TANG CAPITAL MANAGEMENT LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RNA	AVIDITY BIOSCIENCES INC	900,000	$64,917	3.2%	$64.59	0.0%	COM	05370A108
CAPR	CAPRICOR THERAPEUTICS INC	1,700,000	$49,062	2.4%	$13.06	0.0%	COM NEW	14070B309
SPY	SPDR S&P 500 ETF TR	30,000	$20,458	1.0%	$681.92	—	TR UNIT	78462F103
BMY	BRISTOL-MYERS SQUIBB CO	200,000	$10,788	0.5%	$47.53	0.0%	COM	110122108
WVE	WAVE LIFE SCIENCES LTD	600,000	$10,200	0.5%	$10.16	0.0%	SHS	Y95308105
CORT	CORCEPT THERAPEUTICS INC	156,764	$5,455	0.3%	$78.55	0.0%	COM	218352102
ABEO	ABEONA THERAPEUTICS INC	1,000,000	$5,270	0.3%	$5.03	0.0%	COM NEW	00289Y206
STRO	SUTRO BIOPHARMA INC	139,617	$1,615	0.1%	$9.49	0.0%	COM SHS	869367201
ACET	ADICET BIO INC	6,158	$52	0.0%	$11.05	0.0%	COM NEW	007002207

Increased Positions (12)

BNTX BIONTECH SE 2.2%

Value ($000) $44,744 (+68.0%) Shares 470,000 (+74.1%) Est. Cost $108.74 Unrealized —

MRNA MODERNA INC 1.0%

Value ($000) $20,431 (+159.1%) Shares 692,820 (+126.9%) Est. Cost $36.16 Unrealized -24.9%

ANIP ANI PHARMACEUTICALS INC 1.9%

Value ($000) $38,005 (+30.7%) Shares 481,437 (+51.6%) Est. Cost $71.30 Unrealized +21.4%

IMCR IMMUNOCORE HLDGS PLC 4.5%

Value ($000) $91,237 (+8.9%) Shares 2,628,538 (+14.0%) Est. Cost $31.44 Unrealized —

IDYA IDEAYA BIOSCIENCES INC 0.8%

Value ($000) $15,557 (+42.9%) Shares 450,000 (+12.5%) Est. Cost $25.04 Unrealized +27.3%

HRTX HERON THERAPEUTICS INC 0.4%

Value ($000) $8,125 (+86.9%) Shares 6,250,000 (+81.2%) Est. Cost $2.22 Unrealized -44.3%

HRMY HARMONY BIOSCIENCES HLDGS IN 0.5%

Value ($000) $10,863 (+40.2%) Shares 290,292 (+3.2%) Est. Cost $41.00 Unrealized -19.8%

TBPH THERAVANCE BIOPHARMA INC 0.3%

Value ($000) $6,572 (+70.3%) Shares 351,252 (+32.9%) Est. Cost $10.62 Unrealized +56.1%

CBIO CRESCENT BIOPHARMA INC. 0.5%

Value ($000) $10,347 (+28.0%) Shares 872,398 (+28.3%) Est. Cost $13.60 Unrealized -6.3%

PLRX PLIANT THERAPEUTICS INC 0.4%

Value ($000) $7,495 (-15.6%) Shares 6,143,132 (+2.3%) Est. Cost $5.97 Unrealized -74.8%

VSTM VERASTEM INC 0.4%

Value ($000) $8,259 (+18.4%) Shares 1,069,810 (+35.5%) Est. Cost $7.70 Unrealized +15.7%

PMVP PMV PHARMACEUTICALS INC 0.3%

Value ($000) $6,175 (-7.8%) Shares 4,940,000 (+3.2%) Est. Cost $1.38 Unrealized -3.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BNTX	BIONTECH SE	470,000 (+74.1%)	$44,744 (+68.0%)	2.2%	$108.74	—	SPONSORED ADS	09075V102
MRNA	MODERNA INC	692,820 (+126.9%)	$20,431 (+159.1%)	1.0%	$36.16	-24.9%	COM	60770K107
ANIP	ANI PHARMACEUTICALS INC	481,437 (+51.6%)	$38,005 (+30.7%)	1.9%	$71.30	+21.4%	COM	00182C103
IMCR	IMMUNOCORE HLDGS PLC	2,628,538 (+14.0%)	$91,237 (+8.9%)	4.5%	$31.44	—	ADS	45258D105
IDYA	IDEAYA BIOSCIENCES INC	450,000 (+12.5%)	$15,557 (+42.9%)	0.8%	$25.04	+27.3%	COM	45166A102
HRTX	HERON THERAPEUTICS INC	6,250,000 (+81.2%)	$8,125 (+86.9%)	0.4%	$2.22	-44.3%	COM	427746102
HRMY	HARMONY BIOSCIENCES HLDGS IN	290,292 (+3.2%)	$10,863 (+40.2%)	0.5%	$41.00	-19.8%	COM	413197104
TBPH	THERAVANCE BIOPHARMA INC	351,252 (+32.9%)	$6,572 (+70.3%)	0.3%	$10.62	+56.1%	COM	G8807B106
CBIO	CRESCENT BIOPHARMA INC.	872,398 (+28.3%)	$10,347 (+28.0%)	0.5%	$13.60	-6.3%	COM	G2545C104
PLRX	PLIANT THERAPEUTICS INC	6,143,132 (+2.3%)	$7,495 (-15.6%)	0.4%	$5.97	-74.8%	COM	729139105
VSTM	VERASTEM INC	1,069,810 (+35.5%)	$8,259 (+18.4%)	0.4%	$7.70	+15.7%	COM NEW	92337C203
PMVP	PMV PHARMACEUTICALS INC	4,940,000 (+3.2%)	$6,175 (-7.8%)	0.3%	$1.38	-3.1%	COM	69353Y103

Exited Positions (128)

