Siren, L.L.C. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MANE	Veradermics Inc	1,505,374	$95,064	2.6%	$63.15	—	COMMON STOCK	922967104
CYTK	Cytokinetics Inc	613,952	$40,466	1.1%	$64.44	0.0%	COM NEW	23282W605
ELVN	Enliven Therapeutics Inc	746,226	$29,252	0.8%	$25.60	0.0%	COM	29337E102
GLTO	Damora Therapeutics Inc	900,000	$23,310	0.6%	$25.80	0.0%	COM NEW	36322Q206
ANNX	Annexon Inc	3,958,646	$21,931	0.6%	$5.75	0.0%	COM	03589W102
DFTX	Definium Therapeutics Inc	919,493	$17,378	0.5%	$16.29	0.0%	COM SHS	24477V105
AMLX	Amylyx Pharmaceuticals Inc	1,230,000	$17,097	0.5%	$13.99	0.0%	COM	03237H101
QURE	Uniqure NV	1,000,000	$16,350	0.5%	$23.55	0.0%	SHS	N90064101
CTMX	CytomX Therapeutics Inc	3,457,711	$16,251	0.5%	$5.23	0.0%	COM	23284F105
RZLT	Rezolute Inc	3,328,287	$10,151	0.3%	$3.06	0.0%	COM NEW	76200L309
GENB	Generate Biomedicines Inc	736,104	$9,201	0.3%	$12.50	—	COM SHS	370920100
ABSI	Absci Corp	1,800,000	$5,400	0.1%	$3.00	0.0%	COM	00091E109
MSLE	Satellos Bioscience Inc	892,074	$5,022	0.1%	$5.63	—	COM	80401L803
AGMB	Agomab Therapeutics NV	411,250	$4,314	0.1%	$10.49	—	SPONSORED ADS	00860C102
FPS	Forgent Power Solutions, Inc	100,000	$2,927	0.1%	$29.27	—	COM SHS CL A	34631F102
MU	Micron Technology Inc	6,000	$2,027	0.1%	$387.04	0.0%	COM	595112103
AS	Amer Sports Inc	50,000	$1,646	0.0%	$38.20	0.0%	COM SHS	G0260P102
AEVA	Aeva Technologies Inc	110,000	$1,448	0.0%	$15.02	0.0%	COM NEW	00835Q202
NU	Nu Holdings Ltd.	25,000	$359	0.0%	$17.34	0.0%	ORD SHS CL A	G6683N103

Increased Positions (35)

ERAS Erasca Inc 5.0%

Value ($000) $181,932 (+458.5%) Shares 11,244,246 (+28.4%) Est. Cost $4.41 Unrealized +127.3%

XENE Xenon Pharmaceuticals Inc 2.1%

Value ($000) $76,674 (+110.5%) Shares 1,318,564 (+62.2%) Est. Cost $40.49 Unrealized +3.7%

ORIC Oric Pharmaceuticals Inc 1.1%

Value ($000) $37,987 (+360.9%) Shares 2,998,192 (+197.6%) Est. Cost $10.47 Unrealized +2.8%

BCAX Bicara Therapeutics Inc 3.2%

Value ($000) $115,421 (+31.5%) Shares 5,802,970 (+11.2%) Est. Cost $19.85 Unrealized -17.9%

LXRX Lexicon Pharmaceuticals Inc 1.9%

Value ($000) $69,113 (+54.4%) Shares 44,303,518 (+13.8%) Est. Cost $1.73 Unrealized -22.0%

PVLA Palvella Therapeutics Inc 0.9%

Value ($000) $32,096 (+308.8%) Shares 257,485 (+243.3%) Est. Cost $89.61 Unrealized +2.0%

ZURA Zura Bio Ltd 0.6%

Value ($000) $22,222 (+226.2%) Shares 3,734,866 (+187.3%) Est. Cost $5.21 Unrealized +12.9%

GOOGL Alphabet Inc 0.5%

Value ($000) $18,894 (+191.6%) Shares 65,703 (+217.4%) Est. Cost $277.75 Unrealized +16.4%

OLMA Olema Pharmaceuticals Inc 2.0%

Value ($000) $70,926 (-14.0%) Shares 4,756,949 (+44.1%) Est. Cost $20.14 Unrealized +26.4%

GPCR Structure Therapeutics Inc 1.8%

Value ($000) $64,043 (-14.6%) Shares 1,328,698 (+23.2%) Est. Cost $33.42 Unrealized —

RYTM Rhythm Pharmaceuticals Inc 1.7%

Value ($000) $63,098 (+17.9%) Shares 725,511 (+45.1%) Est. Cost $75.89 Unrealized +35.5%

NVDA NVIDIA Corp 0.4%

Value ($000) $15,536 (+122.2%) Shares 89,085 (+137.7%) Est. Cost $158.15 Unrealized +18.0%

