Vestal Point Capital, LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	Invesco QQQ Trust Series 1	350,000	$215,009	7.3%	—	—	PUT	46090E103
TERN	Terns Pharmaceuticals Inc	4,500,000	$181,800	6.2%	$23.11	0.0%	COM	880881107
MRK	Merck & Co Inc	775,000	$81,577	2.8%	$93.24	0.0%	COM	58933Y105
ARWR	Arrowhead Pharmaceuticals Inc	900,000	$59,751	2.0%	$49.01	0.0%	COM	04280A100
OLMA	Olema Pharmaceuticals Inc	1,650,000	$41,250	1.4%	$17.79	0.0%	COM	68062P106
IMCR	Immunocore Holdings PLC	585,000	$20,305	0.7%	$34.71	—	ADS	45258D105
UPB	Upstream Bio Inc	720,000	$19,548	0.7%	$24.89	0.0%	COM	91678A107
CBIO	Crescent Biopharma Inc	1,500,000	$17,790	0.6%	$12.74	0.0%	COM	G2545C104
BCRX	BioCryst Pharmaceuticals Inc	2,250,000	$17,550	0.6%	$7.23	0.0%	COM	09058V103
PEN	Penumbra Inc	50,000	$15,546	0.5%	$276.19	0.0%	COM	70975L107
ZBH	Zimmer Biomet Holdings Inc	150,000	$13,488	0.5%	$94.58	0.0%	COM	98956P102
BMY	Bristol-Myers Squibb Co	250,000	$13,485	0.5%	$47.53	0.0%	COM	110122108
FULC	Fulcrum Therapeutics Inc	950,000	$10,745	0.4%	$10.18	0.0%	COM	359616109
—	Definium Therapeutics Inc	637,000	$8,529	0.3%	$13.39	—	COM NEW	60255C885
DNLI	Denali Therapeutics Inc	465,000	$7,677	0.3%	$16.88	0.0%	COM	24823R105
TECX	Tectonic Therapeutic Inc	328,000	$6,842	0.2%	$18.58	0.0%	COM	878972108
MPLT	MapLight Therapeutics Inc	385,000	$6,763	0.2%	$16.75	0.0%	COM	56565P103
GILD	Gilead Sciences Inc	50,000	$6,137	0.2%	$120.88	0.0%	COM	375558103
DBVT	DBV Technologies SA	300,000	$5,751	0.2%	$19.17	—	SPONSORED ADS	23306J309
MIRM	Mirum Pharmaceuticals Inc	66,000	$5,213	0.2%	$71.78	0.0%	COM	604749101
LENZ	LENZ Therapeutics Inc	275,000	$4,400	0.1%	$29.15	0.0%	COM	52635N103
RZLT	Rezolute Inc	1,686,000	$3,979	0.1%	$7.84	0.0%	COM NEW	76200L309
STRO	Sutro Biopharma Inc	243,000	$2,812	0.1%	$9.49	0.0%	COM SHS	869367201
GPCR	Structure Therapeutics Inc	35,000	$2,434	0.1%	$69.55	—	SPONSORED ADS	86366E106
RGNX	REGENXBIO Inc	34,000	$490	0.0%	$12.46	0.0%	COM	75901B107

Increased Positions (23)

ABVX Abivax SA 8.7%

Value ($000) $256,225 (+201.8%) Shares 1,900,000 (+90.0%) Est. Cost $108.56 Unrealized —

BMRN BioMarin Pharmaceutical Inc 6.1%

Value ($000) $178,290 (+296.6%) Shares 3,000,000 (+261.4%) Est. Cost $55.48 Unrealized -1.9%

ACLX Arcellx Inc 6.5%

Value ($000) $190,710 (+85.8%) Shares 2,925,000 (+134.0%) Est. Cost $73.32 Unrealized +8.8%

TSHA Taysha Gene Therapies Inc 2.6%

Value ($000) $75,625 (+320.5%) Shares 13,750,000 (+150.0%) Est. Cost $3.90 Unrealized +24.4%

NRIX Nurix Therapeutics Inc 3.0%

Value ($000) $88,969 (+177.1%) Shares 4,690,000 (+35.0%) Est. Cost $12.99 Unrealized +10.6%

