+10.1%	COM	75955J402
MLYS	MINERALYS THERAPEUTICS INC	2,052,900 (+109.4%)	$55.61M (+56.3%)	1.1%	$24.95	+25.7%	COM	603170101
QURE	UNIQURE NV	2,136,149 (+189.7%)	$34.93M (+97.9%)	0.7%	$24.36	-3.3%	SHS	N90064101
BMY	BRISTOL-MYERS SQUIBB CO	925,000 (+19.4%)	$56.1M (+34.2%)	1.1%	$49.13	+16.9%	COM	110122108
PFE	PFIZER INC	1,946,500 (+17.8%)	$54.66M (+32.8%)	1.1%	$25.21	+3.9%	COM	717081103
DYN	DYNE THERAPEUTICS INC	2,917,884 (+32.5%)	$52.9M (+22.8%)	1.0%	$17.49	-2.1%	COM	26818M108
BCAX	BICARA THERAPEUTICS INC	667,300 (+219.1%)	$13.27M (+277.2%)	0.3%	$16.54	-1.5%	COM	055477103
GPCR	STRUCTURE THERAPEUTICS INC	1,475,403 (+27.0%)	$71.11M (-12.0%)	1.4%	$33.77	—	SPONSORED ADS	86366E106
ESPR	ESPERION THERAPEUTICS INC NE	10,570,300 (+77.2%)	$28.96M (+31.2%)	0.6%	$3.31	+3.2%	COM	29664W105
ASND	ASCENDIS PHARMA A/S	181,977 (+5.8%)	$41.62M (+13.5%)	0.8%	$196.01	—	SPONSORED ADR	04351P101
CRBP	CORBUS PHARMACEUTICALS HLDGS	1,737,287 (+8.8%)	$16.31M (+25.5%)	0.3%	$33.06	-75.5%	COM NEW	21833P301
VERA	VERA THERAPEUTICS INC	369,596 (+4.6%)	$14.87M (-16.9%)	0.3%	$35.93	+25.2%	CL A	92337R101
RVMD	REVOLUTION MEDICINES INC	52,000 (+100.8%)	$5.057M (+145.1%)	0.1%	$84.36	+22.1%	COM	76155X100
BTSG	BRIGHTSPRING HEALTH SVCS INC	497,800 (+1.9%)	$21.21M (+15.9%)	0.4%	$28.19	+39.8%	COM	10950A106
PTGX	PROTAGONIST THERAPEUTICS INC	42,100 (+94.0%)	$4.437M (+134.1%)	0.1%	$82.54	+0.9%	COM	74366E102
ABVX	ABIVAX SA	465,700 (+26.6%)	$51.86M (+4.5%)	1.0%	$90.45	—	SPONSORED ADS	00370M103
RYTM	RHYTHM PHARMACEUTICALS INC	314,100 (+31.0%)	$27.32M (+6.4%)	0.5%	$51.48	+99.7%	COM	76243J105
PTCT	PTC THERAPEUTICS INC	49,100 (+111.6%)	$3.345M (+89.8%)	0.1%	$73.21	+0.7%	COM	69366J200
ANRO	ALTO NEUROSCIENCE INC	167,500 (+34.0%)	$3.765M (+69.2%)	0.1%	$8.91	+88.1%	COM SHS	02157Q109
ELV	ELEVANCE HEALTH INC FORMERLY	114,700 (+15.7%)	$33.58M (-3.3%)	0.7%	$338.72	+3.8%	COM	036752103
LXEO	LEXEO THERAPEUTICS INC	3,602,450 (+69.5%)	$20.68M (-2.0%)	0.4%	$8.47	-11.1%	COM	52886X107
PALI	PALISADE BIO INC	2,333,000 (+24.7%)	$4.083M (-7.2%)	0.1%	$1.89	-5.8%	COM	696389402

Exited Positions (23)

