Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NVCT	NUVECTIS PHARMA INC	1,550,000	$28.5M	1.3%	—	—	COM	67080T108
FULC	FULCRUM THERAPEUTICS INC	6,521,412	$23.87M	1.1%	—	—	COM	359616109
NNDM	NANO DIMENSION LTD	14,292,813	$20.72M	0.9%	—	—	SPONSORD ADS NEW	63008G203
—	GOSSAMER BIO INC	17,841,000	$11.47M	0.5%	—	—	NOTE 5.000% 6/0	38341PAA0
BOLD	BOUNDLESS BIO INC	2,559,875	$6.4M	0.3%	—	—	COM	10170A100

Increased Positions (7)

CMPX COMPASS THERAPEUTICS INC 1.8%

Value $39.4M (-55.6%) Shares 17,990,782 (+7.1%) Est. Cost — Unrealized —

CMPS COMPASS PATHWAYS PLC 3.2%

Value $70.75M (+219.7%) Shares 5,000,000 (+24.9%) Est. Cost — Unrealized —

AUPH AURINIA PHARMACEUTICALS INC 10.1%

Value $221M (+22.1%) Shares 13,044,106 (+6.7%) Est. Cost — Unrealized —

CELC CELCUITY INC 6.2%

Value $138M (+14.8%) Shares 1,314,594 (+25.2%) Est. Cost — Unrealized —

TARS TARSUS PHARMACEUTICALS INC 4.5%

Value $98.71M (+18.4%) Shares 1,568,266 (+31.9%) Est. Cost — Unrealized —

NUVB NUVATION BIO INC 0.9%

Value $18.74M (+38.7%) Shares 3,299,557 (+4.8%) Est. Cost — Unrealized —

CAPR CAPRICOR THERAPEUTICS INC 4.5%

Value $98.73M (-4.5%) Shares 4,099,900 (+20.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CMPX	COMPASS THERAPEUTICS INC	17,990,782 (+7.1%)	$39.4M (-55.6%)	1.8%	—	—	COM	20454B104
CMPS	COMPASS PATHWAYS PLC	5,000,000 (+24.9%)	$70.75M (+219.7%)	3.2%	—	—	SPONSORED ADS	20451W101
AUPH	AURINIA PHARMACEUTICALS INC	13,044,106 (+6.7%)	$221M (+22.1%)	10.1%	—	—	COM	05156V102
CELC	CELCUITY INC	1,314,594 (+25.2%)	$138M (+14.8%)	6.2%	—	—	COM	15102K100
TARS	TARSUS PHARMACEUTICALS INC	1,568,266 (+31.9%)	$98.71M (+18.4%)	4.5%	—	—	COM	87650L103
NUVB	NUVATION BIO INC	3,299,557 (+4.8%)	$18.74M (+38.7%)	0.9%	—	—	COM CL A	67080N101
CAPR	CAPRICOR THERAPEUTICS INC	4,099,900 (+20.6%)	$98.73M (-4.5%)	4.5%	—	—	COM NEW	14070B309

Exited Positions (15)

KALV KALVISTA PHARMACEUTICALS INC 4.2%

Value $92.07M Shares 4,573,530 Est. Cost — Unrealized —

JANX JANUX THERAPEUTICS INC 0.3%

Value $6.95M Shares 500,000 Est. Cost — Unrealized —

BIIB BIOGEN INC 0.3%

Value $6.417M Shares 35,000 Est. Cost — Unrealized —

URGN UROGEN PHARMA LTD 0.3%

Value $6.293M Shares 350,000 Est. Cost — Unrealized —

ARVN ARVINAS INC 0.3%

Value $5.71M Shares 538,658 Est. Cost — Unrealized —

KZR KEZAR LIFE SCIENCES INC 0.2%

Value $4.929M Shares 664,314 Est. Cost — Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 0.2%