MSFT Microsoft Corp 0.4%

Value ($000) $15,318 (+111.2%) Shares 41,380 (+175.9%) Est. Cost $431.05 Unrealized +0.8%

COGT Cogent Biosciences Inc 1.8%

Value ($000) $65,790 (+13.7%) Shares 1,709,279 (+4.9%) Est. Cost $10.06 Unrealized +271.3%

TSLA Tesla Inc 0.2%

Value ($000) $7,993 (+1084.8%) Shares 21,500 (+1333.3%) Est. Cost $419.51 Unrealized +1.5%

TSM Taiwan Semiconductor Manufacturing Co Ltd 0.4%

Value ($000) $14,261 (+69.4%) Shares 42,200 (+52.3%) Est. Cost $230.16 Unrealized —

ENGN enGene Holdings Inc 1.0%

Value ($000) $35,774 (+18.7%) Shares 5,253,159 (+57.5%) Est. Cost $8.61 Unrealized +12.2%

NBIS Nebius Group NV 0.3%

Value ($000) $11,789 (+84.8%) Shares 113,614 (+49.1%) Est. Cost $59.72 Unrealized +61.4%

NMRA Neumora Therapeutics Inc 0.5%

Value ($000) $16,571 (+47.2%) Shares 8,497,822 (+35.1%) Est. Cost $7.19 Unrealized -65.7%

FULC Fulcrum Therapeutics Inc 0.5%

Value ($000) $18,025 (-18.3%) Shares 2,350,000 (+20.5%) Est. Cost $10.21 Unrealized +1.6%

NOW ServiceNow Inc 0.3%

Value ($000) $9,105 (+66.8%) Shares 87,090 (+144.4%) Est. Cost $142.36 Unrealized -14.9%

AVGO Broadcom Inc 0.1%

Value ($000) $4,643 (+91.6%) Shares 15,000 (+114.3%) Est. Cost $344.82 Unrealized -3.1%

ARWR Arrowhead Pharmaceuticals Inc 2.8%

Value ($000) $101,290 (+1.7%) Shares 1,615,476 (+7.7%) Est. Cost $26.81 Unrealized +145.2%

CLBT Cellebrite DI Ltd 0.1%

Value ($000) $4,293 (+58.7%) Shares 311,544 (+107.7%) Est. Cost $16.47 Unrealized -5.6%

GTLB GitLab Inc 0.1%

Value ($000) $2,164 (-41.8%) Shares 100,000 (+1.0%) Est. Cost $44.75 Unrealized -26.6%

DDOG Datadog Inc 0.2%

Value ($000) $6,410 (+29.4%) Shares 54,300 (+49.1%) Est. Cost $123.86 Unrealized +0.1%

PDD PDD Holdings Inc 0.2%

Value ($000) $8,522 (+18.5%) Shares 83,401 (+31.5%) Est. Cost $117.20 Unrealized —

WK Workiva Inc 0.2%

Value ($000) $5,516 (-19.2%) Shares 92,500 (+16.9%) Est. Cost $84.89 Unrealized -11.9%

CRWD CrowdStrike Holdings Inc 0.2%

Value ($000) $9,007 (+16.4%) Shares 23,070 (+39.8%) Est. Cost $328.72 Unrealized +31.1%

CRNX Crinetics Pharmaceuticals Inc 1.9%

Value ($000) $69,140 (-1.5%) Shares 1,903,636 (+26.3%) Est. Cost $51.17 Unrealized -3.8%

MNPR Monopar Therapeutics Inc 0.4%

Value ($000) $14,800 (+6.8%) Shares 270,118 (+27.2%) Est. Cost $77.66 Unrealized -19.1%

MNDY monday.com Ltd 0.0%

Value ($000) $1,728 (-31.1%) Shares 25,000 (+47.1%) Est. Cost $166.84 Unrealized -34.4%

DT Dynatrace Inc 0.2%

Value ($000) $5,547 (+11.1%) Shares 150,000 (+30.2%) Est. Cost $46.08 Unrealized -16.6%

FROG Jfrog Ltd 0.2%

Value ($000) $6,045 (+3.4%) Shares 128,816 (+37.6%) Est. Cost $37.17 Unrealized +42.5%