TERN TERNS PHARMACEUTICALS INC 1.7%

Value $86.99M Shares 2,153,300 Est. Cost $12.83 Unrealized +192.0%

APLS APELLIS PHARMACEUTICALS INC 1.2%

Value $61.04M Shares 2,429,868 Est. Cost $25.77 Unrealized -11.9%

CI THE CIGNA GROUP 1.1%

Value $56.42M Shares 205,000 Est. Cost $290.32 Unrealized -3.3%

RAPT RAPT THERAPEUTICS INC 1.1%

Value $55.64M Shares 1,642,891 Est. Cost $15.56 Unrealized +224.6%

UTHR UNITED THERAPEUTICS CORP DEL 1.0%

Value $51.26M Shares 105,200 Est. Cost $336.31 Unrealized +42.9%

ROIV ROIVANT SCIENCES LTD 0.9%

Value $47.54M Shares 2,190,907 Est. Cost $10.84 Unrealized +123.0%

RNAM AVIDITY BIOSCIENCES INC 0.9%

Value $44.69M Shares 619,530 Est. Cost $27.80 Unrealized +161.3%

NBIX NEUROCRINE BIOSCIENCES INC 0.9%

Value $44.57M Shares 314,240 Est. Cost $115.66 Unrealized +16.1%

EXAS EXACT SCIENCES CORP 0.7%

Value $35.72M Shares 351,716 Est. Cost $54.10 Unrealized +89.7%

BRKR BRUKER CORP 0.5%

Value $26.18M Shares 555,789 Est. Cost $42.23 Unrealized +7.5%

— MIND MEDICINE MINDMED INC 0.3%

Value $16.43M Shares 1,226,700 Est. Cost $12.91 Unrealized —

CTMX CYTOMX THERAPEUTICS INC 0.3%

Value $15.02M Shares 3,525,650 Est. Cost $1.61 Unrealized +224.2%

VIR VIR BIOTECHNOLOGY INC 0.3%

Value $14.36M Shares 2,380,715 Est. Cost $9.13 Unrealized -21.1%

EW EDWARDS LIFESCIENCES CORP 0.3%

Value $12.79M Shares 150,000 Est. Cost $71.79 Unrealized +14.1%

TARS TARSUS PHARMACEUTICALS INC 0.3%

Value $12.64M Shares 154,400 Est. Cost $49.43 Unrealized +41.0%

FOLD AMICUS THERAPEUTICS INC 0.2%

Value $10.39M Shares 729,900 Est. Cost $10.63 Unrealized +34.5%

— REPARE THERAPEUTICS INC 0.2%

Value $8.638M Shares 3,322,488 Est. Cost $31.02 Unrealized —

CELC CELCUITY INC 0.2%

Value $8.544M Shares 85,664 Est. Cost $40.83 Unrealized +163.2%

PMVP PMV PHARMACEUTICALS INC 0.1%

Value $6.219M Shares 4,975,291 Est. Cost $36.80 Unrealized -96.9%

INSM INSMED INC 0.1%

Value $4.421M Shares 25,400 Est. Cost $123.95 Unrealized +28.3%

OCUL OCULAR THERAPEUTIX INC 0.0%

Value $1.91M Shares 157,300 Est. Cost $12.15 Unrealized -19.1%

MPLT MAPLIGHT THERAPEUTICS INC 0.0%

Value $952K Shares 56,000 Est. Cost $16.75 Unrealized +5.2%

VTGN VISTAGEN THERAPEUTICS INC 0.0%

Value $29,918 Shares 45,200 Est. Cost $2.99 Unrealized -79.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	2,153,300	$86.99M	1.7%	$12.83	+192.0%	—	880881107
APLS	APELLIS PHARMACEUTICALS INC	2,429,868	$61.04M	1.2%	$25.77	-11.9%	—	03753U106
CI	THE CIGNA GROUP	205,000	$56.42M	1.1%	$290.32	-3.3%	—	125523100
RAPT	RAPT THERAPEUTICS INC	1,642,891	$55.64M	1.1%	$15.56	+224.6%	—	75382E208
UTHR	UNITED THERAPEUTICS CORP DEL	105,200	$51.26M	1.0%	$336.31	+42.9%	—	91307C102
