Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALMS	ALUMIS INC	6,772,595	$149M	2.4%	$24.33	0.0%	COM	022307102
NUVL	NUVALENT INC	1,376,324	$141M	2.3%	$103.64	0.0%	COM	670703107
GMAB	GENMAB A/S	3,663,250	$98.28M	1.6%	$26.83	—	SPONSORED ADS	372303206
DFTX	DEFINIUM THERAPEUTICS INC	3,000,000	$56.7M	0.9%	$16.29	0.0%	COM SHS	24477V105
ATAI	ATAIBECKLEY INC	12,000,000	$42.48M	0.7%	$3.85	0.0%	COM SHS	04650F101
CRVS	CORVUS PHARMACEUTICALS INC	2,491,539	$36.45M	0.6%	$16.29	0.0%	COM	221015100
ACRS	ACLARIS THERAPEUTICS INC	9,345,000	$35.04M	0.6%	$3.33	0.0%	COM	00461U105
MANE	VERADERMICS INC	500,000	$31.57M	0.5%	$63.15	—	COMMON STOCK	922967104
SLDB	SOLID BIOSCIENCES INC	3,565,062	$25.67M	0.4%	$6.05	0.0%	COM NEW	83422E204
APGE	APOGEE THERAPEUTICS INC	285,000	$23.99M	0.4%	$72.23	0.0%	COM	03770N101
KURA	KURA ONCOLOGY INC	2,643,542	$21.49M	0.4%	$8.61	0.0%	COM	50127T109
IPSC	CENTURY THERAPEUTICS INC	9,487,745	$21.44M	0.4%	$1.94	0.0%	COM	15673T100
BEAM	BEAM THERAPEUTICS INC	820,765	$19.56M	0.3%	$29.18	0.0%	COM	07373V105
PSNL	PERSONALIS INC	3,000,000	$19.11M	0.3%	$8.94	0.0%	COM	71535D106
PMN	PROMIS NEUROSCIENCES INC	835,655	$10.61M	0.2%	$12.16	0.0%	COM SHS	74346M505
LRMR	LARIMAR THERAPEUTICS INC	1,500,000	$6.75M	0.1%	$3.46	0.0%	COM	517125100

Increased Positions (23)

GPCR STRUCTURE THERAPEUTICS INC 3.4%

Value $206M (-27.9%) Shares 4,279,848 (+4.1%) Est. Cost $27.22 Unrealized —

CNTA CENTESSA PHARMACEUTICALS PLC 2.0%

Value $125M (+150.8%) Shares 3,158,041 (+57.9%) Est. Cost $30.40 Unrealized —

ALKS ALKERMES PLC 2.1%

Value $127M (+126.9%) Shares 3,590,323 (+79.5%) Est. Cost $31.01 Unrealized +4.3%

OCUL OCULAR THERAPEUTIX INC 2.7%

Value $167M (+70.2%) Shares 19,686,282 (+143.9%) Est. Cost $7.63 Unrealized +28.9%

PCVX VAXCYTE INC 4.1%

Value $250M (+35.4%) Shares 4,300,000 (+7.5%) Est. Cost $45.25 Unrealized +16.6%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 2.0%

Value $119M (+96.6%) Shares 6,408,863 (+39.0%) Est. Cost $12.99 Unrealized +23.5%

BCAX BICARA THERAPEUTICS INC 1.3%

Value $80.8M (+83.7%) Shares 4,062,500 (+55.4%) Est. Cost $19.01 Unrealized -14.3%

TNGX TANGO THERAPEUTICS INC 0.9%

Value $57.53M (+164.5%) Shares 2,750,000 (+12.0%) Est. Cost $7.99 Unrealized +49.0%

TERN TERNS PHARMACEUTICALS INC 0.9%

Value $56.61M (+82.2%) Shares 1,073,877 (+39.6%) Est. Cost $15.09 Unrealized +148.3%

COGT COGENT BIOSCIENCES INC 0.6%

Value $38.49M (+139.2%) Shares 1,000,000 (+120.7%) Est. Cost $33.17 Unrealized +12.6%

GH GUARDANT HEALTH INC 5.0%

Value $308M (+7.8%) Shares 3,338,241 (+19.2%) Est. Cost $41.96 Unrealized +156.1%

