BAKER BROS. ADVISORS LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TERN	Terns Pharmaceuticals, Inc.	950,000	$38,380	0.2%	$23.11	0.0%	COM	880881107
JBIO	Jade Biosciences, Inc.	1,641,137	$25,323	0.1%	$11.73	0.0%	COM	008064206
BCRX	BioCryst Pharmaceuticals, Inc.	2,822,727	$22,017	0.1%	$7.23	0.0%	COM	09058V103
CNTA	Centessa Pharmaceuticals plc	670,751	$16,775	0.1%	$25.01	—	SPONSORED ADS	152309100
DYN	Dyne Therapeutics, Inc.	813,449	$15,911	0.1%	$18.94	0.0%	COM	26818M108
ABSI	Absci Corporation	2,134,803	$7,450	0.0%	$3.64	0.0%	COM	00091E109
RCUS	Arcus Biosciences, Inc.	270,000	$6,434	0.0%	$20.40	0.0%	COM	03969F109
MPLT	MapLight Therapeutics, Inc.	364,705	$6,406	0.0%	$16.75	0.0%	COM	56565P103
FDMT	4D Molecular Therapeutics, Inc.	475,737	$3,568	0.0%	$10.14	0.0%	COM	35104E100

Increased Positions (21)

KYMR Kymera Therapeutics, Inc. 3.9%

Value ($000) $673,620 (+78.9%) Shares 8,657,242 (+30.2%) Est. Cost $37.74 Unrealized +78.9%

PRAX Praxis Precision Medicines, Inc. 1.9%

Value ($000) $332,021 (+808.6%) Shares 1,126,488 (+63.4%) Est. Cost $99.31 Unrealized +87.5%

KOD Kodiak Sciences Inc. 3.3%

Value ($000) $556,940 (+96.5%) Shares 19,919,186 (+15.1%) Est. Cost $29.02 Unrealized -29.4%

IONS Ionis Pharmaceuticals, Inc. 0.8%

Value ($000) $141,753 (+282.3%) Shares 1,791,841 (+216.1%) Est. Cost $66.92 Unrealized +12.5%

ARWR Arrowhead Pharmaceuticals, Inc. 0.8%

Value ($000) $144,441 (+150.7%) Shares 2,175,645 (+30.2%) Est. Cost $24.96 Unrealized +96.4%

GRAL GRAIL, Inc. 1.0%

Value ($000) $178,484 (+85.2%) Shares 2,085,333 (+27.9%) Est. Cost $31.57 Unrealized +173.7%

CRNX Crinetics Pharmaceuticals, Inc. 0.4%

Value ($000) $76,755 (+558.2%) Shares 1,648,869 (+488.9%) Est. Cost $42.20 Unrealized +5.5%

ROIV Roivant Sciences Ltd. 0.7%

Value ($000) $120,544 (+111.5%) Shares 5,555,017 (+47.4%) Est. Cost $12.94 Unrealized +52.5%

SMMT Summit Therapeutics Inc. 3.7%

Value ($000) $636,480 (-8.6%) Shares 36,391,063 (+7.9%) Est. Cost $11.11 Unrealized +69.3%

NRIX Nurix Therapeutics, Inc. 0.5%

Value ($000) $88,373 (+146.4%) Shares 4,658,556 (+20.0%) Est. Cost $20.95 Unrealized -31.4%

ALKS Alkermes plc 1.6%

Value ($000) $280,143 (+15.4%) Shares 10,012,267 (+23.7%) Est. Cost $27.44 Unrealized +9.2%

IDYA IDEAYA Biosciences, Inc. 0.7%

Value ($000) $125,103 (+40.4%) Shares 3,618,826 (+10.5%) Est. Cost $20.65 Unrealized +54.4%

TRDA Entrada Therapeutics, Inc. 0.3%

Value ($000) $52,148 (+84.8%) Shares 5,072,730 (+4.3%) Est. Cost $16.68 Unrealized —

VRDN Viridian Therapeutics, Inc. 0.4%

Value ($000) $61,359 (+63.0%) Shares 1,971,678 (+13.0%) Est. Cost $15.17 Unrealized +80.8%

VTYX Ventyx Biosciences, Inc. 0.1%

Value ($000) $21,214 (+566.7%) Shares 2,349,280 (+129.6%) Est. Cost $5.37 Unrealized +39.1%

