ORBIMED ADVISORS LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMY	BRISTOL-MYERS SQUIBB CO	775,000	$41,804	0.9%	$47.53	0.0%	COM	110122108
PFE	PFIZER INC	1,652,900	$41,157	0.8%	$25.03	0.0%	COM	717081103
ELV	ELEVANCE HEALTH INC FORMERLY	99,100	$34,740	0.7%	$336.70	0.0%	COM	036752103
HELP	CYBIN INC	3,840,500	$31,415	0.6%	$6.44	0.0%	COM NEW	23256X407
PRAX	PRAXIS PRECISION MEDICINES I	94,500	$27,853	0.6%	$186.22	0.0%	COM NEW	74006W207
BRKR	BRUKER CORP	555,789	$26,183	0.5%	$42.23	0.0%	COM	116794108
ESPR	ESPERION THERAPEUTICS INC NE	5,965,498	$22,072	0.5%	$3.23	0.0%	COM	29664W105
LXEO	LEXEO THERAPEUTICS INC	2,125,000	$21,101	0.4%	$9.13	0.0%	COM	52886X107
VERA	VERA THERAPEUTICS INC	353,500	$17,901	0.4%	$35.52	0.0%	CL A	92337R101
COGT	COGENT BIOSCIENCES INC	371,000	$13,178	0.3%	$28.11	0.0%	COM	19240Q201
EW	EDWARDS LIFESCIENCES CORP	150,000	$12,788	0.3%	$71.79	+14.3%	CALL	28176E108
RLMD	RELMADA THERAPEUTICS INC	2,610,600	$12,609	0.3%	$3.35	0.0%	COM	75955J402
TECX	TECTONIC THERAPEUTIC INC	574,600	$11,986	0.2%	$18.58	0.0%	COM	878972108
ACET	ADICET BIO INC	1,027,944	$8,655	0.2%	$11.05	0.0%	COM NEW	007002207
KNSA	KINIKSA PHARMACEUTICALS INTL	187,199	$7,722	0.2%	$40.11	0.0%	ORD SHS CL A	G52694109
KALV	KALVISTA PHARMACEUTICALS INC	382,400	$6,176	0.1%	$13.24	0.0%	COM	483497103
PHVS	PHARVARIS N V	205,400	$5,700	0.1%	$24.09	0.0%	COM	N69605108
PALI	PALISADE BIO INC	1,871,420	$4,398	0.1%	$1.92	0.0%	COM	696389402
BCAX	BICARA THERAPEUTICS INC	209,100	$3,519	0.1%	$17.08	0.0%	COM	055477103
RVMD	REVOLUTION MEDICINES INC	25,900	$2,063	0.0%	$65.57	0.0%	COM	76155X100
OCUL	OCULAR THERAPEUTIX INC	157,300	$1,910	0.0%	$12.15	0.0%	COM	67576A100
PTGX	PROTAGONIST THERAPEUTICS INC	21,700	$1,895	0.0%	$81.85	0.0%	COM	74366E102
PTCT	PTC THERAPEUTICS INC	23,200	$1,762	0.0%	$72.67	0.0%	COM	69366J200
—	COGENT BIOSCIENCES INC	1,000,000	$1,174	0.0%	$1.17	—	NOTE 1.625%11/1	19240QAA0
MPLT	MAPLIGHT THERAPEUTICS INC	56,000	$952	0.0%	$16.75	0.0%	COM	56565P103

Increased Positions (21)

GPCR STRUCTURE THERAPEUTICS INC 1.6%

Value ($000) $80,803 (+153.3%) Shares 1,161,803 (+2.0%) Est. Cost $29.88 Unrealized —

RAPT RAPT THERAPEUTICS INC 1.1%

Value ($000) $55,645 (+98.6%) Shares 1,642,891 (+51.2%) Est. Cost $15.56 Unrealized +99.6%

EW EDWARDS LIFESCIENCES CORP 3.2%

Value ($000) $157,107 (+20.0%) Shares 1,842,900 (+9.4%) Est. Cost $71.79 Unrealized +14.3%

EYPT EYEPOINT INC 0.9%

Value ($000) $45,096 (+76.3%) Shares 2,468,314 (+37.4%) Est. Cost $12.24 Unrealized +15.8%

DHR DANAHER CORPORATION 1.4%

Value ($000) $68,630 (+31.6%) Shares 299,800 (+13.9%) Est. Cost $200.96 Unrealized +9.2%

JANX JANUX THERAPEUTICS INC 0.6%

Value ($000) $26,971 (-37.5%) Shares 1,954,426 (+10.7%) Est. Cost $23.41 Unrealized +0.5%

— MIND MEDICINE MINDMED INC 0.3%

Value ($000) $16,426 (+278.8%) Shares 1,226,700 (+233.5%) Est. Cost $12.91 Unrealized —

KRYS KRYSTAL BIOTECH INC 0.6%

Value ($000) $29,535 (+62.8%) Shares 119,800 (+16.6%) Est. Cost $155.35 Unrealized +35.5%

