Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ZLAB	ZAI LAB LTD-ADR	6,137,627	$117M	2.8%	—	—	ADRS	98887Q104
AURA	AURA BIOSCIENCES INC	9,533,333	$67.69M	1.6%	—	—	COMM	05153U107
TRAX	FIRST TRACKS BIOTHERAPEUTICS	2,895,304	$58.25M	1.4%	—	—	COMM	337185102
EDIT	EDITAS MEDICINE INC	11,111,111	$36M	0.9%	—	—	COMM	28106W103
PHVS	PHARVARIS BV	1,008,229	$34.86M	0.8%	—	—	COMM	N69605108
IFRX	INFLARX N V	14,500,000	$32.48M	0.8%	—	—	COMM	N44821101
ALT	ALTIMMUNE INC	10,000,000	$30.4M	0.7%	—	—	COMM	02155H200
AKTS	AKTIS ONCOLOGY INC	696,560	$22.45M	0.5%	—	—	COMM	01021M104
FBRX	FORTE BIOSCIENCES INC	920,000	$19.55M	0.5%	—	—	COMM	34962G208
RACC	RESEARCH ALLIANCE CORP CL A	500,000	$5.35M	0.1%	—	—	COMM	G75226103
JATT	JATT II ACQUISITION CORP	200,000	$2.272M	0.1%	—	—	COMM	G50765109
EIKN	EIKON THERAPEUTICS INC	37,902	$495K	0.0%	—	—	COMM	282564103

Increased Positions (2)

AVTX AVALO THERAPEUTICS INC 1.3%

Value $55.76M (+405.8%) Shares 3,017,120 (+308.6%) Est. Cost — Unrealized —

MNPR MONOPAR THERAPEUTICS INC 0.5%

Value $18.83M (+160.1%) Shares 203,327 (+53.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVTX	AVALO THERAPEUTICS INC	3,017,120 (+308.6%)	$55.76M (+405.8%)	1.3%	—	—	COMM	05338F306
MNPR	MONOPAR THERAPEUTICS INC	203,327 (+53.9%)	$18.83M (+160.1%)	0.5%	—	—	COMM	61023L207

Exited Positions (7)

CNTA CENTESSA PHARMACEUTICALS PLC 4.1%

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

FULC FULCRUM THERAPEUTICS INC 1.0%

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

LQDA LIQUIDIA TECHNOLOGIES INC 0.4%

Value $15.21M Shares 403,048 Est. Cost — Unrealized —

URGN UROGEN PHARMA LTD 0.2%

Value $7.288M Shares 405,365 Est. Cost — Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 0.2%

Value $6.768M Shares 140,411 Est. Cost — Unrealized —

UPB UPSTREAM BIO INC 0.0%

Value $1.63M Shares 181,063 Est. Cost — Unrealized —

VTGN VISTAGEN THERAPEUTICS INC 0.0%

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

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNTA	CENTESSA PHARMACEUTICALS PLC	4,286,480	$170M	4.1%	—	—	—	152309100
FULC	FULCRUM THERAPEUTICS INC	5,250,000	$40.27M	1.0%	—	—	—	359616109
LQDA	LIQUIDIA TECHNOLOGIES INC	403,048	$15.21M	0.4%	—	—	—	53635D202
URGN	UROGEN PHARMA LTD	405,365	$7.288M	0.2%	—	—	—	M96088105
GPCR	STRUCTURE THERAPEUTICS INC	140,411	$6.768M	0.2%	—	—	—	86366E106
UPB	UPSTREAM BIO INC	181,063	$1.63M	0.0%	—	—	—	91678A107
VTGN	VISTAGEN THERAPEUTICS INC	2,676,580	$1.53M	0.0%	—	—	—	92840H400

Decreased Positions (9)

