Affinity Asset Advisors, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	200,000	$130,068	6.7%	—	—	PUT	78462F103
MRNA	MODERNA INC	800,000	$40,640	2.1%	—	—	CALL	60770K107
ELVN	ENLIVEN THERAPEUTICS INC	586,904	$23,007	1.2%	$25.60	0.0%	COM	29337E102
BMY	BRISTOL-MYERS SQUIBB CO	300,000	$18,195	0.9%	—	—	CALL	110122108
HLXC	HELIX ACQUISITION CORP III	1,250,000	$12,700	0.7%	$10.16	—	USD CL A ORD SHS	G4444S107
GLTO	DAMORA THERAPEUTICS INC	450,000	$11,655	0.6%	$25.80	0.0%	COM NEW	36322Q206
ANRO	ALTO NEUROSCIENCE INC	500,000	$11,240	0.6%	$16.77	0.0%	COM SHS	02157Q109
TYRA	TYRA BIOSCIENCES INC	257,512	$9,863	0.5%	$30.25	0.0%	COM	90240B106
RVMD	REVOLUTION MEDICINES INC	100,000	$9,725	0.5%	$39.15	+163.1%	PUT	76155X100
IBRX	IMMUNITYBIO INC	1,250,000	$9,588	0.5%	—	—	PUT	45256X103
KRRO	KORRO BIO INC	706,904	$8,002	0.4%	$10.79	0.0%	COM	500946108
CRSP	CRISPR THERAPEUTICS AG	150,000	$7,136	0.4%	$53.50	0.0%	NAMEN AKT	H17182108
SGP	SPYGLASS PHARMA INC	250,000	$6,478	0.3%	$25.91	—	COM SHS	85220G109
NVO	NOVO-NORDISK A S	175,000	$6,431	0.3%	—	—	CALL	670100205
MANE	VERADERMICS INC	70,000	$4,421	0.2%	$63.15	—	COMMON STOCK	922967104
GENB	GENERATE BIOMEDICINES INC	350,000	$4,375	0.2%	$12.50	—	COM SHS	370920100
DNTH	DIANTHUS THERAPEUTICS INC	50,000	$4,196	0.2%	$40.34	+17.9%	CALL	252828108
CGON	CG ONCOLOGY INC	60,000	$4,061	0.2%	—	—	CALL	156944100
RLAY	RELAY THERAPEUTICS INC	400,000	$3,980	0.2%	$8.30	0.0%	COM	75943R102
CELC	CELCUITY INC	30,000	$3,424	0.2%	—	—	CALL	15102K100
DTIL	PRECISION BIOSCIENCES INC	597,946	$3,289	0.2%	$4.00	0.0%	COM NEW	74019P207
SLGL	SOL-GEL TECHNOLOGIES LTD	35,000	$2,773	0.1%	$66.40	0.0%	SHS NEW	M8694L137
EQ	EQUILLIUM INC	1,226,310	$2,453	0.1%	$1.44	0.0%	COM	29446K106
SABS	SAB BIOTHERAPEUTICS INC	575,000	$2,202	0.1%	$4.00	0.0%	COM NEW	78397T202
CORT	CORCEPT THERAPEUTICS INC	50,000	$2,016	0.1%	$38.80	0.0%	COM	218352102
ANL	ADLAI NORTYE LTD	164,748	$1,140	0.1%	$6.92	—	SPONSORED ADS	00704R109
ALEC	ALECTOR INC	500,000	$1,075	0.1%	$1.91	0.0%	COM	014442107
OKUR	ONKURE THERAPEUTICS INC	240,963	$998	0.1%	$2.73	0.0%	COM CL A	68277Q105
LENZ	LENZ THERAPEUTICS INC	100,000	$915	0.0%	$15.73	0.0%	COM	52635N103

Increased Positions (31)

ERAS ERASCA INC 4.5%

Value ($000) $86,563 (+496.7%) Shares 5,350,000 (+37.2%) Est. Cost $4.10 Unrealized +144.3%

XENE XENON PHARMACEUTICALS INC 5.0%

Value ($000) $97,401 (+73.9%) Shares 1,675,000 (+34.0%) Est. Cost $39.93 Unrealized +5.2%

ROIV ROIVANT SCIENCES LTD 4.0%

Value ($000) $77,560 (+110.2%) Shares 2,800,000 (+64.7%) Est. Cost $19.15 Unrealized +26.2%

CNTA CENTESSA PHARMACEUTICALS PLC 2.9%

Value ($000) $55,608 (+270.2%) Shares 1,400,000 (+133.1%) Est. Cost $27.87 Unrealized —