— MERUS N V 2.8%

Value ($000) $56,490 Shares 600,000 Est. Cost $53.70 Unrealized —

RLAY RELAY THERAPEUTICS INC 2.1%

Value ($000) $42,115 Shares 8,068,058 Est. Cost $6.34 Unrealized +12.6%

VERA VERA THERAPEUTICS INC CL A 1.9%

Value ($000) $39,231 Shares 1,350,000 Est. Cost $23.56 Unrealized +50.8%

NKE NIKE INC 1.8%

Value ($000) $36,218 Shares 519,399 Est. Cost $73.83 Unrealized -12.1%

IONS IONIS PHARMACEUTICALS INC 1.8%

Value ($000) $35,981 Shares 550,000 Est. Cost $44.43 Unrealized +69.5%

CTMX CYTOMX THERAPEUTICS INC 1.7%

Value ($000) $35,299 Shares 11,065,662 Est. Cost $1.79 Unrealized +112.6%

— AVADEL PHARMACEUTICALS PLC 1.6%

Value ($000) $32,029 Shares 2,097,500 Est. Cost $11.83 Unrealized —

LEGN LEGEND BIOTECH CORP 1.3%

Value ($000) $27,066 Shares 830,000 Est. Cost $33.18 Unrealized —

LQDA LIQUIDIA CORPORATION 1.3%

Value ($000) $26,009 Shares 1,143,759 Est. Cost $11.99 Unrealized +137.4%

JAZZ JAZZ PHARMACEUTICALS PLC 1.2%

Value ($000) $25,042 Shares 190,000 Est. Cost $115.34 Unrealized +32.9%

KROS KEROS THERAPEUTICS INC 1.1%

Value ($000) $22,448 Shares 1,418,984 Est. Cost $12.04 Unrealized +45.8%

NBIX NEUROCRINE BIOSCIENCES INC 1.0%

Value ($000) $21,057 Shares 150,000 Est. Cost $137.09 Unrealized +5.7%

JANX JANUX THERAPEUTICS INC 0.8%

Value ($000) $17,108 Shares 700,000 Est. Cost $28.44 Unrealized -17.3%

ADMA ADMA BIOLOGICS INC 0.8%

Value ($000) $15,393 Shares 1,050,000 Est. Cost $18.09 Unrealized -6.8%

REPL REPLIMUNE GROUP INC 0.7%

Value ($000) $14,246 Shares 3,400,000 Est. Cost $10.06 Unrealized -15.5%

DSGN DESIGN THERAPEUTICS INC 0.7%

Value ($000) $13,411 Shares 1,780,975 Est. Cost $4.45 Unrealized +76.0%

ABCL ABCELLERA BIOLOGICS INC 0.6%

Value ($000) $13,078 Shares 2,600,000 Est. Cost $2.95 Unrealized +51.1%

CMPS COMPASS PATHWAYS PLC 0.6%

Value ($000) $12,606 Shares 2,200,000 Est. Cost $4.42 Unrealized —

BABA ALIBABA GROUP HOLDING LTD ADR 0.6%

Value ($000) $12,511 Shares 70,000 Est. Cost $132.23 Unrealized —

VNDA VANDA PHARMACEUTICALS INC 0.6%

Value ($000) $11,743 Shares 2,353,307 Est. Cost $4.32 Unrealized +27.4%

AZN ASTRAZENECA PLC 0.6%

Value ($000) $11,508 Shares 150,000 Est. Cost $63.22 Unrealized —

SMMT SUMMIT THERAPEUTICS INC 0.6%

Value ($000) $11,363 Shares 550,000 Est. Cost $23.59 Unrealized -20.3%

HELP CYBIN INC 0.5%

Value ($000) $10,779 Shares 1,830,097 Est. Cost $9.69 Unrealized -33.6%

WGS GENEDX HOLDINGS CORP 0.5%

Value ($000) $10,774 Shares 100,000 Est. Cost $78.50 Unrealized +74.8%

IDXX IDEXX LABS INC 0.5%

Value ($000) $10,222 Shares 16,000 Est. Cost $465.83 Unrealized +46.2%

BIOA BIOAGE LABS INC 0.5%

Value ($000) $9,408 Shares 1,600,000 Est. Cost $15.02 Unrealized -41.0%

BHC BAUSCH HEALTH COS INC 0.4%

Value ($000) $8,385 Shares 1,300,000 Est. Cost $5.87 Unrealized +12.0%

APGE APOGEE THERAPEUTICS INC 0.4%

Value ($000) $7,946 Shares 200,000 Est. Cost $41.16 Unrealized +53.0%

BDTX BLACK DIAMOND THERAPEUTICS I 0.4%

Value ($000) $7,846 Shares 2,070,209 Est. Cost $2.72 Unrealized +30.3%

LLY ELI LILLY & CO 0.4%

Value ($000) $7,630 Shares 10,000 Est. Cost $773.40 Unrealized +23.6%

MLYS MINERALYS THERAPEUTICS INC 0.4%

Value ($000) $7,584 Shares 200,000 Est. Cost $11.50 Unrealized +248.7%

— MIND MEDICINE MINDMED INC 0.3%

Value ($000) $7,076 Shares 600,200 Est. Cost $6.43 Unrealized —

EWTX EDGEWISE THERAPEUTICS INC 0.3%

Value ($000) $6,996 Shares 431,300 Est. Cost $26.54 Unrealized -24.4%

BLCO BAUSCH PLUS LOMB CORP 0.3%

Value ($000) $6,698 Shares 444,467 Est. Cost $17.05 Unrealized -7.0%

— ADICET BIO INC 0.3%

Value ($000) $6,663 Shares 8,223,612 Est. Cost $2.54 Unrealized —

CGEM CULLINAN THERAPEUTICS INC 0.3%

Value ($000) $6,648 Shares 1,121,138 Est. Cost $13.85 Unrealized -34.9%

CRSP CRISPR THERAPEUTICS AG 0.3%

Value ($000) $6,481 Shares 100,000 Est. Cost $57.41 Unrealized +4.3%

BEAM BEAM THERAPEUTICS INC 0.3%

Value ($000) $6,189 Shares 255,000 Est. Cost $19.30 Unrealized +32.2%

GMAB GENMAB A/S 0.3%

Value ($000) $6,134 Shares 200,000 Est. Cost $24.75 Unrealized —

PYXS PYXIS ONCOLOGY INC 0.3%

Value ($000) $5,550 Shares 2,500,000 Est. Cost $1.22 Unrealized +189.6%

CYTK CYTOKINETICS INC 0.3%

Value ($000) $5,496 Shares 100,000 Est. Cost $36.21 Unrealized +71.8%

CNTA CENTESSA PHARMACEUTICALS PLC 0.2%

Value ($000) $4,850 Shares 200,000 Est. Cost $21.78 Unrealized —

SNY SANOFI 0.2%

Value ($000) $4,720 Shares 100,000 Est. Cost $50.67 Unrealized —

ALMS ALUMIS INC 0.2%

Value ($000) $4,656 Shares 1,167,009 Est. Cost $4.72 Unrealized +47.8%

TGTX TG THERAPEUTICS INC 0.2%

Value ($000) $3,613 Shares 100,000 Est. Cost $13.94 Unrealized +134.3%