ABT Abbott Laboratories 2.6%

Value ($000) $75,174 (+124.5%) Shares 600,000 (+140.0%) Est. Cost $128.68 Unrealized -1.1%

DXCM Dexcom Inc 2.9%

Value ($000) $84,622 (+93.5%) Shares 1,275,000 (+96.2%) Est. Cost $72.03 Unrealized -10.3%

ANRO Alto Neuroscience Inc 1.5%

Value ($000) $44,233 (+1058.2%) Shares 2,485,000 (+161.6%) Est. Cost $12.14 Unrealized +3.7%

GMED Globus Medical Inc 3.8%

Value ($000) $111,320 (+55.5%) Shares 1,275,000 (+2.0%) Est. Cost $62.94 Unrealized +20.6%

ELVN Enliven Therapeutics Inc 2.0%

Value ($000) $58,982 (+148.4%) Shares 3,830,000 (+230.2%) Est. Cost $19.91 Unrealized +0.0%

DAWN Day One Biopharmaceuticals Inc 1.6%

Value ($000) $48,464 (+157.0%) Shares 5,200,000 (+94.4%) Est. Cost $10.24 Unrealized -18.4%

IRON Disc Medicine Inc 2.0%

Value ($000) $58,366 (+76.7%) Shares 735,000 (+47.0%) Est. Cost $65.10 Unrealized +29.8%

APGE Apogee Therapeutics Inc 1.4%

Value ($000) $41,514 (+145.9%) Shares 550,000 (+29.4%) Est. Cost $43.82 Unrealized +43.7%

LXEO Lexeo Therapeutics Inc 1.5%

Value ($000) $44,437 (+105.9%) Shares 4,475,000 (+37.7%) Est. Cost $7.30 Unrealized +25.0%

KALV KalVista Pharmaceuticals Inc 1.0%

Value ($000) $30,524 (+234.1%) Shares 1,890,000 (+152.0%) Est. Cost $12.75 Unrealized +3.8%

AXSM Axsome Therapeutics Inc 1.3%

Value ($000) $38,354 (+110.5%) Shares 210,000 (+40.0%) Est. Cost $120.35 Unrealized +16.0%

LNTH Lantheus Holdings Inc 0.8%

Value ($000) $23,958 (+174.8%) Shares 360,000 (+111.8%) Est. Cost $63.74 Unrealized -8.7%

SLDB Solid Biosciences Inc 1.1%

Value ($000) $32,797 (+78.7%) Shares 5,815,000 (+95.5%) Est. Cost $6.44 Unrealized -15.8%

ENGN Engene Holdings Inc 0.3%

Value ($000) $9,527 (+277.0%) Shares 1,055,000 (+185.1%) Est. Cost $7.93 Unrealized +1.1%

RAPP Rapport Therapeutics Inc 1.1%

Value ($000) $33,677 (+19.4%) Shares 1,110,000 (+16.8%) Est. Cost $19.26 Unrealized +43.7%

AGIO Agios Pharmaceuticals Inc 0.3%

Value ($000) $8,847 (+73.5%) Shares 325,000 (+155.9%) Est. Cost $36.07 Unrealized -2.7%

MYGN Myriad Genetics Inc 0.3%

Value ($000) $7,521 (+73.4%) Shares 1,223,000 (+103.8%) Est. Cost $6.61 Unrealized +9.8%

