Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BCRX	BIOCRYST PHARMACEUTICALS INC	11,020,968	$105M	3.0%	—	—	COMM	09058V103
VOR	VOR BIOPHARMA INC	5,673,078	$96.5M	2.8%	—	—	COMM	929033207
IRON	DISC MEDICINE INC	1,341,862	$85.8M	2.5%	—	—	COMM	254604101
SRZN	SURROZEN INC	1,473,101	$42.91M	1.2%	—	—	COMM	86889P208
IPSC	CENTURY THERAPEUTICS INC	17,754,430	$39.02M	1.1%	—	—	COMM	15673T100
TECX	TECTONIC THERAPEUTIC INC	1,204,891	$37.24M	1.1%	—	—	COMM	878972108
CATX	PERSPECTIVE THERAPEUTICS INC	7,915,567	$33.01M	0.9%	—	—	COMM	46489V302
ALXO	ALX ONCOLOGY HOLDINGS INC	13,011,849	$26.09M	0.7%	—	—	COMM	00166B105
AGMB	AGOMAB THERAPEUTICS NV	2,053,233	$21.54M	0.6%	—	—	ADRS	00860C102
CNTX	CONTEXT THERAPEUTICS INC	2,682,696	$7.029M	0.2%	—	—	COMM	21077P108
CGEM	CULLINAN THERAPEUTICS INC	406,786	$5.78M	0.2%	—	—	COMM	230031106

Increased Positions (8)

MIRM MIRUM PHARMACEUTICALS INC 2.8%

Value $98.11M (+1901.8%) Shares 1,062,049 (+1611.6%) Est. Cost — Unrealized —

IMVT IMMUNOVANT INC 3.2%

Value $111M (+162.3%) Shares 4,457,988 (+168.4%) Est. Cost — Unrealized —

TYRA TYRA BIOSCIENCES INC 3.6%

Value $124M (+63.3%) Shares 3,248,980 (+12.1%) Est. Cost — Unrealized —

RVMD REVOLUTION MEDICINES INC 1.6%

Value $56.06M (+61.3%) Shares 576,473 (+32.1%) Est. Cost — Unrealized —

RLAY RELAY THERAPEUTICS INC 1.2%

Value $42.52M (+56.1%) Shares 4,273,356 (+32.7%) Est. Cost — Unrealized —

TRDA ENTRADA THERAPEUTICS INC 0.8%

Value $28.87M (+34.5%) Shares 2,287,500 (+9.5%) Est. Cost — Unrealized —

LBRX LB PHARMACEUTICALS INC 1.3%

Value $45.28M (+16.6%) Shares 1,839,489 (+5.4%) Est. Cost — Unrealized —

AVTX AVALO THERAPEUTICS INC 0.3%

Value $11.02M (+25.7%) Shares 738,383 (+52.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MIRM	MIRUM PHARMACEUTICALS INC	1,062,049 (+1611.6%)	$98.11M (+1901.8%)	2.8%	—	—	COMM	604749101
IMVT	IMMUNOVANT INC	4,457,988 (+168.4%)	$111M (+162.3%)	3.2%	—	—	COMM	45258J102
TYRA	TYRA BIOSCIENCES INC	3,248,980 (+12.1%)	$124M (+63.3%)	3.6%	—	—	COMM	90240B106
RVMD	REVOLUTION MEDICINES INC	576,473 (+32.1%)	$56.06M (+61.3%)	1.6%	—	—	COMM	76155X100
RLAY	RELAY THERAPEUTICS INC	4,273,356 (+32.7%)	$42.52M (+56.1%)	1.2%	—	—	COMM	75943R102
TRDA	ENTRADA THERAPEUTICS INC	2,287,500 (+9.5%)	$28.87M (+34.5%)	0.8%	—	—	COMM	29384C108
LBRX	LB PHARMACEUTICALS INC	1,839,489 (+5.4%)	$45.28M (+16.6%)	1.3%	—	—	COMM	50180M108
AVTX	AVALO THERAPEUTICS INC	738,383 (+52.9%)	$11.02M (+25.7%)	0.3%	—	—	COMM	05338F306

Exited Positions (5)

RAPT RAPT THERAPEUTICS INC 2.5%

Value $87.47M Shares 2,582,408 Est. Cost — Unrealized —

EYPT EYEPOINT PHARMACEUTICALS INC 1.9%

Value $65.27M Shares 3,572,335 Est. Cost — Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 0.9%