ROIV	ROIVANT SCIENCES LTD	2,190,907	$47.54M	0.9%	$10.84	+123.0%	—	G76279101
RNAM	AVIDITY BIOSCIENCES INC	619,530	$44.69M	0.9%	$27.80	+161.3%	—	05370A108
NBIX	NEUROCRINE BIOSCIENCES INC	314,240	$44.57M	0.9%	$115.66	+16.1%	—	64125C109
EXAS	EXACT SCIENCES CORP	351,716	$35.72M	0.7%	$54.10	+89.7%	—	30063P105
BRKR	BRUKER CORP	555,789	$26.18M	0.5%	$42.23	+7.5%	—	116794108
—	MIND MEDICINE MINDMED INC	1,226,700	$16.43M	0.3%	$12.91	—	—	60255C885
CTMX	CYTOMX THERAPEUTICS INC	3,525,650	$15.02M	0.3%	$1.61	+224.2%	—	23284F105
VIR	VIR BIOTECHNOLOGY INC	2,380,715	$14.36M	0.3%	$9.13	-21.1%	—	92764N102
EW	EDWARDS LIFESCIENCES CORP	150,000	$12.79M	0.3%	$71.79	+14.1%	CALL	28176E108
TARS	TARSUS PHARMACEUTICALS INC	154,400	$12.64M	0.3%	$49.43	+41.0%	—	87650L103
FOLD	AMICUS THERAPEUTICS INC	729,900	$10.39M	0.2%	$10.63	+34.5%	—	03152W109
—	REPARE THERAPEUTICS INC	3,322,488	$8.638M	0.2%	$31.02	—	—	760273102
CELC	CELCUITY INC	85,664	$8.544M	0.2%	$40.83	+163.2%	—	15102K100
PMVP	PMV PHARMACEUTICALS INC	4,975,291	$6.219M	0.1%	$36.80	-96.9%	—	69353Y103
INSM	INSMED INC	25,400	$4.421M	0.1%	$123.95	+28.3%	—	457669307
OCUL	OCULAR THERAPEUTIX INC	157,300	$1.91M	0.0%	$12.15	-19.1%	—	67576A100
MPLT	MAPLIGHT THERAPEUTICS INC	56,000	$952K	0.0%	$16.75	+5.2%	—	56565P103
VTGN	VISTAGEN THERAPEUTICS INC	45,200	$29,918	0.0%	$2.99	-79.7%	CALL	92840H400

Decreased Positions (32)

LLY ELI LILLY & CO 4.3%

Value $218M (-32.7%) Shares 236,800 (-21.4%) Est. Cost $450.28 Unrealized +132.5%

BSX BOSTON SCIENTIFIC CORP 3.0%

Value $149M (-35.2%) Shares 2,382,100 (-1.5%) Est. Cost $25.28 Unrealized +239.4%

ALNY ALNYLAM PHARMACEUTICALS INC 0.8%

Value $39.37M (-65.7%) Shares 119,000 (-58.8%) Est. Cost $199.68 Unrealized +76.9%

EW EDWARDS LIFESCIENCES CORP 2.0%

Value $98.55M (-37.3%) Shares 1,230,600 (-33.2%) Est. Cost $71.79 Unrealized +14.1%

SYK STRYKER CORPORATION 1.2%

Value $59.97M (-47.5%) Shares 182,500 (-43.8%) Est. Cost $246.40 Unrealized +48.0%

ISRG INTUITIVE SURGICAL INC 1.9%

Value $96.21M (-35.5%) Shares 208,700 (-20.8%) Est. Cost $272.47 Unrealized +91.2%

CAI CARIS LIFE SCIENCES INC 1.0%

Value $50.19M (-40.3%) Shares 2,806,811 (-9.9%) Est. Cost $26.98 Unrealized -12.0%

NTRA NATERA INC 1.0%

Value $52.4M (-37.5%) Shares 262,000 (-28.4%) Est. Cost $72.06 Unrealized +213.5%

EYPT EYEPOINT INC 0.3%

Value $13.78M (-69.4%) Shares 1,069,147 (-56.7%) Est. Cost $12.24 Unrealized +24.3%

ARGX ARGENX SE 2.0%

Value $99.97M (-18.6%) Shares 136,900 (-6.2%) Est. Cost $410.99 Unrealized —

DHR DANAHER CORP DEL 1.0%

Value $50.4M (-26.6%) Shares 265,800 (-11.3%) Est. Cost $200.96 Unrealized +11.8%

ADCT ADC THERAPEUTICS SA 0.1%

Value $4.943M (-76.0%) Shares 1,318,026 (-77.4%) Est. Cost $3.62 Unrealized +6.0%