BTSG BRIGHTSPRING HEALTH SVCS INC 0.4%

Value ($000) $18,294 (+134.6%) Shares 488,500 (+85.2%) Est. Cost $27.98 Unrealized +19.9%

CI THE CIGNA GROUP 1.2%

Value ($000) $56,422 (+20.2%) Shares 205,000 (+25.9%) Est. Cost $290.32 Unrealized -3.8%

QURE UNIQURE NV 0.4%

Value ($000) $17,646 (-34.1%) Shares 737,400 (+60.8%) Est. Cost $25.88 Unrealized +49.1%

APLS APELLIS PHARMACEUTICALS INC 1.2%

Value ($000) $61,038 (+16.1%) Shares 2,429,868 (+4.6%) Est. Cost $25.77 Unrealized -8.9%

CAI CARIS LIFE SCIENCES INC 1.7%

Value ($000) $84,070 (-8.4%) Shares 3,116,011 (+2.7%) Est. Cost $26.98 Unrealized +4.4%

URGN UROGEN PHARMA LTD 0.4%

Value ($000) $20,504 (+49.2%) Shares 875,487 (+27.1%) Est. Cost $14.18 Unrealized +52.9%

BCRX BIOCRYST PHARMACEUTICALS INC 0.3%

Value ($000) $13,586 (+98.6%) Shares 1,741,800 (+93.2%) Est. Cost $7.80 Unrealized -7.3%

CELC CELCUITY INC 0.2%

Value ($000) $8,544 (+105.9%) Shares 85,664 (+2.0%) Est. Cost $40.83 Unrealized +101.3%

RYTM RHYTHM PHARMACEUTICALS INC 0.5%

Value ($000) $25,668 (+18.1%) Shares 239,800 (+11.5%) Est. Cost $35.57 Unrealized +198.2%

XENE XENON PHARMACEUTICALS INC 0.4%

Value ($000) $20,044 (+19.0%) Shares 447,200 (+6.6%) Est. Cost $31.36 Unrealized +33.9%

INSM INSMED INC 0.1%

Value ($000) $4,421 (+128.1%) Shares 25,400 (+88.7%) Est. Cost $123.95 Unrealized +47.2%

CRBP CORBUS PHARMACEUTICALS HLDGS 0.3%

Value ($000) $13,002 (-12.3%) Shares 1,597,287 (+36.3%) Est. Cost $35.25 Unrealized -65.0%

NSPR INSPIREMD INC 0.1%

Value ($000) $5,577 (+8.5%) Shares 3,133,405 (+46.9%) Est. Cost $1.86 Unrealized +12.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GPCR	STRUCTURE THERAPEUTICS INC	1,161,803 (+2.0%)	$80,803 (+153.3%)	1.6%	$29.88	—	SPONSORED ADS	86366E106
RAPT	RAPT THERAPEUTICS INC	1,642,891 (+51.2%)	$55,645 (+98.6%)	1.1%	$15.56	+99.6%	COM NEW	75382E208
EW	EDWARDS LIFESCIENCES CORP	1,842,900 (+9.4%)	$157,107 (+20.0%)	3.2%	$71.79	+14.3%	COM	28176E108
EYPT	EYEPOINT INC	2,468,314 (+37.4%)	$45,096 (+76.3%)	0.9%	$12.24	+15.8%	COM NEW	30233G209
DHR	DANAHER CORPORATION	299,800 (+13.9%)	$68,630 (+31.6%)	1.4%	$200.96	+9.2%	COM	235851102
JANX	JANUX THERAPEUTICS INC	1,954,426 (+10.7%)	$26,971 (-37.5%)	0.6%	$23.41	+0.5%	COM	47103J105
—	MIND MEDICINE MINDMED INC	1,226,700 (+233.5%)	$16,426 (+278.8%)	0.3%	$12.91	—	COM NEW	60255C885
KRYS	KRYSTAL BIOTECH INC	119,800 (+16.6%)	$29,535 (+62.8%)	0.6%	$155.35	+35.5%	COM	501147102
BTSG	BRIGHTSPRING HEALTH SVCS INC	488,500 (+85.2%)	$18,294 (+134.6%)	0.4%	$27.98	+19.9%	COM	10950A106
CI	THE CIGNA GROUP	205,000 (+25.9%)	$56,422 (+20.2%)	1.2%	$290.32	-3.8%	COM	125523100
QURE	UNIQURE NV	737,400 (+60.8%)	$17,646 (-34.1%)	0.4%	$25.88	+49.1%	SHS	N90064101
APLS	APELLIS PHARMACEUTICALS INC	2,429,868 (+4.6%)	$61,038 (+16.1%)	1.2%	$25.77	-8.9%	COM	03753U106
CAI	CARIS LIFE SCIENCES INC	3,116,011 (+2.7%)	$84,070 (-8.4%)	1.7%	$26.98	+4.4%	COM	142152107
URGN	UROGEN PHARMA LTD	875,487 (+27.1%)	$20,504 (+49.2%)	0.4%	$14.18	+52.9%	COM	M96088105
BCRX	BIOCRYST PHARMACEUTICALS INC	1,741,800 (+93.2%)	$13,586 (+98.6%)	0.3%	$7.80	-7.3%	COM	09058V103
CELC	CELCUITY INC	85,664 (+2.0%)	$8,544 (+105.9%)	0.2%	$40.83	+101.3%	COM	15102K100
RYTM	RHYTHM PHARMACEUTICALS INC	239,800 (+11.5%)	$25,668 (+18.1%)	0.5%	$35.57	+198.2%	COM	76243J105
XENE	XENON PHARMACEUTICALS INC	447,200 (+6.6%)	$20,044 (+19.0%)	0.4%	$31.36	+33.9%	COM	98420N105
INSM	INSMED INC	25,400 (+88.7%)	$4,421 (+128.1%)	0.1%	$123.95	+47.2%	COM PAR $.01	457669307
CRBP	CORBUS PHARMACEUTICALS HLDGS	1,597,287 (+36.3%)	$13,002 (-12.3%)	0.3%	$35.25	-65.0%	COM NEW	21833P301
NSPR	INSPIREMD INC	3,133,405 (+46.9%)	$5,577 (+8.5%)	0.1%	$1.86	+12.0%	COM	45779A846

