Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ELVN	ENLIVEN THERAPEUTICS INC	160,000	$8.12M	2.5%	—	—	COM	29337E102
BIOA	BIOAGE LABS INC	250,000	$6.128M	1.9%	—	—	CALL	09077V100
ADAG	ADAGENE INC	1,250,000	$5.25M	1.6%	—	—	ADS	005329107
FBRX	FORTE BIOSCIENCES INC	225,000	$4.781M	1.5%	—	—	COM NEW	34962G208
RZLT	REZOLUTE INC	900,000	$4.68M	1.5%	—	—	CALL	76200L309
IFRX	INFLARX NV	2,000,000	$4.48M	1.4%	—	—	COM	N44821101
ASMB	ASSEMBLY BIOSCIENCES INC	160,000	$4.397M	1.4%	—	—	COM NEW	045396207
CMPS	COMPASS PATHWAYS PLC	305,000	$4.316M	1.3%	—	—	CALL	20451W101
CTNM	CONTINEUM THERAPEUTICS INC	260,000	$4.261M	1.3%	—	—	CL A	21217B100
CMPS	COMPASS PATHWAYS PLC	300,000	$4.245M	1.3%	—	—	SPONSORED ADS	20451W101
DFTX	DEFINIUM THERAPEUTICS INC	85,000	$3.998M	1.2%	—	—	COM SHS	24477V105
BIOA	BIOAGE LABS INC	155,000	$3.799M	1.2%	—	—	COM	09077V100
SCYX	SCYNEXIS INC	756,884	$3.081M	1.0%	—	—	COM	811292309
PRQR	PROQR THRAPEUTICS N V	1,511,496	$2.811M	0.9%	—	—	SHS EURO	N71542109
IRON	DISC MEDICINE INC	30,000	$2.194M	0.7%	—	—	CALL	254604101
RZLT	REZOLUTE INC	403,410	$2.098M	0.7%	—	—	COM NEW	76200L309
CCCC	C4 THERAPEUTICS INC	400,000	$1.868M	0.6%	—	—	CALL	12529R107
RARE	ULTRAGENYX PHARMACEUTICAL IN	55,000	$1.836M	0.6%	—	—	CALL	90400D108
CUE	CUE BIOPHARMA INC	50,000	$1.578M	0.5%	—	—	COM	22978P205
CALC	CALCIMEDICA INC	1,244,864	$1.282M	0.4%	—	—	COM NEW	38942Q202
QNCX	QUINCE THERAPEUTICS INC	40,375	$734K	0.2%	—	—	COM	22053A305
NVCT	NUVECTIS PHARMA INC	38,700	$712K	0.2%	—	—	CALL	67080T108
INM	INMED PHARMACEUTICALS INC	325,000	$504K	0.2%	—	—	COM NEW	457637700
NMRA	NEUMORA THERAPEUTICS INC.	100,000	$170K	0.1%	—	—	COM	640979100

Increased Positions (11)

