Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DFTX	DEFINIUM THERAPEUTICS INC	2,440,000	$46.12M	5.1%	—	—	COM SHS	24477V105
MIRM	MIRUM PHARMACEUTICALS INC	338,900	$31.31M	3.5%	—	—	COM	604749101
XENE	XENON PHARMACEUTICALS INC	490,000	$28.49M	3.2%	—	—	COM	98420N105
TERN	TERNS PHARMACEUTICALS INC	530,000	$27.94M	3.1%	—	—	COM	880881107
IRON	DISC MEDICINE INC	270,000	$17.26M	1.9%	—	—	COM	254604101
AKTS	AKTIS ONCOLOGY INC	960,847	$17.19M	1.9%	—	—	COM	01021M104
CNTX	CONTEXT THERAPEUTICS INC	5,250,000	$13.76M	1.5%	—	—	COM	21077P108
CATX	PERSPECTIVE THERAPEUTICS INC	791,555	$3.301M	0.4%	—	—	COM NEW	46489V302

Increased Positions (6)

ALMS ALUMIS INC 6.9%

Value $62.36M (+152.5%) Shares 2,830,700 (+11.9%) Est. Cost — Unrealized —

BIOA BIOAGE LABS INC 3.4%

Value $30.57M (+44.6%) Shares 1,748,000 (+9.4%) Est. Cost — Unrealized —

KALV KALVISTA PHARMACEUTICALS INC 3.2%

Value $29.19M (+41.9%) Shares 1,450,000 (+13.9%) Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 3.0%

Value $26.82M (-15.8%) Shares 3,166,600 (+20.7%) Est. Cost — Unrealized —

PALI PALISADE BIO INC 2.0%

Value $17.98M (-20.0%) Shares 10,276,317 (+7.4%) Est. Cost — Unrealized —

DTIL PRECISION BIOSCIENCES INC 1.4%

Value $12.3M (+54.2%) Shares 2,236,732 (+16.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALMS	ALUMIS INC	2,830,700 (+11.9%)	$62.36M (+152.5%)	6.9%	—	—	COM	022307102
BIOA	BIOAGE LABS INC	1,748,000 (+9.4%)	$30.57M (+44.6%)	3.4%	—	—	COM	09077V100
KALV	KALVISTA PHARMACEUTICALS INC	1,450,000 (+13.9%)	$29.19M (+41.9%)	3.2%	—	—	COM	483497103
OCUL	OCULAR THERAPEUTIX INC	3,166,600 (+20.7%)	$26.82M (-15.8%)	3.0%	—	—	COM	67576A100
PALI	PALISADE BIO INC	10,276,317 (+7.4%)	$17.98M (-20.0%)	2.0%	—	—	COM	696389402
DTIL	PRECISION BIOSCIENCES INC	2,236,732 (+16.6%)	$12.3M (+54.2%)	1.4%	—	—	COM NEW	74019P207

Exited Positions (6)

— MIND MEDICINE MINDMED INC 3.3%

Value $29.86M Shares 2,230,000 Est. Cost — Unrealized —

CGON CG ONCOLOGY INC 2.8%

Value $24.91M Shares 600,000 Est. Cost — Unrealized —

— CIDARA THERAPEUTICS INC 2.4%

Value $22.09M Shares 100,000 Est. Cost — Unrealized —

RAPT RAPT THERAPEUTICS INC 2.2%

Value $19.44M Shares 574,000 Est. Cost — Unrealized —

CRBP CORBUS PHARMACEUTICALS HLDGS 0.9%

Value $7.774M Shares 955,000 Est. Cost — Unrealized —

PEPG PEPGEN INC 0.5%

Value $4.557M Shares 700,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	MIND MEDICINE MINDMED INC	2,230,000	$29.86M	3.3%	—	—	—	60255C885
CGON	CG ONCOLOGY INC	600,000	$24.91M	2.8%	—	—	CALL	156944100
—	CIDARA THERAPEUTICS INC	100,000	$22.09M	2.4%	—	—	—	171757206
RAPT	RAPT THERAPEUTICS INC	574,000	$19.44M	2.2%	—	—	—	75382E208
CRBP	CORBUS PHARMACEUTICALS HLDGS	955,000	$7.774M	0.9%	—	—	—	21833P301
PEPG	PEPGEN INC	700,000	$4.557M	0.5%	—	—	—	713317105

Decreased Positions (9)

