Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ELVN	ENLIVEN THERAPEUTICS INC	623,839	$24.45M	2.7%	$25.60	0.0%	COM	29337E102
CELC	CELCUITY INC	210,578	$24.04M	2.7%	$107.47	0.0%	COM	15102K100
DNTH	DIANTHUS THERAPEUTICS INC	220,921	$18.54M	2.1%	$47.58	0.0%	COM	252828108
PVLA	PALVELLA THERAPEUTICS INC NE	148,093	$18.46M	2.1%	$91.38	0.0%	COM	697947109
ERAS	ERASCA INC	867,639	$14.04M	1.6%	$10.02	0.0%	COM	29479A108

Increased Positions (13)

UTHR UNITED THERAPEUTICS CORP DEL 6.9%

Value $62.1M (+100.5%) Shares 104,726 (+64.7%) Est. Cost $392.94 Unrealized +22.3%

APGE APOGEE THERAPEUTICS INC 4.8%

Value $43.24M (+20.7%) Shares 513,770 (+8.2%) Est. Cost $49.95 Unrealized +44.6%

COGT COGENT BIOSCIENCES INC 4.1%

Value $36.46M (+24.5%) Shares 947,339 (+14.9%) Est. Cost $29.31 Unrealized +27.5%

BBIO BRIDGEBIO PHARMA INC 5.8%

Value $51.66M (+13.4%) Shares 695,718 (+16.8%) Est. Cost $36.28 Unrealized +105.3%

KYMR KYMERA THERAPEUTICS INC 2.4%

Value $21.21M (+32.0%) Shares 254,672 (+23.4%) Est. Cost $51.25 Unrealized +51.4%

FULC FULCRUM THERAPEUTICS INC 1.9%

Value $17.3M (-19.2%) Shares 2,256,109 (+19.2%) Est. Cost $10.21 Unrealized +1.6%

IDYA IDEAYA BIOSCIENCES INC 3.3%

Value $29.12M (+16.4%) Shares 873,838 (+20.8%) Est. Cost $32.22 Unrealized +5.1%

OLMA OLEMA PHARMACEUTICALS INC 1.3%

Value $11.46M (-25.8%) Shares 768,662 (+24.4%) Est. Cost $19.30 Unrealized +31.9%

VRDN VIRIDIAN THERAPEUTICS INC 2.0%

Value $17.83M (-17.0%) Shares 911,337 (+32.0%) Est. Cost $28.25 Unrealized +9.2%

PRAX PRAXIS PRECISION MEDICINES I 1.5%

Value $13.67M (+29.8%) Shares 42,441 (+18.7%) Est. Cost $206.03 Unrealized +51.3%

MLTX MOONLAKE IMMUNOTHERAPEUTICS 0.7%

Value $5.882M (+69.9%) Shares 315,563 (+20.1%) Est. Cost $46.07 Unrealized -65.2%

QURE UNIQURE NV 1.1%

Value $10.06M (+30.7%) Shares 615,489 (+91.4%) Est. Cost $31.41 Unrealized -25.0%

