Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNH	UNITEDHEALTH GROUP INC	161,100	$66.96M	1.2%	—	—	COM	91324P102
ASND	ASCENDIS PHARMA A/S	244,456	$65.2M	1.2%	—	—	ORD SHS	K08588103
HUM	HUMANA INC	164,100	$65.18M	1.2%	—	—	COM	444859102
ODTX	ODYSSEY THERAPEUTICS INC	3,001,198	$56.15M	1.0%	—	—	COMMON STOCK	67613T104
ARQT	ARCUTIS BIOTHERAPEUTICS INC	2,042,000	$53.54M	1.0%	—	—	COM	03969K108
XBI	SPDR SERIES TRUST	300,000	$47.48M	0.9%	—	—	PUT	78464A870
ABVX	ABIVAX SA	200,000	$26.65M	0.5%	—	—	CALL	00370M103
WST	WEST PHARMACEUTICAL SVSC INC	70,600	$25.35M	0.5%	—	—	COM	955306105
AURA	AURA BIOSCIENCES INC	3,333,333	$23.67M	0.4%	—	—	COM	05153U107
PTGX	PROTAGONIST THERAPEUTICS INC	150,000	$18.39M	0.3%	—	—	CALL	74366E102
SYRE	SPYRE THERAPEUTICS INC	186,145	$16.53M	0.3%	—	—	COM NEW	00773J202
WAT	WATERS CORP	40,300	$15.11M	0.3%	—	—	COM	941848103
MNPR	MONOPAR THERAPEUTICS INC	157,423	$14.58M	0.3%	—	—	COM NEW	61023L207
TVTX	TRAVERE THERAPEUTICS INC	253,000	$14.37M	0.3%	—	—	COM	89422G107
TSHA	TAYSHA GENE THERAPIES INC	2,000,000	$13.62M	0.3%	—	—	COM SHS	877619106
DNTH	DIANTHUS THERAPEUTICS INC	115,000	$11.21M	0.2%	—	—	COM	252828108
SPRB	SPRUCE BIOSCIENCES INC	200,000	$10.8M	0.2%	—	—	COM NEW	85209E208
RVMD	REVOLUTION MEDICINES INC	50,000	$9.364M	0.2%	—	—	CALL	76155X100
ERAS	ERASCA INC	495,900	$9.085M	0.2%	—	—	COM	29479A108
TARA	PROTARA THERAPEUTICS INC	2,220,000	$8.48M	0.2%	—	—	COM STK	74365U107
ZNTL	ZENTALIS PHARMACEUTICALS INC	1,390,576	$6.744M	0.1%	—	—	COM	98943L107
—	TRAVERE THERAPEUTICS INC	5,000,000	$5.894M	0.1%	—	—	NOTE 0.500% 5/1	89422GAB3
XLO	XILIO THERAPEUTICS INC	592,300	$5.674M	0.1%	—	—	COM	98422T209
—	REVOLUTION MEDICINES INC	3,500,000	$4.38M	0.1%	—	—	NOTE 0.500% 5/0	76155XAA8
UNH	UNITEDHEALTH GROUP INC	10,000	$4.156M	0.1%	—	—	CALL	91324P102
ELV	ELEVANCE HEALTH INC FORMERLY	10,000	$3.867M	0.1%	—	—	CALL	036752103
NMRA	NEUMORA THERAPEUTICS INC.	2,139,882	$3.638M	0.1%	—	—	COM	640979100
ACAD	ACADIA PHARMACEUTICALS INC	137,000	$3.466M	0.1%	—	—	COM	004225108
AMLX	AMYLYX PHARMACEUTICALS INC	183,400	$3.294M	0.1%	—	—	COM	03237H101
TYRA	TYRA BIOSCIENCES INC	102,000	$3.258M	0.1%	—	—	COM	90240B106
RAPP	RAPPORT THERAPEUTICS INC	76,616	$3.193M	0.1%	—	—	COM	75383L102
AGMB	AGOMAB THERAPEUTICS NV	192,740	$2.502M	0.0%	—	—	SPONSORED ADS	00860C102
TARS	TARSUS PHARMACEUTICALS INC	35,581	$2.239M	0.0%	—	—	COM	87650L103
ACRS	ACLARIS THERAPEUTICS INC	421,500	$2.23M	0.0%	—	—	COM	00461U105
CYTK	CYTOKINETICS INC	25,800	$2.198M	0.0%	—	—	COM NEW	23282W605
OCUL	OCULAR THERAPEUTIX INC	220,000	$2.16M	0.0%	—	—	COM	67576A100
EVMN	EVOMMUNE INC	161,000	$2.14M	0.0%	—	—	COM SHS	30054Y107
BLTE	BELITE BIO INC	13,300	$2.048M	0.0%	—	—	SPONSORED ADS	07782B104
OVID	OVID THERAPEUTICS INC	747,000	$2.009M	0.0%	—	—	COM	690469101
EPRX	EUPRAXIA PHARMACEUTICALS INC	269,000	$1.778M	0.0%	—	—	COM	29842P105
SLS	SELLAS LIFE SCIENCES GROUP I	92,500	$1.365M	0.0%	—	—	PUT	81642T209
—	VIRIDIAN THERAPEUTICS INC	1,000,000	$1.073M	0.0%	—	—	NOTE 1.750% 5/1	92790CAB0

