Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BLTE	BELITE BIO INC	116,684	$18.6M	3.3%	—	—	SPONSORED ADS	07782B104
LEGN	LEGEND BIOTECH CORP	990,000	$17.91M	3.2%	—	—	SPONSORED ADS	52490G102
NKTR	NEKTAR THERAPEUTICS	210,000	$15.11M	2.7%	—	—	COM NEW	640268306
MRK	MERCK & CO INC	80,000	$9.623M	1.7%	—	—	COM	58933Y105
DFTX	DEFINIUM THERAPEUTICS INC	331,000	$6.256M	1.1%	—	—	COM SHS	24477V105
TARA	PROTARA THERAPEUTICS INC	1,030,846	$5.371M	1.0%	—	—	COM STK	74365U107
CTMX	CYTOMX THERAPEUTICS INC.	1,085,790	$5.103M	0.9%	—	—	COM	23284F105

Increased Positions (11)

COGT COGENT BIOSCIENCES INC 4.1%

Value $22.94M (+103.5%) Shares 596,000 (+87.8%) Est. Cost — Unrealized —

DBVT DBV TECHNOLOGIES S A 2.6%

Value $14.49M (+110.5%) Shares 693,534 (+93.2%) Est. Cost — Unrealized —

XENE XENON PHARMACEUTICALS INC 2.3%

Value $13.2M (+115.8%) Shares 227,000 (+66.3%) Est. Cost — Unrealized —

HROW HARROW INC 1.0%

Value $5.825M (+1590.8%) Shares 165,209 (+2249.7%) Est. Cost — Unrealized —

ARGX ARGENX SE 4.8%

Value $26.81M (+22.6%) Shares 36,718 (+41.2%) Est. Cost — Unrealized —

EYPT EYEPOINT INC 1.8%

Value $10.25M (-28.1%) Shares 795,000 (+1.9%) Est. Cost — Unrealized —

CATX PERSPECTIVE THERAPEUTICS INC 1.2%

Value $6.776M (+117.5%) Shares 1,625,000 (+43.4%) Est. Cost — Unrealized —

ARQT ARCUTIS BIOTHERAPEUTICS INC 1.7%

Value $9.439M (+54.8%) Shares 400,645 (+90.8%) Est. Cost — Unrealized —

ONC BEONE MEDICINES LTD 4.2%

Value $23.92M (+13.6%) Shares 80,542 (+16.2%) Est. Cost — Unrealized —

ASMB ASSEMBLY BIOSCIENCES INC 0.7%

Value $3.783M (-12.4%) Shares 136,315 (+7.3%) Est. Cost — Unrealized —

RCUS ARCUS BIOSCIENCES INC 0.7%

Value $4.212M (+4.0%) Shares 195,000 (+14.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COGT	COGENT BIOSCIENCES INC	596,000 (+87.8%)	$22.94M (+103.5%)	4.1%	—	—	COM	19240Q201
DBVT	DBV TECHNOLOGIES S A	693,534 (+93.2%)	$14.49M (+110.5%)	2.6%	—	—	SPONSORED ADS	23306J309
XENE	XENON PHARMACEUTICALS INC	227,000 (+66.3%)	$13.2M (+115.8%)	2.3%	—	—	COM	98420N105
HROW	HARROW INC	165,209 (+2249.7%)	$5.825M (+1590.8%)	1.0%	—	—	COM	415858109
ARGX	ARGENX SE	36,718 (+41.2%)	$26.81M (+22.6%)	4.8%	—	—	SPONSORED ADR	04016X101
EYPT	EYEPOINT INC	795,000 (+1.9%)	$10.25M (-28.1%)	1.8%	—	—	COM NEW	30233G209
CATX	PERSPECTIVE THERAPEUTICS INC	1,625,000 (+43.4%)	$6.776M (+117.5%)	1.2%	—	—	COM NEW	46489V302
ARQT	ARCUTIS BIOTHERAPEUTICS INC	400,645 (+90.8%)	$9.439M (+54.8%)	1.7%	—	—	COM	03969K108
ONC	BEONE MEDICINES LTD	80,542 (+16.2%)	$23.92M (+13.6%)	4.2%	—	—	SPONSORED ADS	07725L102
ASMB	ASSEMBLY BIOSCIENCES INC	136,315 (+7.3%)	$3.783M (-12.4%)	0.7%	—	—	COM NEW	045396207
RCUS	ARCUS BIOSCIENCES INC	195,000 (+14.7%)	$4.212M (+4.0%)	0.7%	—	—	COM	03969F109

Exited Positions (6)