ABVX ABIVAX SA 5.8%

Value $51.87M (+0.9%) Shares 465,869 (+22.2%) Est. Cost $99.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UTHR	UNITED THERAPEUTICS CORP DEL	104,726 (+64.7%)	$62.1M (+100.5%)	6.9%	$392.94	+22.3%	COM	91307C102
APGE	APOGEE THERAPEUTICS INC	513,770 (+8.2%)	$43.24M (+20.7%)	4.8%	$49.95	+44.6%	COM	03770N101
COGT	COGENT BIOSCIENCES INC	947,339 (+14.9%)	$36.46M (+24.5%)	4.1%	$29.31	+27.5%	COM	19240Q201
BBIO	BRIDGEBIO PHARMA INC	695,718 (+16.8%)	$51.66M (+13.4%)	5.8%	$36.28	+105.3%	COM	10806X102
KYMR	KYMERA THERAPEUTICS INC	254,672 (+23.4%)	$21.21M (+32.0%)	2.4%	$51.25	+51.4%	COM	501575104
FULC	FULCRUM THERAPEUTICS INC	2,256,109 (+19.2%)	$17.3M (-19.2%)	1.9%	$10.21	+1.6%	COM	359616109
IDYA	IDEAYA BIOSCIENCES INC	873,838 (+20.8%)	$29.12M (+16.4%)	3.3%	$32.22	+5.1%	COM	45166A102
OLMA	OLEMA PHARMACEUTICALS INC	768,662 (+24.4%)	$11.46M (-25.8%)	1.3%	$19.30	+31.9%	COM	68062P106
VRDN	VIRIDIAN THERAPEUTICS INC	911,337 (+32.0%)	$17.83M (-17.0%)	2.0%	$28.25	+9.2%	COM	92790C104
PRAX	PRAXIS PRECISION MEDICINES I	42,441 (+18.7%)	$13.67M (+29.8%)	1.5%	$206.03	+51.3%	COM NEW	74006W207
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	315,563 (+20.1%)	$5.882M (+69.9%)	0.7%	$46.07	-65.2%	CLASS A ORD	61559X104
QURE	UNIQURE NV	615,489 (+91.4%)	$10.06M (+30.7%)	1.1%	$31.41	-25.0%	SHS	N90064101
ABVX	ABIVAX SA	465,869 (+22.2%)	$51.87M (+0.9%)	5.8%	$99.29	—	SPONSORED ADS	00370M103

Exited Positions (5)

GH GUARDANT HEALTH INC 3.1%

Value $27.75M Shares 271,685 Est. Cost $89.46 Unrealized +20.1%

ARGX ARGENX SE 2.2%

Value $19.56M Shares 23,256 Est. Cost $388.36 Unrealized —

RYTM RHYTHM PHARMACEUTICALS INC 1.7%

Value $15.66M Shares 146,303 Est. Cost $106.08 Unrealized -3.1%

RCUS ARCUS BIOSCIENCES INC 1.5%

Value $13.47M Shares 565,142 Est. Cost $20.40 Unrealized +4.3%

IRON DISC MEDICINE INC 1.4%

Value $12.17M Shares 153,206 Est. Cost $50.06 Unrealized +47.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GH	GUARDANT HEALTH INC	271,685	$27.75M	3.1%	$89.46	+20.1%	—	40131M109
ARGX	ARGENX SE	23,256	$19.56M	2.2%	$388.36	—	—	04016X101
RYTM	RHYTHM PHARMACEUTICALS INC	146,303	$15.66M	1.7%	$106.08	-3.1%	—	76243J105
RCUS	ARCUS BIOSCIENCES INC	565,142	$13.47M	1.5%	$20.40	+4.3%	—	03969F109
IRON	DISC MEDICINE INC	153,206	$12.17M	1.4%	$50.06	+47.9%	—	254604101

Decreased Positions (11)

TERN TERNS PHARMACEUTICALS INC 1.9%

Value $17.22M (-51.1%) Shares 326,694 (-62.5%) Est. Cost $23.11 Unrealized +62.1%

VERA VERA THERAPEUTICS INC 1.9%

Value $16.98M (-44.3%) Shares 422,023 (-29.9%) Est. Cost $35.71 Unrealized +25.9%

NAMS NEWAMSTERDAM PHARMA COMPANY 2.0%

Value $17.87M (-43.0%) Shares 558,336 (-37.5%) Est. Cost $23.08 Unrealized +46.2%

ASND ASCENDIS PHARMA A/S 1.9%

Value $17.45M (-37.9%) Shares 76,300 (-42.1%) Est. Cost $144.94 Unrealized —

XENE XENON PHARMACEUTICALS INC 5.1%

Value $45.75M (+27.6%) Shares 786,844 (-1.6%) Est. Cost $37.92 Unrealized +10.7%

AXSM AXSOME THERAPEUTICS INC. 3.6%

Value $31.91M (-15.6%) Shares 188,772 (-8.8%) Est. Cost $94.05 Unrealized +91.7%

INSM INSMED INC 4.5%

Value $40.63M (-11.7%) Shares 248,475 (-6.0%) Est. Cost $48.11 Unrealized +230.6%

