Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACHC	ACADIA PHARMACEUTICALS INC	2,864,096	$72.46M	10.0%	$25.30	—	COM	00404A109
—	MIRUM PHARMACEUTICALS INC	348,808	$40.83M	5.6%	$117.07	—	NOTE 4.000% 5/0	604749AB7
TRAX	FIRST TRACKS BIOTHERAPEUTICS	603,489	$12.14M	1.7%	$20.12	—	ORD SHS	337185102
SGMT	SAGIMET BIOSCIENCES INC-A	250,000	$1.933M	0.3%	$7.73	—	COM SER A	786700104
NAMS	NEWAMSTERDAM PHARMA CO NV	44,359	$1.503M	0.2%	$33.89	—	ORDINARY SHARES	N62509109

Increased Positions (4)

CLDX CELLDEX THERAPEUTICS INC 2.1%

Value $14.88M (+58.2%) Shares 399,856 (+34.9%) Est. Cost $28.47 Unrealized —

IRON DISC MEDICINE INC 4.2%

Value $30.47M (+18.6%) Shares 416,646 (+3.7%) Est. Cost $64.14 Unrealized —

CMPX COMPASS THERAPEUTICS INC 1.8%

Value $12.77M (+59.4%) Shares 5,831,813 (+285.1%) Est. Cost $2.82 Unrealized —

VSTM VERASTEM INC 0.2%

Value $1.183M (-9.3%) Shares 309,685 (+25.8%) Est. Cost $5.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CLDX	CELLDEX THERAPEUTICS INC	399,856 (+34.9%)	$14.88M (+58.2%)	2.1%	$28.47	—	COM NEW	15117B202
IRON	DISC MEDICINE INC	416,646 (+3.7%)	$30.47M (+18.6%)	4.2%	$64.14	—	COM	254604101
CMPX	COMPASS THERAPEUTICS INC	5,831,813 (+285.1%)	$12.77M (+59.4%)	1.8%	$2.82	—	COM	20454B104
VSTM	VERASTEM INC	309,685 (+25.8%)	$1.183M (-9.3%)	0.2%	$5.93	—	COM NEW	92337C203

Exited Positions (4)

ACAD ACADIA PHARMACEUTICALS INC 8.8%

Value $63.95M Shares 2,872,695 Est. Cost $26.72 Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 4.2%

Value $30.04M Shares 325,175 Est. Cost $73.46 Unrealized —

FOLD AMICUS THERAPEUTICS INC 2.2%

Value $16.09M Shares 1,113,045 Est. Cost $9.63 Unrealized —

DNLI DENALI THERAPEUTICS INC 0.6%

Value $4.504M Shares 234,582 Est. Cost $15.17 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACAD	ACADIA PHARMACEUTICALS INC	2,872,695	$63.95M	8.8%	$26.72	—	—	004225108
MIRM	MIRUM PHARMACEUTICALS INC	325,175	$30.04M	4.2%	$73.46	—	—	604749101
FOLD	AMICUS THERAPEUTICS INC	1,113,045	$16.09M	2.2%	$9.63	—	—	03152W109
DNLI	DENALI THERAPEUTICS INC	234,582	$4.504M	0.6%	$15.17	—	—	24823R105

Decreased Positions (8)

