Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CGON	CG ONCOLOGY INC	900,000	$60.91M	4.1%	—	—	CALL	156944100
SYRE	SPYRE THERAPEUTICS INC	878,127	$44.29M	2.9%	$34.53	0.0%	COM NEW	00773J202
LBRX	LB PHARMACEUTICALS INC	1,438,070	$34.63M	2.3%	$22.38	0.0%	COM SHS	50180M108
SABS	SAB BIOTHERAPEUTICS INC	7,967,207	$30.51M	2.0%	$4.00	0.0%	COM NEW	78397T202
IRD	OPUS GENETICS INC	6,075,028	$27.64M	1.8%	$2.74	0.0%	COM	67577R102
MBX	MBX BIOSCIENCES INC	848,590	$25.33M	1.7%	$36.83	0.0%	COM	55287L101
RVMD	REVOLUTION MEDICINES INC	228,900	$22.26M	1.5%	$57.25	+80.0%	CALL	76155X100
SNSE	SENSEI BIOTHERAPEUTICS INC	126,002	$3.972M	0.3%	$13.96	0.0%	COM NEW	81728A207
ADMA	ADMA BIOLOGICS INC	300,000	$2.703M	0.2%	$17.05	-0.6%	CALL	000899104
AURA	AURA BIOSCIENCES INC	229,864	$1.538M	0.1%	$5.44	0.0%	COM	05153U107
XLO	XILIO THERAPEUTICS INC	112,128	$943K	0.1%	$8.41	—	COM	98422T209

Increased Positions (9)

RVMD REVOLUTION MEDICINES INC 10.7%

Value $161M (+57.2%) Shares 1,652,808 (+28.7%) Est. Cost $57.25 Unrealized +80.0%

XENE XENON PHARMACEUTICALS INC 5.4%

Value $81M (+228.8%) Shares 1,393,027 (+153.4%) Est. Cost $39.83 Unrealized +5.4%

PCVX VAXCYTE INC 8.0%

Value $120M (+52.2%) Shares 2,060,719 (+20.9%) Est. Cost $46.11 Unrealized +14.4%

VOR VOR BIOPHARMA INC 2.3%

Value $34.34M (+244.7%) Shares 1,925,066 (+108.1%) Est. Cost $16.21 Unrealized -13.7%

TYRA TYRA BIOSCIENCES INC 3.3%

Value $48.91M (+97.0%) Shares 1,276,968 (+35.2%) Est. Cost $17.45 Unrealized +73.4%

IVA INVENTIVA SA 1.8%

Value $27.61M (+196.9%) Shares 4,974,906 (+148.7%) Est. Cost $5.19 Unrealized —

ADMA ADMA BIOLOGICS INC 2.9%

Value $42.86M (-22.0%) Shares 4,756,511 (+57.9%) Est. Cost $17.05 Unrealized -0.6%

AVTX AVALO THERAPEUTICS INC 1.6%

Value $24.41M (+52.5%) Shares 1,635,023 (+85.5%) Est. Cost $12.02 Unrealized +28.9%

MAZE MAZE THERAPEUTICS INC 1.2%

Value $18.36M (-19.5%) Shares 614,962 (+11.8%) Est. Cost $35.39 Unrealized +24.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RVMD	REVOLUTION MEDICINES INC	1,652,808 (+28.7%)	$161M (+57.2%)	10.7%	$57.25	+80.0%	COM	76155X100
XENE	XENON PHARMACEUTICALS INC	1,393,027 (+153.4%)	$81M (+228.8%)	5.4%	$39.83	+5.4%	COM	98420N105
PCVX	VAXCYTE INC	2,060,719 (+20.9%)	$120M (+52.2%)	8.0%	$46.11	+14.4%	COM	92243G108
VOR	VOR BIOPHARMA INC	1,925,066 (+108.1%)	$34.34M (+244.7%)	2.3%	$16.21	-13.7%	COM NEW	929033207
TYRA	TYRA BIOSCIENCES INC	1,276,968 (+35.2%)	$48.91M (+97.0%)	3.3%	$17.45	+73.4%	COM	90240B106
IVA	INVENTIVA SA	4,974,906 (+148.7%)	$27.61M (+196.9%)	1.8%	$5.19	—	ADS	46124U107
ADMA	ADMA BIOLOGICS INC	4,756,511 (+57.9%)	$42.86M (-22.0%)	2.9%	$17.05	-0.6%	COM	000899104
AVTX	AVALO THERAPEUTICS INC	1,635,023 (+85.5%)	$24.41M (+52.5%)	1.6%	$12.02	+28.9%	COM NEW	05338F306
MAZE	MAZE THERAPEUTICS INC	614,962 (+11.8%)	$18.36M (-19.5%)	1.2%	$35.39	+24.4%	COM	578784100

