Ghost Tree Capital, LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SER TR	300,000	$29,640	9.0%	—	—	PUT	78464A870
—	BIOHAVEN LTD	348,778	$17,428	5.3%	$49.97	—	CALL	G1110E907
NVO	NOVO-NORDISK A S	110,000	$13,098	4.0%	$119.07	—	ADR	670100205
EWTX	EDGEWISE THERAPEUTICS INC	195,000	$5,205	1.6%	$19.89	0.0%	COM	28036F105
CRBP	CORBUS PHARMACEUTICALS HLDGS	220,000	$4,539	1.4%	$36.40	+40.6%	PUT	21833P301
DYN	DYNE THERAPEUTICS INC	100,000	$3,592	1.1%	$39.80	0.0%	COM	26818M108
CRVS	CORVUS PHARMACEUTICALS INC	500,000	$2,640	0.8%	$3.59	0.0%	COM	221015100
ABSI	ABSCI CORPORATION	550,000	$2,101	0.6%	$3.98	0.0%	COM	00091E109
CAPR	CAPRICOR THERAPEUTICS INC	125,000	$1,901	0.6%	$4.95	0.0%	COM NEW	14070B309
SMMT	SUMMIT THERAPEUTICS INC	85,000	$1,862	0.6%	$13.98	0.0%	COM	86627T108
LRMR	LARIMAR THERAPEUTICS INC	200,000	$1,310	0.4%	$8.04	0.0%	COM	517125100
AMLX	AMYLYX PHARMACEUTICALS INC	325,000	$1,053	0.3%	$2.25	0.0%	COM	03237H101

Increased Positions (16)

— BLUEPRINT MEDICINES CORP 3.9%

Value ($000) $12,950 (+200.4%) Shares 140,000 (+250.0%) Est. Cost $93.17 Unrealized —

JANX JANUX THERAPEUTICS INC 2.6%

Value ($000) $8,632 (+312.1%) Shares 190,000 (+280.0%) Est. Cost $44.41 Unrealized -2.0%

SRPT SAREPTA THERAPEUTICS INC 4.5%

Value ($000) $14,987 (+72.5%) Shares 120,000 (+118.2%) Est. Cost $121.31 Unrealized +14.0%

TARS TARSUS PHARMACEUTICALS INC 3.5%

Value ($000) $11,512 (+80.2%) Shares 350,000 (+48.9%) Est. Cost $22.72 Unrealized +23.7%

VKTX VIKING THERAPEUTICS INC 2.7%

Value ($000) $8,863 (+76.0%) Shares 140,000 (+47.4%) Est. Cost $52.36 Unrealized +12.1%

ANNX ANNEXON INC 1.2%

Value ($000) $3,848 (+153.3%) Shares 650,000 (+109.7%) Est. Cost $5.57 Unrealized +6.5%

ARVN ARVINAS INC 1.1%

Value ($000) $3,571 (+78.9%) Shares 145,000 (+93.3%) Est. Cost $26.75 Unrealized -2.4%

TSHA TAYSHA GENE THERAPIES INC 1.3%

Value ($000) $4,322 (+54.3%) Shares 2,150,000 (+72.0%) Est. Cost $2.17 Unrealized +1.1%

SNDX SYNDAX PHARMACEUTICALS INC 2.6%

Value ($000) $8,663 (+20.6%) Shares 450,000 (+28.6%) Est. Cost $21.33 Unrealized -3.1%

TNYA TENAYA THERAPEUTICS INC 0.9%

Value ($000) $2,895 (-30.8%) Shares 1,500,000 (+11.1%) Est. Cost $4.34 Unrealized -34.9%

INSM INSMED INC 1.7%

Value ($000) $5,475 (+25.7%) Shares 75,000 (+15.4%) Est. Cost $34.09 Unrealized +116.4%

RZLT REZOLUTE INC 2.2%

Value ($000) $7,154 (+17.0%) Shares 1,474,995 (+3.8%) Est. Cost $3.48 Unrealized +32.0%

BBIO BRIDGEBIO PHARMA INC 1.3%

Value ($000) $4,456 (+25.6%) Shares 175,000 (+25.0%) Est. Cost $26.67 Unrealized -1.6%

RGNX REGENXBIO INC 0.8%

Value ($000) $2,780 (+39.8%) Shares 265,000 (+55.9%) Est. Cost $15.36 Unrealized -20.7%

KRRO KORRO BIO INC 1.1%

Value ($000) $3,676 (+8.5%) Shares 110,000 (+10.0%) Est. Cost $54.05 Unrealized -22.1%