ANAB ANAPTYSBIO INC 5.6%

Value $40.74M (+15.1%) Shares 603,489 (-5.4%) Est. Cost $19.77 Unrealized —

TVTX TRAVERE THERAPEUTICS INC 1.3%

Value $9.517M (+39.0%) Shares 167,525 (-27.3%) Est. Cost $27.44 Unrealized —

ALGN ALIGN TECHNOLOGY INC 0.7%

Value $5.294M (-25.6%) Shares 31,389 (-24.4%) Est. Cost $150.48 Unrealized —

PYXS PYXIS ONCOLOGY INC 0.4%

Value $2.601M (+76.3%) Shares 864,277 (-14.5%) Est. Cost $2.98 Unrealized —

PRTA PROTHENA CORP PLC 1.5%

Value $11.19M (-4.7%) Shares 1,143,155 (-5.4%) Est. Cost $20.95 Unrealized —

NUVB NUVATION BIO INC 0.3%

Value $1.855M (-15.0%) Shares 326,609 (-35.8%) Est. Cost $2.12 Unrealized —

IOVA IOVANCE BIOTHERAPEUTICS INC 3.0%

Value $22.03M (-1.1%) Shares 5,296,209 (-16.6%) Est. Cost $4.09 Unrealized —

ORKA ORUKA THERAPEUTICS INC - Restricted 0.4%

Value $3.193M (+8.5%) Shares 33,546 (-44.1%) Est. Cost $14.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ANAB	ANAPTYSBIO INC	603,489 (-5.4%)	$40.74M (+15.1%)	5.6%	$19.77	—	COM	032724106
TVTX	TRAVERE THERAPEUTICS INC	167,525 (-27.3%)	$9.517M (+39.0%)	1.3%	$27.44	—	COM	89422G107
ALGN	ALIGN TECHNOLOGY INC	31,389 (-24.4%)	$5.294M (-25.6%)	0.7%	$150.48	—	COM	016255101
PYXS	PYXIS ONCOLOGY INC	864,277 (-14.5%)	$2.601M (+76.3%)	0.4%	$2.98	—	COMMON STOCK	747324101
PRTA	PROTHENA CORP PLC	1,143,155 (-5.4%)	$11.19M (-4.7%)	1.5%	$20.95	—	SHS	G72800108
NUVB	NUVATION BIO INC	326,609 (-35.8%)	$1.855M (-15.0%)	0.3%	$2.12	—	COM CL A	67080N101
IOVA	IOVANCE BIOTHERAPEUTICS INC	5,296,209 (-16.6%)	$22.03M (-1.1%)	3.0%	$4.09	—	COM	462260100
ORKA	ORUKA THERAPEUTICS INC - Restricted	33,546 (-44.1%)	$3.193M (+8.5%)	0.4%	$14.82	—	COM	687604108

Unchanged Positions (35)

