Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IFRX	INFLARX NV	5,352,198	$11.99M	2.4%	—	—	COM	N44821101
RACC	RESEARCH ALLIANCE CORP III	500,000	$5.35M	1.0%	—	—	ORD SHS CL A	G75226103
ZLAB	ZAI LAB LTD	279,110	$5.303M	1.0%	—	—	ADR	98887Q104
ACHV	ACHIEVE LIFE SCIENCE INC	736,637	$4.81M	0.9%	—	—	COM	004468500
JATT	JATT II ACQUISITION CORP	160,000	$1.818M	0.4%	—	—	ORD SHS	G50765109

Increased Positions (8)

KNSA KINIKSA PHARMACEUTICALS INTL 11.5%

Value $58.71M (+60.2%) Shares 918,070 (+20.6%) Est. Cost — Unrealized —

ALKS ALKERMES PLC 5.6%

Value $28.5M (+153.4%) Shares 543,876 (+71.0%) Est. Cost — Unrealized —

ANRO ALTO NEUROSCIENCE INC 7.0%

Value $35.71M (+22.6%) Shares 1,353,047 (+2.1%) Est. Cost — Unrealized —

ENTA ENANTA PHARMACEUTICALS INC 3.1%

Value $15.87M (+34.8%) Shares 1,088,731 (+16.7%) Est. Cost — Unrealized —

PCVX VAXCYTE INC 3.5%

Value $17.79M (+24.6%) Shares 306,047 (+24.6%) Est. Cost — Unrealized —

SVRA SAVARA INC 4.2%

Value $21.27M (+15.1%) Shares 3,452,576 (+2.1%) Est. Cost — Unrealized —

CATX PERSPECTIVE THERAPEUTICS INC 2.5%

Value $12.6M (+15.0%) Shares 3,693,931 (+40.6%) Est. Cost — Unrealized —

RLMD RELMADA THERAPEUTICS INC 8.7%

Value $44.23M (+2.9%) Shares 6,391,328 (+2.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KNSA	KINIKSA PHARMACEUTICALS INTL	918,070 (+20.6%)	$58.71M (+60.2%)	11.5%	—	—	ORD SHS CL A	G52694109
ALKS	ALKERMES PLC	543,876 (+71.0%)	$28.5M (+153.4%)	5.6%	—	—	SHS	G01767105
ANRO	ALTO NEUROSCIENCE INC	1,353,047 (+2.1%)	$35.71M (+22.6%)	7.0%	—	—	COM SHS	02157Q109
ENTA	ENANTA PHARMACEUTICALS INC	1,088,731 (+16.7%)	$15.87M (+34.8%)	3.1%	—	—	COM	29251M106
PCVX	VAXCYTE INC	306,047 (+24.6%)	$17.79M (+24.6%)	3.5%	—	—	COM	92243G108
SVRA	SAVARA INC	3,452,576 (+2.1%)	$21.27M (+15.1%)	4.2%	—	—	COM	805111101
CATX	PERSPECTIVE THERAPEUTICS INC	3,693,931 (+40.6%)	$12.6M (+15.0%)	2.5%	—	—	COM NEW	46489V302
RLMD	RELMADA THERAPEUTICS INC	6,391,328 (+2.1%)	$44.23M (+2.9%)	8.7%	—	—	COM	75955J402

Exited Positions (3)

CNTA CENTESSA PHARMACEUTICALS 3.8%

Value $19.46M Shares 489,849 Est. Cost — Unrealized —

KALV KALVISTA PHARMACEUTICALS 3.5%

Value $18.07M Shares 897,681 Est. Cost — Unrealized —

MAZE MAZE THERAPEUTICS INC 1.2%

Value $5.97M Shares 200,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNTA	CENTESSA PHARMACEUTICALS	489,849	$19.46M	3.8%	—	—	—	152309100
KALV	KALVISTA PHARMACEUTICALS	897,681	$18.07M	3.5%	—	—	—	483497103
MAZE	MAZE THERAPEUTICS INC	200,000	$5.97M	1.2%	—	—	—	578784100

Decreased Positions (1)

DNTH DIANTHUS THERAPEUTICS INC 6.8%

Value $34.59M (+10.4%) Shares 354,816 (-4.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DNTH	DIANTHUS THERAPEUTICS INC	354,816 (-4.9%)	$34.59M (+10.4%)	6.8%	—	—	COM	252828108