NVCR Novocure Ltd 0.2%

Value ($000) $6,788 (+31.4%) Shares 525,000 (+31.3%) Est. Cost $13.24 Unrealized -3.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABVX	Abivax SA	1,900,000 (+90.0%)	$256,225 (+201.8%)	8.7%	$108.56	—	SPONSORED ADS	00370M103
BMRN	BioMarin Pharmaceutical Inc	3,000,000 (+261.4%)	$178,290 (+296.6%)	6.1%	$55.48	-1.9%	COM	09061G101
ACLX	Arcellx Inc	2,925,000 (+134.0%)	$190,710 (+85.8%)	6.5%	$73.32	+8.8%	COMMON STOCK	03940C100
TSHA	Taysha Gene Therapies Inc	13,750,000 (+150.0%)	$75,625 (+320.5%)	2.6%	$3.90	+24.4%	COM SHS	877619106
NRIX	Nurix Therapeutics Inc	4,690,000 (+35.0%)	$88,969 (+177.1%)	3.0%	$12.99	+10.6%	COM	67080M103
ABT	Abbott Laboratories	600,000 (+140.0%)	$75,174 (+124.5%)	2.6%	$128.68	-1.1%	COM	002824100
DXCM	Dexcom Inc	1,275,000 (+96.2%)	$84,622 (+93.5%)	2.9%	$72.03	-10.3%	COM	252131107
ANRO	Alto Neuroscience Inc	2,485,000 (+161.6%)	$44,233 (+1058.2%)	1.5%	$12.14	+3.7%	COM SHS	02157Q109
GMED	Globus Medical Inc	1,275,000 (+2.0%)	$111,320 (+55.5%)	3.8%	$62.94	+20.6%	CL A	379577208
ELVN	Enliven Therapeutics Inc	3,830,000 (+230.2%)	$58,982 (+148.4%)	2.0%	$19.91	+0.0%	COM	29337E102
DAWN	Day One Biopharmaceuticals Inc	5,200,000 (+94.4%)	$48,464 (+157.0%)	1.6%	$10.24	-18.4%	COM	23954D109
IRON	Disc Medicine Inc	735,000 (+47.0%)	$58,366 (+76.7%)	2.0%	$65.10	+29.8%	COM	254604101
APGE	Apogee Therapeutics Inc	550,000 (+29.4%)	$41,514 (+145.9%)	1.4%	$43.82	+43.7%	COM	03770N101
LXEO	Lexeo Therapeutics Inc	4,475,000 (+37.7%)	$44,437 (+105.9%)	1.5%	$7.30	+25.0%	COM	52886X107
KALV	KalVista Pharmaceuticals Inc	1,890,000 (+152.0%)	$30,524 (+234.1%)	1.0%	$12.75	+3.8%	COM	483497103
AXSM	Axsome Therapeutics Inc	210,000 (+40.0%)	$38,354 (+110.5%)	1.3%	$120.35	+16.0%	COM	05464T104
LNTH	Lantheus Holdings Inc	360,000 (+111.8%)	$23,958 (+174.8%)	0.8%	$63.74	-8.7%	COM	516544103
SLDB	Solid Biosciences Inc	5,815,000 (+95.5%)	$32,797 (+78.7%)	1.1%	$6.44	-15.8%	COM NEW	83422E204
ENGN	Engene Holdings Inc	1,055,000 (+185.1%)	$9,527 (+277.0%)	0.3%	$7.93	+1.1%	COM	29286M105
RAPP	Rapport Therapeutics Inc	1,110,000 (+16.8%)	$33,677 (+19.4%)	1.1%	$19.26	+43.7%	COM	75383L102
AGIO	Agios Pharmaceuticals Inc	325,000 (+155.9%)	$8,847 (+73.5%)	0.3%	$36.07	-2.7%	COM	00847X104
MYGN	Myriad Genetics Inc	1,223,000 (+103.8%)	$7,521 (+73.4%)	0.3%	$6.61	+9.8%	COM	62855J104
NVCR	Novocure Ltd	525,000 (+31.3%)	$6,788 (+31.4%)	0.2%	$13.24	-3.0%	ORD SHS	G6674U108

Exited Positions (30)