Exited Positions (27)

SIBN SI-BONE INC 0.8%

Value ($000) $37,963 Shares 2,578,979 Est. Cost $19.80 Unrealized -12.2%

— SCPHARMACEUTICALS INC 0.7%

Value ($000) $34,358 Shares 6,059,528 Est. Cost $9.77 Unrealized —

ITGR INTEGER HLDGS CORP 0.6%

Value ($000) $29,966 Shares 290,000 Est. Cost $120.54 Unrealized -33.9%

— AKERO THERAPEUTICS INC 0.5%

Value ($000) $24,984 Shares 526,200 Est. Cost $43.85 Unrealized —

ABT ABBOTT LABS 0.4%

Value ($000) $20,091 Shares 150,000 Est. Cost — Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.4%

Value ($000) $19,526 Shares 200,000 Est. Cost $25.28 Unrealized +287.7%

PFE PFIZER INC 0.3%

Value ($000) $12,740 Shares 500,000 Est. Cost $25.03 Unrealized 0.0%

AZN ASTRAZENECA PLC 0.2%

Value ($000) $11,508 Shares 150,000 Est. Cost — Unrealized —

AMLX AMYLYX PHARMACEUTICALS INC 0.2%

Value ($000) $10,201 Shares 750,600 Est. Cost $7.45 Unrealized +82.4%

— ADICET BIO INC 0.2%

Value ($000) $9,274 Shares 11,447,140 Est. Cost $8.72 Unrealized —

VSTM VERASTEM INC 0.2%

Value ($000) $7,837 Shares 887,561 Est. Cost $7.44 Unrealized +19.8%

MIST MILESTONE PHARMACEUTICALS IN 0.1%

Value ($000) $6,444 Shares 3,221,828 Est. Cost $1.76 Unrealized +22.5%

APLS APELLIS PHARMACEUTICALS INC 0.1%

Value ($000) $5,658 Shares 250,000 Est. Cost $25.77 Unrealized -8.9%

BTSG BRIGHTSPRING HEALTH SVCS INC 0.1%

Value ($000) $4,434 Shares 150,000 Est. Cost $27.98 Unrealized +19.9%

CRNX CRINETICS PHARMACEUTICALS IN 0.1%

Value ($000) $4,165 Shares 100,000 Est. Cost $25.00 Unrealized +78.1%

IMTX IMMATICS N.V 0.1%

Value ($000) $3,975 Shares 466,601 Est. Cost $9.09 Unrealized +11.0%

SRRK SCHOLAR ROCK HLDG CORP 0.1%

Value ($000) $3,724 Shares 100,000 Est. Cost — Unrealized —

TGTX TG THERAPEUTICS INC 0.1%

Value ($000) $3,613 Shares 100,000 Est. Cost — Unrealized —

— CELCUITY INC 0.1%

Value ($000) $2,684 Shares 2,000,000 Est. Cost $1.34 Unrealized —

— ATAI LIFE SCIENCES NV 0.0%

Value ($000) $1,836 Shares 347,000 Est. Cost $5.29 Unrealized —

KRRO KORRO BIO INC 0.0%

Value ($000) $1,552 Shares 32,400 Est. Cost $51.39 Unrealized -54.5%

— MURAL ONCOLOGY PUB LTD CO 0.0%

Value ($000) $1,219 Shares 588,800 Est. Cost $2.47 Unrealized —

LYEL LYELL IMMUNOPHARMA INC 0.0%

Value ($000) $840 Shares 51,727 Est. Cost $9.11 Unrealized +145.6%

KZR KEZAR LIFE SCIENCES INC 0.0%

Value ($000) $752 Shares 192,700 Est. Cost $7.45 Unrealized -21.7%

XERS XERIS BIOPHARMA HOLDINGS INC 0.0%

Value ($000) $655 Shares 80,420 Est. Cost $2.59 Unrealized +204.2%

PASG PASSAGE BIO INC 0.0%

Value ($000) $474 Shares 59,046 Est. Cost $6.96 Unrealized +24.0%

— DIH HLDG US INC 0.0%

