Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ERASCA INC	1,255,000	$22.99M	2.1%	—	—	CALL	29479A908
SMMT	SUMMIT THERAPEUTICS INC	1,250,000	$18.21M	1.6%	—	—	COM	86627T108
ANL	ADLAI NORTYE LTD	934,716	$10.75M	1.0%	—	—	SPONSORED ADS	00704R109
SNSE	FAETH THERAPEUTICS INC	361,010	$9.025M	0.8%	—	—	COM NEW	81728A207
GYRE	GYRE THERAPEUTICS INC	954,416	$6.29M	0.6%	—	—	COM	403783103

Increased Positions (4)

DFTX DEFINIUM THERAPEUTICS INC 12.5%

Value $139M (+200.9%) Shares 2,950,000 (+20.9%) Est. Cost — Unrealized —

ABVX ABIVAX SA 11.9%

Value $132M (+75.5%) Shares 993,000 (+46.7%) Est. Cost — Unrealized —

TSHA TAYSHA GENE THERAPIES INC 5.9%

Value $66.01M (+66.7%) Shares 9,693,244 (+9.4%) Est. Cost — Unrealized —

PHVS PHARVARIS N V 1.4%

Value $15.79M (+238.8%) Shares 456,721 (+176.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DFTX	DEFINIUM THERAPEUTICS INC	2,950,000 (+20.9%)	$139M (+200.9%)	12.5%	—	—	COM SHS	24477V105
ABVX	ABIVAX SA	993,000 (+46.7%)	$132M (+75.5%)	11.9%	—	—	SPONSORED ADS	00370M103
TSHA	TAYSHA GENE THERAPIES INC	9,693,244 (+9.4%)	$66.01M (+66.7%)	5.9%	—	—	COM SHS	877619106
PHVS	PHARVARIS N V	456,721 (+176.8%)	$15.79M (+238.8%)	1.4%	—	—	COM	N69605108

Exited Positions (7)

CNTA CENTESSA PHARMACEUTICALS PLC 2.7%

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

KALV KALVISTA PHARMACEUTICALS INC 2.6%

Value $29.19M Shares 1,450,000 Est. Cost — Unrealized —

TERN TERNS PHARMACEUTICALS INC 2.5%

Value $27.94M Shares 530,000 Est. Cost — Unrealized —

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 0.6%

Value $6.435M Shares 719,000 Est. Cost — Unrealized —

LXEO LEXEO THERAPEUTICS INC 0.6%

Value $6.314M Shares 1,100,000 Est. Cost — Unrealized —

CATX PERSPECTIVE THERAPEUTICS INC 0.3%

Value $3.301M Shares 791,555 Est. Cost — Unrealized —

EVMN EVOMMUNE INC 0.3%

Value $3.298M Shares 143,472 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNTA	CENTESSA PHARMACEUTICALS PLC	750,000	$29.79M	2.7%	—	—	—	152309100
KALV	KALVISTA PHARMACEUTICALS INC	1,450,000	$29.19M	2.6%	—	—	—	483497103
TERN	TERNS PHARMACEUTICALS INC	530,000	$27.94M	2.5%	—	—	—	880881107
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	719,000	$6.435M	0.6%	—	—	—	107924102
LXEO	LEXEO THERAPEUTICS INC	1,100,000	$6.314M	0.6%	—	—	—	52886X107
CATX	PERSPECTIVE THERAPEUTICS INC	791,555	$3.301M	0.3%	—	—	—	46489V302
EVMN	EVOMMUNE INC	143,472	$3.298M	0.3%	—	—	—	30054Y107

Decreased Positions (6)

DNTH DIANTHUS THERAPEUTICS INC 16.1%

Value $180M (+9.9%) Shares 1,841,667 (-5.4%) Est. Cost — Unrealized —

CNTX CONTEXT THERAPEUTICS INC 0.2%

Value $1.689M (-87.7%) Shares 3,050,000 (-41.9%) Est. Cost — Unrealized —

TRVI TREVI THERAPEUTICS INC 0.5%

Value $5.875M (-66.8%) Shares 315,000 (-78.8%) Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 1.8%

