Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNSE	Sensei Biotherapeutics Inc	722,020	$22.76M	1.9%	—	—	Common	81728A207
AVBP	Arrivent BioPharma Inc	885,916	$20.44M	1.7%	—	—	Common	04272N102
MANE	Veradermics Inc	300,000	$18.95M	1.6%	—	—	Common	922967104
ANTX	AN2 Therapeutics Inc	3,153,640	$10.79M	0.9%	—	—	Common	037326105
OKUR	Onkure Therapeutics Inc	1,927,710	$7.981M	0.7%	—	—	Common	68277Q105
ALXO	ALX Oncology Holdings Inc	3,184,713	$6.385M	0.5%	—	—	Common	00166B105
CMPS	Compass Pathway PLC	200,000	$1.106M	0.1%	—	—	SPONSORED ADS	20451W101

Increased Positions (5)

ERAS Erasca Inc 16.4%

Value $197M (+469.9%) Shares 12,151,480 (+31.0%) Est. Cost — Unrealized —

CRVS Corvus Pharmaceuticals Holdings 3.4%

Value $41.05M (+138.6%) Shares 2,805,816 (+25.6%) Est. Cost — Unrealized —

PRAX Praxis Precision Medicines 9.1%

Value $109M (+12.6%) Shares 338,895 (+3.0%) Est. Cost — Unrealized —

DBVT DBV Technologies SA 4.7%

Value $55.73M (+18.1%) Shares 2,667,569 (+8.4%) Est. Cost — Unrealized —

DRUG Bright Minds Biosciences Inc 3.4%

Value $40.66M (+3.9%) Shares 557,172 (+11.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ERAS	Erasca Inc	12,151,480 (+31.0%)	$197M (+469.9%)	16.4%	—	—	Common	29479A108
CRVS	Corvus Pharmaceuticals Holdings	2,805,816 (+25.6%)	$41.05M (+138.6%)	3.4%	—	—	Common	221015100
PRAX	Praxis Precision Medicines	338,895 (+3.0%)	$109M (+12.6%)	9.1%	—	—	Common	74006W207
DBVT	DBV Technologies SA	2,667,569 (+8.4%)	$55.73M (+18.1%)	4.7%	—	—	SPONSORED ADS	23306J309
DRUG	Bright Minds Biosciences Inc	557,172 (+11.1%)	$40.66M (+3.9%)	3.4%	—	—	Common	10919W405

Exited Positions (9)

— Cidara Therapeutics, Inc. 17.6%

Value $211M Shares 956,670 Est. Cost — Unrealized —

— Avadel Pharmaceuticals PLC 4.8%

Value $57.84M Shares 2,684,109 Est. Cost — Unrealized —

ZBIO Zenas Biopharma Inc 2.6%

Value $30.99M Shares 853,495 Est. Cost — Unrealized —

CTMX Cytomx Therapeutics Inc 1.0%

Value $12.29M Shares 2,884,615 Est. Cost — Unrealized —

ABEO Abeona Therapeutics, Inc. 0.8%

Value $9.711M Shares 1,842,751 Est. Cost — Unrealized —

VSTM Verastem Inc 0.7%

Value $8.542M Shares 1,106,524 Est. Cost — Unrealized —

SLN Silence Therapeutics PLC 0.6%

Value $6.721M Shares 1,105,454 Est. Cost — Unrealized —

PALI Palisade Bio Inc 0.4%

Value $5.39M Shares 2,293,578 Est. Cost — Unrealized —

ENGNW EnGene Holdings Inc 0.1%

Value $844K Shares 285,046 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Cidara Therapeutics, Inc.	956,670	$211M	17.6%	—	—	—	171757206
—	Avadel Pharmaceuticals PLC	2,684,109	$57.84M	4.8%	—	—	—	G29687103
ZBIO	Zenas Biopharma Inc	853,495	$30.99M	2.6%	—	—	—	98937L105
CTMX	Cytomx Therapeutics Inc	2,884,615	$12.29M	1.0%	—	—	—	23284F105
ABEO	Abeona Therapeutics, Inc.	1,842,751	$9.711M	0.8%	—	—	—	00289Y206
VSTM	Verastem Inc	1,106,524	$8.542M	0.7%	—	—	—	92337C203
SLN	Silence Therapeutics PLC	1,105,454	$6.721M	0.6%	—	—	—	82686Q101
PALI	Palisade Bio Inc	2,293,578	$5.39M	0.4%	—	—	—	696389402
ENGNW	EnGene Holdings Inc	285,046	$844K	0.1%	—	—	—	29286M113