Increased Positions (32)

LLY ELI LILLY & CO 5.7%

Value $309M (+42.0%) Shares 257,900 (+8.9%) Est. Cost — Unrealized —

COGT COGENT BIOSCIENCES INC 1.2%

Value $65.07M (+424.8%) Shares 1,681,300 (+422.0%) Est. Cost — Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 2.2%

Value $119M (+66.7%) Shares 2,209,400 (+49.7%) Est. Cost — Unrealized —

GH GUARDANT HEALTH INC 1.6%

Value $87.57M (+117.8%) Shares 583,700 (+34.1%) Est. Cost — Unrealized —

AZN ASTRAZENECA PLC 3.2%

Value $171M (+29.4%) Shares 915,700 (+36.6%) Est. Cost — Unrealized —

QTTB Q32 BIO INC 1.0%

Value $52.59M (+263.6%) Shares 4,127,987 (+83.2%) Est. Cost — Unrealized —

PRLD PRELUDE THERAPEUTICS INC 1.4%

Value $73.15M (+96.1%) Shares 13,724,571 (+25.8%) Est. Cost — Unrealized —

PVLA PALVELLA THERAPEUTICS INC NE 0.8%

Value $44.68M (+166.3%) Shares 292,360 (+117.2%) Est. Cost — Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.8%