Value $20.38M (-24.0%) Shares 2,075,000 (-34.5%) Est. Cost — Unrealized —

DTIL PRECISION BIOSCIENCES INC 1.0%

Value $10.61M (-13.7%) Shares 1,350,000 (-39.6%) Est. Cost — Unrealized —

KYMR KYMERA THERAPEUTICS INC 3.2%

Value $35.55M (+0.4%) Shares 310,000 (-27.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DNTH	DIANTHUS THERAPEUTICS INC	1,841,667 (-5.4%)	$180M (+9.9%)	16.1%	—	—	COM	252828108
CNTX	CONTEXT THERAPEUTICS INC	3,050,000 (-41.9%)	$1.689M (-87.7%)	0.2%	—	—	COM	21077P108
TRVI	TREVI THERAPEUTICS INC	315,000 (-78.8%)	$5.875M (-66.8%)	0.5%	—	—	COM	89532M101
OCUL	OCULAR THERAPEUTIX INC	2,075,000 (-34.5%)	$20.38M (-24.0%)	1.8%	—	—	COM	67576A100
DTIL	PRECISION BIOSCIENCES INC	1,350,000 (-39.6%)	$10.61M (-13.7%)	1.0%	—	—	COM NEW	74019P207
KYMR	KYMERA THERAPEUTICS INC	310,000 (-27.1%)	$35.55M (+0.4%)	3.2%	—	—	COM	501575104

Unchanged Positions (12)

AVBP ARRIVENT BIOPHARMA INC 6.2%

Value $68.47M Shares 1,971,054 Est. Cost — Unrealized —

ALMS ALUMIS INC 7.2%

Value $79.66M Shares 2,830,700 Est. Cost — Unrealized —

AKTS AKTIS ONCOLOGY INC 2.8%

Value $30.97M Shares 960,847 Est. Cost — Unrealized —

BIOA BIOAGE LABS INC 3.9%

Value $42.84M Shares 1,748,000 Est. Cost — Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 3.6%

Value $39.68M Shares 338,900 Est. Cost — Unrealized —

PALI PALISADE BIO INC 1.9%

Value $21.48M Shares 10,276,317 Est. Cost — Unrealized —

DBVT DBV TECHNOLOGIES S A 0.8%

Value $9.417M Shares 574,200 Est. Cost — Unrealized —

IRON DISC MEDICINE INC 1.8%

Value $19.75M Shares 270,000 Est. Cost — Unrealized —

UNCY UNICYCIVE THERAPEUTICS INC 0.4%

Value $4.69M Shares 1,000,000 Est. Cost — Unrealized —

GOSS GOSSAMER BIO INC 0.1%

Value $1.276M Shares 7,750,000 Est. Cost — Unrealized —

XENE XENON PHARMACEUTICALS INC 2.7%

Value $29.58M Shares 490,000 Est. Cost — Unrealized —

COGT COGENT BIOSCIENCES INC 8.2%

Value $90.94M Shares 2,350,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVBP	ARRIVENT BIOPHARMA INC	1,971,054	$68.47M	6.2%	—	—	COM	04272N102
ALMS	ALUMIS INC	2,830,700	$79.66M	7.2%	—	—	COM	022307102
AKTS	AKTIS ONCOLOGY INC	960,847	$30.97M	2.8%	—	—	COM	01021M104
BIOA	BIOAGE LABS INC	1,748,000	$42.84M	3.9%	—	—	COM	09077V100
MIRM	MIRUM PHARMACEUTICALS INC	338,900	$39.68M	3.6%	—	—	COM	604749101
PALI	PALISADE BIO INC	10,276,317	$21.48M	1.9%	—	—	COM	696389402
DBVT	DBV TECHNOLOGIES S A	574,200	$9.417M	0.8%	—	—	SPONSORED ADS	23306J309
IRON	DISC MEDICINE INC	270,000	$19.75M	1.8%	—	—	COM	254604101
UNCY	UNICYCIVE THERAPEUTICS INC	1,000,000	$4.69M	0.4%	—	—	COM NEW	90466Y202
GOSS	GOSSAMER BIO INC	7,750,000	$1.276M	0.1%	—	—	COM	38341P102
XENE	XENON PHARMACEUTICALS INC	490,000	$29.58M	2.7%	—	—	COM	98420N105
COGT	COGENT BIOSCIENCES INC	2,350,000	$90.94M	8.2%	—	—	COM	19240Q201