Value ($000) $358 Shares 1,915,000 Est. Cost $0.23 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SIBN	SI-BONE INC	2,578,979	$37,963	0.8%	$19.80	-12.2%	—	825704109
—	SCPHARMACEUTICALS INC	6,059,528	$34,358	0.7%	$9.77	—	—	810648105
ITGR	INTEGER HLDGS CORP	290,000	$29,966	0.6%	$120.54	-33.9%	—	45826H109
—	AKERO THERAPEUTICS INC	526,200	$24,984	0.5%	$43.85	—	—	00973Y108
ABT	ABBOTT LABS	150,000	$20,091	0.4%	—	—	CALL	002824100
BSX	BOSTON SCIENTIFIC CORP	200,000	$19,526	0.4%	$25.28	+287.7%	CALL	101137107
PFE	PFIZER INC	500,000	$12,740	0.3%	$25.03	0.0%	CALL	717081103
AZN	ASTRAZENECA PLC	150,000	$11,508	0.2%	—	—	CALL	046353108
AMLX	AMYLYX PHARMACEUTICALS INC	750,600	$10,201	0.2%	$7.45	+82.4%	—	03237H101
—	ADICET BIO INC	11,447,140	$9,274	0.2%	$8.72	—	—	007002108
VSTM	VERASTEM INC	887,561	$7,837	0.2%	$7.44	+19.8%	—	92337C203
MIST	MILESTONE PHARMACEUTICALS IN	3,221,828	$6,444	0.1%	$1.76	+22.5%	—	59935V107
APLS	APELLIS PHARMACEUTICALS INC	250,000	$5,658	0.1%	$25.77	-8.9%	CALL	03753U106
BTSG	BRIGHTSPRING HEALTH SVCS INC	150,000	$4,434	0.1%	$27.98	+19.9%	CALL	10950A106
CRNX	CRINETICS PHARMACEUTICALS IN	100,000	$4,165	0.1%	$25.00	+78.1%	PUT	22663K107
IMTX	IMMATICS N.V	466,601	$3,975	0.1%	$9.09	+11.0%	—	N44445109
SRRK	SCHOLAR ROCK HLDG CORP	100,000	$3,724	0.1%	—	—	CALL	80706P103
TGTX	TG THERAPEUTICS INC	100,000	$3,613	0.1%	—	—	CALL	88322Q108
—	CELCUITY INC	2,000,000	$2,684	0.1%	$1.34	—	—	15102KAA8
—	ATAI LIFE SCIENCES NV	347,000	$1,836	0.0%	$5.29	—	—	N0731H103
KRRO	KORRO BIO INC	32,400	$1,552	0.0%	$51.39	-54.5%	—	500946108
—	MURAL ONCOLOGY PUB LTD CO	588,800	$1,219	0.0%	$2.47	—	—	G63365103
LYEL	LYELL IMMUNOPHARMA INC	51,727	$840	0.0%	$9.11	+145.6%	—	55083R203
KZR	KEZAR LIFE SCIENCES INC	192,700	$752	0.0%	$7.45	-21.7%	—	49372L209
XERS	XERIS BIOPHARMA HOLDINGS INC	80,420	$655	0.0%	$2.59	+204.2%	—	98422E103
PASG	PASSAGE BIO INC	59,046	$474	0.0%	$6.96	+24.0%	—	702712209
—	DIH HLDG US INC	1,915,000	$358	0.0%	$0.23	—	—	23290B106

Decreased Positions (34)

MBX MBX BIOSCIENCES INC 2.5%

Value ($000) $124,116 (+77.2%) Shares 3,935,203 (-1.7%) Est. Cost $22.28 Unrealized +8.9%

SION SIONNA THERAPEUTICS INC 3.0%

Value ($000) $146,526 (+34.5%) Shares 3,561,655 (-3.9%) Est. Cost $16.34 Unrealized +132.1%

TERN TERNS PHARMACEUTICALS INC 1.8%

Value ($000) $86,993 (+53.2%) Shares 2,153,300 (-71.5%) Est. Cost $12.83 Unrealized +80.2%

RNA AVIDITY BIOSCIENCES INC 0.9%

Value ($000) $44,687 (-37.4%) Shares 619,530 (-62.2%) Est. Cost $27.80 Unrealized +132.3%

ALNY ALNYLAM PHARMACEUTICALS INC 2.3%

Value ($000) $114,841 (-16.5%) Shares 288,800 (-4.2%) Est. Cost $199.68 Unrealized +121.6%