TECX Tectonic Therapeutic, Inc. 0.1%

Value ($000) $18,845 (+1101.1%) Shares 903,400 (+803.4%) Est. Cost $20.13 Unrealized -7.7%

CTNM Contineum Therapeutics, Inc. 0.1%

Value ($000) $16,240 (+1679.5%) Shares 1,420,838 (+1729.3%) Est. Cost $11.67 Unrealized -2.2%

DSGN Design Therapeutics, Inc. 0.1%

Value ($000) $20,946 (+62.4%) Shares 2,233,099 (+30.4%) Est. Cost $11.07 Unrealized -29.3%

TARA Protara Therapeutics, Inc. 0.0%

Value ($000) $5,179 (+121.8%) Shares 971,614 (+81.0%) Est. Cost $9.86 Unrealized -43.6%

ELVN Enliven Therapeutics, Inc. 0.0%

Value ($000) $4,180 (+77.8%) Shares 271,406 (+136.3%) Est. Cost $17.98 Unrealized +10.8%

KALA KALA BIO, Inc. 0.0%

Value ($000) $1,003 (-33.5%) Shares 1,804,055 (+83.1%) Est. Cost $4.62 Unrealized -80.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KYMR	Kymera Therapeutics, Inc.	8,657,242 (+30.2%)	$673,620 (+78.9%)	3.9%	$37.74	+78.9%	COM	501575104
PRAX	Praxis Precision Medicines, Inc.	1,126,488 (+63.4%)	$332,021 (+808.6%)	1.9%	$99.31	+87.5%	COM	74006W207
KOD	Kodiak Sciences Inc.	19,919,186 (+15.1%)	$556,940 (+96.5%)	3.3%	$29.02	-29.4%	COM	50015M109
IONS	Ionis Pharmaceuticals, Inc.	1,791,841 (+216.1%)	$141,753 (+282.3%)	0.8%	$66.92	+12.5%	COM	462222100
ARWR	Arrowhead Pharmaceuticals, Inc.	2,175,645 (+30.2%)	$144,441 (+150.7%)	0.8%	$24.96	+96.4%	COM	04280A100
GRAL	GRAIL, Inc.	2,085,333 (+27.9%)	$178,484 (+85.2%)	1.0%	$31.57	+173.7%	COM	384747101
CRNX	Crinetics Pharmaceuticals, Inc.	1,648,869 (+488.9%)	$76,755 (+558.2%)	0.4%	$42.20	+5.5%	COM	22663K107
ROIV	Roivant Sciences Ltd.	5,555,017 (+47.4%)	$120,544 (+111.5%)	0.7%	$12.94	+52.5%	SHS	G76279101
SMMT	Summit Therapeutics Inc.	36,391,063 (+7.9%)	$636,480 (-8.6%)	3.7%	$11.11	+69.3%	COM	86627T108
NRIX	Nurix Therapeutics, Inc.	4,658,556 (+20.0%)	$88,373 (+146.4%)	0.5%	$20.95	-31.4%	COM	67080M103
ALKS	Alkermes plc	10,012,267 (+23.7%)	$280,143 (+15.4%)	1.6%	$27.44	+9.2%	SHS	G01767105
IDYA	IDEAYA Biosciences, Inc.	3,618,826 (+10.5%)	$125,103 (+40.4%)	0.7%	$20.65	+54.4%	COM	45166A102
TRDA	Entrada Therapeutics, Inc.	5,072,730 (+4.3%)	$52,148 (+84.8%)	0.3%	$16.68	—	COM	29384C108
VRDN	Viridian Therapeutics, Inc.	1,971,678 (+13.0%)	$61,359 (+63.0%)	0.4%	$15.17	+80.8%	COM	92790C104
VTYX	Ventyx Biosciences, Inc.	2,349,280 (+129.6%)	$21,214 (+566.7%)	0.1%	$5.37	+39.1%	COM	92332V107
TECX	Tectonic Therapeutic, Inc.	903,400 (+803.4%)	$18,845 (+1101.1%)	0.1%	$20.13	-7.7%	COM	878972108
CTNM	Contineum Therapeutics, Inc.	1,420,838 (+1729.3%)	$16,240 (+1679.5%)	0.1%	$11.67	-2.2%	CL A	21217B100
DSGN	Design Therapeutics, Inc.	2,233,099 (+30.4%)	$20,946 (+62.4%)	0.1%	$11.07	-29.3%	COM	25056L103
TARA	Protara Therapeutics, Inc.	971,614 (+81.0%)	$5,179 (+121.8%)	0.0%	$9.86	-43.6%	COM STK	74365U107
ELVN	Enliven Therapeutics, Inc.	271,406 (+136.3%)	$4,180 (+77.8%)	0.0%	$17.98	+10.8%	COM	29337E102
KALA	KALA BIO, Inc.	1,804,055 (+83.1%)	$1,003 (-33.5%)	0.0%	$4.62	-80.6%	COM	483119202