Unchanged Positions (16)

RLAY RELAY THERAPEUTICS INC 11.0%

Value $55.83M Shares 2,984,125 Est. Cost — Unrealized —

LBRX LB PHARMACEUTICALS INC 8.8%

Value $44.66M Shares 1,376,159 Est. Cost — Unrealized —

ELVN ENLIVEN THERAPEUTICS INC 3.3%

Value $16.7M Shares 329,006 Est. Cost — Unrealized —

ANTX AN2 THERAPEUTICS INC 1.6%

Value $8.04M Shares 1,661,073 Est. Cost — Unrealized —

ALMS ALUMIS INC 2.2%

Value $11.05M Shares 392,574 Est. Cost — Unrealized —

SRZN SURROZEN INC 2.2%

Value $11.21M Shares 432,040 Est. Cost — Unrealized —

IKT INHIBIKASE THERAPEUTICS INC 1.4%

Value $7.271M Shares 3,581,603 Est. Cost — Unrealized —

LXEO LEXEO THERAPEUTICS INC 0.8%

Value $4.323M Shares 928,593 Est. Cost — Unrealized —

ERAS ERASCA INC 1.5%

Value $7.741M Shares 422,543 Est. Cost — Unrealized —

NERV MINERVA NEUROSCIENCES INC 1.8%

Value $9.188M Shares 1,655,500 Est. Cost — Unrealized —

IPSC CENTURY THERAPEUTICS INC 2.0%

Value $9.945M Shares 4,059,054 Est. Cost — Unrealized —

ALEC ALECTOR INC 0.8%

Value $4.223M Shares 2,101,068 Est. Cost — Unrealized —

HLXC HELIX ACQUISITION CORP III 1.0%

Value $5.32M Shares 500,000 Est. Cost — Unrealized —

LONA LEONABIO INC 0.7%

Value $3.618M Shares 393,701 Est. Cost — Unrealized —

SABS SAB BIOTHERAPEUTICS INC 1.7%

Value $8.574M Shares 2,198,502 Est. Cost — Unrealized —

CRVS CORVUS PHARMACEUTICALS INC 0.7%

Value $3.46M Shares 231,585 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RLAY	RELAY THERAPEUTICS INC	2,984,125	$55.83M	11.0%	—	—	COM	75943R102
LBRX	LB PHARMACEUTICALS INC	1,376,159	$44.66M	8.8%	—	—	COM SHS	50180M108
ELVN	ENLIVEN THERAPEUTICS INC	329,006	$16.7M	3.3%	—	—	COM	29337E102
ANTX	AN2 THERAPEUTICS INC	1,661,073	$8.04M	1.6%	—	—	COM	037326105
ALMS	ALUMIS INC	392,574	$11.05M	2.2%	—	—	COM	022307102
SRZN	SURROZEN INC	432,040	$11.21M	2.2%	—	—	COM NEW	86889P208
IKT	INHIBIKASE THERAPEUTICS INC	3,581,603	$7.271M	1.4%	—	—	COM NEW	45719W205
LXEO	LEXEO THERAPEUTICS INC	928,593	$4.323M	0.8%	—	—	COM	52886X107
ERAS	ERASCA INC	422,543	$7.741M	1.5%	—	—	COM	29479A108
NERV	MINERVA NEUROSCIENCES INC	1,655,500	$9.188M	1.8%	—	—	COM NEW	603380205
IPSC	CENTURY THERAPEUTICS INC	4,059,054	$9.945M	2.0%	—	—	COM	15673T100
ALEC	ALECTOR INC	2,101,068	$4.223M	0.8%	—	—	COM	014442107
HLXC	HELIX ACQUISITION CORP III	500,000	$5.32M	1.0%	—	—	USD CL A ORD SHS	G4444S107
LONA	LEONABIO INC	393,701	$3.618M	0.7%	—	—	COM	04746L203
SABS	SAB BIOTHERAPEUTICS INC	2,198,502	$8.574M	1.7%	—	—	COM NEW	78397T202
CRVS	CORVUS PHARMACEUTICALS INC	231,585	$3.46M	0.7%	—	—	COM	221015100