Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RLMD	RELMADA THERAPEUTICS INC	409,387	$2.849M	1.6%	$4.01	0.0%	COM	75955J402
OCUL	OCULAR THERAPEUTIX INC	320,000	$2.71M	1.5%	$9.83	0.0%	COM	67576A100
CLDX	CELLDEX THERAPEUTICS INC	70,095	$2.223M	1.3%	$25.41	0.0%	COM NEW	15117B202
CMPS	COMPASS PATHWAYS LTD	375,000	$2.074M	1.2%	$5.53	—	SPONSORED ADS	20451W101
ENGN	ENGENE HOLDINGS INC	250,000	$1.702M	1.0%	$9.66	0.0%	COM	29286M105
ZBIO	ZENAS BIOPHARMA INC	70,000	$1.369M	0.8%	$21.89	0.0%	COM	98937L105
BIIB	BIOGEN INC	5,000	$917K	0.5%	$183.25	0.0%	COM	09062X103
LPCN	LIPOCINE INC	111,786	$893K	0.5%	$9.20	0.0%	COM NEW	53630X203
IDYA	IDEAYA BIOSCIENCES INC	16,860	$562K	0.3%	$33.87	0.0%	COM	45166A102
RCUS	ARCUS BIOSCIENCES INC	25,889	$559K	0.3%	$21.27	0.0%	COM	03969F109
RGNX	REGENXBIO INC	66,270	$555K	0.3%	$11.60	0.0%	COM	75901B107
—	KARYOPHARM THERAPEUTICS INC	83,952	$468K	0.3%	$5.57	—	COM	48576U106
RCKT	ROCKET PHARMACEUTICALS INC	127,025	$455K	0.3%	$3.61	0.0%	COM	77313F106
VRDN	VIRIDIAN THERAPEUTICS INC	20,100	$393K	0.2%	$30.84	0.0%	COM	92790C104
GRCE	GRACE THERAPEUTICS INC	50,000	$232K	0.1%	$3.72	0.0%	COM	00439U104
KYNB	KYNTRA BIO INC	22,566	$153K	0.1%	$8.36	0.0%	COM NEW	31572Q881
QNRX	QUOIN PHARMACEUTICALS LTD	20,000	$132K	0.1%	$6.60	—	SPONSORED ADS	74907L409

Increased Positions (10)

NTLA INTELLIA THERAPEUTICS INC 3.3%

Value $5.71M (+101.4%) Shares 445,400 (+41.2%) Est. Cost $12.62 Unrealized -1.7%

BMY BRISTOL-MYERS SQUIBB CO 10.6%

Value $18.58M (+13.7%) Shares 306,268 (+1.1%) Est. Cost $44.84 Unrealized +28.1%

GPCR STRUCTURE THERAPEUTICS INC 2.7%

Value $4.82M (-23.0%) Shares 100,000 (+11.1%) Est. Cost $32.39 Unrealized —

UTHR UNITED THERAPEUTICS CORP 1.5%

Value $2.668M (+82.5%) Shares 4,500 (+50.0%) Est. Cost $222.21 Unrealized +116.2%

PACB PACIFIC BIOSCIENCES OF CALIFORNIA INC 1.1%

Value $1.98M (+111.8%) Shares 1,500,000 (+200.0%) Est. Cost $1.75 Unrealized +15.8%

QURE UNIQURE NV 0.9%

Value $1.646M (+123.5%) Shares 100,697 (+227.1%) Est. Cost $20.16 Unrealized +16.9%

— QUIDELORTHO CORP 0.8%

Value $1.356M (-34.5%) Shares 82,548 (+13.8%) Est. Cost $59.19 Unrealized —

NVCR NOVOCURE LTD 1.3%

Value $2.205M (+12.1%) Shares 202,330 (+33.0%) Est. Cost $15.28 Unrealized -17.7%