ANAB ANAPTYSBIO INC 2.7%

Value ($000) $52,132 (+141.8%) Shares 940,000 (+111.4%) Est. Cost $44.45 Unrealized +11.1%

DNTH DIANTHUS THERAPEUTICS INC 1.5%

Value ($000) $29,372 (+519.8%) Shares 350,000 (+204.3%) Est. Cost $40.34 Unrealized +17.9%

ALKS ALKERMES PLC 2.5%

Value ($000) $47,736 (+70.6%) Shares 1,350,000 (+35.0%) Est. Cost $27.82 Unrealized +16.2%

STRO SUTRO BIOPHARMA INC 1.4%

Value ($000) $26,642 (+207.7%) Shares 1,069,519 (+42.9%) Est. Cost $11.17 Unrealized +35.0%

COGT COGENT BIOSCIENCES INC 1.5%

Value ($000) $28,868 (+132.2%) Shares 750,000 (+114.3%) Est. Cost $33.05 Unrealized +13.1%

ASND ASCENDIS PHARMA A/S 1.1%

Value ($000) $21,729 (+239.7%) Shares 95,000 (+216.7%) Est. Cost $223.84 Unrealized —

APGE APOGEE THERAPEUTICS INC 5.6%

Value ($000) $108,152 (+16.0%) Shares 1,284,926 (+4.0%) Est. Cost $40.18 Unrealized +79.8%

CATX PERSPECTIVE THERAPEUTICS INC 0.7%

Value ($000) $13,196 (+1499.6%) Shares 3,164,582 (+954.9%) Est. Cost $4.18 Unrealized -8.1%

OVID OVID THERAPEUTICS INC 1.2%

Value ($000) $23,613 (+102.6%) Shares 10,636,318 (+48.8%) Est. Cost $1.37 Unrealized +16.0%

MDGL MADRIGAL PHARMACEUTICALS INC 1.5%

Value ($000) $28,791 (+58.8%) Shares 55,000 (+76.7%) Est. Cost $336.27 Unrealized +46.5%

EPRX EUPRAXIA PHARMACEUTICALS INC 0.6%

Value ($000) $11,504 (+407.9%) Shares 1,589,005 (+429.7%) Est. Cost $7.82 Unrealized +7.1%

ARWR ARROWHEAD PHARMACEUTICALS IN 0.6%

Value ($000) $12,540 (+169.8%) Shares 200,000 (+185.7%) Est. Cost $59.88 Unrealized +9.8%

TERN TERNS PHARMACEUTICALS INC 1.5%

Value ($000) $29,662 (+33.5%) Shares 562,631 (+2.3%) Est. Cost $23.43 Unrealized +59.9%

— COGENT BIOSCIENCES INC 0.4%

Value ($000) $8,586 (+630.2%) Shares 7,000,000 (+600.0%) Est. Cost $1.22 Unrealized —

BLTE BELITE BIO INC 0.5%

Value ($000) $10,364 (+223.9%) Shares 65,000 (+225.0%) Est. Cost $159.60 Unrealized —

CLDX CELLDEX THERAPEUTICS INC NEW 0.8%

Value ($000) $15,860 (+66.8%) Shares 500,000 (+42.9%) Est. Cost $24.16 Unrealized +5.2%

MLYS MINERALYS THERAPEUTICS INC 1.0%

Value ($000) $20,318 (-23.3%) Shares 750,000 (+2.7%) Est. Cost $12.29 Unrealized +155.2%

ZURA ZURA BIO LTD 0.8%

Value ($000) $15,258 (+60.5%) Shares 2,564,303 (+41.4%) Est. Cost $3.60 Unrealized +63.5%

CMPS COMPASS PATHWAYS PLC 0.3%

Value ($000) $6,130 (+344.2%) Shares 1,108,483 (+454.2%) Est. Cost $5.57 Unrealized —

LXEO LEXEO THERAPEUTICS INC 1.5%

Value ($000) $28,988 (-8.8%) Shares 5,050,211 (+57.8%) Est. Cost $5.19 Unrealized +45.1%

AVR ANTERIS TECHNOLOGIES GLOBAL 0.3%

Value ($000) $5,064 (+108.5%) Shares 912,397 (+87.5%) Est. Cost $5.53 Unrealized +1.0%

IBIO IBIO INC 0.3%

Value ($000) $5,904 (+48.7%) Shares 3,107,200 (+51.0%) Est. Cost $1.69 Unrealized +37.3%