FOLD Amicus Therapeutics Inc 2.6%

Value ($000) $76,830 Shares 9,750,000 Est. Cost $7.78 Unrealized +26.3%

IONS Ionis Pharmaceuticals Inc 2.4%

Value ($000) $70,327 Shares 1,075,000 Est. Cost $41.34 Unrealized +82.2%

BDX Becton Dickinson & Co 2.1%

Value ($000) $60,830 Shares 325,000 Est. Cost $183.78 Unrealized +3.1%

DNTH Dianthus Therapeutics Inc 1.6%

Value ($000) $46,433 Shares 1,180,000 Est. Cost $21.02 Unrealized +84.5%

CYTK Cytokinetics Inc 1.4%

Value ($000) $39,846 Shares 725,000 Est. Cost $61.56 Unrealized +1.0%

BIIB Biogen Inc 1.3%

Value ($000) $38,522 Shares 275,000 Est. Cost $135.17 Unrealized +20.9%

— Cidara Therapeutics Inc 1.3%

Value ($000) $38,304 Shares 400,000 Est. Cost $21.54 Unrealized —

— Astria Therapeutics Inc 1.2%

Value ($000) $36,080 Shares 4,956,000 Est. Cost $10.07 Unrealized —

CRNX Crinetics Pharmaceuticals Inc 1.1%

Value ($000) $31,238 Shares 750,000 Est. Cost $37.35 Unrealized +19.2%

DHR Danaher Corp 1.0%

Value ($000) $29,739 Shares 150,000 Est. Cost $204.57 Unrealized +7.3%

BLTE Belite Bio Inc 0.8%

Value ($000) $23,125 Shares 312,500 Est. Cost $74.00 Unrealized —

RARE Ultragenyx Pharmaceutical Inc 0.8%

Value ($000) $22,560 Shares 750,000 Est. Cost $29.99 Unrealized +9.7%

BRKR Bruker Corp 0.5%

Value ($000) $14,296 Shares 440,000 Est. Cost $46.46 Unrealized -9.1%

REGN Regeneron Pharmaceuticals Inc 0.5%

Value ($000) $14,057 Shares 25,000 Est. Cost $564.28 Unrealized +20.3%

QURE uniQure NV 0.4%

Value ($000) $13,133 Shares 225,000 Est. Cost $9.25 Unrealized +317.2%

BHVN Biohaven Ltd 0.4%

Value ($000) $10,533 Shares 701,700 Est. Cost — Unrealized —

INSP Inspire Medical Systems Inc 0.3%

Value ($000) $10,017 Shares 135,000 Est. Cost $101.25 Unrealized -5.5%

— Applied Therapeutics Inc 0.3%

Value ($000) $8,620 Shares 14,250,000 Est. Cost $1.06 Unrealized —

CGON CG Oncology Inc 0.2%

Value ($000) $7,049 Shares 175,000 Est. Cost $29.07 Unrealized +42.3%

TVRD Tvardi Therapeutics Inc 0.2%

Value ($000) $6,508 Shares 167,000 Est. Cost $28.47 Unrealized -68.5%

VTYX Ventyx Biosciences Inc 0.2%

Value ($000) $6,376 Shares 2,050,000 Est. Cost $3.49 Unrealized +113.9%

GSK GSK PLC 0.2%

Value ($000) $5,395 Shares 125,000 Est. Cost $43.16 Unrealized —

EXAS Exact Sciences Corp 0.1%

Value ($000) $4,103 Shares 75,000 Est. Cost $50.80 Unrealized +58.1%

ESTA Establishment Labs Holdings In 0.1%

Value ($000) $4,099 Shares 100,000 Est. Cost $40.85 Unrealized +47.8%

KOD Kodiak Sciences Inc 0.1%

Value ($000) $4,093 Shares 250,000 Est. Cost $8.62 Unrealized +137.6%

ARQT Arcutis Biotherapeutics Inc 0.1%

Value ($000) $3,770 Shares 200,000 Est. Cost $14.94 Unrealized +71.4%

RCUS Arcus Biosciences Inc 0.1%

Value ($000) $3,400 Shares 250,000 Est. Cost $10.40 Unrealized +96.2%

— Sutro Biopharma Inc 0.1%

Value ($000) $2,258 Shares 2,600,000 Est. Cost $1.83 Unrealized —

LUNG Pulmonx Corp 0.0%

Value ($000) $1,345 Shares 830,000 Est. Cost $2.09 Unrealized -10.1%

