Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA	20,869	$2.781M	1.0%	—	—	SPONSORED ADS	00370M103
—	SELLAS LIFE SCIENCES GROUP INC	568,700	$2.303M	0.9%	—	—	PUT	81642T959
SPRB	SPRUCE BIOSCIENCES INC	20,000	$1.08M	0.4%	—	—	COM NEW	85209E208
PEPG	PEPGEN INC	350,000	$630K	0.2%	—	—	COM	713317105
—	CG ONCOLOGY INC	31,000	$375K	0.1%	—	—	CALL	156944900
—	EYEPOINT PHARMACEUTICALS INC	50,300	$131K	0.0%	—	—	CALL	30233G909
—	ISHARES TR	500,000	$110K	0.0%	—	—	PUT	464287955
—	SPDR SERIES TRUST	140,600	$35,150	0.0%	—	—	PUT	78464A950
—	TENAX THERAPEUTICS INC	6,200	$13,950	0.0%	—	—	PUT	88032L955

Increased Positions (7)

FENC FENNEC PHARMACEUTICALS INC 12.7%

Value $34.27M (+91.6%) Shares 3,188,001 (+9.6%) Est. Cost — Unrealized —

HELP CYBIN INC 4.8%

Value $12.93M (+75.9%) Shares 1,956,814 (+27.7%) Est. Cost — Unrealized —

VSTM VERASTEM INC 5.7%

Value $15.23M (+34.4%) Shares 3,986,509 (+86.4%) Est. Cost — Unrealized —

TLPH TALPHERA INC 2.0%

Value $5.325M (+112.6%) Shares 5,169,501 (+54.1%) Est. Cost — Unrealized —

RGNT REGENTIS BIOMATERIALS LTD 0.9%

Value $2.477M (+222.4%) Shares 701,685 (+179.0%) Est. Cost — Unrealized —

NRXS NEURAXIS INC 1.1%

Value $2.971M (+75.4%) Shares 508,055 (+77.6%) Est. Cost — Unrealized —

BFRI BIOFRONTERA INC 0.4%

Value $1.206M (+28.1%) Shares 1,275,609 (+9.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FENC	FENNEC PHARMACEUTICALS INC	3,188,001 (+9.6%)	$34.27M (+91.6%)	12.7%	—	—	COM	31447P100
HELP	CYBIN INC	1,956,814 (+27.7%)	$12.93M (+75.9%)	4.8%	—	—	COM NEW	23256X407
VSTM	VERASTEM INC	3,986,509 (+86.4%)	$15.23M (+34.4%)	5.7%	—	—	COM NEW	92337C203
TLPH	TALPHERA INC	5,169,501 (+54.1%)	$5.325M (+112.6%)	2.0%	—	—	COM NEW	00444T209
RGNT	REGENTIS BIOMATERIALS LTD	701,685 (+179.0%)	$2.477M (+222.4%)	0.9%	—	—	ORDINARY SHARES	M8211G108
NRXS	NEURAXIS INC	508,055 (+77.6%)	$2.971M (+75.4%)	1.1%	—	—	COM	64134X201
BFRI	BIOFRONTERA INC	1,275,609 (+9.6%)	$1.206M (+28.1%)	0.4%	—	—	COM NEW	09077D209

Exited Positions (12)

CGON CG ONCOLOGY INC 2.5%

Value $6.768M Shares 100,000 Est. Cost — Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 1.8%