FIG Figma Inc 0.0%

Value ($000) $1,057 (+13.1%) Shares 50,000 (+100.0%) Est. Cost $43.84 Unrealized -35.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ERAS	Erasca Inc	11,244,246 (+28.4%)	$181,932 (+458.5%)	5.0%	$4.41	+127.3%	COM	29479A108
XENE	Xenon Pharmaceuticals Inc	1,318,564 (+62.2%)	$76,674 (+110.5%)	2.1%	$40.49	+3.7%	COM	98420N105
ORIC	Oric Pharmaceuticals Inc	2,998,192 (+197.6%)	$37,987 (+360.9%)	1.1%	$10.47	+2.8%	COM	68622P109
BCAX	Bicara Therapeutics Inc	5,802,970 (+11.2%)	$115,421 (+31.5%)	3.2%	$19.85	-17.9%	COM	055477103
LXRX	Lexicon Pharmaceuticals Inc	44,303,518 (+13.8%)	$69,113 (+54.4%)	1.9%	$1.73	-22.0%	COM NEW	528872302
PVLA	Palvella Therapeutics Inc	257,485 (+243.3%)	$32,096 (+308.8%)	0.9%	$89.61	+2.0%	COM	697947109
ZURA	Zura Bio Ltd	3,734,866 (+187.3%)	$22,222 (+226.2%)	0.6%	$5.21	+12.9%	CLASS A ORD SHS	G9TY5A101
GOOGL	Alphabet Inc	65,703 (+217.4%)	$18,894 (+191.6%)	0.5%	$277.75	+16.4%	CAP STK CL A	02079K305
OLMA	Olema Pharmaceuticals Inc	4,756,949 (+44.1%)	$70,926 (-14.0%)	2.0%	$20.14	+26.4%	COM	68062P106
GPCR	Structure Therapeutics Inc	1,328,698 (+23.2%)	$64,043 (-14.6%)	1.8%	$33.42	—	SPONSORED ADS	86366E106
RYTM	Rhythm Pharmaceuticals Inc	725,511 (+45.1%)	$63,098 (+17.9%)	1.7%	$75.89	+35.5%	COM	76243J105
NVDA	NVIDIA Corp	89,085 (+137.7%)	$15,536 (+122.2%)	0.4%	$158.15	+18.0%	COM	67066G104
MSFT	Microsoft Corp	41,380 (+175.9%)	$15,318 (+111.2%)	0.4%	$431.05	+0.8%	COM	594918104
COGT	Cogent Biosciences Inc	1,709,279 (+4.9%)	$65,790 (+13.7%)	1.8%	$10.06	+271.3%	COM	19240Q201
TSLA	Tesla Inc	21,500 (+1333.3%)	$7,993 (+1084.8%)	0.2%	$419.51	+1.5%	COM	88160R101
TSM	Taiwan Semiconductor Manufacturing Co Ltd	42,200 (+52.3%)	$14,261 (+69.4%)	0.4%	$230.16	—	SPONSORED ADS	874039100
ENGN	enGene Holdings Inc	5,253,159 (+57.5%)	$35,774 (+18.7%)	1.0%	$8.61	+12.2%	COM	29286M105
NBIS	Nebius Group NV	113,614 (+49.1%)	$11,789 (+84.8%)	0.3%	$59.72	+61.4%	SHS CLASS A	N97284108
NMRA	Neumora Therapeutics Inc	8,497,822 (+35.1%)	$16,571 (+47.2%)	0.5%	$7.19	-65.7%	COM	640979100
FULC	Fulcrum Therapeutics Inc	2,350,000 (+20.5%)	$18,025 (-18.3%)	0.5%	$10.21	+1.6%	COM	359616109
NOW	ServiceNow Inc	87,090 (+144.4%)	$9,105 (+66.8%)	0.3%	$142.36	-14.9%	COM	81762P102
AVGO	Broadcom Inc	15,000 (+114.3%)	$4,643 (+91.6%)	0.1%	$344.82	-3.1%	COM	11135F101
ARWR	Arrowhead Pharmaceuticals Inc	1,615,476 (+7.7%)	$101,290 (+1.7%)	2.8%	$26.81	+145.2%	COM	04280A100
CLBT	Cellebrite DI Ltd	311,544 (+107.7%)	$4,293 (+58.7%)	0.1%	$16.47	-5.6%	ORDINARY SHARES	M2197Q107
GTLB	GitLab Inc	100,000 (+1.0%)	$2,164 (-41.8%)	0.1%	$44.75	-26.6%	CLASS A COM	37637K108
DDOG	Datadog Inc	54,300 (+49.1%)	$6,410 (+29.4%)	0.2%	$123.86	+0.1%	CL A COM	23804L103
PDD	PDD Holdings Inc	83,401 (+31.5%)	$8,522 (+18.5%)	0.2%	$117.20	—	SPONSORED ADS	722304102
WK	Workiva Inc	92,500 (+16.9%)	$5,516 (-19.2%)	0.2%	$84.89	-11.9%	COM CL A	98139A105
CRWD	CrowdStrike Holdings Inc	23,070 (+39.8%)	$9,007 (+16.4%)	0.2%	$328.72	+31.1%	CL A	22788C105
CRNX	Crinetics Pharmaceuticals Inc	1,903,636 (+26.3%)	$69,140 (-1.5%)	1.9%	$51.17	-3.8%	COM	22663K107
MNPR	Monopar Therapeutics Inc	270,118 (+27.2%)	$14,800 (+6.8%)	0.4%	$77.66	-19.1%	COM NEW	61023L207
MNDY	monday.com Ltd	25,000 (+47.1%)	$1,728 (-31.1%)	0.0%	$166.84	-34.4%	SHS	M7S64H106
DT	Dynatrace Inc	150,000 (+30.2%)	$5,547 (+11.1%)	0.2%	$46.08	-16.6%	COM NEW	268150109
FROG	Jfrog Ltd	128,816 (+37.6%)	$6,045 (+3.4%)	0.2%	$37.17	+42.5%	ORD SHS	M6191J100
FIG	Figma Inc	50,000 (+100.0%)	$1,057 (+13.1%)	0.0%	$43.84	-35.2%	CLASS A COM STK	316841105