VERA VERA THERAPEUTICS INC 2.7%

Value $165M (+15.6%) Shares 4,106,067 (+45.5%) Est. Cost $38.48 Unrealized +16.9%

CRMD CORMEDIX INC 0.7%

Value $42.6M (-30.5%) Shares 6,274,076 (+19.0%) Est. Cost $10.63 Unrealized -26.0%

CMPS COMPASS PATHWAYS PLC 1.1%

Value $67.25M (+32.9%) Shares 12,161,496 (+65.8%) Est. Cost $3.92 Unrealized —

JANX JANUX THERAPEUTICS INC 0.3%

Value $16.5M (+1234.9%) Shares 1,187,290 (+1225.3%) Est. Cost $14.40 Unrealized -5.2%

IONS IONIS PHARMACEUTICALS INC 2.4%

Value $146M (+8.9%) Shares 1,950,000 (+14.7%) Est. Cost $41.89 Unrealized +95.3%

SLNO SOLENO THERAPEUTICS INC 0.6%

Value $36.12M (-22.0%) Shares 1,078,710 (+7.9%) Est. Cost $53.87 Unrealized -22.7%

ANIP ANI PHARMACEUTICALS INC 0.8%

Value $46.14M (+22.4%) Shares 600,000 (+25.6%) Est. Cost $60.65 Unrealized +32.5%

TARS TARSUS PHARMACEUTICALS INC 4.1%

Value $253M (+2.7%) Shares 3,600,000 (+19.8%) Est. Cost $52.39 Unrealized +33.1%

XFOR X4 PHARMACEUTICALS INC 0.4%

Value $26.18M (+30.6%) Shares 6,339,535 (+26.4%) Est. Cost $3.45 Unrealized +5.5%

IVA INVENTIVA SA 0.1%

Value $6.785M (+197.8%) Shares 1,222,453 (+149.5%) Est. Cost $5.19 Unrealized —

GRAL GRAIL INC 1.5%

Value $89.03M (+1.7%) Shares 1,722,797 (+68.4%) Est. Cost $89.64 Unrealized +5.3%

