Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	60,000	$7.664M	4.0%	—	—	PUT	78464A870
INSM	INSMED INC	26,651	$4.358M	2.3%	$159.03	0.0%	COM PAR $.01	457669307
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	215,376	$4.015M	2.1%	$16.05	0.0%	CLASS A ORD	61559X104
—	CYTOKINETICS INC	60,000	$3.955M	2.0%	—	—	PUT	23282W955
RYTM	RHYTHM PHARMACEUTICALS INC	40,581	$3.529M	1.8%	$102.83	0.0%	COM	76243J105
BSX	BOSTON SCIENTIFIC CORP	48,347	$3.034M	1.6%	$85.82	0.0%	COM	101137107
ALKS	ALKERMES PLC	84,103	$2.974M	1.5%	$32.34	0.0%	SHS	G01767105
—	BEONE MEDICINES LTD	10,000	$2.97M	1.5%	—	—	CALL	07725L902
GLUE	MONTE ROSA THERAPEUTICS INC	179,484	$2.953M	1.5%	$20.66	0.0%	COM	61225M102
CBIO	CRESCENT BIOPHARMA INC.	153,191	$2.814M	1.5%	$11.06	0.0%	COM	G2545C104
RLAY	RELAY THERAPEUTICS INC	278,302	$2.769M	1.4%	$8.30	0.0%	COM	75943R102
MAZE	MAZE THERAPEUTICS INC	88,510	$2.642M	1.4%	$44.04	0.0%	COM	578784100
AVTX	AVALO THERAPEUTICS INC	159,341	$2.379M	1.2%	$15.50	0.0%	COM NEW	05338F306
SLNO	SOLENO THERAPEUTICS INC	61,673	$2.065M	1.1%	$41.63	0.0%	COM	834203309
ZBIO	ZENAS BIOPHARMA INC	80,730	$1.578M	0.8%	$21.89	0.0%	COM	98937L105
—	LIQUIDIA CORPORATION	40,000	$1.51M	0.8%	—	—	PUT	53635D952
—	CENTESSA PHARMACEUTICALS PLC	34,700	$1.378M	0.7%	—	—	PUT	152309950
—	IDEAYA BIOSCIENCES INC	40,000	$1.333M	0.7%	—	—	PUT	45166A902
—	IDEAYA BIOSCIENCES INC	40,000	$1.333M	0.7%	—	—	CALL	45166A902
FDMT	4D MOLECULAR THERAPEUTICS IN	130,564	$1.216M	0.6%	$8.57	0.0%	COM	35104E100
LPCN	LIPOCINE INC NEW	60,861	$486K	0.3%	$9.20	0.0%	COM NEW	53630X203
—	WAVE LIFE SCIENCES LTD	30,000	$218K	0.1%	—	—	PUT	Y95308955
—	COMPASS THERAPEUTICS INC	25,100	$133K	0.1%	—	—	CALL	20454B904

Increased Positions (5)

— ALUMIS INC 1.2%

Value $2.313M (+345.5%) Shares 105,000 (+97.4%) Est. Cost — Unrealized —

UNH UNITEDHEALTH GROUP INC 1.8%

Value $3.48M (+80.7%) Shares 12,862 (+120.4%) Est. Cost $321.63 Unrealized -4.0%

CRBP CORBUS PHARMACEUTICALS HLDGS 1.1%

Value $2.199M (+93.6%) Shares 234,136 (+67.8%) Est. Cost $8.53 Unrealized -5.1%

NBP NOVABRIDGE BIOSCIENCES 0.7%

Value $1.419M (-28.6%) Shares 576,960 (+15.5%) Est. Cost $3.60 Unrealized —

VSTM VERASTEM INC 1.7%

Value $3.375M (+8.8%) Shares 636,700 (+58.5%) Est. Cost $8.01 Unrealized -19.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ALUMIS INC	105,000 (+97.4%)	$2.313M (+345.5%)	1.2%	—	—	PUT	022307952
UNH	UNITEDHEALTH GROUP INC	12,862 (+120.4%)	$3.48M (+80.7%)	1.8%	$321.63	-4.0%	COM	91324P102
CRBP	CORBUS PHARMACEUTICALS HLDGS	234,136 (+67.8%)	$2.199M (+93.6%)	1.1%	$8.53	-5.1%	COM NEW	21833P301
NBP	NOVABRIDGE BIOSCIENCES	576,960 (+15.5%)	$1.419M (-28.6%)	0.7%	$3.60	—	SPONSORED ADS	44975P103
VSTM	VERASTEM INC	636,700 (+58.5%)	$3.375M (+8.8%)	1.7%	$8.01	-19.2%	COM NEW	92337C203

