Velan Capital Investment Management LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPLT	MAPLIGHT THERAPEUTICS INC	522,305	$9,174	5.3%	$16.75	0.0%	COM	56565P103
EVMN	EVOMMUNE INC	506,754	$8,676	5.0%	$18.78	0.0%	COM SHS	30054Y107
ESPR	ESPERION THERAPEUTICS INC NE	1,210,000	$4,477	2.6%	$3.23	0.0%	COM	29664W105
VRCA	VERRICA PHARMACEUTICALS INC	471,559	$3,919	2.3%	$5.54	0.0%	COM SHS	92511W207
STRO	SUTRO BIOPHARMA INC	312,000	$3,610	2.1%	$9.49	0.0%	COM SHS	869367201
PROF	PROFOUND MED CORP	285,710	$2,249	1.3%	$6.43	0.0%	COM NEW	74319B502
KZIA	KAZIA THERAPEUTICS LTD	300,000	$2,067	1.2%	$6.89	—	SPONSORED ADS	48669G303
—	TREVI THERAPEUTICS INC	38,500	$482	0.3%	—	—	CALL	89532M901
XLO	XILIO THERAPEUTICS INC	170,000	$109	0.1%	$0.75	0.0%	COM	98422T100

Increased Positions (5)

TARA PROTARA THERAPEUTICS INC 8.8%

Value ($000) $15,109 (+62.4%) Shares 2,834,652 (+32.5%) Est. Cost $3.79 Unrealized +46.8%

ABVX ABIVAX SA 5.2%

Value ($000) $9,035 (+65.3%) Shares 67,000 (+4.1%) Est. Cost $86.85 Unrealized —

TERN TERNS PHARMACEUTICALS INC 1.6%

Value ($000) $2,828 (+1782.8%) Shares 70,000 (+250.0%) Est. Cost $18.28 Unrealized +26.4%

RAPT RAPT THERAPEUTICS INC 2.1%

Value ($000) $3,658 (+77.3%) Shares 108,000 (+35.0%) Est. Cost $17.75 Unrealized +75.0%

LNTH LANTHEUS HLDGS INC 2.9%

Value ($000) $4,970 (+31.8%) Shares 74,687 (+1.6%) Est. Cost $62.43 Unrealized -6.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TARA	PROTARA THERAPEUTICS INC	2,834,652 (+32.5%)	$15,109 (+62.4%)	8.8%	$3.79	+46.8%	COM STK	74365U107
ABVX	ABIVAX SA	67,000 (+4.1%)	$9,035 (+65.3%)	5.2%	$86.85	—	SPONSORED ADS	00370M103
TERN	TERNS PHARMACEUTICALS INC	70,000 (+250.0%)	$2,828 (+1782.8%)	1.6%	$18.28	+26.4%	COM	880881107
RAPT	RAPT THERAPEUTICS INC	108,000 (+35.0%)	$3,658 (+77.3%)	2.1%	$17.75	+75.0%	COM NEW	75382E208
LNTH	LANTHEUS HLDGS INC	74,687 (+1.6%)	$4,970 (+31.8%)	2.9%	$62.43	-6.8%	COM	516544103

Exited Positions (12)