Exited Positions (32)

APLS Apellis Pharmaceuticals Inc 1.8%

Value ($000) $64,769 Shares 2,578,396 Est. Cost $35.43 Unrealized -36.0%

ASND Ascendis Pharma A/S 1.4%

Value ($000) $50,295 Shares 235,862 Est. Cost $149.31 Unrealized —

RAPT RAPT Therapeutics Inc 1.3%

Value ($000) $46,571 Shares 1,375,000 Est. Cost $23.47 Unrealized +115.2%

ZYME Zymeworks Inc 1.2%

Value ($000) $44,238 Shares 1,680,121 Est. Cost $21.81 Unrealized +7.2%

MLYS Mineralys Therapeutics Inc 0.7%

Value ($000) $25,403 Shares 699,999 Est. Cost $40.10 Unrealized -21.8%

IHS IHS Holding Limited 0.5%

Value ($000) $17,587 Shares 2,357,520 Est. Cost $3.08 Unrealized +157.7%

UPB Upstream Bio Inc 0.4%

Value ($000) $15,976 Shares 588,450 Est. Cost $22.33 Unrealized +6.1%

— Mind Medicine (MindMed) Inc 0.3%

Value ($000) $10,712 Shares 800,000 Est. Cost $13.39 Unrealized —

BNTC Benitec Biopharma Inc 0.3%

Value ($000) $10,439 Shares 775,000 Est. Cost $13.83 Unrealized -14.8%

LXEO Lexeo Therapeutics Inc 0.2%

Value ($000) $7,156 Shares 720,622 Est. Cost $11.47 Unrealized -34.3%

CRM Salesforce Inc 0.2%

Value ($000) $6,914 Shares 26,100 Est. Cost $283.24 Unrealized -23.8%

CMPS Compass Pathways PLC 0.2%

Value ($000) $6,900 Shares 1,000,000 Est. Cost $6.90 Unrealized —

BLLN BillionToOne Inc 0.2%

Value ($000) $6,861 Shares 83,833 Est. Cost $101.40 Unrealized -14.3%

SVRA Savara Inc 0.2%

Value ($000) $6,030 Shares 1,000,000 Est. Cost $4.90 Unrealized +16.2%

XFOR X4 Pharmaceuticals Inc 0.2%

Value ($000) $6,000 Shares 1,500,000 Est. Cost $3.63 Unrealized +0.1%

ALMS Alumis Inc 0.1%

Value ($000) $4,880 Shares 500,000 Est. Cost $6.98 Unrealized +248.5%

META Meta Platforms Inc 0.1%

Value ($000) $4,732 Shares 7,169 Est. Cost $667.32 Unrealized -1.8%

PEPG PepGen Inc 0.1%

Value ($000) $4,557 Shares 700,000 Est. Cost $1.61 Unrealized +261.7%

SGMT Sagimet Biosciences Inc 0.1%

Value ($000) $4,291 Shares 724,771 Est. Cost $3.08 Unrealized +88.4%

ADBE Adobe Inc 0.1%

Value ($000) $4,218 Shares 12,051 Est. Cost $461.82 Unrealized -37.2%

EDU New Oriental Education & Technology Group Inc 0.1%

Value ($000) $3,412 Shares 62,000 Est. Cost $67.56 Unrealized —

ZS Zscaler Inc 0.1%

Value ($000) $2,699 Shares 12,000 Est. Cost $282.25 Unrealized -31.5%

BDTX Black Diamond Therapeutics Inc 0.1%

Value ($000) $2,543 Shares 1,046,517 Est. Cost $5.44 Unrealized -54.2%

QCOM Qualcomm Inc 0.1%

Value ($000) $2,395 Shares 14,000 Est. Cost $171.16 Unrealized -10.1%

ARM Arm Holdings PLC 0.1%

Value ($000) $2,350 Shares 21,500 Est. Cost $109.31 Unrealized —

TIL Instil Bio Inc 0.1%

Value ($000) $2,243 Shares 203,933 Est. Cost $23.39 Unrealized -66.4%

PANW Palo Alto Networks Inc 0.1%

Value ($000) $2,109 Shares 11,450 Est. Cost $180.75 Unrealized -4.8%

CRWV CoreWeave Inc 0.1%

Value ($000) $1,969 Shares 27,500 Est. Cost $116.15 Unrealized -21.2%