NUVB NUVATION BIO INC 0.9%

Value ($000) $3,092 (-7.9%) Shares 1,350,000 (+17.4%) Est. Cost $3.05 Unrealized -0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	BLUEPRINT MEDICINES CORP	140,000 (+250.0%)	$12,950 (+200.4%)	3.9%	$93.17	—	COM	09627Y109
JANX	JANUX THERAPEUTICS INC	190,000 (+280.0%)	$8,632 (+312.1%)	2.6%	$44.41	-2.0%	COM	47103J105
SRPT	SAREPTA THERAPEUTICS INC	120,000 (+118.2%)	$14,987 (+72.5%)	4.5%	$121.31	+14.0%	COM	803607100
TARS	TARSUS PHARMACEUTICALS INC	350,000 (+48.9%)	$11,512 (+80.2%)	3.5%	$22.72	+23.7%	COM	87650L103
VKTX	VIKING THERAPEUTICS INC	140,000 (+47.4%)	$8,863 (+76.0%)	2.7%	$52.36	+12.1%	COM	92686J106
ANNX	ANNEXON INC	650,000 (+109.7%)	$3,848 (+153.3%)	1.2%	$5.57	+6.5%	COM	03589W102
ARVN	ARVINAS INC	145,000 (+93.3%)	$3,571 (+78.9%)	1.1%	$26.75	-2.4%	COM	04335A105
TSHA	TAYSHA GENE THERAPIES INC	2,150,000 (+72.0%)	$4,322 (+54.3%)	1.3%	$2.17	+1.1%	COM SHS	877619106
SNDX	SYNDAX PHARMACEUTICALS INC	450,000 (+28.6%)	$8,663 (+20.6%)	2.6%	$21.33	-3.1%	COM	87164F105
TNYA	TENAYA THERAPEUTICS INC	1,500,000 (+11.1%)	$2,895 (-30.8%)	0.9%	$4.34	-34.9%	COM	87990A106
INSM	INSMED INC	75,000 (+15.4%)	$5,475 (+25.7%)	1.7%	$34.09	+116.4%	COM PAR $.01	457669307
RZLT	REZOLUTE INC	1,474,995 (+3.8%)	$7,154 (+17.0%)	2.2%	$3.48	+32.0%	COM NEW	76200L309
BBIO	BRIDGEBIO PHARMA INC	175,000 (+25.0%)	$4,456 (+25.6%)	1.3%	$26.67	-1.6%	COM	10806X102
RGNX	REGENXBIO INC	265,000 (+55.9%)	$2,780 (+39.8%)	0.8%	$15.36	-20.7%	COM	75901B107
KRRO	KORRO BIO INC	110,000 (+10.0%)	$3,676 (+8.5%)	1.1%	$54.05	-22.1%	COM	500946108
NUVB	NUVATION BIO INC	1,350,000 (+17.4%)	$3,092 (-7.9%)	0.9%	$3.05	-0.0%	COM CL A	67080N101

Exited Positions (21)

