Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ASRT	ASSERTIO HOLDINGS INC	265,707	$5.064M	0.7%	—	—	COM NEW	04546C304
EDIT	EDITAS MEDICINE INC	1,926,997	$4.76M	0.6%	—	—	COM	28106W103
BDSX	BIODESIX INC	238,047	$3.452M	0.5%	—	—	COM	09075X207
NTLA	INTELLIA THERAPEUTICS INC	245,000	$3.141M	0.4%	—	—	COM	45826J105
LYEL	LYELL IMMUNOPHARMA INC	79,097	$1.587M	0.2%	—	—	COM NEW	55083R203
NXTC	NEXTCURE INC	141,181	$1.508M	0.2%	—	—	COM NEW	65343E207
FDMT	4D MOLECULAR THERAPEUTICS IN	112,291	$1.045M	0.1%	—	—	COM	35104E100
—	PERSPECTIVE THERAPEUTICS INC	200,000	$834K	0.1%	—	—	CALL	46489V902
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	53,282	$477K	0.1%	—	—	COM NEW	107924102
LBRX	LB PHARMACEUTICALS INC	14,506	$358K	0.0%	—	—	COM SHS	50180M108

Increased Positions (14)

SLGL SOL-GEL TECHNOLOGIES LTD 5.2%

Value $39.61M (+107.2%) Shares 500,000 (+10.2%) Est. Cost — Unrealized —

URGN UROGEN PHARMA LTD 3.4%

Value $25.71M (+309.0%) Shares 1,430,000 (+432.7%) Est. Cost — Unrealized —

MGTX MEIRAGTX HLDGS PLC 2.4%

Value $18.39M (+491.8%) Shares 2,123,259 (+443.2%) Est. Cost — Unrealized —

CATX PERSPECTIVE THERAPEUTICS INC 2.6%

Value $19.49M (+290.7%) Shares 4,675,000 (+294.7%) Est. Cost — Unrealized —

IRON DISC MEDICINE INC 3.5%

Value $26.92M (+69.5%) Shares 421,000 (+110.5%) Est. Cost — Unrealized —

CBIO CRESCENT BIOPHARMA INC. 3.2%

Value $24.11M (+72.5%) Shares 1,312,615 (+11.4%) Est. Cost — Unrealized —

QTTB Q32 BIO INC 1.1%

Value $8.065M (+1038.5%) Shares 1,256,228 (+488.8%) Est. Cost — Unrealized —

ALMS ALUMIS INC 1.6%

Value $12.12M (+132.0%) Shares 550,000 (+2.8%) Est. Cost — Unrealized —

LQDA LIQUIDIA CORPORATION 11.7%

Value $88.82M (+4.5%) Shares 2,545,000 (+4.5%) Est. Cost — Unrealized —

CABA CABALETTA BIO INC 0.5%

Value $3.712M (+88.3%) Shares 1,380,000 (+53.3%) Est. Cost — Unrealized —

XOMA XOMA ROYALTY CORPORATION 1.2%

Value $9.411M (+21.0%) Shares 300,000 (+2.5%) Est. Cost — Unrealized —

AVIR ATEA PHARMACEUTICALS INC 0.2%

Value $1.736M (+170.4%) Shares 322,600 (+79.4%) Est. Cost — Unrealized —

ACOG ALPHA COGNITION INC 1.9%

Value $14.07M (+4.5%) Shares 2,561,950 (+23.7%) Est. Cost — Unrealized —

ENTA ENANTA PHARMACEUTICALS INC 0.2%

Value $1.579M (+33.5%) Shares 125,000 (+66.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLGL	SOL-GEL TECHNOLOGIES LTD	500,000 (+10.2%)	$39.61M (+107.2%)	5.2%	—	—	SHS NEW	M8694L137
URGN	UROGEN PHARMA LTD	1,430,000 (+432.7%)	$25.71M (+309.0%)	3.4%	—	—	COM	M96088105
MGTX	MEIRAGTX HLDGS PLC	2,123,259 (+443.2%)	$18.39M (+491.8%)	2.4%	—	—	COM	G59665102