VRNS Varonis Systems Inc 0.0%

Value ($000) $1,230 Shares 37,500 Est. Cost $41.98 Unrealized -29.9%

— Generation Bio Inc 0.0%

Value ($000) $1,144 Shares 201,419 Est. Cost $6.12 Unrealized —

CRBU Caribou Biosciences Inc 0.0%

Value ($000) $168 Shares 105,347 Est. Cost $2.05 Unrealized -20.9%

CYCN Cyclerion Therapeutics Inc 0.0%

Value ($000) $147 Shares 115,603 Est. Cost $2.94 Unrealized -52.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APLS	Apellis Pharmaceuticals Inc	2,578,396	$64,769	1.8%	$35.43	-36.0%	—	03753U106
ASND	Ascendis Pharma A/S	235,862	$50,295	1.4%	$149.31	—	—	04351P101
RAPT	RAPT Therapeutics Inc	1,375,000	$46,571	1.3%	$23.47	+115.2%	—	75382E208
ZYME	Zymeworks Inc	1,680,121	$44,238	1.2%	$21.81	+7.2%	—	98985Y108
MLYS	Mineralys Therapeutics Inc	699,999	$25,403	0.7%	$40.10	-21.8%	—	603170101
IHS	IHS Holding Limited	2,357,520	$17,587	0.5%	$3.08	+157.7%	—	G4701H109
UPB	Upstream Bio Inc	588,450	$15,976	0.4%	$22.33	+6.1%	—	91678A107
—	Mind Medicine (MindMed) Inc	800,000	$10,712	0.3%	$13.39	—	—	60255C885
BNTC	Benitec Biopharma Inc	775,000	$10,439	0.3%	$13.83	-14.8%	—	08205P209
LXEO	Lexeo Therapeutics Inc	720,622	$7,156	0.2%	$11.47	-34.3%	—	52886X107
CRM	Salesforce Inc	26,100	$6,914	0.2%	$283.24	-23.8%	—	79466L302
CMPS	Compass Pathways PLC	1,000,000	$6,900	0.2%	$6.90	—	—	20451W101
BLLN	BillionToOne Inc	83,833	$6,861	0.2%	$101.40	-14.3%	—	090168105
SVRA	Savara Inc	1,000,000	$6,030	0.2%	$4.90	+16.2%	—	805111101
XFOR	X4 Pharmaceuticals Inc	1,500,000	$6,000	0.2%	$3.63	+0.1%	—	98420X202
ALMS	Alumis Inc	500,000	$4,880	0.1%	$6.98	+248.5%	—	022307102
META	Meta Platforms Inc	7,169	$4,732	0.1%	$667.32	-1.8%	—	30303M102
PEPG	PepGen Inc	700,000	$4,557	0.1%	$1.61	+261.7%	—	713317105
SGMT	Sagimet Biosciences Inc	724,771	$4,291	0.1%	$3.08	+88.4%	—	786700104
ADBE	Adobe Inc	12,051	$4,218	0.1%	$461.82	-37.2%	—	00724F101
EDU	New Oriental Education & Technology Group Inc	62,000	$3,412	0.1%	$67.56	—	—	647581206
ZS	Zscaler Inc	12,000	$2,699	0.1%	$282.25	-31.5%	—	98980G102
BDTX	Black Diamond Therapeutics Inc	1,046,517	$2,543	0.1%	$5.44	-54.2%	—	09203E105
QCOM	Qualcomm Inc	14,000	$2,395	0.1%	$171.16	-10.1%	—	747525103
ARM	Arm Holdings PLC	21,500	$2,350	0.1%	$109.31	—	—	042068205
TIL	Instil Bio Inc	203,933	$2,243	0.1%	$23.39	-66.4%	—	45783C200
PANW	Palo Alto Networks Inc	11,450	$2,109	0.1%	$180.75	-4.8%	—	697435105
CRWV	CoreWeave Inc	27,500	$1,969	0.1%	$116.15	-21.2%	—	21873S108
VRNS	Varonis Systems Inc	37,500	$1,230	0.0%	$41.98	-29.9%	—	922280102
—	Generation Bio Inc	201,419	$1,144	0.0%	$6.12	—	—	37148K209
CRBU	Caribou Biosciences Inc	105,347	$168	0.0%	$2.05	-20.9%	—	142038108
CYCN	Cyclerion Therapeutics Inc	115,603	$147	0.0%	$2.94	-52.5%	—	23255M204

Decreased Positions (18)

CNTA Centessa Pharmaceuticals PLC 1.2%

Value ($000) $41,844 (-58.5%) Shares 1,053,464 (-73.8%) Est. Cost $17.45 Unrealized —