Decreased Positions (9)

TERN Terns Pharmaceuticals Inc 5.9%

Value $70.35M (-67.4%) Shares 1,334,418 (-75.0%) Est. Cost — Unrealized —

COGT Cogent Biosciences Inc 1.4%

Value $16.25M (-80.9%) Shares 422,300 (-82.4%) Est. Cost — Unrealized —

SLNO Soleno Therapeutics Inc 0.8%

Value $9.874M (-76.2%) Shares 294,909 (-67.0%) Est. Cost — Unrealized —

VRDN Viridian Therapeutics Inc 0.3%

Value $3.253M (-89.4%) Shares 166,288 (-83.1%) Est. Cost — Unrealized —

GERN Geron Corp 1.1%

Value $12.92M (-64.0%) Shares 8,671,797 (-68.1%) Est. Cost — Unrealized —

DYN Dyne Therapeutics Inc 2.4%

Value $28.24M (-44.8%) Shares 1,557,466 (-40.4%) Est. Cost — Unrealized —

ABVX Abivax SA - ADR 2.2%

Value $26.67M (-45.0%) Shares 239,539 (-33.3%) Est. Cost — Unrealized —

ORIC Oric Pharmaceuticals Inc 2.0%

Value $23.42M (+35.2%) Shares 1,848,786 (-12.7%) Est. Cost — Unrealized —

ACRS Aclaris Therapeutics, Inc. 2.1%

Value $25M (-6.6%) Shares 6,666,666 (-25.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	Terns Pharmaceuticals Inc	1,334,418 (-75.0%)	$70.35M (-67.4%)	5.9%	—	—	Common	880881107
COGT	Cogent Biosciences Inc	422,300 (-82.4%)	$16.25M (-80.9%)	1.4%	—	—	Common	19240Q201
SLNO	Soleno Therapeutics Inc	294,909 (-67.0%)	$9.874M (-76.2%)	0.8%	—	—	Common	834203309
VRDN	Viridian Therapeutics Inc	166,288 (-83.1%)	$3.253M (-89.4%)	0.3%	—	—	Common	92790C104
GERN	Geron Corp	8,671,797 (-68.1%)	$12.92M (-64.0%)	1.1%	—	—	Common	374163103
DYN	Dyne Therapeutics Inc	1,557,466 (-40.4%)	$28.24M (-44.8%)	2.4%	—	—	Common	26818M108
ABVX	Abivax SA - ADR	239,539 (-33.3%)	$26.67M (-45.0%)	2.2%	—	—	SPONSORED ADS	00370M103
ORIC	Oric Pharmaceuticals Inc	1,848,786 (-12.7%)	$23.42M (+35.2%)	2.0%	—	—	Common	68622P109
ACRS	Aclaris Therapeutics, Inc.	6,666,666 (-25.0%)	$25M (-6.6%)	2.1%	—	—	Common	00461U105

Unchanged Positions (24)