MBX MBX BIOSCIENCES INC 2.2%

Value $109M (-12.5%) Shares 3,637,887 (-7.6%) Est. Cost $22.28 Unrealized +65.3%

AVTX AVALO THERAPEUTICS INC 0.1%

Value $7.094M (-67.1%) Shares 475,165 (-60.0%) Est. Cost $9.82 Unrealized +57.7%

JANX JANUX THERAPEUTICS INC 0.3%

Value $13.67M (-49.3%) Shares 983,600 (-49.7%) Est. Cost $23.41 Unrealized -41.7%

KRYS KRYSTAL BIOTECH INC 0.4%

Value $17.85M (-39.6%) Shares 69,100 (-42.3%) Est. Cost $155.35 Unrealized +75.3%

TRVI TREVI THERAPEUTICS INC 0.6%

Value $29.28M (-26.7%) Shares 2,454,400 (-23.1%) Est. Cost $5.73 Unrealized +91.0%

AXSM AXSOME THERAPEUTICS INC. 0.7%

Value $36.16M (-21.8%) Shares 213,921 (-15.5%) Est. Cost $113.05 Unrealized +59.5%

NPCE NEUROPACE INC 0.5%

Value $27.57M (-25.8%) Shares 2,096,527 (-12.9%) Est. Cost $23.21 Unrealized -32.1%

KROS KEROS THERAPEUTICS INC 0.2%

Value $8.381M (-48.8%) Shares 759,155 (-5.6%) Est. Cost $30.81 Unrealized -42.3%

JBIO JADE BIOSCIENCES INC 0.1%

Value $2.599M (-68.3%) Shares 185,011 (-65.2%) Est. Cost $33.31 Unrealized -55.6%

TECX TECTONIC THERAPEUTIC INC 0.1%

Value $7.004M (-41.6%) Shares 226,600 (-60.6%) Est. Cost $18.58 Unrealized +13.5%

ORIC ORIC PHARMACEUTICALS INC 0.7%

Value $34.13M (+14.6%) Shares 2,693,929 (-26.0%) Est. Cost $9.97 Unrealized +8.0%

KALV KALVISTA PHARMACEUTICALS INC 0.0%

Value $1.9M (-69.2%) Shares 94,400 (-75.3%) Est. Cost $13.24 Unrealized +17.0%

BIOA BIOAGE LABS INC 0.2%

Value $12.45M (+19.0%) Shares 711,811 (-10.0%) Est. Cost $20.04 Unrealized -4.2%

ALMS ALUMIS INC 0.2%

Value $12.08M (+12.2%) Shares 548,163 (-50.3%) Est. Cost $4.72 Unrealized +415.1%

CGON CG ONCOLOGY INC 1.3%

Value $64.18M (+1.9%) Shares 948,267 (-37.5%) Est. Cost $31.89 Unrealized +64.4%

KNSA KINIKSA PHARMACEUTICALS INTL 0.2%

Value $8.696M (+12.6%) Shares 180,599 (-3.5%) Est. Cost $40.11 Unrealized +7.6%

COGT COGENT BIOSCIENCES INC 0.2%

Value $12.4M (-5.9%) Shares 322,100 (-13.2%) Est. Cost $28.11 Unrealized +32.9%

CGEM CULLINAN THERAPEUTICS INC 0.1%

Value $3.453M (+23.6%) Shares 243,006 (-10.0%) Est. Cost $22.98 Unrealized -47.9%