BBIO BRIDGEBIO PHARMA INC 1.0%

Value $62.49M (+0.8%) Shares 841,445 (+3.9%) Est. Cost $37.19 Unrealized +100.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GPCR	STRUCTURE THERAPEUTICS INC	4,279,848 (+4.1%)	$206M (-27.9%)	3.4%	$27.22	—	SPONSORED ADS	86366E106
CNTA	CENTESSA PHARMACEUTICALS PLC	3,158,041 (+57.9%)	$125M (+150.8%)	2.0%	$30.40	—	SPONSORED ADS	152309100
ALKS	ALKERMES PLC	3,590,323 (+79.5%)	$127M (+126.9%)	2.1%	$31.01	+4.3%	SHS	G01767105
OCUL	OCULAR THERAPEUTIX INC	19,686,282 (+143.9%)	$167M (+70.2%)	2.7%	$7.63	+28.9%	COM	67576A100
PCVX	VAXCYTE INC	4,300,000 (+7.5%)	$250M (+35.4%)	4.1%	$45.25	+16.6%	COM	92243G108
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	6,408,863 (+39.0%)	$119M (+96.6%)	2.0%	$12.99	+23.5%	CLASS A ORD	61559X104
BCAX	BICARA THERAPEUTICS INC	4,062,500 (+55.4%)	$80.8M (+83.7%)	1.3%	$19.01	-14.3%	COM	055477103
TNGX	TANGO THERAPEUTICS INC	2,750,000 (+12.0%)	$57.53M (+164.5%)	0.9%	$7.99	+49.0%	COM	87583X109
TERN	TERNS PHARMACEUTICALS INC	1,073,877 (+39.6%)	$56.61M (+82.2%)	0.9%	$15.09	+148.3%	COM	880881107
COGT	COGENT BIOSCIENCES INC	1,000,000 (+120.7%)	$38.49M (+139.2%)	0.6%	$33.17	+12.6%	COM	19240Q201
GH	GUARDANT HEALTH INC	3,338,241 (+19.2%)	$308M (+7.8%)	5.0%	$41.96	+156.1%	COM	40131M109
VERA	VERA THERAPEUTICS INC	4,106,067 (+45.5%)	$165M (+15.6%)	2.7%	$38.48	+16.9%	CL A	92337R101
CRMD	CORMEDIX INC	6,274,076 (+19.0%)	$42.6M (-30.5%)	0.7%	$10.63	-26.0%	COM	21900C308
CMPS	COMPASS PATHWAYS PLC	12,161,496 (+65.8%)	$67.25M (+32.9%)	1.1%	$3.92	—	SPONSORED ADS	20451W101
JANX	JANUX THERAPEUTICS INC	1,187,290 (+1225.3%)	$16.5M (+1234.9%)	0.3%	$14.40	-5.2%	COM	47103J105
IONS	IONIS PHARMACEUTICALS INC	1,950,000 (+14.7%)	$146M (+8.9%)	2.4%	$41.89	+95.3%	COM	462222100
SLNO	SOLENO THERAPEUTICS INC	1,078,710 (+7.9%)	$36.12M (-22.0%)	0.6%	$53.87	-22.7%	COM	834203309
ANIP	ANI PHARMACEUTICALS INC	600,000 (+25.6%)	$46.14M (+22.4%)	0.8%	$60.65	+32.5%	COM	00182C103
TARS	TARSUS PHARMACEUTICALS INC	3,600,000 (+19.8%)	$253M (+2.7%)	4.1%	$52.39	+33.1%	COM	87650L103
XFOR	X4 PHARMACEUTICALS INC	6,339,535 (+26.4%)	$26.18M (+30.6%)	0.4%	$3.45	+5.5%	COM NEW	98420X202
IVA	INVENTIVA SA	1,222,453 (+149.5%)	$6.785M (+197.8%)	0.1%	$5.19	—	ADS	46124U107
GRAL	GRAIL INC	1,722,797 (+68.4%)	$89.03M (+1.7%)	1.5%	$89.64	+5.3%	COM	384747101
BBIO	BRIDGEBIO PHARMA INC	841,445 (+3.9%)	$62.49M (+0.8%)	1.0%	$37.19	+100.2%	COM	10806X102

Exited Positions (8)

— DYNAVAX TECHNOLOGIES CORP 3.9%

Value $242M Shares 15,726,349 Est. Cost $11.53 Unrealized —

— MIND MEDICINE MINDMED INC 0.4%

Value $22.45M Shares 1,676,540 Est. Cost $9.37 Unrealized —

— ATAI BECKLEY NV 0.3%

Value $19.13M Shares 4,677,289 Est. Cost $4.09 Unrealized —

XENE XENON PHARMACEUTICALS INC 0.3%

Value $16.42M Shares 366,435 Est. Cost $37.01 Unrealized +13.5%

MNPR MONOPAR THERAPEUTICS INC 0.1%

Value $6.23M Shares 95,408 Est. Cost $81.71 Unrealized -23.2%

BHVN BIOHAVEN LTD 0.1%

Value $5.645M Shares 500,000 Est. Cost — Unrealized —

RAPT RAPT THERAPEUTICS INC 0.1%

Value $3.741M Shares 110,448 Est. Cost $7.63 Unrealized +562.1%

ANL ADLAI NORTYE LTD 0.0%

Value $49,490 Shares 34,852 Est. Cost $1.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	DYNAVAX TECHNOLOGIES CORP	15,726,349	$242M	3.9%	$11.53	—	—	268158201
—	MIND MEDICINE MINDMED INC	1,676,540	$22.45M	0.4%	$9.37	—	—	60255C885
—	ATAI BECKLEY NV	4,677,289	$19.13M	0.3%	$4.09	—	—	N0731H103
XENE	XENON PHARMACEUTICALS INC	366,435	$16.42M	0.3%	$37.01	+13.5%	—	98420N105
MNPR	MONOPAR THERAPEUTICS INC	95,408	$6.23M	0.1%	$81.71	-23.2%	—	61023L207
BHVN	BIOHAVEN LTD	500,000	$5.645M	0.1%	—	—	CALL	G1110E107
RAPT	RAPT THERAPEUTICS INC	110,448	$3.741M	0.1%	$7.63	+562.1%	—	75382E208
ANL	ADLAI NORTYE LTD	34,852	$49,490	0.0%	$1.42	—	—	00704R109