Value $3.383M Shares 100,000 Est. Cost — Unrealized —

ERAS ERASCA INC 0.1%

Value $3.236M Shares 200,000 Est. Cost — Unrealized —

CHRS COHERUS ONCOLOGY INC 0.1%

Value $3.189M Shares 1,886,748 Est. Cost — Unrealized —

NKTX NKARTA INC 0.1%

Value $3.125M Shares 1,480,823 Est. Cost — Unrealized —

EOLS EVOLUS INC 0.1%

Value $1.985M Shares 483,021 Est. Cost — Unrealized —

ABEO ABEONA THERAPEUTICS INC 0.1%

Value $1.792M Shares 400,000 Est. Cost — Unrealized —

FATE FATE THERAPEUTICS INC 0.1%

Value $1.401M Shares 1,167,773 Est. Cost — Unrealized —

NMRA NEUMORA THERAPEUTICS INC. 0.0%

Value $858K Shares 439,878 Est. Cost — Unrealized —

LXRX LEXICON PHARMACEUTICALS INC 0.0%

Value $624K Shares 399,700 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KALV	KALVISTA PHARMACEUTICALS INC	4,573,530	$92.07M	4.2%	—	—	—	483497103
JANX	JANUX THERAPEUTICS INC	500,000	$6.95M	0.3%	—	—	—	47103J105
BIIB	BIOGEN INC	35,000	$6.417M	0.3%	—	—	—	09062X103
URGN	UROGEN PHARMA LTD	350,000	$6.293M	0.3%	—	—	—	M96088105
ARVN	ARVINAS INC	538,658	$5.71M	0.3%	—	—	—	04335A105
KZR	KEZAR LIFE SCIENCES INC	664,314	$4.929M	0.2%	—	—	—	49372L209
AGIO	AGIOS PHARMACEUTICALS INC	100,000	$3.383M	0.2%	—	—	—	00847X104
ERAS	ERASCA INC	200,000	$3.236M	0.1%	—	—	—	29479A108
CHRS	COHERUS ONCOLOGY INC	1,886,748	$3.189M	0.1%	—	—	—	19249H103
NKTX	NKARTA INC	1,480,823	$3.125M	0.1%	—	—	—	65487U108
EOLS	EVOLUS INC	483,021	$1.985M	0.1%	—	—	—	30052C107
ABEO	ABEONA THERAPEUTICS INC	400,000	$1.792M	0.1%	—	—	—	00289Y206
FATE	FATE THERAPEUTICS INC	1,167,773	$1.401M	0.1%	—	—	—	31189P102
NMRA	NEUMORA THERAPEUTICS INC.	439,878	$858K	0.0%	—	—	—	640979100
LXRX	LEXICON PHARMACEUTICALS INC	399,700	$624K	0.0%	—	—	—	528872302

Decreased Positions (4)

INSM INSMED INC 0.5%

Value $10.66M (-74.9%) Shares 100,000 (-61.5%) Est. Cost — Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 4.2%

Value $91.85M (-15.9%) Shares 123,000 (-26.8%) Est. Cost — Unrealized —

STOK STOKE THERAPEUTICS INC 0.4%

Value $9.816M (-39.7%) Shares 300,000 (-40.0%) Est. Cost — Unrealized —

MRNA MODERNA INC 0.2%

Value $3.502M (-31.1%) Shares 50,000 (-50.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	100,000 (-61.5%)	$10.66M (-74.9%)	0.5%	—	—	COM PAR $.01	457669307
SPY	STATE STR SPDR S&P 500 ETF T	123,000 (-26.8%)	$91.85M (-15.9%)	4.2%	—	—	TR UNIT	78462F103
STOK	STOKE THERAPEUTICS INC	300,000 (-40.0%)	$9.816M (-39.7%)	0.4%	—	—	COM	86150R107
MRNA	MODERNA INC	50,000 (-50.0%)	$3.502M (-31.1%)	0.2%	—	—	COM	60770K107

Unchanged Positions (25)

SYRE SPYRE THERAPEUTICS INC 7.6%

Value $168M Shares 1,892,200 Est. Cost — Unrealized —

CORT CORCEPT THERAPEUTICS INC 5.9%

Value $130M Shares 1,500,000 Est. Cost — Unrealized —

KNSA KINIKSA PHARMACEUTICALS INTL 6.6%

Value $145M Shares 2,259,889 Est. Cost — Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 6.6%

Value $145M Shares 1,236,027 Est. Cost — Unrealized —

PTCT PTC THERAPEUTICS INC 5.6%

Value $122M Shares 1,500,000 Est. Cost — Unrealized —

ANAB ANAPTYSBIO INC 4.1%

Value $89.83M Shares 1,330,879 Est. Cost — Unrealized —

PGEN PRECIGEN INC 1.7%

Value $36.58M Shares 6,417,500 Est. Cost — Unrealized —

IMCR IMMUNOCORE HLDGS PLC 3.8%

Value $84.12M Shares 2,649,368 Est. Cost — Unrealized —

ANIP ANI PHARMACEUTICALS INC 2.7%

Value $58.57M Shares 707,500 Est. Cost — Unrealized —

DERM JOURNEY MED CORP 0.5%

Value $11.4M Shares 1,610,000 Est. Cost — Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 1.2%

Value $25.8M Shares 264,692 Est. Cost — Unrealized —

AVIR ATEA PHARMACEUTICALS INC 1.0%

Value $22.39M Shares 4,814,700 Est. Cost — Unrealized —

VKTX VIKING THERAPEUTICS INC 0.9%

Value $19.5M Shares 500,000 Est. Cost — Unrealized —

HRTX HERON THERAPEUTICS INC 0.1%

Value $2.667M Shares 6,250,000 Est. Cost — Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 1.5%