ZOOZ ZOOZ PWR LTD 2.5%

Value ($000) $4,280 Shares 2,000,000 Est. Cost $1.85 Unrealized -45.6%

ALMS ALUMIS INC 2.2%

Value ($000) $3,777 Shares 946,683 Est. Cost $4.72 Unrealized +47.8%

— SUTRO BIOPHARMA INC 1.6%

Value ($000) $2,709 Shares 3,120,000 Est. Cost $0.71 Unrealized —

QURE UNIQURE NV 1.1%

Value ($000) $1,868 Shares 32,000 Est. Cost $18.16 Unrealized +112.5%

TELA TELA BIO INC 0.6%

Value ($000) $1,114 Shares 747,410 Est. Cost $2.46 Unrealized -48.5%

ELDN ELEDON PHARMACEUTICALS INC 0.5%

Value ($000) $899 Shares 346,973 Est. Cost $3.88 Unrealized -38.7%

— TOURMALINE BIO INC 0.2%

Value ($000) $277 Shares 5,800 Est. Cost $24.21 Unrealized —

ALEC ALECTOR INC 0.1%

Value ($000) $163 Shares 55,000 Est. Cost $3.76 Unrealized -52.9%

ERAS ERASCA INC 0.1%

Value ($000) $142 Shares 65,000 Est. Cost $1.63 Unrealized +72.7%

WVE WAVE LIFE SCIENCES LTD 0.1%

Value ($000) $110 Shares 15,000 Est. Cost $12.45 Unrealized -18.4%

GERN GERON CORP 0.1%

Value ($000) $110 Shares 80,000 Est. Cost $2.40 Unrealized -47.7%

ACRS ACLARIS THERAPEUTICS INC 0.0%

Value ($000) $62 Shares 32,700 Est. Cost $2.41 Unrealized +5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ZOOZ	ZOOZ PWR LTD	2,000,000	$4,280	2.5%	$1.85	-45.6%	—	M2573A106
ALMS	ALUMIS INC	946,683	$3,777	2.2%	$4.72	+47.8%	—	022307102
—	SUTRO BIOPHARMA INC	3,120,000	$2,709	1.6%	$0.71	—	—	869367102
QURE	UNIQURE NV	32,000	$1,868	1.1%	$18.16	+112.5%	—	N90064101
TELA	TELA BIO INC	747,410	$1,114	0.6%	$2.46	-48.5%	—	872381108
ELDN	ELEDON PHARMACEUTICALS INC	346,973	$899	0.5%	$3.88	-38.7%	—	28617K101
—	TOURMALINE BIO INC	5,800	$277	0.2%	$24.21	—	—	89157D105
ALEC	ALECTOR INC	55,000	$163	0.1%	$3.76	-52.9%	—	014442107
ERAS	ERASCA INC	65,000	$142	0.1%	$1.63	+72.7%	—	29479A108
WVE	WAVE LIFE SCIENCES LTD	15,000	$110	0.1%	$12.45	-18.4%	—	Y95308105
GERN	GERON CORP	80,000	$110	0.1%	$2.40	-47.7%	—	374163103
ACRS	ACLARIS THERAPEUTICS INC	32,700	$62	0.0%	$2.41	+5.0%	—	00461U105

Decreased Positions (5)

PRAX PRAXIS PRECISION MEDICINES I 17.2%

Value ($000) $29,704 (+322.0%) Shares 100,781 (-24.1%) Est. Cost $18.39 Unrealized +912.5%

MLYS MINERALYS THERAPEUTICS INC 3.2%

Value ($000) $5,480 (-17.7%) Shares 151,000 (-14.0%) Est. Cost $11.91 Unrealized +236.6%

CRBP CORBUS PHARMACEUTICALS HLDGS 0.1%

Value ($000) $106 (-86.3%) Shares 13,000 (-78.7%) Est. Cost $44.43 Unrealized -72.2%

PYXS PYXIS ONCOLOGY INC 0.0%

Value ($000) $46 (-62.3%) Shares 40,000 (-27.3%) Est. Cost $1.21 Unrealized +191.0%

REPL REPLIMUNE GROUP INC 0.1%

Value ($000) $146 (+74.0%) Shares 15,000 (-25.0%) Est. Cost $12.15 Unrealized -30.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRAX	PRAXIS PRECISION MEDICINES I	100,781 (-24.1%)	$29,704 (+322.0%)	17.2%	$18.39	+912.5%	COM NEW	74006W207
MLYS	MINERALYS THERAPEUTICS INC	151,000 (-14.0%)	$5,480 (-17.7%)	3.2%	$11.91	+236.6%	COM	603170101
CRBP	CORBUS PHARMACEUTICALS HLDGS	13,000 (-78.7%)	$106 (-86.3%)	0.1%	$44.43	-72.2%	COM NEW	21833P301
PYXS	PYXIS ONCOLOGY INC	40,000 (-27.3%)	$46 (-62.3%)	0.0%	$1.21	+191.0%	COMMON STOCK	747324101
REPL	REPLIMUNE GROUP INC	15,000 (-25.0%)	$146 (+74.0%)	0.1%	$12.15	-30.0%	COM	76029N106

