Soleus Capital Management, L.P. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INDV	INDIVIOR PHARMACEUTICALS INC	1,274,000	$38,832	1.6%	$34.29	0.0%	COM	45579U109
PGNY	PROGYNY INC	2,067,000	$35,098	1.4%	$23.66	0.0%	COM	74340E103
MRK	MERCK & CO INC	203,000	$24,419	1.0%	$114.28	0.0%	COM	58933Y105
ICLR	ICON PLC	192,000	$21,247	0.9%	$156.36	0.0%	SHS	G4705A100
CNTX	CONTEXT THERAPEUTICS INC	6,963,141	$18,243	0.7%	$2.05	0.0%	COM	21077P108
VIR	VIR BIOTECHNOLOGY INC	2,002,000	$17,938	0.7%	$7.20	0.0%	COM	92764N102
XENE	XENON PHARMACEUTICALS INC	292,000	$16,980	0.7%	$41.98	0.0%	COM	98420N105
TVTX	TRAVERE THERAPEUTICS INC	546,000	$16,222	0.7%	$31.03	0.0%	COM	89422G107
TNDM	TANDEM DIABETES CARE INC	783,000	$15,010	0.6%	$21.08	0.0%	COM NEW	875372203
CORT	CORCEPT THERAPEUTICS INC	285,531	$11,510	0.5%	$38.80	0.0%	COM	218352102
SOPH	SOPHIA GENETICS SA	1,850,000	$9,158	0.4%	$4.99	0.0%	ORDINARY SHARES	H82027105
BDSX	BIODESIX INC	416,599	$6,041	0.2%	$9.93	0.0%	COM	09075X207
RLMD	RELMADA THERAPEUTICS INC	842,106	$5,861	0.2%	$4.01	0.0%	COM	75955J402
CGEM	CULLINAN THERAPEUTICS INC	410,200	$5,829	0.2%	$11.97	0.0%	COM	230031106
IMUX	IMMUNIC INC	4,500,000	$4,995	0.2%	$0.72	0.0%	COM	4525EP101
LRMR	LARIMAR THERAPEUTICS INC	1,066,960	$4,801	0.2%	$3.46	0.0%	COM	517125100
ETON	ETON PHARMACEUTICALS INC	166,381	$4,106	0.2%	$15.99	0.0%	COM	29772L108
SABS	SAB BIOTHERAPEUTICS INC	1,050,000	$4,022	0.2%	$4.00	0.0%	COM NEW	78397T202
PRCT	PROCEPT BIOROBOTICS CORP	160,000	$4,002	0.2%	$29.57	0.0%	COM	74276L105
TECX	TECTONIC THERAPEUTIC INC	121,684	$3,761	0.2%	$21.10	0.0%	COM	878972108
IOVA	IOVANCE BIOTHERAPEUTICS INC	1,000,000	$3,510	0.1%	$2.68	0.0%	COM	462260100
MSLE	SATELLOS BIOSCIENCE INC	414,359	$2,333	0.1%	$5.63	—	COM	80401L803
ARWR	ARROWHEAD PHARMACEUTICALS IN	28,479	$1,786	0.1%	$65.73	0.0%	COM	04280A100
CTMX	CYTOMX THERAPEUTICS INC.	300,000	$1,410	0.1%	$5.23	0.0%	COM	23284F105
RAPP	RAPPORT THERAPEUTICS INC	10,000	$313	0.0%	$27.83	0.0%	COM	75383L102

Increased Positions (29)

UTHR UNITED THERAPEUTICS CORP DEL 4.5%

Value ($000) $110,998 (+279.7%) Shares 187,187 (+212.0%) Est. Cost $412.55 Unrealized +16.5%

PODD INSULET CORP 4.8%

Value ($000) $118,035 (+176.8%) Shares 562,500 (+275.0%) Est. Cost $277.26 Unrealized -4.6%

KRYS KRYSTAL BIOTECH INC 12.1%

Value ($000) $297,865 (+28.4%) Shares 1,153,087 (+22.5%) Est. Cost $176.52 Unrealized +54.3%

VCEL VERICEL CORP 3.3%

Value ($000) $82,004 (+198.1%) Shares 2,549,079 (+233.6%) Est. Cost $36.97 Unrealized +0.5%

TGTX TG THERAPEUTICS INC 5.4%

Value ($000) $133,854 (+43.0%) Shares 4,029,319 (+28.4%) Est. Cost $25.09 Unrealized +18.2%