TRAW Traws Pharma Inc 0.0%

Value ($000) $278 Shares 150,000 Est. Cost $5.36 Unrealized -58.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FOLD	Amicus Therapeutics Inc	9,750,000	$76,830	2.6%	$7.78	+26.3%	—	03152W109
IONS	Ionis Pharmaceuticals Inc	1,075,000	$70,327	2.4%	$41.34	+82.2%	—	462222100
BDX	Becton Dickinson & Co	325,000	$60,830	2.1%	$183.78	+3.1%	—	075887109
DNTH	Dianthus Therapeutics Inc	1,180,000	$46,433	1.6%	$21.02	+84.5%	—	252828108
CYTK	Cytokinetics Inc	725,000	$39,846	1.4%	$61.56	+1.0%	—	23282W605
BIIB	Biogen Inc	275,000	$38,522	1.3%	$135.17	+20.9%	—	09062X103
—	Cidara Therapeutics Inc	400,000	$38,304	1.3%	$21.54	—	—	171757206
—	Astria Therapeutics Inc	4,956,000	$36,080	1.2%	$10.07	—	—	04635X102
CRNX	Crinetics Pharmaceuticals Inc	750,000	$31,238	1.1%	$37.35	+19.2%	—	22663K107
DHR	Danaher Corp	150,000	$29,739	1.0%	$204.57	+7.3%	—	235851102
BLTE	Belite Bio Inc	312,500	$23,125	0.8%	$74.00	—	—	07782B104
RARE	Ultragenyx Pharmaceutical Inc	750,000	$22,560	0.8%	$29.99	+9.7%	—	90400D108
BRKR	Bruker Corp	440,000	$14,296	0.5%	$46.46	-9.1%	—	116794108
REGN	Regeneron Pharmaceuticals Inc	25,000	$14,057	0.5%	$564.28	+20.3%	—	75886F107
QURE	uniQure NV	225,000	$13,133	0.4%	$9.25	+317.2%	—	N90064101
BHVN	Biohaven Ltd	701,700	$10,533	0.4%	—	—	PUT	G1110E107
INSP	Inspire Medical Systems Inc	135,000	$10,017	0.3%	$101.25	-5.5%	—	457730109
—	Applied Therapeutics Inc	14,250,000	$8,620	0.3%	$1.06	—	—	03828A101
CGON	CG Oncology Inc	175,000	$7,049	0.2%	$29.07	+42.3%	—	156944100
TVRD	Tvardi Therapeutics Inc	167,000	$6,508	0.2%	$28.47	-68.5%	—	140755307
VTYX	Ventyx Biosciences Inc	2,050,000	$6,376	0.2%	$3.49	+113.9%	—	92332V107
GSK	GSK PLC	125,000	$5,395	0.2%	$43.16	—	—	37733W204
EXAS	Exact Sciences Corp	75,000	$4,103	0.1%	$50.80	+58.1%	—	30063P105
ESTA	Establishment Labs Holdings In	100,000	$4,099	0.1%	$40.85	+47.8%	—	G31249108
KOD	Kodiak Sciences Inc	250,000	$4,093	0.1%	$8.62	+137.6%	—	50015M109
ARQT	Arcutis Biotherapeutics Inc	200,000	$3,770	0.1%	$14.94	+71.4%	—	03969K108
RCUS	Arcus Biosciences Inc	250,000	$3,400	0.1%	$10.40	+96.2%	—	03969F109
—	Sutro Biopharma Inc	2,600,000	$2,258	0.1%	$1.83	—	—	869367102
LUNG	Pulmonx Corp	830,000	$1,345	0.0%	$2.09	-10.1%	—	745848101
TRAW	Traws Pharma Inc	150,000	$278	0.0%	$5.36	-58.5%	—	68232V884

Decreased Positions (19)

NUVL Nuvalent Inc 0.2%

Value ($000) $4,627 (-95.1%) Shares 46,000 (-95.8%) Est. Cost $86.50 Unrealized +14.0%

ASND Ascendis Pharma A/S 1.3%

Value ($000) $37,317 (-68.7%) Shares 175,000 (-70.8%) Est. Cost $180.30 Unrealized —

RGEN Repligen Corp 0.5%

Value ($000) $13,600 (-74.6%) Shares 83,000 (-79.3%) Est. Cost $121.47 Unrealized +28.9%

DYN Dyne Therapeutics Inc 0.1%

Value ($000) $2,347 (-93.3%) Shares 120,000 (-95.7%) Est. Cost $12.17 Unrealized +55.7%

SRRK Scholar Rock Holding Corp 1.0%

Value ($000) $30,835 (-44.8%) Shares 700,000 (-53.3%) Est. Cost $37.53 Unrealized -0.1%