ABVX ABIVAX SA AMERICAN DEPOSITARY SHARES 19.2%

Value $801M (+10.9%) Shares 6,007,834 (-7.3%) Est. Cost — Unrealized —

TNGX TANGO THERAPEUTICS INC 6.8%

Value $284M (+28.9%) Shares 9,081,201 (-13.8%) Est. Cost — Unrealized —

TRDA ENTRADA THERAPEUTICS INC 0.2%

Value $7.803M (-73.0%) Shares 1,060,230 (-53.7%) Est. Cost — Unrealized —

ARVN ARVINAS HOLDING CO LLC 0.1%

Value $5.876M (-76.8%) Shares 707,098 (-70.4%) Est. Cost — Unrealized —

ALXO ALX ONCOLOGY HOLDINGS INC 0.3%

Value $11.71M (-55.1%) Shares 5,655,487 (-56.5%) Est. Cost — Unrealized —

BHVN BIOHAVEN LTD 0.6%

Value $26.49M (-32.4%) Shares 1,779,952 (-61.6%) Est. Cost — Unrealized —

RVMD REVOLUTION MEDICINES INC 1.5%

Value $63.84M (+13.9%) Shares 340,899 (-40.9%) Est. Cost — Unrealized —

COGT COGENT BIOSCIENCES INC 4.5%

Value $188M (-1.3%) Shares 4,854,436 (-1.9%) Est. Cost — Unrealized —

LBRX LB PHARMACEUTICALS INC 1.1%

Value $46.97M (+3.7%) Shares 1,447,310 (-21.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA AMERICAN DEPOSITARY SHARES	6,007,834 (-7.3%)	$801M (+10.9%)	19.2%	—	—	COMM	00370M103
TNGX	TANGO THERAPEUTICS INC	9,081,201 (-13.8%)	$284M (+28.9%)	6.8%	—	—	COMM	87583X109
TRDA	ENTRADA THERAPEUTICS INC	1,060,230 (-53.7%)	$7.803M (-73.0%)	0.2%	—	—	COMM	29384C108
ARVN	ARVINAS HOLDING CO LLC	707,098 (-70.4%)	$5.876M (-76.8%)	0.1%	—	—	COMM	04335A105
ALXO	ALX ONCOLOGY HOLDINGS INC	5,655,487 (-56.5%)	$11.71M (-55.1%)	0.3%	—	—	COMM	00166B105
BHVN	BIOHAVEN LTD	1,779,952 (-61.6%)	$26.49M (-32.4%)	0.6%	—	—	COMM	G1110E107
RVMD	REVOLUTION MEDICINES INC	340,899 (-40.9%)	$63.84M (+13.9%)	1.5%	—	—	COMM	76155X100
COGT	COGENT BIOSCIENCES INC	4,854,436 (-1.9%)	$188M (-1.3%)	4.5%	—	—	COMM	19240Q201
LBRX	LB PHARMACEUTICALS INC	1,447,310 (-21.3%)	$46.97M (+3.7%)	1.1%	—	—	COMM	50180M108

Unchanged Positions (31)

SYRE SPYRE THERAPEUTICS INC 4.1%

Value $169M Shares 1,900,582 Est. Cost — Unrealized —

IMVT IMMUNOVANT INC 4.1%

Value $172M Shares 4,457,988 Est. Cost — Unrealized —

RLAY RELAY THERAPEUTICS INC 1.9%

Value $79.95M Shares 4,273,356 Est. Cost — Unrealized —

GLUE MONTE ROSA THERAPEUTICS INC 2.7%

Value $112M Shares 4,622,151 Est. Cost — Unrealized —

ADCT ADC THERAPEUTICS SA 0.3%

Value $12.19M Shares 11,390,175 Est. Cost — Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 3.0%

Value $124M Shares 1,062,049 Est. Cost — Unrealized —

AMLX AMYLYX PHARMACEUTICALS INC 2.7%

Value $112M Shares 6,243,812 Est. Cost — Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 3.9%

Value $163M Shares 1,676,624 Est. Cost — Unrealized —

TYRA TYRA BIOSCIENCES INC 2.5%

Value $104M Shares 3,248,980 Est. Cost — Unrealized —

DYN DYNE THERAPEUTICS INC 2.5%

Value $103M Shares 4,615,144 Est. Cost — Unrealized —

SLN SILENCE THERAPEUTICS PLC 0.8%

Value $33.31M Shares 3,033,560 Est. Cost — Unrealized —

MBX MBX BIOSCIENCES INC 0.9%

Value $35.88M Shares 650,000 Est. Cost — Unrealized —

CGON CG ONCOLOGY INC 6.3%

Value $261M Shares 3,670,206 Est. Cost — Unrealized —

IRON DISC MEDICINE INC 2.4%

Value $98.14M Shares 1,341,862 Est. Cost — Unrealized —

XNCR XENCOR INC 0.9%

Value $39.48M Shares 2,452,138 Est. Cost — Unrealized —

SVRA SAVARA INC 1.8%

Value $76.15M Shares 12,362,205 Est. Cost — Unrealized —

VOR VOR BIOPHARMA INC 2.5%

Value $104M Shares 5,673,078 Est. Cost — Unrealized —

CATX PERSPECTIVE THERAPEUTICS INC 0.6%

Value $26.99M Shares 7,915,567 Est. Cost — Unrealized —

CNTX CONTEXT THERAPEUTICS INC 0.0%

Value $1.486M Shares 2,682,696 Est. Cost — Unrealized —

BCRX BIOCRYST PHARMACEUTICALS INC 2.6%

Value $110M Shares 11,020,968 Est. Cost — Unrealized —

AGMB AGOMAB THERAPEUTICS NV 0.6%

Value $26.65M Shares 2,053,233 Est. Cost — Unrealized —

SRZN SURROZEN INC 0.9%

Value $38.23M Shares 1,473,101 Est. Cost — Unrealized —

IPSC CENTURY THERAPEUTICS INC 1.0%

Value $43.4M Shares 17,754,430 Est. Cost — Unrealized —

TECX TECTONIC THERAPEUTIC INC 1.0%

Value $41.42M Shares 1,204,891 Est. Cost — Unrealized —

JANX JANUX THERAPEUTICS INC 0.7%

Value $27.49M Shares 1,789,617 Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 0.4%

