Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	1,254,488	$205M	4.2%	—	—	COM PAR $.01	457669307
BLTE	BELITE BIO INC	1,114,784	$178M	3.6%	—	—	SPONSORED ADS	07782B104
CNTA	CENTESSA PHARMACEUTICALS PLC	3,574,048	$142M	2.9%	—	—	SPONSORED ADS	152309100
CYTK	CYTOKINETICS INC	1,480,857	$97.6M	2.0%	—	—	COM NEW	23282W605
TNGX	TANGO THERAPEUTICS INC	4,009,679	$83.88M	1.7%	—	—	COM	87583X109
MAZE	MAZE THERAPEUTICS INC	2,744,399	$81.92M	1.7%	—	—	COM	578784100
TYRA	TYRA BIOSCIENCES INC	2,054,991	$78.71M	1.6%	—	—	COM	90240B106
MIRM	MIRUM PHARMACEUTICALS INC	625,000	$57.74M	1.2%	—	—	COM	604749101
MANE	VERADERMICS INC	525,000	$33.15M	0.7%	—	—	COMMON STOCK	922967104
GPCR	STRUCTURE THERAPEUTICS INC	545,287	$26.28M	0.5%	—	—	SPONSORED ADS	86366E106

Increased Positions (11)

PCVX VAXCYTE INC 5.7%

Value $279M (+48.4%) Shares 4,793,020 (+17.8%) Est. Cost — Unrealized —

TERN TERNS PHARMACEUTICALS INC 2.4%

Value $117M (+257.0%) Shares 2,216,499 (+173.5%) Est. Cost — Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 4.7%

Value $232M (+42.9%) Shares 7,365,038 (+12.6%) Est. Cost — Unrealized —

OLMA OLEMA PHARMACEUTICALS INC 2.4%

Value $120M (-36.6%) Shares 8,020,576 (+6.3%) Est. Cost — Unrealized —

ORKA ORUKA THERAPEUTICS INC 2.3%

Value $114M (+119.5%) Shares 2,320,316 (+35.7%) Est. Cost — Unrealized —

SYRE SPYRE THERAPEUTICS INC 2.0%

Value $98.72M (+105.4%) Shares 1,957,266 (+33.4%) Est. Cost — Unrealized —

APGE APOGEE THERAPEUTICS INC 2.3%

Value $113M (+33.9%) Shares 1,348,243 (+20.0%) Est. Cost — Unrealized —

VRDN VIRIDIAN THERAPEUTICS INC 1.3%

Value $61.59M (+37.1%) Shares 3,148,893 (+118.2%) Est. Cost — Unrealized —

NUVL NUVALENT INC 11.1%

Value $545M (+2.9%) Shares 5,324,433 (+1.0%) Est. Cost — Unrealized —

LXEO LEXEO THERAPEUTICS INC 0.7%

Value $35.5M (-25.0%) Shares 6,184,134 (+29.8%) Est. Cost — Unrealized —

GMAB GENMAB A/S 4.4%

Value $214M (-1.4%) Shares 7,967,836 (+13.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PCVX	VAXCYTE INC	4,793,020 (+17.8%)	$279M (+48.4%)	5.7%	—	—	COM	92243G108
TERN	TERNS PHARMACEUTICALS INC	2,216,499 (+173.5%)	$117M (+257.0%)	2.4%	—	—	COM	880881107
EWTX	EDGEWISE THERAPEUTICS INC	7,365,038 (+12.6%)	$232M (+42.9%)	4.7%	—	—	COM	28036F105
OLMA	OLEMA PHARMACEUTICALS INC	8,020,576 (+6.3%)	$120M (-36.6%)	2.4%	—	—	COM	68062P106
ORKA	ORUKA THERAPEUTICS INC	2,320,316 (+35.7%)	$114M (+119.5%)	2.3%	—	—	COM	687604108
SYRE	SPYRE THERAPEUTICS INC	1,957,266 (+33.4%)	$98.72M (+105.4%)	2.0%	—	—	COM NEW	00773J202
APGE	APOGEE THERAPEUTICS INC	1,348,243 (+20.0%)	$113M (+33.9%)	2.3%	—	—	COM	03770N101
VRDN	VIRIDIAN THERAPEUTICS INC	3,148,893 (+118.2%)	$61.59M (+37.1%)	1.3%	—	—	COM	92790C104
NUVL	NUVALENT INC	5,324,433 (+1.0%)	$545M (+2.9%)	11.1%	—	—	COM	670703107
LXEO	LEXEO THERAPEUTICS INC	6,184,134 (+29.8%)	$35.5M (-25.0%)	0.7%	—	—	COM	52886X107
GMAB	GENMAB A/S	7,967,836 (+13.2%)	$214M (-1.4%)	4.4%	—	—	SPONSORED ADS	372303206

Exited Positions (5)