AVBP ARRIVENT BIOPHARMA INC 0.2%

Value ($000) $4,037 (+33.8%) Shares 175,000 (+16.7%) Est. Cost $20.99 Unrealized +5.1%

AVTX AVALO THERAPEUTICS INC 1.0%

Value ($000) $20,019 (+4.9%) Shares 1,340,840 (+27.6%) Est. Cost $11.11 Unrealized +39.5%

FBRX FORTE BIOSCIENCES INC 1.4%

Value ($000) $26,208 (-2.9%) Shares 1,011,890 (+2.3%) Est. Cost $17.80 Unrealized +66.7%

MGNX MACROGENICS INC 0.1%

Value ($000) $1,445 (+85.3%) Shares 500,000 (+3.2%) Est. Cost $1.58 Unrealized +11.8%

INSM INSMED INC 4.1%

Value ($000) $78,490 (+0.2%) Shares 480,000 (+6.7%) Est. Cost $77.91 Unrealized +104.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ERAS	ERASCA INC	5,350,000 (+37.2%)	$86,563 (+496.7%)	4.5%	$4.10	+144.3%	COM	29479A108
XENE	XENON PHARMACEUTICALS INC	1,675,000 (+34.0%)	$97,401 (+73.9%)	5.0%	$39.93	+5.2%	COM	98420N105
ROIV	ROIVANT SCIENCES LTD	2,800,000 (+64.7%)	$77,560 (+110.2%)	4.0%	$19.15	+26.2%	SHS	G76279101
CNTA	CENTESSA PHARMACEUTICALS PLC	1,400,000 (+133.1%)	$55,608 (+270.2%)	2.9%	$27.87	—	SPONSORED ADS	152309100
ANAB	ANAPTYSBIO INC	940,000 (+111.4%)	$52,132 (+141.8%)	2.7%	$44.45	+11.1%	COM	032724106
DNTH	DIANTHUS THERAPEUTICS INC	350,000 (+204.3%)	$29,372 (+519.8%)	1.5%	$40.34	+17.9%	COM	252828108
ALKS	ALKERMES PLC	1,350,000 (+35.0%)	$47,736 (+70.6%)	2.5%	$27.82	+16.2%	SHS	G01767105
STRO	SUTRO BIOPHARMA INC	1,069,519 (+42.9%)	$26,642 (+207.7%)	1.4%	$11.17	+35.0%	COM SHS	869367201
COGT	COGENT BIOSCIENCES INC	750,000 (+114.3%)	$28,868 (+132.2%)	1.5%	$33.05	+13.1%	COM	19240Q201
ASND	ASCENDIS PHARMA A/S	95,000 (+216.7%)	$21,729 (+239.7%)	1.1%	$223.84	—	SPONSORED ADR	04351P101
APGE	APOGEE THERAPEUTICS INC	1,284,926 (+4.0%)	$108,152 (+16.0%)	5.6%	$40.18	+79.8%	COM	03770N101
CATX	PERSPECTIVE THERAPEUTICS INC	3,164,582 (+954.9%)	$13,196 (+1499.6%)	0.7%	$4.18	-8.1%	COM NEW	46489V302
OVID	OVID THERAPEUTICS INC	10,636,318 (+48.8%)	$23,613 (+102.6%)	1.2%	$1.37	+16.0%	COM	690469101
MDGL	MADRIGAL PHARMACEUTICALS INC	55,000 (+76.7%)	$28,791 (+58.8%)	1.5%	$336.27	+46.5%	COM	558868105
EPRX	EUPRAXIA PHARMACEUTICALS INC	1,589,005 (+429.7%)	$11,504 (+407.9%)	0.6%	$7.82	+7.1%	COM	29842P105
ARWR	ARROWHEAD PHARMACEUTICALS IN	200,000 (+185.7%)	$12,540 (+169.8%)	0.6%	$59.88	+9.8%	COM	04280A100
TERN	TERNS PHARMACEUTICALS INC	562,631 (+2.3%)	$29,662 (+33.5%)	1.5%	$23.43	+59.9%	COM	880881107
—	COGENT BIOSCIENCES INC	7,000,000 (+600.0%)	$8,586 (+630.2%)	0.4%	$1.22	—	NOTE 1.625%11/1	19240QAA0
BLTE	BELITE BIO INC	65,000 (+225.0%)	$10,364 (+223.9%)	0.5%	$159.60	—	SPONSORED ADS	07782B104
CLDX	CELLDEX THERAPEUTICS INC NEW	500,000 (+42.9%)	$15,860 (+66.8%)	0.8%	$24.16	+5.2%	COM NEW	15117B202
MLYS	MINERALYS THERAPEUTICS INC	750,000 (+2.7%)	$20,318 (-23.3%)	1.0%	$12.29	+155.2%	COM	603170101
ZURA	ZURA BIO LTD	2,564,303 (+41.4%)	$15,258 (+60.5%)	0.8%	$3.60	+63.5%	CLASS A ORD SHS	G9TY5A101
CMPS	COMPASS PATHWAYS PLC	1,108,483 (+454.2%)	$6,130 (+344.2%)	0.3%	$5.57	—	SPONSORED ADS	20451W101
LXEO	LEXEO THERAPEUTICS INC	5,050,211 (+57.8%)	$28,988 (-8.8%)	1.5%	$5.19	+45.1%	COM	52886X107
AVR	ANTERIS TECHNOLOGIES GLOBAL	912,397 (+87.5%)	$5,064 (+108.5%)	0.3%	$5.53	+1.0%	COM	03675P102
IBIO	IBIO INC	3,107,200 (+51.0%)	$5,904 (+48.7%)	0.3%	$1.69	+37.3%	COM NEW	451033708
AVBP	ARRIVENT BIOPHARMA INC	175,000 (+16.7%)	$4,037 (+33.8%)	0.2%	$20.99	+5.1%	COM	04272N102
AVTX	AVALO THERAPEUTICS INC	1,340,840 (+27.6%)	$20,019 (+4.9%)	1.0%	$11.11	+39.5%	COM NEW	05338F306
FBRX	FORTE BIOSCIENCES INC	1,011,890 (+2.3%)	$26,208 (-2.9%)	1.4%	$17.80	+66.7%	COM NEW	34962G208
MGNX	MACROGENICS INC	500,000 (+3.2%)	$1,445 (+85.3%)	0.1%	$1.58	+11.8%	COM	556099109
INSM	INSMED INC	480,000 (+6.7%)	$78,490 (+0.2%)	4.1%	$77.91	+104.1%	COM PAR $.01	457669307