TNGX Tango Therapeutics Inc 3.3%

Value ($000) $118,347 (+63.6%) Shares 5,657,105 (-30.7%) Est. Cost $7.74 Unrealized +53.9%

DYN Dyne Therapeutics, Inc 1.1%

Value ($000) $40,414 (-41.0%) Shares 2,229,125 (-36.4%) Est. Cost $19.51 Unrealized -12.3%

EWTX Edgewise Therapeutics Inc 3.9%

Value ($000) $139,553 (+24.1%) Shares 4,430,263 (-2.2%) Est. Cost $19.44 Unrealized +45.0%

TSHA Taysha Gene Therapies Inc 1.1%

Value ($000) $39,470 (-29.2%) Shares 8,829,913 (-12.8%) Est. Cost $2.17 Unrealized +119.7%

ONC BeOne Medicines AG 3.8%

Value ($000) $138,091 (-9.1%) Shares 465,000 (-7.0%) Est. Cost $220.70 Unrealized —

KYMR Kymera Therapeutics Inc 7.4%

Value ($000) $265,431 (+3.8%) Shares 3,186,830 (-3.0%) Est. Cost $43.02 Unrealized +80.4%

TRVI Trevi Therapeutics Inc 0.6%

Value ($000) $21,317 (-25.5%) Shares 1,786,867 (-21.9%) Est. Cost $4.03 Unrealized +171.8%

BCYC Bicycle Therapeutics PLC 0.2%

Value ($000) $7,242 (-49.2%) Shares 1,560,882 (-22.5%) Est. Cost $13.30 Unrealized —

STOK Stoke Therapeutics Inc 1.8%

Value ($000) $64,968 (-8.9%) Shares 1,995,347 (-11.2%) Est. Cost $11.96 Unrealized +166.2%

SEER Seer Inc 0.1%

Value ($000) $4,131 (-43.6%) Shares 2,458,673 (-38.5%) Est. Cost $1.75 Unrealized +8.9%

AMZN Amazon.com Inc 0.3%

Value ($000) $9,714 (-18.3%) Shares 46,641 (-9.4%) Est. Cost $196.43 Unrealized +15.5%

MDLN Medline Inc 0.0%

Value ($000) $1,113 (-64.7%) Shares 25,000 (-66.7%) Est. Cost $42.23 Unrealized +6.2%

RELY Remitly Global Inc 0.7%

Value ($000) $24,183 (+8.3%) Shares 1,543,271 (-4.6%) Est. Cost $18.06 Unrealized -22.8%

RVMD Revolution Medicines Inc 3.0%

Value ($000) $108,043 (+1.6%) Shares 1,110,980 (-16.8%) Est. Cost $46.57 Unrealized +121.2%

RAPP Rapport Therapeutics Inc 0.6%

Value ($000) $20,072 (-6.6%) Shares 641,469 (-9.5%) Est. Cost $19.15 Unrealized +45.3%

BEKE KE Holdings Inc 0.0%

Value ($000) $1,497 (-34.5%) Shares 100,000 (-31.0%) Est. Cost $19.71 Unrealized —

PRMB Primo Brands Corp 0.0%

Value ($000) $942 (-23.2%) Shares 50,000 (-33.3%) Est. Cost $28.92 Unrealized -35.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNTA	Centessa Pharmaceuticals PLC	1,053,464 (-73.8%)	$41,844 (-58.5%)	1.2%	$17.45	—	SPONSORED ADS	152309100
TNGX	Tango Therapeutics Inc	5,657,105 (-30.7%)	$118,347 (+63.6%)	3.3%	$7.74	+53.9%	COM	87583X109
DYN	Dyne Therapeutics, Inc	2,229,125 (-36.4%)	$40,414 (-41.0%)	1.1%	$19.51	-12.3%	COM	26818M108
EWTX	Edgewise Therapeutics Inc	4,430,263 (-2.2%)	$139,553 (+24.1%)	3.9%	$19.44	+45.0%	COM	28036F105
TSHA	Taysha Gene Therapies Inc	8,829,913 (-12.8%)	$39,470 (-29.2%)	1.1%	$2.17	+119.7%	COM SHS	877619106
ONC	BeOne Medicines AG	465,000 (-7.0%)	$138,091 (-9.1%)	3.8%	$220.70	—	SPONSORED ADS	07725L102
KYMR	Kymera Therapeutics Inc	3,186,830 (-3.0%)	$265,431 (+3.8%)	7.4%	$43.02	+80.4%	COM	501575104
TRVI	Trevi Therapeutics Inc	1,786,867 (-21.9%)	$21,317 (-25.5%)	0.6%	$4.03	+171.8%	COM	89532M101
BCYC	Bicycle Therapeutics PLC	1,560,882 (-22.5%)	$7,242 (-49.2%)	0.2%	$13.30	—	SPONSORED ADS	088786108
STOK	Stoke Therapeutics Inc	1,995,347 (-11.2%)	$64,968 (-8.9%)	1.8%	$11.96	+166.2%	COM	86150R107
SEER	Seer Inc	2,458,673 (-38.5%)	$4,131 (-43.6%)	0.1%	$1.75	+8.9%	COM CL A	81578P106
AMZN	Amazon.com Inc	46,641 (-9.4%)	$9,714 (-18.3%)	0.3%	$196.43	+15.5%	COM	023135106
MDLN	Medline Inc	25,000 (-66.7%)	$1,113 (-64.7%)	0.0%	$42.23	+6.2%	COM CL A	58507V107
RELY	Remitly Global Inc	1,543,271 (-4.6%)	$24,183 (+8.3%)	0.7%	$18.06	-22.8%	COM	75960P104
RVMD	Revolution Medicines Inc	1,110,980 (-16.8%)	$108,043 (+1.6%)	3.0%	$46.57	+121.2%	COM	76155X100
RAPP	Rapport Therapeutics Inc	641,469 (-9.5%)	$20,072 (-6.6%)	0.6%	$19.15	+45.3%	COM	75383L102
BEKE	KE Holdings Inc	100,000 (-31.0%)	$1,497 (-34.5%)	0.0%	$19.71	—	SPONSORED ADS	482497104
PRMB	Primo Brands Corp	50,000 (-33.3%)	$942 (-23.2%)	0.0%	$28.92	-35.4%	CLASS A COM SHS	741623102

