Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GILD	GILEAD SCIENCES INC	343,043	$43.34M	9.2%	—	—	COM	375558103
ARQT	ARCUTIS BIOTHERAPEUTICS INC	1,089,701	$28.57M	6.1%	—	—	COM	03969K108
MDGL	MADRIGAL PHARMACEUTICALS INC	52,545	$28.21M	6.0%	—	—	COM	558868105
XENE	XENON PHARMACEUTICALS INC	367,900	$22.21M	4.7%	—	—	COM	98420N105
IMCR	IMMUNOCORE HLDGS PLC	512,856	$16.28M	3.5%	—	—	ADS	45258D105
INSM	INSMED INC	122,375	$13.05M	2.8%	—	—	COM PAR $.01	457669307
ACRS	ACLARIS THERAPEUTICS INC	1,759,492	$9.308M	2.0%	—	—	COM	00461U105
IMUX	IMMUNIC INC	539,814	$8.297M	1.8%	—	—	COM NEW	4525EP200
ORIC	ORIC PHARMACEUTICALS INC	747,313	$8.093M	1.7%	—	—	COM	68622P109
SNDX	SYNDAX PHARMACEUTICALS INC	340,000	$7.432M	1.6%	—	—	COM	87164F105
OLMA	OLEMA PHARMACEUTICALS INC	574,166	$7.183M	1.5%	—	—	COM	68062P106
CRBP	CORBUS PHARMACEUTICALS HLDGS	653,572	$6.131M	1.3%	—	—	COM NEW	21833P301
DNTH	DIANTHUS THERAPEUTICS INC	57,100	$5.566M	1.2%	—	—	COM	252828108
PHAT	PHATHOM PHARMACEUTICALS INC	161,486	$1.752M	0.4%	—	—	COM	71722W107
ACHV	ACHIEVE LIFE SCIENCE INC	26,760	$175K	0.0%	—	—	COM	004468500

Increased Positions (5)

RLMD RELMADA THERAPEUTICS INC 5.4%

Value $25.29M (+960.3%) Shares 3,655,075 (+966.4%) Est. Cost — Unrealized —

TRVI TREVI THERAPEUTICS INC 5.3%

Value $24.98M (+465.6%) Shares 1,339,212 (+261.8%) Est. Cost — Unrealized —

PHVS PHARVARIS N V 5.0%

Value $23.44M (+396.8%) Shares 677,879 (+305.9%) Est. Cost — Unrealized —

BMRN BIOMARIN PHARMACEUTICAL INC 17.4%

Value $81.92M (+14.3%) Shares 1,431,590 (+12.9%) Est. Cost — Unrealized —

TNXP TONIX PHARMACEUTICALS HLDG C 1.7%

Value $7.98M (+28.4%) Shares 625,428 (+38.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RLMD	RELMADA THERAPEUTICS INC	3,655,075 (+966.4%)	$25.29M (+960.3%)	5.4%	—	—	COM	75955J402
TRVI	TREVI THERAPEUTICS INC	1,339,212 (+261.8%)	$24.98M (+465.6%)	5.3%	—	—	COM	89532M101
PHVS	PHARVARIS N V	677,879 (+305.9%)	$23.44M (+396.8%)	5.0%	—	—	COM	N69605108
BMRN	BIOMARIN PHARMACEUTICAL INC	1,431,590 (+12.9%)	$81.92M (+14.3%)	17.4%	—	—	COM	09061G101
TNXP	TONIX PHARMACEUTICALS HLDG C	625,428 (+38.3%)	$7.98M (+28.4%)	1.7%	—	—	COM NEW	890260839

Exited Positions (12)