Exited Positions (19)

XBI SPDR SERIES TRUST 9.4%

Value ($000) $182,895 Shares 1,500,000 Est. Cost — Unrealized —

IBB ISHARES TR 3.5%

Value ($000) $67,508 Shares 400,000 Est. Cost — Unrealized —

VTYX VENTYX BIOSCIENCES INC 3.0%

Value ($000) $58,556 Shares 6,484,558 Est. Cost $3.93 Unrealized +244.1%

AMGN AMGEN INC 2.3%

Value ($000) $44,187 Shares 135,000 Est. Cost $315.95 Unrealized +10.7%

XLV SELECT SECTOR SPDR TR 2.0%

Value ($000) $38,700 Shares 250,000 Est. Cost — Unrealized —

— TRAVERE THERAPEUTICS INC 0.5%

Value ($000) $9,989 Shares 7,000,000 Est. Cost $0.90 Unrealized —

TNGX TANGO THERAPEUTICS INC 0.5%

Value ($000) $8,860 Shares 1,000,000 Est. Cost $8.62 Unrealized +38.2%

RCUS ARCUS BIOSCIENCES INC 0.4%

Value ($000) $7,149 Shares 300,000 Est. Cost $20.40 Unrealized +4.3%

SMMT SUMMIT THERAPEUTICS INC 0.3%

Value ($000) $6,122 Shares 350,000 Est. Cost — Unrealized —

— AVADEL PHARMACEUTICALS PLC 0.3%

Value ($000) $5,388 Shares 250,000 Est. Cost $21.55 Unrealized —

AMGN AMGEN INC 0.2%

Value ($000) $3,273 Shares 10,000 Est. Cost $315.95 Unrealized +10.7%

— MERSANA THERAPEUTICS INC 0.1%

Value ($000) $2,893 Shares 100,000 Est. Cost $28.93 Unrealized —

ABUS ARBUTUS BIOPHARMA CORP 0.1%

Value ($000) $2,510 Shares 521,900 Est. Cost — Unrealized —

GERN GERON CORP 0.1%

Value ($000) $1,980 Shares 1,500,000 Est. Cost $2.82 Unrealized -46.5%

RARE ULTRAGENYX PHARMACEUTICAL IN 0.1%

Value ($000) $1,725 Shares 75,000 Est. Cost $32.88 Unrealized -29.0%

LENZ LENZ THERAPEUTICS INC 0.1%

Value ($000) $1,600 Shares 100,000 Est. Cost $15.73 Unrealized 0.0%

QURE UNIQURE NV 0.1%

Value ($000) $1,197 Shares 50,000 Est. Cost $16.30 Unrealized +44.5%

PCSC PERCEPTIVE CAP SOLUTIONS COR 0.0%

Value ($000) $652 Shares 50,000 Est. Cost $10.07 Unrealized +35.3%

FBRX FORTE BIOSCIENCES INC 0.0%

Value ($000) $611 Shares 22,400 Est. Cost $17.80 Unrealized +66.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	1,500,000	$182,895	9.4%	—	—	PUT	78464A870
IBB	ISHARES TR	400,000	$67,508	3.5%	—	—	CALL	464287556
VTYX	VENTYX BIOSCIENCES INC	6,484,558	$58,556	3.0%	$3.93	+244.1%	—	92332V107
AMGN	AMGEN INC	135,000	$44,187	2.3%	$315.95	+10.7%	CALL	031162100