DTIL PRECISION BIOSCIENCES INC 0.2%

Value ($000) $3,608 Shares 653,649 Est. Cost $11.85 Unrealized -52.1%

CGON CG ONCOLOGY INC 0.2%

Value ($000) $3,525 Shares 87,500 Est. Cost $24.10 Unrealized +71.7%

SLNO SOLENO THERAPEUTICS INC 0.2%

Value ($000) $3,380 Shares 50,000 Est. Cost $51.81 Unrealized +5.8%

FENC FENNEC PHARMACEUTICALS INC 0.2%

Value ($000) $3,132 Shares 334,593 Est. Cost $8.55 Unrealized -3.9%

SNDX SYNDAX PHARMACEUTICALS INC 0.2%

Value ($000) $3,077 Shares 200,000 Est. Cost $15.61 Unrealized +11.8%

TSHA TAYSHA GENE THERAPIES INC 0.1%

Value ($000) $2,943 Shares 900,000 Est. Cost $2.17 Unrealized +123.5%

SEER SEER INC 0.1%

Value ($000) $2,917 Shares 1,344,423 Est. Cost $1.85 Unrealized +10.1%

TECX TECTONIC THERAPEUTIC INC 0.1%

Value ($000) $2,811 Shares 179,166 Est. Cost $25.16 Unrealized -26.1%

LNTH LANTHEUS HLDGS INC 0.1%

Value ($000) $2,565 Shares 50,000 Est. Cost $58.85 Unrealized -1.1%

— SUTRO BIOPHARMA INC 0.1%

Value ($000) $2,456 Shares 2,828,717 Est. Cost $0.72 Unrealized —

VOR VOR BIOPHARMA INC 0.1%

Value ($000) $2,436 Shares 50,000 Est. Cost $40.21 Unrealized -53.7%

KLRS KALARIS THERAPEUTICS, INC 0.1%

Value ($000) $2,417 Shares 418,241 Est. Cost $8.25 Unrealized -22.5%

MTD METTLER-TOLEDO INTERNATIONAL 0.1%

Value ($000) $2,417 Shares 1,969 Est. Cost $1117.50 Unrealized +25.0%

ZNTL ZENTALIS PHARMACEUTICALS INC 0.1%

Value ($000) $2,341 Shares 1,550,000 Est. Cost $2.13 Unrealized -31.6%

INTC INTEL CORP 0.1%

Value ($000) $2,222 Shares 66,216 Est. Cost $23.99 Unrealized +57.4%

GOSS GOSSAMER BIO INC 0.1%

Value ($000) $2,104 Shares 800,000 Est. Cost $2.20 Unrealized +29.5%

OPRX OPTIMIZERX CORP 0.1%

Value ($000) $2,050 Shares 100,000 Est. Cost $5.59 Unrealized +192.4%

CLYM CLIMB BIO INC 0.1%

Value ($000) $2,010 Shares 1,000,000 Est. Cost $1.62 Unrealized +48.1%

CCCC C4 THERAPEUTICS INC 0.1%

Value ($000) $1,998 Shares 900,000 Est. Cost $5.77 Unrealized -59.0%

JPM JPMORGAN CHASE & CO. 0.1%

Value ($000) $1,991 Shares 6,312 Est. Cost $218.45 Unrealized +41.7%

MSFT MICROSOFT CORP 0.1%

Value ($000) $1,837 Shares 3,546 Est. Cost $416.66 Unrealized +20.1%

WMT WALMART INC 0.1%

Value ($000) $1,777 Shares 17,242 Est. Cost $78.63 Unrealized +36.3%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $1,756 Shares 9,472 Est. Cost $151.85 Unrealized +29.7%

V VISA INC 0.1%

Value ($000) $1,662 Shares 4,869 Est. Cost $294.07 Unrealized +15.7%

DIS DISNEY WALT CO 0.1%

Value ($000) $1,659 Shares 14,493 Est. Cost $99.83 Unrealized +9.7%

KOD KODIAK SCIENCES INC 0.1%

Value ($000) $1,637 Shares 100,000 Est. Cost $5.44 Unrealized +276.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $1,634 Shares 3,250 Est. Cost $454.30 Unrealized +9.5%

CGTX COGNITION THERAPEUTICS INC 0.1%

Value ($000) $1,620 Shares 1,200,000 Est. Cost $1.36 Unrealized +19.0%

CRBP CORBUS PHARMACEUTICALS HLDGS 0.1%

Value ($000) $1,613 Shares 127,520 Est. Cost $51.17 Unrealized -75.9%

VZ VERIZON COMMUNICATIONS INC 0.1%

Value ($000) $1,594 Shares 36,266 Est. Cost $38.81 Unrealized +4.3%

ENTA ENANTA PHARMACEUTICALS INC 0.1%

Value ($000) $1,516 Shares 126,655 Est. Cost $9.32 Unrealized +36.3%

KO COCA COLA CO 0.1%

Value ($000) $1,506 Shares 22,712 Est. Cost $63.98 Unrealized +8.5%

HD HOME DEPOT INC 0.1%

Value ($000) $1,477 Shares 3,646 Est. Cost $366.99 Unrealized -0.7%

CDNA CAREDX INC 0.1%

Value ($000) $1,454 Shares 100,000 Est. Cost $24.32 Unrealized -31.1%

XOM EXXON MOBIL CORP 0.1%

Value ($000) $1,426 Shares 12,651 Est. Cost $109.66 Unrealized +5.3%

PG PROCTER AND GAMBLE CO 0.1%

Value ($000) $1,375 Shares 8,952 Est. Cost $163.58 Unrealized -10.0%

TXN TEXAS INSTRS INC 0.1%

Value ($000) $1,362 Shares 7,415 Est. Cost $187.41 Unrealized -8.9%

AMLX AMYLYX PHARMACEUTICALS INC 0.1%

Value ($000) $1,359 Shares 100,000 Est. Cost $15.33 Unrealized -11.4%

PFE PFIZER INC 0.1%

Value ($000) $1,351 Shares 53,039 Est. Cost $25.57 Unrealized -2.1%

VTRS VIATRIS INC 0.1%

Value ($000) $1,271 Shares 128,359 Est. Cost $10.68 Unrealized +0.4%

IOVA IOVANCE BIOTHERAPEUTICS INC 0.1%

Value ($000) $1,180 Shares 543,760 Est. Cost $5.18 Unrealized -55.3%

PYPL PAYPAL HLDGS INC 0.1%

Value ($000) $1,162 Shares 17,323 Est. Cost $73.49 Unrealized -11.8%

PBYI PUMA BIOTECHNOLOGY INC 0.1%

Value ($000) $1,062 Shares 200,000 Est. Cost $4.39 Unrealized +20.9%

AAT AMERICAN ASSETS TR INC 0.1%

Value ($000) $1,016 Shares 50,000 Est. Cost $20.14 Unrealized —

BCAB BIOATLA INC 0.0%

Value ($000) $945 Shares 1,374,076 Est. Cost $4.72 Unrealized -83.4%

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $940 Shares 2,721 Est. Cost $532.45 Unrealized -36.7%