Value $16.18M Shares 1,647,752 Est. Cost — Unrealized —

CGEM CULLINAN THERAPEUTICS INC 0.2%

Value $7.408M Shares 406,786 Est. Cost — Unrealized —

ALEC ALECTOR INC 0.5%

Value $20.1M Shares 10,000,000 Est. Cost — Unrealized —

KOD KODIAK SCIENCES INC 1.4%

Value $56.32M Shares 1,445,538 Est. Cost — Unrealized —

KRRO KORRO BIO INC 0.1%

Value $5.487M Shares 416,301 Est. Cost — Unrealized —

LONA LEONABIO INC 0.1%

Value $4.268M Shares 464,398 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SYRE	SPYRE THERAPEUTICS INC	1,900,582	$169M	4.1%	—	—	COMM	00773J202
IMVT	IMMUNOVANT INC	4,457,988	$172M	4.1%	—	—	COMM	45258J102
RLAY	RELAY THERAPEUTICS INC	4,273,356	$79.95M	1.9%	—	—	COMM	75943R102
GLUE	MONTE ROSA THERAPEUTICS INC	4,622,151	$112M	2.7%	—	—	COMM	61225M102
ADCT	ADC THERAPEUTICS SA	11,390,175	$12.19M	0.3%	—	—	COMM	H0036K147
MIRM	MIRUM PHARMACEUTICALS INC	1,062,049	$124M	3.0%	—	—	COMM	604749101
AMLX	AMYLYX PHARMACEUTICALS INC	6,243,812	$112M	2.7%	—	—	COMM	03237H101
DNTH	DIANTHUS THERAPEUTICS INC	1,676,624	$163M	3.9%	—	—	COMM	252828108
TYRA	TYRA BIOSCIENCES INC	3,248,980	$104M	2.5%	—	—	COMM	90240B106
DYN	DYNE THERAPEUTICS INC	4,615,144	$103M	2.5%	—	—	COMM	26818M108
SLN	SILENCE THERAPEUTICS PLC	3,033,560	$33.31M	0.8%	—	—	ADRS	82686Q101
MBX	MBX BIOSCIENCES INC	650,000	$35.88M	0.9%	—	—	COMM	55287L101
CGON	CG ONCOLOGY INC	3,670,206	$261M	6.3%	—	—	COMM	156944100
IRON	DISC MEDICINE INC	1,341,862	$98.14M	2.4%	—	—	COMM	254604101
XNCR	XENCOR INC	2,452,138	$39.48M	0.9%	—	—	COMM	98401F105
SVRA	SAVARA INC	12,362,205	$76.15M	1.8%	—	—	COMM	805111101
VOR	VOR BIOPHARMA INC	5,673,078	$104M	2.5%	—	—	COMM	929033207
CATX	PERSPECTIVE THERAPEUTICS INC	7,915,567	$26.99M	0.6%	—	—	COMM	46489V302
CNTX	CONTEXT THERAPEUTICS INC	2,682,696	$1.486M	0.0%	—	—	COMM	21077P108
BCRX	BIOCRYST PHARMACEUTICALS INC	11,020,968	$110M	2.6%	—	—	COMM	09058V103
AGMB	AGOMAB THERAPEUTICS NV	2,053,233	$26.65M	0.6%	—	—	ADRS	00860C102
SRZN	SURROZEN INC	1,473,101	$38.23M	0.9%	—	—	COMM	86889P208
IPSC	CENTURY THERAPEUTICS INC	17,754,430	$43.4M	1.0%	—	—	COMM	15673T100
TECX	TECTONIC THERAPEUTIC INC	1,204,891	$41.42M	1.0%	—	—	COMM	878972108
JANX	JANUX THERAPEUTICS INC	1,789,617	$27.49M	0.7%	—	—	COMM	47103J105
OCUL	OCULAR THERAPEUTIX INC	1,647,752	$16.18M	0.4%	—	—	COMM	67576A100
CGEM	CULLINAN THERAPEUTICS INC	406,786	$7.408M	0.2%	—	—	COMM	230031106
ALEC	ALECTOR INC	10,000,000	$20.1M	0.5%	—	—	COMM	014442107
KOD	KODIAK SCIENCES INC	1,445,538	$56.32M	1.4%	—	—	COMM	50015M109
KRRO	KORRO BIO INC	416,301	$5.487M	0.1%	—	—	COMM	500946108
LONA	LEONABIO INC	464,398	$4.268M	0.1%	—	—	COMM	04746L203