Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IMMX	IMMIX BIOPHARMA INC	2,345,000	$24.18M	2.2%	—	—	COM	45258H106
GLUE	MONTE ROSA THERAPEUTICS INC	745,000	$18.03M	1.6%	—	—	COM	61225M102
REPL	REPLIMUNE GROUP INC	1,384,993	$15.33M	1.4%	—	—	COM	76029N106
VSTM	VERASTEM INC	1,800,000	$6.876M	0.6%	—	—	COM NEW	92337C203
PHAT	PHATHOM PHARMACEUTICALS INC	185,589	$2.014M	0.2%	—	—	COM	71722W107
INBX	INHIBRX BIOSCIENCES INC	20,291	$1.923M	0.2%	—	—	COM	45720N103
COAG	HEMAB THERAPEUTICS HLDGS INC	47,652	$1.75M	0.2%	—	—	COM SHS	423494103
TRAX	FIRST TRACKS BIOTHERAPEUTICS	65,000	$1.308M	0.1%	—	—	ORD SHS	337185102
BHVN	BIOHAVEN LTD	77,915	$1.159M	0.1%	—	—	COM	G1110E107
KTTA	PASITHEA THERAPEUTICS CORP	2,050,000	$1.057M	0.1%	—	—	COM NEW	70261F202
ADCT	ADC THERAPEUTICS SA	700,000	$749K	0.1%	—	—	SHS	H0036K147
OKYO	OKYO PHARMA LTD	375,204	$563K	0.1%	—	—	SHS NEW	G6724L116
PTN	PALATIN TECHNOLOGIES INC	20,500	$221K	0.0%	—	—	COM NEW	696077601

Increased Positions (12)