XBI SPDR SERIES TRUST 3.7%

Value $183M Shares 1,500,000 Est. Cost — Unrealized —

— CIDARA THERAPEUTICS INC 3.4%

Value $168M Shares 759,565 Est. Cost — Unrealized —

CRNX CRINETICS PHARMACEUTICALS IN 2.1%

Value $103M Shares 2,210,774 Est. Cost — Unrealized —

BBIO BRIDGEBIO PHARMA INC 1.1%

Value $52.34M Shares 684,277 Est. Cost — Unrealized —

OCUL OCULAR THERAPEUTIX INC 0.7%

Value $35.63M Shares 2,935,284 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	1,500,000	$183M	3.7%	—	—	PUT	78464A870
—	CIDARA THERAPEUTICS INC	759,565	$168M	3.4%	—	—	—	171757206
CRNX	CRINETICS PHARMACEUTICALS IN	2,210,774	$103M	2.1%	—	—	—	22663K107
BBIO	BRIDGEBIO PHARMA INC	684,277	$52.34M	1.1%	—	—	—	10806X102
OCUL	OCULAR THERAPEUTIX INC	2,935,284	$35.63M	0.7%	—	—	—	67576A100

Decreased Positions (7)

ERAS ERASCA INC 3.4%

Value $168M (+219.2%) Shares 10,392,702 (-26.6%) Est. Cost — Unrealized —

ABVX ABIVAX SA 1.8%

Value $86.01M (-55.0%) Shares 772,473 (-45.5%) Est. Cost — Unrealized —

SRRK SCHOLAR ROCK HLDG CORP 1.2%

Value $60.27M (-55.3%) Shares 1,226,080 (-60.0%) Est. Cost — Unrealized —

URGN UROGEN PHARMA LTD 0.6%

Value $30.64M (-70.8%) Shares 1,703,949 (-61.9%) Est. Cost — Unrealized —

EYPT EYEPOINT INC 0.8%

Value $40.51M (-39.9%) Shares 3,142,437 (-14.9%) Est. Cost — Unrealized —

BBOT BRIDGEBIO ONCOLOGY THERAPEUT 0.2%

Value $7.771M (-72.6%) Shares 868,213 (-61.6%) Est. Cost — Unrealized —

ORIC ORIC PHARMACEUTICALS INC 0.4%

Value $21.55M (+9.7%) Shares 1,701,217 (-29.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ERAS	ERASCA INC	10,392,702 (-26.6%)	$168M (+219.2%)	3.4%	—	—	COM	29479A108
ABVX	ABIVAX SA	772,473 (-45.5%)	$86.01M (-55.0%)	1.8%	—	—	SPONSORED ADS	00370M103
SRRK	SCHOLAR ROCK HLDG CORP	1,226,080 (-60.0%)	$60.27M (-55.3%)	1.2%	—	—	COM	80706P103
URGN	UROGEN PHARMA LTD	1,703,949 (-61.9%)	$30.64M (-70.8%)	0.6%	—	—	COM	M96088105
EYPT	EYEPOINT INC	3,142,437 (-14.9%)	$40.51M (-39.9%)	0.8%	—	—	COM NEW	30233G209
BBOT	BRIDGEBIO ONCOLOGY THERAPEUT	868,213 (-61.6%)	$7.771M (-72.6%)	0.2%	—	—	COM NEW	107924102
ORIC	ORIC PHARMACEUTICALS INC	1,701,217 (-29.2%)	$21.55M (+9.7%)	0.4%	—	—	COM	68622P109

Unchanged Positions (7)

ACLX ARCELLX INC 13.5%

Value $663M Shares 5,774,016 Est. Cost — Unrealized —

RVMD REVOLUTION MEDICINES INC 13.2%

Value $647M Shares 6,655,703 Est. Cost — Unrealized —

TARS TARSUS PHARMACEUTICALS INC 3.7%

Value $180M Shares 2,562,154 Est. Cost — Unrealized —

VOR VOR BIOPHARMA INC 0.6%

Value $31.22M Shares 1,750,000 Est. Cost — Unrealized —

ASMB ASSEMBLY BIOSCIENCES INC 0.4%

Value $18.46M Shares 665,251 Est. Cost — Unrealized —

IVA INVENTIVA SA 0.5%

Value $22.2M Shares 4,000,000 Est. Cost — Unrealized —

KLRS KALARIS THERAPEUTICS INC 0.1%

Value $4.039M Shares 700,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACLX	ARCELLX INC	5,774,016	$663M	13.5%	—	—	COMMON STOCK	03940C100
RVMD	REVOLUTION MEDICINES INC	6,655,703	$647M	13.2%	—	—	COM	76155X100
TARS	TARSUS PHARMACEUTICALS INC	2,562,154	$180M	3.7%	—	—	COM	87650L103
VOR	VOR BIOPHARMA INC	1,750,000	$31.22M	0.6%	—	—	COM NEW	929033207
ASMB	ASSEMBLY BIOSCIENCES INC	665,251	$18.46M	0.4%	—	—	COM NEW	045396207
IVA	INVENTIVA SA	4,000,000	$22.2M	0.5%	—	—	ADS	46124U107
KLRS	KALARIS THERAPEUTICS INC	700,000	$4.039M	0.1%	—	—	COM	482929106