Exited Positions (7)

MLYS MINERALYS THERAPEUTICS INC 5.6%

Value $83.41M Shares 2,298,400 Est. Cost $14.60 Unrealized +114.8%

INBX INHIBRX BIOSCIENCES INC 1.7%

Value $25.56M Shares 323,565 Est. Cost $36.34 Unrealized +113.9%

XENE XENON PHARMACEUTICALS INC 1.6%

Value $24.64M Shares 549,700 Est. Cost $39.83 Unrealized +5.4%

RAPT RAPT THERAPEUTICS INC 1.5%

Value $21.83M Shares 644,400 Est. Cost $31.06 Unrealized +62.6%

INBX INHIBRX BIOSCIENCES INC 0.8%

Value $11.85M Shares 150,000 Est. Cost $36.34 Unrealized +113.9%

SPRB SPRUCE BIOSCIENCES INC 0.1%

Value $1.787M Shares 20,514 Est. Cost $107.14 Unrealized -30.4%

ELDN ELEDON PHARMACEUTICALS INC 0.1%

Value $840K Shares 555,978 Est. Cost $2.38 Unrealized -12.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MLYS	MINERALYS THERAPEUTICS INC	2,298,400	$83.41M	5.6%	$14.60	+114.8%	PUT	603170101
INBX	INHIBRX BIOSCIENCES INC	323,565	$25.56M	1.7%	$36.34	+113.9%	—	45720N103
XENE	XENON PHARMACEUTICALS INC	549,700	$24.64M	1.6%	$39.83	+5.4%	PUT	98420N105
RAPT	RAPT THERAPEUTICS INC	644,400	$21.83M	1.5%	$31.06	+62.6%	—	75382E208
INBX	INHIBRX BIOSCIENCES INC	150,000	$11.85M	0.8%	$36.34	+113.9%	CALL	45720N103
SPRB	SPRUCE BIOSCIENCES INC	20,514	$1.787M	0.1%	$107.14	-30.4%	—	85209E208
ELDN	ELEDON PHARMACEUTICALS INC	555,978	$840K	0.1%	$2.38	-12.3%	—	28617K101

Decreased Positions (1)

TNGX TANGO THERAPEUTICS INC 3.4%

Value $50.39M (+52.5%) Shares 2,408,798 (-35.4%) Est. Cost $8.62 Unrealized +38.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TNGX	TANGO THERAPEUTICS INC	2,408,798 (-35.4%)	$50.39M (+52.5%)	3.4%	$8.62	+38.2%	COM	87583X109

Unchanged Positions (7)

ABVX ABIVAX SA 10.8%

Value $163M Shares 1,461,924 Est. Cost $7.07 Unrealized —

LQDA LIQUIDIA CORPORATION 20.4%

Value $306M Shares 8,118,892 Est. Cost $5.57 Unrealized +580.7%

MLYS MINERALYS THERAPEUTICS INC 5.0%

Value $75.11M Shares 2,772,654 Est. Cost $14.60 Unrealized +114.8%

ANIK ANIKA THERAPEUTICS INC 1.4%

Value $20.81M Shares 1,435,130 Est. Cost $25.57 Unrealized -61.4%

VRCA VERRICA PHARMACEUTICALS INC 0.3%

Value $4.887M Shares 923,910 Est. Cost $6.03 Unrealized +16.4%

EXEL EXELIXIS INC 4.4%

Value $66.62M Shares 1,553,262 Est. Cost $19.81 Unrealized +121.0%

AGIO AGIOS PHARMACEUTICALS INC 0.2%

Value $3.045M Shares 90,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA	1,461,924	$163M	10.8%	$7.07	—	SPONSORED ADS	00370M103
LQDA	LIQUIDIA CORPORATION	8,118,892	$306M	20.4%	$5.57	+580.7%	COM NEW	53635D202
MLYS	MINERALYS THERAPEUTICS INC	2,772,654	$75.11M	5.0%	$14.60	+114.8%	COM	603170101
ANIK	ANIKA THERAPEUTICS INC	1,435,130	$20.81M	1.4%	$25.57	-61.4%	COM	035255108
VRCA	VERRICA PHARMACEUTICALS INC	923,910	$4.887M	0.3%	$6.03	+16.4%	COM SHS	92511W207
EXEL	EXELIXIS INC	1,553,262	$66.62M	4.4%	$19.81	+121.0%	COM	30161Q104
AGIO	AGIOS PHARMACEUTICALS INC	90,000	$3.045M	0.2%	—	—	CALL	00847X104