Value $45.47M (+99.0%) Shares 90,700 (+95.1%) Est. Cost — Unrealized —

PRAX PRAXIS PRECISION MEDICINES I 1.4%

Value $77.04M (+38.6%) Shares 230,100 (+33.4%) Est. Cost — Unrealized —

ABVX ABIVAX SA 1.3%

Value $72.83M (+40.4%) Shares 546,522 (+17.4%) Est. Cost — Unrealized —

SVRA SAVARA INC 0.5%

Value $24.39M (+603.6%) Shares 3,959,900 (+523.6%) Est. Cost — Unrealized —

DYN DYNE THERAPEUTICS INC 1.3%

Value $71.86M (+35.8%) Shares 3,235,684 (+10.9%) Est. Cost — Unrealized —

KNSA KINIKSA PHARMACEUTICALS INTL 0.5%

Value $26.9M (+209.3%) Shares 420,600 (+132.9%) Est. Cost — Unrealized —

KRYS KRYSTAL BIOTECH INC 0.6%

Value $30.92M (+73.2%) Shares 83,200 (+20.4%) Est. Cost — Unrealized —

NKTR NEKTAR THERAPEUTICS 0.6%

Value $32.49M (+64.2%) Shares 465,346 (+69.2%) Est. Cost — Unrealized —

SNDX SYNDAX PHARMACEUTICALS INC 0.6%

Value $33.71M (+50.0%) Shares 1,542,000 (+60.2%) Est. Cost — Unrealized —

RYTM RHYTHM PHARMACEUTICALS INC 0.7%

Value $35.85M (+31.2%) Shares 322,900 (+2.8%) Est. Cost — Unrealized —

RVMD REVOLUTION MEDICINES INC 0.2%

Value $13.2M (+161.1%) Shares 70,500 (+35.6%) Est. Cost — Unrealized —

LFST LIFESTANCE HEALTH GROUP INC 0.2%

Value $10.15M (+218.6%) Shares 947,400 (+89.5%) Est. Cost — Unrealized —

BIOA BIOAGE LABS INC 0.3%

Value $18.44M (+48.1%) Shares 752,153 (+5.7%) Est. Cost — Unrealized —

BCRX BIOCRYST PHARMACEUTICALS INC 0.3%

Value $18.52M (+36.5%) Shares 1,852,000 (+29.9%) Est. Cost — Unrealized —

CGON CG ONCOLOGY INC 1.3%

Value $69.12M (+7.7%) Shares 972,800 (+2.6%) Est. Cost — Unrealized —

DRUG BRIGHT MINDS BIOSCIENCES INC 0.1%

Value $6.529M (+123.7%) Shares 93,000 (+132.5%) Est. Cost — Unrealized —

IMA IMAGENEBIO INC 0.1%

Value $5.365M (+183.4%) Shares 909,269 (+140.2%) Est. Cost — Unrealized —

ANRO ALTO NEUROSCIENCE INC 0.1%

Value $6.805M (+80.7%) Shares 257,852 (+53.9%) Est. Cost — Unrealized —

ATAI ATAIBECKLEY INC 0.1%

Value $4.203M (+242.1%) Shares 797,500 (+129.8%) Est. Cost — Unrealized —

FBRX FORTE BIOSCIENCES INC 0.6%

Value $33.53M (+8.1%) Shares 1,577,705 (+31.8%) Est. Cost — Unrealized —

LXEO LEXEO THERAPEUTICS INC 0.3%

Value $18.38M (-11.1%) Shares 3,947,850 (+9.6%) Est. Cost — Unrealized —

AORT ARTIVION INC 0.1%

Value $3.932M (-28.9%) Shares 175,000 (+15.9%) Est. Cost — Unrealized —

MLYS MINERALYS THERAPEUTICS INC 1.1%

Value $56.94M (+2.4%) Shares 2,110,300 (+2.8%) Est. Cost — Unrealized —

TRAW TRAWS PHARMA INC 0.0%

Value $1.015M (-8.4%) Shares 1,203,260 (+98.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	257,900 (+8.9%)	$309M (+42.0%)	5.7%	—	—	COM	532457108