Exited Positions (14)

— Merus N.V. 0.3%

Value ($000) $54,078 Shares 574,377 Est. Cost $52.94 Unrealized —

NTLA Intellia Therapeutics, Inc. 0.3%

Value ($000) $47,435 Shares 2,746,674 Est. Cost $10.05 Unrealized +36.9%

RNA Avidity Biosciences, Inc. 0.2%

Value ($000) $27,231 Shares 625,000 Est. Cost $40.43 Unrealized +59.8%

PCVX Vaxcyte, Inc. 0.1%

Value ($000) $23,085 Shares 640,885 Est. Cost $76.85 Unrealized -41.8%

— Cidara Therapeutics, Inc. 0.1%

Value ($000) $21,764 Shares 227,272 Est. Cost $48.71 Unrealized —

— Akero Therapeutics, Inc. 0.1%

Value ($000) $15,413 Shares 324,630 Est. Cost $32.79 Unrealized —

ACLX Arcellx, Inc. 0.1%

Value ($000) $13,696 Shares 166,825 Est. Cost $62.26 Unrealized +28.1%

VKTX Viking Therapeutics, Inc. 0.1%

Value ($000) $9,621 Shares 366,083 Est. Cost $29.83 Unrealized +18.8%

AGIO Agios Pharmaceuticals, Inc. 0.0%

Value ($000) $7,621 Shares 189,866 Est. Cost $30.31 Unrealized +15.7%

HRTX Heron Therapeutics, Inc. 0.0%

Value ($000) $5,357 Shares 4,251,951 Est. Cost $1.59 Unrealized -22.1%

MBX MBX Biosciences, Inc. 0.0%

Value ($000) $4,861 Shares 277,777 Est. Cost $13.37 Unrealized +81.5%

— Generation Bio Co. 0.0%

Value ($000) $1,190 Shares 194,493 Est. Cost $6.12 Unrealized —

VYNE VYNE Therapeutics Inc. 0.0%

Value ($000) $285 Shares 851,353 Est. Cost $0.65 Unrealized -38.6%

OPTEY Opthea Limited 0.0%

Value ($000) $0 Shares 2,087,320 Est. Cost $11.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Merus N.V.	574,377	$54,078	0.3%	$52.94	—	—	N5749R100
NTLA	Intellia Therapeutics, Inc.	2,746,674	$47,435	0.3%	$10.05	+36.9%	—	45826J105
RNA	Avidity Biosciences, Inc.	625,000	$27,231	0.2%	$40.43	+59.8%	—	05370A108
PCVX	Vaxcyte, Inc.	640,885	$23,085	0.1%	$76.85	-41.8%	—	92243G108
—	Cidara Therapeutics, Inc.	227,272	$21,764	0.1%	$48.71	—	—	171757206
—	Akero Therapeutics, Inc.	324,630	$15,413	0.1%	$32.79	—	—	00973Y108
ACLX	Arcellx, Inc.	166,825	$13,696	0.1%	$62.26	+28.1%	—	03940C100
VKTX	Viking Therapeutics, Inc.	366,083	$9,621	0.1%	$29.83	+18.8%	—	92686J106
AGIO	Agios Pharmaceuticals, Inc.	189,866	$7,621	0.0%	$30.31	+15.7%	—	00847X104
HRTX	Heron Therapeutics, Inc.	4,251,951	$5,357	0.0%	$1.59	-22.1%	—	427746102
MBX	MBX Biosciences, Inc.	277,777	$4,861	0.0%	$13.37	+81.5%	—	55287L101
—	Generation Bio Co.	194,493	$1,190	0.0%	$6.12	—	—	37148K209
VYNE	VYNE Therapeutics Inc.	851,353	$285	0.0%	$0.65	-38.6%	—	92941V308
OPTEY	Opthea Limited	2,087,320	$0	0.0%	$11.12	—	—	68386J208