Decreased Positions (14)

CYTK CYTOKINETICS INC 1.5%

Value $90.58M (-57.3%) Shares 1,374,320 (-58.8%) Est. Cost $47.92 Unrealized +34.5%

MAZE MAZE THERAPEUTICS INC 1.7%

Value $104M (-41.0%) Shares 3,477,562 (-18.1%) Est. Cost $13.34 Unrealized +230.1%

BMRN BIOMARIN PHARMACEUTICAL INC 1.1%

Value $64.96M (-52.5%) Shares 1,150,000 (-50.0%) Est. Cost $54.47 Unrealized +7.8%

VRDN VIRIDIAN THERAPEUTICS INC 0.4%

Value $27.27M (-65.3%) Shares 1,393,944 (-44.8%) Est. Cost $18.23 Unrealized +69.1%

NRIX NURIX THERAPEUTICS INC 1.6%

Value $98.35M (-26.3%) Shares 6,345,244 (-9.8%) Est. Cost $14.02 Unrealized +23.6%

ORKA ORUKA THERAPEUTICS INC 1.6%

Value $99.78M (+52.3%) Shares 2,034,203 (-5.9%) Est. Cost $19.06 Unrealized +70.2%

AXSM AXSOME THERAPEUTICS INC. 3.0%

Value $186M (-11.5%) Shares 1,100,000 (-4.3%) Est. Cost $113.80 Unrealized +58.4%

MBX MBX BIOSCIENCES INC 1.3%

Value $82.31M (-19.7%) Shares 2,757,569 (-15.1%) Est. Cost $20.10 Unrealized +83.2%

DYN DYNE THERAPEUTICS INC 0.6%

Value $36.26M (-30.0%) Shares 2,000,000 (-24.5%) Est. Cost $13.25 Unrealized +29.2%

APLS APELLIS PHARMACEUTICALS INC 3.0%

Value $182M (-6.3%) Shares 4,532,374 (-41.5%) Est. Cost $34.58 Unrealized -34.4%

IMCR IMMUNOCORE HLDGS PLC 1.0%

Value $58.25M (-16.3%) Shares 1,931,884 (-3.6%) Est. Cost $30.47 Unrealized —

CLDX CELLDEX THERAPEUTICS INC NEW 0.7%

Value $40.73M (-21.1%) Shares 1,283,979 (-32.4%) Est. Cost $26.06 Unrealized -2.5%

HELP CYBIN INC 0.1%

Value $6.303M (-58.4%) Shares 1,313,137 (-29.2%) Est. Cost $8.30 Unrealized -14.4%

GERN GERON CORP 0.8%

Value $47.26M (+10.1%) Shares 31,720,278 (-2.4%) Est. Cost $2.33 Unrealized -35.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CYTK	CYTOKINETICS INC	1,374,320 (-58.8%)	$90.58M (-57.3%)	1.5%	$47.92	+34.5%	COM NEW	23282W605
MAZE	MAZE THERAPEUTICS INC	3,477,562 (-18.1%)	$104M (-41.0%)	1.7%	$13.34	+230.1%	COM	578784100
BMRN	BIOMARIN PHARMACEUTICAL INC	1,150,000 (-50.0%)	$64.96M (-52.5%)	1.1%	$54.47	+7.8%	COM	09061G101
VRDN	VIRIDIAN THERAPEUTICS INC	1,393,944 (-44.8%)	$27.27M (-65.3%)	0.4%	$18.23	+69.1%	COM	92790C104
NRIX	NURIX THERAPEUTICS INC	6,345,244 (-9.8%)	$98.35M (-26.3%)	1.6%	$14.02	+23.6%	COM	67080M103
ORKA	ORUKA THERAPEUTICS INC	2,034,203 (-5.9%)	$99.78M (+52.3%)	1.6%	$19.06	+70.2%	COM	687604108
AXSM	AXSOME THERAPEUTICS INC.	1,100,000 (-4.3%)	$186M (-11.5%)	3.0%	$113.80	+58.4%	COM	05464T104
MBX	MBX BIOSCIENCES INC	2,757,569 (-15.1%)	$82.31M (-19.7%)	1.3%	$20.10	+83.2%	COM	55287L101
DYN	DYNE THERAPEUTICS INC	2,000,000 (-24.5%)	$36.26M (-30.0%)	0.6%	$13.25	+29.2%	COM	26818M108
APLS	APELLIS PHARMACEUTICALS INC	4,532,374 (-41.5%)	$182M (-6.3%)	3.0%	$34.58	-34.4%	COM	03753U106
IMCR	IMMUNOCORE HLDGS PLC	1,931,884 (-3.6%)	$58.25M (-16.3%)	1.0%	$30.47	—	ADS	45258D105
CLDX	CELLDEX THERAPEUTICS INC NEW	1,283,979 (-32.4%)	$40.73M (-21.1%)	0.7%	$26.06	-2.5%	COM NEW	15117B202
HELP	CYBIN INC	1,313,137 (-29.2%)	$6.303M (-58.4%)	0.1%	$8.30	-14.4%	COM NEW	23256X407
GERN	GERON CORP	31,720,278 (-2.4%)	$47.26M (+10.1%)	0.8%	$2.33	-35.4%	COM	374163103

