Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NKTR	NEKTAR THERAPEUTICS	125,000	$8.994M	3.3%	—	—	COM NEW	640268306
ANL	ADLAI NORTYE LTD	1,265,231	$8.755M	3.2%	—	—	SPONSORED ADS	00704R109
ZNTL	ZENTALIS PHARMACEUTICALS INC	3,631,000	$8.497M	3.1%	—	—	COM	98943L107
SCYX	SCYNEXIS INC	7,608,695	$6.976M	2.6%	—	—	COM NEW	811292200
RLAY	RELAY THERAPEUTICS INC	672,500	$6.691M	2.5%	—	—	COM	75943R102
KALV	KALVISTA PHARMACEUTICALS INC	315,000	$6.341M	2.3%	—	—	CALL	483497103
CCCC	C4 THERAPEUTICS INC	2,250,000	$5.918M	2.2%	—	—	COM STK	12529R107
KPTI	KARYOPHARM THERAPEUTICS INC	750,000	$4.178M	1.5%	—	—	PUT	48576U205
PMN	PROMIS NEUROSCIENCES INC	324,977	$4.127M	1.5%	—	—	COM SHS	74346M505
IDYA	IDEAYA BIOSCIENCES INC	120,000	$3.998M	1.5%	—	—	PUT	45166A102
IDYA	IDEAYA BIOSCIENCES INC	104,300	$3.475M	1.3%	—	—	CALL	45166A102
ALXO	ALX ONCOLOGY HLDGS INC	1,460,000	$2.927M	1.1%	—	—	COM	00166B105
CNTX	CONTEXT THERAPEUTICS INC	1,100,000	$2.882M	1.1%	—	—	COM	21077P108
SLGL	SOL-GEL TECHNOLOGIES LTD	31,000	$2.456M	0.9%	—	—	SHS NEW	M8694L137
RLAY	RELAY THERAPEUTICS INC	150,000	$1.492M	0.5%	—	—	CALL	75943R102
ZNTL	ZENTALIS PHARMACEUTICALS INC	400,000	$936K	0.3%	—	—	CALL	98943L107
TXMD	THERAPEUTICSMD INC	420,421	$849K	0.3%	—	—	COM NEW	88338N206
HOWL	WEREWOLF THERAPEUTICS INC	563,535	$469K	0.2%	—	—	COM	95075A107
NEUP	NEUPHORIA THERAPEUTICS INC	76,728	$312K	0.1%	—	—	COM	64136E102

Increased Positions (7)