Decreased Positions (7)

INSM Insmed Incorporated 6.7%

Value ($000) $1,147,402 (+18.9%) Shares 6,592,746 (-1.7%) Est. Cost $57.51 Unrealized +217.3%

GPCR Structure Therapeutics Inc. 0.6%

Value ($000) $99,632 (+128.7%) Shares 1,432,529 (-7.9%) Est. Cost $22.23 Unrealized —

EWTX Edgewise Therapeutics, Inc. 1.0%

Value ($000) $163,182 (+37.7%) Shares 6,575,940 (-10.0%) Est. Cost $14.29 Unrealized +40.4%

GLUE Monte Rosa Therapeutics, Inc. 0.4%

Value ($000) $68,141 (+87.1%) Shares 4,345,736 (-11.6%) Est. Cost $6.49 Unrealized +107.5%

ARGX argenx SE 0.1%

Value ($000) $21,170 (-24.0%) Shares 25,174 (-33.3%) Est. Cost $79.01 Unrealized —

SANA Sana Biotechnology, Inc. 0.0%

Value ($000) $1,264 (-82.5%) Shares 310,483 (-84.7%) Est. Cost $4.55 Unrealized -1.7%

STOK Stoke Therapeutics, Inc. 0.6%

Value ($000) $105,907 (-2.7%) Shares 3,336,697 (-28.0%) Est. Cost $9.30 Unrealized +223.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INSM	Insmed Incorporated	6,592,746 (-1.7%)	$1,147,402 (+18.9%)	6.7%	$57.51	+217.3%	COM PAR $.01	457669307
GPCR	Structure Therapeutics Inc.	1,432,529 (-7.9%)	$99,632 (+128.7%)	0.6%	$22.23	—	SPONSORED ADS	86366E106
EWTX	Edgewise Therapeutics, Inc.	6,575,940 (-10.0%)	$163,182 (+37.7%)	1.0%	$14.29	+40.4%	COM	28036F105
GLUE	Monte Rosa Therapeutics, Inc.	4,345,736 (-11.6%)	$68,141 (+87.1%)	0.4%	$6.49	+107.5%	COM	61225M102
ARGX	argenx SE	25,174 (-33.3%)	$21,170 (-24.0%)	0.1%	$79.01	—	SPONSORED ADR	04016X101
SANA	Sana Biotechnology, Inc.	310,483 (-84.7%)	$1,264 (-82.5%)	0.0%	$4.55	-1.7%	COM	799566104
STOK	Stoke Therapeutics, Inc.	3,336,697 (-28.0%)	$105,907 (-2.7%)	0.6%	$9.30	+223.1%	COM	86150R107

Unchanged Positions (49)