XLV	SELECT SECTOR SPDR TR	250,000	$38,700	2.0%	—	—	CALL	81369Y209
—	TRAVERE THERAPEUTICS INC	7,000,000	$9,989	0.5%	$0.90	—	—	89422GAA5
TNGX	TANGO THERAPEUTICS INC	1,000,000	$8,860	0.5%	$8.62	+38.2%	—	87583X109
RCUS	ARCUS BIOSCIENCES INC	300,000	$7,149	0.4%	$20.40	+4.3%	—	03969F109
SMMT	SUMMIT THERAPEUTICS INC	350,000	$6,122	0.3%	—	—	PUT	86627T108
—	AVADEL PHARMACEUTICALS PLC	250,000	$5,388	0.3%	$21.55	—	—	G29687103
AMGN	AMGEN INC	10,000	$3,273	0.2%	$315.95	+10.7%	—	031162100
—	MERSANA THERAPEUTICS INC	100,000	$2,893	0.1%	$28.93	—	—	59045L205
ABUS	ARBUTUS BIOPHARMA CORP	521,900	$2,510	0.1%	—	—	CALL	03879J100
GERN	GERON CORP	1,500,000	$1,980	0.1%	$2.82	-46.5%	—	374163103
RARE	ULTRAGENYX PHARMACEUTICAL IN	75,000	$1,725	0.1%	$32.88	-29.0%	—	90400D108
LENZ	LENZ THERAPEUTICS INC	100,000	$1,600	0.1%	$15.73	0.0%	PUT	52635N103
QURE	UNIQURE NV	50,000	$1,197	0.1%	$16.30	+44.5%	—	N90064101
PCSC	PERCEPTIVE CAP SOLUTIONS COR	50,000	$652	0.0%	$10.07	+35.3%	—	G70077105
FBRX	FORTE BIOSCIENCES INC	22,400	$611	0.0%	$17.80	+66.7%	CALL	34962G208

Decreased Positions (25)

WVE WAVE LIFE SCIENCES LTD 0.5%

Value ($000) $10,163 (-77.9%) Shares 1,401,727 (-48.1%) Est. Cost $7.78 Unrealized +76.7%

ABVX ABIVAX SA 2.3%

Value ($000) $45,097 (-33.8%) Shares 405,000 (-19.8%) Est. Cost $83.67 Unrealized —

SYRE SPYRE THERAPEUTICS INC 3.3%

Value ($000) $64,520 (+37.5%) Shares 1,279,134 (-10.7%) Est. Cost $18.18 Unrealized +89.9%

QURE UNIQURE NV 0.3%

Value ($000) $4,905 (-74.4%) Shares 300,000 (-62.5%) Est. Cost $16.30 Unrealized +44.5%

TSHA TAYSHA GENE THERAPIES INC 0.2%

Value ($000) $4,470 (-75.4%) Shares 1,000,000 (-69.7%) Est. Cost $2.98 Unrealized +60.0%

BBIO BRIDGEBIO PHARMA INC 0.6%

Value ($000) $11,139 (-54.5%) Shares 150,000 (-53.1%) Est. Cost $58.10 Unrealized +28.2%

ESTA ESTABLISHMENT LABS HLDGS INC 0.3%

Value ($000) $5,678 (-61.0%) Shares 100,000 (-50.0%) Est. Cost $53.71 Unrealized +30.9%

CGEM CULLINAN THERAPEUTICS INC 0.6%

Value ($000) $11,102 (-44.5%) Shares 781,260 (-59.6%) Est. Cost $9.03 Unrealized +32.5%

ACLX ARCELLX INC 2.2%

Value ($000) $41,653 (+22.0%) Shares 362,764 (-30.7%) Est. Cost $46.50 Unrealized +53.3%