Unchanged Positions (28)

SRRK Scholar Rock Holding Corp 14.8%

Value ($000) $532,158 Shares 10,825,013 Est. Cost $12.96 Unrealized +250.9%

WVE WAVE Life Sciences Ltd 0.5%

Value ($000) $17,763 Shares 2,450,000 Est. Cost $5.98 Unrealized +130.1%

IRON Disc Medicine Inc 1.8%

Value ($000) $63,198 Shares 988,401 Est. Cost $57.60 Unrealized +28.6%

TBLA Taboola.com Ltd 0.9%

Value ($000) $30,905 Shares 9,969,495 Est. Cost $3.30 Unrealized +16.4%

SYRE Spyre Therapeutics Inc 1.1%

Value ($000) $41,290 Shares 818,598 Est. Cost $27.57 Unrealized +25.3%

GOSS Gossamer Bio Inc 0.0%

Value ($000) $1,711 Shares 5,208,968 Est. Cost $0.96 Unrealized +134.6%

SLDB Solid Biosciences Inc 1.5%

Value ($000) $55,371 Shares 7,690,405 Est. Cost $5.85 Unrealized +3.4%

SEPN Septerna Inc 1.3%

Value ($000) $48,060 Shares 2,000,000 Est. Cost $23.65 Unrealized +12.1%

RCUS Arcus Biosciences Inc 1.8%

Value ($000) $64,953 Shares 3,007,077 Est. Cost $13.59 Unrealized +56.5%

IVVD Invivyd Inc 0.1%

Value ($000) $5,200 Shares 4,000,000 Est. Cost $2.08 Unrealized -4.9%

CGEM Cullinan Therapeutics Inc 0.5%

Value ($000) $16,958 Shares 1,193,410 Est. Cost $17.74 Unrealized -32.5%

NBP NovaBridge Biosciences 0.2%

Value ($000) $7,380 Shares 3,000,000 Est. Cost $3.90 Unrealized —

DNLI Denali Therapeutics Inc 0.7%

Value ($000) $26,813 Shares 1,396,513 Est. Cost $21.53 Unrealized -8.9%

DBVT Dbv Technologies SA 1.1%

Value ($000) $38,800 Shares 1,857,362 Est. Cost $19.17 Unrealized —

IONQ IONQ Inc 0.1%

Value ($000) $4,901 Shares 170,000 Est. Cost $7.62 Unrealized +443.3%

SLN Silence Therapeutics PLC 0.4%

Value ($000) $15,343 Shares 2,911,438 Est. Cost $17.66 Unrealized —

IKT Inhibikase Therapeutics Inc 0.3%

Value ($000) $9,828 Shares 5,850,000 Est. Cost $1.59 Unrealized +9.0%

WHWK Whitehawk Therapeutics Inc 0.2%

Value ($000) $7,183 Shares 2,082,000 Est. Cost $2.61 Unrealized +8.0%

TENX Tenax Therapeutics Inc 0.2%

Value ($000) $6,830 Shares 427,141 Est. Cost $6.56 Unrealized +105.7%

MPLT MapLight Therapeutics Inc 0.3%

Value ($000) $9,149 Shares 450,000 Est. Cost $16.75 Unrealized +5.2%

RANI Rani Therapeutics Holdings Inc 0.0%

Value ($000) $1,470 Shares 2,000,000 Est. Cost $1.51 Unrealized -12.3%

KLRS Kalaris Therapeutics Inc 0.1%

Value ($000) $2,515 Shares 435,798 Est. Cost $8.34 Unrealized +12.3%

KRRO Korro Bio Inc 0.1%

Value ($000) $3,936 Shares 347,718 Est. Cost $42.09 Unrealized -74.4%

FHTX Foghorn Therapeutics Inc 0.1%

Value ($000) $3,445 Shares 720,720 Est. Cost $7.24 Unrealized -21.4%

SION Sionna Therapeutics Inc 0.3%