BHVN BIOHAVEN LTD 5.1%

Value ($000) $17,008 Shares 490,000 Est. Cost $35.01 Unrealized +11.1%

ALNY ALNYLAM PHARMACEUTICALS INC 5.0%

Value ($000) $16,621 Shares 68,400 Est. Cost $168.43 Unrealized +54.6%

ALNY ALNYLAM PHARMACEUTICALS INC 1.7%

Value ($000) $5,468 Shares 22,500 Est. Cost $168.43 Unrealized +54.6%

ACAD ACADIA PHARMACEUTICALS INC 1.1%

Value ($000) $3,656 Shares 225,000 Est. Cost $25.31 Unrealized -34.1%

CABA CABALETTA BIO INC 0.8%

Value ($000) $2,774 Shares 370,899 Est. Cost $19.60 Unrealized -70.5%

CYTK CYTOKINETICS INC 0.5%

Value ($000) $1,799 Shares 33,200 Est. Cost $57.33 Unrealized -2.8%

— ELEVATION ONCOLOGY INC 0.5%

Value ($000) $1,620 Shares 600,000 Est. Cost $3.71 Unrealized —

KRYS KRYSTAL BIOTECH INC 0.5%

Value ($000) $1,561 Shares 8,500 Est. Cost $117.03 Unrealized +64.8%

ANNX ANNEXON INC 0.3%

Value ($000) $1,051 Shares 214,500 Est. Cost $5.57 Unrealized +6.5%

WVE WAVE LIFE SCIENCES LTD 0.3%

Value ($000) $998 Shares 200,000 Est. Cost $5.70 Unrealized +4.8%

— RAPT THERAPEUTICS INC 0.3%

Value ($000) $915 Shares 300,000 Est. Cost — Unrealized —

ARWR ARROWHEAD PHARMACEUTICALS IN 0.3%

Value ($000) $910 Shares 35,000 Est. Cost $31.99 Unrealized -23.7%

SGMT SAGIMET BIOSCIENCES INC 0.2%

Value ($000) $770 Shares 225,000 Est. Cost $7.18 Unrealized -57.1%

— INTRA-CELLULAR THERAPIES INC 0.2%

Value ($000) $685 Shares 10,000 Est. Cost $68.49 Unrealized —

MGNX MACROGENICS INC 0.2%

Value ($000) $638 Shares 150,000 Est. Cost $9.74 Unrealized -60.0%

PMVP PMV PHARMACEUTICALS INC 0.2%

Value ($000) $608 Shares 375,000 Est. Cost $6.13 Unrealized -74.8%

PTCT PTC THERAPEUTICS INC 0.2%

Value ($000) $581 Shares 19,000 Est. Cost $32.39 Unrealized +3.3%

— REVANCE THERAPEUTICS INC 0.2%

Value ($000) $578 Shares 225,000 Est. Cost $21.62 Unrealized —

NTLA INTELLIA THERAPEUTICS INC 0.2%

Value ($000) $560 Shares 25,000 Est. Cost $27.78 Unrealized -17.0%

ANTX AN2 THERAPEUTICS INC 0.1%

Value ($000) $472 Shares 219,331 Est. Cost $10.88 Unrealized -84.1%

CTMX CYTOMX THERAPEUTICS INC 0.1%

Value ($000) $366 Shares 300,000 Est. Cost $1.85 Unrealized -31.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BHVN	BIOHAVEN LTD	490,000	$17,008	5.1%	$35.01	+11.1%	—	G1110E107
ALNY	ALNYLAM PHARMACEUTICALS INC	68,400	$16,621	5.0%	$168.43	+54.6%	PUT	02043Q107
ALNY	ALNYLAM PHARMACEUTICALS INC	22,500	$5,468	1.7%	$168.43	+54.6%	—	02043Q107
ACAD	ACADIA PHARMACEUTICALS INC	225,000	$3,656	1.1%	$25.31	-34.1%	—	004225108
CABA	CABALETTA BIO INC	370,899	$2,774	0.8%	$19.60	-70.5%	—	12674W109
CYTK	CYTOKINETICS INC	33,200	$1,799	0.5%	$57.33	-2.8%	—	23282W605
—	ELEVATION ONCOLOGY INC	600,000	$1,620	0.5%	$3.71	—	—	28623U101
KRYS	KRYSTAL BIOTECH INC	8,500	$1,561	0.5%	$117.03	+64.8%	—	501147102
ANNX	ANNEXON INC	214,500	$1,051	0.3%	$5.57	+6.5%	CALL	03589W102
WVE	WAVE LIFE SCIENCES LTD	200,000	$998	0.3%	$5.70	+4.8%	—	Y95308105
—	RAPT THERAPEUTICS INC	300,000	$915	0.3%	—	—	CALL	75382E109
ARWR	ARROWHEAD PHARMACEUTICALS IN	35,000	$910	0.3%	$31.99	-23.7%	—	04280A100
SGMT	SAGIMET BIOSCIENCES INC	225,000	$770	0.2%	$7.18	-57.1%	—	786700104
—	INTRA-CELLULAR THERAPIES INC	10,000	$685	0.2%	$68.49	—	—	46116X101
MGNX	MACROGENICS INC	150,000	$638	0.2%	$9.74	-60.0%	—	556099109
PMVP	PMV PHARMACEUTICALS INC	375,000	$608	0.2%	$6.13	-74.8%	—	69353Y103
PTCT	PTC THERAPEUTICS INC	19,000	$581	0.2%	$32.39	+3.3%	—	69366J200
—	REVANCE THERAPEUTICS INC	225,000	$578	0.2%	$21.62	—	—	761330109
NTLA	INTELLIA THERAPEUTICS INC	25,000	$560	0.2%	$27.78	-17.0%	—	45826J105
ANTX	AN2 THERAPEUTICS INC	219,331	$472	0.1%	$10.88	-84.1%	—	037326105
CTMX	CYTOMX THERAPEUTICS INC	300,000	$366	0.1%	$1.85	-31.2%	—	23284F105

Decreased Positions (23)

INSM INSMED INC 1.1%

Value ($000) $3,650 (-72.8%) Shares 50,000 (-75.0%) Est. Cost $34.09 Unrealized +116.4%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 2.0%

