BVF INC/IL Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GPCR	STRUCTURE THERAPEUTICS INC	3,479,022 (+8.6%)	$241,966 (+169.7%)	8.1%	$34.45	—	SPONSORED ADS	86366E106
XNCR	XENCOR INC	7,133,720 (+160.3%)	$109,217 (+239.8%)	3.7%	$17.12	-12.7%	COM	98401F105
STOK	STOKE THERAPEUTICS INC	2,265,674 (+36.7%)	$71,912 (+84.7%)	2.4%	$20.61	+45.9%	COM	86150R107
CMPX	COMPASS THERAPEUTICS INC	7,764,842 (+63.5%)	$41,697 (+150.8%)	1.4%	$3.73	+24.0%	COM	20454B104
ANNX	ANNEXON INC	9,128,080 (+30.4%)	$45,823 (+114.6%)	1.5%	$2.79	+37.1%	COM	03589W102
CBIO	CRESCENT BIOPHARMA INC.	2,748,763 (+98.1%)	$32,600 (+97.6%)	1.1%	$16.98	-25.0%	COM	G2545C104
NKTR	NEKTAR THERAPEUTICS	1,559,595 (+22.2%)	$65,940 (-9.2%)	2.2%	$37.25	+50.2%	COM NEW	640268306

Exited Positions (7)

PTGX PROTAGONIST THERAPEUTICS INC 5.7%

Value ($000) $170,122 Shares 2,560,916 Est. Cost $29.18 Unrealized +180.5%

— CIDARA THERAPEUTICS INC 4.6%

Value ($000) $135,420 Shares 1,414,165 Est. Cost $51.89 Unrealized —

CELC CELCUITY INC 1.1%

Value ($000) $32,526 Shares 658,421 Est. Cost $16.73 Unrealized +391.4%

— ESSA PHARMA INC 0.1%

Value ($000) $2,229 Shares 11,668,473 Est. Cost $2.79 Unrealized —

SABS SAB BIOTHERAPEUTICS INC 0.1%

Value ($000) $1,875 Shares 932,697 Est. Cost $5.45 Unrealized -39.7%

FBRX FORTE BIOSCIENCES INC 0.0%

Value ($000) $980 Shares 65,350 Est. Cost $11.57 Unrealized +51.5%

— NLS PHARMACEUTICS LTD 0.0%

Value ($000) $263 Shares 143,676 Est. Cost $5.07 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PTGX	PROTAGONIST THERAPEUTICS INC	2,560,916	$170,122	5.7%	$29.18	+180.5%	—	74366E102
—	CIDARA THERAPEUTICS INC	1,414,165	$135,420	4.6%	$51.89	—	—	171757206
CELC	CELCUITY INC	658,421	$32,526	1.1%	$16.73	+391.4%	—	15102K100
—	ESSA PHARMA INC	11,668,473	$2,229	0.1%	$2.79	—	—	29668H708
SABS	SAB BIOTHERAPEUTICS INC	932,697	$1,875	0.1%	$5.45	-39.7%	—	78397T202
FBRX	FORTE BIOSCIENCES INC	65,350	$980	0.0%	$11.57	+51.5%	—	34962G208
—	NLS PHARMACEUTICS LTD	143,676	$263	0.0%	$5.07	—	—	H57830137

Decreased Positions (8)

RVMD REVOLUTION MEDICINES INC 9.0%

Value ($000) $267,368 (+44.0%) Shares 3,356,782 (-15.6%) Est. Cost $31.23 Unrealized +109.9%

AXSM AXSOME THERAPEUTICS INC 0.3%

Value ($000) $8,357 (-85.9%) Shares 45,757 (-90.6%) Est. Cost $85.51 Unrealized +63.3%

SEPN SEPTERNA INC 1.6%

Value ($000) $47,975 (-36.5%) Shares 1,720,782 (-57.1%) Est. Cost $18.24 Unrealized +31.0%

ABVX ABIVAX SA 2.3%

Value ($000) $68,511 (+44.6%) Shares 508,031 (-9.0%) Est. Cost $84.90 Unrealized —

PVLA PALVELLA THERAPEUTICS INC NE 3.1%

Value ($000) $92,006 (+26.4%) Shares 879,009 (-24.3%) Est. Cost $27.27 Unrealized +212.9%

GLUE MONTE ROSA THERAPEUTICS INC 2.0%

Value ($000) $60,147 (+43.4%) Shares 3,835,886 (-32.2%) Est. Cost $6.80 Unrealized +98.1%