Value $32.93M Shares 1,792,626 Est. Cost — Unrealized —

BNTX BIONTECH SE 2.0%

Value $43.73M Shares 470,000 Est. Cost — Unrealized —

IDYA IDEAYA BIOSCIENCES INC 0.8%

Value $16.77M Shares 450,000 Est. Cost — Unrealized —

LENZ LENZ THERAPEUTICS INC 0.1%

Value $2.562M Shares 451,114 Est. Cost — Unrealized —

WVE WAVE LIFE SCIENCES LTD 0.2%

Value $3.486M Shares 600,000 Est. Cost — Unrealized —

PLRX PLIANT THERAPEUTICS INC 0.3%

Value $7.001M Shares 6,141,261 Est. Cost — Unrealized —

CBIO CRESCENT BIOPHARMA INC. 0.9%

Value $20.88M Shares 1,160,000 Est. Cost — Unrealized —

PMVP PMV PHARMACEUTICALS INC 0.3%

Value $5.688M Shares 4,245,085 Est. Cost — Unrealized —

GLPG LAKEFRONT BIOTHERAPEUTICS NV 5.2%

Value $114M Shares 3,785,991 Est. Cost — Unrealized —

ALT ALTIMMUNE INC 0.1%

Value $2.025M Shares 666,022 Est. Cost — Unrealized —

RCKT ROCKET PHARMACEUTICALS INC 0.0%

Value $342K Shares 100,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SYRE	SPYRE THERAPEUTICS INC	1,892,200	$168M	7.6%	—	—	COM NEW	00773J202
CORT	CORCEPT THERAPEUTICS INC	1,500,000	$130M	5.9%	—	—	COM	218352102
KNSA	KINIKSA PHARMACEUTICALS INTL	2,259,889	$145M	6.6%	—	—	ORD SHS CL A	G52694109
MIRM	MIRUM PHARMACEUTICALS INC	1,236,027	$145M	6.6%	—	—	COM	604749101
PTCT	PTC THERAPEUTICS INC	1,500,000	$122M	5.6%	—	—	COM	69366J200
ANAB	ANAPTYSBIO INC	1,330,879	$89.83M	4.1%	—	—	COM	032724106
PGEN	PRECIGEN INC	6,417,500	$36.58M	1.7%	—	—	COM	74017N105
IMCR	IMMUNOCORE HLDGS PLC	2,649,368	$84.12M	3.8%	—	—	ADS	45258D105
ANIP	ANI PHARMACEUTICALS INC	707,500	$58.57M	2.7%	—	—	COM	00182C103
DERM	JOURNEY MED CORP	1,610,000	$11.4M	0.5%	—	—	COM	48115J109
DNTH	DIANTHUS THERAPEUTICS INC	264,692	$25.8M	1.2%	—	—	COM	252828108
AVIR	ATEA PHARMACEUTICALS INC	4,814,700	$22.39M	1.0%	—	—	COM	04683R106
VKTX	VIKING THERAPEUTICS INC	500,000	$19.5M	0.9%	—	—	COM	92686J106
HRTX	HERON THERAPEUTICS INC	6,250,000	$2.667M	0.1%	—	—	COM	427746102
VRDN	VIRIDIAN THERAPEUTICS INC	1,792,626	$32.93M	1.5%	—	—	COM	92790C104
BNTX	BIONTECH SE	470,000	$43.73M	2.0%	—	—	SPONSORED ADS	09075V102
IDYA	IDEAYA BIOSCIENCES INC	450,000	$16.77M	0.8%	—	—	COM	45166A102
LENZ	LENZ THERAPEUTICS INC	451,114	$2.562M	0.1%	—	—	COM	52635N103
WVE	WAVE LIFE SCIENCES LTD	600,000	$3.486M	0.2%	—	—	SHS	Y95308105
PLRX	PLIANT THERAPEUTICS INC	6,141,261	$7.001M	0.3%	—	—	COM	729139105
CBIO	CRESCENT BIOPHARMA INC.	1,160,000	$20.88M	0.9%	—	—	COM	G2545C104
PMVP	PMV PHARMACEUTICALS INC	4,245,085	$5.688M	0.3%	—	—	COM	69353Y103
GLPG	LAKEFRONT BIOTHERAPEUTICS NV	3,785,991	$114M	5.2%	—	—	SPON ADR	36315X101
ALT	ALTIMMUNE INC	666,022	$2.025M	0.1%	—	—	COM NEW	02155H200
RCKT	ROCKET PHARMACEUTICALS INC	100,000	$342K	0.0%	—	—	COM	77313F106