INCY Incyte Corporation 17.8%

Value ($000) $3,036,584 Shares 30,743,991 Est. Cost $72.80 Unrealized +32.9%

CELC Celcuity Inc. 4.6%

Value ($000) $789,521 Shares 7,915,792 Est. Cost $21.19 Unrealized +287.9%

ONC BeOne Medicines Ltd. 15.7%

Value ($000) $2,673,240 Shares 8,799,053 Est. Cost $136.93 Unrealized —

RVMD Revolution Medicines, Inc. 4.4%

Value ($000) $753,119 Shares 9,455,357 Est. Cost $29.36 Unrealized +123.4%

MDGL Madrigal Pharmaceuticals, Inc. 7.3%

Value ($000) $1,247,198 Shares 2,141,701 Est. Cost $139.37 Unrealized +266.5%

ACAD ACADIA Pharmaceuticals Inc. 6.7%

Value ($000) $1,145,771 Shares 42,896,690 Est. Cost $18.93 Unrealized +26.2%

REPL Replimune Group, Inc. 0.6%

Value ($000) $107,361 Shares 11,045,336 Est. Cost $14.45 Unrealized -41.2%

IMVT Immunovant, Inc. 0.8%

Value ($000) $138,739 Shares 5,457,881 Est. Cost $22.96 Unrealized -2.9%

ABCL AbCellera Biologics Inc. 0.6%

Value ($000) $94,138 Shares 27,525,640 Est. Cost $21.02 Unrealized -78.8%

ABVX Abivax S.A. 0.7%

Value ($000) $118,105 Shares 875,796 Est. Cost $84.90 Unrealized —

RYTM Rhythm Pharmaceuticals, Inc. 3.5%

Value ($000) $599,904 Shares 5,604,483 Est. Cost $23.49 Unrealized +351.7%

— Celcuity Inc. 0.4%

Value ($000) $66,580 Shares 30,750,000 Est. Cost $1.33 Unrealized —

IMTX Immatics N.V. 0.7%

Value ($000) $126,988 Shares 12,094,094 Est. Cost $8.55 Unrealized +18.0%

RARE Ultragenyx Pharmaceutical Inc. 0.4%

Value ($000) $63,772 Shares 2,772,692 Est. Cost $52.13 Unrealized -36.9%

SYRE Spyre Therapeutics, Inc. 0.2%

Value ($000) $32,760 Shares 1,000,000 Est. Cost $15.36 Unrealized +70.1%

PRLD Prelude Therapeutics Inc. 0.2%

Value ($000) $29,359 Shares 10,123,824 Est. Cost $28.24 Unrealized -94.0%

DBVT DBV Technologies S.A. 0.2%

Value ($000) $28,016 Shares 1,461,425 Est. Cost $3.09 Unrealized —

ALMS Alumis Inc. 0.1%

Value ($000) $15,250 Shares 1,562,500 Est. Cost $13.30 Unrealized -47.5%

TSHA Taysha Gene Therapies, Inc. 0.1%

Value ($000) $22,026 Shares 4,004,756 Est. Cost $1.91 Unrealized +153.6%

DNLI Denali Therapeutics Inc. 0.4%

Value ($000) $61,610 Shares 3,731,695 Est. Cost $23.78 Unrealized -29.0%

BCYC Bicycle Therapeutics plc 0.5%

Value ($000) $77,068 Shares 10,885,357 Est. Cost $20.78 Unrealized —

KNSA Kiniksa Pharmaceuticals International, plc 0.7%

Value ($000) $116,583 Shares 2,826,246 Est. Cost $18.73 Unrealized +114.1%

CERS Cerus Corporation 0.1%

Value ($000) $20,617 Shares 10,008,345 Est. Cost $4.19 Unrealized -58.6%

SION Sionna Therapeutics, Inc. 0.1%

Value ($000) $16,456 Shares 400,000 Est. Cost $16.34 Unrealized +132.1%

SKYE Skye Bioscience, Inc. 0.0%

Value ($000) $1,088 Shares 1,450,638 Est. Cost $7.74 Unrealized -81.1%

CTMX CytomX Therapeutics, Inc. 0.1%

Value ($000) $18,109 Shares 4,250,826 Est. Cost $1.73 Unrealized +119.9%

IRON Disc Medicine, Inc. 0.2%

Value ($000) $26,765 Shares 337,050 Est. Cost $49.46 Unrealized +70.9%

XNCR Xencor, Inc. 0.1%

Value ($000) $16,873 Shares 1,102,106 Est. Cost $16.65 Unrealized -10.2%

IMCR Immunocore Holdings plc 0.5%