IMCR IMMUNOCORE HLDGS PLC 1.7%

Value ($000) $50,294 (-12.1%) Shares 1,488,975 (-5.4%) Est. Cost $33.11 Unrealized —

TYRA TYRA BIOSCIENCES INC 1.9%

Value ($000) $55,936 (+9.5%) Shares 2,127,665 (-41.7%) Est. Cost $16.23 Unrealized +13.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RVMD	REVOLUTION MEDICINES INC	3,356,782 (-15.6%)	$267,368 (+44.0%)	9.0%	$31.23	+109.9%	COM	76155X100
AXSM	AXSOME THERAPEUTICS INC	45,757 (-90.6%)	$8,357 (-85.9%)	0.3%	$85.51	+63.3%	COM	05464T104
SEPN	SEPTERNA INC	1,720,782 (-57.1%)	$47,975 (-36.5%)	1.6%	$18.24	+31.0%	COM	81734D104
ABVX	ABIVAX SA	508,031 (-9.0%)	$68,511 (+44.6%)	2.3%	$84.90	—	SPONSORED ADS	00370M103
PVLA	PALVELLA THERAPEUTICS INC NE	879,009 (-24.3%)	$92,006 (+26.4%)	3.1%	$27.27	+212.9%	COM	697947109
GLUE	MONTE ROSA THERAPEUTICS INC	3,835,886 (-32.2%)	$60,147 (+43.4%)	2.0%	$6.80	+98.1%	COM	61225M102
IMCR	IMMUNOCORE HLDGS PLC	1,488,975 (-5.4%)	$50,294 (-12.1%)	1.7%	$33.11	—	ADS	45258D105
TYRA	TYRA BIOSCIENCES INC	2,127,665 (-41.7%)	$55,936 (+9.5%)	1.9%	$16.23	+13.2%	COM	90240B106

Unchanged Positions (24)