COGT	COGENT BIOSCIENCES INC	1,681,300 (+422.0%)	$65.07M (+424.8%)	1.2%	—	—	COM	19240Q201
GPCR	STRUCTURE THERAPEUTICS INC	2,209,400 (+49.7%)	$119M (+66.7%)	2.2%	—	—	SPONSORED ADS	86366E106
GH	GUARDANT HEALTH INC	583,700 (+34.1%)	$87.57M (+117.8%)	1.6%	—	—	COM	40131M109
AZN	ASTRAZENECA PLC	915,700 (+36.6%)	$171M (+29.4%)	3.2%	—	—	ORD	G0593M107
QTTB	Q32 BIO INC	4,127,987 (+83.2%)	$52.59M (+263.6%)	1.0%	—	—	COM	746964105
PRLD	PRELUDE THERAPEUTICS INC	13,724,571 (+25.8%)	$73.15M (+96.1%)	1.4%	—	—	COM	74065P101
PVLA	PALVELLA THERAPEUTICS INC NE	292,360 (+117.2%)	$44.68M (+166.3%)	0.8%	—	—	COM	697947109
TMO	THERMO FISHER SCIENTIFIC INC	90,700 (+95.1%)	$45.47M (+99.0%)	0.8%	—	—	COM	883556102
PRAX	PRAXIS PRECISION MEDICINES I	230,100 (+33.4%)	$77.04M (+38.6%)	1.4%	—	—	COM NEW	74006W207
ABVX	ABIVAX SA	546,522 (+17.4%)	$72.83M (+40.4%)	1.3%	—	—	SPONSORED ADS	00370M103
SVRA	SAVARA INC	3,959,900 (+523.6%)	$24.39M (+603.6%)	0.5%	—	—	COM	805111101
DYN	DYNE THERAPEUTICS INC	3,235,684 (+10.9%)	$71.86M (+35.8%)	1.3%	—	—	COM	26818M108
KNSA	KINIKSA PHARMACEUTICALS INTL	420,600 (+132.9%)	$26.9M (+209.3%)	0.5%	—	—	ORD SHS CL A	G52694109
KRYS	KRYSTAL BIOTECH INC	83,200 (+20.4%)	$30.92M (+73.2%)	0.6%	—	—	COM	501147102
NKTR	NEKTAR THERAPEUTICS	465,346 (+69.2%)	$32.49M (+64.2%)	0.6%	—	—	COM NEW	640268306
SNDX	SYNDAX PHARMACEUTICALS INC	1,542,000 (+60.2%)	$33.71M (+50.0%)	0.6%	—	—	COM	87164F105
RYTM	RHYTHM PHARMACEUTICALS INC	322,900 (+2.8%)	$35.85M (+31.2%)	0.7%	—	—	COM	76243J105
RVMD	REVOLUTION MEDICINES INC	70,500 (+35.6%)	$13.2M (+161.1%)	0.2%	—	—	COM	76155X100
LFST	LIFESTANCE HEALTH GROUP INC	947,400 (+89.5%)	$10.15M (+218.6%)	0.2%	—	—	COM	53228F101
BIOA	BIOAGE LABS INC	752,153 (+5.7%)	$18.44M (+48.1%)	0.3%	—	—	COM	09077V100
BCRX	BIOCRYST PHARMACEUTICALS INC	1,852,000 (+29.9%)	$18.52M (+36.5%)	0.3%	—	—	COM	09058V103
CGON	CG ONCOLOGY INC	972,800 (+2.6%)	$69.12M (+7.7%)	1.3%	—	—	COM	156944100
DRUG	BRIGHT MINDS BIOSCIENCES INC	93,000 (+132.5%)	$6.529M (+123.7%)	0.1%	—	—	COM NEW	10919W405
IMA	IMAGENEBIO INC	909,269 (+140.2%)	$5.365M (+183.4%)	0.1%	—	—	COM	45175G207
ANRO	ALTO NEUROSCIENCE INC	257,852 (+53.9%)	$6.805M (+80.7%)	0.1%	—	—	COM SHS	02157Q109
ATAI	ATAIBECKLEY INC	797,500 (+129.8%)	$4.203M (+242.1%)	0.1%	—	—	COM SHS	04650F101
FBRX	FORTE BIOSCIENCES INC	1,577,705 (+31.8%)	$33.53M (+8.1%)	0.6%	—	—	COM NEW	34962G208
LXEO	LEXEO THERAPEUTICS INC	3,947,850 (+9.6%)	$18.38M (-11.1%)	0.3%	—	—	COM	52886X107
AORT	ARTIVION INC	175,000 (+15.9%)	$3.932M (-28.9%)	0.1%	—	—	COM	228903100
MLYS	MINERALYS THERAPEUTICS INC	2,110,300 (+2.8%)	$56.94M (+2.4%)	1.1%	—	—	COM	603170101
TRAW	TRAWS PHARMA INC	1,203,260 (+98.7%)	$1.015M (-8.4%)	0.0%	—	—	COM NEW	68232V884