Exited Positions (27)

WVE WAVE LIFE SCIENCES LTD 3.7%

Value $7.165M Shares 421,488 Est. Cost $10.16 Unrealized +35.3%

AZN ASTRAZENECA PLC 2.7%

Value $5.261M Shares 28,362 Est. Cost $150.54 Unrealized —

JAZZ JAZZ PHARMACEUTICALS PLC 2.3%

Value $4.504M Shares 26,494 Est. Cost $153.31 Unrealized +10.3%

IMVT IMMUNOVANT INC 2.1%

Value $4.032M Shares 158,622 Est. Cost $16.19 Unrealized +62.2%

UHS UNIVERSAL HLTH SVCS INC 2.0%

Value $3.843M Shares 17,628 Est. Cost $202.45 Unrealized +5.9%

IRON DISC MEDICINE INC 1.9%

Value $3.712M Shares 46,743 Est. Cost $36.21 Unrealized +104.5%

CELC CELCUITY INC 1.8%

Value $3.42M Shares 34,289 Est. Cost $82.21 Unrealized +30.7%

TVTX TRAVERE THERAPEUTICS INC 1.8%

Value $3.403M Shares 89,052 Est. Cost $19.42 Unrealized +59.7%

DXCM DEXCOM INC 1.7%

Value $3.328M Shares 50,147 Est. Cost $64.65 Unrealized +9.7%

IMCR IMMUNOCORE HLDGS PLC 1.4%

Value $2.664M Shares 76,750 Est. Cost $34.71 Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 1.3%