ISRG INTUITIVE SURGICAL INC 3.0%

Value ($000) $149,179 (+16.1%) Shares 263,400 (-8.3%) Est. Cost $272.47 Unrealized +95.4%

MLYS MINERALYS THERAPEUTICS INC 0.7%

Value ($000) $35,579 (-36.2%) Shares 980,400 (-33.3%) Est. Cost $17.94 Unrealized +123.6%

EXAS EXACT SCIENCES CORP 0.7%

Value ($000) $35,720 (-34.4%) Shares 351,716 (-64.6%) Est. Cost $54.10 Unrealized +48.4%

SYK STRYKER CORPORATION 2.3%

Value ($000) $114,228 (-14.0%) Shares 325,000 (-9.5%) Est. Cost $246.40 Unrealized +47.5%

AXSM AXSOME THERAPEUTICS INC 0.9%

Value ($000) $46,230 (-28.4%) Shares 253,121 (-52.4%) Est. Cost $113.05 Unrealized +23.5%

ABVX ABIVAX SA 1.0%

Value ($000) $49,613 (+53.8%) Shares 367,900 (-3.2%) Est. Cost $84.90 Unrealized —

NTRA NATERA INC 1.7%

Value ($000) $83,801 (+21.3%) Shares 365,800 (-14.8%) Est. Cost $72.06 Unrealized +189.5%

DYN DYNE THERAPEUTICS INC 0.9%

Value ($000) $43,075 (+47.1%) Shares 2,202,184 (-4.8%) Est. Cost $17.61 Unrealized +7.5%

CTMX CYTOMX THERAPEUTICS INC 0.3%

Value ($000) $15,019 (-44.4%) Shares 3,525,650 (-58.3%) Est. Cost $1.61 Unrealized +135.7%

NPCE NEUROPACE INC 0.8%

Value ($000) $37,154 (+37.9%) Shares 2,406,335 (-8.0%) Est. Cost $23.21 Unrealized -42.4%

TRVI TREVI THERAPEUTICS INC 0.8%

Value ($000) $39,948 (+32.0%) Shares 3,190,700 (-3.6%) Est. Cost $5.73 Unrealized +101.7%

CCCC C4 THERAPEUTICS INC 0.1%

Value ($000) $2,683 (-76.9%) Shares 1,404,902 (-73.2%) Est. Cost $4.92 Unrealized -51.8%

IRON DISC MEDICINE INC 1.7%

Value ($000) $84,774 (-9.3%) Shares 1,067,550 (-24.6%) Est. Cost $47.79 Unrealized +76.8%

CGEM CULLINAN THERAPEUTICS INC 0.1%

Value ($000) $2,795 (-75.5%) Shares 270,006 (-86.0%) Est. Cost $22.98 Unrealized -60.7%

CGON CG ONCOLOGY INC 1.3%

Value ($000) $62,967 (-9.5%) Shares 1,516,550 (-12.2%) Est. Cost $31.89 Unrealized +29.8%

ROIV ROIVANT SCIENCES LTD 1.0%

Value ($000) $47,543 (+15.7%) Shares 2,190,907 (-19.3%) Est. Cost $10.84 Unrealized +82.0%

NBIX NEUROCRINE BIOSCIENCES INC 0.9%

Value ($000) $44,569 (-10.2%) Shares 314,240 (-11.1%) Est. Cost $115.66 Unrealized +25.3%

AVTX AVALO THERAPEUTICS INC 0.4%

Value ($000) $21,561 (+25.7%) Shares 1,187,300 (-12.0%) Est. Cost $9.82 Unrealized +71.8%

ARGX ARGENX SE 2.5%

Value ($000) $122,779 (-3.4%) Shares 146,000 (-15.3%) Est. Cost $410.99 Unrealized —

UTHR UNITED THERAPEUTICS CORP DEL 1.0%

Value ($000) $51,259 (+6.4%) Shares 105,200 (-8.4%) Est. Cost $336.31 Unrealized +38.5%

ALMS ALUMIS INC 0.2%

Value ($000) $10,763 (+40.0%) Shares 1,102,730 (-42.8%) Est. Cost $4.72 Unrealized +47.8%

ADCT ADC THERAPEUTICS SA 0.4%

Value ($000) $20,555 (-13.0%) Shares 5,822,854 (-1.4%) Est. Cost $3.62 Unrealized +12.1%

FOLD AMICUS THERAPEUTICS INC 0.2%

Value ($000) $10,394 (-19.8%) Shares 729,900 (-55.6%) Est. Cost $10.63 Unrealized -7.6%

PMVP PMV PHARMACEUTICALS INC 0.1%

Value ($000) $6,219 (-25.7%) Shares 4,975,291 (-16.7%) Est. Cost $36.80 Unrealized -96.4%

ASND ASCENDIS PHARMA A/S 0.7%

Value ($000) $36,672 (-3.9%) Shares 171,977 (-10.4%) Est. Cost $194.11 Unrealized —