BBNX BETA BIONICS INC 1.8%

Value ($000) $43,632 (-43.5%) Shares 4,354,501 (+71.8%) Est. Cost $17.70 Unrealized -3.4%

ALKS ALKERMES PLC 2.8%

Value ($000) $69,690 (+88.4%) Shares 1,970,864 (+49.0%) Est. Cost $30.74 Unrealized +5.2%

GERN GERON CORP 2.5%

Value ($000) $61,848 (+101.2%) Shares 41,508,659 (+78.2%) Est. Cost $1.49 Unrealized +1.2%

ORGO ORGANOGENESIS HLDGS INC 1.0%

Value ($000) $23,904 (-53.8%) Shares 10,085,951 (+1.0%) Est. Cost $4.73 Unrealized -15.6%

ANIP ANI PHARMACEUTICALS INC 2.6%

Value ($000) $63,077 (+64.3%) Shares 820,243 (+68.7%) Est. Cost $80.68 Unrealized -0.4%

EWTX EDGEWISE THERAPEUTICS INC 1.8%

Value ($000) $45,672 (+102.3%) Shares 1,449,915 (+59.3%) Est. Cost $23.09 Unrealized +22.0%

NTRA NATERA INC 1.0%

Value ($000) $23,799 (+419.4%) Shares 119,000 (+495.0%) Est. Cost $222.97 Unrealized +1.3%

ALNY ALNYLAM PHARMACEUTICALS INC 1.8%

Value ($000) $43,559 (+56.5%) Shares 131,650 (+88.1%) Est. Cost $381.54 Unrealized -7.4%

CERS CERUS CORP 0.8%

Value ($000) $19,572 (+137.5%) Shares 10,753,700 (+168.8%) Est. Cost $2.11 Unrealized +10.7%

VCYT VERACYTE INC 0.4%

Value ($000) $10,304 (+2347.6%) Shares 319,912 (+3099.1%) Est. Cost $39.00 Unrealized +0.8%

URGN UROGEN PHARMA LTD 0.5%

Value ($000) $13,071 (+272.1%) Shares 727,000 (+384.7%) Est. Cost $18.52 Unrealized +12.5%

TNGX TANGO THERAPEUTICS INC 0.4%

Value ($000) $9,414 (+10525.3%) Shares 450,000 (+4400.0%) Est. Cost $11.70 Unrealized +1.8%

TRVI TREVI THERAPEUTICS INC 0.8%

Value ($000) $19,327 (+71.5%) Shares 1,620,000 (+80.0%) Est. Cost $11.20 Unrealized -2.3%

INBX INHIBRX BIOSCIENCES INC 0.4%

Value ($000) $8,807 (+345.9%) Shares 131,000 (+424.0%) Est. Cost $75.90 Unrealized +2.4%

NVCR NOVOCURE LTD 4.6%

Value ($000) $114,367 (+3.7%) Shares 10,492,391 (+23.0%) Est. Cost $17.68 Unrealized -28.9%

NPCE NEUROPACE INC 1.6%

Value ($000) $38,559 (-7.6%) Shares 2,932,207 (+8.5%) Est. Cost $16.66 Unrealized -5.4%

EOLS EVOLUS INC 0.4%

Value ($000) $9,228 (+29.7%) Shares 2,245,360 (+109.8%) Est. Cost $8.02 Unrealized -39.0%

INSP INSPIRE MED SYS INC 1.2%

Value ($000) $29,726 (+7.6%) Shares 576,299 (+92.5%) Est. Cost $94.20 Unrealized -17.8%

LIVN LIVANOVA PLC 1.5%

Value ($000) $37,024 (+6.0%) Shares 582,500 (+2.6%) Est. Cost $57.34 Unrealized +13.6%

LUNG PULMONX CORP 0.1%

Value ($000) $3,597 (-20.2%) Shares 2,788,323 (+36.8%) Est. Cost $1.84 Unrealized -5.8%

SION SIONNA THERAPEUTICS INC 0.5%

Value ($000) $11,766 (+6.5%) Shares 293,500 (+9.3%) Est. Cost $17.77 Unrealized +120.9%

KIDS ORTHOPEDIATRICS CORP 0.4%

Value ($000) $9,767 (+4.7%) Shares 615,447 (+17.1%) Est. Cost $18.46 Unrealized -4.7%