CATX	PERSPECTIVE THERAPEUTICS INC	4,675,000 (+294.7%)	$19.49M (+290.7%)	2.6%	—	—	COM NEW	46489V302
IRON	DISC MEDICINE INC	421,000 (+110.5%)	$26.92M (+69.5%)	3.5%	—	—	COM	254604101
CBIO	CRESCENT BIOPHARMA INC.	1,312,615 (+11.4%)	$24.11M (+72.5%)	3.2%	—	—	COM	G2545C104
QTTB	Q32 BIO INC	1,256,228 (+488.8%)	$8.065M (+1038.5%)	1.1%	—	—	COM	746964105
ALMS	ALUMIS INC	550,000 (+2.8%)	$12.12M (+132.0%)	1.6%	—	—	COM	022307102
LQDA	LIQUIDIA CORPORATION	2,545,000 (+4.5%)	$88.82M (+4.5%)	11.7%	—	—	COM NEW	53635D202
CABA	CABALETTA BIO INC	1,380,000 (+53.3%)	$3.712M (+88.3%)	0.5%	—	—	COM	12674W109
XOMA	XOMA ROYALTY CORPORATION	300,000 (+2.5%)	$9.411M (+21.0%)	1.2%	—	—	COM NEW	98419J206
AVIR	ATEA PHARMACEUTICALS INC	322,600 (+79.4%)	$1.736M (+170.4%)	0.2%	—	—	COM	04683R106
ACOG	ALPHA COGNITION INC	2,561,950 (+23.7%)	$14.07M (+4.5%)	1.9%	—	—	COM NEW	02074J501
ENTA	ENANTA PHARMACEUTICALS INC	125,000 (+66.7%)	$1.579M (+33.5%)	0.2%	—	—	COM	29251M106

Exited Positions (10)

ALKS ALKERMES PLC 1.8%

Value $13.71M Shares 490,000 Est. Cost — Unrealized —

GOSS GOSSAMER BIO INC 1.1%

Value $8.432M Shares 2,720,000 Est. Cost — Unrealized —

KPTI KARYOPHARM THERAPEUTICS INC 0.9%

Value $6.845M Shares 930,000 Est. Cost — Unrealized —

ZYME ZYMEWORKS INC 0.4%

Value $2.868M Shares 108,929 Est. Cost — Unrealized —

— ASSERTIO HOLDINGS INC 0.3%

Value $2.585M Shares 285,000 Est. Cost — Unrealized —

VTYX VENTYX BIOSCIENCES INC 0.3%

Value $2.275M Shares 251,932 Est. Cost — Unrealized —

— GENERATION BIO CO 0.2%

Value $1.761M Shares 310,000 Est. Cost — Unrealized —

BBIO BRIDGEBIO PHARMA INC 0.2%

Value $1.401M Shares 18,319 Est. Cost — Unrealized —

SLN SILENCE THERAPEUTICS PLC 0.1%

Value $480K Shares 78,926 Est. Cost — Unrealized —

RAPT RAPT THERAPEUTICS INC 0.0%

Value $213K Shares 150,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALKS	ALKERMES PLC	490,000	$13.71M	1.8%	—	—	—	G01767105
GOSS	GOSSAMER BIO INC	2,720,000	$8.432M	1.1%	—	—	—	38341P102
KPTI	KARYOPHARM THERAPEUTICS INC	930,000	$6.845M	0.9%	—	—	—	48576U205
ZYME	ZYMEWORKS INC	108,929	$2.868M	0.4%	—	—	—	98985Y108
—	ASSERTIO HOLDINGS INC	285,000	$2.585M	0.3%	—	—	—	04546C205
VTYX	VENTYX BIOSCIENCES INC	251,932	$2.275M	0.3%	—	—	—	92332V107
—	GENERATION BIO CO	310,000	$1.761M	0.2%	—	—	—	37148K209
BBIO	BRIDGEBIO PHARMA INC	18,319	$1.401M	0.2%	—	—	—	10806X102
SLN	SILENCE THERAPEUTICS PLC	78,926	$480K	0.1%	—	—	—	82686Q101
RAPT	RAPT THERAPEUTICS INC	150,000	$213K	0.0%	—	—	—	75382E208

Decreased Positions (11)