Value ($000) $6,474 (-50.9%) Shares 128,411 (-57.2%) Est. Cost $45.36 Unrealized +3.3%

VRDN VIRIDIAN THERAPEUTICS INC 0.5%

Value ($000) $1,706 (-77.7%) Shares 75,000 (-87.2%) Est. Cost $19.55 Unrealized -16.4%

SLNO SOLENO THERAPEUTICS INC 2.3%

Value ($000) $7,574 (-38.1%) Shares 150,000 (-50.0%) Est. Cost $37.99 Unrealized +26.0%

CRBP CORBUS PHARMACEUTICALS HLDGS 1.0%

Value ($000) $3,301 (-58.3%) Shares 160,000 (-8.6%) Est. Cost $36.40 Unrealized +40.6%

SYRE SPYRE THERAPEUTICS INC 0.5%

Value ($000) $1,765 (-70.0%) Shares 60,000 (-76.0%) Est. Cost $31.83 Unrealized -12.5%

ASND ASCENDIS PHARMA A/S 2.4%

Value ($000) $7,839 (-33.7%) Shares 52,500 (-39.5%) Est. Cost $136.38 Unrealized —

APLS APELLIS PHARMACEUTICALS INC 0.6%

Value ($000) $1,875 (-63.8%) Shares 65,000 (-51.9%) Est. Cost $63.06 Unrealized -41.3%

CRNX CRINETICS PHARMACEUTICALS IN 2.3%

Value ($000) $7,665 (-28.7%) Shares 150,000 (-37.5%) Est. Cost $35.29 Unrealized +46.2%

ENGN ENGENE HOLDINGS INC 0.3%

Value ($000) $1,062 (-73.2%) Shares 160,898 (-61.7%) Est. Cost $12.55 Unrealized -40.7%

PCVX VAXCYTE INC 2.8%

Value ($000) $9,142 (-19.3%) Shares 80,000 (-46.7%) Est. Cost $51.35 Unrealized +75.5%

TGTX TG THERAPEUTICS INC 2.2%

Value ($000) $7,251 (-18.5%) Shares 310,000 (-38.0%) Est. Cost $15.64 Unrealized +39.6%

ROIV ROIVANT SCIENCES LTD 2.8%

Value ($000) $9,232 (-12.7%) Shares 800,000 (-20.0%) Est. Cost $10.26 Unrealized +10.9%

CGON CG ONCOLOGY INC 2.8%

Value ($000) $9,433 (+14.9%) Shares 250,000 (-3.8%) Est. Cost $36.44 Unrealized -3.8%

SVRA SAVARA INC 0.9%

Value ($000) $3,074 (-27.4%) Shares 725,000 (-31.0%) Est. Cost $4.36 Unrealized +1.2%

CATX PERSPECTIVE THERAPEUTICS INC 3.0%

Value ($000) $10,013 (+8.6%) Shares 750,000 (-18.9%) Est. Cost $14.46 Unrealized -8.0%

IMVT IMMUNOVANT INC 1.9%

Value ($000) $6,130 (-10.7%) Shares 215,000 (-17.3%) Est. Cost $32.31 Unrealized -8.7%

RYTM RHYTHM PHARMACEUTICALS INC 1.2%

Value ($000) $4,131 (-14.3%) Shares 78,842 (-32.8%) Est. Cost $43.76 Unrealized +9.5%

PHAT PHATHOM PHARMACEUTICALS INC 2.0%

Value ($000) $6,780 (+9.7%) Shares 375,000 (-37.5%) Est. Cost $11.64 Unrealized +20.0%

NGNE NEUROGENE INC 0.6%

Value ($000) $2,098 (-17.6%) Shares 50,000 (-28.6%) Est. Cost $34.60 Unrealized +12.1%

OLMA OLEMA PHARMACEUTICALS INC 1.9%

Value ($000) $6,388 (+7.3%) Shares 535,000 (-2.7%) Est. Cost $11.59 Unrealized +10.3%

PRQR PROQR THRAPEUTICS N V 0.5%

Value ($000) $1,616 (+8.1%) Shares 887,700 (-1.4%) Est. Cost $1.94 Unrealized -3.3%