JSPR JASPER THERAPEUTICS INC 0.0%

Value ($000) $242 (-33.9%) Shares 276,312 (+38.2%) Est. Cost $13.83 Unrealized -89.3%

QNRX QUOIN PHARMACEUTICALS LTD 0.0%

Value ($000) $480 (+33.1%) Shares 72,730 (+190.9%) Est. Cost $9.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UTHR	UNITED THERAPEUTICS CORP DEL	187,187 (+212.0%)	$110,998 (+279.7%)	4.5%	$412.55	+16.5%	COM	91307C102
PODD	INSULET CORP	562,500 (+275.0%)	$118,035 (+176.8%)	4.8%	$277.26	-4.6%	COM	45784P101
KRYS	KRYSTAL BIOTECH INC	1,153,087 (+22.5%)	$297,865 (+28.4%)	12.1%	$176.52	+54.3%	COM	501147102
VCEL	VERICEL CORP	2,549,079 (+233.6%)	$82,004 (+198.1%)	3.3%	$36.97	+0.5%	COM	92346J108
TGTX	TG THERAPEUTICS INC	4,029,319 (+28.4%)	$133,854 (+43.0%)	5.4%	$25.09	+18.2%	COM	88322Q108
BBNX	BETA BIONICS INC	4,354,501 (+71.8%)	$43,632 (-43.5%)	1.8%	$17.70	-3.4%	COM	08659B102
ALKS	ALKERMES PLC	1,970,864 (+49.0%)	$69,690 (+88.4%)	2.8%	$30.74	+5.2%	SHS	G01767105
GERN	GERON CORP	41,508,659 (+78.2%)	$61,848 (+101.2%)	2.5%	$1.49	+1.2%	COM	374163103
ORGO	ORGANOGENESIS HLDGS INC	10,085,951 (+1.0%)	$23,904 (-53.8%)	1.0%	$4.73	-15.6%	COM	68621F102
ANIP	ANI PHARMACEUTICALS INC	820,243 (+68.7%)	$63,077 (+64.3%)	2.6%	$80.68	-0.4%	COM	00182C103
EWTX	EDGEWISE THERAPEUTICS INC	1,449,915 (+59.3%)	$45,672 (+102.3%)	1.8%	$23.09	+22.0%	COM	28036F105
NTRA	NATERA INC	119,000 (+495.0%)	$23,799 (+419.4%)	1.0%	$222.97	+1.3%	COM	632307104
ALNY	ALNYLAM PHARMACEUTICALS INC	131,650 (+88.1%)	$43,559 (+56.5%)	1.8%	$381.54	-7.4%	COM	02043Q107
CERS	CERUS CORP	10,753,700 (+168.8%)	$19,572 (+137.5%)	0.8%	$2.11	+10.7%	COM	157085101
VCYT	VERACYTE INC	319,912 (+3099.1%)	$10,304 (+2347.6%)	0.4%	$39.00	+0.8%	COM	92337F107
URGN	UROGEN PHARMA LTD	727,000 (+384.7%)	$13,071 (+272.1%)	0.5%	$18.52	+12.5%	COM	M96088105
TNGX	TANGO THERAPEUTICS INC	450,000 (+4400.0%)	$9,414 (+10525.3%)	0.4%	$11.70	+1.8%	COM	87583X109
TRVI	TREVI THERAPEUTICS INC	1,620,000 (+80.0%)	$19,327 (+71.5%)	0.8%	$11.20	-2.3%	COM	89532M101
INBX	INHIBRX BIOSCIENCES INC	131,000 (+424.0%)	$8,807 (+345.9%)	0.4%	$75.90	+2.4%	COM	45720N103
NVCR	NOVOCURE LTD	10,492,391 (+23.0%)	$114,367 (+3.7%)	4.6%	$17.68	-28.9%	ORD SHS	G6674U108
NPCE	NEUROPACE INC	2,932,207 (+8.5%)	$38,559 (-7.6%)	1.6%	$16.66	-5.4%	COM	641288105
EOLS	EVOLUS INC	2,245,360 (+109.8%)	$9,228 (+29.7%)	0.4%	$8.02	-39.0%	COM	30052C107
INSP	INSPIRE MED SYS INC	576,299 (+92.5%)	$29,726 (+7.6%)	1.2%	$94.20	-17.8%	COM	457730109
LIVN	LIVANOVA PLC	582,500 (+2.6%)	$37,024 (+6.0%)	1.5%	$57.34	+13.6%	SHS	G5509L101
LUNG	PULMONX CORP	2,788,323 (+36.8%)	$3,597 (-20.2%)	0.1%	$1.84	-5.8%	COM	745848101
SION	SIONNA THERAPEUTICS INC	293,500 (+9.3%)	$11,766 (+6.5%)	0.5%	$17.77	+120.9%	COM	829401108
KIDS	ORTHOPEDIATRICS CORP	615,447 (+17.1%)	$9,767 (+4.7%)	0.4%	$18.46	-4.7%	COM	68752L100
JSPR	JASPER THERAPEUTICS INC	276,312 (+38.2%)	$242 (-33.9%)	0.0%	$13.83	-89.3%	COM NEW	471871202
QNRX	QUOIN PHARMACEUTICALS LTD	72,730 (+190.9%)	$480 (+33.1%)	0.0%	$9.29	—	SPONSORED ADS	74907L409