Exited Positions (25)

MDXH MDXHEALTH SA 5.3%

Value $286M Shares 124,306,000 Est. Cost — Unrealized —

RCEL AVITA MEDICAL INC 2.9%

Value $154M Shares 40,966,100 Est. Cost — Unrealized —

MYGN MYRIAD GENETICS INC 2.3%

Value $123M Shares 125,000,000 Est. Cost — Unrealized —

PFE PFIZER INC 1.0%

Value $54.66M Shares 1,946,500 Est. Cost — Unrealized —

DHR DANAHER CORP DEL 0.9%

Value $50.4M Shares 265,800 Est. Cost — Unrealized —

RCEL AVITA MEDICAL INC 0.8%

Value $42.52M Shares 41,044,895 Est. Cost — Unrealized —

ASND ASCENDIS PHARMA A/S 0.8%

Value $41.62M Shares 181,977 Est. Cost — Unrealized —

ESPR ESPERION THERAPEUTICS INC NE 0.5%

Value $28.96M Shares 10,570,300 Est. Cost — Unrealized —

BTSG BRIGHTSPRING HEALTH SVCS INC 0.4%

Value $21.21M Shares 497,800 Est. Cost — Unrealized —

AMGN AMGEN INC 0.3%

Value $14.04M Shares 39,900 Est. Cost — Unrealized —

ALHC ALIGNMENT HEALTHCARE INC 0.3%

Value $13.94M Shares 791,000 Est. Cost — Unrealized —

REGN REGENERON PHARMACEUTICALS 0.2%

Value $11.36M Shares 14,700 Est. Cost — Unrealized —

CARL CARLSMED INC 0.2%

Value $11.34M Shares 1,252,600 Est. Cost — Unrealized —

QGEN QIAGEN NV 0.2%

Value $10.01M Shares 250,000 Est. Cost — Unrealized —

GILD GILEAD SCIENCES INC 0.2%

Value $8.306M Shares 59,600 Est. Cost — Unrealized —

HRTX HERON THERAPEUTICS INC 0.1%

Value $7.855M Shares 9,816,940 Est. Cost — Unrealized —

AVTX AVALO THERAPEUTICS INC 0.1%

Value $7.094M Shares 475,165 Est. Cost — Unrealized —

CMPS COMPASS PATHWAYS PLC 0.1%

Value $6.363M Shares 1,150,646 Est. Cost — Unrealized —

ADCT ADC THERAPEUTICS SA 0.1%

Value $4.943M Shares 1,318,026 Est. Cost — Unrealized —

CGEM CULLINAN THERAPEUTICS INC 0.1%

Value $3.453M Shares 243,006 Est. Cost — Unrealized —

SLNO SOLENO THERAPEUTICS INC 0.1%

Value $3.348M Shares 100,000 Est. Cost — Unrealized —

JBIO JADE BIOSCIENCES INC 0.0%

Value $2.599M Shares 185,011 Est. Cost — Unrealized —

CCCC C4 THERAPEUTICS INC 0.0%

Value $2.252M Shares 856,353 Est. Cost — Unrealized —

KALV KALVISTA PHARMACEUTICALS INC 0.0%

Value $1.9M Shares 94,400 Est. Cost — Unrealized —

VTGN VISTAGEN THERAPEUTICS INC 0.0%

Value $1.749M Shares 3,060,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MDXH	MDXHEALTH SA	124,306,000	$286M	5.3%	—	—	CALL	B5950S113
RCEL	AVITA MEDICAL INC	40,966,100	$154M	2.9%	—	—	CALL	05380C102
MYGN	MYRIAD GENETICS INC	125,000,000	$123M	2.3%	—	—	—	62855J104
PFE	PFIZER INC	1,946,500	$54.66M	1.0%	—	—	—	717081103
DHR	DANAHER CORP DEL	265,800	$50.4M	0.9%	—	—	—	235851102
RCEL	AVITA MEDICAL INC	41,044,895	$42.52M	0.8%	—	—	—	05380C102
ASND	ASCENDIS PHARMA A/S	181,977	$41.62M	0.8%	—	—	—	04351P101
ESPR	ESPERION THERAPEUTICS INC NE	10,570,300	$28.96M	0.5%	—	—	—	29664W105
BTSG	BRIGHTSPRING HEALTH SVCS INC	497,800	$21.21M	0.4%	—	—	—	10950A106
AMGN	AMGEN INC	39,900	$14.04M	0.3%	—	—	—	031162100
ALHC	ALIGNMENT HEALTHCARE INC	791,000	$13.94M	0.3%	—	—	—	01625V104
REGN	REGENERON PHARMACEUTICALS	14,700	$11.36M	0.2%	—	—	—	75886F107
CARL	CARLSMED INC	1,252,600	$11.34M	0.2%	—	—	—	14280C105
QGEN	QIAGEN NV	250,000	$10.01M	0.2%	—	—	CALL	N72482156
GILD	GILEAD SCIENCES INC	59,600	$8.306M	0.2%	—	—	—	375558103
HRTX	HERON THERAPEUTICS INC	9,816,940	$7.855M	0.1%	—	—	—	427746102
AVTX	AVALO THERAPEUTICS INC	475,165	$7.094M	0.1%	—	—	—	05338F306
CMPS	COMPASS PATHWAYS PLC	1,150,646	$6.363M	0.1%	—	—	—	20451W101
ADCT	ADC THERAPEUTICS SA	1,318,026	$4.943M	0.1%	—	—	—	H0036K147
CGEM	CULLINAN THERAPEUTICS INC	243,006	$3.453M	0.1%	—	—	—	230031106
SLNO	SOLENO THERAPEUTICS INC	100,000	$3.348M	0.1%	—	—	CALL	834203309
JBIO	JADE BIOSCIENCES INC	185,011	$2.599M	0.0%	—	—	—	008064206
CCCC	C4 THERAPEUTICS INC	856,353	$2.252M	0.0%	—	—	—	12529R107
KALV	KALVISTA PHARMACEUTICALS INC	94,400	$1.9M	0.0%	—	—	—	483497103
VTGN	VISTAGEN THERAPEUTICS INC	3,060,000	$1.749M	0.0%	—	—	—	92840H400

Decreased Positions (27)

BSX BOSTON SCIENTIFIC CORP 1.2%

Value $63.3M (-57.7%) Shares 1,483,200 (-37.7%) Est. Cost — Unrealized —

MBX MBX BIOSCIENCES INC 3.5%

Value $189M (+74.3%) Shares 3,428,736 (-5.7%) Est. Cost — Unrealized —

QURE UNIQURE NV 1.5%

Value $83.25M (+138.4%) Shares 1,807,486 (-15.4%) Est. Cost — Unrealized —

IRON DISC MEDICINE INC 0.5%

Value $26.15M (-61.7%) Shares 357,535 (-66.5%) Est. Cost — Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 0.1%