TERN TERNS PHARMACEUTICALS INC 2.3%

Value $12.93M Shares 320,000 Est. Cost — Unrealized —

LQDA LIQUIDIA CORPORATION 1.4%

Value $7.829M Shares 227,000 Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 1.1%

Value $5.949M Shares 490,000 Est. Cost — Unrealized —

IRON DISC MEDICINE INC 1.0%

Value $5.876M Shares 74,000 Est. Cost — Unrealized —

AVTX AVALO THERAPEUTICS INC 1.0%

Value $5.665M Shares 311,966 Est. Cost — Unrealized —

AMLX AMYLYX PHARMACEUTICALS INC 0.8%

Value $4.228M Shares 350,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	320,000	$12.93M	2.3%	—	—	—	880881107
LQDA	LIQUIDIA CORPORATION	227,000	$7.829M	1.4%	—	—	—	53635D202
OCUL	OCULAR THERAPEUTIX INC	490,000	$5.949M	1.1%	—	—	—	67576A100
IRON	DISC MEDICINE INC	74,000	$5.876M	1.0%	—	—	—	254604101
AVTX	AVALO THERAPEUTICS INC	311,966	$5.665M	1.0%	—	—	—	05338F306
AMLX	AMYLYX PHARMACEUTICALS INC	350,000	$4.228M	0.8%	—	—	—	03237H101

Decreased Positions (10)

INSM INSMED INC 4.6%

Value $25.75M (-44.6%) Shares 157,500 (-41.0%) Est. Cost — Unrealized —

SYRE SPYRE THERAPEUTICS INC 0.0%

Value $50,440 (-99.0%) Shares 1,000 (-99.3%) Est. Cost — Unrealized —

ABVX ABIVAX SA 2.4%

Value $13.5M (-23.0%) Shares 121,245 (-6.7%) Est. Cost — Unrealized —

ELVN ENLIVEN THERAPEUTICS INC 1.4%

Value $7.84M (+65.2%) Shares 200,000 (-35.1%) Est. Cost — Unrealized —

KYMR KYMERA THERAPEUTICS INC 1.5%

Value $8.329M (-23.0%) Shares 100,000 (-28.1%) Est. Cost — Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 3.8%

Value $21.25M (-9.9%) Shares 230,000 (-23.0%) Est. Cost — Unrealized —

DNTH DIANTHUS THERAPEUTICS INC 1.4%

Value $7.879M (+27.5%) Shares 93,882 (-37.4%) Est. Cost — Unrealized —

ALLO ALLOGENE THERAPEUTICS INC 1.5%

Value $8.418M (+23.8%) Shares 3,450,000 (-30.5%) Est. Cost — Unrealized —

PHVS PHARVARIS N V 2.5%

Value $13.93M (-7.5%) Shares 493,000 (-9.2%) Est. Cost — Unrealized —

CELC CELCUITY INC 1.9%

Value $10.84M (-9.4%) Shares 95,000 (-20.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	157,500 (-41.0%)	$25.75M (-44.6%)	4.6%	—	—	COM PAR $.01	457669307
SYRE	SPYRE THERAPEUTICS INC	1,000 (-99.3%)	$50,440 (-99.0%)	0.0%	—	—	COM NEW	00773J202
ABVX	ABIVAX SA	121,245 (-6.7%)	$13.5M (-23.0%)	2.4%	—	—	SPONSORED ADS	00370M103
ELVN	ENLIVEN THERAPEUTICS INC	200,000 (-35.1%)	$7.84M (+65.2%)	1.4%	—	—	COM	29337E102
KYMR	KYMERA THERAPEUTICS INC	100,000 (-28.1%)	$8.329M (-23.0%)	1.5%	—	—	COM	501575104
MIRM	MIRUM PHARMACEUTICALS INC	230,000 (-23.0%)	$21.25M (-9.9%)	3.8%	—	—	COM	604749101
DNTH	DIANTHUS THERAPEUTICS INC	93,882 (-37.4%)	$7.879M (+27.5%)	1.4%	—	—	COM	252828108
ALLO	ALLOGENE THERAPEUTICS INC	3,450,000 (-30.5%)	$8.418M (+23.8%)	1.5%	—	—	COM	019770106
PHVS	PHARVARIS N V	493,000 (-9.2%)	$13.93M (-7.5%)	2.5%	—	—	COM	N69605108
CELC	CELCUITY INC	95,000 (-20.8%)	$10.84M (-9.4%)	1.9%	—	—	COM	15102K100

Unchanged Positions (1)

ROIV ROIVANT SCIENCES LTD 40.1%

Value $226M Shares 8,166,047 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROIV	ROIVANT SCIENCES LTD	8,166,047	$226M	40.1%	—	—	SHS	G76279101