RLMD RELMADA THERAPEUTICS INC 21.6%

Value $58.98M (+82.3%) Shares 8,474,571 (+26.5%) Est. Cost — Unrealized —

KALV KALVISTA PHARMACEUTICALS INC 7.3%

Value $19.83M (+75.4%) Shares 985,100 (+40.7%) Est. Cost — Unrealized —

KOD KODIAK SCIENCES INC 5.3%

Value $14.49M (+77.6%) Shares 380,000 (+30.3%) Est. Cost — Unrealized —

IVA INVENTIVA SA 1.1%

Value $2.969M (+112.8%) Shares 535,000 (+78.3%) Est. Cost — Unrealized —

EPRX EUPRAXIA PHARMACEUTICALS INC 1.8%

Value $4.923M (+30.4%) Shares 680,000 (+36.0%) Est. Cost — Unrealized —

GHRS GH RESEARCH PLC 1.7%

Value $4.569M (+14.2%) Shares 325,000 (+3.2%) Est. Cost — Unrealized —

NXTC NEXTCURE INC 1.0%

Value $2.83M (-15.8%) Shares 265,000 (+11.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RLMD	RELMADA THERAPEUTICS INC	8,474,571 (+26.5%)	$58.98M (+82.3%)	21.6%	—	—	COM	75955J402
KALV	KALVISTA PHARMACEUTICALS INC	985,100 (+40.7%)	$19.83M (+75.4%)	7.3%	—	—	COM	483497103
KOD	KODIAK SCIENCES INC	380,000 (+30.3%)	$14.49M (+77.6%)	5.3%	—	—	COM	50015M109
IVA	INVENTIVA SA	535,000 (+78.3%)	$2.969M (+112.8%)	1.1%	—	—	ADS	46124U107
EPRX	EUPRAXIA PHARMACEUTICALS INC	680,000 (+36.0%)	$4.923M (+30.4%)	1.8%	—	—	COM	29842P105
GHRS	GH RESEARCH PLC	325,000 (+3.2%)	$4.569M (+14.2%)	1.7%	—	—	ORDINARY SHARES	G3855L106
NXTC	NEXTCURE INC	265,000 (+11.8%)	$2.83M (-15.8%)	1.0%	—	—	COM NEW	65343E207

Exited Positions (15)

TERN TERNS PHARMACEUTICALS INC 2.8%

Value $7.676M Shares 190,000 Est. Cost — Unrealized —

TARS TARSUS PHARMACEUTICALS INC 2.4%

Value $6.55M Shares 80,000 Est. Cost — Unrealized —

UPB UPSTREAM BIO INC 2.3%

Value $6.262M Shares 230,650 Est. Cost — Unrealized —

XENE XENON PHARMACEUTICALS INC 1.7%

Value $4.731M Shares 105,551 Est. Cost — Unrealized —

DBVT DBV TECHNOLOGIES S A 1.7%

Value $4.601M Shares 240,000 Est. Cost — Unrealized —

HELP CYBIN INC 1.6%

Value $4.295M Shares 525,000 Est. Cost — Unrealized —

BLTE BELITE BIO INC 1.5%

Value $4.159M Shares 26,000 Est. Cost — Unrealized —

VTYX VENTYX BIOSCIENCES INC 1.4%

Value $3.702M Shares 410,000 Est. Cost — Unrealized —

VERA VERA THERAPEUTICS INC 1.1%

Value $3.038M Shares 60,000 Est. Cost — Unrealized —

WVE WAVE LIFE SCIENCES LTD 1.1%

Value $2.975M Shares 175,000 Est. Cost — Unrealized —

CMPS COMPASS PATHWAYS PLC 1.0%

Value $2.679M Shares 388,287 Est. Cost — Unrealized —

AVTX AVALO THERAPEUTICS INC 0.9%

Value $2.361M Shares 130,000 Est. Cost — Unrealized —

ZBIO ZENAS BIOPHARMA INC 0.5%

Value $1.307M Shares 36,000 Est. Cost — Unrealized —

NTLA INTELLIA THERAPEUTICS INC 0.3%

Value $728K Shares 81,000 Est. Cost — Unrealized —

CLYM CLIMB BIO INC 0.1%

Value $400K Shares 100,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TERN	TERNS PHARMACEUTICALS INC	190,000	$7.676M	2.8%	—	—	—	880881107
TARS	TARSUS PHARMACEUTICALS INC	80,000	$6.55M	2.4%	—	—	—	87650L103
UPB	UPSTREAM BIO INC	230,650	$6.262M	2.3%	—	—	—	91678A107
XENE	XENON PHARMACEUTICALS INC	105,551	$4.731M	1.7%	—	—	—	98420N105
DBVT	DBV TECHNOLOGIES S A	240,000	$4.601M	1.7%	—	—	—	23306J309
HELP	CYBIN INC	525,000	$4.295M	1.6%	—	—	—	23256X407
BLTE	BELITE BIO INC	26,000	$4.159M	1.5%	—	—	—	07782B104
VTYX	VENTYX BIOSCIENCES INC	410,000	$3.702M	1.4%	—	—	—	92332V107
VERA	VERA THERAPEUTICS INC	60,000	$3.038M	1.1%	—	—	CALL	92337R101
WVE	WAVE LIFE SCIENCES LTD	175,000	$2.975M	1.1%	—	—	—	Y95308105
CMPS	COMPASS PATHWAYS PLC	388,287	$2.679M	1.0%	—	—	—	20451W101
AVTX	AVALO THERAPEUTICS INC	130,000	$2.361M	0.9%	—	—	—	05338F306
ZBIO	ZENAS BIOPHARMA INC	36,000	$1.307M	0.5%	—	—	CALL	98937L105
NTLA	INTELLIA THERAPEUTICS INC	81,000	$728K	0.3%	—	—	CALL	45826J105
CLYM	CLIMB BIO INC	100,000	$400K	0.1%	—	—	—	28658R106