CCCC C4 THERAPEUTICS INC 0.0%

Value $2.252M (-16.1%) Shares 856,353 (-39.0%) Est. Cost $4.92 Unrealized -57.6%

BCRX BIOCRYST PHARMACEUTICALS INC 0.3%

Value $13.57M (-0.1%) Shares 1,425,200 (-18.2%) Est. Cost $7.80 Unrealized -10.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	236,800 (-21.4%)	$218M (-32.7%)	4.3%	$450.28	+132.5%	COM	532457108
BSX	BOSTON SCIENTIFIC CORP	2,382,100 (-1.5%)	$149M (-35.2%)	3.0%	$25.28	+239.4%	COM	101137107
ALNY	ALNYLAM PHARMACEUTICALS INC	119,000 (-58.8%)	$39.37M (-65.7%)	0.8%	$199.68	+76.9%	COM	02043Q107
EW	EDWARDS LIFESCIENCES CORP	1,230,600 (-33.2%)	$98.55M (-37.3%)	2.0%	$71.79	+14.1%	COM	28176E108
SYK	STRYKER CORPORATION	182,500 (-43.8%)	$59.97M (-47.5%)	1.2%	$246.40	+48.0%	COM	863667101
ISRG	INTUITIVE SURGICAL INC	208,700 (-20.8%)	$96.21M (-35.5%)	1.9%	$272.47	+91.2%	COM NEW	46120E602
CAI	CARIS LIFE SCIENCES INC	2,806,811 (-9.9%)	$50.19M (-40.3%)	1.0%	$26.98	-12.0%	COM	142152107
NTRA	NATERA INC	262,000 (-28.4%)	$52.4M (-37.5%)	1.0%	$72.06	+213.5%	COM	632307104
EYPT	EYEPOINT INC	1,069,147 (-56.7%)	$13.78M (-69.4%)	0.3%	$12.24	+24.3%	COM NEW	30233G209
ARGX	ARGENX SE	136,900 (-6.2%)	$99.97M (-18.6%)	2.0%	$410.99	—	SPONSORED ADR	04016X101
DHR	DANAHER CORP DEL	265,800 (-11.3%)	$50.4M (-26.6%)	1.0%	$200.96	+11.8%	COM	235851102
ADCT	ADC THERAPEUTICS SA	1,318,026 (-77.4%)	$4.943M (-76.0%)	0.1%	$3.62	+6.0%	SHS	H0036K147
MBX	MBX BIOSCIENCES INC	3,637,887 (-7.6%)	$109M (-12.5%)	2.2%	$22.28	+65.3%	COM	55287L101
AVTX	AVALO THERAPEUTICS INC	475,165 (-60.0%)	$7.094M (-67.1%)	0.1%	$9.82	+57.7%	COM NEW	05338F306
JANX	JANUX THERAPEUTICS INC	983,600 (-49.7%)	$13.67M (-49.3%)	0.3%	$23.41	-41.7%	COM	47103J105
KRYS	KRYSTAL BIOTECH INC	69,100 (-42.3%)	$17.85M (-39.6%)	0.4%	$155.35	+75.3%	COM	501147102
TRVI	TREVI THERAPEUTICS INC	2,454,400 (-23.1%)	$29.28M (-26.7%)	0.6%	$5.73	+91.0%	COM	89532M101
AXSM	AXSOME THERAPEUTICS INC.	213,921 (-15.5%)	$36.16M (-21.8%)	0.7%	$113.05	+59.5%	COM	05464T104
NPCE	NEUROPACE INC	2,096,527 (-12.9%)	$27.57M (-25.8%)	0.5%	$23.21	-32.1%	COM	641288105
KROS	KEROS THERAPEUTICS INC	759,155 (-5.6%)	$8.381M (-48.8%)	0.2%	$30.81	-42.3%	COM	492327101
JBIO	JADE BIOSCIENCES INC	185,011 (-65.2%)	$2.599M (-68.3%)	0.1%	$33.31	-55.6%	COM NEW	008064206
TECX	TECTONIC THERAPEUTIC INC	226,600 (-60.6%)	$7.004M (-41.6%)	0.1%	$18.58	+13.5%	COM	878972108
ORIC	ORIC PHARMACEUTICALS INC	2,693,929 (-26.0%)	$34.13M (+14.6%)	0.7%	$9.97	+8.0%	COM	68622P109
KALV	KALVISTA PHARMACEUTICALS INC	94,400 (-75.3%)	$1.9M (-69.2%)	0.0%	$13.24	+17.0%	COM	483497103
BIOA	BIOAGE LABS INC	711,811 (-10.0%)	$12.45M (+19.0%)	0.2%	$20.04	-4.2%	COM	09077V100
ALMS	ALUMIS INC	548,163 (-50.3%)	$12.08M (+12.2%)	0.2%	$4.72	+415.1%	COM	022307102
CGON	CG ONCOLOGY INC	948,267 (-37.5%)	$64.18M (+1.9%)	1.3%	$31.89	+64.4%	COM	156944100
KNSA	KINIKSA PHARMACEUTICALS INTL	180,599 (-3.5%)	$8.696M (+12.6%)	0.2%	$40.11	+7.6%	ORD SHS CL A	G52694109
COGT	COGENT BIOSCIENCES INC	322,100 (-13.2%)	$12.4M (-5.9%)	0.2%	$28.11	+32.9%	COM	19240Q201
CGEM	CULLINAN THERAPEUTICS INC	243,006 (-10.0%)	$3.453M (+23.6%)	0.1%	$22.98	-47.9%	COM	230031106
CCCC	C4 THERAPEUTICS INC	856,353 (-39.0%)	$2.252M (-16.1%)	0.0%	$4.92	-57.6%	COM STK	12529R107
BCRX	BIOCRYST PHARMACEUTICALS INC	1,425,200 (-18.2%)	$13.57M (-0.1%)	0.3%	$7.80	-10.2%	COM	09058V103