Value ($000) $80,619 Shares 2,322,656 Est. Cost $38.09 Unrealized —

RLAY Relay Therapeutics, Inc. 0.1%

Value ($000) $9,815 Shares 1,160,117 Est. Cost $13.78 Unrealized -48.2%

WVE Wave Life Sciences Ltd. 0.0%

Value ($000) $5,849 Shares 344,063 Est. Cost $5.98 Unrealized +70.0%

NGNE Neurogene Inc. 0.1%

Value ($000) $20,429 Shares 991,691 Est. Cost $19.35 Unrealized +28.6%

VTVT vTv Therapeutics, Inc. 0.0%

Value ($000) $5,931 Shares 148,314 Est. Cost $14.29 Unrealized +94.0%

TCRX TScan Therapeutics, Inc. 0.0%

Value ($000) $2,785 Shares 2,784,792 Est. Cost $6.08 Unrealized -76.2%

NUVL Nuvalent, Inc. 0.1%

Value ($000) $14,479 Shares 143,937 Est. Cost $73.17 Unrealized +34.8%

XENE Xenon Pharmaceuticals Inc. 0.1%

Value ($000) $16,593 Shares 370,208 Est. Cost $19.37 Unrealized +116.8%

DNTH Dianthus Therapeutics, Inc. 0.2%

Value ($000) $32,546 Shares 789,759 Est. Cost $18.76 Unrealized +106.7%

LBRX LB Pharmaceuticals Inc. 0.0%

Value ($000) $4,452 Shares 200,000 Est. Cost $15.87 Unrealized +10.1%

BNTX BioNTech SE 0.2%

Value ($000) $35,121 Shares 368,923 Est. Cost $107.38 Unrealized —

PHVS Pharvaris N.V. 0.1%

Value ($000) $10,406 Shares 375,000 Est. Cost $22.18 Unrealized +8.6%

RAPP Rapport Therapeutics, Inc. 0.3%

Value ($000) $46,939 Shares 1,547,090 Est. Cost $15.27 Unrealized +81.3%

SGMT Sagimet Biosciences Inc. 0.0%

Value ($000) $5,642 Shares 952,996 Est. Cost $9.53 Unrealized -24.6%

CLDX Celldex Therapeutics, Inc. 0.1%

Value ($000) $18,071 Shares 665,370 Est. Cost $23.17 Unrealized +13.7%

SERA Sera Prognostics, Inc. 0.1%

Value ($000) $16,220 Shares 5,498,170 Est. Cost $3.09 Unrealized +4.2%

VIR Vir Biotechnology, Inc. 0.0%

Value ($000) $3,272 Shares 542,539 Est. Cost $7.89 Unrealized -24.5%

TYRA Tyra Biosciences, Inc. 0.0%

Value ($000) $279 Shares 10,607 Est. Cost $12.95 Unrealized +41.9%

ALGS Aligos Therapeutics, Inc. 0.0%

Value ($000) $774 Shares 83,055 Est. Cost $12.44 Unrealized -24.2%

ACRV Acrivon Therapeutics, Inc. 0.0%

Value ($000) $55 Shares 22,809 Est. Cost $4.64 Unrealized -53.2%

SRZNW Surrozen, Inc. 0.0%

Value ($000) $17 Shares 833,333 Est. Cost $1.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INCY	Incyte Corporation	30,743,991	$3,036,584	17.8%	$72.80	+32.9%	COM	45337C102
CELC	Celcuity Inc.	7,915,792	$789,521	4.6%	$21.19	+287.9%	COM	15102K100
ONC	BeOne Medicines Ltd.	8,799,053	$2,673,240	15.7%	$136.93	—	SPONSORED ADS	07725L102
RVMD	Revolution Medicines, Inc.	9,455,357	$753,119	4.4%	$29.36	+123.4%	COM	76155X100
MDGL	Madrigal Pharmaceuticals, Inc.	2,141,701	$1,247,198	7.3%	$139.37	+266.5%	COM	558868105
ACAD	ACADIA Pharmaceuticals Inc.	42,896,690	$1,145,771	6.7%	$18.93	+26.2%	COM	004225108
REPL	Replimune Group, Inc.	11,045,336	$107,361	0.6%	$14.45	-41.2%	COM	76029N106
IMVT	Immunovant, Inc.	5,457,881	$138,739	0.8%	$22.96	-2.9%	COM	45258J102
ABCL	AbCellera Biologics Inc.	27,525,640	$94,138	0.6%	$21.02	-78.8%	COM	00288U106
ABVX	Abivax S.A.	875,796	$118,105	0.7%	$84.90	—	SPONSORED ADS	00370M103