CCCC C4 THERAPEUTICS INC 10.4%

Value $33.62M (+468.2%) Shares 7,200,000 (+220.0%) Est. Cost — Unrealized —

RLAY RELAY THERAPEUTICS INC 5.6%

Value $18.15M (+171.2%) Shares 970,000 (+44.2%) Est. Cost — Unrealized —

ZNTL ZENTALIS PHARMACEUTICALS INC 5.6%

Value $17.95M (+111.2%) Shares 3,700,000 (+1.9%) Est. Cost — Unrealized —

IVA INVENTIVA SA 2.9%

Value $9.204M (+210.0%) Shares 2,435,000 (+355.1%) Est. Cost — Unrealized —

KOD KODIAK SCIENCES INC 6.0%

Value $19.48M (+34.5%) Shares 500,000 (+31.6%) Est. Cost — Unrealized —

AVBP ARRIVENT BIOPHARMA INC 2.0%

Value $6.357M (+150.5%) Shares 183,000 (+66.4%) Est. Cost — Unrealized —

COGT COGENT BIOSCIENCES INC 10.4%

Value $33.48M (+10.4%) Shares 865,000 (+9.8%) Est. Cost — Unrealized —

MAZE MAZE THERAPEUTICS INC 3.1%

Value $9.996M (+30.1%) Shares 335,000 (+30.1%) Est. Cost — Unrealized —

LPCN LIPOCINE INC NEW 0.6%

Value $2.074M (-42.3%) Shares 810,000 (+80.0%) Est. Cost — Unrealized —

SLGL SOL-GEL TECHNOLOGIES LTD 1.2%

Value $3.855M (+57.0%) Shares 52,000 (+67.7%) Est. Cost — Unrealized —

ZNTL ZENTALIS PHARMACEUTICALS INC 0.6%

Value $2.066M (+120.7%) Shares 426,000 (+6.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CCCC	C4 THERAPEUTICS INC	7,200,000 (+220.0%)	$33.62M (+468.2%)	10.4%	—	—	COM STK	12529R107
RLAY	RELAY THERAPEUTICS INC	970,000 (+44.2%)	$18.15M (+171.2%)	5.6%	—	—	COM	75943R102
ZNTL	ZENTALIS PHARMACEUTICALS INC	3,700,000 (+1.9%)	$17.95M (+111.2%)	5.6%	—	—	COM	98943L107
IVA	INVENTIVA SA	2,435,000 (+355.1%)	$9.204M (+210.0%)	2.9%	—	—	ADS	46124U107
KOD	KODIAK SCIENCES INC	500,000 (+31.6%)	$19.48M (+34.5%)	6.0%	—	—	COM	50015M109
AVBP	ARRIVENT BIOPHARMA INC	183,000 (+66.4%)	$6.357M (+150.5%)	2.0%	—	—	CALL	04272N102
COGT	COGENT BIOSCIENCES INC	865,000 (+9.8%)	$33.48M (+10.4%)	10.4%	—	—	COM	19240Q201
MAZE	MAZE THERAPEUTICS INC	335,000 (+30.1%)	$9.996M (+30.1%)	3.1%	—	—	COM	578784100
LPCN	LIPOCINE INC NEW	810,000 (+80.0%)	$2.074M (-42.3%)	0.6%	—	—	COM NEW	53630X203
SLGL	SOL-GEL TECHNOLOGIES LTD	52,000 (+67.7%)	$3.855M (+57.0%)	1.2%	—	—	SHS NEW	M8694L137
ZNTL	ZENTALIS PHARMACEUTICALS INC	426,000 (+6.5%)	$2.066M (+120.7%)	0.6%	—	—	CALL	98943L107

Exited Positions (18)