ANRO ALTO NEUROSCIENCE INC 0.0%

Value ($000) $2,225 (+121.4%) Shares 125,000 (-50.0%) Est. Cost $6.24 Unrealized +101.8%

TARS TARSUS PHARMACEUTICALS INC 0.3%

Value ($000) $12,642 (+7.5%) Shares 154,400 (-22.0%) Est. Cost $49.43 Unrealized +51.0%

CRNX CRINETICS PHARMACEUTICALS IN 0.9%

Value ($000) $46,503 (+1.6%) Shares 999,000 (-9.1%) Est. Cost $25.00 Unrealized +78.1%

KROS KEROS THERAPEUTICS INC 0.3%

Value ($000) $16,374 (+1.6%) Shares 804,212 (-21.1%) Est. Cost $30.81 Unrealized -43.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MBX	MBX BIOSCIENCES INC	3,935,203 (-1.7%)	$124,116 (+77.2%)	2.5%	$22.28	+8.9%	COM	55287L101
SION	SIONNA THERAPEUTICS INC	3,561,655 (-3.9%)	$146,526 (+34.5%)	3.0%	$16.34	+132.1%	COM	829401108
TERN	TERNS PHARMACEUTICALS INC	2,153,300 (-71.5%)	$86,993 (+53.2%)	1.8%	$12.83	+80.2%	COM	880881107
RNA	AVIDITY BIOSCIENCES INC	619,530 (-62.2%)	$44,687 (-37.4%)	0.9%	$27.80	+132.3%	COM	05370A108
ALNY	ALNYLAM PHARMACEUTICALS INC	288,800 (-4.2%)	$114,841 (-16.5%)	2.3%	$199.68	+121.6%	COM	02043Q107
ISRG	INTUITIVE SURGICAL INC	263,400 (-8.3%)	$149,179 (+16.1%)	3.0%	$272.47	+95.4%	COM NEW	46120E602
MLYS	MINERALYS THERAPEUTICS INC	980,400 (-33.3%)	$35,579 (-36.2%)	0.7%	$17.94	+123.6%	COM	603170101
EXAS	EXACT SCIENCES CORP	351,716 (-64.6%)	$35,720 (-34.4%)	0.7%	$54.10	+48.4%	COM	30063P105
SYK	STRYKER CORPORATION	325,000 (-9.5%)	$114,228 (-14.0%)	2.3%	$246.40	+47.5%	COM	863667101
AXSM	AXSOME THERAPEUTICS INC	253,121 (-52.4%)	$46,230 (-28.4%)	0.9%	$113.05	+23.5%	COM	05464T104
ABVX	ABIVAX SA	367,900 (-3.2%)	$49,613 (+53.8%)	1.0%	$84.90	—	SPONSORED ADS	00370M103
NTRA	NATERA INC	365,800 (-14.8%)	$83,801 (+21.3%)	1.7%	$72.06	+189.5%	COM	632307104
DYN	DYNE THERAPEUTICS INC	2,202,184 (-4.8%)	$43,075 (+47.1%)	0.9%	$17.61	+7.5%	COM	26818M108
CTMX	CYTOMX THERAPEUTICS INC	3,525,650 (-58.3%)	$15,019 (-44.4%)	0.3%	$1.61	+135.7%	COM	23284F105
NPCE	NEUROPACE INC	2,406,335 (-8.0%)	$37,154 (+37.9%)	0.8%	$23.21	-42.4%	COM	641288105
TRVI	TREVI THERAPEUTICS INC	3,190,700 (-3.6%)	$39,948 (+32.0%)	0.8%	$5.73	+101.7%	COM	89532M101
CCCC	C4 THERAPEUTICS INC	1,404,902 (-73.2%)	$2,683 (-76.9%)	0.1%	$4.92	-51.8%	COM STK	12529R107
IRON	DISC MEDICINE INC	1,067,550 (-24.6%)	$84,774 (-9.3%)	1.7%	$47.79	+76.8%	COM	254604101
CGEM	CULLINAN THERAPEUTICS INC	270,006 (-86.0%)	$2,795 (-75.5%)	0.1%	$22.98	-60.7%	COM	230031106
CGON	CG ONCOLOGY INC	1,516,550 (-12.2%)	$62,967 (-9.5%)	1.3%	$31.89	+29.8%	COM	156944100
ROIV	ROIVANT SCIENCES LTD	2,190,907 (-19.3%)	$47,543 (+15.7%)	1.0%	$10.84	+82.0%	SHS	G76279101
NBIX	NEUROCRINE BIOSCIENCES INC	314,240 (-11.1%)	$44,569 (-10.2%)	0.9%	$115.66	+25.3%	COM	64125C109
AVTX	AVALO THERAPEUTICS INC	1,187,300 (-12.0%)	$21,561 (+25.7%)	0.4%	$9.82	+71.8%	COM NEW	05338F306
ARGX	ARGENX SE	146,000 (-15.3%)	$122,779 (-3.4%)	2.5%	$410.99	—	SPONSORED ADR	04016X101
UTHR	UNITED THERAPEUTICS CORP DEL	105,200 (-8.4%)	$51,259 (+6.4%)	1.0%	$336.31	+38.5%	COM	91307C102
ALMS	ALUMIS INC	1,102,730 (-42.8%)	$10,763 (+40.0%)	0.2%	$4.72	+47.8%	COM	022307102
ADCT	ADC THERAPEUTICS SA	5,822,854 (-1.4%)	$20,555 (-13.0%)	0.4%	$3.62	+12.1%	SHS	H0036K147
FOLD	AMICUS THERAPEUTICS INC	729,900 (-55.6%)	$10,394 (-19.8%)	0.2%	$10.63	-7.6%	COM	03152W109
PMVP	PMV PHARMACEUTICALS INC	4,975,291 (-16.7%)	$6,219 (-25.7%)	0.1%	$36.80	-96.4%	COM	69353Y103
ASND	ASCENDIS PHARMA A/S	171,977 (-10.4%)	$36,672 (-3.9%)	0.7%	$194.11	—	SPONSORED ADR	04351P101
ANRO	ALTO NEUROSCIENCE INC	125,000 (-50.0%)	$2,225 (+121.4%)	0.0%	$6.24	+101.8%	COM SHS	02157Q109
TARS	TARSUS PHARMACEUTICALS INC	154,400 (-22.0%)	$12,642 (+7.5%)	0.3%	$49.43	+51.0%	COM	87650L103
CRNX	CRINETICS PHARMACEUTICALS IN	999,000 (-9.1%)	$46,503 (+1.6%)	0.9%	$25.00	+78.1%	COM	22663K107
KROS	KEROS THERAPEUTICS INC	804,212 (-21.1%)	$16,374 (+1.6%)	0.3%	$30.81	-43.1%	COM	492327101