CYTK CYTOKINETICS INC 2.4%

Value ($000) $46,169 (-9.2%) Shares 700,483 (-12.4%) Est. Cost $53.01 Unrealized +21.6%

KPTI KARYOPHARM THERAPEUTICS INC 0.1%

Value ($000) $2,785 (-57.5%) Shares 500,000 (-43.8%) Est. Cost $6.12 Unrealized +24.6%

MBX MBX BIOSCIENCES INC 0.2%

Value ($000) $4,478 (-43.2%) Shares 150,000 (-40.0%) Est. Cost $17.07 Unrealized +115.7%

SVRA SAVARA INC 0.7%

Value ($000) $13,716 (-18.7%) Shares 2,512,153 (-10.2%) Est. Cost $3.81 Unrealized +49.2%

TRVI TREVI THERAPEUTICS INC 1.2%

Value ($000) $23,862 (-11.4%) Shares 2,000,172 (-7.0%) Est. Cost $5.69 Unrealized +92.1%

IMVT IMMUNOVANT INC 0.1%

Value ($000) $2,484 (-51.1%) Shares 100,000 (-50.0%) Est. Cost $16.19 Unrealized +62.2%

SGMT SAGIMET BIOSCIENCES INC 0.2%

Value ($000) $4,535 (-33.3%) Shares 868,020 (-24.4%) Est. Cost $7.47 Unrealized -22.2%

JBIO JADE BIOSCIENCES INC 0.5%

Value ($000) $8,991 (-18.5%) Shares 639,956 (-10.5%) Est. Cost $13.70 Unrealized +7.9%

NUVL NUVALENT INC 1.6%

Value ($000) $30,735 (-5.3%) Shares 300,000 (-7.0%) Est. Cost $72.88 Unrealized +42.2%

ENGN ENGENE HOLDINGS INC 0.2%

Value ($000) $4,157 (-28.5%) Shares 610,370 (-5.1%) Est. Cost $7.50 Unrealized +28.8%

NXTC NEXTCURE INC 0.1%

Value ($000) $2,583 (-26.4%) Shares 241,826 (-2.2%) Est. Cost $6.38 Unrealized +97.1%

RZLT REZOLUTE INC 0.2%

Value ($000) $4,720 (-14.9%) Shares 1,547,641 (-34.2%) Est. Cost $2.90 Unrealized +5.7%

OBIO ORCHESTRA BIOMED HLDGS INC 0.1%

Value ($000) $1,711 (-28.0%) Shares 402,550 (-29.7%) Est. Cost $2.76 Unrealized +49.5%

CLYM CLIMB BIO INC 0.2%

Value ($000) $4,795 (-7.8%) Shares 700,000 (-46.2%) Est. Cost $3.30 Unrealized +51.4%

PRAX PRAXIS PRECISION MEDICINES I 2.8%

Value ($000) $54,772 (+0.5%) Shares 170,000 (-8.1%) Est. Cost $186.22 Unrealized +67.4%