IRON DISC MEDICINE INC 5.7%

Value $62.53M (+132.3%) Shares 855,000 (+103.1%) Est. Cost — Unrealized —

MGTX MEIRAGTX HLDGS PLC 4.3%

Value $47.96M (+160.8%) Shares 3,550,000 (+67.2%) Est. Cost — Unrealized —

CABA CABALETTA BIO INC 1.1%

Value $12.02M (+223.7%) Shares 3,863,800 (+180.0%) Est. Cost — Unrealized —

EDIT EDITAS MEDICINE INC 1.1%

Value $12.51M (+162.9%) Shares 3,861,930 (+100.4%) Est. Cost — Unrealized —

ACOG ALPHA COGNITION INC 1.9%

Value $20.91M (+48.6%) Shares 2,895,467 (+13.0%) Est. Cost — Unrealized —

XOMA XOMA ROYALTY CORPORATION 1.3%

Value $14.38M (+52.8%) Shares 338,374 (+12.8%) Est. Cost — Unrealized —

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 0.5%

Value $5.334M (+1018.5%) Shares 700,000 (+1213.8%) Est. Cost — Unrealized —

FDMT 4D MOLECULAR THERAPEUTICS IN 0.4%

Value $4.448M (+325.5%) Shares 334,437 (+197.8%) Est. Cost — Unrealized —

LYEL LYELL IMMUNOPHARMA INC 0.4%

Value $4.834M (+204.6%) Shares 344,025 (+334.9%) Est. Cost — Unrealized —

NTLA INTELLIA THERAPEUTICS INC 0.4%

Value $4.23M (+34.7%) Shares 250,000 (+2.0%) Est. Cost — Unrealized —

VYGR VOYAGER THERAPEUTICS INC 0.4%

Value $4.147M (-6.6%) Shares 1,185,000 (+3.0%) Est. Cost — Unrealized —

RCKT ROCKET PHARMACEUTICALS INC 0.3%

Value $3.42M (+0.0%) Shares 1,000,000 (+4.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IRON	DISC MEDICINE INC	855,000 (+103.1%)	$62.53M (+132.3%)	5.7%	—	—	COM	254604101
MGTX	MEIRAGTX HLDGS PLC	3,550,000 (+67.2%)	$47.96M (+160.8%)	4.3%	—	—	COM	G59665102
CABA	CABALETTA BIO INC	3,863,800 (+180.0%)	$12.02M (+223.7%)	1.1%	—	—	COM	12674W109
EDIT	EDITAS MEDICINE INC	3,861,930 (+100.4%)	$12.51M (+162.9%)	1.1%	—	—	COM	28106W103
ACOG	ALPHA COGNITION INC	2,895,467 (+13.0%)	$20.91M (+48.6%)	1.9%	—	—	COM NEW	02074J501
XOMA	XOMA ROYALTY CORPORATION	338,374 (+12.8%)	$14.38M (+52.8%)	1.3%	—	—	COM NEW	98419J206
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	700,000 (+1213.8%)	$5.334M (+1018.5%)	0.5%	—	—	COM NEW	107924102
FDMT	4D MOLECULAR THERAPEUTICS IN	334,437 (+197.8%)	$4.448M (+325.5%)	0.4%	—	—	COM	35104E100
LYEL	LYELL IMMUNOPHARMA INC	344,025 (+334.9%)	$4.834M (+204.6%)	0.4%	—	—	COM NEW	55083R203
NTLA	INTELLIA THERAPEUTICS INC	250,000 (+2.0%)	$4.23M (+34.7%)	0.4%	—	—	COM	45826J105
VYGR	VOYAGER THERAPEUTICS INC	1,185,000 (+3.0%)	$4.147M (-6.6%)	0.4%	—	—	COM	92915B106
RCKT	ROCKET PHARMACEUTICALS INC	1,000,000 (+4.7%)	$3.42M (+0.0%)	0.3%	—	—	COM	77313F106

Exited Positions (9)

CATX PERSPECTIVE THERAPEUTICS INC 1.8%

Value $19.49M Shares 4,675,000 Est. Cost — Unrealized —

ASRT ASSERTIO HOLDINGS INC 0.5%

Value $5.064M Shares 265,707 Est. Cost — Unrealized —

STRO SUTRO BIOPHARMA INC 0.4%

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

TECX TECTONIC THERAPEUTIC INC 0.3%

Value $3.802M Shares 123,000 Est. Cost — Unrealized —

RIGL RIGEL PHARMACEUTICALS INC 0.2%

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

NXTC NEXTCURE INC 0.1%

Value $1.508M Shares 141,181 Est. Cost — Unrealized —

— PERSPECTIVE THERAPEUTICS INC 0.1%

Value $834K Shares 200,000 Est. Cost — Unrealized —

PLX PROTALIX BIOTHERAPEUTICS INC 0.1%

Value $738K Shares 340,000 Est. Cost — Unrealized —

LBRX LB PHARMACEUTICALS INC 0.0%

Value $358K Shares 14,506 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CATX	PERSPECTIVE THERAPEUTICS INC	4,675,000	$19.49M	1.8%	—	—	—	46489V302
ASRT	ASSERTIO HOLDINGS INC	265,707	$5.064M	0.5%	—	—	—	04546C304
STRO	SUTRO BIOPHARMA INC	190,671	$4.75M	0.4%	—	—	—	869367201
TECX	TECTONIC THERAPEUTIC INC	123,000	$3.802M	0.3%	—	—	—	878972108
RIGL	RIGEL PHARMACEUTICALS INC	70,000	$1.893M	0.2%	—	—	—	766559702
NXTC	NEXTCURE INC	141,181	$1.508M	0.1%	—	—	—	65343E207
—	PERSPECTIVE THERAPEUTICS INC	200,000	$834K	0.1%	—	—	—	46489V902
PLX	PROTALIX BIOTHERAPEUTICS INC	340,000	$738K	0.1%	—	—	—	74365A309
LBRX	LB PHARMACEUTICALS INC	14,506	$358K	0.0%	—	—	—	50180M108

Decreased Positions (12)

