Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AZN	ASTRAZENECA PLC	95,376	$18.81M	3.8%	$190.39	0.0%	ORD	G0593M107
MRNA	MODERNA INC	200,000	$10.16M	2.0%	—	—	CALL	60770K107
ALMS	ALUMIS INC	325,046	$7.161M	1.4%	$24.33	0.0%	COM	022307102
MRK	MERCK & CO INC	46,700	$5.618M	1.1%	$114.28	0.0%	COM	58933Y105
TERN	TERNS PHARMACEUTICALS INC	104,800	$5.525M	1.1%	$37.46	0.0%	COM	880881107
JNJ	JOHNSON & JOHNSON	22,600	$5.524M	1.1%	$227.87	0.0%	COM	478160104
BIIB	BIOGEN INC	18,437	$3.38M	0.7%	$183.25	0.0%	COM	09062X103
EWTX	EDGEWISE THERAPEUTICS INC	65,500	$2.063M	0.4%	$28.18	0.0%	COM	28036F105
CYTK	CYTOKINETICS INC	16,300	$1.074M	0.2%	$64.44	0.0%	COM NEW	23282W605
ELVN	ENLIVEN THERAPEUTICS INC	20,900	$819K	0.2%	$25.60	0.0%	COM	29337E102
APGE	APOGEE THERAPEUTICS INC	5,886	$495K	0.1%	$72.23	0.0%	COM	03770N101

Increased Positions (6)

RVMD REVOLUTION MEDICINES INC 2.4%

Value $12.16M (+46.5%) Shares 124,990 (+20.0%) Est. Cost $57.26 Unrealized +79.9%

XENE XENON PHARMACEUTICALS INC 0.8%

Value $3.78M (+110.8%) Shares 65,000 (+62.5%) Est. Cost $44.45 Unrealized -5.6%

BLTE BELITE BIO INC 0.8%

Value $3.984M (+38.5%) Shares 24,989 (+38.9%) Est. Cost $159.81 Unrealized —

BTSG BRIGHTSPRING HEALTH SVCS INC 0.5%

Value $2.292M (+47.1%) Shares 53,800 (+29.3%) Est. Cost $26.91 Unrealized +46.5%

CELC CELCUITY INC 0.4%

Value $1.778M (+38.2%) Shares 15,576 (+20.7%) Est. Cost $86.55 Unrealized +24.2%

DRUG BRIGHT MINDS BIOSCIENCES INC 0.6%

Value $2.803M (+7.5%) Shares 38,407 (+15.0%) Est. Cost $69.07 Unrealized +21.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RVMD	REVOLUTION MEDICINES INC	124,990 (+20.0%)	$12.16M (+46.5%)	2.4%	$57.26	+79.9%	COM	76155X100
XENE	XENON PHARMACEUTICALS INC	65,000 (+62.5%)	$3.78M (+110.8%)	0.8%	$44.45	-5.6%	COM	98420N105
BLTE	BELITE BIO INC	24,989 (+38.9%)	$3.984M (+38.5%)	0.8%	$159.81	—	SPONSORED ADS	07782B104
BTSG	BRIGHTSPRING HEALTH SVCS INC	53,800 (+29.3%)	$2.292M (+47.1%)	0.5%	$26.91	+46.5%	COM	10950A106
CELC	CELCUITY INC	15,576 (+20.7%)	$1.778M (+38.2%)	0.4%	$86.55	+24.2%	COM	15102K100
DRUG	BRIGHT MINDS BIOSCIENCES INC	38,407 (+15.0%)	$2.803M (+7.5%)	0.6%	$69.07	+21.6%	COM NEW	10919W405

Exited Positions (16)