Unchanged Positions (27)

— CIDARA THERAPEUTICS INC 13.9%

Value ($000) $23,945 Shares 108,404 Est. Cost $52.36 Unrealized —

RZLT REZOLUTE INC 1.0%

Value ($000) $1,770 Shares 750,000 Est. Cost $3.03 Unrealized +158.9%

AVTX AVALO THERAPEUTICS INC 2.8%

Value ($000) $4,788 Shares 263,642 Est. Cost $8.82 Unrealized +91.3%

NSPR INSPIREMD INC 2.2%

Value ($000) $3,816 Shares 2,143,698 Est. Cost $2.07 Unrealized +0.5%

JSPR JASPER THERAPEUTICS INC 2.8%

Value ($000) $4,883 Shares 2,668,395 Est. Cost $10.95 Unrealized -81.7%

VRDN VIRIDIAN THERAPEUTICS INC 1.6%

Value ($000) $2,692 Shares 86,500 Est. Cost $13.57 Unrealized +102.1%

SNDX SYNDAX PHARMACEUTICALS INC 1.6%

Value ($000) $2,731 Shares 130,000 Est. Cost $13.09 Unrealized +33.3%

EDSA EDESA BIOTECH INC 0.6%

Value ($000) $976 Shares 687,500 Est. Cost $2.16 Unrealized -9.2%

TRVI TREVI THERAPEUTICS INC 1.5%

Value ($000) $2,567 Shares 205,000 Est. Cost $7.50 Unrealized +54.1%

EPRX EUPRAXIA PHARMACEUTICALS INC 1.5%

Value ($000) $2,658 Shares 352,000 Est. Cost $5.44 Unrealized +13.3%

TENX TENAX THERAPEUTICS INC 0.6%

Value ($000) $1,016 Shares 83,333 Est. Cost $3.62 Unrealized +140.2%

HRTX HERON THERAPEUTICS INC 6.6%

Value ($000) $11,379 Shares 8,753,290 Est. Cost $2.22 Unrealized -44.3%

VTYX VENTYX BIOSCIENCES INC 0.2%

Value ($000) $361 Shares 40,000 Est. Cost $2.20 Unrealized +240.1%

ARWR ARROWHEAD PHARMACEUTICALS IN 0.3%

Value ($000) $432 Shares 6,500 Est. Cost $21.98 Unrealized +122.9%

NRIX NURIX THERAPEUTICS INC 0.2%

Value ($000) $304 Shares 16,000 Est. Cost $10.65 Unrealized +34.9%

IMMX IMMIX BIOPHARMA INC 0.1%

Value ($000) $183 Shares 35,000 Est. Cost $2.12 Unrealized +93.8%

IMNM IMMUNOME INC 0.1%

Value ($000) $215 Shares 10,000 Est. Cost $9.95 Unrealized +76.4%

CTMX CYTOMX THERAPEUTICS INC 0.2%

Value ($000) $341 Shares 80,000 Est. Cost $1.00 Unrealized +280.2%

PTGX PROTAGONIST THERAPEUTICS INC 0.2%

Value ($000) $323 Shares 3,700 Est. Cost $47.99 Unrealized +70.5%

OVID OVID THERAPEUTICS INC 0.2%

Value ($000) $261 Shares 160,000 Est. Cost $0.71 Unrealized +116.3%

CNTX CONTEXT THERAPEUTICS INC 0.1%

Value ($000) $147 Shares 100,000 Est. Cost $1.62 Unrealized -28.0%

DSGN DESIGN THERAPEUTICS INC 0.1%

Value ($000) $188 Shares 20,000 Est. Cost $4.46 Unrealized +75.5%

GOSS GOSSAMER BIO INC 0.1%

Value ($000) $217 Shares 70,000 Est. Cost $0.86 Unrealized +233.0%

DTIL PRECISION BIOSCIENCES INC 0.0%