INSM INSMED INC 6.1%

Value $44.14M Shares 413,980 Est. Cost $17.79 Unrealized —

PTCT PTC THERAPEUTICS INC 10.4%

Value $74.95M Shares 918,846 Est. Cost $46.78 Unrealized —

RARE ULTRAGENYX PHARMACEUTICAL IN 2.8%

Value $19.92M Shares 596,495 Est. Cost $29.43 Unrealized —

DYN DYNE THERAPEUTICS INC 5.1%

Value $36.59M Shares 1,647,521 Est. Cost $13.45 Unrealized —

CDNA CAREDX INC 2.1%

Value $15.16M Shares 531,870 Est. Cost $15.56 Unrealized —

NVCR NOVOCURE LTD 2.7%

Value $19.4M Shares 1,280,439 Est. Cost $34.92 Unrealized —

BCAX BICARA THERAPEUTICS INC 2.3%

Value $16.34M Shares 550,408 Est. Cost $16.72 Unrealized —

BIIB BIOGEN INC 4.2%

Value $30.31M Shares 140,279 Est. Cost $256.18 Unrealized —

ALKS ALKERMES PLC 1.8%

Value $12.71M Shares 242,560 Est. Cost $24.20 Unrealized —

UTHR UNITED THERAPEUTICS CORP 4.7%

Value $33.91M Shares 62,587 Est. Cost $118.03 Unrealized —

TSHA TAYSHA GENE THERAPIES INC 1.3%

Value $9.475M Shares 1,391,382 Est. Cost $2.31 Unrealized —

ACRS ACLARIS THERAPEUTICS INC 1.2%

Value $8.535M Shares 1,613,430 Est. Cost $1.50 Unrealized —

CAPR CAPRICOR THERAPEUTICS INC 0.8%

Value $5.533M Shares 229,763 Est. Cost $13.24 Unrealized —

SNDX SYNDAX PHARMACEUTICALS INC 2.6%

Value $18.91M Shares 864,986 Est. Cost $16.22 Unrealized —

CMPS COMPASS PATHWAYS PLC ADR 0.2%

Value $1.636M Shares 115,616 Est. Cost $6.90 Unrealized —

HUM HUMANA INC 0.2%

Value $1.583M Shares 3,985 Est. Cost $369.63 Unrealized —

AGIO AGIOS PHARMACEUTICALS INC 1.1%

Value $7.927M Shares 213,601 Est. Cost $33.17 Unrealized —

NBIX NEUROCRINE BIOSCIENCES INC 0.4%

Value $3.053M Shares 18,117 Est. Cost $129.01 Unrealized —

CYTK CYTOKINETICS INC 0.4%

Value $2.743M Shares 32,195 Est. Cost $64.44 Unrealized —

ANNX ANNEXON INC 2.3%

Value $16.83M Shares 2,948,090 Est. Cost $4.19 Unrealized —

URGN UROGEN PHARMA LTD 0.1%

Value $902K Shares 24,500 Est. Cost $27.01 Unrealized —

BMRN BIOMARIN PHARMACEUTICAL INC 5.4%

Value $39.07M Shares 682,777 Est. Cost $83.16 Unrealized —

EW EDWARDS LIFESCIENCES CORP 0.4%

Value $3.043M Shares 33,640 Est. Cost $72.66 Unrealized —

EHTH EHEALTH INC 0.3%

Value $2.209M Shares 1,482,797 Est. Cost $38.13 Unrealized —

CRSP CRISPR THERAPEUTICS AG 0.3%

Value $2.16M Shares 39,605 Est. Cost $38.70 Unrealized —

XERS XERIS BIOPHARMA HOLDINGS INC 0.1%

Value $827K Shares 104,410 Est. Cost $7.21 Unrealized —

ABEO ABEONA THERAPEUTICS INC 0.1%

Value $673K Shares 108,865 Est. Cost $6.04 Unrealized —

XENE XENON PHARMACEUTICALS INC 0.4%

Value $3.099M Shares 51,345 Est. Cost $42.00 Unrealized —

BNTX BIONTECH SE-ADR 0.3%

Value $1.825M Shares 19,614 Est. Cost $118.77 Unrealized —

BCYC BICYCLE THERAPEUTICS PLC-ADR 0.1%

Value $856K Shares 201,890 Est. Cost $16.07 Unrealized —

ALDX ALDEYRA THERAPEUTICS INC 0.0%

Value $332K Shares 155,709 Est. Cost $5.95 Unrealized —

INSP INSPIRE MEDICAL SYSTEMS INC 0.1%