Unchanged Positions (27)

EWTX EDGEWISE THERAPEUTICS INC 7.9%

Value ($000) $385,091 Shares 15,518,492 Est. Cost $30.67 Unrealized -34.6%

LLY ELI LILLY & CO 6.6%

Value ($000) $323,694 Shares 301,200 Est. Cost $450.28 Unrealized +112.2%

UPB UPSTREAM BIO INC 3.2%

Value ($000) $154,581 Shares 5,693,589 Est. Cost $22.33 Unrealized +11.5%

ELVN ENLIVEN THERAPEUTICS INC 2.5%

Value ($000) $122,577 Shares 7,959,538 Est. Cost $20.34 Unrealized -2.1%

CMPX COMPASS THERAPEUTICS INC 1.7%

Value ($000) $81,731 Shares 15,219,994 Est. Cost $3.29 Unrealized +40.5%

PRLD PRELUDE THERAPEUTICS INC 0.6%

Value ($000) $31,637 Shares 10,909,256 Est. Cost $26.47 Unrealized -93.6%

FBRX FORTE BIOSCIENCES INC 0.7%

Value ($000) $32,641 Shares 1,196,955 Est. Cost $10.24 Unrealized +71.3%

ORIC ORIC PHARMACEUTICALS INC 0.6%

Value ($000) $29,790 Shares 3,641,756 Est. Cost $9.97 Unrealized +15.4%

SPRY ARS PHARMACEUTICALS INC 2.0%

Value ($000) $96,561 Shares 8,288,510 Est. Cost $31.95 Unrealized -69.6%

VTGN VISTAGEN THERAPEUTICS INC 0.0%

Value ($000) $2,025 Shares 3,060,000 Est. Cost $2.99 Unrealized +20.9%

STTK SHATTUCK LABS INC 0.5%

Value ($000) $23,017 Shares 6,306,127 Est. Cost $1.22 Unrealized +95.0%

— IMAGENEBIO INC 0.4%

Value ($000) $20,134 Shares 6,210,899 Est. Cost $34.42 Unrealized —

BSX BOSTON SCIENTIFIC CORP 4.7%

Value ($000) $230,680 Shares 2,419,300 Est. Cost $25.28 Unrealized +287.7%

BIOA BIOAGE LABS INC 0.2%

Value ($000) $10,464 Shares 790,901 Est. Cost $20.04 Unrealized -55.8%

AVBP ARRIVENT BIOPHARMA INC 1.2%

Value ($000) $60,910 Shares 3,027,328 Est. Cost $20.17 Unrealized +3.2%

TMO THERMO FISHER SCIENTIFIC INC 0.5%

Value ($000) $26,944 Shares 46,500 Est. Cost $443.16 Unrealized +27.5%

JBIO JADE BIOSCIENCES INC 0.2%

Value ($000) $8,196 Shares 531,163 Est. Cost $33.31 Unrealized -64.8%

QTTB Q32 BIO INC 0.2%

Value ($000) $7,480 Shares 2,252,987 Est. Cost $13.78 Unrealized -79.5%

— REPARE THERAPEUTICS INC 0.2%

Value ($000) $8,638 Shares 3,322,488 Est. Cost $31.02 Unrealized —

CRVS CORVUS PHARMACEUTICALS INC 1.1%

Value ($000) $55,171 Shares 7,165,006 Est. Cost $11.00 Unrealized -28.3%

WHWK WHITEHAWK THERAPEUTICS INC 0.2%

Value ($000) $10,082 Shares 4,166,000 Est. Cost $2.61 Unrealized -12.1%

CARL CARLSMED INC 0.3%

Value ($000) $15,470 Shares 1,252,600 Est. Cost $13.67 Unrealized -2.6%

VIR VIR BIOTECHNOLOGY INC 0.3%

Value ($000) $14,356 Shares 2,380,715 Est. Cost $9.13 Unrealized -34.8%

IMA IMAGENEBIO INC 0.1%