Value ($000) $12,027 Shares 300,000 Est. Cost $16.34 Unrealized +140.2%

AGEN Agenus Inc 0.1%

Value ($000) $3,555 Shares 1,064,250 Est. Cost $3.19 Unrealized +2.9%

IREN IREN Ltd 0.0%

Value ($000) $1,477 Shares 43,100 Est. Cost $38.92 Unrealized +24.0%

VTVT vTv Therapeutics Inc 0.2%

Value ($000) $6,465 Shares 163,000 Est. Cost $17.30 Unrealized +108.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SRRK	Scholar Rock Holding Corp	10,825,013	$532,158	14.8%	$12.96	+250.9%	COM	80706P103
WVE	WAVE Life Sciences Ltd	2,450,000	$17,763	0.5%	$5.98	+130.1%	SHS	Y95308105
IRON	Disc Medicine Inc	988,401	$63,198	1.8%	$57.60	+28.6%	COM	254604101
TBLA	Taboola.com Ltd	9,969,495	$30,905	0.9%	$3.30	+16.4%	ORD SHS	M8744T106
SYRE	Spyre Therapeutics Inc	818,598	$41,290	1.1%	$27.57	+25.3%	COM NEW	00773J202
GOSS	Gossamer Bio Inc	5,208,968	$1,711	0.0%	$0.96	+134.6%	COM	38341P102
SLDB	Solid Biosciences Inc	7,690,405	$55,371	1.5%	$5.85	+3.4%	COM NEW	83422E204
SEPN	Septerna Inc	2,000,000	$48,060	1.3%	$23.65	+12.1%	COM	81734D104
RCUS	Arcus Biosciences Inc	3,007,077	$64,953	1.8%	$13.59	+56.5%	COM	03969F109
IVVD	Invivyd Inc	4,000,000	$5,200	0.1%	$2.08	-4.9%	COM	00534A102
CGEM	Cullinan Therapeutics Inc	1,193,410	$16,958	0.5%	$17.74	-32.5%	COM	230031106
NBP	NovaBridge Biosciences	3,000,000	$7,380	0.2%	$3.90	—	SPONSORED ADS	44975P103
DNLI	Denali Therapeutics Inc	1,396,513	$26,813	0.7%	$21.53	-8.9%	COM	24823R105
DBVT	Dbv Technologies SA	1,857,362	$38,800	1.1%	$19.17	—	SPONSORED ADS	23306J309
IONQ	IONQ Inc	170,000	$4,901	0.1%	$7.62	+443.3%	COM	46222L108
SLN	Silence Therapeutics PLC	2,911,438	$15,343	0.4%	$17.66	—	ADS	82686Q101
IKT	Inhibikase Therapeutics Inc	5,850,000	$9,828	0.3%	$1.59	+9.0%	COM NEW	45719W205
WHWK	Whitehawk Therapeutics Inc	2,082,000	$7,183	0.2%	$2.61	+8.0%	COM	00032Q104
TENX	Tenax Therapeutics Inc	427,141	$6,830	0.2%	$6.56	+105.7%	COM NEW	88032L605
MPLT	MapLight Therapeutics Inc	450,000	$9,149	0.3%	$16.75	+5.2%	COM	56565P103
RANI	Rani Therapeutics Holdings Inc	2,000,000	$1,470	0.0%	$1.51	-12.3%	COM CL A	753018100
KLRS	Kalaris Therapeutics Inc	435,798	$2,515	0.1%	$8.34	+12.3%	COM	482929106
KRRO	Korro Bio Inc	347,718	$3,936	0.1%	$42.09	-74.4%	COM	500946108
FHTX	Foghorn Therapeutics Inc	720,720	$3,445	0.1%	$7.24	-21.4%	COM	344174107
SION	Sionna Therapeutics Inc	300,000	$12,027	0.3%	$16.34	+140.2%	COM	829401108
AGEN	Agenus Inc	1,064,250	$3,555	0.1%	$3.19	+2.9%	COM NEW	00847G804
IREN	IREN Ltd	43,100	$1,477	0.0%	$38.92	+24.0%	ORDINARY SHARES	Q4982L109
VTVT	vTv Therapeutics Inc	163,000	$6,465	0.2%	$17.30	+108.8%	CL A NEW	918385204