Value $5.118M (-87.0%) Shares 17,000 (-85.7%) Est. Cost — Unrealized —

ISRG INTUITIVE SURGICAL INC 1.2%

Value $62.79M (-34.7%) Shares 157,900 (-24.3%) Est. Cost — Unrealized —

ELVN ENLIVEN THERAPEUTICS INC 6.4%

Value $344M (+10.2%) Shares 6,776,632 (-14.9%) Est. Cost — Unrealized —

SION SIONNA THERAPEUTICS INC 2.1%

Value $112M (-20.6%) Shares 2,555,877 (-27.6%) Est. Cost — Unrealized —

EW EDWARDS LIFESCIENCES CORP 1.4%

Value $75.53M (-23.4%) Shares 834,900 (-32.2%) Est. Cost — Unrealized —

ARGX ARGENX SE 1.6%

Value $86.17M (-13.8%) Shares 92,880 (-32.2%) Est. Cost — Unrealized —

ORIC ORIC PHARMACEUTICALS INC 0.4%

Value $21.82M (-36.1%) Shares 2,015,000 (-25.2%) Est. Cost — Unrealized —

SYK STRYKER CORPORATION 0.9%

Value $50.09M (-16.5%) Shares 159,100 (-12.8%) Est. Cost — Unrealized —

URGN UROGEN PHARMA LTD 0.5%

Value $24.88M (+58.1%) Shares 676,187 (-22.8%) Est. Cost — Unrealized —

— PRELUDE THERAPEUTICS INC 0.6%

Value $30.28M (+37.1%) Shares 5,680,186 (-8.5%) Est. Cost — Unrealized —

XENE XENON PHARMACEUTICALS INC 1.0%

Value $53.87M (-12.6%) Shares 892,471 (-15.8%) Est. Cost — Unrealized —

RLMD RELMADA THERAPEUTICS INC 0.5%

Value $25.13M (-23.4%) Shares 3,631,195 (-23.0%) Est. Cost — Unrealized —

BCAX BICARA THERAPEUTICS INC 0.1%

Value $5.674M (-57.3%) Shares 191,100 (-71.4%) Est. Cost — Unrealized —

AXSM AXSOME THERAPEUTICS INC. 0.5%

Value $28.78M (-20.4%) Shares 117,578 (-45.0%) Est. Cost — Unrealized —

JANX JANUX THERAPEUTICS INC 0.1%

Value $8.059M (-41.1%) Shares 524,700 (-46.7%) Est. Cost — Unrealized —

STRO SUTRO BIOPHARMA INC 0.5%

Value $24.7M (+23.8%) Shares 743,944 (-7.1%) Est. Cost — Unrealized —

NPCE NEUROPACE INC 0.4%

Value $23.92M (-13.2%) Shares 1,505,125 (-28.2%) Est. Cost — Unrealized —

WHWK WHITEHAWK THERAPEUTICS INC 0.3%

Value $18.02M (+25.4%) Shares 3,934,296 (-5.6%) Est. Cost — Unrealized —

HELP CYBIN INC 0.4%

Value $21.62M (+17.5%) Shares 3,271,400 (-14.6%) Est. Cost — Unrealized —

TRVI TREVI THERAPEUTICS INC 0.5%

Value $26.67M (-8.9%) Shares 1,430,293 (-41.7%) Est. Cost — Unrealized —

DFTX DEFINIUM THERAPEUTICS INC 0.3%

Value $17.19M (+13.1%) Shares 365,400 (-54.6%) Est. Cost — Unrealized —

ACET ADICET BIO INC 0.1%

Value $7.299M (+4.3%) Shares 844,787 (-17.8%) Est. Cost — Unrealized —

PVLA PALVELLA THERAPEUTICS INC NE 0.1%

Value $6.113M (-1.9%) Shares 40,000 (-20.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BSX	BOSTON SCIENTIFIC CORP	1,483,200 (-37.7%)	$63.3M (-57.7%)	1.2%	—	—	COM	101137107
MBX	MBX BIOSCIENCES INC	3,428,736 (-5.7%)	$189M (+74.3%)	3.5%	—	—	COM	55287L101
QURE	UNIQURE NV	1,807,486 (-15.4%)	$83.25M (+138.4%)	1.5%	—	—	SHS	N90064101
IRON	DISC MEDICINE INC	357,535 (-66.5%)	$26.15M (-61.7%)	0.5%	—	—	COM	254604101
ALNY	ALNYLAM PHARMACEUTICALS INC	17,000 (-85.7%)	$5.118M (-87.0%)	0.1%	—	—	COM	02043Q107