AXSM AXSOME THERAPEUTICS INC 3.7%

Value ($000) $12,132 (+0.5%) Shares 135,000 (-10.0%) Est. Cost $54.36 Unrealized +60.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	50,000 (-75.0%)	$3,650 (-72.8%)	1.1%	$34.09	+116.4%	CALL	457669307
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	128,411 (-57.2%)	$6,474 (-50.9%)	2.0%	$45.36	+3.3%	CLASS A ORD	61559X104
VRDN	VIRIDIAN THERAPEUTICS INC	75,000 (-87.2%)	$1,706 (-77.7%)	0.5%	$19.55	-16.4%	COM	92790C104
SLNO	SOLENO THERAPEUTICS INC	150,000 (-50.0%)	$7,574 (-38.1%)	2.3%	$37.99	+26.0%	COM	834203309
CRBP	CORBUS PHARMACEUTICALS HLDGS	160,000 (-8.6%)	$3,301 (-58.3%)	1.0%	$36.40	+40.6%	COM NEW	21833P301
SYRE	SPYRE THERAPEUTICS INC	60,000 (-76.0%)	$1,765 (-70.0%)	0.5%	$31.83	-12.5%	COM NEW	00773J202
ASND	ASCENDIS PHARMA A/S	52,500 (-39.5%)	$7,839 (-33.7%)	2.4%	$136.38	—	SPONSORED ADR	04351P101
APLS	APELLIS PHARMACEUTICALS INC	65,000 (-51.9%)	$1,875 (-63.8%)	0.6%	$63.06	-41.3%	COM	03753U106
CRNX	CRINETICS PHARMACEUTICALS IN	150,000 (-37.5%)	$7,665 (-28.7%)	2.3%	$35.29	+46.2%	COM	22663K107
ENGN	ENGENE HOLDINGS INC	160,898 (-61.7%)	$1,062 (-73.2%)	0.3%	$12.55	-40.7%	COM	29286M105
PCVX	VAXCYTE INC	80,000 (-46.7%)	$9,142 (-19.3%)	2.8%	$51.35	+75.5%	COM	92243G108
TGTX	TG THERAPEUTICS INC	310,000 (-38.0%)	$7,251 (-18.5%)	2.2%	$15.64	+39.6%	COM	88322Q108
ROIV	ROIVANT SCIENCES LTD	800,000 (-20.0%)	$9,232 (-12.7%)	2.8%	$10.26	+10.9%	SHS	G76279101
CGON	CG ONCOLOGY INC	250,000 (-3.8%)	$9,433 (+14.9%)	2.8%	$36.44	-3.8%	COM	156944100
SVRA	SAVARA INC	725,000 (-31.0%)	$3,074 (-27.4%)	0.9%	$4.36	+1.2%	COM	805111101
CATX	PERSPECTIVE THERAPEUTICS INC	750,000 (-18.9%)	$10,013 (+8.6%)	3.0%	$14.46	-8.0%	COM NEW	46489V302
IMVT	IMMUNOVANT INC	215,000 (-17.3%)	$6,130 (-10.7%)	1.9%	$32.31	-8.7%	COM	45258J102
RYTM	RHYTHM PHARMACEUTICALS INC	78,842 (-32.8%)	$4,131 (-14.3%)	1.2%	$43.76	+9.5%	COM	76243J105
PHAT	PHATHOM PHARMACEUTICALS INC	375,000 (-37.5%)	$6,780 (+9.7%)	2.0%	$11.64	+20.0%	COM	71722W107
NGNE	NEUROGENE INC	50,000 (-28.6%)	$2,098 (-17.6%)	0.6%	$34.60	+12.1%	COM	64135M105
OLMA	OLEMA PHARMACEUTICALS INC	535,000 (-2.7%)	$6,388 (+7.3%)	1.9%	$11.59	+10.3%	COM	68062P106
PRQR	PROQR THRAPEUTICS N V	887,700 (-1.4%)	$1,616 (+8.1%)	0.5%	$1.94	-3.3%	SHS EURO	N71542109
AXSM	AXSOME THERAPEUTICS INC	135,000 (-10.0%)	$12,132 (+0.5%)	3.7%	$54.36	+60.6%	COM	05464T104

Unchanged Positions (3)

REPL REPLIMUNE GROUP INC 1.5%

Value ($000) $4,932 Shares 450,000 Est. Cost $10.29 Unrealized -1.3%

ATYR ATYR PHARMA INC 0.4%

Value ($000) $1,408 Shares 800,000 Est. Cost $1.74 Unrealized +4.4%

BBOT HELIX ACQUISITION CORP II 0.9%

Value ($000) $3,135 Shares 300,000 Est. Cost $10.35 Unrealized +0.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
REPL	REPLIMUNE GROUP INC	450,000	$4,932	1.5%	$10.29	-1.3%	COM	76029N106
ATYR	ATYR PHARMA INC	800,000	$1,408	0.4%	$1.74	+4.4%	COM NEW	002120202
BBOT	HELIX ACQUISITION CORP II	300,000	$3,135	0.9%	$10.35	+0.1%	CL A ORD SHS	G4444H101