Unchanged Positions (28)

ELVN ENLIVEN THERAPEUTICS INC 6.2%

Value $312M Shares 7,959,538 Est. Cost $20.34 Unrealized +25.9%

EWTX EDGEWISE THERAPEUTICS INC 9.7%

Value $489M Shares 15,518,492 Est. Cost $30.67 Unrealized -8.1%

UPB UPSTREAM BIO INC 1.0%

Value $51.24M Shares 5,693,589 Est. Cost $22.33 Unrealized +6.1%

CRVS CORVUS PHARMACEUTICALS INC 2.1%

Value $105M Shares 7,165,006 Est. Cost $11.00 Unrealized +48.1%

SPRY ARS PHARMACEUTICALS INC 1.3%

Value $66.56M Shares 8,288,510 Est. Cost $31.95 Unrealized -68.0%

STTK SHATTUCK LABS INC 0.8%

Value $40.55M Shares 6,306,127 Est. Cost $1.22 Unrealized +239.1%

IRON DISC MEDICINE INC 1.4%

Value $68.26M Shares 1,067,550 Est. Cost $47.79 Unrealized +54.9%

HELP CYBIN INC 0.4%

Value $18.4M Shares 3,832,843 Est. Cost $6.44 Unrealized +10.4%

CRNX CRINETICS PHARMACEUTICALS IN 0.7%

Value $36.28M Shares 999,000 Est. Cost $25.00 Unrealized +96.9%

AVBP ARRIVENT BIOPHARMA INC 1.4%

Value $69.84M Shares 3,027,328 Est. Cost $20.17 Unrealized +9.4%

QTTB Q32 BIO INC 0.3%

Value $14.46M Shares 2,252,987 Est. Cost $13.78 Unrealized -71.4%

PRLD PRELUDE THERAPEUTICS INC 0.7%

Value $37.31M Shares 10,909,256 Est. Cost $26.47 Unrealized -91.3%

SION SIONNA THERAPEUTICS INC 2.8%

Value $142M Shares 3,530,702 Est. Cost $16.34 Unrealized +140.2%

URGN UROGEN PHARMA LTD 0.3%

Value $15.74M Shares 875,487 Est. Cost $14.18 Unrealized +46.9%

WHWK WHITEHAWK THERAPEUTICS INC 0.3%

Value $14.37M Shares 4,166,000 Est. Cost $2.61 Unrealized +8.0%

CARL CARLSMED INC 0.2%

Value $11.34M Shares 1,252,600 Est. Cost $13.67 Unrealized -8.6%

TMO THERMO FISHER SCIENTIFIC INC 0.5%

Value $22.86M Shares 46,500 Est. Cost $443.16 Unrealized +29.7%

— IMAGENEBIO INC 0.4%

Value $22.08M Shares 6,210,899 Est. Cost $34.42 Unrealized —

ACET ADICET BIO INC 0.1%

Value $7M Shares 1,027,944 Est. Cost $11.05 Unrealized -29.8%

FBRX FORTE BIOSCIENCES INC 0.6%

Value $31M Shares 1,196,955 Est. Cost $10.24 Unrealized +189.9%

CMPX COMPASS THERAPEUTICS INC 1.6%

Value $80.51M Shares 15,219,994 Est. Cost $3.29 Unrealized +82.6%

IMA IMAGENEBIO INC 0.0%

Value $1.893M Shares 378,556 Est. Cost $13.25 Unrealized -47.9%

NSPR INSPIREMD INC 0.1%

Value $5.107M Shares 3,133,405 Est. Cost $1.86 Unrealized -8.2%

TRAW TRAWS PHARMA INC 0.0%

Value $1.108M Shares 605,531 Est. Cost $9.11 Unrealized -79.5%

VTGN VISTAGEN THERAPEUTICS INC 0.0%

Value $1.749M Shares 3,060,000 Est. Cost $2.99 Unrealized -79.7%