Unchanged Positions (10)

XBI SPDR SERIES TRUST 20.9%

Value $1.277B Shares 10,000,000 Est. Cost — Unrealized —

VSTM VERASTEM INC 0.5%

Value $30.43M Shares 5,740,850 Est. Cost $8.91 Unrealized -27.3%

ENGN ENGENE HOLDINGS INC 0.5%

Value $29.81M Shares 4,377,572 Est. Cost $9.00 Unrealized +7.3%

CNTX CONTEXT THERAPEUTICS INC 0.3%

Value $19.44M Shares 7,419,355 Est. Cost $1.72 Unrealized +18.9%

LBRX LB PHARMACEUTICALS INC 1.4%

Value $82.68M Shares 3,352,804 Est. Cost $15.87 Unrealized +41.1%

IMVT IMMUNOVANT INC 4.7%

Value $286M Shares 11,526,971 Est. Cost $24.15 Unrealized +8.7%

ENTA ENANTA PHARMACEUTICALS INC 0.4%

Value $24.72M Shares 1,956,867 Est. Cost $12.70 Unrealized +6.2%

CBIO CRESCENT BIOPHARMA INC. 0.1%

Value $8.334M Shares 453,686 Est. Cost $21.15 Unrealized -47.7%

ALGS ALIGOS THERAPEUTICS INC 0.1%

Value $3.3M Shares 444,110 Est. Cost $16.71 Unrealized -52.6%

BLLN BILLIONTOONE INC 0.1%

Value $3.947M Shares 50,000 Est. Cost $101.40 Unrealized -14.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XBI	SPDR SERIES TRUST	10,000,000	$1.277B	20.9%	—	—	PUT	78464A870
VSTM	VERASTEM INC	5,740,850	$30.43M	0.5%	$8.91	-27.3%	COM NEW	92337C203
ENGN	ENGENE HOLDINGS INC	4,377,572	$29.81M	0.5%	$9.00	+7.3%	COM	29286M105
CNTX	CONTEXT THERAPEUTICS INC	7,419,355	$19.44M	0.3%	$1.72	+18.9%	COM	21077P108
LBRX	LB PHARMACEUTICALS INC	3,352,804	$82.68M	1.4%	$15.87	+41.1%	COM SHS	50180M108
IMVT	IMMUNOVANT INC	11,526,971	$286M	4.7%	$24.15	+8.7%	COM	45258J102
ENTA	ENANTA PHARMACEUTICALS INC	1,956,867	$24.72M	0.4%	$12.70	+6.2%	COM	29251M106
CBIO	CRESCENT BIOPHARMA INC.	453,686	$8.334M	0.1%	$21.15	-47.7%	COM	G2545C104
ALGS	ALIGOS THERAPEUTICS INC	444,110	$3.3M	0.1%	$16.71	-52.6%	COM NEW	01626L204
BLLN	BILLIONTOONE INC	50,000	$3.947M	0.1%	$101.40	-14.3%	CL A	090168105