Exited Positions (27)

XBI SPDR SERIES TRUST 14.3%

Value ($000) $353,597 Shares 2,900,000 Est. Cost — Unrealized —

FOLD AMICUS THERAPEUTICS INC 3.0%

Value ($000) $74,152 Shares 5,207,284 Est. Cost $7.39 Unrealized +93.7%

GSK GSK PLC 1.3%

Value ($000) $31,337 Shares 639,000 Est. Cost $47.02 Unrealized —

RAPT RAPT THERAPEUTICS INC 1.0%

Value ($000) $25,877 Shares 764,000 Est. Cost $18.40 Unrealized +174.4%

NBIX NEUROCRINE BIOSCIENCES INC 1.0%

Value ($000) $24,960 Shares 175,982 Est. Cost $137.52 Unrealized -2.3%

TFX TELEFLEX INCORPORATED 0.9%

Value ($000) $23,188 Shares 190,000 Est. Cost $121.00 Unrealized -10.2%

CAPR CAPRICOR THERAPEUTICS INC 0.8%

Value ($000) $18,655 Shares 646,390 Est. Cost $13.06 Unrealized +90.5%

THC TENET HEALTHCARE CORP 0.7%

Value ($000) $18,382 Shares 92,500 Est. Cost $202.09 Unrealized +2.0%

TERN TERNS PHARMACEUTICALS INC 0.3%

Value ($000) $8,593 Shares 212,710 Est. Cost $6.57 Unrealized +470.5%

— CIDARA THERAPEUTICS INC 0.3%

Value ($000) $8,573 Shares 38,811 Est. Cost $51.66 Unrealized —

ERAS ERASCA INC 0.3%

Value ($000) $8,043 Shares 2,162,162 Est. Cost $2.16 Unrealized +364.5%

BLTE BELITE BIO INC 0.3%

Value ($000) $6,455 Shares 40,354 Est. Cost $74.00 Unrealized —

ABVX ABIVAX SA 0.2%

Value ($000) $6,068 Shares 45,000 Est. Cost $134.85 Unrealized —

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.2%

Value ($000) $5,272 Shares 400,000 Est. Cost $11.80 Unrealized +36.0%

CALC CALCIMEDICA INC 0.2%

Value ($000) $4,507 Shares 683,904 Est. Cost $4.55 Unrealized -37.2%

— INDIVIOR PLC 0.1%

Value ($000) $3,588 Shares 100,000 Est. Cost $24.11 Unrealized —

VKTX VIKING THERAPEUTICS INC 0.1%

Value ($000) $2,463 Shares 70,000 Est. Cost $35.43 Unrealized -11.5%

QDEL QUIDELORTHO CORP 0.1%

Value ($000) $2,142 Shares 75,000 Est. Cost $28.37 Unrealized +0.1%

ACLX ARCELLX INC 0.1%

Value ($000) $1,956 Shares 30,000 Est. Cost $44.07 Unrealized +61.8%

OLMA OLEMA PHARMACEUTICALS INC 0.1%

Value ($000) $1,747 Shares 69,874 Est. Cost $6.00 Unrealized +323.9%

BCAX BICARA THERAPEUTICS INC 0.1%

Value ($000) $1,683 Shares 100,000 Est. Cost $17.08 Unrealized -4.6%

KOD KODIAK SCIENCES INC 0.1%

Value ($000) $1,678 Shares 60,000 Est. Cost $16.60 Unrealized +53.2%

GRAL GRAIL INC 0.0%

Value ($000) $941 Shares 11,000 Est. Cost $86.40 Unrealized +9.2%

GUTS FRACTYL HEALTH INC 0.0%

Value ($000) $880 Shares 400,000 Est. Cost $1.30 Unrealized -7.8%

MDGL MADRIGAL PHARMACEUTICALS INC 0.0%

Value ($000) $291 Shares 500 Est. Cost $366.97 Unrealized +34.2%