Value $4.898M Shares 250,401 Est. Cost — Unrealized —

— REPLIMUNE GROUP INC 1.0%

Value $2.747M Shares 1,275,600 Est. Cost — Unrealized —

DFTX DEFINIUM THERAPEUTICS INC 0.9%

Value $2.362M Shares 125,000 Est. Cost — Unrealized —

LPCN LIPOCINE INC 0.7%

Value $1.771M Shares 221,616 Est. Cost — Unrealized —

AVTX AVALO THERAPEUTICS INC 0.4%

Value $1.12M Shares 75,000 Est. Cost — Unrealized —

ANNX ANNEXON INC 0.4%

Value $1.108M Shares 200,000 Est. Cost — Unrealized —

— INVESCO QQQ TR 0.4%

Value $1.053M Shares 250,000 Est. Cost — Unrealized —

— SPDR S&P 500 ETF TR 0.4%

Value $959K Shares 125,000 Est. Cost — Unrealized —

— VIRIDIAN THERAPEUTICS INC 0.0%

Value $52,720 Shares 263,600 Est. Cost — Unrealized —

— UNIQURE NV 0.0%

Value $0 Shares 295,800 Est. Cost — Unrealized —

— ARRIVENT BIOPHARMA INC 0.0%

Value $0 Shares 108,900 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CGON	CG ONCOLOGY INC	100,000	$6.768M	2.5%	—	—	—	156944100
VRDN	VIRIDIAN THERAPEUTICS INC	250,401	$4.898M	1.8%	—	—	—	92790C104
—	REPLIMUNE GROUP INC	1,275,600	$2.747M	1.0%	—	—	CALL	76029N906
DFTX	DEFINIUM THERAPEUTICS INC	125,000	$2.362M	0.9%	—	—	—	24477V105
LPCN	LIPOCINE INC	221,616	$1.771M	0.7%	—	—	—	53630X203
AVTX	AVALO THERAPEUTICS INC	75,000	$1.12M	0.4%	—	—	—	05338F306
ANNX	ANNEXON INC	200,000	$1.108M	0.4%	—	—	—	03589W102
—	INVESCO QQQ TR	250,000	$1.053M	0.4%	—	—	PUT	46090E953
—	SPDR S&P 500 ETF TR	125,000	$959K	0.4%	—	—	PUT	78462F953
—	VIRIDIAN THERAPEUTICS INC	263,600	$52,720	0.0%	—	—	PUT	92790C954
—	UNIQURE NV	295,800	$0	0.0%	—	—	CALL	N90064901
—	ARRIVENT BIOPHARMA INC	108,900	$0	0.0%	—	—	CALL	04272N902

Decreased Positions (10)