ORKA ORUKA THERAPEUTICS INC 1.3%

Value ($000) $24,509 (+0.8%) Shares 499,673 (-37.7%) Est. Cost $21.60 Unrealized +50.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WVE	WAVE LIFE SCIENCES LTD	1,401,727 (-48.1%)	$10,163 (-77.9%)	0.5%	$7.78	+76.7%	SHS	Y95308105
ABVX	ABIVAX SA	405,000 (-19.8%)	$45,097 (-33.8%)	2.3%	$83.67	—	SPONSORED ADS	00370M103
SYRE	SPYRE THERAPEUTICS INC	1,279,134 (-10.7%)	$64,520 (+37.5%)	3.3%	$18.18	+89.9%	COM NEW	00773J202
QURE	UNIQURE NV	300,000 (-62.5%)	$4,905 (-74.4%)	0.3%	$16.30	+44.5%	CALL	N90064101
TSHA	TAYSHA GENE THERAPIES INC	1,000,000 (-69.7%)	$4,470 (-75.4%)	0.2%	$2.98	+60.0%	COM SHS	877619106
BBIO	BRIDGEBIO PHARMA INC	150,000 (-53.1%)	$11,139 (-54.5%)	0.6%	$58.10	+28.2%	COM	10806X102
ESTA	ESTABLISHMENT LABS HLDGS INC	100,000 (-50.0%)	$5,678 (-61.0%)	0.3%	$53.71	+30.9%	COM	G31249108
CGEM	CULLINAN THERAPEUTICS INC	781,260 (-59.6%)	$11,102 (-44.5%)	0.6%	$9.03	+32.5%	COM	230031106
ACLX	ARCELLX INC	362,764 (-30.7%)	$41,653 (+22.0%)	2.2%	$46.50	+53.3%	COMMON STOCK	03940C100
CYTK	CYTOKINETICS INC	700,483 (-12.4%)	$46,169 (-9.2%)	2.4%	$53.01	+21.6%	COM NEW	23282W605
KPTI	KARYOPHARM THERAPEUTICS INC	500,000 (-43.8%)	$2,785 (-57.5%)	0.1%	$6.12	+24.6%	COM NEW	48576U205
MBX	MBX BIOSCIENCES INC	150,000 (-40.0%)	$4,478 (-43.2%)	0.2%	$17.07	+115.7%	COM	55287L101
SVRA	SAVARA INC	2,512,153 (-10.2%)	$13,716 (-18.7%)	0.7%	$3.81	+49.2%	COM	805111101
TRVI	TREVI THERAPEUTICS INC	2,000,172 (-7.0%)	$23,862 (-11.4%)	1.2%	$5.69	+92.1%	COM	89532M101
IMVT	IMMUNOVANT INC	100,000 (-50.0%)	$2,484 (-51.1%)	0.1%	$16.19	+62.2%	COM	45258J102
SGMT	SAGIMET BIOSCIENCES INC	868,020 (-24.4%)	$4,535 (-33.3%)	0.2%	$7.47	-22.2%	COM SER A	786700104
JBIO	JADE BIOSCIENCES INC	639,956 (-10.5%)	$8,991 (-18.5%)	0.5%	$13.70	+7.9%	COM NEW	008064206
NUVL	NUVALENT INC	300,000 (-7.0%)	$30,735 (-5.3%)	1.6%	$72.88	+42.2%	COM	670703107
ENGN	ENGENE HOLDINGS INC	610,370 (-5.1%)	$4,157 (-28.5%)	0.2%	$7.50	+28.8%	COM	29286M105
NXTC	NEXTCURE INC	241,826 (-2.2%)	$2,583 (-26.4%)	0.1%	$6.38	+97.1%	COM NEW	65343E207
RZLT	REZOLUTE INC	1,547,641 (-34.2%)	$4,720 (-14.9%)	0.2%	$2.90	+5.7%	COM NEW	76200L309
OBIO	ORCHESTRA BIOMED HLDGS INC	402,550 (-29.7%)	$1,711 (-28.0%)	0.1%	$2.76	+49.5%	COM	68572M106
CLYM	CLIMB BIO INC	700,000 (-46.2%)	$4,795 (-7.8%)	0.2%	$3.30	+51.4%	COM	28658R106
PRAX	PRAXIS PRECISION MEDICINES I	170,000 (-8.1%)	$54,772 (+0.5%)	2.8%	$186.22	+67.4%	COM NEW	74006W207
ORKA	ORUKA THERAPEUTICS INC	499,673 (-37.7%)	$24,509 (+0.8%)	1.3%	$21.60	+50.3%	COM	687604108

Unchanged Positions (20)

