Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNSE	Sensei Biotherapeutics Inc	722,020	$22.76M	1.9%	$13.96	0.0%	Common	81728A207
AVBP	Arrivent BioPharma Inc	885,916	$20.44M	1.7%	$22.06	0.0%	Common	04272N102
MANE	Veradermics Inc	300,000	$18.95M	1.6%	$63.15	—	Common	922967104
ANTX	AN2 Therapeutics Inc	3,153,640	$10.79M	0.9%	$1.13	0.0%	Common	037326105
OKUR	Onkure Therapeutics Inc	1,927,710	$7.981M	0.7%	$2.73	0.0%	Common	68277Q105
ALXO	ALX Oncology Holdings Inc	3,184,713	$6.385M	0.5%	$1.77	0.0%	Common	00166B105
MSLE	Satellos Bioscience Inc	813,666	$4.581M	0.4%	$5.63	—	Common	80401L803
CMPS	Compass Pathway PLC	200,000	$1.106M	0.1%	$5.53	—	SPONSORED ADS	20451W101

Increased Positions (5)

ERAS Erasca Inc 16.3%

Value $197M (+469.9%) Shares 12,151,480 (+31.0%) Est. Cost $3.90 Unrealized +156.8%

CRVS Corvus Pharmaceuticals Holdings 3.4%

Value $41.05M (+138.6%) Shares 2,805,816 (+25.6%) Est. Cost $7.19 Unrealized +126.4%

PRAX Praxis Precision Medicines 9.1%

Value $109M (+12.6%) Shares 338,895 (+3.0%) Est. Cost $103.95 Unrealized +200.0%

DBVT DBV Technologies SA 4.6%

Value $55.73M (+18.1%) Shares 2,667,569 (+8.4%) Est. Cost $15.35 Unrealized —

DRUG Bright Minds Biosciences Inc 3.4%

Value $40.66M (+3.9%) Shares 557,172 (+11.1%) Est. Cost $41.69 Unrealized +101.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ERAS	Erasca Inc	12,151,480 (+31.0%)	$197M (+469.9%)	16.3%	$3.90	+156.8%	Common	29479A108
CRVS	Corvus Pharmaceuticals Holdings	2,805,816 (+25.6%)	$41.05M (+138.6%)	3.4%	$7.19	+126.4%	Common	221015100
PRAX	Praxis Precision Medicines	338,895 (+3.0%)	$109M (+12.6%)	9.1%	$103.95	+200.0%	Common	74006W207
DBVT	DBV Technologies SA	2,667,569 (+8.4%)	$55.73M (+18.1%)	4.6%	$15.35	—	SPONSORED ADS	23306J309
DRUG	Bright Minds Biosciences Inc	557,172 (+11.1%)	$40.66M (+3.9%)	3.4%	$41.69	+101.5%	Common	10919W405

Exited Positions (9)

— Cidara Therapeutics, Inc. 17.6%

Value $211M Shares 956,670 Est. Cost $37.26 Unrealized —

— Avadel Pharmaceuticals PLC 4.8%

Value $57.84M Shares 2,684,109 Est. Cost $13.12 Unrealized —

ZBIO Zenas Biopharma Inc 2.6%

Value $30.99M Shares 853,495 Est. Cost $17.98 Unrealized +21.7%

CTMX Cytomx Therapeutics Inc 1.0%

Value $12.29M Shares 2,884,615 Est. Cost $1.61 Unrealized +224.2%

ABEO Abeona Therapeutics, Inc. 0.8%

Value $9.711M Shares 1,842,751 Est. Cost $5.10 Unrealized +1.3%

VSTM Verastem Inc 0.7%

Value $8.542M Shares 1,106,524 Est. Cost $7.15 Unrealized -9.4%

SLN Silence Therapeutics PLC 0.6%

Value $6.721M Shares 1,105,454 Est. Cost $19.65 Unrealized —

PALI Palisade Bio Inc 0.4%

Value $5.39M Shares 2,293,578 Est. Cost $1.92 Unrealized -7.2%

ENGNW EnGene Holdings Inc 0.1%

Value $844K Shares 285,046 Est. Cost $2.96 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Cidara Therapeutics, Inc.	956,670	$211M	17.6%	$37.26	—	—	171757206
—	Avadel Pharmaceuticals PLC	2,684,109	$57.84M	4.8%	$13.12	—	—	G29687103
ZBIO	Zenas Biopharma Inc	853,495	$30.99M	2.6%	$17.98	+21.7%	—	98937L105
CTMX	Cytomx Therapeutics Inc	2,884,615	$12.29M	1.0%	$1.61	+224.2%	—	23284F105
ABEO	Abeona Therapeutics, Inc.	1,842,751	$9.711M	0.8%	$5.10	+1.3%	—	00289Y206
VSTM	Verastem Inc	1,106,524	$8.542M	0.7%	$7.15	-9.4%	—	92337C203
SLN	Silence Therapeutics PLC	1,105,454	$6.721M	0.6%	$19.65	—	—	82686Q101
PALI	Palisade Bio Inc	2,293,578	$5.39M	0.4%	$1.92	-7.2%	—	696389402
ENGNW	EnGene Holdings Inc	285,046	$844K	0.1%	$2.96	—	—	29286M113