GE GE AEROSPACE 0.0%

Value ($000) $901 Shares 2,994 Est. Cost $172.66 Unrealized +74.2%

KURA KURA ONCOLOGY INC 0.0%

Value ($000) $885 Shares 100,000 Est. Cost $19.44 Unrealized -46.0%

GEV GE VERNOVA INC 0.0%

Value ($000) $847 Shares 1,378 Est. Cost $311.89 Unrealized +95.3%

FTRE FORTREA HLDGS INC 0.0%

Value ($000) $842 Shares 100,000 Est. Cost $19.49 Unrealized -36.6%

NFLX NETFLIX INC 0.0%

Value ($000) $819 Shares 683 Est. Cost $76.00 Unrealized +41.9%

ULTA ULTA BEAUTY INC 0.0%

Value ($000) $756 Shares 1,384 Est. Cost $387.42 Unrealized +41.9%

— ASTRIA THERAPEUTICS INC 0.0%

Value ($000) $728 Shares 100,000 Est. Cost $9.10 Unrealized —

BA BOEING CO 0.0%

Value ($000) $696 Shares 3,225 Est. Cost $187.05 Unrealized +10.0%

AXP AMERICAN EXPRESS CO 0.0%

Value ($000) $641 Shares 1,931 Est. Cost $268.75 Unrealized +32.8%

UAL UNITED AIRLS HLDGS INC 0.0%

Value ($000) $608 Shares 6,296 Est. Cost $72.59 Unrealized +39.2%

PASG PASSAGE BIO INC 0.0%

Value ($000) $602 Shares 75,000 Est. Cost $6.96 Unrealized +24.0%

ALL ALLSTATE CORP 0.0%

Value ($000) $580 Shares 2,700 Est. Cost $183.11 Unrealized +11.5%

HPE HEWLETT PACKARD ENTERPRISE C 0.0%

Value ($000) $579 Shares 23,563 Est. Cost $20.44 Unrealized +14.6%

AMZN AMAZON COM INC 0.0%

Value ($000) $567 Shares 2,583 Est. Cost $199.79 Unrealized +14.5%

TMUS T-MOBILE US INC 0.0%

Value ($000) $547 Shares 2,285 Est. Cost $214.87 Unrealized -1.6%

LAB STANDARD BIOTOOLS INC 0.0%

Value ($000) $530 Shares 407,755 Est. Cost $1.96 Unrealized -31.4%

MCD MCDONALDS CORP 0.0%

Value ($000) $520 Shares 1,710 Est. Cost $290.22 Unrealized +5.1%

F FORD MTR CO 0.0%

Value ($000) $519 Shares 43,381 Est. Cost $10.06 Unrealized +27.6%

SEE SEALED AIR CORP NEW 0.0%

Value ($000) $505 Shares 14,274 Est. Cost $34.70 Unrealized +11.2%

SHW SHERWIN WILLIAMS CO 0.0%

Value ($000) $484 Shares 1,398 Est. Cost $364.13 Unrealized -8.2%

ATYR ATYR PHARMA INC 0.0%

Value ($000) $484 Shares 671,134 Est. Cost $2.59 Unrealized -68.3%

OABI OMNIAB INC 0.0%

Value ($000) $480 Shares 300,000 Est. Cost $4.56 Unrealized -61.9%

CVX CHEVRON CORP NEW 0.0%

Value ($000) $469 Shares 3,023 Est. Cost $145.50 Unrealized +4.1%

PAYX PAYCHEX INC 0.0%

Value ($000) $449 Shares 3,542 Est. Cost $137.31 Unrealized -15.1%

IPSC CENTURY THERAPEUTICS INC 0.0%

Value ($000) $448 Shares 900,000 Est. Cost $1.82 Unrealized -66.5%

IVVD INVIVYD INC 0.0%

Value ($000) $440 Shares 400,000 Est. Cost $1.61 Unrealized +28.9%

HRL HORMEL FOODS CORP 0.0%

Value ($000) $400 Shares 16,181 Est. Cost $30.03 Unrealized -22.4%

FDX FEDEX CORP 0.0%

Value ($000) $399 Shares 1,693 Est. Cost $271.73 Unrealized -3.7%

CLX CLOROX CO DEL 0.0%

Value ($000) $376 Shares 3,052 Est. Cost $154.04 Unrealized -29.7%

MGNX MACROGENICS INC 0.0%

Value ($000) $368 Shares 218,856 Est. Cost $9.74 Unrealized -83.9%

BOLT BOLT BIOTHERAPEUTICS INC 0.0%

Value ($000) $356 Shares 66,879 Est. Cost $6.62 Unrealized -18.9%

GHRS GH RESEARCH PLC 0.0%

Value ($000) $344 Shares 24,030 Est. Cost $13.99 Unrealized -2.6%

WHR WHIRLPOOL CORP 0.0%

Value ($000) $341 Shares 4,335 Est. Cost $110.34 Unrealized -33.1%

OKUR ONKURE THERAPEUTICS INC 0.0%

Value ($000) $320 Shares 116,395 Est. Cost $12.63 Unrealized -76.3%

LONA ATHIRA PHARMA INC 0.0%

Value ($000) $248 Shares 59,998 Est. Cost $3.92 Unrealized +16.7%

MGX METAGENOMI INC 0.0%

Value ($000) $66 Shares 28,008 Est. Cost $2.12 Unrealized +2.2%

PACB PACIFIC BIOSCIENCES CALIF IN 0.0%

Value ($000) $32 Shares 25,000 Est. Cost $1.35 Unrealized +41.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MERUS N V	600,000	$56,490	2.8%	$53.70	—	—	N5749R100
RLAY	RELAY THERAPEUTICS INC	8,068,058	$42,115	2.1%	$6.34	+12.6%	—	75943R102
VERA	VERA THERAPEUTICS INC CL A	1,350,000	$39,231	1.9%	$23.56	+50.8%	—	92337R101
NKE	NIKE INC	519,399	$36,218	1.8%	$73.83	-12.1%	—	654106103
IONS	IONIS PHARMACEUTICALS INC	550,000	$35,981	1.8%	$44.43	+69.5%	—	462222100
CTMX	CYTOMX THERAPEUTICS INC	11,065,662	$35,299	1.7%	$1.79	+112.6%	—	23284F105
—	AVADEL PHARMACEUTICALS PLC	2,097,500	$32,029	1.6%	$11.83	—	—	G29687103
LEGN	LEGEND BIOTECH CORP	830,000	$27,066	1.3%	$33.18	—	—	52490G102
LQDA	LIQUIDIA CORPORATION	1,143,759	$26,009	1.3%	$11.99	+137.4%	—	53635D202
JAZZ	JAZZ PHARMACEUTICALS PLC	190,000	$25,042	1.2%	$115.34	+32.9%	—	G50871105
KROS	KEROS THERAPEUTICS INC	1,418,984	$22,448	1.1%	$12.04	+45.8%	—	492327101
NBIX	NEUROCRINE BIOSCIENCES INC	150,000	$21,057	1.0%	$137.09	+5.7%	—	64125C109
JANX	JANUX THERAPEUTICS INC	700,000	$17,108	0.8%	$28.44	-17.3%	—	47103J105
ADMA	ADMA BIOLOGICS INC	1,050,000	$15,393	0.8%	$18.09	-6.8%	—	000899104
REPL	REPLIMUNE GROUP INC	3,400,000	$14,246	0.7%	$10.06	-15.5%	—	76029N106
DSGN	DESIGN THERAPEUTICS INC	1,780,975	$13,411	0.7%	$4.45	+76.0%	—	25056L103
ABCL	ABCELLERA BIOLOGICS INC	2,600,000	$13,078	0.6%	$2.95	+51.1%	—	00288U106
CMPS	COMPASS PATHWAYS PLC	2,200,000	$12,606	0.6%	$4.42	—	—	20451W101
BABA	ALIBABA GROUP HOLDING LTD ADR	70,000	$12,511	0.6%	$132.23	—	—	01609W102
VNDA	VANDA PHARMACEUTICALS INC	2,353,307	$11,743	0.6%	$4.32	+27.4%	—	921659108
AZN	ASTRAZENECA PLC	150,000	$11,508	0.6%	$63.22	—	—	046353108
SMMT	SUMMIT THERAPEUTICS INC	550,000	$11,363	0.6%	$23.59	-20.3%	—	86627T108
HELP	CYBIN INC	1,830,097	$10,779	0.5%	$9.69	-33.6%	—	23256X407
WGS	GENEDX HOLDINGS CORP	100,000	$10,774	0.5%	$78.50	+74.8%	—	81663L200
IDXX	IDEXX LABS INC	16,000	$10,222	0.5%	$465.83	+46.2%	—	45168D104
BIOA	BIOAGE LABS INC	1,600,000	$9,408	0.5%	$15.02	-41.0%	—	09077V100
BHC	BAUSCH HEALTH COS INC	1,300,000	$8,385	0.4%	$5.87	+12.0%	—	071734107
APGE	APOGEE THERAPEUTICS INC	200,000	$7,946	0.4%	$41.16	+53.0%	—	03770N101
BDTX	BLACK DIAMOND THERAPEUTICS I	2,070,209	$7,846	0.4%	$2.72	+30.3%	—	09203E105
LLY	ELI LILLY & CO	10,000	$7,630	0.4%	$773.40	+23.6%	—	532457108
MLYS	MINERALYS THERAPEUTICS INC	200,000	$7,584	0.4%	$11.50	+248.7%	—	603170101
—	MIND MEDICINE MINDMED INC	600,200	$7,076	0.3%	$6.43	—	—	60255C885
EWTX	EDGEWISE THERAPEUTICS INC	431,300	$6,996	0.3%	$26.54	-24.4%	—	28036F105
BLCO	BAUSCH PLUS LOMB CORP	444,467	$6,698	0.3%	$17.05	-7.0%	—	071705107
—	ADICET BIO INC	8,223,612	$6,663	0.3%	$2.54	—	—	007002108
CGEM	CULLINAN THERAPEUTICS INC	1,121,138	$6,648	0.3%	$13.85	-34.9%	—	230031106