Value $391K Shares 8,772 Est. Cost $95.68 Unrealized —

PRQR PROQR THERAPEUTICS NV 0.0%

Value $351K Shares 188,807 Est. Cost $2.18 Unrealized —

MDGL MADRIGAL PHARMACEUTICALS INC 0.1%

Value $960K Shares 1,787 Est. Cost $492.48 Unrealized —

STOK STOKE THERAPEUTICS INC 0.4%

Value $2.769M Shares 84,631 Est. Cost $9.90 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INSM	INSMED INC	413,980	$44.14M	6.1%	$17.79	—	COM PAR $.01	457669307
PTCT	PTC THERAPEUTICS INC	918,846	$74.95M	10.4%	$46.78	—	COM	69366J200
RARE	ULTRAGENYX PHARMACEUTICAL IN	596,495	$19.92M	2.8%	$29.43	—	COM	90400D108
DYN	DYNE THERAPEUTICS INC	1,647,521	$36.59M	5.1%	$13.45	—	COM	26818M108
CDNA	CAREDX INC	531,870	$15.16M	2.1%	$15.56	—	COM	14167L103
NVCR	NOVOCURE LTD	1,280,439	$19.4M	2.7%	$34.92	—	ORD SHS	G6674U108
BCAX	BICARA THERAPEUTICS INC	550,408	$16.34M	2.3%	$16.72	—	COM	055477103
BIIB	BIOGEN INC	140,279	$30.31M	4.2%	$256.18	—	COM	09062X103
ALKS	ALKERMES PLC	242,560	$12.71M	1.8%	$24.20	—	SHS	G01767105
UTHR	UNITED THERAPEUTICS CORP	62,587	$33.91M	4.7%	$118.03	—	COM	91307C102
TSHA	TAYSHA GENE THERAPIES INC	1,391,382	$9.475M	1.3%	$2.31	—	COM SHS	877619106
ACRS	ACLARIS THERAPEUTICS INC	1,613,430	$8.535M	1.2%	$1.50	—	COM	00461U105
CAPR	CAPRICOR THERAPEUTICS INC	229,763	$5.533M	0.8%	$13.24	—	COM NEW	14070B309
SNDX	SYNDAX PHARMACEUTICALS INC	864,986	$18.91M	2.6%	$16.22	—	COM	87164F105
CMPS	COMPASS PATHWAYS PLC ADR	115,616	$1.636M	0.2%	$6.90	—	SPONSORED ADS	20451W101
HUM	HUMANA INC	3,985	$1.583M	0.2%	$369.63	—	COM	444859102
AGIO	AGIOS PHARMACEUTICALS INC	213,601	$7.927M	1.1%	$33.17	—	COM	00847X104
NBIX	NEUROCRINE BIOSCIENCES INC	18,117	$3.053M	0.4%	$129.01	—	COM	64125C109
CYTK	CYTOKINETICS INC	32,195	$2.743M	0.4%	$64.44	—	COM NEW	23282W605
ANNX	ANNEXON INC	2,948,090	$16.83M	2.3%	$4.19	—	COM	03589W102
URGN	UROGEN PHARMA LTD	24,500	$902K	0.1%	$27.01	—	COM	M96088105
BMRN	BIOMARIN PHARMACEUTICAL INC	682,777	$39.07M	5.4%	$83.16	—	COM	09061G101
EW	EDWARDS LIFESCIENCES CORP	33,640	$3.043M	0.4%	$72.66	—	COM	28176E108
EHTH	EHEALTH INC	1,482,797	$2.209M	0.3%	$38.13	—	COM	28238P109
CRSP	CRISPR THERAPEUTICS AG	39,605	$2.16M	0.3%	$38.70	—	NAMEN AKT	H17182108
XERS	XERIS BIOPHARMA HOLDINGS INC	104,410	$827K	0.1%	$7.21	—	COM	98422E103
ABEO	ABEONA THERAPEUTICS INC	108,865	$673K	0.1%	$6.04	—	COM NEW	00289Y206
XENE	XENON PHARMACEUTICALS INC	51,345	$3.099M	0.4%	$42.00	—	COM	98420N105
BNTX	BIONTECH SE-ADR	19,614	$1.825M	0.3%	$118.77	—	SPONSORED ADS	09075V102
BCYC	BICYCLE THERAPEUTICS PLC-ADR	201,890	$856K	0.1%	$16.07	—	SPONSORED ADS	088786108
ALDX	ALDEYRA THERAPEUTICS INC	155,709	$332K	0.0%	$5.95	—	COM	01438T106
INSP	INSPIRE MEDICAL SYSTEMS INC	8,772	$391K	0.1%	$95.68	—	COM	457730109
PRQR	PROQR THERAPEUTICS NV	188,807	$351K	0.0%	$2.18	—	SHS EURO	N71542109
MDGL	MADRIGAL PHARMACEUTICALS INC	1,787	$960K	0.1%	$492.48	—	COM	558868105
STOK	STOKE THERAPEUTICS INC	84,631	$2.769M	0.4%	$9.90	—	COM	86150R107