PRTA PROTHENA CORP PLC 2.5%

Value $4.364M (+3.6%) Shares 449,019 (+1.8%) Est. Cost $20.62 Unrealized -55.8%

ZNTL ZENTALIS PHARMACEUTICALS INC 0.0%

Value $40,957 (+78.5%) Shares 17,503 (+3.0%) Est. Cost $13.60 Unrealized -80.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NTLA	INTELLIA THERAPEUTICS INC	445,400 (+41.2%)	$5.71M (+101.4%)	3.3%	$12.62	-1.7%	COM	45826J105
BMY	BRISTOL-MYERS SQUIBB CO	306,268 (+1.1%)	$18.58M (+13.7%)	10.6%	$44.84	+28.1%	COM	110122108
GPCR	STRUCTURE THERAPEUTICS INC	100,000 (+11.1%)	$4.82M (-23.0%)	2.7%	$32.39	—	SPONS ADR	86366E106
UTHR	UNITED THERAPEUTICS CORP	4,500 (+50.0%)	$2.668M (+82.5%)	1.5%	$222.21	+116.2%	COM	91307C102
PACB	PACIFIC BIOSCIENCES OF CALIFORNIA INC	1,500,000 (+200.0%)	$1.98M (+111.8%)	1.1%	$1.75	+15.8%	COM	69404D108
QURE	UNIQURE NV	100,697 (+227.1%)	$1.646M (+123.5%)	0.9%	$20.16	+16.9%	SHS	N90064101
—	QUIDELORTHO CORP	82,548 (+13.8%)	$1.356M (-34.5%)	0.8%	$59.19	—	COM	74838J101
NVCR	NOVOCURE LTD	202,330 (+33.0%)	$2.205M (+12.1%)	1.3%	$15.28	-17.7%	ORD SHS	G6674U108
PRTA	PROTHENA CORP PLC	449,019 (+1.8%)	$4.364M (+3.6%)	2.5%	$20.62	-55.8%	SHS	G72800108
ZNTL	ZENTALIS PHARMACEUTICALS INC	17,503 (+3.0%)	$40,957 (+78.5%)	0.0%	$13.60	-80.8%	COM	98943L107

Exited Positions (12)