Decreased Positions (9)

TERN Terns Pharmaceuticals Inc 5.8%

Value $70.35M (-67.4%) Shares 1,334,418 (-75.0%) Est. Cost $11.04 Unrealized +239.3%

COGT Cogent Biosciences Inc 1.4%

Value $16.25M (-80.9%) Shares 422,300 (-82.4%) Est. Cost $10.52 Unrealized +255.2%

SLNO Soleno Therapeutics Inc 0.8%

Value $9.874M (-76.2%) Shares 294,909 (-67.0%) Est. Cost $19.93 Unrealized +108.9%

VRDN Viridian Therapeutics Inc 0.3%

Value $3.253M (-89.4%) Shares 166,288 (-83.1%) Est. Cost $15.47 Unrealized +99.4%

GERN Geron Corp 1.1%

Value $12.92M (-64.0%) Shares 8,671,797 (-68.1%) Est. Cost $1.62 Unrealized -6.7%

DYN Dyne Therapeutics Inc 2.3%

Value $28.24M (-44.8%) Shares 1,557,466 (-40.4%) Est. Cost $14.50 Unrealized +18.1%

ABVX Abivax SA - ADR 2.2%

Value $26.67M (-45.0%) Shares 239,539 (-33.3%) Est. Cost $84.90 Unrealized —

ORIC Oric Pharmaceuticals Inc 1.9%

Value $23.42M (+35.2%) Shares 1,848,786 (-12.7%) Est. Cost $7.92 Unrealized +35.9%

ACRS Aclaris Therapeutics, Inc. 2.1%

Value $25M (-6.6%) Shares 6,666,666 (-25.0%) Est. Cost $2.49 Unrealized +33.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	Terns Pharmaceuticals Inc	1,334,418 (-75.0%)	$70.35M (-67.4%)	5.8%	$11.04	+239.3%	Common	880881107
COGT	Cogent Biosciences Inc	422,300 (-82.4%)	$16.25M (-80.9%)	1.4%	$10.52	+255.2%	Common	19240Q201
SLNO	Soleno Therapeutics Inc	294,909 (-67.0%)	$9.874M (-76.2%)	0.8%	$19.93	+108.9%	Common	834203309
VRDN	Viridian Therapeutics Inc	166,288 (-83.1%)	$3.253M (-89.4%)	0.3%	$15.47	+99.4%	Common	92790C104
GERN	Geron Corp	8,671,797 (-68.1%)	$12.92M (-64.0%)	1.1%	$1.62	-6.7%	Common	374163103
DYN	Dyne Therapeutics Inc	1,557,466 (-40.4%)	$28.24M (-44.8%)	2.3%	$14.50	+18.1%	Common	26818M108
ABVX	Abivax SA - ADR	239,539 (-33.3%)	$26.67M (-45.0%)	2.2%	$84.90	—	SPONSORED ADS	00370M103
ORIC	Oric Pharmaceuticals Inc	1,848,786 (-12.7%)	$23.42M (+35.2%)	1.9%	$7.92	+35.9%	Common	68622P109
ACRS	Aclaris Therapeutics, Inc.	6,666,666 (-25.0%)	$25M (-6.6%)	2.1%	$2.49	+33.9%	Common	00461U105

Unchanged Positions (24)