PCVX VAXCYTE INC 8.0%

Value $37.47M Shares 644,831 Est. Cost — Unrealized —

TERN TERNS PHARMACEUTICALS INC 5.8%

Value $27.48M Shares 521,237 Est. Cost — Unrealized —

RARE ULTRAGENYX PHARMACEUTICAL IN 5.2%

Value $24.42M Shares 1,165,557 Est. Cost — Unrealized —

ARGX ARGENX SE 4.0%

Value $18.98M Shares 25,995 Est. Cost — Unrealized —

FULC FULCRUM THERAPEUTICS INC 2.9%

Value $13.59M Shares 1,771,926 Est. Cost — Unrealized —

NUVB NUVATION BIO INC 2.2%

Value $10.22M Shares 2,383,031 Est. Cost — Unrealized —

ORKA ORUKA THERAPEUTICS INC 1.5%

Value $6.908M Shares 140,843 Est. Cost — Unrealized —

CTNM CONTINEUM THERAPEUTICS INC 1.4%

Value $6.7M Shares 513,053 Est. Cost — Unrealized —

MANE VERADERMICS INC 1.4%

Value $6.368M Shares 100,843 Est. Cost — Unrealized —

TRDA ENTRADA THERAPEUTICS INC 1.0%

Value $4.72M Shares 374,010 Est. Cost — Unrealized —

SLN SILENCE THERAPEUTICS PLC 0.3%

Value $1.589M Shares 301,604 Est. Cost — Unrealized —

AVBP ARRIVENT BIOPHARMA INC 0.2%

Value $1.057M Shares 45,809 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PCVX	VAXCYTE INC	644,831	$37.47M	8.0%	—	—	—	92243G108
TERN	TERNS PHARMACEUTICALS INC	521,237	$27.48M	5.8%	—	—	—	880881107
RARE	ULTRAGENYX PHARMACEUTICAL IN	1,165,557	$24.42M	5.2%	—	—	—	90400D108
ARGX	ARGENX SE	25,995	$18.98M	4.0%	—	—	—	04016X101
FULC	FULCRUM THERAPEUTICS INC	1,771,926	$13.59M	2.9%	—	—	—	359616109
NUVB	NUVATION BIO INC	2,383,031	$10.22M	2.2%	—	—	—	67080N101
ORKA	ORUKA THERAPEUTICS INC	140,843	$6.908M	1.5%	—	—	—	687604108
CTNM	CONTINEUM THERAPEUTICS INC	513,053	$6.7M	1.4%	—	—	—	21217B100
MANE	VERADERMICS INC	100,843	$6.368M	1.4%	—	—	—	922967104
TRDA	ENTRADA THERAPEUTICS INC	374,010	$4.72M	1.0%	—	—	—	29384C108
SLN	SILENCE THERAPEUTICS PLC	301,604	$1.589M	0.3%	—	—	—	82686Q101
AVBP	ARRIVENT BIOPHARMA INC	45,809	$1.057M	0.2%	—	—	—	04272N102

Decreased Positions (9)

VRTX VERTEX PHARMACEUTICALS INC 1.2%

Value $5.525M (-88.6%) Shares 11,123 (-89.8%) Est. Cost — Unrealized —

ELVN ENLIVEN THERAPEUTICS INC 0.5%

Value $2.53M (-89.1%) Shares 49,850 (-91.6%) Est. Cost — Unrealized —

NUVL NUVALENT INC 2.6%

Value $12.16M (-60.6%) Shares 98,442 (-67.3%) Est. Cost — Unrealized —

CAPR CAPRICOR THERAPEUTICS INC 2.2%

Value $10.13M (-63.3%) Shares 420,751 (-53.7%) Est. Cost — Unrealized —

AMLX AMYLYX PHARMACEUTICALS INC 3.4%

Value $16.06M (-27.7%) Shares 894,058 (-44.1%) Est. Cost — Unrealized —

ANIP ANI PHARMACEUTICALS INC 4.1%

Value $19.35M (-21.0%) Shares 233,808 (-26.6%) Est. Cost — Unrealized —

VIR VIR BIOTECHNOLOGY INC 1.4%

Value $6.717M (-37.4%) Shares 659,213 (-45.0%) Est. Cost — Unrealized —

GPCR STRUCTURE THERAPEUTICS INC 0.5%

Value $2.177M (-55.1%) Shares 40,567 (-59.7%) Est. Cost — Unrealized —

BCAX BICARA THERAPEUTICS INC 5.6%

Value $26.5M (+5.7%) Shares 892,621 (-29.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VRTX	VERTEX PHARMACEUTICALS INC	11,123 (-89.8%)	$5.525M (-88.6%)	1.2%	—	—	COM	92532F100
ELVN	ENLIVEN THERAPEUTICS INC	49,850 (-91.6%)	$2.53M (-89.1%)	0.5%	—	—	COM	29337E102
NUVL	NUVALENT INC	98,442 (-67.3%)	$12.16M (-60.6%)	2.6%	—	—	COM	670703107
CAPR	CAPRICOR THERAPEUTICS INC	420,751 (-53.7%)	$10.13M (-63.3%)	2.2%	—	—	COM NEW	14070B309
AMLX	AMYLYX PHARMACEUTICALS INC	894,058 (-44.1%)	$16.06M (-27.7%)	3.4%	—	—	COM	03237H101
ANIP	ANI PHARMACEUTICALS INC	233,808 (-26.6%)	$19.35M (-21.0%)	4.1%	—	—	COM	00182C103
VIR	VIR BIOTECHNOLOGY INC	659,213 (-45.0%)	$6.717M (-37.4%)	1.4%	—	—	COM	92764N102
GPCR	STRUCTURE THERAPEUTICS INC	40,567 (-59.7%)	$2.177M (-55.1%)	0.5%	—	—	SPONSORED ADS	86366E106
BCAX	BICARA THERAPEUTICS INC	892,621 (-29.2%)	$26.5M (+5.7%)	5.6%	—	—	COM	055477103