FOLD AMICUS THERAPEUTICS INC 2.1%

Value $3.603M Shares 253,000 Est. Cost $7.94 Unrealized +80.1%

MASI MASIMO CORP 0.6%

Value $1.077M Shares 8,280 Est. Cost $81.54 Unrealized +78.0%

TXG 10X GENOMICS INC 0.5%

Value $962K Shares 59,000 Est. Cost $15.11 Unrealized +31.4%

VTYX VENTYX BIOSCIENCES INC 0.5%

Value $910K Shares 100,827 Est. Cost $8.08 Unrealized +67.4%

ILMN ILLUMINA INC 0.4%

Value $787K Shares 6,000 Est. Cost $117.40 Unrealized +15.4%

— BIOHAVEN LTD 0.4%

Value $670K Shares 59,365 Est. Cost $11.29 Unrealized —

TMCI TREACE MEDICAL CONCEPTS INC 0.3%

Value $556K Shares 226,947 Est. Cost $6.12 Unrealized -61.6%

RAPT RAPT THERAPEUTICS INC 0.3%

Value $508K Shares 15,000 Est. Cost $31.06 Unrealized +62.6%

ATEC ALPHATEC HOLDINGS INC 0.2%

Value $380K Shares 18,058 Est. Cost $8.72 Unrealized +82.9%

LQDA LIQUIDIA TECHNOLOGIES INC 0.2%

Value $345K Shares 10,000 Est. Cost $28.47 Unrealized +33.2%

INBX INHIBRX BIOSCIENCES INC 0.2%

Value $292K Shares 3,698 Est. Cost $14.64 Unrealized +430.8%

ALMS ALUMIS INC 0.1%

Value $97,600 Shares 10,000 Est. Cost $12.13 Unrealized +100.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FOLD	AMICUS THERAPEUTICS INC	253,000	$3.603M	2.1%	$7.94	+80.1%	—	03152W109
MASI	MASIMO CORP	8,280	$1.077M	0.6%	$81.54	+78.0%	—	574795100
TXG	10X GENOMICS INC	59,000	$962K	0.5%	$15.11	+31.4%	—	88025U109
VTYX	VENTYX BIOSCIENCES INC	100,827	$910K	0.5%	$8.08	+67.4%	—	92332V107
ILMN	ILLUMINA INC	6,000	$787K	0.4%	$117.40	+15.4%	—	452327109
—	BIOHAVEN LTD	59,365	$670K	0.4%	$11.29	—	—	G11196105
TMCI	TREACE MEDICAL CONCEPTS INC	226,947	$556K	0.3%	$6.12	-61.6%	—	89455T109
RAPT	RAPT THERAPEUTICS INC	15,000	$508K	0.3%	$31.06	+62.6%	—	75382E208
ATEC	ALPHATEC HOLDINGS INC	18,058	$380K	0.2%	$8.72	+82.9%	—	02081G201
LQDA	LIQUIDIA TECHNOLOGIES INC	10,000	$345K	0.2%	$28.47	+33.2%	—	53635D202
INBX	INHIBRX BIOSCIENCES INC	3,698	$292K	0.2%	$14.64	+430.8%	—	45720N103
ALMS	ALUMIS INC	10,000	$97,600	0.1%	$12.13	+100.6%	—	022307102

Decreased Positions (18)

OLMA OLEMA PHARMACEUTICALS INC 1.9%

Value $3.265M (-51.4%) Shares 219,000 (-18.6%) Est. Cost $9.40 Unrealized +170.9%

CSTL CASTLE BIOSCIENCES INC 0.2%

Value $317K (-89.9%) Shares 12,900 (-84.0%) Est. Cost $23.48 Unrealized +56.6%

KLAC KLA CORPORATION 16.7%

Value $29.28M (+10.1%) Shares 19,883 (-9.1%) Est. Cost $798.69 Unrealized +83.1%

PHR PHREESIA INC 0.1%

Value $120K (-93.6%) Shares 14,300 (-87.1%) Est. Cost $21.44 Unrealized -33.5%

IMNM IMMUNOME INC 0.6%

Value $1.093M (-60.8%) Shares 50,000 (-61.5%) Est. Cost $10.60 Unrealized +117.6%

STOK STOKE THERAPEUTICS INC 3.9%

Value $6.838M (-17.1%) Shares 210,000 (-19.2%) Est. Cost $12.13 Unrealized +162.5%

PTGX PROTAGONIST THERAPEUTICS INC 2.1%

Value $3.689M (-23.2%) Shares 35,000 (-36.4%) Est. Cost $39.90 Unrealized +108.7%

HROW HARROW HEALTH INC 0.5%

Value $846K (-49.2%) Shares 24,000 (-29.4%) Est. Cost $6.05 Unrealized +696.1%

CMPX COMPASS THERAPEUTICS INC 4.4%

Value $7.754M (-9.3%) Shares 1,465,867 (-8.0%) Est. Cost $3.82 Unrealized +57.2%

LRCX LAM RESEARCH CORPORATION 4.4%

Value $7.692M (+11.4%) Shares 36,000 (-10.7%) Est. Cost $155.36 Unrealized +45.4%

TVTX TRAVERE THERAPEUTICS INC 0.5%

Value $868K (-47.2%) Shares 29,200 (-32.1%) Est. Cost $13.34 Unrealized +132.6%

SLDB SOLID BIOSCIENCES INC 2.6%

Value $4.507M (+13.2%) Shares 625,980 (-11.3%) Est. Cost $5.15 Unrealized +17.4%

APGE APOGEE THERAPEUTICS INC 0.4%

Value $758K (-37.3%) Shares 9,000 (-43.8%) Est. Cost $38.35 Unrealized +88.3%

CORT CORCEPT THERAPEUTICS INC 1.1%

Value $1.903M (-18.6%) Shares 47,200 (-29.8%) Est. Cost $14.57 Unrealized +166.3%