ISRG	INTUITIVE SURGICAL INC	157,900 (-24.3%)	$62.79M (-34.7%)	1.2%	—	—	COM NEW	46120E602
ELVN	ENLIVEN THERAPEUTICS INC	6,776,632 (-14.9%)	$344M (+10.2%)	6.4%	—	—	COM	29337E102
SION	SIONNA THERAPEUTICS INC	2,555,877 (-27.6%)	$112M (-20.6%)	2.1%	—	—	COM	829401108
EW	EDWARDS LIFESCIENCES CORP	834,900 (-32.2%)	$75.53M (-23.4%)	1.4%	—	—	COM	28176E108
ARGX	ARGENX SE	92,880 (-32.2%)	$86.17M (-13.8%)	1.6%	—	—	SPONSORED ADR	04016X101
ORIC	ORIC PHARMACEUTICALS INC	2,015,000 (-25.2%)	$21.82M (-36.1%)	0.4%	—	—	COM	68622P109
SYK	STRYKER CORPORATION	159,100 (-12.8%)	$50.09M (-16.5%)	0.9%	—	—	COM	863667101
URGN	UROGEN PHARMA LTD	676,187 (-22.8%)	$24.88M (+58.1%)	0.5%	—	—	COM	M96088105
—	PRELUDE THERAPEUTICS INC	5,680,186 (-8.5%)	$30.28M (+37.1%)	0.6%	—	—	NON VOTING	000000000
XENE	XENON PHARMACEUTICALS INC	892,471 (-15.8%)	$53.87M (-12.6%)	1.0%	—	—	COM	98420N105
RLMD	RELMADA THERAPEUTICS INC	3,631,195 (-23.0%)	$25.13M (-23.4%)	0.5%	—	—	COM	75955J402
BCAX	BICARA THERAPEUTICS INC	191,100 (-71.4%)	$5.674M (-57.3%)	0.1%	—	—	COM	055477103
AXSM	AXSOME THERAPEUTICS INC.	117,578 (-45.0%)	$28.78M (-20.4%)	0.5%	—	—	COM	05464T104
JANX	JANUX THERAPEUTICS INC	524,700 (-46.7%)	$8.059M (-41.1%)	0.1%	—	—	COM	47103J105
STRO	SUTRO BIOPHARMA INC	743,944 (-7.1%)	$24.7M (+23.8%)	0.5%	—	—	COM SHS	869367201
NPCE	NEUROPACE INC	1,505,125 (-28.2%)	$23.92M (-13.2%)	0.4%	—	—	COM	641288105
WHWK	WHITEHAWK THERAPEUTICS INC	3,934,296 (-5.6%)	$18.02M (+25.4%)	0.3%	—	—	COM	00032Q104
HELP	CYBIN INC	3,271,400 (-14.6%)	$21.62M (+17.5%)	0.4%	—	—	COM NEW	23256X407
TRVI	TREVI THERAPEUTICS INC	1,430,293 (-41.7%)	$26.67M (-8.9%)	0.5%	—	—	COM	89532M101
DFTX	DEFINIUM THERAPEUTICS INC	365,400 (-54.6%)	$17.19M (+13.1%)	0.3%	—	—	COM SHS	24477V105
ACET	ADICET BIO INC	844,787 (-17.8%)	$7.299M (+4.3%)	0.1%	—	—	COM NEW	007002207
PVLA	PALVELLA THERAPEUTICS INC NE	40,000 (-20.0%)	$6.113M (-1.9%)	0.1%	—	—	CALL	697947109

Unchanged Positions (28)

EWTX EDGEWISE THERAPEUTICS INC 11.7%

Value $631M Shares 15,518,492 Est. Cost — Unrealized —

CMPX COMPASS THERAPEUTICS INC 0.6%

Value $33.33M Shares 15,219,994 Est. Cost — Unrealized —

AVBP ARRIVENT BIOPHARMA INC 1.9%

Value $105M Shares 3,027,328 Est. Cost — Unrealized —

NTRA NATERA INC 1.3%

Value $71.12M Shares 262,000 Est. Cost — Unrealized —

UPB UPSTREAM BIO INC 0.7%

Value $39.4M Shares 5,693,589 Est. Cost — Unrealized —

ELV ELEVANCE HEALTH INC FORMERLY 0.8%

Value $44.36M Shares 114,700 Est. Cost — Unrealized —

MRK MERCK & CO INC 1.6%

Value $85.25M Shares 663,400 Est. Cost — Unrealized —

ALMS ALUMIS INC 0.3%

Value $15.43M Shares 548,163 Est. Cost — Unrealized —

STTK SHATTUCK LABS INC 0.8%

Value $43.76M Shares 6,306,127 Est. Cost — Unrealized —

NSPR INSPIREMD INC 0.0%

Value $2.194M Shares 3,133,405 Est. Cost — Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 1.0%