Value $2.483M Shares 100,046 Est. Cost $17.91 Unrealized +57.3%

BLTE BELITE BIO INC 1.2%

Value $2.292M Shares 14,328 Est. Cost $159.96 Unrealized —

WAY WAYSTAR HLDG CORP 1.2%

Value $2.259M Shares 68,969 Est. Cost $37.59 Unrealized -26.9%

IRWD IRONWOOD PHARMACEUTICALS INC 1.1%

Value $2.186M Shares 648,532 Est. Cost $2.60 Unrealized +74.5%

KPTI KARYOPHARM THERAPEUTICS INC 1.1%

Value $2.175M Shares 295,541 Est. Cost $6.12 Unrealized +24.6%

UPB UPSTREAM BIO INC 0.9%

Value $1.761M Shares 64,845 Est. Cost $17.40 Unrealized +36.2%

GOSS GOSSAMER BIO INC 0.7%

Value $1.4M Shares 451,699 Est. Cost $0.81 Unrealized +178.4%

— DISC MEDICINE INC 0.7%

Value $1.271M Shares 16,000 Est. Cost — Unrealized —

IKT INHIBIKASE THERAPEUTICS INC 0.6%

Value $1.23M Shares 600,000 Est. Cost $1.59 Unrealized +9.0%

IQV IQVIA HLDGS INC 0.6%

Value $1.212M Shares 5,378 Est. Cost $217.58 Unrealized -3.4%

THC TENET HEALTHCARE CORP 0.6%

Value $1.209M Shares 6,084 Est. Cost $150.53 Unrealized +37.0%

FULC FULCRUM THERAPEUTICS INC 0.5%

Value $1.041M Shares 92,055 Est. Cost $3.68 Unrealized +181.9%

— ULTRAGENYX PHARMACEUTICAL IN 0.4%

Value $810K Shares 35,200 Est. Cost — Unrealized —

— ALDEYRA THERAPEUTICS INC 0.3%

Value $518K Shares 100,000 Est. Cost — Unrealized —

RAPT RAPT THERAPEUTICS INC 0.2%

Value $481K Shares 14,194 Est. Cost $31.06 Unrealized +62.6%

— PRECIGEN INC 0.2%

Value $418K Shares 100,000 Est. Cost — Unrealized —

— SOLENO THERAPEUTICS INC 0.2%

Value $328K Shares 7,100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WVE	WAVE LIFE SCIENCES LTD	421,488	$7.165M	3.7%	$10.16	+35.3%	—	Y95308105
AZN	ASTRAZENECA PLC	28,362	$5.261M	2.7%	$150.54	—	—	046353108
JAZZ	JAZZ PHARMACEUTICALS PLC	26,494	$4.504M	2.3%	$153.31	+10.3%	—	G50871105
IMVT	IMMUNOVANT INC	158,622	$4.032M	2.1%	$16.19	+62.2%	—	45258J102
UHS	UNIVERSAL HLTH SVCS INC	17,628	$3.843M	2.0%	$202.45	+5.9%	—	913903100
IRON	DISC MEDICINE INC	46,743	$3.712M	1.9%	$36.21	+104.5%	—	254604101
CELC	CELCUITY INC	34,289	$3.42M	1.8%	$82.21	+30.7%	—	15102K100
TVTX	TRAVERE THERAPEUTICS INC	89,052	$3.403M	1.8%	$19.42	+59.7%	—	89422G107
DXCM	DEXCOM INC	50,147	$3.328M	1.7%	$64.65	+9.7%	—	252131107
IMCR	IMMUNOCORE HLDGS PLC	76,750	$2.664M	1.4%	$34.71	—	—	45258D105
EWTX	EDGEWISE THERAPEUTICS INC	100,046	$2.483M	1.3%	$17.91	+57.3%	—	28036F105
BLTE	BELITE BIO INC	14,328	$2.292M	1.2%	$159.96	—	—	07782B104
WAY	WAYSTAR HLDG CORP	68,969	$2.259M	1.2%	$37.59	-26.9%	—	946784105
IRWD	IRONWOOD PHARMACEUTICALS INC	648,532	$2.186M	1.1%	$2.60	+74.5%	—	46333X108
KPTI	KARYOPHARM THERAPEUTICS INC	295,541	$2.175M	1.1%	$6.12	+24.6%	—	48576U205
UPB	UPSTREAM BIO INC	64,845	$1.761M	0.9%	$17.40	+36.2%	—	91678A107
GOSS	GOSSAMER BIO INC	451,699	$1.4M	0.7%	$0.81	+178.4%	—	38341P102
—	DISC MEDICINE INC	16,000	$1.271M	0.7%	—	—	PUT	254604951
IKT	INHIBIKASE THERAPEUTICS INC	600,000	$1.23M	0.6%	$1.59	+9.0%	—	45719W205
IQV	IQVIA HLDGS INC	5,378	$1.212M	0.6%	$217.58	-3.4%	—	46266C105
THC	TENET HEALTHCARE CORP	6,084	$1.209M	0.6%	$150.53	+37.0%	—	88033G407
FULC	FULCRUM THERAPEUTICS INC	92,055	$1.041M	0.5%	$3.68	+181.9%	—	359616109
—	ULTRAGENYX PHARMACEUTICAL IN	35,200	$810K	0.4%	—	—	CALL	90400D958
—	ALDEYRA THERAPEUTICS INC	100,000	$518K	0.3%	—	—	CALL	01438T906
RAPT	RAPT THERAPEUTICS INC	14,194	$481K	0.2%	$31.06	+62.6%	—	75382E208
—	PRECIGEN INC	100,000	$418K	0.2%	—	—	PUT	74017N955
—	SOLENO THERAPEUTICS INC	7,100	$328K	0.2%	—	—	PUT	834203959

Decreased Positions (23)

ALMS ALUMIS INC 3.2%

Value $6.15M (+115.6%) Shares 279,176 (-4.5%) Est. Cost $4.12 Unrealized +490.5%

PRAX PRAXIS PRECISION MEDICINES I 7.6%

Value $14.65M (-14.5%) Shares 45,469 (-21.8%) Est. Cost $42.47 Unrealized +634.2%

GH GUARDANT HEALTH INC 4.0%

Value $7.642M (-23.8%) Shares 82,736 (-15.7%) Est. Cost $24.57 Unrealized +337.4%