GOSS GOSSAMER BIO INC 0.0%

Value $5,971 (-98.6%) Shares 18,176 (-86.8%) Est. Cost $5.35 Unrealized -57.9%

AXSM AXSOME THERAPEUTICS INC 0.6%

Value $1.014M (-8.4%) Shares 6,000 (-1.0%) Est. Cost $94.39 Unrealized +91.0%

DCGO DOCGO INC 0.0%

Value $24,895 (-43.2%) Shares 39,573 (-20.7%) Est. Cost $4.44 Unrealized -81.8%

ELUT ELUTIA INC 0.1%

Value $173K (-4.9%) Shares 165,094 (-37.2%) Est. Cost $5.84 Unrealized -84.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OLMA	OLEMA PHARMACEUTICALS INC	219,000 (-18.6%)	$3.265M (-51.4%)	1.9%	$9.40	+170.9%	COM	68062P106
CSTL	CASTLE BIOSCIENCES INC	12,900 (-84.0%)	$317K (-89.9%)	0.2%	$23.48	+56.6%	COM	14843C105
KLAC	KLA CORPORATION	19,883 (-9.1%)	$29.28M (+10.1%)	16.7%	$798.69	+83.1%	COM NEW	482480100
PHR	PHREESIA INC	14,300 (-87.1%)	$120K (-93.6%)	0.1%	$21.44	-33.5%	COM	71944F106
IMNM	IMMUNOME INC	50,000 (-61.5%)	$1.093M (-60.8%)	0.6%	$10.60	+117.6%	COM	45257U108
STOK	STOKE THERAPEUTICS INC	210,000 (-19.2%)	$6.838M (-17.1%)	3.9%	$12.13	+162.5%	COM	86150R107
PTGX	PROTAGONIST THERAPEUTICS INC	35,000 (-36.4%)	$3.689M (-23.2%)	2.1%	$39.90	+108.7%	COM	74366E102
HROW	HARROW HEALTH INC	24,000 (-29.4%)	$846K (-49.2%)	0.5%	$6.05	+696.1%	COM	415858109
CMPX	COMPASS THERAPEUTICS INC	1,465,867 (-8.0%)	$7.754M (-9.3%)	4.4%	$3.82	+57.2%	COM	20454B104
LRCX	LAM RESEARCH CORPORATION	36,000 (-10.7%)	$7.692M (+11.4%)	4.4%	$155.36	+45.4%	COM NEW	512807306
TVTX	TRAVERE THERAPEUTICS INC	29,200 (-32.1%)	$868K (-47.2%)	0.5%	$13.34	+132.6%	COM	89422G107
SLDB	SOLID BIOSCIENCES INC	625,980 (-11.3%)	$4.507M (+13.2%)	2.6%	$5.15	+17.4%	COM NEW	83422E204
APGE	APOGEE THERAPEUTICS INC	9,000 (-43.8%)	$758K (-37.3%)	0.4%	$38.35	+88.3%	COM	03770N101
CORT	CORCEPT THERAPEUTICS INC	47,200 (-29.8%)	$1.903M (-18.6%)	1.1%	$14.57	+166.3%	COM	218352102
GOSS	GOSSAMER BIO INC	18,176 (-86.8%)	$5,971 (-98.6%)	0.0%	$5.35	-57.9%	COM	38341P102
AXSM	AXSOME THERAPEUTICS INC	6,000 (-1.0%)	$1.014M (-8.4%)	0.6%	$94.39	+91.0%	COM	05464T104
DCGO	DOCGO INC	39,573 (-20.7%)	$24,895 (-43.2%)	0.0%	$4.44	-81.8%	COM	256086109
ELUT	ELUTIA INC	165,094 (-37.2%)	$173K (-4.9%)	0.1%	$5.84	-84.0%	COM	05479K106

Unchanged Positions (28)