BCAX Bicara Therapeutics Inc 2.0%

Value ($000) $60,167 (-25.3%) Shares 3,575,000 (-29.9%) Est. Cost $14.08 Unrealized +21.3%

BDTX Black Diamond Therapeutics Inc 0.1%

Value ($000) $2,114 (-89.9%) Shares 870,000 (-84.3%) Est. Cost $5.15 Unrealized -31.2%

XENE Xenon Pharmaceuticals Inc 0.9%

Value ($000) $26,892 (-39.1%) Shares 600,000 (-45.5%) Est. Cost $37.23 Unrealized +12.8%

JAZZ Jazz Pharmaceuticals PLC 1.7%

Value ($000) $49,300 (-25.2%) Shares 290,000 (-42.0%) Est. Cost $108.63 Unrealized +41.1%

IMTX Immatics NV 2.2%

Value ($000) $64,313 (+18.9%) Shares 6,125,000 (-3.5%) Est. Cost $9.24 Unrealized +9.2%

GERN Geron Corp 0.5%

Value ($000) $14,942 (-36.7%) Shares 11,320,000 (-34.3%) Est. Cost $3.11 Unrealized -59.6%

ZYME Zymeworks Inc 0.8%

Value ($000) $22,775 (-24.5%) Shares 865,000 (-51.0%) Est. Cost $12.80 Unrealized +70.4%

GLUE Monte Rosa Therapeutics Inc 0.4%

Value ($000) $12,152 (+105.0%) Shares 775,000 (-3.1%) Est. Cost $5.30 Unrealized +154.4%

RVMD Revolution Medicines Inc 0.8%

Value ($000) $23,497 (-20.1%) Shares 295,000 (-53.2%) Est. Cost $38.42 Unrealized +70.7%

VERA Vera Therapeutics Inc 0.9%

Value ($000) $27,852 (+26.1%) Shares 550,000 (-27.6%) Est. Cost $34.48 Unrealized +3.0%

SVRA Savara Inc 0.3%

Value ($000) $9,684 (-32.4%) Shares 1,606,000 (-60.0%) Est. Cost $4.17 Unrealized +17.3%

ALEC Alector Inc 0.0%

Value ($000) $1,178 (-59.4%) Shares 755,000 (-23.0%) Est. Cost $1.45 Unrealized +22.7%

FATE Fate Therapeutics Inc 0.1%

Value ($000) $1,695 (-46.5%) Shares 1,725,000 (-31.4%) Est. Cost $3.20 Unrealized -62.5%

CLDX Celldex Therapeutics Inc 1.1%

Value ($000) $31,641 (+1.5%) Shares 1,165,000 (-3.3%) Est. Cost $20.34 Unrealized +29.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NUVL	Nuvalent Inc	46,000 (-95.8%)	$4,627 (-95.1%)	0.2%	$86.50	+14.0%	COM	670703107
ASND	Ascendis Pharma A/S	175,000 (-70.8%)	$37,317 (-68.7%)	1.3%	$180.30	—	SPONSORED ADR	04351P101
RGEN	Repligen Corp	83,000 (-79.3%)	$13,600 (-74.6%)	0.5%	$121.47	+28.9%	COM	759916109
DYN	Dyne Therapeutics Inc	120,000 (-95.7%)	$2,347 (-93.3%)	0.1%	$12.17	+55.7%	COM	26818M108
SRRK	Scholar Rock Holding Corp	700,000 (-53.3%)	$30,835 (-44.8%)	1.0%	$37.53	-0.1%	COM	80706P103
BCAX	Bicara Therapeutics Inc	3,575,000 (-29.9%)	$60,167 (-25.3%)	2.0%	$14.08	+21.3%	COM	055477103
BDTX	Black Diamond Therapeutics Inc	870,000 (-84.3%)	$2,114 (-89.9%)	0.1%	$5.15	-31.2%	COM	09203E105
XENE	Xenon Pharmaceuticals Inc	600,000 (-45.5%)	$26,892 (-39.1%)	0.9%	$37.23	+12.8%	COM	98420N105
JAZZ	Jazz Pharmaceuticals PLC	290,000 (-42.0%)	$49,300 (-25.2%)	1.7%	$108.63	+41.1%	SHS USD	G50871105
IMTX	Immatics NV	6,125,000 (-3.5%)	$64,313 (+18.9%)	2.2%	$9.24	+9.2%	SHS	N44445109
GERN	Geron Corp	11,320,000 (-34.3%)	$14,942 (-36.7%)	0.5%	$3.11	-59.6%	COM	374163103
ZYME	Zymeworks Inc	865,000 (-51.0%)	$22,775 (-24.5%)	0.8%	$12.80	+70.4%	COM	98985Y108
GLUE	Monte Rosa Therapeutics Inc	775,000 (-3.1%)	$12,152 (+105.0%)	0.4%	$5.30	+154.4%	COM	61225M102
RVMD	Revolution Medicines Inc	295,000 (-53.2%)	$23,497 (-20.1%)	0.8%	$38.42	+70.7%	COM	76155X100
VERA	Vera Therapeutics Inc	550,000 (-27.6%)	$27,852 (+26.1%)	0.9%	$34.48	+3.0%	CL A	92337R101
SVRA	Savara Inc	1,606,000 (-60.0%)	$9,684 (-32.4%)	0.3%	$4.17	+17.3%	COM	805111101
ALEC	Alector Inc	755,000 (-23.0%)	$1,178 (-59.4%)	0.0%	$1.45	+22.7%	COM	014442107
FATE	Fate Therapeutics Inc	1,725,000 (-31.4%)	$1,695 (-46.5%)	0.1%	$3.20	-62.5%	COM	31189P102
CLDX	Celldex Therapeutics Inc	1,165,000 (-3.3%)	$31,641 (+1.5%)	1.1%	$20.34	+29.5%	COM NEW	15117B202