HROW HARROW INC 13.2%

Value $99.86M (-47.8%) Shares 2,832,230 (-27.5%) Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 0.7%

Value $5.082M (-73.8%) Shares 600,000 (-62.4%) Est. Cost — Unrealized —

CGON CG ONCOLOGY INC 0.8%

Value $6.416M (-62.3%) Shares 94,800 (-76.9%) Est. Cost — Unrealized —

PLX PROTALIX BIOTHERAPEUTICS INC 0.1%

Value $738K (-83.5%) Shares 340,000 (-86.3%) Est. Cost — Unrealized —

DERM JOURNEY MED CORP 0.6%

Value $4.502M (-40.1%) Shares 960,000 (-1.5%) Est. Cost — Unrealized —

PTGX PROTAGONIST THERAPEUTICS INC 1.4%

Value $10.54M (+14.9%) Shares 100,000 (-4.8%) Est. Cost — Unrealized —

FBIO FORTRESS BIOTECH INC 0.4%

Value $2.907M (-27.1%) Shares 1,042,000 (-4.4%) Est. Cost — Unrealized —

TECX TECTONIC THERAPEUTIC INC 0.5%

Value $3.802M (-15.1%) Shares 123,000 (-42.7%) Est. Cost — Unrealized —

VYGR VOYAGER THERAPEUTICS INC 0.6%

Value $4.439M (-5.6%) Shares 1,150,000 (-3.9%) Est. Cost — Unrealized —

ANNX ANNEXON INC 1.7%

Value $12.92M (-1.0%) Shares 2,331,761 (-10.3%) Est. Cost — Unrealized —

RYTM RHYTHM PHARMACEUTICALS INC 4.7%

Value $35.32M (0.0%) Shares 123,000 (-62.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HROW	HARROW INC	2,832,230 (-27.5%)	$99.86M (-47.8%)	13.2%	—	—	COM	415858109
OCUL	OCULAR THERAPEUTIX INC	600,000 (-62.4%)	$5.082M (-73.8%)	0.7%	—	—	COM	67576A100
CGON	CG ONCOLOGY INC	94,800 (-76.9%)	$6.416M (-62.3%)	0.8%	—	—	COM	156944100
PLX	PROTALIX BIOTHERAPEUTICS INC	340,000 (-86.3%)	$738K (-83.5%)	0.1%	—	—	COM	74365A309
DERM	JOURNEY MED CORP	960,000 (-1.5%)	$4.502M (-40.1%)	0.6%	—	—	COM	48115J109
PTGX	PROTAGONIST THERAPEUTICS INC	100,000 (-4.8%)	$10.54M (+14.9%)	1.4%	—	—	COM	74366E102
FBIO	FORTRESS BIOTECH INC	1,042,000 (-4.4%)	$2.907M (-27.1%)	0.4%	—	—	COM NEW	34960Q307
TECX	TECTONIC THERAPEUTIC INC	123,000 (-42.7%)	$3.802M (-15.1%)	0.5%	—	—	COM	878972108
VYGR	VOYAGER THERAPEUTICS INC	1,150,000 (-3.9%)	$4.439M (-5.6%)	0.6%	—	—	COM	92915B106
ANNX	ANNEXON INC	2,331,761 (-10.3%)	$12.92M (-1.0%)	1.7%	—	—	COM	03589W102
RYTM	RHYTHM PHARMACEUTICALS INC	123,000 (-62.7%)	$35.32M (0.0%)	4.7%	—	—	COM	76243J105

Unchanged Positions (19)

ETON ETON PHARMACEUTICALS INC 9.3%

Value $70.58M Shares 2,860,000 Est. Cost — Unrealized —

SNWV SANUWAVE HEALTH INC 2.2%

Value $16.97M Shares 981,267 Est. Cost — Unrealized —

RZLT REZOLUTE INC 2.5%

Value $19.21M Shares 6,300,000 Est. Cost — Unrealized —

APGE APOGEE THERAPEUTICS INC 4.3%

Value $32.83M Shares 390,000 Est. Cost — Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 2.1%