— TRAVERE THERAPEUTICS INC 0.3%

Value $594K (-79.2%) Shares 20,000 (-73.2%) Est. Cost — Unrealized —

LLY ELI LILLY & CO 3.3%

Value $6.449M (-23.6%) Shares 7,012 (-10.7%) Est. Cost $656.19 Unrealized +59.6%

ELV ELEVANCE HEALTH INC FORMERLY 2.2%

Value $4.297M (-28.7%) Shares 14,677 (-14.6%) Est. Cost $336.70 Unrealized +4.4%

VERA VERA THERAPEUTICS INC 2.4%

Value $4.626M (-26.6%) Shares 114,991 (-7.6%) Est. Cost $22.81 Unrealized +97.2%

LQDA LIQUIDIA CORPORATION 0.9%

Value $1.728M (-45.0%) Shares 45,796 (-49.8%) Est. Cost $20.19 Unrealized +87.8%

GKOS GLAUKOS CORP 1.2%

Value $2.247M (-36.8%) Shares 20,874 (-33.7%) Est. Cost $92.34 Unrealized +25.7%

BBIO BRIDGEBIO PHARMA INC 2.6%

Value $5.012M (-18.8%) Shares 67,492 (-16.4%) Est. Cost $27.07 Unrealized +175.1%

NXTC NEXTCURE INC 0.6%

Value $1.215M (-48.1%) Shares 115,500 (-30.0%) Est. Cost $10.36 Unrealized +21.4%

CYTK CYTOKINETICS INC 3.5%

Value $6.836M (-13.8%) Shares 103,718 (-16.9%) Est. Cost $48.43 Unrealized +33.1%

IONS IONIS PHARMACEUTICALS INC 4.3%

Value $8.265M (-10.3%) Shares 110,064 (-5.5%) Est. Cost $35.90 Unrealized +127.9%

ADAG ADAGENE INC 1.5%

Value $2.888M (+44.1%) Shares 736,845 (-30.5%) Est. Cost $1.89 Unrealized —

PALI PALISADE BIO INC 0.5%

Value $1.05M (-41.1%) Shares 600,000 (-20.9%) Est. Cost $1.92 Unrealized -7.2%

PEN PENUMBRA INC 1.1%

Value $2.069M (-26.1%) Shares 6,300 (-30.0%) Est. Cost $227.37 Unrealized +49.3%

CTMX CYTOMX THERAPEUTICS INC. 1.3%

Value $2.451M (-22.8%) Shares 521,468 (-30.0%) Est. Cost $2.25 Unrealized +132.0%