TNGX Tango Therapeutics Inc 3.7%

Value $45.08M Shares 2,154,780 Est. Cost $6.75 Unrealized +76.3%

DNTH Dianthus Therapeutics Inc 2.5%

Value $29.71M Shares 353,998 Est. Cost $25.56 Unrealized +86.2%

PEPG Pepgen Inc 0.3%

Value $4.115M Shares 2,325,000 Est. Cost $1.61 Unrealized +261.7%

NERV Minerva Neurosciences Inc 2.2%

Value $26.04M Shares 4,322,747 Est. Cost $3.71 Unrealized +33.7%

CAMP CAMP4 Therapeutics Inc 1.6%

Value $18.73M Shares 4,246,568 Est. Cost $2.04 Unrealized +129.2%

OLMA Olema Pharmaceuticals Inc 0.8%

Value $10.02M Shares 671,843 Est. Cost $31.43 Unrealized -19.0%

MLTX Moonlake Immunotherapeutics 1.5%

Value $18.64M Shares 1,000,000 Est. Cost $11.80 Unrealized +36.0%

ANRO Alto Neuroscience Inc 1.9%

Value $23.28M Shares 1,035,551 Est. Cost $12.59 Unrealized +33.1%

TRVI Trevi Therapeutics Inc 5.1%

Value $60.78M Shares 5,094,668 Est. Cost $4.23 Unrealized +158.5%

DSGN Design Therapeutics Inc 1.4%

Value $17.16M Shares 1,612,903 Est. Cost $7.83 Unrealized +27.5%

LBRX LB Pharmaceuticals Inc 1.6%

Value $19.73M Shares 800,000 Est. Cost $15.87 Unrealized +41.1%

SRZN Surrozen Inc 0.6%

Value $7.574M Shares 260,000 Est. Cost $11.62 Unrealized +91.2%

SERA Sera Prognostics Inc 0.3%

Value $3.35M Shares 1,650,440 Est. Cost $10.38 Unrealized -71.6%

UNCY Unicycive Therapeutics 1.0%

Value $11.78M Shares 1,789,916 Est. Cost $5.52 Unrealized +16.2%

KTTA Pasithea Therapeutics Corp 0.1%

Value $1.558M Shares 2,100,000 Est. Cost $0.88 Unrealized -2.3%

SABS SAB Biotherapeutics Inc 3.6%

Value $43.74M Shares 11,420,000 Est. Cost $2.26 Unrealized +77.0%

MNPR Monopar Therapeutics Inc 0.4%

Value $4.958M Shares 90,500 Est. Cost $44.70 Unrealized +40.5%

TIL Instil Bio Inc 0.2%

Value $2.412M Shares 292,743 Est. Cost $7.23 Unrealized +8.6%

TENX Tenax Therapeutics Inc 0.3%

Value $3.331M Shares 208,333 Est. Cost $3.62 Unrealized +272.6%

CMPX Compass Therapeutics Inc 4.2%

Value $50.5M Shares 9,545,466 Est. Cost $3.04 Unrealized +97.7%

EPRX Eupraxia Pharmaceuticals Inc 0.8%

Value $9.774M Shares 1,350,000 Est. Cost $5.44 Unrealized +53.9%

BOLT Bolt Therapeutics Inc 0.0%

Value $293K Shares 72,414 Est. Cost $6.62 Unrealized -13.4%

DTIL Precision Biosciences Inc 0.0%

Value $25,713 Shares 4,675 Est. Cost $12.24 Unrealized -67.3%

SVA Sinovac Biotech Ltd. 3.2%

Value $38.19M Shares 5,903,000 Est. Cost $6.47 Unrealized 0.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TNGX	Tango Therapeutics Inc	2,154,780	$45.08M	3.7%	$6.75	+76.3%	Common	87583X109
DNTH	Dianthus Therapeutics Inc	353,998	$29.71M	2.5%	$25.56	+86.2%	Common	252828108
PEPG	Pepgen Inc	2,325,000	$4.115M	0.3%	$1.61	+261.7%	Common	713317105
NERV	Minerva Neurosciences Inc	4,322,747	$26.04M	2.2%	$3.71	+33.7%	Common	603380205
CAMP	CAMP4 Therapeutics Inc	4,246,568	$18.73M	1.6%	$2.04	+129.2%	Common	13463J101
OLMA	Olema Pharmaceuticals Inc	671,843	$10.02M	0.8%	$31.43	-19.0%	Common	68062P106
MLTX	Moonlake Immunotherapeutics	1,000,000	$18.64M	1.5%	$11.80	+36.0%	Common	61559X104
ANRO	Alto Neuroscience Inc	1,035,551	$23.28M	1.9%	$12.59	+33.1%	Common	02157Q109
TRVI	Trevi Therapeutics Inc	5,094,668	$60.78M	5.1%	$4.23	+158.5%	Common	89532M101
DSGN	Design Therapeutics Inc	1,612,903	$17.16M	1.4%	$7.83	+27.5%	Common	25056L103
LBRX	LB Pharmaceuticals Inc	800,000	$19.73M	1.6%	$15.87	+41.1%	Common	50180M108
SRZN	Surrozen Inc	260,000	$7.574M	0.6%	$11.62	+91.2%	Common	86889P208
SERA	Sera Prognostics Inc	1,650,440	$3.35M	0.3%	$10.38	-71.6%	Common	81749D107
UNCY	Unicycive Therapeutics	1,789,916	$11.78M	1.0%	$5.52	+16.2%	Common	90466Y202
KTTA	Pasithea Therapeutics Corp	2,100,000	$1.558M	0.1%	$0.88	-2.3%	Common	70261F202
SABS	SAB Biotherapeutics Inc	11,420,000	$43.74M	3.6%	$2.26	+77.0%	Common	78397T202
MNPR	Monopar Therapeutics Inc	90,500	$4.958M	0.4%	$44.70	+40.5%	Common	61023L207
TIL	Instil Bio Inc	292,743	$2.412M	0.2%	$7.23	+8.6%	Common	45783C200
TENX	Tenax Therapeutics Inc	208,333	$3.331M	0.3%	$3.62	+272.6%	Common	88032L605
CMPX	Compass Therapeutics Inc	9,545,466	$50.5M	4.2%	$3.04	+97.7%	Common	20454B104
EPRX	Eupraxia Pharmaceuticals Inc	1,350,000	$9.774M	0.8%	$5.44	+53.9%	Common	29842P105
BOLT	Bolt Therapeutics Inc	72,414	$293K	0.0%	$6.62	-13.4%	Common	097702203
DTIL	Precision Biosciences Inc	4,675	$25,713	0.0%	$12.24	-67.3%	Common	74019P207
SVA	Sinovac Biotech Ltd.	5,903,000	$38.19M	3.2%	$6.47	0.0%	SHS	P8696W104