— BIODESIX INC 2.4%

Value $4.159M Shares 286,804 Est. Cost $5.56 Unrealized —

OVV OVINTIV INC 3.6%

Value $6.381M Shares 107,500 Est. Cost $35.12 Unrealized +24.4%

BCYC BICYCLE THERAPEUTICS PLC 1.2%

Value $2.151M Shares 463,599 Est. Cost $7.30 Unrealized —

PHAT PHATHOM PHARMACEUTICALS INC 1.2%

Value $2.166M Shares 195,000 Est. Cost $11.94 Unrealized +14.7%

NKTR NEKTAR THERAPEUTICS 1.3%

Value $2.23M Shares 31,000 Est. Cost $53.00 Unrealized -8.8%

ACAD ACADIA PHARMACEUTICALS INC 2.2%

Value $3.806M Shares 171,000 Est. Cost $27.98 Unrealized -9.9%

VERA VERA THERAPEUTICS INC 1.0%

Value $1.77M Shares 44,000 Est. Cost $35.52 Unrealized +26.6%

ALKS ALKERMES PLC 1.0%

Value $1.768M Shares 50,000 Est. Cost $21.00 Unrealized +54.0%

VSTM VERASTEM INC 0.5%

Value $795K Shares 150,000 Est. Cost $8.91 Unrealized -27.3%

EQT EQT CORPORATION 1.3%

Value $2.203M Shares 34,619 Est. Cost $33.40 Unrealized +65.5%

XENE XENON PHARMACEUTICALS INC 0.7%

Value $1.221M Shares 21,000 Est. Cost $34.29 Unrealized +22.4%

NBIX NEUROCRINE BIOSCIENCES INC 2.0%

Value $3.582M Shares 27,190 Est. Cost $73.35 Unrealized +83.1%

LUNG PULMONX CORP 0.2%

Value $323K Shares 250,221 Est. Cost $1.88 Unrealized -7.8%

KALV KALVISTA PHARMACEUTICALS INC 0.7%

Value $1.147M Shares 57,000 Est. Cost $15.61 Unrealized -0.8%

APLS APELLIS PHARMACEUTICALS INC 0.3%

Value $563K Shares 14,000 Est. Cost $39.43 Unrealized -42.5%

FHTX FOGHORN THERAPEUTICS INC 0.8%

Value $1.347M Shares 281,730 Est. Cost $16.56 Unrealized -65.7%

FCX FREEPORT-MCMORAN CL-B 0.6%

Value $1.06M Shares 18,040 Est. Cost $37.70 Unrealized +62.1%

RARE ULTRAGENYX PHARMACEUTICAL INC 0.7%

Value $1.299M Shares 62,000 Est. Cost $37.12 Unrealized -37.1%

CGEM CULLINAN THERAPEUTICS INC 0.2%

Value $284K Shares 20,000 Est. Cost $40.60 Unrealized -70.5%

CYTK CYTOKINETICS INC 1.1%

Value $1.977M Shares 30,000 Est. Cost $36.48 Unrealized +76.6%

CADL CANDEL THERAPEUTICS INC 0.2%

Value $294K Shares 60,000 Est. Cost $5.91 Unrealized -2.9%

HALO HALOZYME THERAPEUTICS INC 0.4%

Value $653K Shares 10,100 Est. Cost $51.35 Unrealized +43.4%

BBIO BRIDGEBIO PHARMA INC 0.4%

Value $645K Shares 8,688 Est. Cost $41.64 Unrealized +78.9%

PHVS PHARVARIS N V 0.5%

Value $843K Shares 29,847 Est. Cost $23.14 Unrealized +15.6%

— OUTSET MEDICAL INC 0.2%

Value $380K Shares 98,882 Est. Cost $9.28 Unrealized —