Unchanged Positions (9)

TYRA Tyra Biosciences Inc 2.2%

Value ($000) $63,753 Shares 2,425,000 Est. Cost $14.73 Unrealized +24.7%

BBNX Beta Bionics Inc 0.6%

Value ($000) $18,282 Shares 600,000 Est. Cost $14.44 Unrealized +84.9%

ALC Alcon AG 3.0%

Value ($000) $87,085 Shares 1,105,000 Est. Cost $86.36 Unrealized -10.8%

PASG Passage Bio Inc 0.1%

Value ($000) $3,599 Shares 305,000 Est. Cost $6.96 Unrealized +24.0%

VYGR Voyager Therapeutics Inc 0.2%

Value ($000) $5,797 Shares 1,475,000 Est. Cost $6.46 Unrealized —

TENX Tenax Therapeutics Inc 0.0%

Value ($000) $651 Shares 53,439 Est. Cost $3.62 Unrealized +140.2%

OKUR OnKure Therapeutics Inc 0.1%

Value ($000) $1,842 Shares 635,000 Est. Cost $15.14 Unrealized -80.2%

MGNX MacroGenics Inc 0.0%

Value ($000) $451 Shares 280,000 Est. Cost $14.22 Unrealized -88.9%

NYXH Nyxoah SA 0.2%

Value ($000) $5,092 Shares 1,107,000 Est. Cost $8.73 Unrealized -41.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TYRA	Tyra Biosciences Inc	2,425,000	$63,753	2.2%	$14.73	+24.7%	COM	90240B106
BBNX	Beta Bionics Inc	600,000	$18,282	0.6%	$14.44	+84.9%	COM	08659B102
ALC	Alcon AG	1,105,000	$87,085	3.0%	$86.36	-10.8%	ORD SHS	H01301128
PASG	Passage Bio Inc	305,000	$3,599	0.1%	$6.96	+24.0%	COM NEW	702712209
VYGR	Voyager Therapeutics Inc	1,475,000	$5,797	0.2%	$6.46	—	COM	92915B106
TENX	Tenax Therapeutics Inc	53,439	$651	0.0%	$3.62	+140.2%	COM NEW	88032L605
OKUR	OnKure Therapeutics Inc	635,000	$1,842	0.1%	$15.14	-80.2%	COM CL A	68277Q105
MGNX	MacroGenics Inc	280,000	$451	0.0%	$14.22	-88.9%	COM	556099109
NYXH	Nyxoah SA	1,107,000	$5,092	0.2%	$8.73	-41.1%	SHS	B6S7WD106