CRSP	CRISPR THERAPEUTICS AG	100,000	$6,481	0.3%	$57.41	+4.3%	—	H17182108
BEAM	BEAM THERAPEUTICS INC	255,000	$6,189	0.3%	$19.30	+32.2%	—	07373V105
GMAB	GENMAB A/S	200,000	$6,134	0.3%	$24.75	—	—	372303206
PYXS	PYXIS ONCOLOGY INC	2,500,000	$5,550	0.3%	$1.22	+189.6%	—	747324101
CYTK	CYTOKINETICS INC	100,000	$5,496	0.3%	$36.21	+71.8%	—	23282W605
CNTA	CENTESSA PHARMACEUTICALS PLC	200,000	$4,850	0.2%	$21.78	—	—	152309100
SNY	SANOFI	100,000	$4,720	0.2%	$50.67	—	—	80105N105
ALMS	ALUMIS INC	1,167,009	$4,656	0.2%	$4.72	+47.8%	—	022307102
TGTX	TG THERAPEUTICS INC	100,000	$3,613	0.2%	$13.94	+134.3%	—	88322Q108
DTIL	PRECISION BIOSCIENCES INC	653,649	$3,608	0.2%	$11.85	-52.1%	—	74019P207
CGON	CG ONCOLOGY INC	87,500	$3,525	0.2%	$24.10	+71.7%	—	156944100
SLNO	SOLENO THERAPEUTICS INC	50,000	$3,380	0.2%	$51.81	+5.8%	—	834203309
FENC	FENNEC PHARMACEUTICALS INC	334,593	$3,132	0.2%	$8.55	-3.9%	—	31447P100
SNDX	SYNDAX PHARMACEUTICALS INC	200,000	$3,077	0.2%	$15.61	+11.8%	—	87164F105
TSHA	TAYSHA GENE THERAPIES INC	900,000	$2,943	0.1%	$2.17	+123.5%	—	877619106
SEER	SEER INC	1,344,423	$2,917	0.1%	$1.85	+10.1%	—	81578P106
TECX	TECTONIC THERAPEUTIC INC	179,166	$2,811	0.1%	$25.16	-26.1%	—	878972108
LNTH	LANTHEUS HLDGS INC	50,000	$2,565	0.1%	$58.85	-1.1%	—	516544103
—	SUTRO BIOPHARMA INC	2,828,717	$2,456	0.1%	$0.72	—	—	869367102
VOR	VOR BIOPHARMA INC	50,000	$2,436	0.1%	$40.21	-53.7%	—	929033207
KLRS	KALARIS THERAPEUTICS, INC	418,241	$2,417	0.1%	$8.25	-22.5%	—	482929106
MTD	METTLER-TOLEDO INTERNATIONAL	1,969	$2,417	0.1%	$1117.50	+25.0%	—	592688105
ZNTL	ZENTALIS PHARMACEUTICALS INC	1,550,000	$2,341	0.1%	$2.13	-31.6%	—	98943L107
INTC	INTEL CORP	66,216	$2,222	0.1%	$23.99	+57.4%	—	458140100
GOSS	GOSSAMER BIO INC	800,000	$2,104	0.1%	$2.20	+29.5%	—	38341P102
OPRX	OPTIMIZERX CORP	100,000	$2,050	0.1%	$5.59	+192.4%	—	68401U204
CLYM	CLIMB BIO INC	1,000,000	$2,010	0.1%	$1.62	+48.1%	—	28658R106
CCCC	C4 THERAPEUTICS INC	900,000	$1,998	0.1%	$5.77	-59.0%	—	12529R107
JPM	JPMORGAN CHASE & CO.	6,312	$1,991	0.1%	$218.45	+41.7%	—	46625H100
MSFT	MICROSOFT CORP	3,546	$1,837	0.1%	$416.66	+20.1%	—	594918104
WMT	WALMART INC	17,242	$1,777	0.1%	$78.63	+36.3%	—	931142103
JNJ	JOHNSON & JOHNSON	9,472	$1,756	0.1%	$151.85	+29.7%	—	478160104
V	VISA INC	4,869	$1,662	0.1%	$294.07	+15.7%	—	92826C839
DIS	DISNEY WALT CO	14,493	$1,659	0.1%	$99.83	+9.7%	—	254687106
KOD	KODIAK SCIENCES INC	100,000	$1,637	0.1%	$5.44	+276.6%	—	50015M109
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,250	$1,634	0.1%	$454.30	+9.5%	—	084670702
CGTX	COGNITION THERAPEUTICS INC	1,200,000	$1,620	0.1%	$1.36	+19.0%	—	19243B102
CRBP	CORBUS PHARMACEUTICALS HLDGS	127,520	$1,613	0.1%	$51.17	-75.9%	—	21833P301
VZ	VERIZON COMMUNICATIONS INC	36,266	$1,594	0.1%	$38.81	+4.3%	—	92343V104
ENTA	ENANTA PHARMACEUTICALS INC	126,655	$1,516	0.1%	$9.32	+36.3%	—	29251M106
KO	COCA COLA CO	22,712	$1,506	0.1%	$63.98	+8.5%	—	191216100
HD	HOME DEPOT INC	3,646	$1,477	0.1%	$366.99	-0.7%	—	437076102
CDNA	CAREDX INC	100,000	$1,454	0.1%	$24.32	-31.1%	—	14167L103
XOM	EXXON MOBIL CORP	12,651	$1,426	0.1%	$109.66	+5.3%	—	30231G102
PG	PROCTER AND GAMBLE CO	8,952	$1,375	0.1%	$163.58	-10.0%	—	742718109
TXN	TEXAS INSTRS INC	7,415	$1,362	0.1%	$187.41	-8.9%	—	882508104
AMLX	AMYLYX PHARMACEUTICALS INC	100,000	$1,359	0.1%	$15.33	-11.4%	—	03237H101
PFE	PFIZER INC	53,039	$1,351	0.1%	$25.57	-2.1%	—	717081103
VTRS	VIATRIS INC	128,359	$1,271	0.1%	$10.68	+0.4%	—	92556V106
IOVA	IOVANCE BIOTHERAPEUTICS INC	543,760	$1,180	0.1%	$5.18	-55.3%	—	462260100
PYPL	PAYPAL HLDGS INC	17,323	$1,162	0.1%	$73.49	-11.8%	—	70450Y103
PBYI	PUMA BIOTECHNOLOGY INC	200,000	$1,062	0.1%	$4.39	+20.9%	—	74587V107
AAT	AMERICAN ASSETS TR INC	50,000	$1,016	0.1%	$20.14	—	—	024013104
BCAB	BIOATLA INC	1,374,076	$945	0.0%	$4.72	-83.4%	—	09077B104
UNH	UNITEDHEALTH GROUP INC	2,721	$940	0.0%	$532.45	-36.7%	—	91324P102
GE	GE AEROSPACE	2,994	$901	0.0%	$172.66	+74.2%	—	369604301
KURA	KURA ONCOLOGY INC	100,000	$885	0.0%	$19.44	-46.0%	—	50127T109
GEV	GE VERNOVA INC	1,378	$847	0.0%	$311.89	+95.3%	—	36828A101
FTRE	FORTREA HLDGS INC	100,000	$842	0.0%	$19.49	-36.6%	—	34965K107
NFLX	NETFLIX INC	683	$819	0.0%	$76.00	+41.9%	—	64110L106
ULTA	ULTA BEAUTY INC	1,384	$756	0.0%	$387.42	+41.9%	—	90384S303
—	ASTRIA THERAPEUTICS INC	100,000	$728	0.0%	$9.10	—	—	04635X102
BA	BOEING CO	3,225	$696	0.0%	$187.05	+10.0%	—	097023105
AXP	AMERICAN EXPRESS CO	1,931	$641	0.0%	$268.75	+32.8%	—	025816109
UAL	UNITED AIRLS HLDGS INC	6,296	$608	0.0%	$72.59	+39.2%	—	910047109
PASG	PASSAGE BIO INC	75,000	$602	0.0%	$6.96	+24.0%	—	702712209
ALL	ALLSTATE CORP	2,700	$580	0.0%	$183.11	+11.5%	—	020002101
HPE	HEWLETT PACKARD ENTERPRISE C	23,563	$579	0.0%	$20.44	+14.6%	—	42824C109
AMZN	AMAZON COM INC	2,583	$567	0.0%	$199.79	+14.5%	—	023135106
TMUS	T-MOBILE US INC	2,285	$547	0.0%	$214.87	-1.6%	—	872590104
LAB	STANDARD BIOTOOLS INC	407,755	$530	0.0%	$1.96	-31.4%	—	34385P108
MCD	MCDONALDS CORP	1,710	$520	0.0%	$290.22	+5.1%	—	580135101
F	FORD MTR CO	43,381	$519	0.0%	$10.06	+27.6%	—	345370860
SEE	SEALED AIR CORP NEW	14,274	$505	0.0%	$34.70	+11.2%	—	81211K100
SHW	SHERWIN WILLIAMS CO	1,398	$484	0.0%	$364.13	-8.2%	—	824348106
ATYR	ATYR PHARMA INC	671,134	$484	0.0%	$2.59	-68.3%	—	002120202
OABI	OMNIAB INC	300,000	$480	0.0%	$4.56	-61.9%	—	68218J103
CVX	CHEVRON CORP NEW	3,023	$469	0.0%	$145.50	+4.1%	—	166764100
PAYX	PAYCHEX INC	3,542	$449	0.0%	$137.31	-15.1%	—	704326107
IPSC	CENTURY THERAPEUTICS INC	900,000	$448	0.0%	$1.82	-66.5%	—	15673T100
IVVD	INVIVYD INC	400,000	$440	0.0%	$1.61	+28.9%	—	00534A102
HRL	HORMEL FOODS CORP	16,181	$400	0.0%	$30.03	-22.4%	—	440452100
FDX	FEDEX CORP	1,693	$399	0.0%	$271.73	-3.7%	—	31428X106
CLX	CLOROX CO DEL	3,052	$376	0.0%	$154.04	-29.7%	—	189054109
MGNX	MACROGENICS INC	218,856	$368	0.0%	$9.74	-83.9%	—	556099109
BOLT	BOLT BIOTHERAPEUTICS INC	66,879	$356	0.0%	$6.62	-18.9%	—	097702203
GHRS	GH RESEARCH PLC	24,030	$344	0.0%	$13.99	-2.6%	—	G3855L106
WHR	WHIRLPOOL CORP	4,335	$341	0.0%	$110.34	-33.1%	—	963320106
OKUR	ONKURE THERAPEUTICS INC	116,395	$320	0.0%	$12.63	-76.3%	—	68277Q105
LONA	ATHIRA PHARMA INC	59,998	$248	0.0%	$3.92	+16.7%	—	04746L203
MGX	METAGENOMI INC	28,008	$66	0.0%	$2.12	+2.2%	—	59102M104
PACB	PACIFIC BIOSCIENCES CALIF IN	25,000	$32	0.0%	$1.35	+41.9%	—	69404D108