PCVX VAXCYTE INC 4.3%

Value $11.63M (-31.0%) Shares 200,000 (-31.0%) Est. Cost — Unrealized —

XERS XERIS BIOPHARMA HOLDINGS INC 8.6%

Value $23.04M (+22.9%) Shares 2,908,981 (-10.0%) Est. Cost — Unrealized —

CLDX CELLDEX THERAPEUTICS INC 2.8%

Value $7.442M (-28.9%) Shares 200,000 (-39.4%) Est. Cost — Unrealized —

BCRX BIOCRYST PHARMACEUTICALS INC 2.7%

Value $7.215M (-17.9%) Shares 721,504 (-21.8%) Est. Cost — Unrealized —

AVIR ATEA PHARMACEUTICALS INC 1.8%

Value $4.978M (-21.0%) Shares 1,070,550 (-8.6%) Est. Cost — Unrealized —

MYO MYOMO INC 1.4%

Value $3.783M (+45.6%) Shares 3,637,886 (-5.4%) Est. Cost — Unrealized —

OKUR ONKURE THERAPEUTICS INC 0.3%

Value $684K (-62.8%) Shares 150,000 (-66.2%) Est. Cost — Unrealized —

EYPT EYEPOINT PHARMACEUTICALS INC 5.2%

Value $14.13M (+5.7%) Shares 988,230 (-4.7%) Est. Cost — Unrealized —

PYPD POLYPID LTD 0.7%

Value $1.978M (-24.5%) Shares 389,455 (-34.9%) Est. Cost — Unrealized —

VOR VOR BIOPHARMA INC 4.4%

Value $11.94M (-4.4%) Shares 648,600 (-7.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PCVX	VAXCYTE INC	200,000 (-31.0%)	$11.63M (-31.0%)	4.3%	—	—	COM	92243G108
XERS	XERIS BIOPHARMA HOLDINGS INC	2,908,981 (-10.0%)	$23.04M (+22.9%)	8.6%	—	—	COM	98422E103
CLDX	CELLDEX THERAPEUTICS INC	200,000 (-39.4%)	$7.442M (-28.9%)	2.8%	—	—	COM NEW	15117B202
BCRX	BIOCRYST PHARMACEUTICALS INC	721,504 (-21.8%)	$7.215M (-17.9%)	2.7%	—	—	COM	09058V103
AVIR	ATEA PHARMACEUTICALS INC	1,070,550 (-8.6%)	$4.978M (-21.0%)	1.8%	—	—	COM	04683R106
MYO	MYOMO INC	3,637,886 (-5.4%)	$3.783M (+45.6%)	1.4%	—	—	COM NEW	62857J201
OKUR	ONKURE THERAPEUTICS INC	150,000 (-66.2%)	$684K (-62.8%)	0.3%	—	—	COM CL A	68277Q105
EYPT	EYEPOINT PHARMACEUTICALS INC	988,230 (-4.7%)	$14.13M (+5.7%)	5.2%	—	—	COM NEW	30233G209
PYPD	POLYPID LTD	389,455 (-34.9%)	$1.978M (-24.5%)	0.7%	—	—	COM	M8001Q126
VOR	VOR BIOPHARMA INC	648,600 (-7.3%)	$11.94M (-4.4%)	4.4%	—	—	COM NEW	929033207

Unchanged Positions (9)

DCTH DELCATH SYSTEMS, INC. 15.4%

Value $41.55M Shares 3,300,389 Est. Cost — Unrealized —

NSPR INSPIREMD INC 1.0%

Value $2.734M Shares 3,905,743 Est. Cost — Unrealized —

SVRA SAVARA INC 7.3%

Value $19.58M Shares 3,178,121 Est. Cost — Unrealized —

XFOR X4 PHARMACEUTICALS INC 5.6%

Value $15.01M Shares 3,214,766 Est. Cost — Unrealized —

MDWD MEDIWOUND LTD 4.1%

Value $11.01M Shares 749,054 Est. Cost — Unrealized —

OVID OVID THERAPEUTICS INC 1.1%

Value $2.981M Shares 1,107,994 Est. Cost — Unrealized —

KURA KURA ONCOLOGY INC 0.4%

Value $1.097M Shares 100,000 Est. Cost — Unrealized —

PROF PROFOUND MEDICAL CORP 2.0%

Value $5.507M Shares 828,118 Est. Cost — Unrealized —

AQST AQUESTIVE THERAPEUTICS INC 0.4%

Value $1.04M Shares 250,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DCTH	DELCATH SYSTEMS, INC.	3,300,389	$41.55M	15.4%	—	—	COM NEW	24661P807
NSPR	INSPIREMD INC	3,905,743	$2.734M	1.0%	—	—	COM	45779A846
SVRA	SAVARA INC	3,178,121	$19.58M	7.3%	—	—	COM	805111101
XFOR	X4 PHARMACEUTICALS INC	3,214,766	$15.01M	5.6%	—	—	COM NEW	98420X202
MDWD	MEDIWOUND LTD	749,054	$11.01M	4.1%	—	—	SHS NEW	M68830112
OVID	OVID THERAPEUTICS INC	1,107,994	$2.981M	1.1%	—	—	COM	690469101
KURA	KURA ONCOLOGY INC	100,000	$1.097M	0.4%	—	—	COM	50127T109
PROF	PROFOUND MEDICAL CORP	828,118	$5.507M	2.0%	—	—	COM NEW	74319B502
AQST	AQUESTIVE THERAPEUTICS INC	250,000	$1.04M	0.4%	—	—	COM	03843E104