TXG 10X GENOMICS INC 1.7%

Value $3.274M (+22.6%) Shares 154,194 (-5.8%) Est. Cost $9.12 Unrealized +117.7%

AGIO AGIOS PHARMACEUTICALS INC 2.2%

Value $4.231M (+13.5%) Shares 125,060 (-8.7%) Est. Cost $35.08 Unrealized -20.1%

UTHR UNITED THERAPEUTICS CORP DEL 2.2%

Value $4.182M (+11.7%) Shares 7,053 (-8.2%) Est. Cost $353.82 Unrealized +35.8%

ARWR ARROWHEAD PHARMACEUTICALS IN 1.5%

Value $2.867M (-13.2%) Shares 45,721 (-8.1%) Est. Cost $21.98 Unrealized +199.0%

COGT COGENT BIOSCIENCES INC 5.5%

Value $10.72M (-1.2%) Shares 278,533 (-8.8%) Est. Cost $7.84 Unrealized +376.6%

APLS APELLIS PHARMACEUTICALS INC 1.8%

Value $3.44M (+0.8%) Shares 85,517 (-37.0%) Est. Cost $23.46 Unrealized -3.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALMS	ALUMIS INC	279,176 (-4.5%)	$6.15M (+115.6%)	3.2%	$4.12	+490.5%	COM	022307102
PRAX	PRAXIS PRECISION MEDICINES I	45,469 (-21.8%)	$14.65M (-14.5%)	7.6%	$42.47	+634.2%	COM NEW	74006W207
GH	GUARDANT HEALTH INC	82,736 (-15.7%)	$7.642M (-23.8%)	4.0%	$24.57	+337.4%	COM	40131M109
—	TRAVERE THERAPEUTICS INC	20,000 (-73.2%)	$594K (-79.2%)	0.3%	—	—	PUT	89422G957
LLY	ELI LILLY & CO	7,012 (-10.7%)	$6.449M (-23.6%)	3.3%	$656.19	+59.6%	COM	532457108
ELV	ELEVANCE HEALTH INC FORMERLY	14,677 (-14.6%)	$4.297M (-28.7%)	2.2%	$336.70	+4.4%	COM	036752103
VERA	VERA THERAPEUTICS INC	114,991 (-7.6%)	$4.626M (-26.6%)	2.4%	$22.81	+97.2%	CL A	92337R101
LQDA	LIQUIDIA CORPORATION	45,796 (-49.8%)	$1.728M (-45.0%)	0.9%	$20.19	+87.8%	COM NEW	53635D202
GKOS	GLAUKOS CORP	20,874 (-33.7%)	$2.247M (-36.8%)	1.2%	$92.34	+25.7%	COM	377322102
BBIO	BRIDGEBIO PHARMA INC	67,492 (-16.4%)	$5.012M (-18.8%)	2.6%	$27.07	+175.1%	COM	10806X102
NXTC	NEXTCURE INC	115,500 (-30.0%)	$1.215M (-48.1%)	0.6%	$10.36	+21.4%	COM NEW	65343E207
CYTK	CYTOKINETICS INC	103,718 (-16.9%)	$6.836M (-13.8%)	3.5%	$48.43	+33.1%	COM NEW	23282W605
IONS	IONIS PHARMACEUTICALS INC	110,064 (-5.5%)	$8.265M (-10.3%)	4.3%	$35.90	+127.9%	COM	462222100
ADAG	ADAGENE INC	736,845 (-30.5%)	$2.888M (+44.1%)	1.5%	$1.89	—	ADS	005329107
PALI	PALISADE BIO INC	600,000 (-20.9%)	$1.05M (-41.1%)	0.5%	$1.92	-7.2%	COM	696389402
PEN	PENUMBRA INC	6,300 (-30.0%)	$2.069M (-26.1%)	1.1%	$227.37	+49.3%	COM	70975L107
CTMX	CYTOMX THERAPEUTICS INC.	521,468 (-30.0%)	$2.451M (-22.8%)	1.3%	$2.25	+132.0%	COM	23284F105
TXG	10X GENOMICS INC	154,194 (-5.8%)	$3.274M (+22.6%)	1.7%	$9.12	+117.7%	CL A COM	88025U109
AGIO	AGIOS PHARMACEUTICALS INC	125,060 (-8.7%)	$4.231M (+13.5%)	2.2%	$35.08	-20.1%	COM	00847X104
UTHR	UNITED THERAPEUTICS CORP DEL	7,053 (-8.2%)	$4.182M (+11.7%)	2.2%	$353.82	+35.8%	COM	91307C102
ARWR	ARROWHEAD PHARMACEUTICALS IN	45,721 (-8.1%)	$2.867M (-13.2%)	1.5%	$21.98	+199.0%	COM	04280A100
COGT	COGENT BIOSCIENCES INC	278,533 (-8.8%)	$10.72M (-1.2%)	5.5%	$7.84	+376.6%	COM	19240Q201
APLS	APELLIS PHARMACEUTICALS INC	85,517 (-37.0%)	$3.44M (+0.8%)	1.8%	$23.46	-3.3%	COM	03753U106

Unchanged Positions (5)

ELVN ENLIVEN THERAPEUTICS INC 4.5%

Value $8.628M Shares 220,091 Est. Cost $19.92 Unrealized +28.5%

ISRG INTUITIVE SURGICAL INC 1.5%

Value $2.931M Shares 6,358 Est. Cost $322.19 Unrealized +61.7%

NTRA NATERA INC 1.9%

Value $3.73M Shares 18,650 Est. Cost $60.94 Unrealized +270.7%

ESTA ESTABLISHMENT LABS HLDGS INC 0.4%

Value $744K Shares 13,100 Est. Cost $50.73 Unrealized +38.7%

ABUS ARBUTUS BIOPHARMA CORP 0.2%

Value $340K Shares 75,484 Est. Cost $3.32 Unrealized +29.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ELVN	ENLIVEN THERAPEUTICS INC	220,091	$8.628M	4.5%	$19.92	+28.5%	COM	29337E102
ISRG	INTUITIVE SURGICAL INC	6,358	$2.931M	1.5%	$322.19	+61.7%	COM NEW	46120E602
NTRA	NATERA INC	18,650	$3.73M	1.9%	$60.94	+270.7%	COM	632307104
ESTA	ESTABLISHMENT LABS HLDGS INC	13,100	$744K	0.4%	$50.73	+38.7%	COM	G31249108
ABUS	ARBUTUS BIOPHARMA CORP	75,484	$340K	0.2%	$3.32	+29.4%	COM	03879J100