Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACHV	Achieve Life Sciences Inc.	2,751,032	$17.96M	1.6%	—	—	Common	004468500
EDIT	Editas Medicine Inc	3,555,250	$11.52M	1.1%	—	—	Common	28106W103
ODTX	Odyssey Therapeutics Inc	575,000	$10.76M	1.0%	—	—	Common	67613T104
AURA	Aura Biosciences Inc	1,166,667	$8.283M	0.8%	—	—	Common	05153U107
AVTX	Avalo Therapeutics Inc	275,000	$5.082M	0.5%	—	—	Common	05338F306
VALN	Valneva SE	763,199	$3.992M	0.4%	—	—	SPONSORED ADS	92025Y103
INM	InMed Pharmaceuticals Inc	798,377	$1.237M	0.1%	—	—	Common	457637700

Increased Positions (5)

AVBP Arrivent BioPharma Inc 5.3%

Value $58.44M (+185.9%) Shares 1,682,097 (+89.9%) Est. Cost — Unrealized —

TENX Tenax Therapeutics Inc 3.3%

Value $36.38M (+991.9%) Shares 2,500,000 (+1100.0%) Est. Cost — Unrealized —

ABVX Abivax SA - ADR 5.0%

Value $55.29M (+107.3%) Shares 414,899 (+73.2%) Est. Cost — Unrealized —

ANRO Alto Neuroscience Inc 2.9%

Value $31.9M (+37.0%) Shares 1,208,858 (+16.7%) Est. Cost — Unrealized —

MLTX Moonlake Immunotherapeutics 2.5%

Value $27.26M (+46.2%) Shares 1,400,000 (+40.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVBP	Arrivent BioPharma Inc	1,682,097 (+89.9%)	$58.44M (+185.9%)	5.3%	—	—	Common	04272N102
TENX	Tenax Therapeutics Inc	2,500,000 (+1100.0%)	$36.38M (+991.9%)	3.3%	—	—	Common	88032L605
ABVX	Abivax SA - ADR	414,899 (+73.2%)	$55.29M (+107.3%)	5.0%	—	—	SPONSORED ADS	00370M103
ANRO	Alto Neuroscience Inc	1,208,858 (+16.7%)	$31.9M (+37.0%)	2.9%	—	—	Common	02157Q109
MLTX	Moonlake Immunotherapeutics	1,400,000 (+40.0%)	$27.26M (+46.2%)	2.5%	—	—	Class A ORD	61559X104

Exited Positions (6)

TERN Terns Pharmaceuticals Inc 6.4%

Value $70.35M Shares 1,334,418 Est. Cost — Unrealized —

MANE Veradermics Inc 1.7%

Value $18.95M Shares 300,000 Est. Cost — Unrealized —

COGT Cogent Biosciences Inc 1.5%

Value $16.25M Shares 422,300 Est. Cost — Unrealized —

SLNO Soleno Therapeutics Inc 0.9%

Value $9.874M Shares 294,909 Est. Cost — Unrealized —

VRDN Viridian Therapeutics Inc 0.3%

Value $3.253M Shares 166,288 Est. Cost — Unrealized —

CMPS Compass Pathway PLC 0.1%

Value $1.106M Shares 200,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	Terns Pharmaceuticals Inc	1,334,418	$70.35M	6.4%	—	—	—	880881107
MANE	Veradermics Inc	300,000	$18.95M	1.7%	—	—	—	922967104
COGT	Cogent Biosciences Inc	422,300	$16.25M	1.5%	—	—	—	19240Q201
SLNO	Soleno Therapeutics Inc	294,909	$9.874M	0.9%	—	—	—	834203309
VRDN	Viridian Therapeutics Inc	166,288	$3.253M	0.3%	—	—	—	92790C104
CMPS	Compass Pathway PLC	200,000	$1.106M	0.1%	—	—	—	20451W101

Decreased Positions (8)