DNTH DIANTHUS THERAPEUTICS INC 18.1%

Value $163M (+64.0%) Shares 1,946,667 (-19.4%) Est. Cost — Unrealized —

GOSS GOSSAMER BIO INC 0.3%

Value $2.546M (-94.1%) Shares 7,750,000 (-44.3%) Est. Cost — Unrealized —

ABVX ABIVAX SA 8.3%

Value $75.38M (-26.1%) Shares 677,000 (-10.4%) Est. Cost — Unrealized —

TRVI TREVI THERAPEUTICS INC 2.0%

Value $17.72M (-49.7%) Shares 1,485,000 (-47.2%) Est. Cost — Unrealized —

PHVS PHARVARIS N V 0.5%

Value $4.661M (-75.0%) Shares 165,000 (-75.4%) Est. Cost — Unrealized —

LXEO LEXEO THERAPEUTICS INC 0.7%

Value $6.314M (-63.1%) Shares 1,100,000 (-36.2%) Est. Cost — Unrealized —

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 0.7%

Value $6.435M (-50.7%) Shares 719,000 (-31.1%) Est. Cost — Unrealized —

KYMR KYMERA THERAPEUTICS INC 3.9%

Value $35.4M (-15.0%) Shares 425,000 (-20.6%) Est. Cost — Unrealized —

EVMN EVOMMUNE INC 0.4%

Value $3.298M (-61.5%) Shares 143,472 (-71.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DNTH	DIANTHUS THERAPEUTICS INC	1,946,667 (-19.4%)	$163M (+64.0%)	18.1%	—	—	COM	252828108
GOSS	GOSSAMER BIO INC	7,750,000 (-44.3%)	$2.546M (-94.1%)	0.3%	—	—	COM	38341P102
ABVX	ABIVAX SA	677,000 (-10.4%)	$75.38M (-26.1%)	8.3%	—	—	SPONSORED ADS	00370M103
TRVI	TREVI THERAPEUTICS INC	1,485,000 (-47.2%)	$17.72M (-49.7%)	2.0%	—	—	COM	89532M101
PHVS	PHARVARIS N V	165,000 (-75.4%)	$4.661M (-75.0%)	0.5%	—	—	COM	N69605108
LXEO	LEXEO THERAPEUTICS INC	1,100,000 (-36.2%)	$6.314M (-63.1%)	0.7%	—	—	COM	52886X107
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	719,000 (-31.1%)	$6.435M (-50.7%)	0.7%	—	—	COM NEW	107924102
KYMR	KYMERA THERAPEUTICS INC	425,000 (-20.6%)	$35.4M (-15.0%)	3.9%	—	—	COM	501575104
EVMN	EVOMMUNE INC	143,472 (-71.3%)	$3.298M (-61.5%)	0.4%	—	—	COM SHS	30054Y107

Unchanged Positions (6)

CNTA CENTESSA PHARMACEUTICALS PLC 3.3%

Value $29.79M Shares 750,000 Est. Cost — Unrealized —

TSHA TAYSHA GENE THERAPIES INC 4.4%

Value $39.6M Shares 8,859,911 Est. Cost — Unrealized —

COGT COGENT BIOSCIENCES INC 10.0%

Value $90.45M Shares 2,350,000 Est. Cost — Unrealized —

AVBP ARRIVENT BIOPHARMA INC 5.0%

Value $45.47M Shares 1,971,054 Est. Cost — Unrealized —

DBVT DBV TECHNOLOGIES S A 1.3%

Value $12M Shares 574,200 Est. Cost — Unrealized —

UNCY UNICYCIVE THERAPEUTICS INC 0.7%

Value $6.58M Shares 1,000,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNTA	CENTESSA PHARMACEUTICALS PLC	750,000	$29.79M	3.3%	—	—	SPONSORED ADS	152309100
TSHA	TAYSHA GENE THERAPIES INC	8,859,911	$39.6M	4.4%	—	—	COM SHS	877619106
COGT	COGENT BIOSCIENCES INC	2,350,000	$90.45M	10.0%	—	—	COM	19240Q201
AVBP	ARRIVENT BIOPHARMA INC	1,971,054	$45.47M	5.0%	—	—	COM	04272N102
DBVT	DBV TECHNOLOGIES S A	574,200	$12M	1.3%	—	—	SPONSORED ADS	23306J309
UNCY	UNICYCIVE THERAPEUTICS INC	1,000,000	$6.58M	0.7%	—	—	COM NEW	90466Y202