KALV KALVISTA PHARMACEUTICALS INC 6.2%

Value $19.83M Shares 985,100 Est. Cost — Unrealized —

ABVX ABIVAX SA 4.5%

Value $14.48M Shares 130,000 Est. Cost — Unrealized —

NKTR NEKTAR THERAPEUTICS 2.8%

Value $8.994M Shares 125,000 Est. Cost — Unrealized —

SCYX SCYNEXIS INC 2.2%

Value $6.976M Shares 7,608,695 Est. Cost — Unrealized —

KALV KALVISTA PHARMACEUTICALS INC 2.0%

Value $6.341M Shares 315,000 Est. Cost — Unrealized —

EPRX EUPRAXIA PHARMACEUTICALS INC 1.5%

Value $4.923M Shares 680,000 Est. Cost — Unrealized —

GHRS GH RESEARCH PLC 1.4%

Value $4.569M Shares 325,000 Est. Cost — Unrealized —

KPTI KARYOPHARM THERAPEUTICS INC 1.3%

Value $4.178M Shares 750,000 Est. Cost — Unrealized —

IDYA IDEAYA BIOSCIENCES INC 1.2%

Value $3.998M Shares 120,000 Est. Cost — Unrealized —

IDYA IDEAYA BIOSCIENCES INC 1.1%

Value $3.475M Shares 104,300 Est. Cost — Unrealized —

ALXO ALX ONCOLOGY HLDGS INC 0.9%

Value $2.927M Shares 1,460,000 Est. Cost — Unrealized —

CNTX CONTEXT THERAPEUTICS INC 0.9%

Value $2.882M Shares 1,100,000 Est. Cost — Unrealized —

RLAY RELAY THERAPEUTICS INC 0.5%

Value $1.492M Shares 150,000 Est. Cost — Unrealized —

TRAW TRAWS PHARMA INC 0.3%

Value $936K Shares 511,714 Est. Cost — Unrealized —

TXMD THERAPEUTICSMD INC 0.3%

Value $849K Shares 420,421 Est. Cost — Unrealized —

SPRB SPRUCE BIOSCIENCES INC 0.2%

Value $797K Shares 12,200 Est. Cost — Unrealized —

HOWL WEREWOLF THERAPEUTICS INC 0.1%

Value $469K Shares 563,535 Est. Cost — Unrealized —

NEUP NEUPHORIA THERAPEUTICS INC 0.1%

Value $312K Shares 76,728 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KALV	KALVISTA PHARMACEUTICALS INC	985,100	$19.83M	6.2%	—	—	—	483497103
ABVX	ABIVAX SA	130,000	$14.48M	4.5%	—	—	—	00370M103
NKTR	NEKTAR THERAPEUTICS	125,000	$8.994M	2.8%	—	—	—	640268306
SCYX	SCYNEXIS INC	7,608,695	$6.976M	2.2%	—	—	—	811292200
KALV	KALVISTA PHARMACEUTICALS INC	315,000	$6.341M	2.0%	—	—	CALL	483497103
EPRX	EUPRAXIA PHARMACEUTICALS INC	680,000	$4.923M	1.5%	—	—	—	29842P105
GHRS	GH RESEARCH PLC	325,000	$4.569M	1.4%	—	—	—	G3855L106
KPTI	KARYOPHARM THERAPEUTICS INC	750,000	$4.178M	1.3%	—	—	PUT	48576U205
IDYA	IDEAYA BIOSCIENCES INC	120,000	$3.998M	1.2%	—	—	PUT	45166A102
IDYA	IDEAYA BIOSCIENCES INC	104,300	$3.475M	1.1%	—	—	CALL	45166A102
ALXO	ALX ONCOLOGY HLDGS INC	1,460,000	$2.927M	0.9%	—	—	—	00166B105
CNTX	CONTEXT THERAPEUTICS INC	1,100,000	$2.882M	0.9%	—	—	—	21077P108
RLAY	RELAY THERAPEUTICS INC	150,000	$1.492M	0.5%	—	—	CALL	75943R102
TRAW	TRAWS PHARMA INC	511,714	$936K	0.3%	—	—	—	68232V884
TXMD	THERAPEUTICSMD INC	420,421	$849K	0.3%	—	—	—	88338N206
SPRB	SPRUCE BIOSCIENCES INC	12,200	$797K	0.2%	—	—	—	85209E208
HOWL	WEREWOLF THERAPEUTICS INC	563,535	$469K	0.1%	—	—	—	95075A107
NEUP	NEUPHORIA THERAPEUTICS INC	76,728	$312K	0.1%	—	—	—	64136E102

Decreased Positions (6)

RLMD RELMADA THERAPEUTICS INC 15.8%

Value $50.86M (-13.8%) Shares 7,350,000 (-13.3%) Est. Cost — Unrealized —

NXTC NEXTCURE INC 0.0%

Value $103K (-96.4%) Shares 64,464 (-75.7%) Est. Cost — Unrealized —

KTTA PASITHEA THERAPEUTICS CORP 0.2%

Value $515K (-66.9%) Shares 1,000,000 (-52.4%) Est. Cost — Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 3.7%

Value $11.78M (+6.9%) Shares 290,000 (-17.1%) Est. Cost — Unrealized —

IKT INHIBIKASE THERAPEUTICS INC 1.9%

Value $6.09M (+3.6%) Shares 3,000,000 (-14.3%) Est. Cost — Unrealized —

ANL ADLAI NORTYE LTD 2.7%

Value $8.796M (+0.5%) Shares 764,876 (-39.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RLMD	RELMADA THERAPEUTICS INC	7,350,000 (-13.3%)	$50.86M (-13.8%)	15.8%	—	—	COM	75955J402
NXTC	NEXTCURE INC	64,464 (-75.7%)	$103K (-96.4%)	0.0%	—	—	COM NEW	65343E207
KTTA	PASITHEA THERAPEUTICS CORP	1,000,000 (-52.4%)	$515K (-66.9%)	0.2%	—	—	COM NEW	70261F202
EWTX	EDGEWISE THERAPEUTICS INC	290,000 (-17.1%)	$11.78M (+6.9%)	3.7%	—	—	COM	28036F105
IKT	INHIBIKASE THERAPEUTICS INC	3,000,000 (-14.3%)	$6.09M (+3.6%)	1.9%	—	—	COM NEW	45719W205
ANL	ADLAI NORTYE LTD	764,876 (-39.5%)	$8.796M (+0.5%)	2.7%	—	—	SPONSORED ADS	00704R109

Unchanged Positions (2)

PALI PALISADE BIO INC 1.9%

Value $6.27M Shares 3,000,000 Est. Cost — Unrealized —

PMN PROMIS NEUROSCIENCES INC 1.3%

Value $4.277M Shares 324,977 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PALI	PALISADE BIO INC	3,000,000	$6.27M	1.9%	—	—	COM	696389402
PMN	PROMIS NEUROSCIENCES INC	324,977	$4.277M	1.3%	—	—	COM SHS	74346M505