RVMD REVOLUTION MEDICINES INC 5.1%

Value $45.55M (-10.4%) Shares 468,376 (-26.6%) Est. Cost $45.05 Unrealized +128.7%

CYTK CYTOKINETICS INC 2.1%

Value $18.7M (-9.6%) Shares 283,700 (-12.9%) Est. Cost $45.77 Unrealized +40.8%

SRRK SCHOLAR ROCK HLDG CORP 2.5%

Value $21.94M (+8.4%) Shares 446,390 (-2.9%) Est. Cost $37.51 Unrealized +21.2%

MIRM MIRUM PHARMACEUTICALS INC 4.1%

Value $36.99M (-2.7%) Shares 400,464 (-16.8%) Est. Cost $33.08 Unrealized +191.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	326,694 (-62.5%)	$17.22M (-51.1%)	1.9%	$23.11	+62.1%	COM	880881107
VERA	VERA THERAPEUTICS INC	422,023 (-29.9%)	$16.98M (-44.3%)	1.9%	$35.71	+25.9%	CL A	92337R101
NAMS	NEWAMSTERDAM PHARMA COMPANY	558,336 (-37.5%)	$17.87M (-43.0%)	2.0%	$23.08	+46.2%	ORDINARY SHARES	N62509109
ASND	ASCENDIS PHARMA A/S	76,300 (-42.1%)	$17.45M (-37.9%)	1.9%	$144.94	—	SPONSORED ADR	04351P101
XENE	XENON PHARMACEUTICALS INC	786,844 (-1.6%)	$45.75M (+27.6%)	5.1%	$37.92	+10.7%	COM	98420N105
AXSM	AXSOME THERAPEUTICS INC.	188,772 (-8.8%)	$31.91M (-15.6%)	3.6%	$94.05	+91.7%	COM	05464T104
INSM	INSMED INC	248,475 (-6.0%)	$40.63M (-11.7%)	4.5%	$48.11	+230.6%	COM PAR $.01	457669307
RVMD	REVOLUTION MEDICINES INC	468,376 (-26.6%)	$45.55M (-10.4%)	5.1%	$45.05	+128.7%	COM	76155X100
CYTK	CYTOKINETICS INC	283,700 (-12.9%)	$18.7M (-9.6%)	2.1%	$45.77	+40.8%	COM NEW	23282W605
SRRK	SCHOLAR ROCK HLDG CORP	446,390 (-2.9%)	$21.94M (+8.4%)	2.5%	$37.51	+21.2%	COM	80706P103
MIRM	MIRUM PHARMACEUTICALS INC	400,464 (-16.8%)	$36.99M (-2.7%)	4.1%	$33.08	+191.9%	COM	604749101

Unchanged Positions (4)

ORIC ORIC PHARMACEUTICALS INC 2.9%

Value $25.56M Shares 2,017,284 Est. Cost $10.42 Unrealized +3.4%

ROIV ROIVANT SCIENCES LTD 3.7%

Value $32.97M Shares 1,190,118 Est. Cost $13.79 Unrealized +75.3%

NTRA NATERA INC 1.8%

Value $16.21M Shares 81,077 Est. Cost $128.20 Unrealized +76.2%

NUVL NUVALENT INC 4.2%

Value $37.94M Shares 370,344 Est. Cost $71.10 Unrealized +45.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ORIC	ORIC PHARMACEUTICALS INC	2,017,284	$25.56M	2.9%	$10.42	+3.4%	COM	68622P109
ROIV	ROIVANT SCIENCES LTD	1,190,118	$32.97M	3.7%	$13.79	+75.3%	SHS	G76279101
NTRA	NATERA INC	81,077	$16.21M	1.8%	$128.20	+76.2%	COM	632307104
NUVL	NUVALENT INC	370,344	$37.94M	4.2%	$71.10	+45.8%	COM	670703107