Decreased Positions (35)

TARS TARSUS PHARMACEUTICALS INC 4.8%

Value ($000) $97,325 (-33.3%) Shares 1,188,624 (-51.6%) Est. Cost $18.91 Unrealized +294.9%

CELC CELCUITY INC 5.2%

Value ($000) $104,727 (+84.3%) Shares 1,050,000 (-8.7%) Est. Cost $40.03 Unrealized +105.4%

LENZ LENZ THERAPEUTICS INC 0.7%

Value ($000) $13,843 (-66.9%) Shares 865,169 (-3.6%) Est. Cost $21.01 Unrealized +38.7%

EOLS EVOLUS INC 0.4%

Value ($000) $8,284 (-75.4%) Shares 1,245,692 (-77.3%) Est. Cost $10.07 Unrealized -32.7%

ACAD ACADIA PHARMACEUTICALS INC 0.4%

Value ($000) $8,013 (-75.0%) Shares 300,000 (-80.0%) Est. Cost $19.28 Unrealized +24.0%

NUVB NUVATION BIO INC 1.7%

Value ($000) $34,563 (+122.4%) Shares 3,857,457 (-8.2%) Est. Cost $1.54 Unrealized +301.3%

INSM INSMED INC 0.5%

Value ($000) $10,442 (-63.7%) Shares 60,000 (-70.0%) Est. Cost $57.62 Unrealized +216.7%

ZYME ZYMEWORKS INC 0.0%

Value ($000) $912 (-95.1%) Shares 34,631 (-96.9%) Est. Cost $8.10 Unrealized +169.1%

PGEN PRECIGEN INC 1.2%

Value ($000) $23,481 (-42.4%) Shares 5,617,500 (-54.7%) Est. Cost $2.82 Unrealized +37.0%

VTYX VENTYX BIOSCIENCES INC 1.3%

Value ($000) $25,410 (+163.6%) Shares 2,814,000 (-9.2%) Est. Cost $7.75 Unrealized -3.6%

GLPG GALAPAGOS NV 6.3%

Value ($000) $128,224 (-10.8%) Shares 3,921,219 (-5.5%) Est. Cost $26.90 Unrealized —

KALV KALVISTA PHARMACEUTICALS INC 3.6%

Value ($000) $73,863 (+20.3%) Shares 4,573,530 (-9.3%) Est. Cost $10.28 Unrealized +28.8%

NKTX NKARTA INC 0.1%

Value ($000) $2,740 (-81.2%) Shares 1,480,823 (-79.0%) Est. Cost $3.05 Unrealized -34.4%

URGN UROGEN PHARMA LTD 0.4%

Value ($000) $8,197 (-58.9%) Shares 350,000 (-65.0%) Est. Cost $9.60 Unrealized +126.1%

— DYNAVAX TECHNOLOGIES CORP 0.4%

Value ($000) $8,557 (-55.8%) Shares 556,359 (-71.5%) Est. Cost $12.41 Unrealized —

SYRE SPYRE THERAPEUTICS INC 3.1%

Value ($000) $61,988 (+15.6%) Shares 1,892,200 (-40.9%) Est. Cost $18.65 Unrealized +40.1%

VRDN VIRIDIAN THERAPEUTICS INC 2.8%

Value ($000) $55,787 (-9.1%) Shares 1,792,626 (-36.9%) Est. Cost $16.12 Unrealized +70.1%

VKTX VIKING THERAPEUTICS INC 0.9%

Value ($000) $17,590 (-23.1%) Shares 500,000 (-42.5%) Est. Cost $36.82 Unrealized -3.8%