Value ($000) $2,612 Shares 378,556 Est. Cost $13.25 Unrealized -44.1%

TRAW TRAWS PHARMA INC 0.0%

Value ($000) $684 Shares 605,531 Est. Cost $9.11 Unrealized -75.6%

VTGN VISTAGEN THERAPEUTICS INC 0.0%

Value ($000) $30 Shares 45,200 Est. Cost $2.99 Unrealized +20.9%

SVA SINOVAC BIOTECH LTD 3.8%

Value ($000) $184,466 Shares 2,718,735 Est. Cost $6.47 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EWTX	EDGEWISE THERAPEUTICS INC	15,518,492	$385,091	7.9%	$30.67	-34.6%	COM	28036F105
LLY	ELI LILLY & CO	301,200	$323,694	6.6%	$450.28	+112.2%	COM	532457108
UPB	UPSTREAM BIO INC	5,693,589	$154,581	3.2%	$22.33	+11.5%	COM	91678A107
ELVN	ENLIVEN THERAPEUTICS INC	7,959,538	$122,577	2.5%	$20.34	-2.1%	COM	29337E102
CMPX	COMPASS THERAPEUTICS INC	15,219,994	$81,731	1.7%	$3.29	+40.5%	COM	20454B104
PRLD	PRELUDE THERAPEUTICS INC	10,909,256	$31,637	0.6%	$26.47	-93.6%	COM	74065P101
FBRX	FORTE BIOSCIENCES INC	1,196,955	$32,641	0.7%	$10.24	+71.3%	COM NEW	34962G208
ORIC	ORIC PHARMACEUTICALS INC	3,641,756	$29,790	0.6%	$9.97	+15.4%	COM	68622P109
SPRY	ARS PHARMACEUTICALS INC	8,288,510	$96,561	2.0%	$31.95	-69.6%	COM	82835W108
VTGN	VISTAGEN THERAPEUTICS INC	3,060,000	$2,025	0.0%	$2.99	+20.9%	COM	92840H400
STTK	SHATTUCK LABS INC	6,306,127	$23,017	0.5%	$1.22	+95.0%	COM	82024L103
—	IMAGENEBIO INC	6,210,899	$20,134	0.4%	$34.42	—	NONVOTING	000000000
BSX	BOSTON SCIENTIFIC CORP	2,419,300	$230,680	4.7%	$25.28	+287.7%	COM	101137107
BIOA	BIOAGE LABS INC	790,901	$10,464	0.2%	$20.04	-55.8%	COM	09077V100
AVBP	ARRIVENT BIOPHARMA INC	3,027,328	$60,910	1.2%	$20.17	+3.2%	COM	04272N102
TMO	THERMO FISHER SCIENTIFIC INC	46,500	$26,944	0.5%	$443.16	+27.5%	COM	883556102
JBIO	JADE BIOSCIENCES INC	531,163	$8,196	0.2%	$33.31	-64.8%	COM NEW	008064206
QTTB	Q32 BIO INC	2,252,987	$7,480	0.2%	$13.78	-79.5%	COM	746964105
—	REPARE THERAPEUTICS INC	3,322,488	$8,638	0.2%	$31.02	—	COM	760273102
CRVS	CORVUS PHARMACEUTICALS INC	7,165,006	$55,171	1.1%	$11.00	-28.3%	COM	221015100
WHWK	WHITEHAWK THERAPEUTICS INC	4,166,000	$10,082	0.2%	$2.61	-12.1%	COM	00032Q104
CARL	CARLSMED INC	1,252,600	$15,470	0.3%	$13.67	-2.6%	COM	14280C105
VIR	VIR BIOTECHNOLOGY INC	2,380,715	$14,356	0.3%	$9.13	-34.8%	COM	92764N102
IMA	IMAGENEBIO INC	378,556	$2,612	0.1%	$13.25	-44.1%	COM	45175G207
TRAW	TRAWS PHARMA INC	605,531	$684	0.0%	$9.11	-75.6%	COM NEW	68232V884
VTGN	VISTAGEN THERAPEUTICS INC	45,200	$30	0.0%	$2.99	+20.9%	CALL	92840H400
SVA	SINOVAC BIOTECH LTD	2,718,735	$184,466	3.8%	$6.47	0.0%	SHS	P8696W104