ERAS Erasca Inc 6.9%

Value $75.61M (-61.5%) Shares 4,127,412 (-66.0%) Est. Cost — Unrealized —

CMPX Compass Therapeutics Inc 1.6%

Value $16.99M (-66.4%) Shares 7,757,060 (-18.7%) Est. Cost — Unrealized —

DBVT DBV Technologies SA 2.8%

Value $30.25M (-45.7%) Shares 1,844,758 (-30.8%) Est. Cost — Unrealized —

PRAX Praxis Precision Medicines 8.3%

Value $90.77M (-16.9%) Shares 271,116 (-20.0%) Est. Cost — Unrealized —

SABS SAB Biotherapeutics Inc 2.6%

Value $28.47M (-34.9%) Shares 7,299,909 (-36.1%) Est. Cost — Unrealized —

UNCY Unicycive Therapeutics 0.2%

Value $2.579M (-78.1%) Shares 550,000 (-69.3%) Est. Cost — Unrealized —

TNGX Tango Therapeutics Inc 3.9%

Value $43.13M (-4.3%) Shares 1,379,769 (-36.0%) Est. Cost — Unrealized —

KTTA Pasithea Therapeutics Corp 0.0%

Value $240K (-84.6%) Shares 465,471 (-77.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ERAS	Erasca Inc	4,127,412 (-66.0%)	$75.61M (-61.5%)	6.9%	—	—	Common	29479A108
CMPX	Compass Therapeutics Inc	7,757,060 (-18.7%)	$16.99M (-66.4%)	1.6%	—	—	Common	20454B104
DBVT	DBV Technologies SA	1,844,758 (-30.8%)	$30.25M (-45.7%)	2.8%	—	—	SPONSORED ADS	23306J309
PRAX	Praxis Precision Medicines	271,116 (-20.0%)	$90.77M (-16.9%)	8.3%	—	—	Common	74006W207
SABS	SAB Biotherapeutics Inc	7,299,909 (-36.1%)	$28.47M (-34.9%)	2.6%	—	—	Common	78397T202
UNCY	Unicycive Therapeutics	550,000 (-69.3%)	$2.579M (-78.1%)	0.2%	—	—	Common	90466Y202
TNGX	Tango Therapeutics Inc	1,379,769 (-36.0%)	$43.13M (-4.3%)	3.9%	—	—	Common	87583X109
KTTA	Pasithea Therapeutics Corp	465,471 (-77.8%)	$240K (-84.6%)	0.0%	—	—	Common	70261F202

Unchanged Positions (27)