ARVN ARVINAS INC 0.3%

Value ($000) $6,757 (-43.1%) Shares 569,698 (-59.1%) Est. Cost $15.67 Unrealized -30.3%

CHRS COHERUS ONCOLOGY INC 0.2%

Value ($000) $3,869 (-53.7%) Shares 2,724,509 (-46.6%) Est. Cost $1.38 Unrealized +5.8%

SRPT SAREPTA THERAPEUTICS INC 0.4%

Value ($000) $7,515 (-35.0%) Shares 349,220 (-41.8%) Est. Cost $35.22 Unrealized -40.2%

META META PLATFORMS INC 0.8%

Value ($000) $15,401 (-19.4%) Shares 23,331 (-10.3%) Est. Cost $492.27 Unrealized +35.6%

RVMD REVOLUTION MEDICINES INC 0.1%

Value ($000) $1,246 (-73.3%) Shares 15,640 (-84.4%) Est. Cost $50.47 Unrealized +29.9%

KNSA KINIKSA PHARMACEUTICALS INTL 4.6%

Value ($000) $93,220 (+3.1%) Shares 2,259,889 (-3.0%) Est. Cost $20.52 Unrealized +95.5%

GSK GSK PLC 0.7%

Value ($000) $14,712 (-14.8%) Shares 300,000 (-25.0%) Est. Cost $37.80 Unrealized —

RCKT ROCKET PHARMACEUTICALS INC 0.0%

Value ($000) $351 (-87.3%) Shares 100,000 (-88.2%) Est. Cost $23.10 Unrealized -85.2%

NUVL NUVALENT INC 0.1%

Value ($000) $2,201 (-49.1%) Shares 21,880 (-56.2%) Est. Cost $82.95 Unrealized +18.9%

PCVX VAXCYTE INC 0.6%

Value ($000) $12,689 (+17.4%) Shares 275,000 (-8.3%) Est. Cost $39.24 Unrealized +14.0%

KZR KEZAR LIFE SCIENCES INC 0.2%

Value ($000) $4,179 (+48.8%) Shares 664,314 (-7.7%) Est. Cost $7.45 Unrealized -21.7%

FATE FATE THERAPEUTICS INC 0.1%

Value ($000) $1,147 (-51.2%) Shares 1,167,773 (-37.5%) Est. Cost $3.85 Unrealized -68.8%

TCRX TSCAN THERAPEUTICS INC 0.0%

Value ($000) $46 (-95.8%) Shares 46,131 (-92.3%) Est. Cost $2.63 Unrealized -44.9%

NMRA NEUMORA THERAPEUTICS INC. 0.1%

Value ($000) $1,731 (-32.1%) Shares 967,235 (-30.9%) Est. Cost $1.71 Unrealized +27.9%

REGN REGENERON PHARMACEUTICALS 0.3%

Value ($000) $6,175 (+9.8%) Shares 8,000 (-20.0%) Est. Cost $714.47 Unrealized -5.0%

NVDA NVIDIA CORPORATION 1.2%

Value ($000) $23,832 (-2.1%) Shares 127,788 (-2.1%) Est. Cost $102.89 Unrealized +80.9%

ERAS ERASCA INC 0.2%

Value ($000) $3,348 (+2.2%) Shares 900,000 (-40.1%) Est. Cost $1.85 Unrealized +52.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TARS	TARSUS PHARMACEUTICALS INC	1,188,624 (-51.6%)	$97,325 (-33.3%)	4.8%	$18.91	+294.9%	COM	87650L103
CELC	CELCUITY INC	1,050,000 (-8.7%)	$104,727 (+84.3%)	5.2%	$40.03	+105.4%	COM	15102K100
LENZ	LENZ THERAPEUTICS INC	865,169 (-3.6%)	$13,843 (-66.9%)	0.7%	$21.01	+38.7%	COM	52635N103
EOLS	EVOLUS INC	1,245,692 (-77.3%)	$8,284 (-75.4%)	0.4%	$10.07	-32.7%	COM	30052C107
ACAD	ACADIA PHARMACEUTICALS INC	300,000 (-80.0%)	$8,013 (-75.0%)	0.4%	$19.28	+24.0%	COM	004225108
NUVB	NUVATION BIO INC	3,857,457 (-8.2%)	$34,563 (+122.4%)	1.7%	$1.54	+301.3%	COM CL A	67080N101
INSM	INSMED INC	60,000 (-70.0%)	$10,442 (-63.7%)	0.5%	$57.62	+216.7%	COM PAR $.01	457669307
ZYME	ZYMEWORKS INC	34,631 (-96.9%)	$912 (-95.1%)	0.0%	$8.10	+169.1%	COM	98985Y108
PGEN	PRECIGEN INC	5,617,500 (-54.7%)	$23,481 (-42.4%)	1.2%	$2.82	+37.0%	COM	74017N105
VTYX	VENTYX BIOSCIENCES INC	2,814,000 (-9.2%)	$25,410 (+163.6%)	1.3%	$7.75	-3.6%	COM	92332V107
GLPG	GALAPAGOS NV	3,921,219 (-5.5%)	$128,224 (-10.8%)	6.3%	$26.90	—	SPON ADR	36315X101
KALV	KALVISTA PHARMACEUTICALS INC	4,573,530 (-9.3%)	$73,863 (+20.3%)	3.6%	$10.28	+28.8%	COM	483497103
NKTX	NKARTA INC	1,480,823 (-79.0%)	$2,740 (-81.2%)	0.1%	$3.05	-34.4%	COM	65487U108
URGN	UROGEN PHARMA LTD	350,000 (-65.0%)	$8,197 (-58.9%)	0.4%	$9.60	+126.1%	COM	M96088105
—	DYNAVAX TECHNOLOGIES CORP	556,359 (-71.5%)	$8,557 (-55.8%)	0.4%	$12.41	—	COM NEW	268158201
SYRE	SPYRE THERAPEUTICS INC	1,892,200 (-40.9%)	$61,988 (+15.6%)	3.1%	$18.65	+40.1%	COM NEW	00773J202
VRDN	VIRIDIAN THERAPEUTICS INC	1,792,626 (-36.9%)	$55,787 (-9.1%)	2.8%	$16.12	+70.1%	COM	92790C104
VKTX	VIKING THERAPEUTICS INC	500,000 (-42.5%)	$17,590 (-23.1%)	0.9%	$36.82	-3.8%	COM	92686J106
ARVN	ARVINAS INC	569,698 (-59.1%)	$6,757 (-43.1%)	0.3%	$15.67	-30.3%	COM	04335A105
CHRS	COHERUS ONCOLOGY INC	2,724,509 (-46.6%)	$3,869 (-53.7%)	0.2%	$1.38	+5.8%	COM	19249H103
SRPT	SAREPTA THERAPEUTICS INC	349,220 (-41.8%)	$7,515 (-35.0%)	0.4%	$35.22	-40.2%	COM	803607100
META	META PLATFORMS INC	23,331 (-10.3%)	$15,401 (-19.4%)	0.8%	$492.27	+35.6%	CL A	30303M102
RVMD	REVOLUTION MEDICINES INC	15,640 (-84.4%)	$1,246 (-73.3%)	0.1%	$50.47	+29.9%	COM	76155X100
KNSA	KINIKSA PHARMACEUTICALS INTL	2,259,889 (-3.0%)	$93,220 (+3.1%)	4.6%	$20.52	+95.5%	ORD SHS CL A	G52694109
GSK	GSK PLC	300,000 (-25.0%)	$14,712 (-14.8%)	0.7%	$37.80	—	SPONSORED ADR	37733W204
RCKT	ROCKET PHARMACEUTICALS INC	100,000 (-88.2%)	$351 (-87.3%)	0.0%	$23.10	-85.2%	COM	77313F106
NUVL	NUVALENT INC	21,880 (-56.2%)	$2,201 (-49.1%)	0.1%	$82.95	+18.9%	COM	670703107
PCVX	VAXCYTE INC	275,000 (-8.3%)	$12,689 (+17.4%)	0.6%	$39.24	+14.0%	COM	92243G108
KZR	KEZAR LIFE SCIENCES INC	664,314 (-7.7%)	$4,179 (+48.8%)	0.2%	$7.45	-21.7%	COM NEW	49372L209
FATE	FATE THERAPEUTICS INC	1,167,773 (-37.5%)	$1,147 (-51.2%)	0.1%	$3.85	-68.8%	COM	31189P102
TCRX	TSCAN THERAPEUTICS INC	46,131 (-92.3%)	$46 (-95.8%)	0.0%	$2.63	-44.9%	COM	89854M101
NMRA	NEUMORA THERAPEUTICS INC.	967,235 (-30.9%)	$1,731 (-32.1%)	0.1%	$1.71	+27.9%	COM	640979100
REGN	REGENERON PHARMACEUTICALS	8,000 (-20.0%)	$6,175 (+9.8%)	0.3%	$714.47	-5.0%	COM	75886F107
NVDA	NVIDIA CORPORATION	127,788 (-2.1%)	$23,832 (-2.1%)	1.2%	$102.89	+80.9%	COM	67066G104
ERAS	ERASCA INC	900,000 (-40.1%)	$3,348 (+2.2%)	0.2%	$1.85	+52.0%	COM	29479A108