LQDA LIQUIDIA CORPORATION 17.7%

Value $195M (+119.7%) Shares 2,447,500 (-3.8%) Est. Cost — Unrealized —

SNWV SANUWAVE HEALTH INC 0.3%

Value $3.061M (-82.0%) Shares 306,140 (-68.8%) Est. Cost — Unrealized —

CGON CG ONCOLOGY INC 0.1%

Value $1.264M (-80.3%) Shares 17,789 (-81.2%) Est. Cost — Unrealized —

QTTB Q32 BIO INC 1.1%

Value $11.86M (+47.1%) Shares 931,000 (-25.9%) Est. Cost — Unrealized —

ANNX ANNEXON INC 0.9%

Value $9.79M (-24.2%) Shares 1,714,451 (-26.5%) Est. Cost — Unrealized —

JBIO JADE BIOSCIENCES INC 0.3%

Value $3.222M (-46.4%) Shares 145,000 (-66.1%) Est. Cost — Unrealized —

HROW HARROW INC 9.2%

Value $102M (+2.1%) Shares 2,400,000 (-15.3%) Est. Cost — Unrealized —

DERM JOURNEY MED CORP 0.2%

Value $2.478M (-45.0%) Shares 350,000 (-63.5%) Est. Cost — Unrealized —

TRVI TREVI THERAPEUTICS INC 0.5%

Value $5.782M (+40.4%) Shares 310,000 (-10.2%) Est. Cost — Unrealized —

AVIR ATEA PHARMACEUTICALS INC 0.1%

Value $1.093M (-37.0%) Shares 235,000 (-27.2%) Est. Cost — Unrealized —

BDSX BIODESIX INC 0.4%

Value $4.059M (+17.6%) Shares 180,000 (-24.4%) Est. Cost — Unrealized —

FBIO FORTRESS BIOTECH INC 0.2%

Value $2.723M (-6.3%) Shares 890,000 (-14.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LQDA	LIQUIDIA CORPORATION	2,447,500 (-3.8%)	$195M (+119.7%)	17.7%	—	—	COM NEW	53635D202
SNWV	SANUWAVE HEALTH INC	306,140 (-68.8%)	$3.061M (-82.0%)	0.3%	—	—	COM	80303D305
CGON	CG ONCOLOGY INC	17,789 (-81.2%)	$1.264M (-80.3%)	0.1%	—	—	COM	156944100
QTTB	Q32 BIO INC	931,000 (-25.9%)	$11.86M (+47.1%)	1.1%	—	—	COM	746964105
ANNX	ANNEXON INC	1,714,451 (-26.5%)	$9.79M (-24.2%)	0.9%	—	—	COM	03589W102
JBIO	JADE BIOSCIENCES INC	145,000 (-66.1%)	$3.222M (-46.4%)	0.3%	—	—	COM NEW	008064206
HROW	HARROW INC	2,400,000 (-15.3%)	$102M (+2.1%)	9.2%	—	—	COM	415858109
DERM	JOURNEY MED CORP	350,000 (-63.5%)	$2.478M (-45.0%)	0.2%	—	—	COM	48115J109
TRVI	TREVI THERAPEUTICS INC	310,000 (-10.2%)	$5.782M (+40.4%)	0.5%	—	—	COM	89532M101
AVIR	ATEA PHARMACEUTICALS INC	235,000 (-27.2%)	$1.093M (-37.0%)	0.1%	—	—	COM	04683R106
BDSX	BIODESIX INC	180,000 (-24.4%)	$4.059M (+17.6%)	0.4%	—	—	COM	09075X207
FBIO	FORTRESS BIOTECH INC	890,000 (-14.6%)	$2.723M (-6.3%)	0.2%	—	—	COM NEW	34960Q307

Unchanged Positions (21)

ETON ETON PHARMACEUTICALS INC 9.4%

Value $104M Shares 2,860,000 Est. Cost — Unrealized —

URGN UROGEN PHARMA LTD 4.8%

Value $52.99M Shares 1,439,996 Est. Cost — Unrealized —

RYTM RHYTHM PHARMACEUTICALS INC 1.2%

Value $13.6M Shares 122,500 Est. Cost — Unrealized —

APGE APOGEE THERAPEUTICS INC 4.7%

Value $51.76M Shares 390,000 Est. Cost — Unrealized —

RZLT REZOLUTE INC 3.0%

Value $32.76M Shares 6,300,000 Est. Cost — Unrealized —

TGTX TG THERAPEUTICS INC 2.7%

Value $29.39M Shares 535,000 Est. Cost — Unrealized —

RVMD REVOLUTION MEDICINES INC 1.7%

Value $18.73M Shares 100,000 Est. Cost — Unrealized —

MBX MBX BIOSCIENCES INC 1.3%

Value $14.35M Shares 260,000 Est. Cost — Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 1.8%