Value ($000) $83 Shares 20,000 Est. Cost $4.79 Unrealized +18.5%

LRMR LARIMAR THERAPEUTICS INC 0.1%

Value ($000) $126 Shares 33,000 Est. Cost $4.91 Unrealized -20.8%

PMVP PMV PHARMACEUTICALS INC 0.0%

Value ($000) $44 Shares 35,000 Est. Cost $1.58 Unrealized -15.4%

PRQR PROQR THRAPEUTICS N V 0.1%

Value ($000) $91 Shares 45,000 Est. Cost $3.07 Unrealized -23.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	CIDARA THERAPEUTICS INC	108,404	$23,945	13.9%	$52.36	—	COM NEW	171757206
RZLT	REZOLUTE INC	750,000	$1,770	1.0%	$3.03	+158.9%	COM NEW	76200L309
AVTX	AVALO THERAPEUTICS INC	263,642	$4,788	2.8%	$8.82	+91.3%	COM NEW	05338F306
NSPR	INSPIREMD INC	2,143,698	$3,816	2.2%	$2.07	+0.5%	COM	45779A846
JSPR	JASPER THERAPEUTICS INC	2,668,395	$4,883	2.8%	$10.95	-81.7%	COM NEW	471871202
VRDN	VIRIDIAN THERAPEUTICS INC	86,500	$2,692	1.6%	$13.57	+102.1%	COM	92790C104
SNDX	SYNDAX PHARMACEUTICALS INC	130,000	$2,731	1.6%	$13.09	+33.3%	COM	87164F105
EDSA	EDESA BIOTECH INC	687,500	$976	0.6%	$2.16	-9.2%	COM NEW	27966L306
TRVI	TREVI THERAPEUTICS INC	205,000	$2,567	1.5%	$7.50	+54.1%	COM	89532M101
EPRX	EUPRAXIA PHARMACEUTICALS INC	352,000	$2,658	1.5%	$5.44	+13.3%	COM	29842P105
TENX	TENAX THERAPEUTICS INC	83,333	$1,016	0.6%	$3.62	+140.2%	COM NEW	88032L605
HRTX	HERON THERAPEUTICS INC	8,753,290	$11,379	6.6%	$2.22	-44.3%	COM	427746102
VTYX	VENTYX BIOSCIENCES INC	40,000	$361	0.2%	$2.20	+240.1%	COM	92332V107
ARWR	ARROWHEAD PHARMACEUTICALS IN	6,500	$432	0.3%	$21.98	+122.9%	COM	04280A100
NRIX	NURIX THERAPEUTICS INC	16,000	$304	0.2%	$10.65	+34.9%	COM	67080M103
IMMX	IMMIX BIOPHARMA INC	35,000	$183	0.1%	$2.12	+93.8%	COM	45258H106
IMNM	IMMUNOME INC	10,000	$215	0.1%	$9.95	+76.4%	COM	45257U108
CTMX	CYTOMX THERAPEUTICS INC	80,000	$341	0.2%	$1.00	+280.2%	COM	23284F105
PTGX	PROTAGONIST THERAPEUTICS INC	3,700	$323	0.2%	$47.99	+70.5%	COM	74366E102
OVID	OVID THERAPEUTICS INC	160,000	$261	0.2%	$0.71	+116.3%	COM	690469101
CNTX	CONTEXT THERAPEUTICS INC	100,000	$147	0.1%	$1.62	-28.0%	COM	21077P108
DSGN	DESIGN THERAPEUTICS INC	20,000	$188	0.1%	$4.46	+75.5%	COM	25056L103
GOSS	GOSSAMER BIO INC	70,000	$217	0.1%	$0.86	+233.0%	COM	38341P102
DTIL	PRECISION BIOSCIENCES INC	20,000	$83	0.0%	$4.79	+18.5%	COM NEW	74019P207
LRMR	LARIMAR THERAPEUTICS INC	33,000	$126	0.1%	$4.91	-20.8%	COM	517125100
PMVP	PMV PHARMACEUTICALS INC	35,000	$44	0.0%	$1.58	-15.4%	COM	69353Y103
PRQR	PROQR THRAPEUTICS N V	45,000	$91	0.1%	$3.07	-23.9%	SHS EURO	N71542109