— OMEROS CORP 0.7%

Value ($000) $13,219 Shares 6,525,000 Est. Cost $1.12 Unrealized —

NRIX NURIX THERAPEUTICS INC 0.8%

Value ($000) $14,998 Shares 967,620 Est. Cost $10.44 Unrealized +66.1%

PTGX PROTAGONIST THERAPEUTICS INC 0.9%

Value ($000) $18,142 Shares 172,125 Est. Cost $81.85 Unrealized +1.8%

VRDN VIRIDIAN THERAPEUTICS INC 0.3%

Value ($000) $4,890 Shares 250,000 Est. Cost $16.46 Unrealized +87.4%

VERA VERA THERAPEUTICS INC 0.5%

Value ($000) $10,058 Shares 250,000 Est. Cost $31.26 Unrealized +43.9%

TVTX TRAVERE THERAPEUTICS INC 0.5%

Value ($000) $8,913 Shares 300,000 Est. Cost $19.81 Unrealized +56.6%

VRCA VERRICA PHARMACEUTICALS INC 0.2%

Value ($000) $3,742 Shares 707,338 Est. Cost $5.54 Unrealized +26.6%

RVMD REVOLUTION MEDICINES INC 0.5%

Value ($000) $9,725 Shares 100,000 Est. Cost $39.15 Unrealized +163.1%

TEVA TEVA PHARMACEUTICAL INDS LTD 2.2%

Value ($000) $42,168 Shares 1,400,000 Est. Cost $8.35 Unrealized —

PRQR PROQR THRAPEUTICS N V 0.2%

Value ($000) $3,976 Shares 2,454,278 Est. Cost $2.92 Unrealized -44.1%

NAMS NEWAMSTERDAM PHARMA COMPANY 0.5%

Value ($000) $8,803 Shares 275,000 Est. Cost $17.93 Unrealized +88.2%

— CELCUITY INC 0.4%

Value ($000) $7,314 Shares 3,000,000 Est. Cost $1.33 Unrealized —

CRNX CRINETICS PHARMACEUTICALS IN 0.1%

Value ($000) $2,724 Shares 75,000 Est. Cost $27.88 Unrealized +76.5%

NAMSW NEWAMSTERDAM PHARMA COMPANY 0.3%

Value ($000) $4,910 Shares 245,000 Est. Cost $6.02 Unrealized —

KZR KEZAR LIFE SCIENCES INC 0.1%

Value ($000) $1,700 Shares 229,076 Est. Cost $5.83 Unrealized +8.0%

QTTB Q32 BIO INC 0.0%

Value ($000) $178 Shares 27,777 Est. Cost $13.78 Unrealized -71.4%

XFOR X4 PHARMACEUTICALS INC 0.0%

Value ($000) $599 Shares 145,000 Est. Cost $3.63 Unrealized +0.1%

OACCU OAKTREE ACQUISITION CORP III 0.1%

Value ($000) $2,663 Shares 250,000 Est. Cost $10.15 Unrealized —

ADGM ADAGIO MED HLDGS INC 0.0%

Value ($000) $92 Shares 80,000 Est. Cost $4.76 Unrealized -79.4%

RCKTW ROCKET PHARMACEUTICALS INC 0.0%

Value ($000) $1 Shares 75,000 Est. Cost $0.16 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	OMEROS CORP	6,525,000	$13,219	0.7%	$1.12	—	NOTE 9.500% 6/1	682143AK8
NRIX	NURIX THERAPEUTICS INC	967,620	$14,998	0.8%	$10.44	+66.1%	COM	67080M103
PTGX	PROTAGONIST THERAPEUTICS INC	172,125	$18,142	0.9%	$81.85	+1.8%	COM	74366E102
VRDN	VIRIDIAN THERAPEUTICS INC	250,000	$4,890	0.3%	$16.46	+87.4%	COM	92790C104
VERA	VERA THERAPEUTICS INC	250,000	$10,058	0.5%	$31.26	+43.9%	CL A	92337R101
TVTX	TRAVERE THERAPEUTICS INC	300,000	$8,913	0.5%	$19.81	+56.6%	COM	89422G107
VRCA	VERRICA PHARMACEUTICALS INC	707,338	$3,742	0.2%	$5.54	+26.6%	COM SHS	92511W207
RVMD	REVOLUTION MEDICINES INC	100,000	$9,725	0.5%	$39.15	+163.1%	COM	76155X100
TEVA	TEVA PHARMACEUTICAL INDS LTD	1,400,000	$42,168	2.2%	$8.35	—	SPONSORED ADS	881624209
PRQR	PROQR THRAPEUTICS N V	2,454,278	$3,976	0.2%	$2.92	-44.1%	SHS EURO	N71542109
NAMS	NEWAMSTERDAM PHARMA COMPANY	275,000	$8,803	0.5%	$17.93	+88.2%	ORDINARY SHARES	N62509109
—	CELCUITY INC	3,000,000	$7,314	0.4%	$1.33	—	NOTE 2.750% 8/0	15102KAA8
CRNX	CRINETICS PHARMACEUTICALS IN	75,000	$2,724	0.1%	$27.88	+76.5%	COM	22663K107
NAMSW	NEWAMSTERDAM PHARMA COMPANY	245,000	$4,910	0.3%	$6.02	—	*W EXP 99/99/999	N62509117
KZR	KEZAR LIFE SCIENCES INC	229,076	$1,700	0.1%	$5.83	+8.0%	COM NEW	49372L209
QTTB	Q32 BIO INC	27,777	$178	0.0%	$13.78	-71.4%	COM	746964105
XFOR	X4 PHARMACEUTICALS INC	145,000	$599	0.0%	$3.63	+0.1%	COM NEW	98420X202
OACCU	OAKTREE ACQUISITION CORP III	250,000	$2,663	0.1%	$10.15	—	UNIT 10/04/2029	G6717R120
ADGM	ADAGIO MED HLDGS INC	80,000	$92	0.0%	$4.76	-79.4%	COM	00534B100
RCKTW	ROCKET PHARMACEUTICALS INC	75,000	$1	0.0%	$0.16	—	*W EXP 09/02/202	77313F114