UGL PROSHARES TR II 4.9%

Value $24.55M Shares 442,119 Est. Cost $46.06 Unrealized —

QURE UNIQURE NV 4.9%

Value $24.49M Shares 1,023,539 Est. Cost $25.44 Unrealized -7.4%

AZN ASTRAZENECA PLC 3.5%

Value $17.54M Shares 190,752 Est. Cost $69.76 Unrealized —

— CIDARA THERAPEUTICS INC 3.1%

Value $15.64M Shares 70,824 Est. Cost $220.89 Unrealized —

ALNY ALNYLAM PHARMACEUTICALS INC 1.4%

Value $6.919M Shares 17,400 Est. Cost $280.16 Unrealized +26.1%

VTYX VENTYX BIOSCIENCES INC 1.3%

Value $6.285M Shares 695,982 Est. Cost $7.47 Unrealized +80.9%

PVLA PALVELLA THERAPEUTICS INC NE 1.2%

Value $6.196M Shares 59,200 Est. Cost $85.31 Unrealized +7.1%

UGL PROSHARES TR II 1.1%

Value $5.552M Shares 100,000 Est. Cost $46.06 Unrealized —

RNAM AVIDITY BIOSCIENCES INC 0.9%

Value $4.335M Shares 60,100 Est. Cost $37.09 Unrealized +95.9%

SLNO SOLENO THERAPEUTICS INC 0.5%

Value $2.315M Shares 50,000 Est. Cost $55.51 Unrealized -25.0%

UPB UPSTREAM BIO INC 0.4%

Value $1.864M Shares 68,653 Est. Cost $24.89 Unrealized -4.9%

OCUL OCULAR THERAPEUTIX INC 0.3%

Value $1.712M Shares 141,061 Est. Cost $11.96 Unrealized -17.8%

ABVX ABIVAX SA 0.3%

Value $1.335M Shares 9,900 Est. Cost $116.11 Unrealized —

OCUL OCULAR THERAPEUTIX INC 0.2%

Value $1.034M Shares 85,200 Est. Cost $11.96 Unrealized -17.8%

ANRO ALTO NEUROSCIENCE INC 0.1%

Value $520K Shares 29,192 Est. Cost $12.59 Unrealized +33.1%

LYRA LYRA THERAPEUTICS INC 0.0%

Value $26,968 Shares 8,756 Est. Cost $4.98 Unrealized -59.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UGL	PROSHARES TR II	442,119	$24.55M	4.9%	$46.06	—	—	74347W601
QURE	UNIQURE NV	1,023,539	$24.49M	4.9%	$25.44	-7.4%	—	N90064101
AZN	ASTRAZENECA PLC	190,752	$17.54M	3.5%	$69.76	—	—	046353108
—	CIDARA THERAPEUTICS INC	70,824	$15.64M	3.1%	$220.89	—	—	171757206
ALNY	ALNYLAM PHARMACEUTICALS INC	17,400	$6.919M	1.4%	$280.16	+26.1%	—	02043Q107
VTYX	VENTYX BIOSCIENCES INC	695,982	$6.285M	1.3%	$7.47	+80.9%	—	92332V107
PVLA	PALVELLA THERAPEUTICS INC NE	59,200	$6.196M	1.2%	$85.31	+7.1%	—	697947109
UGL	PROSHARES TR II	100,000	$5.552M	1.1%	$46.06	—	PUT	74347W601
RNAM	AVIDITY BIOSCIENCES INC	60,100	$4.335M	0.9%	$37.09	+95.9%	—	05370A108
SLNO	SOLENO THERAPEUTICS INC	50,000	$2.315M	0.5%	$55.51	-25.0%	CALL	834203309
UPB	UPSTREAM BIO INC	68,653	$1.864M	0.4%	$24.89	-4.9%	—	91678A107
OCUL	OCULAR THERAPEUTIX INC	141,061	$1.712M	0.3%	$11.96	-17.8%	—	67576A100
ABVX	ABIVAX SA	9,900	$1.335M	0.3%	$116.11	—	CALL	00370M103
OCUL	OCULAR THERAPEUTIX INC	85,200	$1.034M	0.2%	$11.96	-17.8%	CALL	67576A100
ANRO	ALTO NEUROSCIENCE INC	29,192	$520K	0.1%	$12.59	+33.1%	—	02157Q109
LYRA	LYRA THERAPEUTICS INC	8,756	$26,968	0.0%	$4.98	-59.3%	—	55234L204

Decreased Positions (10)

ARGX ARGENX SE 4.3%

Value $21.72M (-60.1%) Shares 29,739 (-54.0%) Est. Cost $527.57 Unrealized —

INSM INSMED INC 9.2%

Value $45.74M (-37.4%) Shares 279,700 (-33.4%) Est. Cost $72.29 Unrealized +120.0%

SLNO SOLENO THERAPEUTICS INC 0.5%

Value $2.293M (-90.7%) Shares 68,490 (-87.2%) Est. Cost $55.51 Unrealized -25.0%

VKTX VIKING THERAPEUTICS INC 1.2%

Value $5.881M (-76.8%) Shares 180,731 (-74.9%) Est. Cost $34.07 Unrealized -8.0%

LLY ELI LILLY & CO 7.0%

Value $35.15M (-35.2%) Shares 38,220 (-24.3%) Est. Cost $882.32 Unrealized +18.7%