Decreased Positions (8)

MAZE MAZE THERAPEUTICS INC 2.8%

Value $7.686M (-62.1%) Shares 257,500 (-47.4%) Est. Cost — Unrealized —

PALI PALISADE BIO INC 1.9%

Value $5.25M (-50.4%) Shares 3,000,000 (-33.3%) Est. Cost — Unrealized —

SPRB SPRUCE BIOSCIENCES INC 0.3%

Value $797K (-86.9%) Shares 12,200 (-82.6%) Est. Cost — Unrealized —

ABVX ABIVAX SA 5.3%

Value $14.48M (-26.0%) Shares 130,000 (-10.3%) Est. Cost — Unrealized —

AVBP ARRIVENT BIOPHARMA INC 0.9%

Value $2.538M (-62.7%) Shares 110,000 (-67.5%) Est. Cost — Unrealized —

IKT INHIBIKASE THERAPEUTICS INC 2.2%

Value $5.88M (-32.1%) Shares 3,500,000 (-17.2%) Est. Cost — Unrealized —

LPCN LIPOCINE INC NEW 1.3%

Value $3.595M (-15.5%) Shares 450,000 (-15.1%) Est. Cost — Unrealized —

TRAW TRAWS PHARMA INC 0.3%

Value $936K (+16.1%) Shares 511,714 (-28.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MAZE	MAZE THERAPEUTICS INC	257,500 (-47.4%)	$7.686M (-62.1%)	2.8%	—	—	COM	578784100
PALI	PALISADE BIO INC	3,000,000 (-33.3%)	$5.25M (-50.4%)	1.9%	—	—	COM	696389402
SPRB	SPRUCE BIOSCIENCES INC	12,200 (-82.6%)	$797K (-86.9%)	0.3%	—	—	COM NEW	85209E208
ABVX	ABIVAX SA	130,000 (-10.3%)	$14.48M (-26.0%)	5.3%	—	—	SPONSORED ADS	00370M103
AVBP	ARRIVENT BIOPHARMA INC	110,000 (-67.5%)	$2.538M (-62.7%)	0.9%	—	—	CALL	04272N102
IKT	INHIBIKASE THERAPEUTICS INC	3,500,000 (-17.2%)	$5.88M (-32.1%)	2.2%	—	—	COM NEW	45719W205
LPCN	LIPOCINE INC NEW	450,000 (-15.1%)	$3.595M (-15.5%)	1.3%	—	—	COM NEW	53630X203
TRAW	TRAWS PHARMA INC	511,714 (-28.3%)	$936K (+16.1%)	0.3%	—	—	COM NEW	68232V884

Unchanged Positions (3)

COGT COGENT BIOSCIENCES INC 11.1%

Value $30.31M Shares 787,492 Est. Cost — Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 4.0%

Value $11.03M Shares 350,000 Est. Cost — Unrealized —

KTTA PASITHEA THERAPEUTICS CORP 0.6%

Value $1.558M Shares 2,100,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COGT	COGENT BIOSCIENCES INC	787,492	$30.31M	11.1%	—	—	COM	19240Q201
EWTX	EDGEWISE THERAPEUTICS INC	350,000	$11.03M	4.0%	—	—	COM	28036F105
KTTA	PASITHEA THERAPEUTICS CORP	2,100,000	$1.558M	0.6%	—	—	COM NEW	70261F202