DYN DYNE THERAPEUTICS INC 0.0%

Value ($000) $196 Shares 10,000 Est. Cost $18.94 Unrealized -9.6%

DCTH DELCATH SYS INC 0.0%

Value ($000) $101 Shares 10,000 Est. Cost $10.55 Unrealized -5.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	2,900,000	$353,597	14.3%	—	—	PUT	78464A870
FOLD	AMICUS THERAPEUTICS INC	5,207,284	$74,152	3.0%	$7.39	+93.7%	—	03152W109
GSK	GSK PLC	639,000	$31,337	1.3%	$47.02	—	—	37733W204
RAPT	RAPT THERAPEUTICS INC	764,000	$25,877	1.0%	$18.40	+174.4%	—	75382E208
NBIX	NEUROCRINE BIOSCIENCES INC	175,982	$24,960	1.0%	$137.52	-2.3%	—	64125C109
TFX	TELEFLEX INCORPORATED	190,000	$23,188	0.9%	$121.00	-10.2%	—	879369106
CAPR	CAPRICOR THERAPEUTICS INC	646,390	$18,655	0.8%	$13.06	+90.5%	—	14070B309
THC	TENET HEALTHCARE CORP	92,500	$18,382	0.7%	$202.09	+2.0%	—	88033G407
TERN	TERNS PHARMACEUTICALS INC	212,710	$8,593	0.3%	$6.57	+470.5%	—	880881107
—	CIDARA THERAPEUTICS INC	38,811	$8,573	0.3%	$51.66	—	—	171757206
ERAS	ERASCA INC	2,162,162	$8,043	0.3%	$2.16	+364.5%	—	29479A108
BLTE	BELITE BIO INC	40,354	$6,455	0.3%	$74.00	—	—	07782B104
ABVX	ABIVAX SA	45,000	$6,068	0.2%	$134.85	—	—	00370M103
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	400,000	$5,272	0.2%	$11.80	+36.0%	—	61559X104
CALC	CALCIMEDICA INC	683,904	$4,507	0.2%	$4.55	-37.2%	—	38942Q202
—	INDIVIOR PLC	100,000	$3,588	0.1%	$24.11	—	—	G4766E116
VKTX	VIKING THERAPEUTICS INC	70,000	$2,463	0.1%	$35.43	-11.5%	—	92686J106
QDEL	QUIDELORTHO CORP	75,000	$2,142	0.1%	$28.37	+0.1%	—	219798105
ACLX	ARCELLX INC	30,000	$1,956	0.1%	$44.07	+61.8%	—	03940C100
OLMA	OLEMA PHARMACEUTICALS INC	69,874	$1,747	0.1%	$6.00	+323.9%	—	68062P106
BCAX	BICARA THERAPEUTICS INC	100,000	$1,683	0.1%	$17.08	-4.6%	—	055477103
KOD	KODIAK SCIENCES INC	60,000	$1,678	0.1%	$16.60	+53.2%	—	50015M109
GRAL	GRAIL INC	11,000	$941	0.0%	$86.40	+9.2%	—	384747101
GUTS	FRACTYL HEALTH INC	400,000	$880	0.0%	$1.30	-7.8%	—	35168W103
MDGL	MADRIGAL PHARMACEUTICALS INC	500	$291	0.0%	$366.97	+34.2%	—	558868105
DYN	DYNE THERAPEUTICS INC	10,000	$196	0.0%	$18.94	-9.6%	—	26818M108
DCTH	DELCATH SYS INC	10,000	$101	0.0%	$10.55	-5.3%	—	24661P807

Decreased Positions (30)

DXCM DEXCOM INC 0.4%

Value ($000) $8,792 (-89.8%) Shares 140,000 (-89.2%) Est. Cost $64.65 Unrealized +9.7%

BMRN BIOMARIN PHARMACEUTICAL INC 1.5%

Value ($000) $36,751 (-53.2%) Shares 650,572 (-50.7%) Est. Cost $62.91 Unrealized -6.7%

CELC CELCUITY INC 5.9%

Value ($000) $146,599 (-18.7%) Shares 1,284,378 (-29.0%) Est. Cost $36.49 Unrealized +194.5%