Value $32.17M Shares 1,181,841 Est. Cost — Unrealized —

MAZE MAZE THERAPEUTICS INC 0.2%

Value $7.201M Shares 173,816 Est. Cost — Unrealized —

VTYX VENTYX BIOSCIENCES INC 0.1%

Value $2.855M Shares 316,195 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RAPT	RAPT THERAPEUTICS INC	2,582,408	$87.47M	2.5%	—	—	—	75382E208
EYPT	EYEPOINT PHARMACEUTICALS INC	3,572,335	$65.27M	1.9%	—	—	—	30233G209
AGIO	AGIOS PHARMACEUTICALS INC	1,181,841	$32.17M	0.9%	—	—	—	00847X104
MAZE	MAZE THERAPEUTICS INC	173,816	$7.201M	0.2%	—	—	—	578784100
VTYX	VENTYX BIOSCIENCES INC	316,195	$2.855M	0.1%	—	—	—	92332V107

Decreased Positions (10)

ABVX ABIVAX SA AMERICAN DEPOSITARY SHARES 20.6%

Value $722M (-24.8%) Shares 6,481,085 (-8.9%) Est. Cost — Unrealized —

TNGX TANGO THERAPEUTICS INC 6.3%

Value $220M (+94.8%) Shares 10,531,071 (-17.5%) Est. Cost — Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 0.2%

Value $6.768M (-89.4%) Shares 140,411 (-84.8%) Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 0.4%

Value $13.96M (-80.0%) Shares 1,647,752 (-71.3%) Est. Cost — Unrealized —

LQDA LIQUIDIA TECHNOLOGIES INC 0.4%

Value $15.21M (-74.2%) Shares 403,048 (-76.4%) Est. Cost — Unrealized —

UPB UPSTREAM BIO INC 0.0%

Value $1.63M (-91.9%) Shares 181,063 (-75.7%) Est. Cost — Unrealized —

COGT COGENT BIOSCIENCES INC 5.4%

Value $190M (-8.7%) Shares 4,946,894 (-15.7%) Est. Cost — Unrealized —

URGN UROGEN PHARMA LTD 0.2%

Value $7.288M (-56.6%) Shares 405,365 (-43.5%) Est. Cost — Unrealized —

ARVN ARVINAS HOLDING CO LLC 0.7%

Value $25.31M (-20.0%) Shares 2,387,461 (-10.5%) Est. Cost — Unrealized —

MNPR MONOPAR THERAPEUTICS INC 0.2%

Value $7.238M (-21.9%) Shares 132,103 (-6.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA AMERICAN DEPOSITARY SHARES	6,481,085 (-8.9%)	$722M (-24.8%)	20.6%	—	—	ADRS	00370M103
TNGX	TANGO THERAPEUTICS INC	10,531,071 (-17.5%)	$220M (+94.8%)	6.3%	—	—	COMM	87583X109
GPCR	STRUCTURE THERAPEUTICS INC	140,411 (-84.8%)	$6.768M (-89.4%)	0.2%	—	—	ADRS	86366E106
OCUL	OCULAR THERAPEUTIX INC	1,647,752 (-71.3%)	$13.96M (-80.0%)	0.4%	—	—	COMM	67576A100
LQDA	LIQUIDIA TECHNOLOGIES INC	403,048 (-76.4%)	$15.21M (-74.2%)	0.4%	—	—	COMM	53635D202
UPB	UPSTREAM BIO INC	181,063 (-75.7%)	$1.63M (-91.9%)	0.0%	—	—	COMM	91678A107
COGT	COGENT BIOSCIENCES INC	4,946,894 (-15.7%)	$190M (-8.7%)	5.4%	—	—	COMM	19240Q201
URGN	UROGEN PHARMA LTD	405,365 (-43.5%)	$7.288M (-56.6%)	0.2%	—	—	COMM	M96088105
ARVN	ARVINAS HOLDING CO LLC	2,387,461 (-10.5%)	$25.31M (-20.0%)	0.7%	—	—	COMM	04335A105
MNPR	MONOPAR THERAPEUTICS INC	132,103 (-6.9%)	$7.238M (-21.9%)	0.2%	—	—	COMM	61023L207

Unchanged Positions (20)

CGON CG ONCOLOGY INC 7.1%

Value $248M Shares 3,670,206 Est. Cost — Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 4.0%