KBDC KAYNE ANDERSON BDC INC 0.2%

Value $274K Shares 20,000 Est. Cost $14.18 Unrealized +0.6%

VYGR VOYAGER THERAPEUTICS INC 0.2%

Value $289K Shares 74,918 Est. Cost $4.67 Unrealized —

TRIN TRINITY CAP INC 0.2%

Value $294K Shares 20,000 Est. Cost $14.09 Unrealized +11.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	BIODESIX INC	286,804	$4.159M	2.4%	$5.56	—	COM	09075X108
OVV	OVINTIV INC	107,500	$6.381M	3.6%	$35.12	+24.4%	COM	69047Q102
BCYC	BICYCLE THERAPEUTICS PLC	463,599	$2.151M	1.2%	$7.30	—	SPONSORED ADS	088786108
PHAT	PHATHOM PHARMACEUTICALS INC	195,000	$2.166M	1.2%	$11.94	+14.7%	COM	71722W107
NKTR	NEKTAR THERAPEUTICS	31,000	$2.23M	1.3%	$53.00	-8.8%	COM	640268306
ACAD	ACADIA PHARMACEUTICALS INC	171,000	$3.806M	2.2%	$27.98	-9.9%	COM	004225108
VERA	VERA THERAPEUTICS INC	44,000	$1.77M	1.0%	$35.52	+26.6%	CL A	92337R101
ALKS	ALKERMES PLC	50,000	$1.768M	1.0%	$21.00	+54.0%	SHS	G01767105
VSTM	VERASTEM INC	150,000	$795K	0.5%	$8.91	-27.3%	COM NEW	92337C203
EQT	EQT CORPORATION	34,619	$2.203M	1.3%	$33.40	+65.5%	COM	26884L109
XENE	XENON PHARMACEUTICALS INC	21,000	$1.221M	0.7%	$34.29	+22.4%	COM	98420N105
NBIX	NEUROCRINE BIOSCIENCES INC	27,190	$3.582M	2.0%	$73.35	+83.1%	COM	64125C109
LUNG	PULMONX CORP	250,221	$323K	0.2%	$1.88	-7.8%	COM	745848101
KALV	KALVISTA PHARMACEUTICALS INC	57,000	$1.147M	0.7%	$15.61	-0.8%	COM	483497103
APLS	APELLIS PHARMACEUTICALS INC	14,000	$563K	0.3%	$39.43	-42.5%	COM	03753U106
FHTX	FOGHORN THERAPEUTICS INC	281,730	$1.347M	0.8%	$16.56	-65.7%	COM	344174107
FCX	FREEPORT-MCMORAN CL-B	18,040	$1.06M	0.6%	$37.70	+62.1%	CL-B	35671D857
RARE	ULTRAGENYX PHARMACEUTICAL INC	62,000	$1.299M	0.7%	$37.12	-37.1%	COM	90400D108
CGEM	CULLINAN THERAPEUTICS INC	20,000	$284K	0.2%	$40.60	-70.5%	COM	230031106
CYTK	CYTOKINETICS INC	30,000	$1.977M	1.1%	$36.48	+76.6%	COM	23282W605
CADL	CANDEL THERAPEUTICS INC	60,000	$294K	0.2%	$5.91	-2.9%	COM	137404109
HALO	HALOZYME THERAPEUTICS INC	10,100	$653K	0.4%	$51.35	+43.4%	COM	40637H109
BBIO	BRIDGEBIO PHARMA INC	8,688	$645K	0.4%	$41.64	+78.9%	COM	10806X102
PHVS	PHARVARIS N V	29,847	$843K	0.5%	$23.14	+15.6%	COM	N69605108
—	OUTSET MEDICAL INC	98,882	$380K	0.2%	$9.28	—	COM	690145107
KBDC	KAYNE ANDERSON BDC INC	20,000	$274K	0.2%	$14.18	+0.6%	COM SHS	48662X105
VYGR	VOYAGER THERAPEUTICS INC	74,918	$289K	0.2%	$4.67	—	COM	92915B106
TRIN	TRINITY CAP INC	20,000	$294K	0.2%	$14.09	+11.8%	COM	896442308