PHVS PHARVARIS N V 0.1%

Value $5.803M Shares 205,400 Est. Cost $24.09 Unrealized +11.0%

— COGENT BIOSCIENCES INC 0.0%

Value $1.22M Shares 1,000,000 Est. Cost $1.17 Unrealized —

SVA SINOVAC BIOTECH LTD 3.7%

Value $184M Shares 2,718,735 Est. Cost $6.47 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ELVN	ENLIVEN THERAPEUTICS INC	7,959,538	$312M	6.2%	$20.34	+25.9%	COM	29337E102
EWTX	EDGEWISE THERAPEUTICS INC	15,518,492	$489M	9.7%	$30.67	-8.1%	COM	28036F105
UPB	UPSTREAM BIO INC	5,693,589	$51.24M	1.0%	$22.33	+6.1%	COM	91678A107
CRVS	CORVUS PHARMACEUTICALS INC	7,165,006	$105M	2.1%	$11.00	+48.1%	COM	221015100
SPRY	ARS PHARMACEUTICALS INC	8,288,510	$66.56M	1.3%	$31.95	-68.0%	COM	82835W108
STTK	SHATTUCK LABS INC	6,306,127	$40.55M	0.8%	$1.22	+239.1%	COM	82024L103
IRON	DISC MEDICINE INC	1,067,550	$68.26M	1.4%	$47.79	+54.9%	COM	254604101
HELP	CYBIN INC	3,832,843	$18.4M	0.4%	$6.44	+10.4%	COM NEW	23256X407
CRNX	CRINETICS PHARMACEUTICALS IN	999,000	$36.28M	0.7%	$25.00	+96.9%	COM	22663K107
AVBP	ARRIVENT BIOPHARMA INC	3,027,328	$69.84M	1.4%	$20.17	+9.4%	COM	04272N102
QTTB	Q32 BIO INC	2,252,987	$14.46M	0.3%	$13.78	-71.4%	COM	746964105
PRLD	PRELUDE THERAPEUTICS INC	10,909,256	$37.31M	0.7%	$26.47	-91.3%	COM	74065P101
SION	SIONNA THERAPEUTICS INC	3,530,702	$142M	2.8%	$16.34	+140.2%	COM	829401108
URGN	UROGEN PHARMA LTD	875,487	$15.74M	0.3%	$14.18	+46.9%	COM	M96088105
WHWK	WHITEHAWK THERAPEUTICS INC	4,166,000	$14.37M	0.3%	$2.61	+8.0%	COM	00032Q104
CARL	CARLSMED INC	1,252,600	$11.34M	0.2%	$13.67	-8.6%	COM	14280C105
TMO	THERMO FISHER SCIENTIFIC INC	46,500	$22.86M	0.5%	$443.16	+29.7%	COM	883556102
—	IMAGENEBIO INC	6,210,899	$22.08M	0.4%	$34.42	—	NONVOTING	000000000
ACET	ADICET BIO INC	1,027,944	$7M	0.1%	$11.05	-29.8%	COM NEW	007002207
FBRX	FORTE BIOSCIENCES INC	1,196,955	$31M	0.6%	$10.24	+189.9%	COM NEW	34962G208
CMPX	COMPASS THERAPEUTICS INC	15,219,994	$80.51M	1.6%	$3.29	+82.6%	COM	20454B104
IMA	IMAGENEBIO INC	378,556	$1.893M	0.0%	$13.25	-47.9%	COM	45175G207
NSPR	INSPIREMD INC	3,133,405	$5.107M	0.1%	$1.86	-8.2%	COM	45779A846
TRAW	TRAWS PHARMA INC	605,531	$1.108M	0.0%	$9.11	-79.5%	COM NEW	68232V884
VTGN	VISTAGEN THERAPEUTICS INC	3,060,000	$1.749M	0.0%	$2.99	-79.7%	COM	92840H400
PHVS	PHARVARIS N V	205,400	$5.803M	0.1%	$24.09	+11.0%	COM	N69605108
—	COGENT BIOSCIENCES INC	1,000,000	$1.22M	0.0%	$1.17	—	NOTE 1.625%11/1	19240QAA0
SVA	SINOVAC BIOTECH LTD	2,718,735	$184M	3.7%	$6.47	0.0%	SHS	P8696W104