Unchanged Positions (19)

AUPH AURINIA PHARMACEUTICALS INC 8.9%

Value ($000) $180,706 Shares 11,329,500 Est. Cost $7.41 Unrealized +91.2%

CMPX COMPASS THERAPEUTICS INC 4.5%

Value ($000) $90,167 Shares 16,790,809 Est. Cost $2.28 Unrealized +102.9%

ANAB ANAPTYSBIO INC 3.2%

Value ($000) $64,580 Shares 1,332,087 Est. Cost $20.84 Unrealized +87.1%

PTCT PTC THERAPEUTICS INC 5.6%

Value ($000) $113,940 Shares 1,500,000 Est. Cost $37.71 Unrealized +92.7%

TVTX TRAVERE THERAPEUTICS INC 1.3%

Value ($000) $26,747 Shares 700,000 Est. Cost $16.57 Unrealized +96.2%

MIRM MIRUM PHARMACEUTICALS INC 4.8%

Value ($000) $97,634 Shares 1,236,027 Est. Cost $22.11 Unrealized +224.6%

VRTX VERTEX PHARMACEUTICALS INC 1.8%

Value ($000) $36,269 Shares 80,000 Est. Cost $423.29 Unrealized +1.8%

STOK STOKE THERAPEUTICS INC 0.8%

Value ($000) $15,870 Shares 500,000 Est. Cost $11.10 Unrealized +170.8%

AVIR ATEA PHARMACEUTICALS INC 0.8%

Value ($000) $17,188 Shares 4,814,700 Est. Cost $3.66 Unrealized -13.3%

ARE ALEXANDRIA REAL ESTATE EQ IN 0.1%

Value ($000) $1,958 Shares 40,000 Est. Cost $108.07 Unrealized -46.3%

BIIB BIOGEN INC 0.3%

Value ($000) $6,160 Shares 35,000 Est. Cost $217.32 Unrealized -24.8%

IBRX IMMUNITYBIO INC 0.2%

Value ($000) $4,620 Shares 2,333,333 Est. Cost $4.17 Unrealized -45.6%

DERM JOURNEY MED CORP 0.7%

Value ($000) $14,299 Shares 1,854,596 Est. Cost $5.43 Unrealized +44.5%

TDOC TELADOC HEALTH INC 0.5%

Value ($000) $9,800 Shares 1,400,000 Est. Cost $11.08 Unrealized -29.3%

BHVN BIOHAVEN LTD 0.1%

Value ($000) $1,581 Shares 140,000 Est. Cost $14.12 Unrealized -12.3%

DNTH DIANTHUS THERAPEUTICS INC 0.5%

Value ($000) $10,908 Shares 264,692 Est. Cost $12.62 Unrealized +207.3%

ALT ALTIMMUNE INC 0.4%

Value ($000) $7,694 Shares 2,131,307 Est. Cost $9.59 Unrealized -54.5%

BCRX BIOCRYST PHARMACEUTICALS INC 0.3%

Value ($000) $6,240 Shares 800,000 Est. Cost $9.70 Unrealized -25.5%

SAVA CASSAVA SCIENCES INC 0.0%

Value ($000) $14 Shares 7,073 Est. Cost $2.40 Unrealized +33.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AUPH	AURINIA PHARMACEUTICALS INC	11,329,500	$180,706	8.9%	$7.41	+91.2%	COM	05156V102
CMPX	COMPASS THERAPEUTICS INC	16,790,809	$90,167	4.5%	$2.28	+102.9%	COM	20454B104
ANAB	ANAPTYSBIO INC	1,332,087	$64,580	3.2%	$20.84	+87.1%	COM	032724106
PTCT	PTC THERAPEUTICS INC	1,500,000	$113,940	5.6%	$37.71	+92.7%	COM	69366J200
TVTX	TRAVERE THERAPEUTICS INC	700,000	$26,747	1.3%	$16.57	+96.2%	COM	89422G107
MIRM	MIRUM PHARMACEUTICALS INC	1,236,027	$97,634	4.8%	$22.11	+224.6%	COM	604749101
VRTX	VERTEX PHARMACEUTICALS INC	80,000	$36,269	1.8%	$423.29	+1.8%	COM	92532F100
STOK	STOKE THERAPEUTICS INC	500,000	$15,870	0.8%	$11.10	+170.8%	COM	86150R107
AVIR	ATEA PHARMACEUTICALS INC	4,814,700	$17,188	0.8%	$3.66	-13.3%	COM	04683R106
ARE	ALEXANDRIA REAL ESTATE EQ IN	40,000	$1,958	0.1%	$108.07	-46.3%	COM	015271109
BIIB	BIOGEN INC	35,000	$6,160	0.3%	$217.32	-24.8%	COM	09062X103
IBRX	IMMUNITYBIO INC	2,333,333	$4,620	0.2%	$4.17	-45.6%	COM	45256X103
DERM	JOURNEY MED CORP	1,854,596	$14,299	0.7%	$5.43	+44.5%	COM	48115J109
TDOC	TELADOC HEALTH INC	1,400,000	$9,800	0.5%	$11.08	-29.3%	COM	87918A105
BHVN	BIOHAVEN LTD	140,000	$1,581	0.1%	$14.12	-12.3%	COM	G1110E107
DNTH	DIANTHUS THERAPEUTICS INC	264,692	$10,908	0.5%	$12.62	+207.3%	COM	252828108
ALT	ALTIMMUNE INC	2,131,307	$7,694	0.4%	$9.59	-54.5%	COM NEW	02155H200
BCRX	BIOCRYST PHARMACEUTICALS INC	800,000	$6,240	0.3%	$9.70	-25.5%	COM	09058V103
SAVA	CASSAVA SCIENCES INC	7,073	$14	0.0%	$2.40	+33.4%	COM	14817C107