Value $20.32M Shares 500,000 Est. Cost — Unrealized —

CDXS CODEXIS INC 1.4%

Value $15.33M Shares 6,785,000 Est. Cost — Unrealized —

ZNTL ZENTALIS PHARMACEUTICALS INC 0.6%

Value $6.851M Shares 1,412,656 Est. Cost — Unrealized —

ALMS ALUMIS INC 1.4%

Value $15.48M Shares 550,000 Est. Cost — Unrealized —

SLGL SOL-GEL TECHNOLOGIES LTD 3.4%

Value $37.07M Shares 500,000 Est. Cost — Unrealized —

IRD OPUS GENETICS INC 0.4%

Value $4.624M Shares 1,125,000 Est. Cost — Unrealized —

PTGX PROTAGONIST THERAPEUTICS INC 1.1%

Value $12.26M Shares 100,000 Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 0.5%

Value $5.892M Shares 600,000 Est. Cost — Unrealized —

CBIO CRESCENT BIOPHARMA INC. 2.2%

Value $23.75M Shares 1,319,351 Est. Cost — Unrealized —

ENTA ENANTA PHARMACEUTICALS INC 0.2%

Value $1.823M Shares 125,000 Est. Cost — Unrealized —

STOK STOKE THERAPEUTICS INC 2.1%

Value $22.9M Shares 700,000 Est. Cost — Unrealized —

RLMD RELMADA THERAPEUTICS INC 0.6%

Value $6.47M Shares 935,000 Est. Cost — Unrealized —

ADGM ADAGIO MED HLDGS INC 0.0%

Value $13,353 Shares 18,444 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ETON	ETON PHARMACEUTICALS INC	2,860,000	$104M	9.4%	—	—	COM	29772L108
URGN	UROGEN PHARMA LTD	1,439,996	$52.99M	4.8%	—	—	COM	M96088105
RYTM	RHYTHM PHARMACEUTICALS INC	122,500	$13.6M	1.2%	—	—	COM	76243J105
APGE	APOGEE THERAPEUTICS INC	390,000	$51.76M	4.7%	—	—	COM	03770N101
RZLT	REZOLUTE INC	6,300,000	$32.76M	3.0%	—	—	COM NEW	76200L309
TGTX	TG THERAPEUTICS INC	535,000	$29.39M	2.7%	—	—	COM	88322Q108
RVMD	REVOLUTION MEDICINES INC	100,000	$18.73M	1.7%	—	—	COM	76155X100
MBX	MBX BIOSCIENCES INC	260,000	$14.35M	1.3%	—	—	COM	55287L101
EWTX	EDGEWISE THERAPEUTICS INC	500,000	$20.32M	1.8%	—	—	COM	28036F105
CDXS	CODEXIS INC	6,785,000	$15.33M	1.4%	—	—	COM	192005106
ZNTL	ZENTALIS PHARMACEUTICALS INC	1,412,656	$6.851M	0.6%	—	—	COM	98943L107
ALMS	ALUMIS INC	550,000	$15.48M	1.4%	—	—	COM	022307102
SLGL	SOL-GEL TECHNOLOGIES LTD	500,000	$37.07M	3.4%	—	—	SHS NEW	M8694L137
IRD	OPUS GENETICS INC	1,125,000	$4.624M	0.4%	—	—	COM	67577R102
PTGX	PROTAGONIST THERAPEUTICS INC	100,000	$12.26M	1.1%	—	—	COM	74366E102
OCUL	OCULAR THERAPEUTIX INC	600,000	$5.892M	0.5%	—	—	COM	67576A100
CBIO	CRESCENT BIOPHARMA INC.	1,319,351	$23.75M	2.2%	—	—	COM	G2545C104
ENTA	ENANTA PHARMACEUTICALS INC	125,000	$1.823M	0.2%	—	—	COM	29251M106
STOK	STOKE THERAPEUTICS INC	700,000	$22.9M	2.1%	—	—	COM	86150R107
RLMD	RELMADA THERAPEUTICS INC	935,000	$6.47M	0.6%	—	—	COM	75955J402
ADGM	ADAGIO MED HLDGS INC	18,444	$13,353	0.0%	—	—	COM	00534B100