Value $53.3M Shares 925,000 Est. Cost — Unrealized —

CRVS CORVUS PHARMACEUTICALS INC 2.0%

Value $107M Shares 7,165,006 Est. Cost — Unrealized —

BIIB BIOGEN INC 0.2%

Value $13.31M Shares 61,600 Est. Cost — Unrealized —

EYPT EYEPOINT INC 0.3%

Value $15.29M Shares 1,069,147 Est. Cost — Unrealized —

PHVS PHARVARIS N V 0.1%

Value $7.103M Shares 205,400 Est. Cost — Unrealized —

CRNX CRINETICS PHARMACEUTICALS IN 0.7%

Value $37.38M Shares 999,000 Est. Cost — Unrealized —

VERA VERA THERAPEUTICS INC 0.3%

Value $15.86M Shares 369,596 Est. Cost — Unrealized —

PALI PALISADE BIO INC 0.1%

Value $4.876M Shares 2,333,000 Est. Cost — Unrealized —

TECX TECTONIC THERAPEUTIC INC 0.1%

Value $7.789M Shares 226,600 Est. Cost — Unrealized —

PTGX PROTAGONIST THERAPEUTICS INC 0.1%

Value $5.161M Shares 42,100 Est. Cost — Unrealized —

PTCT PTC THERAPEUTICS INC 0.1%

Value $4.005M Shares 49,100 Est. Cost — Unrealized —

KROS KEROS THERAPEUTICS INC 0.2%

Value $8.123M Shares 759,155 Est. Cost — Unrealized —

ALXO ALX ONCOLOGY HLDGS INC 0.1%

Value $5.933M Shares 2,866,256 Est. Cost — Unrealized —

CAI CARIS LIFE SCIENCES INC 0.9%

Value $50.02M Shares 2,806,811 Est. Cost — Unrealized —

SPRY ARS PHARMACEUTICALS INC 1.2%

Value $66.39M Shares 8,288,510 Est. Cost — Unrealized —

CRBP CORBUS PHARMACEUTICALS HLDGS 0.3%

Value $16.3M Shares 1,737,287 Est. Cost — Unrealized —

— COGENT BIOSCIENCES INC 0.0%

Value $1.228M Shares 1,000,000 Est. Cost — Unrealized —

SVA SINOVAC BIOTECH LTD 3.4%

Value $184M Shares 2,718,735 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EWTX	EDGEWISE THERAPEUTICS INC	15,518,492	$631M	11.7%	—	—	COM	28036F105
CMPX	COMPASS THERAPEUTICS INC	15,219,994	$33.33M	0.6%	—	—	COM	20454B104
AVBP	ARRIVENT BIOPHARMA INC	3,027,328	$105M	1.9%	—	—	COM	04272N102
NTRA	NATERA INC	262,000	$71.12M	1.3%	—	—	COM	632307104
UPB	UPSTREAM BIO INC	5,693,589	$39.4M	0.7%	—	—	COM	91678A107
ELV	ELEVANCE HEALTH INC FORMERLY	114,700	$44.36M	0.8%	—	—	COM	036752103
MRK	MERCK & CO INC	663,400	$85.25M	1.6%	—	—	COM	58933Y105
ALMS	ALUMIS INC	548,163	$15.43M	0.3%	—	—	COM	022307102
STTK	SHATTUCK LABS INC	6,306,127	$43.76M	0.8%	—	—	COM	82024L103
NSPR	INSPIREMD INC	3,133,405	$2.194M	0.0%	—	—	COM	45779A846
BMY	BRISTOL-MYERS SQUIBB CO	925,000	$53.3M	1.0%	—	—	COM	110122108
CRVS	CORVUS PHARMACEUTICALS INC	7,165,006	$107M	2.0%	—	—	COM	221015100
BIIB	BIOGEN INC	61,600	$13.31M	0.2%	—	—	COM	09062X103
EYPT	EYEPOINT INC	1,069,147	$15.29M	0.3%	—	—	COM NEW	30233G209
PHVS	PHARVARIS N V	205,400	$7.103M	0.1%	—	—	COM	N69605108
CRNX	CRINETICS PHARMACEUTICALS IN	999,000	$37.38M	0.7%	—	—	COM	22663K107
VERA	VERA THERAPEUTICS INC	369,596	$15.86M	0.3%	—	—	CL A	92337R101
PALI	PALISADE BIO INC	2,333,000	$4.876M	0.1%	—	—	COM	696389402
TECX	TECTONIC THERAPEUTIC INC	226,600	$7.789M	0.1%	—	—	COM	878972108
PTGX	PROTAGONIST THERAPEUTICS INC	42,100	$5.161M	0.1%	—	—	COM	74366E102
PTCT	PTC THERAPEUTICS INC	49,100	$4.005M	0.1%	—	—	COM	69366J200
KROS	KEROS THERAPEUTICS INC	759,155	$8.123M	0.2%	—	—	COM	492327101
ALXO	ALX ONCOLOGY HLDGS INC	2,866,256	$5.933M	0.1%	—	—	COM	00166B105
CAI	CARIS LIFE SCIENCES INC	2,806,811	$50.02M	0.9%	—	—	COM	142152107
SPRY	ARS PHARMACEUTICALS INC	8,288,510	$66.39M	1.2%	—	—	COM	82835W108
CRBP	CORBUS PHARMACEUTICALS HLDGS	1,737,287	$16.3M	0.3%	—	—	COM NEW	21833P301
—	COGENT BIOSCIENCES INC	1,000,000	$1.228M	0.0%	—	—	NOTE 1.625%11/1	19240QAA0
SVA	SINOVAC BIOTECH LTD	2,718,735	$184M	3.4%	—	—	SHS	P8696W104