Value $15.75M Shares 500,000 Est. Cost — Unrealized —

STRO SUTRO BIOPHARMA INC 0.6%

Value $4.75M Shares 190,671 Est. Cost — Unrealized —

RLMD RELMADA THERAPEUTICS INC 0.9%

Value $6.508M Shares 935,000 Est. Cost — Unrealized —

TGTX TG THERAPEUTICS INC 2.3%

Value $17.77M Shares 535,000 Est. Cost — Unrealized —

RVMD REVOLUTION MEDICINES INC 1.3%

Value $9.725M Shares 100,000 Est. Cost — Unrealized —

ZNTL ZENTALIS PHARMACEUTICALS INC 0.4%

Value $3.306M Shares 1,412,656 Est. Cost — Unrealized —

RIGL RIGEL PHARMACEUTICALS INC 0.2%

Value $1.893M Shares 70,000 Est. Cost — Unrealized —

STOK STOKE THERAPEUTICS INC 3.0%

Value $22.79M Shares 700,000 Est. Cost — Unrealized —

JBIO JADE BIOSCIENCES INC 0.8%

Value $6.008M Shares 427,608 Est. Cost — Unrealized —

MBX MBX BIOSCIENCES INC 1.0%

Value $7.761M Shares 260,000 Est. Cost — Unrealized —

TRVI TREVI THERAPEUTICS INC 0.5%

Value $4.117M Shares 345,100 Est. Cost — Unrealized —

RCKT ROCKET PHARMACEUTICALS INC 0.5%

Value $3.419M Shares 955,000 Est. Cost — Unrealized —

CDXS CODEXIS INC 1.5%

Value $11.06M Shares 6,785,000 Est. Cost — Unrealized —

ADGM ADAGIO MED HLDGS INC 0.0%

Value $21,211 Shares 18,444 Est. Cost — Unrealized —

IRD OPUS GENETICS INC 0.3%

Value $2.251M Shares 1,120,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ETON	ETON PHARMACEUTICALS INC	2,860,000	$70.58M	9.3%	—	—	COM	29772L108
SNWV	SANUWAVE HEALTH INC	981,267	$16.97M	2.2%	—	—	COM	80303D305
RZLT	REZOLUTE INC	6,300,000	$19.21M	2.5%	—	—	COM NEW	76200L309
APGE	APOGEE THERAPEUTICS INC	390,000	$32.83M	4.3%	—	—	COM	03770N101
EWTX	EDGEWISE THERAPEUTICS INC	500,000	$15.75M	2.1%	—	—	COM	28036F105
STRO	SUTRO BIOPHARMA INC	190,671	$4.75M	0.6%	—	—	COM SHS	869367201
RLMD	RELMADA THERAPEUTICS INC	935,000	$6.508M	0.9%	—	—	COM	75955J402
TGTX	TG THERAPEUTICS INC	535,000	$17.77M	2.3%	—	—	COM	88322Q108
RVMD	REVOLUTION MEDICINES INC	100,000	$9.725M	1.3%	—	—	COM	76155X100
ZNTL	ZENTALIS PHARMACEUTICALS INC	1,412,656	$3.306M	0.4%	—	—	COM	98943L107
RIGL	RIGEL PHARMACEUTICALS INC	70,000	$1.893M	0.2%	—	—	COM	766559702
STOK	STOKE THERAPEUTICS INC	700,000	$22.79M	3.0%	—	—	COM	86150R107
JBIO	JADE BIOSCIENCES INC	427,608	$6.008M	0.8%	—	—	COM NEW	008064206
MBX	MBX BIOSCIENCES INC	260,000	$7.761M	1.0%	—	—	COM	55287L101
TRVI	TREVI THERAPEUTICS INC	345,100	$4.117M	0.5%	—	—	COM	89532M101
RCKT	ROCKET PHARMACEUTICALS INC	955,000	$3.419M	0.5%	—	—	COM	77313F106
CDXS	CODEXIS INC	6,785,000	$11.06M	1.5%	—	—	COM	192005106
ADGM	ADAGIO MED HLDGS INC	18,444	$21,211	0.0%	—	—	COM	00534B100
IRD	OPUS GENETICS INC	1,120,000	$2.251M	0.3%	—	—	COM	67577R102