MLTX MOONLAKE IMMUNOTHERAPEUTICS 8.8%

Value ($000) $260,322 Shares 19,751,284 Est. Cost $6.29 Unrealized +87.7%

KYMR KYMERA THERAPEUTICS INC 14.4%

Value ($000) $428,166 Shares 5,502,710 Est. Cost $32.29 Unrealized +109.1%

OLMA OLEMA PHARMACEUTICALS INC 4.5%

Value ($000) $132,397 Shares 5,295,893 Est. Cost $37.66 Unrealized -52.8%

ZYME ZYMEWORKS INC 3.5%

Value ($000) $103,704 Shares 3,938,641 Est. Cost $7.03 Unrealized +210.4%

XOMA XOMA ROYALTY CORPORATION 2.3%

Value ($000) $68,876 Shares 2,590,303 Est. Cost $15.57 Unrealized +106.7%

CGEM CULLINAN THERAPEUTICS INC 2.0%

Value ($000) $59,520 Shares 5,750,683 Est. Cost $20.31 Unrealized -55.6%

GHRS GH RESEARCH PLC 3.8%

Value ($000) $112,112 Shares 8,827,712 Est. Cost $18.98 Unrealized -28.2%

KURA KURA ONCOLOGY INC 3.0%

Value ($000) $89,532 Shares 8,617,162 Est. Cost $9.56 Unrealized +9.8%

— REPARE THERAPEUTICS INC 0.9%

Value ($000) $26,867 Shares 10,333,600 Est. Cost $19.56 Unrealized —

MIRM MIRUM PHARMACEUTICALS INC 4.0%

Value ($000) $118,113 Shares 1,495,290 Est. Cost $27.38 Unrealized +162.1%

AVTX AVALO THERAPEUTICS INC 0.8%

Value ($000) $24,611 Shares 1,355,257 Est. Cost $9.92 Unrealized +70.2%

ELDN ELEDON PHARMACEUTICALS INC 0.3%

Value ($000) $9,503 Shares 6,293,282 Est. Cost $4.95 Unrealized -52.0%

FDMT 4D MOLECULAR THERAPEUTICS IN 1.2%

Value ($000) $34,720 Shares 4,629,289 Est. Cost $13.79 Unrealized -26.4%

ACIU AC IMMUNE SA 2.1%

Value ($000) $62,242 Shares 19,822,436 Est. Cost $4.49 Unrealized -29.8%

TCRX TSCAN THERAPEUTICS INC 0.2%

Value ($000) $5,226 Shares 5,226,074 Est. Cost $2.41 Unrealized -40.0%

PEPG PEPGEN INC 0.4%

Value ($000) $12,467 Shares 1,915,000 Est. Cost $1.61 Unrealized +222.0%

FHTX FOGHORN THERAPEUTICS INC 1.0%

Value ($000) $28,631 Shares 5,302,000 Est. Cost $5.96 Unrealized -23.9%

IMUX IMMUNIC INC 0.1%

Value ($000) $4,084 Shares 7,652,972 Est. Cost $1.30 Unrealized -43.6%

ENGNW ENGENE HOLDINGS INC 0.1%

Value ($000) $2,401 Shares 945,402 Est. Cost $0.85 Unrealized —

TENX TENAX THERAPEUTICS INC 0.1%

Value ($000) $4,139 Shares 339,549 Est. Cost $3.62 Unrealized +140.2%

XFOR X4 PHARMACEUTICALS INC 0.3%

Value ($000) $8,935 Shares 2,233,742 Est. Cost $2.58 Unrealized +40.9%

IMA IMAGENEBIO INC 0.2%

Value ($000) $5,535 Shares 802,102 Est. Cost $13.25 Unrealized -44.1%

MOLN MOLECULAR PARTNERS AG 0.2%

Value ($000) $5,822 Shares 1,353,968 Est. Cost $9.66 Unrealized —

IVA INVENTIVA SA 0.1%

Value ($000) $3,190 Shares 686,040 Est. Cost $13.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLTX	MOONLAKE IMMUNOTHERAPEUTICS	19,751,284	$260,322	8.8%	$6.29	+87.7%	CLASS A ORD	61559X104
KYMR	KYMERA THERAPEUTICS INC	5,502,710	$428,166	14.4%	$32.29	+109.1%	COM	501575104
OLMA	OLEMA PHARMACEUTICALS INC	5,295,893	$132,397	4.5%	$37.66	-52.8%	COM	68062P106
ZYME	ZYMEWORKS INC	3,938,641	$103,704	3.5%	$7.03	+210.4%	COM	98985Y108
XOMA	XOMA ROYALTY CORPORATION	2,590,303	$68,876	2.3%	$15.57	+106.7%	COM NEW	98419J206
CGEM	CULLINAN THERAPEUTICS INC	5,750,683	$59,520	2.0%	$20.31	-55.6%	COM	230031106
GHRS	GH RESEARCH PLC	8,827,712	$112,112	3.8%	$18.98	-28.2%	ORDINARY SHARES	G3855L106
KURA	KURA ONCOLOGY INC	8,617,162	$89,532	3.0%	$9.56	+9.8%	COM	50127T109
—	REPARE THERAPEUTICS INC	10,333,600	$26,867	0.9%	$19.56	—	COM	760273102
MIRM	MIRUM PHARMACEUTICALS INC	1,495,290	$118,113	4.0%	$27.38	+162.1%	COM	604749101
AVTX	AVALO THERAPEUTICS INC	1,355,257	$24,611	0.8%	$9.92	+70.2%	COM NEW	05338F306
ELDN	ELEDON PHARMACEUTICALS INC	6,293,282	$9,503	0.3%	$4.95	-52.0%	COM	28617K101
FDMT	4D MOLECULAR THERAPEUTICS IN	4,629,289	$34,720	1.2%	$13.79	-26.4%	COM	35104E100
ACIU	AC IMMUNE SA	19,822,436	$62,242	2.1%	$4.49	-29.8%	SHS	H00263105
TCRX	TSCAN THERAPEUTICS INC	5,226,074	$5,226	0.2%	$2.41	-40.0%	COM	89854M101
PEPG	PEPGEN INC	1,915,000	$12,467	0.4%	$1.61	+222.0%	COM	713317105
FHTX	FOGHORN THERAPEUTICS INC	5,302,000	$28,631	1.0%	$5.96	-23.9%	COM	344174107
IMUX	IMMUNIC INC	7,652,972	$4,084	0.1%	$1.30	-43.6%	COM	4525EP101
ENGNW	ENGENE HOLDINGS INC	945,402	$2,401	0.1%	$0.85	—	*W EXP 10/31/202	29286M113
TENX	TENAX THERAPEUTICS INC	339,549	$4,139	0.1%	$3.62	+140.2%	COM NEW	88032L605
XFOR	X4 PHARMACEUTICALS INC	2,233,742	$8,935	0.3%	$2.58	+40.9%	COM NEW	98420X202
IMA	IMAGENEBIO INC	802,102	$5,535	0.2%	$13.25	-44.1%	COM	45175G207
MOLN	MOLECULAR PARTNERS AG	1,353,968	$5,822	0.2%	$9.66	—	ADS	60853G106
IVA	INVENTIVA SA	686,040	$3,190	0.1%	$13.70	—	ADS	46124U107