Value $141M Shares 1,676,624 Est. Cost — Unrealized —

CNTA CENTESSA PHARMACEUTICALS PLC 4.9%

Value $170M Shares 4,286,480 Est. Cost — Unrealized —

SYRE SPYRE THERAPEUTICS INC 2.7%

Value $95.87M Shares 1,900,582 Est. Cost — Unrealized —

FULC FULCRUM THERAPEUTICS INC 1.2%

Value $40.27M Shares 5,250,000 Est. Cost — Unrealized —

KOD KODIAK SCIENCES INC 1.6%

Value $55.1M Shares 1,445,538 Est. Cost — Unrealized —

BHVN BIOHAVEN LTD 1.1%

Value $39.18M Shares 4,631,317 Est. Cost — Unrealized —

AMLX AMYLYX PHARMACEUTICALS INC 2.5%

Value $86.79M Shares 6,243,812 Est. Cost — Unrealized —

XNCR XENCOR INC 0.8%

Value $29.57M Shares 2,452,138 Est. Cost — Unrealized —

SVRA SAVARA INC 1.9%

Value $67.5M Shares 12,362,205 Est. Cost — Unrealized —

DYN DYNE THERAPEUTICS INC 2.4%

Value $83.67M Shares 4,615,144 Est. Cost — Unrealized —

ALEC ALECTOR INC 0.6%

Value $21.5M Shares 10,000,000 Est. Cost — Unrealized —

GLUE MONTE ROSA THERAPEUTICS INC 2.2%

Value $76.03M Shares 4,622,151 Est. Cost — Unrealized —

ADCT ADC THERAPEUTICS SA 1.2%

Value $42.71M Shares 11,390,175 Est. Cost — Unrealized —

SLN SILENCE THERAPEUTICS PLC 0.5%

Value $15.99M Shares 3,033,560 Est. Cost — Unrealized —

KRRO KORRO BIO INC 0.1%

Value $4.713M Shares 416,301 Est. Cost — Unrealized —

LONA LEONABIO INC 0.1%

Value $4.667M Shares 464,398 Est. Cost — Unrealized —

MBX MBX BIOSCIENCES INC 0.6%

Value $19.4M Shares 650,000 Est. Cost — Unrealized —

VTGN VISTAGEN THERAPEUTICS INC 0.0%

Value $1.53M Shares 2,676,580 Est. Cost — Unrealized —

JANX JANUX THERAPEUTICS INC 0.7%

Value $24.88M Shares 1,789,617 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CGON	CG ONCOLOGY INC	3,670,206	$248M	7.1%	—	—	COMM	156944100
DNTH	DIANTHUS THERAPEUTICS INC	1,676,624	$141M	4.0%	—	—	COMM	252828108
CNTA	CENTESSA PHARMACEUTICALS PLC	4,286,480	$170M	4.9%	—	—	ADRS	152309100
SYRE	SPYRE THERAPEUTICS INC	1,900,582	$95.87M	2.7%	—	—	COMM	00773J202
FULC	FULCRUM THERAPEUTICS INC	5,250,000	$40.27M	1.2%	—	—	COMM	359616109
KOD	KODIAK SCIENCES INC	1,445,538	$55.1M	1.6%	—	—	COMM	50015M109
BHVN	BIOHAVEN LTD	4,631,317	$39.18M	1.1%	—	—	COMM	G1110E107
AMLX	AMYLYX PHARMACEUTICALS INC	6,243,812	$86.79M	2.5%	—	—	COMM	03237H101
XNCR	XENCOR INC	2,452,138	$29.57M	0.8%	—	—	COMM	98401F105
SVRA	SAVARA INC	12,362,205	$67.5M	1.9%	—	—	COMM	805111101
DYN	DYNE THERAPEUTICS INC	4,615,144	$83.67M	2.4%	—	—	COMM	26818M108
ALEC	ALECTOR INC	10,000,000	$21.5M	0.6%	—	—	COMM	014442107
GLUE	MONTE ROSA THERAPEUTICS INC	4,622,151	$76.03M	2.2%	—	—	COMM	61225M102
ADCT	ADC THERAPEUTICS SA	11,390,175	$42.71M	1.2%	—	—	COMM	H0036K147
SLN	SILENCE THERAPEUTICS PLC	3,033,560	$15.99M	0.5%	—	—	ADRS	82686Q101
KRRO	KORRO BIO INC	416,301	$4.713M	0.1%	—	—	COMM	500946108
LONA	LEONABIO INC	464,398	$4.667M	0.1%	—	—	COMM	04746L203
MBX	MBX BIOSCIENCES INC	650,000	$19.4M	0.6%	—	—	COMM	55287L101
VTGN	VISTAGEN THERAPEUTICS INC	2,676,580	$1.53M	0.0%	—	—	COMM	92840H400
JANX	JANUX THERAPEUTICS INC	1,789,617	$24.88M	0.7%	—	—	COMM	47103J105