ARGX ARGENX SE 0.1%

Value ($000) $2,556 (-90.4%) Shares 3,500 (-89.0%) Est. Cost $639.42 Unrealized —

IMVT IMMUNOVANT INC 0.2%

Value ($000) $5,713 (-79.8%) Shares 230,000 (-79.3%) Est. Cost $22.30 Unrealized +17.8%

AXGN AXOGEN INC 0.9%

Value ($000) $22,501 (-43.0%) Shares 679,170 (-43.7%) Est. Cost $9.23 Unrealized +260.6%

GMED GLOBUS MED INC 2.5%

Value ($000) $62,851 (-18.8%) Shares 729,467 (-17.8%) Est. Cost $72.27 Unrealized +26.1%

RIGL RIGEL PHARMACEUTICALS INC 0.0%

Value ($000) $270 (-97.9%) Shares 10,000 (-96.7%) Est. Cost $11.97 Unrealized +209.4%

NRIX NURIX THERAPEUTICS INC 0.6%

Value ($000) $14,542 (-37.1%) Shares 938,163 (-23.1%) Est. Cost $17.67 Unrealized -1.9%

MIRM MIRUM PHARMACEUTICALS INC 1.5%

Value ($000) $36,980 (-18.4%) Shares 400,306 (-30.2%) Est. Cost $64.71 Unrealized +49.2%

MBX MBX BIOSCIENCES INC 0.2%

Value ($000) $5,340 (-58.6%) Shares 178,897 (-56.2%) Est. Cost $16.94 Unrealized +117.4%

RCUS ARCUS BIOSCIENCES INC 0.4%

Value ($000) $9,763 (-42.5%) Shares 451,983 (-36.5%) Est. Cost $20.40 Unrealized +4.3%

SNDX SYNDAX PHARMACEUTICALS INC 1.6%

Value ($000) $40,341 (-14.6%) Shares 1,726,908 (-23.1%) Est. Cost $15.16 Unrealized +37.0%

INSM INSMED INC 0.1%

Value ($000) $1,676 (-80.1%) Shares 10,250 (-78.9%) Est. Cost $176.44 Unrealized -9.9%

ELVN ENLIVEN THERAPEUTICS INC 0.4%

Value ($000) $9,050 (-42.7%) Shares 230,869 (-77.5%) Est. Cost $19.92 Unrealized +28.5%

ANAB ANAPTYSBIO INC 0.0%

Value ($000) $333 (-94.9%) Shares 6,000 (-95.6%) Est. Cost $22.45 Unrealized +119.9%

CGON CG ONCOLOGY INC 0.1%

Value ($000) $1,354 (-80.8%) Shares 20,000 (-88.2%) Est. Cost $33.75 Unrealized +55.3%

PCVX VAXCYTE INC 0.9%

Value ($000) $22,400 (-20.3%) Shares 385,472 (-36.7%) Est. Cost $44.73 Unrealized +18.0%

ORKA ORUKA THERAPEUTICS INC 0.0%

Value ($000) $245 (-95.7%) Shares 5,000 (-97.4%) Est. Cost $27.86 Unrealized +16.5%

SEPN SEPTERNA INC 0.3%

Value ($000) $6,608 (-38.2%) Shares 275,000 (-28.3%) Est. Cost $23.81 Unrealized +11.3%

COGT COGENT BIOSCIENCES INC 0.0%

Value ($000) $385 (-91.0%) Shares 10,000 (-91.7%) Est. Cost $28.11 Unrealized +32.9%

NEO NEOGENOMICS INC 0.1%

Value ($000) $1,299 (-74.2%) Shares 175,000 (-59.1%) Est. Cost $10.79 Unrealized +9.7%

TYRA TYRA BIOSCIENCES INC 0.0%

Value ($000) $383 (-88.3%) Shares 10,000 (-92.0%) Est. Cost $18.37 Unrealized +64.7%

GPCR STRUCTURE THERAPEUTICS INC 0.2%

Value ($000) $3,856 (-38.4%) Shares 80,000 (-11.1%) Est. Cost $69.55 Unrealized —

ZYME ZYMEWORKS INC 0.0%

Value ($000) $250 (-90.5%) Shares 10,000 (-90.0%) Est. Cost $21.81 Unrealized +7.2%