TNGX Tango Therapeutics Inc 3.8%

Value $45.08M Shares 2,154,780 Est. Cost — Unrealized —

DNTH Dianthus Therapeutics Inc 2.5%

Value $29.71M Shares 353,998 Est. Cost — Unrealized —

PEPG Pepgen Inc 0.3%

Value $4.115M Shares 2,325,000 Est. Cost — Unrealized —

NERV Minerva Neurosciences Inc 2.2%

Value $26.04M Shares 4,322,747 Est. Cost — Unrealized —

CAMP CAMP4 Therapeutics Inc 1.6%

Value $18.73M Shares 4,246,568 Est. Cost — Unrealized —

OLMA Olema Pharmaceuticals Inc 0.8%

Value $10.02M Shares 671,843 Est. Cost — Unrealized —

MLTX Moonlake Immunotherapeutics 1.6%

Value $18.64M Shares 1,000,000 Est. Cost — Unrealized —

ANRO Alto Neuroscience Inc 1.9%

Value $23.28M Shares 1,035,551 Est. Cost — Unrealized —

TRVI Trevi Therapeutics Inc 5.1%

Value $60.78M Shares 5,094,668 Est. Cost — Unrealized —

DSGN Design Therapeutics Inc 1.4%

Value $17.16M Shares 1,612,903 Est. Cost — Unrealized —

LBRX LB Pharmaceuticals Inc 1.6%

Value $19.73M Shares 800,000 Est. Cost — Unrealized —

SRZN Surrozen Inc 0.6%

Value $7.574M Shares 260,000 Est. Cost — Unrealized —

SERA Sera Prognostics Inc 0.3%

Value $3.35M Shares 1,650,440 Est. Cost — Unrealized —

UNCY Unicycive Therapeutics 1.0%

Value $11.78M Shares 1,789,916 Est. Cost — Unrealized —

KTTA Pasithea Therapeutics Corp 0.1%

Value $1.558M Shares 2,100,000 Est. Cost — Unrealized —

SABS SAB Biotherapeutics Inc 3.6%

Value $43.74M Shares 11,420,000 Est. Cost — Unrealized —

MNPR Monopar Therapeutics Inc 0.4%

Value $4.958M Shares 90,500 Est. Cost — Unrealized —

TIL Instil Bio Inc 0.2%

Value $2.412M Shares 292,743 Est. Cost — Unrealized —

TENX Tenax Therapeutics Inc 0.3%

Value $3.331M Shares 208,333 Est. Cost — Unrealized —

CMPX Compass Therapeutics Inc 4.2%

Value $50.5M Shares 9,545,466 Est. Cost — Unrealized —

EPRX Eupraxia Pharmaceuticals Inc 0.8%

Value $9.774M Shares 1,350,000 Est. Cost — Unrealized —

BOLT Bolt Therapeutics Inc 0.0%

Value $293K Shares 72,414 Est. Cost — Unrealized —

DTIL Precision Biosciences Inc 0.0%

Value $25,713 Shares 4,675 Est. Cost — Unrealized —

SVA Sinovac Biotech Ltd. 3.2%

Value $38.19M Shares 5,903,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TNGX	Tango Therapeutics Inc	2,154,780	$45.08M	3.8%	—	—	Common	87583X109
DNTH	Dianthus Therapeutics Inc	353,998	$29.71M	2.5%	—	—	Common	252828108
PEPG	Pepgen Inc	2,325,000	$4.115M	0.3%	—	—	Common	713317105
NERV	Minerva Neurosciences Inc	4,322,747	$26.04M	2.2%	—	—	Common	603380205
CAMP	CAMP4 Therapeutics Inc	4,246,568	$18.73M	1.6%	—	—	Common	13463J101
OLMA	Olema Pharmaceuticals Inc	671,843	$10.02M	0.8%	—	—	Common	68062P106
MLTX	Moonlake Immunotherapeutics	1,000,000	$18.64M	1.6%	—	—	Common	61559X104
ANRO	Alto Neuroscience Inc	1,035,551	$23.28M	1.9%	—	—	Common	02157Q109
TRVI	Trevi Therapeutics Inc	5,094,668	$60.78M	5.1%	—	—	Common	89532M101
DSGN	Design Therapeutics Inc	1,612,903	$17.16M	1.4%	—	—	Common	25056L103
LBRX	LB Pharmaceuticals Inc	800,000	$19.73M	1.6%	—	—	Common	50180M108
SRZN	Surrozen Inc	260,000	$7.574M	0.6%	—	—	Common	86889P208
SERA	Sera Prognostics Inc	1,650,440	$3.35M	0.3%	—	—	Common	81749D107
UNCY	Unicycive Therapeutics	1,789,916	$11.78M	1.0%	—	—	Common	90466Y202
KTTA	Pasithea Therapeutics Corp	2,100,000	$1.558M	0.1%	—	—	Common	70261F202
SABS	SAB Biotherapeutics Inc	11,420,000	$43.74M	3.6%	—	—	Common	78397T202
MNPR	Monopar Therapeutics Inc	90,500	$4.958M	0.4%	—	—	Common	61023L207
TIL	Instil Bio Inc	292,743	$2.412M	0.2%	—	—	Common	45783C200
TENX	Tenax Therapeutics Inc	208,333	$3.331M	0.3%	—	—	Common	88032L605
CMPX	Compass Therapeutics Inc	9,545,466	$50.5M	4.2%	—	—	Common	20454B104
EPRX	Eupraxia Pharmaceuticals Inc	1,350,000	$9.774M	0.8%	—	—	Common	29842P105
BOLT	Bolt Therapeutics Inc	72,414	$293K	0.0%	—	—	Common	097702203
DTIL	Precision Biosciences Inc	4,675	$25,713	0.0%	—	—	Common	74019P207
SVA	Sinovac Biotech Ltd.	5,903,000	$38.19M	3.2%	—	—	SHS	P8696W104