INSM INSMED INC 20.6%

Value $103M (-13.4%) Shares 628,712 (-7.8%) Est. Cost $72.29 Unrealized +120.0%

DNTH DIANTHUS THERAPEUTICS INC 2.7%

Value $13.68M (+61.8%) Shares 162,990 (-20.5%) Est. Cost $31.76 Unrealized +49.8%

PROK PROKIDNEY CORP 0.6%

Value $3.234M (-21.5%) Shares 1,806,939 (-1.7%) Est. Cost $2.63 Unrealized -18.8%

AVTX AVALO THERAPEUTICS INC 0.1%

Value $433K (-42.7%) Shares 28,970 (-30.3%) Est. Cost $16.88 Unrealized -8.2%

NUVL NUVALENT INC 0.1%

Value $502K (-38.4%) Shares 4,900 (-39.5%) Est. Cost $98.60 Unrealized +5.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARGX	ARGENX SE	29,739 (-54.0%)	$21.72M (-60.1%)	4.3%	$527.57	—	SPONSORED ADR	04016X101
INSM	INSMED INC	279,700 (-33.4%)	$45.74M (-37.4%)	9.2%	$72.29	+120.0%	PUT	457669307
SLNO	SOLENO THERAPEUTICS INC	68,490 (-87.2%)	$2.293M (-90.7%)	0.5%	$55.51	-25.0%	COM	834203309
VKTX	VIKING THERAPEUTICS INC	180,731 (-74.9%)	$5.881M (-76.8%)	1.2%	$34.07	-8.0%	COM	92686J106
LLY	ELI LILLY & CO	38,220 (-24.3%)	$35.15M (-35.2%)	7.0%	$882.32	+18.7%	COM	532457108
INSM	INSMED INC	628,712 (-7.8%)	$103M (-13.4%)	20.6%	$72.29	+120.0%	COM PAR $.01	457669307
DNTH	DIANTHUS THERAPEUTICS INC	162,990 (-20.5%)	$13.68M (+61.8%)	2.7%	$31.76	+49.8%	COM	252828108
PROK	PROKIDNEY CORP	1,806,939 (-1.7%)	$3.234M (-21.5%)	0.6%	$2.63	-18.8%	SHS CL A	74291D104
AVTX	AVALO THERAPEUTICS INC	28,970 (-30.3%)	$433K (-42.7%)	0.1%	$16.88	-8.2%	COM NEW	05338F306
NUVL	NUVALENT INC	4,900 (-39.5%)	$502K (-38.4%)	0.1%	$98.60	+5.1%	COM	670703107

Unchanged Positions (23)