RYTM	Rhythm Pharmaceuticals, Inc.	5,604,483	$599,904	3.5%	$23.49	+351.7%	COM	76243J105
—	Celcuity Inc.	30,750,000	$66,580	0.4%	$1.33	—	Note 2.75% 8/1/2031	15102KAA8
IMTX	Immatics N.V.	12,094,094	$126,988	0.7%	$8.55	+18.0%	SHS	N44445109
RARE	Ultragenyx Pharmaceutical Inc.	2,772,692	$63,772	0.4%	$52.13	-36.9%	COM	90400D108
SYRE	Spyre Therapeutics, Inc.	1,000,000	$32,760	0.2%	$15.36	+70.1%	COM	00773J202
PRLD	Prelude Therapeutics Inc.	10,123,824	$29,359	0.2%	$28.24	-94.0%	COM	74065P101
DBVT	DBV Technologies S.A.	1,461,425	$28,016	0.2%	$3.09	—	SPONSORED ADS	23306J309
ALMS	Alumis Inc.	1,562,500	$15,250	0.1%	$13.30	-47.5%	COM	022307102
TSHA	Taysha Gene Therapies, Inc.	4,004,756	$22,026	0.1%	$1.91	+153.6%	COM SHS	877619106
DNLI	Denali Therapeutics Inc.	3,731,695	$61,610	0.4%	$23.78	-29.0%	COM	24823R105
BCYC	Bicycle Therapeutics plc	10,885,357	$77,068	0.5%	$20.78	—	SPONSORED ADS	088786108
KNSA	Kiniksa Pharmaceuticals International, plc	2,826,246	$116,583	0.7%	$18.73	+114.1%	ORD SHS CL A	G52694109
CERS	Cerus Corporation	10,008,345	$20,617	0.1%	$4.19	-58.6%	COM	157085101
SION	Sionna Therapeutics, Inc.	400,000	$16,456	0.1%	$16.34	+132.1%	COM	829401108
SKYE	Skye Bioscience, Inc.	1,450,638	$1,088	0.0%	$7.74	-81.1%	COM	83086J200
CTMX	CytomX Therapeutics, Inc.	4,250,826	$18,109	0.1%	$1.73	+119.9%	COM	23284F105
IRON	Disc Medicine, Inc.	337,050	$26,765	0.2%	$49.46	+70.9%	COM	254604101
XNCR	Xencor, Inc.	1,102,106	$16,873	0.1%	$16.65	-10.2%	COM	98401F105
IMCR	Immunocore Holdings plc	2,322,656	$80,619	0.5%	$38.09	—	ADS	45258D105
RLAY	Relay Therapeutics, Inc.	1,160,117	$9,815	0.1%	$13.78	-48.2%	COM	75943R102
WVE	Wave Life Sciences Ltd.	344,063	$5,849	0.0%	$5.98	+70.0%	SHS	Y95308105
NGNE	Neurogene Inc.	991,691	$20,429	0.1%	$19.35	+28.6%	COM	64135M105
VTVT	vTv Therapeutics, Inc.	148,314	$5,931	0.0%	$14.29	+94.0%	CL A	918385204
TCRX	TScan Therapeutics, Inc.	2,784,792	$2,785	0.0%	$6.08	-76.2%	COM	89854M101
NUVL	Nuvalent, Inc.	143,937	$14,479	0.1%	$73.17	+34.8%	COM	670703107
XENE	Xenon Pharmaceuticals Inc.	370,208	$16,593	0.1%	$19.37	+116.8%	COM	98420N105
DNTH	Dianthus Therapeutics, Inc.	789,759	$32,546	0.2%	$18.76	+106.7%	COM	252828108
LBRX	LB Pharmaceuticals Inc.	200,000	$4,452	0.0%	$15.87	+10.1%	COM SHS	50180M108
BNTX	BioNTech SE	368,923	$35,121	0.2%	$107.38	—	SPONSORED ADS	09075V102
PHVS	Pharvaris N.V.	375,000	$10,406	0.1%	$22.18	+8.6%	COM	N69605108
RAPP	Rapport Therapeutics, Inc.	1,547,090	$46,939	0.3%	$15.27	+81.3%	COM	75383L102
SGMT	Sagimet Biosciences Inc.	952,996	$5,642	0.0%	$9.53	-24.6%	COM SER A	786700104
CLDX	Celldex Therapeutics, Inc.	665,370	$18,071	0.1%	$23.17	+13.7%	COM	15117B202
SERA	Sera Prognostics, Inc.	5,498,170	$16,220	0.1%	$3.09	+4.2%	CLASS A COM	81749D107
VIR	Vir Biotechnology, Inc.	542,539	$3,272	0.0%	$7.89	-24.5%	COM	92764N102
TYRA	Tyra Biosciences, Inc.	10,607	$279	0.0%	$12.95	+41.9%	COM	90240B106
ALGS	Aligos Therapeutics, Inc.	83,055	$774	0.0%	$12.44	-24.2%	COM	01626L204
ACRV	Acrivon Therapeutics, Inc.	22,809	$55	0.0%	$4.64	-53.2%	COMMON STOCK	004890109
SRZNW	Surrozen, Inc.	833,333	$17	0.0%	$1.14	—	W EXP 8/11/2026	86889P117