KNSA KINIKSA PHARMACEUTICALS INTL 1.0%

Value ($000) $25,103 (+3.7%) Shares 521,353 (-11.2%) Est. Cost $35.12 Unrealized +22.9%

TWST TWIST BIOSCIENCE CORP 2.4%

Value ($000) $58,289 (-1.3%) Shares 1,226,629 (-34.1%) Est. Cost $31.10 Unrealized +42.1%

PRAX PRAXIS PRECISION MEDICINES I 4.3%

Value ($000) $106,489 (-0.5%) Shares 330,517 (-8.9%) Est. Cost $59.17 Unrealized +427.0%

NSPR INSPIREMD INC 0.1%

Value ($000) $1,705 (-16.7%) Shares 1,045,708 (-9.1%) Est. Cost $2.04 Unrealized -16.3%

STAA STAAR SURGICAL CO 0.0%

Value ($000) $374 (-35.2%) Shares 20,000 (-20.0%) Est. Cost $19.72 Unrealized -1.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DXCM	DEXCOM INC	140,000 (-89.2%)	$8,792 (-89.8%)	0.4%	$64.65	+9.7%	COM	252131107
BMRN	BIOMARIN PHARMACEUTICAL INC	650,572 (-50.7%)	$36,751 (-53.2%)	1.5%	$62.91	-6.7%	COM	09061G101
CELC	CELCUITY INC	1,284,378 (-29.0%)	$146,599 (-18.7%)	5.9%	$36.49	+194.5%	COM	15102K100
ARGX	ARGENX SE	3,500 (-89.0%)	$2,556 (-90.4%)	0.1%	$639.42	—	SPONSORED ADR	04016X101
IMVT	IMMUNOVANT INC	230,000 (-79.3%)	$5,713 (-79.8%)	0.2%	$22.30	+17.8%	COM	45258J102
AXGN	AXOGEN INC	679,170 (-43.7%)	$22,501 (-43.0%)	0.9%	$9.23	+260.6%	COM	05463X106
GMED	GLOBUS MED INC	729,467 (-17.8%)	$62,851 (-18.8%)	2.5%	$72.27	+26.1%	CL A	379577208
RIGL	RIGEL PHARMACEUTICALS INC	10,000 (-96.7%)	$270 (-97.9%)	0.0%	$11.97	+209.4%	COM	766559702
NRIX	NURIX THERAPEUTICS INC	938,163 (-23.1%)	$14,542 (-37.1%)	0.6%	$17.67	-1.9%	COM	67080M103
MIRM	MIRUM PHARMACEUTICALS INC	400,306 (-30.2%)	$36,980 (-18.4%)	1.5%	$64.71	+49.2%	COM	604749101
MBX	MBX BIOSCIENCES INC	178,897 (-56.2%)	$5,340 (-58.6%)	0.2%	$16.94	+117.4%	COM	55287L101
RCUS	ARCUS BIOSCIENCES INC	451,983 (-36.5%)	$9,763 (-42.5%)	0.4%	$20.40	+4.3%	COM	03969F109
SNDX	SYNDAX PHARMACEUTICALS INC	1,726,908 (-23.1%)	$40,341 (-14.6%)	1.6%	$15.16	+37.0%	COM	87164F105
INSM	INSMED INC	10,250 (-78.9%)	$1,676 (-80.1%)	0.1%	$176.44	-9.9%	COM PAR $.01	457669307
ELVN	ENLIVEN THERAPEUTICS INC	230,869 (-77.5%)	$9,050 (-42.7%)	0.4%	$19.92	+28.5%	COM	29337E102
ANAB	ANAPTYSBIO INC	6,000 (-95.6%)	$333 (-94.9%)	0.0%	$22.45	+119.9%	COM	032724106
CGON	CG ONCOLOGY INC	20,000 (-88.2%)	$1,354 (-80.8%)	0.1%	$33.75	+55.3%	COM	156944100
PCVX	VAXCYTE INC	385,472 (-36.7%)	$22,400 (-20.3%)	0.9%	$44.73	+18.0%	COM	92243G108
ORKA	ORUKA THERAPEUTICS INC	5,000 (-97.4%)	$245 (-95.7%)	0.0%	$27.86	+16.5%	COM	687604108
SEPN	SEPTERNA INC	275,000 (-28.3%)	$6,608 (-38.2%)	0.3%	$23.81	+11.3%	COM	81734D104
COGT	COGENT BIOSCIENCES INC	10,000 (-91.7%)	$385 (-91.0%)	0.0%	$28.11	+32.9%	COM	19240Q201
NEO	NEOGENOMICS INC	175,000 (-59.1%)	$1,299 (-74.2%)	0.1%	$10.79	+9.7%	COM NEW	64049M209
TYRA	TYRA BIOSCIENCES INC	10,000 (-92.0%)	$383 (-88.3%)	0.0%	$18.37	+64.7%	COM	90240B106
GPCR	STRUCTURE THERAPEUTICS INC	80,000 (-11.1%)	$3,856 (-38.4%)	0.2%	$69.55	—	SPONSORED ADS	86366E106
ZYME	ZYMEWORKS INC	10,000 (-90.0%)	$250 (-90.5%)	0.0%	$21.81	+7.2%	COM	98985Y108
KNSA	KINIKSA PHARMACEUTICALS INTL	521,353 (-11.2%)	$25,103 (+3.7%)	1.0%	$35.12	+22.9%	ORD SHS CL A	G52694109
TWST	TWIST BIOSCIENCE CORP	1,226,629 (-34.1%)	$58,289 (-1.3%)	2.4%	$31.10	+42.1%	COM	90184D100
PRAX	PRAXIS PRECISION MEDICINES I	330,517 (-8.9%)	$106,489 (-0.5%)	4.3%	$59.17	+427.0%	COM NEW	74006W207
NSPR	INSPIREMD INC	1,045,708 (-9.1%)	$1,705 (-16.7%)	0.1%	$2.04	-16.3%	COM	45779A846
STAA	STAAR SURGICAL CO	20,000 (-20.0%)	$374 (-35.2%)	0.0%	$19.72	-1.3%	COM PAR $0.01	852312305