ABVX ABIVAX SA 13.4%

Value $66.89M Shares 600,747 Est. Cost $116.11 Unrealized —

EYPT EYEPOINT INC 2.0%

Value $9.888M Shares 767,098 Est. Cost $11.20 Unrealized +35.9%

NAMS NEWAMSTERDAM PHARMA COMPANY 3.2%

Value $16.13M Shares 503,936 Est. Cost $31.28 Unrealized +7.9%

MLYS MINERALYS THERAPEUTICS INC 0.7%

Value $3.733M Shares 137,800 Est. Cost $30.39 Unrealized +3.2%

PALI PALISADE BIO INC 0.7%

Value $3.487M Shares 1,992,367 Est. Cost $1.92 Unrealized -7.2%

TRVI TREVI THERAPEUTICS INC 4.8%

Value $24.02M Shares 2,013,602 Est. Cost $6.66 Unrealized +64.3%

PEPG PEPGEN INC 0.1%

Value $363K Shares 205,324 Est. Cost $5.19 Unrealized +12.3%

DGX QUEST DIAGNOSTICS INC 1.6%

Value $7.999M Shares 40,817 Est. Cost $165.04 Unrealized +15.5%

ROIV ROIVANT SCIENCES LTD 0.7%

Value $3.595M Shares 129,800 Est. Cost $19.73 Unrealized +22.5%

TVTX TRAVERE THERAPEUTICS INC 0.4%

Value $2.1M Shares 70,700 Est. Cost $27.18 Unrealized +14.2%

IONS IONIS PHARMACEUTICALS INC 2.2%

Value $10.84M Shares 144,376 Est. Cost $64.26 Unrealized +27.3%

UTHR UNITED THERAPEUTICS CORP DEL 0.6%

Value $2.965M Shares 5,000 Est. Cost $342.70 Unrealized +40.2%

SRRK SCHOLAR ROCK HLDG CORP 0.9%

Value $4.733M Shares 96,285 Est. Cost $38.47 Unrealized +18.2%

PTGX PROTAGONIST THERAPEUTICS INC 0.5%

Value $2.417M Shares 22,931 Est. Cost $36.55 Unrealized +127.9%

ASND ASCENDIS PHARMA A/S 0.8%

Value $4.058M Shares 17,740 Est. Cost $176.21 Unrealized —

KNSA KINIKSA PHARMACEUTICALS INTL 0.3%

Value $1.406M Shares 29,200 Est. Cost $25.46 Unrealized +69.6%

KOD KODIAK SCIENCES INC 0.1%

Value $649K Shares 17,019 Est. Cost $20.48 Unrealized +24.1%

TENX TENAX THERAPEUTICS INC 0.1%

Value $673K Shares 42,080 Est. Cost $8.70 Unrealized +55.2%

ABBV ABBVIE INC 0.6%

Value $3.154M Shares 14,500 Est. Cost $182.67 Unrealized +21.8%

RAPP RAPPORT THERAPEUTICS INC 0.9%

Value $4.334M Shares 138,508 Est. Cost $23.09 Unrealized +20.5%

SION SIONNA THERAPEUTICS INC 1.0%

Value $4.8M Shares 119,741 Est. Cost $37.92 Unrealized +3.5%

PRAX PRAXIS PRECISION MEDICINES I 0.2%

Value $805K Shares 2,500 Est. Cost $186.22 Unrealized +67.4%

BBIO BRIDGEBIO PHARMA INC 0.3%

Value $1.515M Shares 20,400 Est. Cost $48.77 Unrealized +52.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	ABIVAX SA	600,747	$66.89M	13.4%	$116.11	—	SPONSORED ADS	00370M103
EYPT	EYEPOINT INC	767,098	$9.888M	2.0%	$11.20	+35.9%	COM NEW	30233G209
NAMS	NEWAMSTERDAM PHARMA COMPANY	503,936	$16.13M	3.2%	$31.28	+7.9%	ORDINARY SHARES	N62509109
MLYS	MINERALYS THERAPEUTICS INC	137,800	$3.733M	0.7%	$30.39	+3.2%	COM	603170101
PALI	PALISADE BIO INC	1,992,367	$3.487M	0.7%	$1.92	-7.2%	COM	696389402
TRVI	TREVI THERAPEUTICS INC	2,013,602	$24.02M	4.8%	$6.66	+64.3%	COM	89532M101
PEPG	PEPGEN INC	205,324	$363K	0.1%	$5.19	+12.3%	COM	713317105
DGX	QUEST DIAGNOSTICS INC	40,817	$7.999M	1.6%	$165.04	+15.5%	COM	74834L100
ROIV	ROIVANT SCIENCES LTD	129,800	$3.595M	0.7%	$19.73	+22.5%	SHS	G76279101
TVTX	TRAVERE THERAPEUTICS INC	70,700	$2.1M	0.4%	$27.18	+14.2%	COM	89422G107
IONS	IONIS PHARMACEUTICALS INC	144,376	$10.84M	2.2%	$64.26	+27.3%	COM	462222100
UTHR	UNITED THERAPEUTICS CORP DEL	5,000	$2.965M	0.6%	$342.70	+40.2%	COM	91307C102
SRRK	SCHOLAR ROCK HLDG CORP	96,285	$4.733M	0.9%	$38.47	+18.2%	COM	80706P103
PTGX	PROTAGONIST THERAPEUTICS INC	22,931	$2.417M	0.5%	$36.55	+127.9%	COM	74366E102
ASND	ASCENDIS PHARMA A/S	17,740	$4.058M	0.8%	$176.21	—	SPONSORED ADR	04351P101
KNSA	KINIKSA PHARMACEUTICALS INTL	29,200	$1.406M	0.3%	$25.46	+69.6%	ORD SHS CL A	G52694109
KOD	KODIAK SCIENCES INC	17,019	$649K	0.1%	$20.48	+24.1%	COM	50015M109
TENX	TENAX THERAPEUTICS INC	42,080	$673K	0.1%	$8.70	+55.2%	COM NEW	88032L605
ABBV	ABBVIE INC	14,500	$3.154M	0.6%	$182.67	+21.8%	COM	00287Y109
RAPP	RAPPORT THERAPEUTICS INC	138,508	$4.334M	0.9%	$23.09	+20.5%	COM	75383L102
SION	SIONNA THERAPEUTICS INC	119,741	$4.8M	1.0%	$37.92	+3.5%	COM	829401108
PRAX	PRAXIS PRECISION MEDICINES I	2,500	$805K	0.2%	$186.22	+67.4%	COM NEW	74006W207
BBIO	BRIDGEBIO PHARMA INC	20,400	$1.515M	0.3%	$48.77	+52.7%	COM	10806X102