TRVI Trevi Therapeutics Inc 8.7%

Value $95.02M Shares 5,094,668 Est. Cost — Unrealized —

ACRS Aclaris Therapeutics, Inc. 3.2%

Value $35.41M Shares 6,694,637 Est. Cost — Unrealized —

DYN Dyne Therapeutics Inc 3.2%

Value $34.59M Shares 1,557,466 Est. Cost — Unrealized —

LBRX LB Pharmaceuticals Inc 2.4%

Value $25.96M Shares 800,000 Est. Cost — Unrealized —

DSGN Design Therapeutics Inc 2.1%

Value $23.34M Shares 1,612,903 Est. Cost — Unrealized —

DNTH Dianthus Therapeutics Inc 3.2%

Value $34.51M Shares 353,998 Est. Cost — Unrealized —

SNSE Faeth Therapeutics Inc 1.6%

Value $18.05M Shares 722,020 Est. Cost — Unrealized —

ANTX AN2 Therapeutics Inc 1.4%

Value $15.26M Shares 3,153,640 Est. Cost — Unrealized —

MNPR Monopar Therapeutics Inc 0.8%

Value $8.379M Shares 90,500 Est. Cost — Unrealized —

ORIC Oric Pharmaceuticals Inc 1.8%

Value $20.02M Shares 1,848,786 Est. Cost — Unrealized —

NERV Minerva Neurosciences Inc 2.2%

Value $23.99M Shares 4,322,747 Est. Cost — Unrealized —

GERN Geron Corp 1.0%

Value $11.1M Shares 8,671,797 Est. Cost — Unrealized —

MSLE Satellos Bioscience Inc 0.6%

Value $6.326M Shares 813,666 Est. Cost — Unrealized —

OLMA Olema Pharmaceuticals Inc 0.8%

Value $8.405M Shares 671,843 Est. Cost — Unrealized —

DRUG Bright Minds Biosciences Inc 3.6%

Value $39.11M Shares 557,172 Est. Cost — Unrealized —

CRVS Corvus Pharmaceuticals Inc 3.8%

Value $41.92M Shares 2,805,816 Est. Cost — Unrealized —

EPRX Eupraxia Pharmaceuticals Inc 0.8%

Value $8.924M Shares 1,350,000 Est. Cost — Unrealized —

SRZN Surrozen Inc 0.6%

Value $6.747M Shares 260,000 Est. Cost — Unrealized —

OKUR Onkure Therapeutics Inc 0.8%

Value $8.79M Shares 1,927,710 Est. Cost — Unrealized —

SERA Sera Prognostics Inc 0.3%

Value $3.004M Shares 1,650,440 Est. Cost — Unrealized —

ALXO ALX Oncology Holdings Inc 0.6%

Value $6.592M Shares 3,184,713 Est. Cost — Unrealized —

CAMP CAMP4 Therapeutics Corporation 1.7%

Value $18.56M Shares 4,246,568 Est. Cost — Unrealized —

TIL Instil Bio Inc 0.2%

Value $2.251M Shares 292,743 Est. Cost — Unrealized —

PEPG Pepgen Inc 0.4%

Value $4.185M Shares 2,325,000 Est. Cost — Unrealized —

BOLT Bolt Biotherapeutics Inc 0.0%

Value $279K Shares 72,414 Est. Cost — Unrealized —

DTIL Precision Biosciences Inc 0.0%

Value $36,746 Shares 4,675 Est. Cost — Unrealized —

SVA Sinovac Biotech Ltd. 3.5%

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

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRVI	Trevi Therapeutics Inc	5,094,668	$95.02M	8.7%	—	—	Common	89532M101
ACRS	Aclaris Therapeutics, Inc.	6,694,637	$35.41M	3.2%	—	—	Common	00461U105
DYN	Dyne Therapeutics Inc	1,557,466	$34.59M	3.2%	—	—	Common	26818M108
LBRX	LB Pharmaceuticals Inc	800,000	$25.96M	2.4%	—	—	Common	50180M108
DSGN	Design Therapeutics Inc	1,612,903	$23.34M	2.1%	—	—	Common	25056L103
DNTH	Dianthus Therapeutics Inc	353,998	$34.51M	3.2%	—	—	Common	252828108
SNSE	Faeth Therapeutics Inc	722,020	$18.05M	1.6%	—	—	Common	81728A207
ANTX	AN2 Therapeutics Inc	3,153,640	$15.26M	1.4%	—	—	Common	037326105
MNPR	Monopar Therapeutics Inc	90,500	$8.379M	0.8%	—	—	Common	61023L207
ORIC	Oric Pharmaceuticals Inc	1,848,786	$20.02M	1.8%	—	—	Common	68622P109
NERV	Minerva Neurosciences Inc	4,322,747	$23.99M	2.2%	—	—	Common	603380205
GERN	Geron Corp	8,671,797	$11.1M	1.0%	—	—	Common	374163103
MSLE	Satellos Bioscience Inc	813,666	$6.326M	0.6%	—	—	Common	80401L803
OLMA	Olema Pharmaceuticals Inc	671,843	$8.405M	0.8%	—	—	Common	68062P106
DRUG	Bright Minds Biosciences Inc	557,172	$39.11M	3.6%	—	—	Common	10919W405
CRVS	Corvus Pharmaceuticals Inc	2,805,816	$41.92M	3.8%	—	—	Common	221015100
EPRX	Eupraxia Pharmaceuticals Inc	1,350,000	$8.924M	0.8%	—	—	Common	29842P105
SRZN	Surrozen Inc	260,000	$6.747M	0.6%	—	—	Common	86889P208
OKUR	Onkure Therapeutics Inc	1,927,710	$8.79M	0.8%	—	—	Common	68277Q105
SERA	Sera Prognostics Inc	1,650,440	$3.004M	0.3%	—	—	Common	81749D107
ALXO	ALX Oncology Holdings Inc	3,184,713	$6.592M	0.6%	—	—	Common	00166B105
CAMP	CAMP4 Therapeutics Corporation	4,246,568	$18.56M	1.7%	—	—	Common	13463J101
TIL	Instil Bio Inc	292,743	$2.251M	0.2%	—	—	Common	45783C200
PEPG	Pepgen Inc	2,325,000	$4.185M	0.4%	—	—	Common	713317105
BOLT	Bolt Biotherapeutics Inc	72,414	$279K	0.0%	—	—	Common	097702203
DTIL	Precision Biosciences Inc	4,675	$36,746	0.0%	—	—	Common	74019P207
SVA	Sinovac Biotech Ltd.	5,903,000	$38.19M	3.5%	—	—	SHS	P8696W104