Unchanged Positions (9)

IVVD INVIVYD INC 0.4%

Value ($000) $10,021 Shares 7,708,727 Est. Cost $2.08 Unrealized -4.9%

IKT INHIBIKASE THERAPEUTICS INC 0.7%

Value ($000) $18,270 Shares 10,875,000 Est. Cost $2.12 Unrealized -18.0%

EDAP EDAP TMS S A 1.1%

Value ($000) $27,190 Shares 7,309,254 Est. Cost $7.34 Unrealized —

CCCC C4 THERAPEUTICS INC 0.4%

Value ($000) $10,004 Shares 3,803,942 Est. Cost $7.16 Unrealized -70.8%

AVTX AVALO THERAPEUTICS INC 0.3%

Value ($000) $6,599 Shares 441,978 Est. Cost $16.88 Unrealized -8.2%

JBIO JADE BIOSCIENCES INC 0.5%

Value ($000) $11,194 Shares 796,744 Est. Cost $33.31 Unrealized -55.6%

KPTI KARYOPHARM THERAPEUTICS INC 0.1%

Value ($000) $2,451 Shares 440,000 Est. Cost $6.12 Unrealized +24.6%

PHVS PHARVARIS N V 0.8%

Value ($000) $19,833 Shares 702,052 Est. Cost $18.04 Unrealized +48.2%

LBRX LB PHARMACEUTICALS INC 0.0%

Value ($000) $247 Shares 10,000 Est. Cost $15.87 Unrealized +41.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IVVD	INVIVYD INC	7,708,727	$10,021	0.4%	$2.08	-4.9%	COM	00534A102
IKT	INHIBIKASE THERAPEUTICS INC	10,875,000	$18,270	0.7%	$2.12	-18.0%	COM NEW	45719W205
EDAP	EDAP TMS S A	7,309,254	$27,190	1.1%	$7.34	—	SPONSORED ADR	268311107
CCCC	C4 THERAPEUTICS INC	3,803,942	$10,004	0.4%	$7.16	-70.8%	COM STK	12529R107
AVTX	AVALO THERAPEUTICS INC	441,978	$6,599	0.3%	$16.88	-8.2%	COM NEW	05338F306
JBIO	JADE BIOSCIENCES INC	796,744	$11,194	0.5%	$33.31	-55.6%	COM NEW	008064206
KPTI	KARYOPHARM THERAPEUTICS INC	440,000	$2,451	0.1%	$6.12	+24.6%	COM NEW	48576U205
PHVS	PHARVARIS N V	702,052	$19,833	0.8%	$18.04	+48.2%	COM	N69605108
LBRX	LB PHARMACEUTICALS INC	10,000	$247	0.0%	$15.87	+41.1%	COM SHS	50180M108